FEDERAL RESERVE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. June 1961

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1 FEDERAL RESERVE June BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

2 E D I T O R I A L C O M M I T T E E Charles Molony Ralph A. Young Woodlief Thomas Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements signed articles. Contents The Labor Market in Mid- Revisions for Weekly Reporting Banks Law Department Current Events Announcements National Summary of Business Conditions Financial Business Statistics, U. S. (Contents on p. ) International Financial Statistics (Contents on p. ) Board of Governors Staff Open Market Committee Staff; Federal Advisory Council Federal Reserve Banks Branches Federal Reserve Board Publications Index to Statistical Tables Map of Federal Reserve System Inside back cover Volume Number 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 $.00 annual rate. The regular subscription price in the United States 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, Venezuela is $.00 per annum or 0 cents per copy; elsewhere, $.00 per annum or 0 cents per copy. Group subscriptions in the United States for 0 or more copies to one address, 0 cents per copy per month, or $.00 for months.

3 The Labor Market in Mid- DEMANDS FOR LABOR have strengthened this spring along with the rapid recovery in economic activity. Nonfarm employment has increased considerably from its March low. In manufacturing, the average workweek has been lengthening since the turn of the year. Aggregate wage salary payments turned upward in March rose to a new high in. The unemployment rate has changed little this year, but improvement in this rate typically lags recovery in output employment. The cyclical decline in nonfarm employment in 0-, like that in total output, was smaller than in any preceding postwar recession. Layoffs reductions in the workweek were concentrated among production maintenance workers in industrial activities. In addition to the reductions arising from cyclical forces, there has been a persistent weakness in employment in these occupations in recent years. In contrast, dems for workers in professional, managerial, service, clerical occupations have been generally strong even during recession periods. Employment in these occupational groups advanced to record levels this spring. Unemployment, seasonally adjusted, increased from about per cent of the civilian labor force in 0 to just under per cent in ember has since remained near that level. During the rate rose from about per cent to a postwar high of. per cent. It reached this high in, while economic activity reached its low in il. UNEMPLOYMENT RATE NOTE. Bureau of Labor Statistics data, seasonally adjusted. Unemployment rate is the percentage of the civilian labor force unemployed. Latest figure shown,. Numerous factors, in addition to die vigor duration of cyclical recovery expansion in economic activity, will affect the course of unemployment. These include the extent of productivity gains, the size composition of increases in the labor force, changes in hours of work, the ability of the economy to absorb into productive activity displaced workers who have been unemployed for a relatively long time. The layoffs in industrial activities have brought into the labor market considerable numbers of unskilled semiskilled workers in many urban areas. Many of these workers do not have the skills, education, training required in new exping activities. Moreover, many of those attached to industries of declining employment opportunities or located in areas of

4 FEDERAL RESERVE BULLETIN JUNE limited alternative prospects are middleaged workers with families. Their geographic mobility is often impeded by strong attachments in their communities. The labor force has shown a sizable further expansion over the past year, this has contributed to the higher levels of unemployment. Growth in the labor force has stemmed largely from the steadily increasing number of women in the labor force. In recent years the work force also has begun to reflect the high birth rates of the 0's. The number relative importance of young workers of women in the labor force are expected to continue to increase in the years immediately ahead. RECENT EXPANSION IN EMPLOYMENT Employment gains this spring have reflected increased consumer purchases of autos, exped construction activity, larger government outlays, the ending of inventory liquidation. By the number employed in nonfarm establishments had risen to. million, seasonally adjusted, 00,000 more than at the low in March, but still 00,000 less than at its cyclical high in 0. Hours of work in factories, which generally lead changes in output employment, have been increasing since the beginning of the year. The average workweek in was slightly under 0 hours, after allowance for seasonal influences. Employment turned up in manufacturing in March, most industries have been hiring more people in recent months. The largest increases have been in steel, autos, other durable goods activities in which the preceding declines had been centered. Employment in nondurable goods lines, which declined little during the recession, has shown moderate but widespread gains since winter. From ruary to total manufacturing employment increased by nearly 0, This was one-third of its preceding cyclical decline compares with a recovery of about three-fourths in manufacturing output. As is typical of the early stages of recovery, part of the initial increase in output has reflected a lengthening of the workweek rapid gains in productivity. In a few industries chemicals, printing, ordnance employment in surpassed the level of a year earlier. Construction employment, which had been adversely affected by a severe winter, responded rapidly to improved activity early this spring. In the mining railroad in- OUTPUT AND EMPLOYMENT 0 / OUTPUT = 00 < h INDU PROD STRIA L JCTIO N IMPLOYMINT =00 NONFARM V' MANUFACTURING, UNIMPLOYMINT RATM Per cent M ^NUFACTU ING - A A] w TOTi M. t f K /VN NOTE. Seasonally adjusted data. Physical volume of gross national product, from Department of Commerce; second quarter estimated by Federal Reserve. Monthly data on employment unemployment from Bureau of Labor Statistics. Manufacturing unemployment seasonally adjusted by Federal Reserve. Latest monthly figures shown,.

5 THE LABOR MARKET IN MID- dustries the pick-up in employment has been slow, employment possibilities continue to be limited. In the nonindustrial sector, requirements for labor continue strong, paced by expansion in services, finance, State local governments. Employment in most of these activities was at or near record levels in. In the nine months 0-March, total nonfarm employment declined. million, or. per cent, whereas in the similar period in - it had declined. per cent. Manufacturing employment, which accounted for most of the decline in both recessions, also declined about onehalf as much as in the earlier period, as may be seen on the chart. Men are the predominant part of the work force in industries hardest hit by recession, there were fewer men at work in than a year earlier. Among women, in contrast, nonfarm employment was higher than a year earlier. Employment continued to rise during the recession in almost every occupational group in which women hold a high proportion of jobs. UNEMPLOYMENT The unemployment rate, at. per cent in, seasonally adjusted, changed little during the first five months of this year, after reaching a cyclical high at the end of 0. In,. million persons were unemployed, 0,000 fewer than in but. million more than in 0. Unemployment experience differs among occupational groups, even in periods of high activity. These differences tend to be accentuated during cyclical declines. In blue collar workers accounted for two-fifths of total employment but for three-fifths of unemployment. Professional, managerial, sales, clerical workers accounted for nearly one-half of the employed work force but for only one-fifth of the unemployed. Although total unemployment, seasonally adjusted, has been stable this year, the number unemployed for long periods has continued to increase, as it usually does in the early stages of recovery. Seasonally adjusted data for indicate that. million persons, or one-third of the total, had been looking for work for weeks or longer. COMPOSITION OF THE LABOR FORCE =00 no ino 0 MALES, 0 YEAR! AND OVER j LABOR FORCE _-«-""-C T- -' EMPLOYMEN T FEMALES, 0 YtARS AND OVER UNEMPLOYMENT RATI S 0 NOTE. Bureau of Labor Statistics data, seasonally adjusted. Latest figures shown, first quarter.

6 0 FEDERAL RESERVE BULLETIN JUNE This was million more than a year earlier was also more than in the same month of. In of this year about onehalf of the unemployed had been out of work 0 weeks or less. A high proportion of the long-term unemployed are middle-aged or older workers previously engaged in manual occupations. The incidence of long duration unemployment is high among nonwhite workers. The average duration of unemployment among youths women has been relatively short, even though their over-all unemployment rate has recently been high. In, unemployment rates for women were about as high as in, while rates for men were lower. In the recent downturn, unemployment rates for men increased about as much as those for women, as may be seen from the chart. In - the rates rose more sharply for men. The difference in experience is attributable mainly to the more moderate decline in industrial activities in the recent recession. Despite the increase in employment since March, the supply of labor is still high relative to dem in most urban areas. In more than three-fifths of the 0 major labor market areas in the country were classified as having a substantial labor surplus, that is, with unemployment equal to per cent or more of the labor force. Unemployment rates are highest in mining areas in centers producing hard goods, especially steel autos. The rate is per cent or higher in 0 areas, including such major ones as South Bend, Detroit, Scranton, Wheeling, Pittsburgh, Buffalo. In contrast, the rate is below per cent in areas, including New York, Boston, Atlanta, Denver, Washington, D. C. The Area Redevelopment Act enacted in provides $00 million of Federal loans, for use over the next four years, to urban communities with severe protracted unemployment problems to rural areas with high proportions of low-income families. It also provides direct grants of $0 million for public works other purposes, including the retraining of unemployed workers. LABOR INCOME wage salary disbursements have been rising since ruary. In, at an annual rate of $ billion, they were slightly above the earlier high reached last summer. Since then, moderate but widespread increases in wage salary rates have added more to aggregate labor income than was lost by reductions in employment hours. The cyclical decline in disbursements, from peak to trough, amounted to $ billion, or. per cent. This was the smallest decline of any postwar recession, it was confined mainly to the commodity producing industries. Unemployment compensation other transfer payments are sharply higher than last summer. In such payments were at an annual rate $. billion larger than in 0. The increase in such payments reflects in part a temporary program that began in il. This program, which will expire in mid-, extends payments up to a maximum of additional weeks for unemployed workers who exhausted benefits after June 0, 0. Early in June about 0,000 unemployed workers were receiving benefits under the temporary program. million under regular programs. Hourly weekly earnings. Wage rates advanced more slowly selectively over the past year than they had earlier. This slackening reflected the combined influence

7 THE LABOR MARKET IN MID- of the recession of a tendency in recent years toward smaller wage increases in both manufacturing nonmanufacturing activities, as may be seen on the chart. The slower rate of increase in wages has been most marked in mining railroads. In construction hourly earnings have continued to rise almost as rapidly as before. After allowance for a slower rate of advance in consumer prices, the purchasing power of hourly wages in manufacturing increased on the average about as much per annum from the spring of to the spring of as over the preceding four years. Since the recession low in, average wage salary rates in manufacturing have increased about in line with gains in output per manhour. Labor costs per unit of output, including continued increases in costs of fringe benefits, are not much different from those in early. This has been one element in the relative stability of industrial prices in recent years. In contrast, both prices labor costs had increased significantly during the four years of the preceding cycle. Average weekly earnings in manufacturing tended to drift down during most of 0 as increases in wage rates were not sufficient to offset shorter workweeks, curtailment of overtime other premium payments, a concentration of layoffs in the higher paying durable goods industries. In recent months the workweek employment have increased hourly earnings have also risen, with resultant increases in weekly earnings. In such earnings, at $., were per cent higher than a year earlier, average hourly earnings, at $., were per cent higher. Over the past year hours have been maintained in most nonmanufacturing sectors. Earnings have risen in virtually all such activities except bituminous coal mining. Hourly earnings in averaged from to per cent higher than a year earlier for trade, communications, construction, utilities. About. million workers are expected to receive higher wages in ember under the recent amendments to the Fair Labor Stards Act. The minimum wage for EARNINGS IN TWO BUSINESS CYCLES SIUCTIO INDUSTIIIl IOIA MANUFACTURING CONSTIUCTION IEIAII TIAOE OAS * ELECTIIC UTILITIES MINING AVIIAOI HOUIIT Mil AMU lf«l ANNUAL (ATI Or INCMASf I APKIl ' IO AMU 'B AFIIL '! TO AMU ' $. l^^^^^^^ l. ^^^^^^^^^^ l. L ^. L ^ NOTE. Average hourly earnings data from Bureau of Labor Statistics. ruary data for railroads. workers already covered will rise from $.00 to $. an hour. Coverage was extended to. million additional workers, mostly in large retail stores. For these workers the minimum wage is set initially at $.00 an hour. Minimum wages will rise to $. in ember for previously covered workers in ember for those covered by recent legislation. Collective bargaining. Under contracts negotiated before, about million workers in steel, aircraft, metal fabricating, trucking, construction have received, or J L

8 FEDERAL RESERVE BULLETIN JUNE will receive later this year, hourly wage increases of widely varying amounts. Contract negotiations are under way or are scheduled for later in in such major industries as automobiles, machinery, apparel, communications. Recent labor-management negotiations have emphasized problems of job security. This emphasis reflects not only the recession but also the longer run tendency toward reductions in the number of jobs for production maintenance workers. Committees have been established in the steel railroad industries to study the problems involved in adjusting work rules also the general problem of workers displaced by technological advance. A number of major contracts have included provisions for severance pay, for retraining, for moving workers to other company plants. Another important tendency has been to eliminate or modify cost-of-living escalator clauses. The number of workers covered by escalator clauses declined from a high of. million in to about. million at the beginning of. Escalator payments have been sharply limited in the steel, aluminum, metal container manufacturing industries. In the railroad industry in contracts with major electrical equipment companies, they have been eliminated. LABOR FORCE TRENDS AND PROSPECTS From to 0 the average annual increase in the labor force was 00,000, but growth is expected to be more rapid over the next five years. The labor force increased by 00,000 in 0, it is expected to rise by about. million this year by. million in. The age-sex composition of the labor force is likely to undergo further significant change over the next five years. Increases are anticipated in the proportions of women younger persons in the total labor force. On the other h, changes in the size of the male group years of age over will be small: some increase will occur in the - year age span as the chart shows, but the - age group will change little. The occupational composition of the labor force has undergone a dramatic shift in recent years. The number of jobs available to unskilled semiskilled manual workers has declined, but opportunities have exped steadily in white collar occupations. Expansion has been spectacular in research development has been substantial in trade, education, health, business financial services. These trends are likely to continue. Women. During the past five years the labor force has increased by million. Women aged over accounted for about million younger women for about million of the total growth. These two groups now represent one-third of the total labor force. Women also accounted for a large part of the increase in total employment from to 0. On the dem side, employment opportunities have exped rapidly in occupations for which women are well suited in part-time work. In addition, there has been a growing acceptance of women in a wide range of professional technical occupations. On the supply side, the increasing proportion of women in the labor force is largely attributable to rising average educational attainment of women, increased social acceptance of wives as secondary wage earners, the increasing number of women whose children have reached school age. Mechanization of many household chores

9 THE LABOR MARKET IN MID- has also given many women more time to spend outside the home. Desires for higher stards of living have induced many women to seek employment, their earnings have become increasingly important as a supplement to family income. About million women years of age over are expected to come into the labor force in the next five years, about the same number as from to 0. This will represent a smaller proportion of the projected increase in the total labor force, however, largely because of the increasing importance of younger workers. Younger workers. After a small decline in the first half of the 0's, the number of workers (male female) under years of age has been exping. In 0 there were. million more workers in this age group than in. Youths with appropriate skills education, especially those with college training, have had little difficulty finding full-time employment. Many others, however, are inexperienced lack seniority or adequate skills. Many younger job seekers are in school want only parttime or seasonal employment. Typically, unemployment rates are higher for young persons than for any other age group in the labor force. During the next five years. million younger workers will probably be added to the labor force, about one-half of the anticipated increase in the total. About the middle of this decade large numbers of young persons will reach post-high-school age a high proportion of them will enter the labor force. In mid-0 there were. million persons in the year old group in the population. By there will be an estimated. million, in,. million. About 0 per cent of the males LABOR FORCE GROWTH ons of perso NOTE. Bureau of Labor Statistics data Bureau of Census Projection I, as revised ember. Figures exclude Alaska Hawaii. 0 per cent of the females of this age can be expected to be in the work force. By age, almost all males are in the labor force. As they enter gainful employment in increasing proportions, as they establish households, their dems for consumer goods exp, especially for housing, automobiles, other durable goods.

10 Revisions for Weekly Reporting Banks BEGINNING with the data for il,, the weekly series of statistics reported by member banks in f leading cities reflects revisions in the classification of deposits an increase in the coverage of the series. Changes in the deposits classification were made largely to measure amounts due to foreign entities the amounts of savings accounts. The changes in coverage, which increased total assets by approximately $. billion, were to eliminate adjustments that had been made in the series since,. These adjustments were made to prevent distortions that would otherwise have resulted from mergers of nonreporting banks with reporting banks. The increased coverage is being carried back to,, the date of the previous revision in the series, data for the period, -il,, will be published in a forthcoming BULLETIN. Figures for the revised classification of deposits will not be available for dates before il,. DEPOSITS The form for reporting deposits was revised to provide the following new items: () dem deposits due to mutual savings banks, () savings deposits in the time deposit category, () for both dem time deposits, several items classified as foreign, chiefly amounts due to foreign governments official institutions, central banks, international institutions. Items in group, together with deposits of foreign banks, make up the new "foreign" category that is available for both dem time deposits. Postal savings deposits, previously reported separately, were combined with U. S. Government time deposits. Dem time deposits due to mutual savings banks had previously been reported with other "interbank" accounts, deposits in the new "foreign" category had previously been reported largely as "foreign interbank." Reporting member banks were asked to classify their deposits on both the old new bases as of il,. The table shows how deposit items were affected by the new classifications. The new concept of dem deposits adjusted includes all dem deposits except those of the U. S. Government domestic commercial banks, less cash items in process of collection. This differs from the previous concept because of the inclusion of dem deposits due to mutual savings banks ($ million) deposits due to foreign entities ($, million). Of the latter, $, million had previously been classified as foreign interbank deposits $ million as domestic interbank deposits. As a result of changes in classification as of il,, dem deposits adjusted (new concept) increased from $,0 million to $,0 million. COVERAGE A net increase in coverage resulted from eliminating adjustments previously made at the time of bank mergers to prevent distortions. The series now embraces 0 cities

11 REVISIONS FOR WEEKLY REPORTING BANKS DEPOSIT RECONCILIATION, APRIL, [New coverage of weekly reporting member banks. In millions of dollars] New classification Old classification Item Amount Individuals, partnerships, corporations U.S. Government States political subdivisions Certified officers' checks Inter Dank Domestic Foreign Dem deposits adjusted l Dem,,,0,,0,,,0 fndividuals, partnerships, corporations*. Foreign Governments, international institutions, etc.* Banks* U. S Government States political subdivisions* Certified officers' checks* Domestic interbank: Commercial Mutual savings*,,00 0 0,,0 0, 0 0,0,,0 0,, 0,0 Dem deposits adjusted?... 0 Time,,,, 0 Individuals, partnerships, corporations Savings... Foreign.. Governments, international institutions, etc Banks U. S. Government (incl. postal savings).... States political subdivisions Domestic interbank: Commercial ]Vtutual savings,,,, 0,, ', 0 * Included in new concept of dem deposits adjusted. Old concept dem deposits other than interbank (deposits due to mutual savings foreign banks as well as those due to domestic commercial banks) U. S. Government, less cash items reported as in process of collection. Will be included in totals, but will not be shown separately in the tables published regularly. New concept total of items marked with an asterisk, less cash items in process of collection. (including only the head-office cities of branch systems) banks. This represents a reduction of one in the number of cities in number of banks since,. One reporting bank had moved its head office to a reporting city, this caused a reduction in the number of headoffice cities. The reduction in the number of banks resulted from mergers absorptions from the withdrawal of one bank from Federal Reserve membership. Mergers of two large banks accounted for about $ billion of the $. billion increase in coverage. Numerous other mergers of nonreporting banks with reporting banks accounted for the remainder. LOAN CLASSIFICATION Minor revisions in the loan classifications of foreign banks, "other nonbank financial institutions," "all other" loans resulted from more precise definitions of loans to international institutions foreign entities. These ^classifications resulted in decreases of $ million in loans to foreign banks $ million in loans to "other" nonbank financial institutions, an increase of $ million in "all other" loans as of il,.

12 FEDERAL RESERVE BULLETIN JUNE RELATED CHANGES IN OTHER REPORTS The enlarged coverage has caused a minor addition to the totals shown in the Board's weekly release, "Changes in Commercial Industrial Loans by Industry" (H. ). In the back data from,, through il,, this addition has been included in the residual item of "unclassified borrowers." The change in classification of deposits for weekly reporting member banks is consistent with the changes in the deposit schedules of the call report of condition, which was first used as of il,. The Board's press statement (G. ) showing statistics on condition of all banks in the United States the monetary system, which is issued twice each month, the related tables in the BULLETIN, "Consolidated Condition Statement for Banks the Monetary System" "Principal Assets Liabilities Number of All Banks, by Classes," will also be affected by the changes in deposit classifications. However, these revisions will not be made until early, when year-ago data will be available on a comparable basis, when other revisions will be made in that series. The Board's monthly release of "Bank Debits" (G. ) will reflect the revised deposits classifications beginning with the data for June.

13 Law Department Administrative interpretations, new regulations, similar material Payment of Dividends Effect of Net Losses Section (b) of the Revised Statutes ( U.S.C. 0), as amended in, provides that "The approval of the Comptroller of the Currency shall be required if the total of all dividends declared by [a national bank] in any calendar year shall exceed the total of its net profits of that year combined with its retained net profits of the preceding two years...." Under the sixth paragraph of Section of the Federal Reserve Act ( U.S.C. ), member State banks are required "to conform to the provisions of Section (b)... with respect to the payment of dividends," except that the approval of the Board of Governors is required in lieu of the approval of the Comptroller. The question has arisen whether it is necessary, in determining whether a bank's dividends in a particular year "exceed the total of its net profits of that year combined with its retained net profits of the preceding two years," to take into consideration the amount of a net loss in the current year or in one or both of the preceding two years. The purpose of the amendment of Section (b) was to prevent a bank from paying a dividend (except with supervisory approval) unless it has on h, from operations during the three latest years, sufficient net profits to cover the proposed dividend. If a net loss for one or more of those three years was disregarded in making the calculation called for by Section (b), a member State bank could pay dividends, without the approval of the Board of Governors, even though the aggregate results of the three latest years' operations was a net deficit. This was precisely the sort of situation in which Congress intended to prevent the payment of a dividend unless the supervisory authority was satisfied that special circumstances justified the proposed dividend. Accordingly, it is the position of the Board that, in making the calculation required by Section (b), it is necessary to take into consideration the actual results of operations during the current year the two preceding years, whether the figures for those years are plus or minus figures. For example, if a bank had (a) retained net profits of $0,000 from ; (b) a net loss of $0,000 in 0 ( dividends of $0,000 were paid in that year, with the Board's approval); (c) net profits of $0,000 in, it could not pay any dividend in without the Board's approval, since the calculation required by Section (b) would result in a zero figure ($0,000 minus $0,000 plus $0,000). It will be noted that, for the purposes of Section, any dividends paid in a loss year must be included in the "net loss" for that year, just as dividends paid in a profitable year must be deducted from "net profits" in calculating "retained net profits." Loan which is Secured Indirectly by Stock A question has been presented to the Board as to whether a loan by a bank to a mutual investment fund is "secured... indirectly by any stock" within the meaning of Section. of Regulation U, so that the loan should be treated as subject to the regulation. Briefly, the facts are as follows. Fund X, an open-end investment company, entered into a loan agreement with Bank Y, which was ( still is) custodian of the securities which comprise the portfolio of Fund X. The agreement includes the following terms, which are material to the question before the Board: () Fund X agrees to have an "asset coverage" as defined in the agreements) of 00 per cent of all its borrowings, including the proposed borrowing, at the time when it takes down any part of the loan. () Fund X agrees to maintain an "asset coverage of at least 00 per cent of its borrowings at all times. () Fund X agrees not to amend its custody agreement with Bank Y, or to substitute

14 FEDERAL RESERVE BULLETIN JUNE another custodian without Bank Y's consent. () Fund X agrees not to mortgage, pledge, or otherwise encumber any of its assets elsewhere than with Bank Y. In Federal Reserve BULLETIN, at page, the Board stated that because of "the general nature operations of such a company," any "loan by a bank to an open-end investment company that customarily purchases stocks registered on a national securities exchange... should be presumed to be subject to Regulation U as a loan for the purpose of purchasing or carrying registered stocks" ("purchase loan"). The Board's interpretation went on to say that "This would not be altered by the fact that the open-end company had used, or proposed to use, its own funds or proceeds of the loan to redeem some of its own shares...." Accordingly, the loan by Bank Y to Fund X was is a "purpose loan." However, a loan by a bank is not subject to Regulation U unless () it is a purpose loan () it is "secured directly or indirectly by any stock." In the present case, the loan is not "secured directly" by stock in the ordinary sense, since the portfolio of Fund X is not pledged to secure the credit from Bank Y. But the word "indirectly" must signify some form of security arrangement other than the "direct" security which arises from the ordinary "transaction that gives recourse against a particular chattel or l or against a third party on an obligation" described in the American Law Institute's Restatement of the Law of Security, page. wise the word "indirectly" would be superfluous, a regulation, like a statute, must be construed if possible to give meaning to every word. The Board has indicated its view that any arrangement under which stock is more readily available as security to the lending bank than to other creditors of the borrower may amount to indirect security within the meaning of Regulation U. In an interpretation published at Federal Reserve BULLETIN it stated "The Board has long held, in the... 'purpose' area, that the original purpose of a loan should not be determined upon a narrow analysis of the technical circumstances under which a loan is made.... "Where security is involved, stards of interpretation should be equally searching." In its pamphlet issued for the benefit guidance of banks bank examiners, entitled "Questions Answers Illustrating Application of Regulation U," the Board said "In determining whether a loan is 'indirectly' secured, it should be borne in mind that the reason the Board has thus far refrained... from regulating loans not secured by stock has been to simplify operations under the regulation. This objective of simplifying operations does not apply to loans in which arrangements are made to retain the substance of stock collateral while sacrificing only the form." A wide variety of arrangements as to collateral can be made between bank borrower which will serve, to some extent, to protect the interest of the bank in seeing that the loan is repaid, without giving the bank a conventional direct "security" interest in the collateral. Among such arrangements which have come to the Board's attention are the following: () The borrower may deposit stock in the custody of the bank. An arrangement of this kind may not, it is true, place the bank in the position of a secured creditor in case of bankruptcy, or even of conflicting claims, but it is likely effectively to strengthen the bank's position. Section. (f) of Regulation U, which provides that "A loan need not be treated as collateralled by securities which are held by the bank only in the capacity of custodian, depositary or trustee, or under similar circumstances, if the bank in good faith has not relied upon such securities as collateral in the making or maintenance of the particular loan." does not exempt a deposit of this kind from the impact of the regulation unless it is clear that the bank "has not relied" upon the securities deposited with it. () A borrower may not deposit his stock with the bank, but agree not to pledge or encumber his assets elsewhere while the loan is outsting. Such an agreement may be difficult to police, yet it serves to some extent to protect the interest of the bank if only because the future credit sting business reputation of the borrower will depend upon his keeping his word. If the assets

15 CURRENT EVENTS AND ANNOUNCEMENTS covered by such an agreement include stock, then, as under () (), the stock is "indirect security" for the loan within the meaning of Regulation U. () The borrower may deposit stock with a third party who agrees to hold the stock until the loan has been paid off. Here, even though the parties may purport to provide that the stock is not "security" for the loan (for example, by agreeing that the stock may not be sold the proceeds applied to the debt if the borrower fails to pay), the mere fact that the stock is out of the borrower's control for the duration of the loan serves to some extent to protect the bank. The three instances described above are merely illustrative. methods, or combinations of methods, may serve a similar purpose. The conclusion that any given arrangement constitutes "indirect security" may, but need not, be reinforced by facts such as that the stock in question was purchased with proceeds of the loan, that the lending bank suggests or insists upon the arrangement, or that the loan would probably be subject to criticism by supervisory authorities were it not for the protective arrangement. Accordingly, the Board concludes that the loan by Bank Y to Fund X is indirectly secured by the portfolio of the fund must be treated by the bank as a regulated loan. Current Events Announcements RESIGNATION OF MR. SZYMCZAK AS A MEMBER OF THE BOARD OF GOVERNORS Mr. M. S. Szymczak, who had been a member of the Board of Governors since June,, resigned effective June,. Prior to his appointment as a member of the Board of Governors, Mr. Szymczak had been engaged in the educational field as well as in commercial banking. He was Comptroller of the City of Chicago at the time of his appointment to the Board. Mr. Szymczak's letter of resignation the President's letter of acceptance follow: The President, The White House. Dear Mr. President: il,. My purpose in writing you at this time is to apprise you of my intention to resign my position as a Member of the Board of Governors of the Federal Reserve System. As you may be aware, it has been my pleasure to serve in this capacity for nearly years, following my appointment by President Franklin D. Roosevelt. Two years after my appointment, with the enactment of the Banking Act of, existing appointments to the Board were terminated effective January,. Thereafter, terms of Members were for years, such terms so arranged as to provide for the expiration thereof at two year intervals. I was appointed for a term of years commencing ruary,, reappointed for years from ruary,. My present term expires on January,. Throughout my years of service I have held the conviction that the experience gained judgment developed in this period of time should be utilized by me, both while a Member of the Board thereafter, in contributing what I am able to the fields of Government service education, to other related fields of endeavor. As a member of the Board I have striven to contribute to the formulation of sound Federal Reserve System policy that would be, in turn, reflected in the nation's financial economic development. It

16 0 FEDERAL RESERVE BULLETIN JUNE is now time, I feel, for me to direct my efforts, in major fashion, to contributions in the fields of education related matters. Accordingly, in pursuit of this latter objective, I tender to you my resignation as a Member of the Board of Governors of the Federal Reserve System to be effective by June,, or such earlier date as may be convenient to you. Chairman Martin is presently in Europe. On his return about the middle of, it is my hope that he I may have the opportunity to call upon you. Subsequent to my leaving office I intend to undertake preparation of a book in the field of comparative monetary policy, publication of which I hope will serve as a useful vehicle for the transmission of my experience knowledge gained in this field. Simultaneously I intend to undertake the conduct of courses in the same related fields in the Graduate School of Georgetown University also to serve as a financial consultant. In leaving the Board of Governors I am deeply appreciative of the opportunity that has been afforded me to serve the Government the public, I trust my plans for the future will enable me to continue in that service. Should you determine, at any time in the future, that I may be of service to you, it will be my privilege pleasure to respond. Respectfully, M. S. Szymczak. Dear Mr. Szymczak:,. I have your letter submitting your resignation as a Member of the Board of Governors of the Federal Reserve System, after nearly years of service in that post. In accordance with your wishes, I hereby accept your resignation, effective as of June,. In doing so, I want to express appreciation for the service you have rendered to the government the public over these many years, to extend best wishes for the future. Sincerely, John F. Kennedy. Honorable M. S. Szymczak Member of the Board Board of Governors Federal Reserve System Washington, D. C. ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The following banks were admitted to Membership in the Federal Reserve System during the period, to June, : New Jersey Plainfield. Iowa Emmetsburg. State Bank of Plainfield Iowa Trust & Savings Bank TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY Latest BULLETIN Reference Annually Bank holding companies: List of,., 0 Banking offices deposits of group banks,., 0 Banking monetary statistics, 0.. Banks branches, number of, by class State Earnings expenses: Federal Reserve Banks Member banks: Calendar year First half of year Ooeratinc ratios.. Insured commercial banks Stock Exchange firms, detailed debit Semiannually Banking offices: Analysis of changes in number of... On, not on, Federal Reserve Par List number of... Quarterly Cash receipts from payments to the Flow of funds Selected assets liabilities of Federal business-type activities Issue June June { Page

17 National Summary of Business Conditions Released for publication June Industrial production recovered sharply further in, construction activity also increased. Employment income continued to rise retail sales advanced. Commercial bank credit rose further. In late early June, capital market financing was in large volume bond yields increased. INDUSTRIAL PRODUCTION Industrial production increased per cent further in to 0 per cent of the average, compared with 0 in the first quarter 0 in mid-0. Since ruary, production of materials has risen per cent final products per cent. Output of final products, both consumer goods equipment, is close to previous highs. Gains were widespread in. Among consumer goods, production of television radio sets, furniture, some other home goods continued to increase. Auto assemblies rose again production schedules for June indicate a moderate further increase. Over-all output of consumer staples apparel also rose in. Production of business equipment continued to INDUSTRIAL PRODUCTION = 00 FINAL PRODUCTS frt^ SN, " advance, reflecting gains in industrial commercial machinery in farm equipment. Iron steel output rose more than 0 per cent in, a further increase is indicated this month as steel ingot production declined less than seasonally in early June. In there were also increases in construction materials, textiles, chemicals, paper products. CONSTRUCTION New construction activity increased per cent in was at a seasonally adjusted annual rate of $. billion. Public activity rose about per cent, reflecting principally a substantial increase in highway construction; private work increased slightly further. EMPLOYMENT Seasonally adjusted employment in nonfarm establishments rose further in was 00,- 000 above the low reached in March, although 00,000 or more than per cent below the prerecession high of 0. In, gains occurred in most manufacturing industries were especially large in the steel, fabricated metals, auto industries. Employment reached new highs in finance State local government. Mainly because of a continuing increase in the average factory workweek, weekly earnings rose further were slightly higher than a year earlier. The seasonally adjusted unemployment rate remained just under per cent, the level prevailing since ember. NONDURABLE CONSUMER MANUFACTURES> GOODS \! DURABLE \ /MANUFACTURES Monthly fig- Federal Reserve indexes, seasonally adjusted. ures, latest shown are for. DISTRIBUTION Retail sales rose per cent in, following a decrease of a like amount in il, were per cent below the year-earlier rate. Increased sales of autos accounted for most of the rise in. Sales at department stores edged off, after a sustained rise, but were higher than a year earlier.

18 FEDERAL RESERVE BULLETIN JUNE COMMODITY PRICES The wholesale commodity price index continued to change little from early to early June. Prices of steel scrap some other sensitive materials advanced while prices of some steel mill products were reduced. Wholesale prices of meats declined somewhat further as supplies remained relatively large. BANK CREDIT AND RESERVES commercial bank credit rose about $. billion further in, reflecting increases both in holdings of U. S. Government securities in loans. The average money supply, seasonally adjusted, declined slightly while time deposits continued to show substantial growth U. S. Government deposits rose sharply. Seasonally adjusted turnover of dem deposits increased. Member bank borrowings from Federal Reserve Banks averaged about $00 million excess reserves about $ million over the four weeks ending June. Between early early June reserves were absorbed principally through currency outflow were supplied through Federal Reserve purchases of U. S. Government securities. Required reserves declined somewhat. SECURITY MARKETS New security financing by corporations State local governments was in large volume in early June. On June, the Treasury raised $. billion in cash by auctioning additional amounts of outsting issues of bills. Bond yields generally increased between mid- mid-june. Yields on all maturities of Treasury securities rose sharply in the second half of the first week of June then declined somewhat. The rise was sharpest in yields on issues maturing in - years, which in early June reached new highs for this year. Common stock prices, after reaching a record high in mid-, declined on balance to mid-june, the volume of trading decreased substantially. RETAIL TRADE - = 00 DEPARTMENT STORES INTEREST Per cent RATES LONG-TERM GOVERNMENT SECURITIES. V'" STOCKS Federal Reserve indexes, seasonally adjusted; retail sales based on Department of Commerce data. Monthly figures; latest for stocks is il, for other series,. Discount rate, range or level for all F. R. Banks. Weekly average market yields for U. S. Government bonds maturing in 0 years or more for 0-day Treasury bills. Latest figures shown are for week ending June.

19 Financial Business Statistics * United States * Member bank reserves, Reserve Bank credit, related items. Reserve Bank discount rates; margin requirements; reserve requirements Federal Reserve Banks Currency in circulation, money supply; bank debits.. All banks: consolidated statement of monetary system; deposits currency. All banks, by classes Commercial banks, by classes... Weekly reporting member banks.. 0 Business loans.. Interest rates Security prices; stock market credit; open market paper. Savings institutions, Federal finance Security issues.. Business finance.. Real estate credit Short- intermediate-term consumer credit 00 Industrial production 0 Selected indexes on business activity. 0 Construction... 0 Employment earnings. Department stores Foreign trade Wholesale consumer prices.... National product income series.... Flow of funds, saving, investment.. 0 Bank holding companies, ember, Tables not published each month list with latest BULLETIN reference 0 Index to statistical tables.. 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 business developments in the Federal finance, Federal credit agencies are United States. The data relating to Federal obtained from Treasury statements; the remain- Reserve Banks, member banks of the Federal ing data are obtained largely from other sources. Reserve System, department store trade, Backfiguresfor prior years for bank the consumer credit estimates are derived ing 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 Monetary Statistics.

20 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Period or date Reserve Bank credit outsting U. S. Govt. securities Bought outright Held under repurchase agreement Discounts advances Float * Gold stock Treasury currency outsting Currency in circulation Treasury cash holdings Deposits, other than member bank reserves, with F. R. Banks Treasury Foreign i F.R. accounts Member bank reserves With F.R. Banks Currency Averages of daily figures June... June... _ June.. 0 June Aug Jan Mar Week ending 0 -,?:::::::: 0 Ma M:::::::: June 0!'.'.'.'.'.'.'. Aug. 0.,,0,,0,0 0,,0,00,,,0,,,,,0,,,,,,0,,,,,,,,,,0,,0,,,,,,,0,,,,,,0,0,0,,,,,,,,0,,0,0 0,,0,,,,,,,,,,,,,,,,,0,,0,,,,,,,,,,,,,,,0,,,,,,0,0,,,,0,,, , ,,0,,0,,,0,,,0,,,,,,,0,,,,,,00,,,,0, ;, ", 0,,0,,0 ',0,,00,,,0,0 s,,,00,,00,0 0,0 00,00,,,,0,,,, "~,,0 0,0, 0,0,,,0,,,0,,,,0, "";,",0:,,:,,0,,0,0,00,, 0,0,,,,,0,,,, 0, 0,00,,,,,0,0,,0,,,0,0,,,0,,,,0,,,,,,,,,,,,,',0,0,0,00,,,,,0,,,,,,,0,0,,,00,0,,0,,,,,,,,,,,0,0,0,,,,,,,,,,0,,0,,,,,,,,,,,,,,,00,,0 0,,,,0, 0, 0, 0,,,,,,,,,,,0,,,,0,,,,,00,,,,,0,,,,,,,,,,,,0,0,,,0,0,,,,00 0,0,,,0,0,0, ' ! 0,,, : ,0,,, 0,0,0,0,0,0,0,0,00 0 0,0,0,0.,,,,,0,, 0,0,0,0,,0,,0,,,,,,,0,0,,00,,,,0,,,,,,,,0,,,,,,0r,:,0,,,,,,,0,,,,,0,,,,,0,, 0,0,0,0,,0,,0,,,,,00,0,,,,,,,,,,0,0,,0,0,,0,,,0,,,,00,0,0,,,,,,0,,0,,, ,,,00,,0,0 ', For notes see opposite page. Digitized for FRASER

21 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS-Continued [In millions of dollars] Period or date Reserve Bank credit outsting U. S. Govt. securities Bought outright Held under repurchase agreement Discounts Float i advances Gold stock Trea s- ury cash hold ings Deposits, other than member bank reserves, with F. R. Banks Treas- Treasury currency outsting Currency in circulation Foreign i Member bank reserves With F.R. Banks F. R. accounts Currency coin Averages of daily figures Week ending 0.,0,,0,0,,,0,,0,,0,,,,,,,.,,0,,,0,,0, ,,0,,,,0,0, ,,0,0,,,,,,,0 0.,0,,,,,0,0,,0,,,,,,,,0,,,, ,0,0,,,,,,,0,,,,.,,,0,0,,,00, 0,0,,,,,,0 ~,,0. ^,,,,,,0,, ,0,0,0,0,,,0,,,,,,,,, Jan.,,,,,,,, 0,,0,0,,0,,,0,,,,0,,,0,0,,,, 0 0 0,,,,,0,0,,,,,0,.,00,0,00,0,,,, 0,,,0,,,,0,0,,,,0,,0,0, 0 0,0 \0,0,,,,0,,,0,,,0,, Mar.,0,,00,,,,,00,, 0,,0,0,0,00,,0,,00,,,,,,,0,0,0,0,0,,,0,, ,0,0,0,0,0,0,,,,,,,,,,,,0,, -,,0,,0,,,,,,,00, 0 00,00,,,,0,0,0,,,,0,00,0, ,0,0,0,,0,0,,,,,,,,0 0,,0,,,0,,,,, 0 0,,00,,0,0,00,0,0,0,,0,0,0,,,,,,,0,00, ,0,0,{,,0 ^, ",,,,,0,,,0 ^,, ^, End of month Mar Wednesday,,,,,,,,0,0,,0,0,,,0,0 ^,0 ^, ', : ^ ,0,0,, ^,0,,,,,0 ^, -,!:::::::,,0,,,,,, 0,0,,0,0,,,0,,0,0,,,,,,, ,0,,,,,,,,00,,,, 0,,,,,,,0,0,0,,,.,,,0,,0,0,,,,,,0,0,,0 P!,0 ^, ^, ,0,0,0,,0,0 P, ^,0,,,,0,0,0, ^,,0 *>, P Preliminary. J Figures beginning with 0 reflect a minor change in concept of float. For explanation, see the BULLETIN for ruary, p.. Includes industrial loans acceptances, when held. For holdings of acceptances on Wednesday end-of-month dates, see subsequent tables on Federal Reserve Banks. (Industrial loan program discontinued Aug.,.) See also note. Beginning with., 0, all currency coin held by member banks allowed as reserves; during the period., -., 0, only part of such holdings were allowed. Monthly averages of currency coin are estimated. «Less than $00,000.

22 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks New York Central reserve city banks Chicago Period reserves heldi Required reserves Excess reserves Borrowings at F. R. Banks Free reserves reserves heldi Required reserves Excess reserves Borrowings at F. R. Banks Free reserves reserves heldi Required reserves Excess reserves Borrowings at F. R. Banks Free reserves June j U ne 0 June... I0 June... Aug Jan Mar... Week ending 0.! Jan Mar Ap, i ; ,,0,,,0,, 0,0,0,0,,0,,0,,,,,,,0,0,,00,,,0,,0,0,,,», *>,0,,0,,,,,0,,,,,,,,,0,0,,,,,0,,0,0,,,,,,,, 0,,,,,,,,0,0,0,,00,,,0,,,,0,,,,,0,,0,,00,,,0,0,0,,,,,,,0,,,0,,,,0,0 *>, >, *>, *>,,0,0,, ,0, P, ,00,, *>0 P,,,,0,,,,,0,,,,0,,0,,,,0,,,0,,,,,,,,,,,,,,,0,,,,,,,,0,,,,,,,,,,,,0,0,0,,00,,,,,,,,,0,00,,0,0,,,0,,,,,,,,,,,,,,0,,,,,0,,,,,,,,,,,0,,,,,,0,,,, ,,,0,,,0,,0,,,,0,00,0,00,0,0,0,00, ,0,,,0,,0,,,,00,00,0,00,0,0, For notes see opposite page.

23 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period reserves held! Required reserves Excess reserves Borrowings at F. R. Banks Free reserves reserves held* Required reserves Excess reserves Borrowings at F. R. Banks* Free reserves June _june 0,0,,,,,,,,,,,0,,,,0,,, 0,, ,,0,,,,0,0,, 0,0,,,0,,,0,0,0 0, June 0 June,0,0,0,,,,0,,,,,,0,,,,0,,,,,0,,,, ,,0,,,00,,,,0,0,,,,,,,0,,,,,0,,,, jari.«mar,0,0,,,,,, *>, 0 0 ^ 0,.,, ^,,0,0,0,0 ^, P Week ending 0...,,,,,0,,, ,0,,,0,,, ,,,,0,,, 00,,,00,00 0, Jan......,,00,,0,00,, 0 0,,,, 0,0,00.,,,,,,00, ,,,0 0,0,0, Mar....,,,,0,,,0, 0,0,,,,0,,0 0, 0 0,,,,,,0,, 0 0,,0,0,,,0,0, ,0,0,, *,,,, 0 ^, 0 -,,00,0 ^ ^,,0,0,0 *> 0 ^,00 0 H 0 ^ Not available. p Preliminary. Based on figures at close of business through ember ; thereafter on closing figures for balances with Reserve Banks opening figures for allowable cash. Beginning with., 0, all currency coin held by member banks allowed as reserves; during the period., -., 0, only part of such holdings has been allowed. Monthly averages of currency coin are estimated. Based on deposits as of opening of business each day. Monthly averages for all classes of banks beginning with January 0 are estimated. Monthly averages for all classes of banks beginning with January 0 are estimated. Based on closing figures. This total excludes, that in the preceding table includes, $ million in balances of unlicensed banks.

24 DISCOUNT RATES Federal Reserve Bank FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for advances to member banks Advances secured by Government obligations discounts of advances secured by eligible paper (Sees. a)i secured advances [Sec. 0(b)] Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. ) Rate on In effect beginning Previous rate Rate on In effect beginning Previous rate Rate on In effect beginning Previous rate Boston Now York... Philadelphia.. Clevel Richmond... Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0.,0.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 Aug...,0,0,0 % Aug.,0 June 0,0 Aug.,0 Aug.,0 Aug.,0 Aug.,0 June 0,0 Aug.,0 Aug.,0 Aug.,0.,0 June,0 * Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within months. NOTE. Maximum maturities. Discounts for advances to member banks: 0 days for discounts advances under Sections a of the Federal Reserve Act except that discounts of certain bankers' acceptances of agricultural paper may have maturities not exceeding FEDERAL RESERVE BANK DISCOUNT RATES i [Per cent per annum] months months, respectively, advances secured by obligations of Federal intermediate credit banks maturing within months are limited to maximum maturities of days; months for advances under Section 0(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section : 0 days. MARGIN REQUIREMENTS i [Per cent of market value] Date effective Range (or level) all F. R. Banks F. R. Bank of N.Y. Date effective Range (or level) all F. R. Banks F. R. Bank of N.Y. Prescribed in accordance with Securities Exchange Act of Aug., -.,., -, 0 Effective, 0 Jan... A Ug... 0 Au g.. Jan Aug...' :..... Aug.. % WA WA WA WA WA.... Jan... Mar Aug Mar.... June June. 0.. Aug.... In effect. T V -V *- *- VAVA WA-VA - If V- V- V - i Under Sees. a (as described in table above). For data for -, see the BULLETIN for January, p.. 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): -,.; Aug.,.;. -,.0;.,.;. 0,.; Aug. -,.; Aug.,.0; 0. -., -,.; Jan.,. -,.;. -,.0. Regulation T: For extensions of credit by brokers dealers on listed securities Regulation U: For loans by banks on stocks Regulations T U limit the amount of credit that fnay 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 (00%) the maximum loan value MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS Type of deposit Savings deposits Postal savings deposits time deposits payable: In months or more In 0 days to months... In less than 0 days [Per cent per annum]., - Jan.,., -., V Vt VL Jan., -., % % 0 Effective Jan., 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.,, 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. k

25 RESERVE REQUIREMENTS MEMBER BANK RESERVE REQUIREMENTS Effective date of change In effect.,.. _. June.,*... _,* June 0, *. Aug.,*... Aug., *... Aug.. Jan., *... Jan.,. *. Julv,* _j une, *, Aug. * _., Mar. * Mar. 0,. * In effect June,... Present legal requirements : Minimum Maximum [Per cent of deposits] Net dem deposits Central reserve city banks 0 ft* / 0!S* it* / i/ I/ 0 Reserve city banks 0 0 / II/ 0 / II/ II/ 0 Country banks Time deposits Central reserve reserve city banks / Country banks * First-of-month or midmonth dates record changes at country banks, other dates (usually Thurs.) record changes at central reserve or reserve city banks. Dem deposits subject to reserve requirements which, beginning with Aug.,, have been total dem deposits minus cash items in process of collection dem balances due from domestic banks (also minus war loan Series E bond accounts during the period., -June 0, ). Prior to,, the minimum maximum legal requirements against net dem deposits of central reserve city banks were per cent, respectively, the maximum for reserve city banks was 0 per cent. * DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Averages of daily figures. Item Gross dem: Interbank U. S. Government. Net dem Time Dem balances due from domestic banks. Currency coin Balances with F. R. Banks reserves held Required Excess Gross dem: Interbank U. S. Government. Net dem Time Dem balances due from domestic banks. Currency coin Balances with F. R. Banks reserves held Required Excess All member banks,,,00 0, 0,,,,0,,, 00,0,0, 0, 0,,,,0,,,0 In millions of dollars] Central reserve city banks New York Reserve city banks Four weeks ending.,,0,,00,,0,,,,,,,0, 0 0,,0,,,,0,,0,, Four weeks ending,,0,,,, 0,,0,,,,,0, 0 0 0,,,,,,,0,0,0, Chicago Country banks,0,,,, 0,,0,0,00,0,0,,,00,0, 0,,,,0,,0 0 Balances with Reserve Banks are as of close of business; figures for all other reported items (that is, excluding total reserves held excess reserves) are as of opening of business. Dem deposits subject to reserve requirements, i.e., gross dem deposits minus cash items reported as in process of collection dem balances due from domestic banks. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 0 0. Discounts advances total... Within days days to 0 days days to year Ill Acceptances total Within days days to 0 days U. S. Government securities total Within days days to 0 days days to year Over year to years Over years to 0 years Over 0 years,,, 0,,,,,0 0,,0,,, 0,,000,,00,0,,00,,,,0,,,0,,, 0,,,,0, 0,,0,,0 0,,,, Holdings under repurchase agreements are classified as maturing within days in accordance with maximum maturity of the agreements. Less than $00,000.

26 0 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 0 0. Assets Gold certificate account Redemption fund for F. R. notes,0,0,0,0,0,0,0,0,0,0 0,0 0,00 gold certificate reserves,0,0,0,0,0,0,0,0 Cash Discounts advances: For member banks For nonmember banks etc Acceptances Bought outright Held under repurchase agreement U. S. Government securities: Bought outright: Bills Certificates Notes Bonds Special... 0,,,,0 0,,,,0 0,0,,,0 0,,i,0, 0,,i,, 0,,,0,,00,,0,0 00, bought outright.... Held under repurchase agreement,,0,0,0,,,,00 U. S. Government securities,,,,,,,,0 loans securities,0,,,,,0,,0 Cash items in process of collection assets, 0 0,0 0, 0,0 0, 0 0, 0 0, 0, 0 assets,,0 0,,0,,,0, Liabilities Federal Reserve notes.... Deposits: Member bank reserves \j j Treasurer general account Foreign,,0 0,0, 00,,0 0,, 0,00, 0,,0 0,, 0 0,00, deposits,,,,,0,,, Deferred availability cash items liabilities accrued dividends,,,,,0,,0, liabilities....,,,0,0,,,, Capital Accounts Surplus capital accounts ' ' 0 liabilities capital accounts,,0 0,,0,,,0, Contingent liability on acceptances purchased for foreign correspondents U. S. Government securities held in custody for foreign account,,,,0,,,, Federal Reserve Notes Federal Reserve Agents' Accounts F. R. notes outsting (issued to Bank).. Collateral held against notes outsting: Gold certificate account Eligible paper U. S. Government securities, collateral.,0,,0 0,,, 0,0 0,,,,0 0,,0,,0 0,,,,0 0,0,0,,0 0,,,,0 0,, 0,,, NOTE. For explanation of adjustments in preparing this consolidated statement, see the BULLETIN for ruary, p.. For reserve ratios see opposite page,

27 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY, [In millions of dollars] Item Boston New York Atlan- St. Louis Philadelphia Clevel Richmond Chicago Minneapolis Kansas City Dallas San Fran- Assets Gold certificate account Redemption fund for F. R. notes... gold certificate reserves F. R. notes of other Banks. cash Discounts advances: Secured by U. S. Govt. securities. Acceptances: Bought outright Held under repurchase agreement. U. S. Govt. securities: Bought outright Held under repurchase agreement. loans securities Cash items in process of collection.. Bank premises assets assets.,0,0,0 0,00, 0,,0,00,0,0 00 0), 0 0 0,,,,,0,0,,,0,,0,0, 0 0,,0 0 0,,,,,,0, 0,0,,,,0,,,0,,0,,0,,00 0,0 0,, 0,0 Liabilities Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer general account. Foreign deposits. Deferred availability cash items liabilities accrued dividends liabilities. Capital Accounts Capital paid in Surplus capital accounts. liabilities capital accounts., Ratio of gold certificate reserves to deposit F. R. note liabilities combined (per cent):,. 0,, 0 Contingent liability on acceptances purchased for foreign correspondents,,0 0,,,, 0),0,,,,,,, 0),, 0, 0,,,,,0,,, 0, 0) 0, 0 0 C ) 0,,,,,,,,0,,,0,,0,,0, ,0,0,, 00, Federal Reserve Notes Federal Reserve Agent's Accounts F. R. notes outsting (issued to Bank) Collateral held against notes outsting : Gold certificate account Eligible paper U. S. Govt. securities, 0, It, 0 0,,,,0,,000,00,00, 0,,, 0,0,0,0 0,0,0,,00,,,00,00,00, 0, 0 0 0, 00 00,0 00,,000,00,00 Less than $00,000. After deducting $,000,000 participations of other Federal Reserve Banks. After deducting $0,000,000 participations of other Federal Reserve Banks.

28 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by U. S. Treasury. In millions of dollars] End of year or month in circulation i Coin small denomination currency Coin $ $ $ $0 $0 Large denomination currency $0 $00 $00 $,000 $,000 $0,000 0,,0,,,,,0,,,,,0 0, 0,00,0,0,,,, 0,,0,,,0,0,,0,0,0,,,,,, 0,0,,,0,0,,,,,,,,,,,,,,,,,,0,,,0 0, 0, 0, 0,,0,0,,0,,,,0,, 0,,,,,,,,0,,0,00,0,,0,,, June... Aug ,00,,0,0,0,0,,,,,0,0,,,00,,0,,,,,,,,0,,,,0,0,,,,,,,,,,,,,0,,,,,, 0, 0, 0, 0, 0, 0,0 0, 0, 0,,00,00,0,0,,,,,,,,,,,,,,,,,,,00,,,, Jan.... Mar..,,,,0.0,,,0,,,0,,,,,,0,,,,0,,, 0, 0,0 0, 0,,,,,,,,,.,,, 0 Outside Treasury Federal Reserve Banks. Prior to the totals shlown as in circulation were less than totals of coin paper currency shown by denomination by amounts of unassorted currency (not shown separately). Paper currency only; $ silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by U. S. Treasury. In millions of dollars] Kind of currency outsting. 0, As security against gold silver certificates Held in the Treasury Treasury cash For F. R. Banks agents Held by F. R. Banks agents. 0, Currency in circulation * Mar.,. 0, 0 Gold Gold certificates.... Federal Reserve notes Treasury currency total,0,,,,,,,, 0,, 0,0, 0,, Stard silver dollars Silver bullion Silver certificates Treasury notes of Subsidiary ciwer coin IVIinor coin United States notes.... Federal Reserve Bank notes National Bank notes...,,,, () 0 0 (?,0,,0,. 0 00,0, 0. 0 Mar. 0, 0,,0, 0,,,,00,0,,0,,00 Outside Treasury Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. s for other end-of-month dates are shown in table above; totals for Wednesday dates, in table on p.. Includes $,0, held as reserve against United States notes Treasury notes of 0. To avoid duplication, amount of silver dollars bullion held as security against silver certificates Treasury notes of 0 outsting is not included in total Treasury currency outsting. Less than $00,000. Because some of the types of currency shown are held as collateral or reserves against other types, a gr total of all types has no special significance is not shown. See NOTE for explanation of duplications. NOTE. There are maintained in the Treasury () as a reserve for United States notes Treasury notes of 0 $,0, in gold bullion; () as security for Treasury notes of 0 an equal dollar amount in stard silver dollars (these notes are being canceled retired on receipt); () as security for outsting silver certificates silver in bullion stard silver dollars of a monetary value equal to the face amount of such silver certificates; () as security for gold certificates gold bullion of a value at the legal stard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States 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 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 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, 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 national bank notes are in process of retirement.

29 MONEY SUPPLY; BANK DEBITS MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Semimonthly period I June Aug Jan Mar Seasonally adjusted Currency Money supply Dem deposits Without seasonal adjustment Currency Dem deposits i nn.o 0. Memora: Deposits at member banks (without seasonal adjustment) Time U. S. Govt Week ending 0. i. 0!. is!. June. Jan Mar Money supply (without seasonal adjustment)... 0'.. 0!o '0..0. Dem Currency..0.!. ^ Dem deposits X! 0 0^ Memora: Deposits at member banks (without seas. adj.) Time..! ^ U.S. Govt...0 ^0 ' r Revised At all commercial banks. BANK DEBITS AND DEPOSIT TURNOVER Debits to dem deposit accounts, except interbank U. S. Government accounts (in millions of dollars) Annual rate of turnover of dem deposits except interbank U. S. Government deposits Year or month All reporting centers New York Leading centers others other reporting centers New York ^eading centers others other reporting centers Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 0 I0 June Aue Tan Mar.,,0,,,0,,00,,,,,,, 0, 0,, 0, 0,,,0,00,,0 ', ',0 ', ',0, ' 0, '0, '0,,,0,.0,,0 0,0,0,,0,0,,0,00 0, '0,, '0, '0,,,,0 0,,0,0,,0 0,,,0, 0,0,,,0, 0,,,0,,,,00,, 0,,,0, ', ',, ', ', 0, 0,,,00, ,,, 00,,,00,,0 0,0 '00 ', '0, ' 0 0, ' 0. '. ' '. '. ' ?.O ? '. P '.. 0 *>. r v Preliminary. Revised. Adj. = adjusted for seasonal variation. Unadj. = without seasonal adjustment. Boston, Philadelphia, Chicago, Detroit, San Francisco Los Angeles. Prior to il, centers. NOTE. For description of series for revised monthly figures beginning with 0, see the BULLETIN for January 0, pp. -. Seasonally adjusted figures for earlier years, prepared by Federal Reserve Bank of New York, together with unadjusted data were published in the BULLETIN for, p..

30 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM [Figures partly estimated except on call dates. In millions of dollars] Date Gold Loans, net Assets Bank credit U. S. Government obligations Treasury currency outsting Commercial savings banks Federal Reserve Banks securities assets, net liabilities capital, net Liabilities Capital deposits currency Capital misc. accounts, net June. June 0. _ June. June.,., Aug ,0,0,,mi 0,0,,0 0,,,00,,00,00,000,00,00,00,,0,,,,,,,,,00,,00,00,00,00,00,00,,,,,, 0,,,0, 0,00,0,00,00,00,00 0,00,00,,0,,,0 0,,0 0,,0,,00,,00,00,00 0,00 0,00 0,00,0, 0,,0,0, 0,0,0 0,0,,00,,00 0,00 0,00,00,00,00,,,,, 0,,,,,0,00, 0,00,00,00,00,00,00,,,,,, 0,,,,00,,00,00,00,00,000,00,,0,,,,,,0, ,,,0,, 0,,,,0,00,,00,00,00,00,000,00,,,, 0,,,,00,0 0,0,00,0,00,00,00,00,00,000,,,0,, 0,0,,,0,00,00,,000,00,00,00,00,000,,,,, 0,,00,,,,000,0,00,00,00,00,00,000, Jan.. Mar. If Mar. *. * P,00,00,00,00,00,00,00,00,00,00,00,00,00,000,00,000,00,00,00,000,00,00,00,00,00,00,00,00,00,00,00,00,00,00, ,00,00,00,00,00,00,00,00,00,00,00,00,00 0,00,00,00,00,00,00,00 Details of Deposits Currency Date Foreign bank deposits, net U. S. Govt. balances Treasury cash holdings At commercial savings banks At F. R. Banks Deposits adjusted currency Time deposits Commercial banks Mutual savings banks Postal Savings System Dem deposits Currency outside banks Seasonally adjusted series dem deposits adjusted currency Dem deposits adjusted Currency outside banks June.. June ,,,,,,0,0 0,0,,,,,,0,,,, 0 0,0 0,,, 0, 0,00,,,0,,,0,,,,,0 0,, 0,,, 0,,,,,,0, 0, 0,,, 0,00,00,,,,,,,,,0,,,,,,,0,0,,,0,,0,,,0, 0,00,00,00 0,00, 00,00 0, 000,00 0, 00,00, 000, June.. June.... Aug Jan... Mar. If Mar. *. * IP.,00,,00,00,000,00,00,00,,00,00,00,00, ,00,,00,00,00,00,00,00,,00,00,00,00, ,00 0,00, 0,0,00 0,00,00 0,00,00 0,00,00 0,000,00 0,00,00 0,00, 0,,00 0,000,00 0,00 0,00,00,00,00,00,00,00,0,00,00,00,00 0,000 0,000,0,00,00,00,000,00,00,0,00,00,00,00,00,00,,00,00,000,00, ,00 0,0 000,00 000,00 000,00 000,00 00,00 00,00 0,0 00,00 000,00 000,00 00,00 000,00,00,,00,00,00,00,00,00,,000,00,000,00,00,00,000,00,00,00,00,00,00 0,00,00 0,00,00 0,00 0,00,00 () () 0,00,00 0,00,00 0,00,00 0,00,00,00,00 0,00,00,000,00,00,00 0,00 -,00,00,00,00,00,00,00 P Preliminary. * Revised preliminary figures. t This date used instead of last Wednesday of ruary. Seasonal adjustment factors used, however, were for last Wednesday of ruary. Represents all commercial savings banks, Federal Reserve Banks, Postal Savings System, Treasury currency funds (the gold account, Treasury currency account, Exchange Stabilization Fund.) Excludes interbank time deposits; U. S. Treasurer's time deposits, open account; deposits of Postal Savings System in banks. Prior to June 0,, includes a small amount of dem deposits. Dem deposits other than interbank U. S. Govt., less cash items reported as in process of collection. Seasonally adjusted series begin in are available only for last Wednesday of the month. For description of series for back data see the BULLETIN for ruary 0, pp. -. Special adjustment in seasonal factor for dem deposits adjusted for Mar. 0, 0, shown on p., note, of that BULLETIN, has been revised from 0. to 0.. The new factor is.. NOTE. For description of statement back figures, see the BULLETIN for January, pp. -. 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 in capital miscellaneous accounts, net, balances of the Postal Savings System the Exchange Stabilization Fund with the U. S. Treasury are netted against capital miscellaneous accounts, net, instead of against U. S. Govt. deposits Treasury cash. deposits currency shown in the monthly Chart Book excludes foreign bank deposits, net, Treasury cash. Except on call dates, figures are rounded to nearest $00 million may not add to the totals.

31 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES [Figures partly estimated except on call dates. Amounts in millions of dollars] Class of bank date Loans investments Loans U.S. Govt. obligations securities Cash assets Interbank Deposits Time Dem U. S. Govt. Time assets liabilities capital ac- counts- Dem Borrowings Number capital accounts of banks All banks: I0.. June Jan... Mar.. Mar. *.. *. *. All commercial banks:.. _... I0 June Jan. Mar. It Mar. P. *> * All member banks: _.. _. _.. I0 June Jan. Mar. It Mar. ^. P * All mutual savings banks:..... I0 June Jan. Mar. It Mar. *. * *, 0,,,,,0,00,00,0,0,,0,0 ",000,0 0,0,0,,,0, ,00,00,0 0,0 0,,0,,0,,0,00,0,0,00,,0,0 0,00,0 0,00, 0,,00,,,0 0,0,0,0,00 ',,0,0,0,0,0,,0,0, 0,,0,0,0,0,00,,0,0,0,0,00,0,,,,,0,0,0,0,00,,0,0,0,0,0, :, 0,0, 0, 0,,,,,0, io;:,,,0,,,,,,0 0,0,,0,0 0,,, 0,0 0,0 0! 0!,0,0 ; 0,00,0,0,00,0,0 0,00,0,0,0 0,0,0,0,0,00 00,,,0,, 00,0. 0 0,00,00 00,0 0! 0 0,0 0,0 0. 0,00,0 0,00 ^0 ; 00 0;,0,00,0,0,0,,0,00 0,,,0,0,0,0,0,00,00,00,0,00 0,0,,,0. 0, 0,0,,0 0, 0,0,,00,0,,0,, 0,0,,0,, 0; 0,,,0,0 0 0,0 0,00 0,0 ; 0 0,00 0,00 00, ,0,0 0 0, ,0,0,0 0,0 0;00 J0,0,0,00,00 0,,0,:,,0,0 0,0,0,0,0,00,0,0,0 0,0 0,0,0,0,0,00,00,0,0 0,0,00,00,00,0,00,0,00,00,00,00,00,0,,,,, 0,,,,00,,0,0,,,,0,00,,,0,,0 0,0,,,,0,,,,0,,,,,, 0 0,,0,0,,,,0,00,,0,,,,00,,0,0, 0,,:,0,,, 0,,0,0,.0 0, 0,,0,0,0 ;,,,0,,0,, 0,0,0,,,00,00,00,0:,,00,, 0,0,,, 00,0,00,,, 00 0,,,00,0,,0,0 0,,,,,0,0,00,00,0,,0,0,0,0,0,,,,,0,0,00 0,0,0,, ,0,00,,,,0,0 0,0 0,0 0,0 0, 0,0,00,0,0,0 0,,,,00,,0,0,0,0,0,,0,0,00,0,00 0, %,0,0,0,0,0,,00,00,0,00 0, 0,,.,,,,,0,,, 0,,,0,00,0, 0,,0,0 0,00,00,0 0,00,,,0,0 ",00,0 " ',0,000,0 0 0,0,00,0,000,0 0 0,0,0,0,,0,0 0.0,0,0,,,0 0,,,,0! 0 0,0 00 ; 0,,0 0 0,0,0 00,00,00 0,0,0,0,0,0 ; 0,,0 ; 00, ',0! 00,,0,00,, 0,,,0 0,,00,,,,0,0,00,0,0,0,0,0 0,0,0,0 0,0,,,,0,0,00,0,00,0,0,0,0,00,0,0,0,0,0 0,0,,,,,0,0 0,, 0; 0 ; 0, 0,,,0 0 0,,,,,,0,,0 00,0,,0,.,0,, 0,0 0,,0,, ; 0,,0,,0,,, 0,, 0,0,,, 0,,,,, 0,0 0,0,,,0 0, 0,,0,, 0,,,, 0,,,,,,,,,,,,, 0,,0 0,,,,00,,00,0,0,00,0,,0,0,0,0,00,,,0,0 0,0,,,0,,,0 0,0,,0 0,0,,00 0,0,,0 0,0,,0,000,0 0,, 00,00,,0,0,,0,0,,0,00,0,0,0,,.',,0,0,0,0,0,,0,0,0,00,0,,,,,,,,00,,,,,0,,, * Preliminary. * Revised preliminary figures. t This date used instead of last Wednesday of ruary. All banks in the United States. Beginning with January, all banks in Alaska with total deposits of $ million were included in the series (a national member bank has been included since il ); beginning with August, all banks in Hawaii with total deposits of $ million were included in the series (a national member bank with total deposits of $0 million has been included in the series since il ). All banks comprise all commercial banks all mutual savings banks. All commercial banks comprise () all nonmember commerical () all member commercial banks. Member banks include () a national bank in the Virgin Isls that became a member on,, () a noninsured nondeposit trust company, () two (three prior to I0) mutual savings banks that became members in (these banks are excluded from all commercial banks). Stock savings banks nondeposit trust companies are included with commercial banks. Number of banks includes a few noninsured banks, for which asset liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, the reserve classifications of cities individual banks, by mergers, etc. Beginning with June 0,, excludes reciprocal balances, which on.,, aggregated $ million at all member banks $ million at all insured commercial banks. Includes other assets liabilities not shown separately. For other notes see following two pages.

32 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] Class of bank date Loans investments Loans U.S. Govt. obligations securities Cash assets ; assets liabilities capital accounts q Interbank Deposits Time U. S. Govt. Dem Time Dem Borrowings capital accounts Number of banks Central reserve city member banks: New York City: June Jan. Mar. If Mar. *. * * Chicago: June Jan. Mar. If Mar. *.? * Reserve city member banks:. _. _... I0 June Jan. Mar. It Mar. *. *? Country member banks:..... I0 June Jan. Mar. It Mar. *. * *,, 0,,,,00,0,0,,0,,,0,0,,,0,,0,0,,,,0,,,00,,0,0,,0, 0,0,00 0,,,, 0,0,0,,,,0,,,0,,00,,,0,,,,,,0,,,,0,,0,,,,,,00,,0,,,,,,,,,0,,0,,,,,0,,,,0,0,,0,,,00,,,,0,, 0,00, 0,,, 0,0,0, 0, 0,,b,,0,,0,,,,0,,,,,,,,00,00,,,,,0,0,,,,,0,,0,,,,0,,0,,,.,,,,, 0, 0,,,0,,0,00,,,,,,0,,,,,0,,,,,,,,,0,,,,,,,,,,,,0,0,,,,,0, 0,,,,,,,,,,0 0,0,,0,,0,,,,,,00,,,0,,00,0,,,,0,,,,0,,,0,0,0,,,,0,,,,0,,,0,,,,,,, ^,0,0,0,,,,,,,,,00,00,0,,,,0 0, 0,,0,,,,0,,,0,00,,,,,,,,,0,,00,0,,,,0,000,0,,,,,,0,,,,,,,,0,,,,0,0,,,,,,00,, 0,,,,, 0,,,,0,,,,,00 0,0,,0,,0,0,,,, 0,,, 0,,,,,0,,,,0 0, 0,,0,0,0,0,,0 ;,,00,,,0,,,.,0,,,,,0, 0,,,0 0,, 0,,,,,, 0,, 0,,0,,,0,00,,00,0,,,0,0,,,,,,0,,,,,,,,0,0,,,,,0,,,,,0,,,,,,,,,0.0,,0,0,,,,00,,,,,0,0,,0,,,,,,,0,,,00,,,0,,,,,,0,, ,0,0,,,,, 0, 0 0, 0,,,,,00,0,,0,0,0,,0,,,0,0,,0,,,,0,,,,0,,00 0,0 0,,,,0,,,,,0,0 0,,,,,0,,00,,,,,,,,,,,0 0,,,,,0,,,.0,0,,0,0,,,,,0,,,0,0,0,,,,,,,0,,0,0,, -',0,,, 0,,,,,, 0 "',,,,,,,,,, - ', 0, 0,, 0, 0,0,,,,,0, ",,, 0,0, 0,"-- 00 ", 0, 0,,,0,,,,0, 0 -,, 0. 0, 0,0, 0,0, 0, 0,,0 0 0,0, ,,0,,,,,,0,00,,,,,,,0 0 0,,,,0,0,,,,,0,,,,,,0,,,,,0,0,,,,,,,,0,, ,,,,00,,,,,,,,,,0,, Beginning with.,, the all-bank series was revised as announced in ember by the Federal bank supervisory agencies. At that time a net of noninsured nonmember commercial banks with total loans investments of about $0 million were added, banks with total loans investments of $ million were transferred from noninsured mutual savings to nonmember commercial banks. Less than $ million. Because preliminary data are rounded to the nearest $0 million, no amount is shown except on call dates. Beginning with ruary 0 reserve city banks with total loans investments of $0 million total deposits of $,00 million were reclassified as country banks. For other notes see preceding opposite pages.

33 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES Continued [Amounts in millions of dollars] Class of bank date Loans investments Loans U. S. Govt. obligations securities Cash assets assets liabilities capital accounts Interbank Deposits Time U.S. Govt. Dem Time Dem Borrowings Number capital accounts of banks All insured commercial banks: June. National member banks:.. _... _. 0 June. State member banks: June. Insured nonmember commercial banks: June. Noninsured nonmember commercial banks:. _.. H _... 0 June. AH nonmember commercial banks:.. _ June. Insured mutual savings banks: l_t)ec. _. _ June. Noninsured mutual savings banks:.. _. _... 0 June.,0,0,,,,0,,0,,,0,0, 0, 0,0 0,,0,,,,,,,0,,,,, 0,,0,,,,00,,,0,,,,,, 0,,,,0, 0,,,,0 0,0.,.,,,,,,,0,,,,0,0 0,,,0,,, 0,0,,,,,,0,00 0,00,,,,0,,,,,,,0, 0,,0,,,,0,,,0,0,.0 0,,,,,,,0,,,,0,0,,,0 0,,,, ^,,, 0,,,,0 0,,,. 0!,!,, 0,, ;,00, ;0 0, ^, 0, 0,,,,0,,0,, 0 0,, 0.,0, 0; 0,0. 0.,, 0,,,,.,, 0,,0,,,0,,,,0,0,,,00,0,0,,,0,,,0 0, 0,0 0,,, 0,,,,0 0 0,0,,,,0,,,0,0,,0,,0,,,0,,,,00,,,,,,,0,,,,,0,0,,,,,, 00,,,0,0,0,,, 0,,,,,, 0,0,,, 0,,0,0,0,,0,,,0,,0,,, ,,,,,0,,, 0 0,,0,,,0,00,,,0, 0,,0,,,,,,,,.,,, 0,,0,,,,0, 0,,,,, 0,,.,0,,,,,,00,,,,0 0,0,.0,0,,,0,,0,,,,,,,,,,,,,, 0,, 0,,,,,, 0,,0,0,,,,0,,0,,,,0,,0,,.0,,,,,.,0,,0,,0,,,,,,,,0, ,,,,0 0,,,,,,,,., ",,0 0,0,,,0,,,,,0,0,.,,,,,0,0,,,0,,,,,,, 0,0,0.,0,,0 ",0,0,,,0,,,0,0,00, 0.0,0,,0,, 0,,,0, 0,,,0,0,,0 0,,,0,,0,. 0,0,0,,0, ,0,0,,0,,0,0,,, 0,0,0,, 0,,, 0,,,,,,,,,00,,.,0,0,0 0,,,,,,,0,,,0,0,0,,0 0,, 0,,0,,,0,0,00,00,0,, 0 0,0,, 0,,,0, ,0 0,,,0,,,,,,0,,00,,., 0,,,,0,,,,,0,,,.0,,0,00,0,,0,,.,,0 0 0,0,,,,,,,.0..,,.., 0 0 For other notes see preceding two pages. NOTE. For revisions in series prior to June 0,, see the BULLETIN for, pp. 0-.

34 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES [In millions of dollars] Loans Investments Class of commercial bank call date loans investments Totaiz Commercial including open market paper Agricultural Loans for purchasing or carrying securities To brokers dealers To others Loans to financial institutions To banks To others Real tate loans loans to individuals loans U. S. Government obligations Bills Notes Bonds Certificates Obligations of States political subdivisions securities : June..... All insured: I0 June..... Chicago:* t_.., I0 June..... Country: _ _ I0 June Nonmember: _ I0 June ,,0,,0 0,, 0,,, 0,0 0, 0,,0,0 0,,0,,,0,0,,,,,0,,,0,0,,,,,0,,,0,0,0,,0 0,,,0,0 0, 0,0,,,.,,,,0,0,,, Member, total: _...,,0,... 0,,,,,...,,,,0,0....,,0, J0,0,..,,,,,, I0 June..,,, ",0,,,...,,,,0,, New York City:* _...,,0,0...,,,0 _... 0,,,...,, 0,..,, 0, I0 June..,,0 0 ",...,, 0,,0,,0,0,,0,00,,0,,0,, Reserve city: _...,,0, _... 0,0,, _...,00,,0... 0,,00,0 _..,,, I0 June..,0,,..., 0,00,,,0,,00,,, 0,,0, 0,,00,,0,,,,,,0,,,,0,,,,,, 0,,,,0,,,0, 0,,,,,0,0,,,, ,,0,0,,,,0,, ,0,,0,,, 0,0 0, 0,0 0,0 0,00 00,, 0 0,,,,00,,,0 i,0,,,, 0,0,,,,,,,,,,0,0,, ~,,,,,,,,,,, 0, 0,,0,,,,0,0,,, 0,',0,--,,,0,0,,,,0,0,,,,, 00,,,, 00,0,, 0,,,, 0,,00,0,,,,00,,00,,,00, 0,,,, ",0,,,0,,,,,,,,,0 0,0,0,,,,,,,,0,00,0,,,- 0,,,,0,,,0,~" 0 0,, 0,,,,,,,,,,0,0, 0,,,,,,,,,,0,0, 0 0,,,,0,,0,00,,,,0,0,0,,,0 V,,0,,0,,,, 0, 0, 0,,, 0 0,0,,0,,,,,,0 0",,,, 0,0,,,0,,,,,,,,,,,,00,,,,0,00,0,,,,,00, 0,0 0 0,0,,0,,,,,00, 0 0,,,0 0,,0 0,, 0,,, 0,,0 0, 0,0,,,,,0 0,0,0,,,0,0,0, 0,0,,,,0,0,,0 0,, 0,0,0,,,,,?,,0 ;,00,,0,,,,,,0 0, 0,,,,0,,,0 0,,0,,0,00,,,,0,,,,0,0,,00,,,0,,,,0,,0,,, ',,0,0,,0,,0,,,, 0,,,,,,,0,, ',,,0,00,,,,,0 0,0,,0,0,,, 0,,,, 0,,, All commercial banks in the United States. These figures exclude fications of cities individual banks, by mergers, etc. data lor for banks oanks m in U. \J. o. S. possessions cx^opi except for iur uiciuocr member banks. uaiiks. A^uiiug During - Beginning Dcguuuus with wiui JUUG June JU, 0, i^to,, iiguics figures IUI for various vaiiuus iua.n loan items arc are System; three these mutual banks savings (two banks beginning became with members June of 0) the Federal are included Reserve in shown add to the gross total (i.e., before are not deduction entirely comparable of valuation with reserves); prior figures. they do not member banks but are not included in all insured or total banks. Comparability of figures for classes of banks is affected somewhat by changes For other notes see opposite page. loans continue to be shown net. in Federal Reserve membership, insurance status, the reserve classi-,0,,,0,0,,, ,0,0

35 COMMERCIAL BANKS RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES * [In millions of dollars] Class of commercial bank call date Reserves with Federal Reserve Banks Cash in vault Balances with domestic banks Dem deposits adjusted Interbank deposits Domestic Foreign Dem deposits U.S. Govt. States political subdivisions Certified officers' checks, etc. Individuals, partnerships, corporations Interbank Time deposits U. S. Govt. postal savings States political subdi- Individuals, partnerships, corporations Borrowings Capital accounts : _ I0 June..... All insured: I0 June..... Member, total: June..... New York City: _.....,.., I0 June.,.., Chicago: $.. _ I0 June... Reserve city: I0 June... Country:.... _ I0 June... Nonmember: _ I0 June...,,,,,0,,0,,,,,0,,,,,,,0,0,0,,,0,0,,0,00,0 0 ",00,,0,',:,:,,0,,,,,,00,,,0,,,,,,,0,,,0,,,,,, : 0,,,, 0 0 0,,,0,,,0 0, 0,0,,0,0,,0,,,,,,, 0, 0,,0,,,,0,,,, ,0,,,0,,,0,,,00,00,0,,,,,0,0,0,,,,,,0, 0,,0,,0,,,,,,,,,,,,,,0,0,,,,, 0, 0,, 0,,,00 0,, 0,,,,,,,,,,0,,,,, 0,,,,0,,,,,,,,0,0,,,,,,,0:,0,,,,, 0,,0,,,, 0,0,,0,,,,0,00,,,0,,,,,,,,0,,,, 0,0,,,0,00, 0 0,0,0,0, ', r ', 0,,,,0,,,0,,, 0,, 0,,,,,,0,0,,,,00,,,,0,,, 0,, 0,,,0,0,0,0,,0, ,,,,,0,0,,0,00,,,,,0,,,,,,,0,0,0,0,0,,,00,,,,00,0,0,,,, 0,,0,0,,, 0 0 0,0,0 0,0 0,,, 0,,0,,,,, 0,,,0,0,0,,,,,,,,,,,0,,0,,,,0,,,,00,0,,,,00,,0,,00,,,,,,,0 0,,,, 0,0,,, 0 0,,,0,,, 0 0 ' : : n: ',,,,,,0,,,,,, ,,,, ',0,0,0, : ',,0,,0, 0,0,,,0 0, 0,,,, 0,,,,,, 0,0,0,,,0 0,,,,,,,,00 0,,0, 0,,0,, 0 *~,,0,,,,0, 0,,,0,,,,0,0 0,, 0,,0,,,,,,,,,0,, ,,0,,,,0,,,,,0,0,,,,,,,0,,,,0,,0,0 Breakdowns of loan, investment, deposit classifications are not available prior to ; summary figures for earlier dates appear in the preceding table. For a discussion of revision in loan schedule, see the BULLETIN for January I0, p.. Central reserve city banks. Beginning with June 0,, excludes reciprocal bank balances, which on.,, aggregated $ million at all member banks $ million at all insured commercial banks. Dem deposits other than interbank U. S. Govt., less cash items reported as in process of collection. For other notes see opposite page.

36 0 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Wednesday loans investments i Loans invest- ad- justed Loans adjusted Comcial industrial Agricultural To brokers dealers U. S. Govt. obligations securities To others U. S. Govt. obligations Banks Nonbank institutions securities Foreign Domestic commercial Personal sales finance companies etc. Real estate All other loans Valuation reserves - Leading Cities 0 '\Jjjy 0, 0,0 0, 0, 0, 0,00 0, 0,0 0,,,00,,,, 0,,,, 0,,0,,,,00,,,,,,0,,,,,,,,0,0,0,,,,,,,,, 0, 0,,0,0,,0,0 0,,0,,,, 0 0,,,, 0,,, ,,,,0,,,,0,,,,,,0,,,,,,0,0,, 0,,,,,,,, 0,, 0,0,,0,,,, 0, 0,0 0 0,,0,0,,0,,,,,,,,, 0 0 0,, 0,,,,,,,,,,,,0,,,,0,0,,,,,,,,0,,,, New York City 0 Mav y if::,,0,,0,,, 0 0, 0, 0 0, ,,,,,,0,, ,,,,,, 0, 0 0,0 0,0 0, 0, 0 0, 0 0 0,,0,0,0 0 0,0,,, 0... Outside New York City,,,,,0,,,,, 0, 0, 0 0, 0 0,0 0, 0, 0 0,,, ,0,,0,0,0, ,,0,00,0,0,0 0 0, 0 0, 0,0,,,0,, 0, 0,0 0 0, 0, 0 0,,00,,00,,,,,,,,,0,,,,0,0,0,0.,00 0,,,0,0,,0,,,,,,,,0, ,,,,,0,,,0,,,00,0,,,,,,,,,,0,,,0,,0,0,, 0,, 0,,,,00,,,,0,,,0,,0 0,, ,,,,,,,0,,,,0,0,00,0,0,,,,,,,,,, After deduction of valuation reserves. Exclusive of loans to domestic commercial banks after deduction of valuation reserves; individual loan items are shown gross. NOTE. All figures revised to reflect new coverage. In addition, figures through the first., date for loans to foreign banks to other nonbank institutions for all other loans for New York City for total leading cities are not comparable with those for the second. date because of a reclassification of loans in New York City. For explanations see p. of this BULLETIN.

37 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES Continued [In millions of dollars] Investments Cash assets, excluding cash items in process of collection Wednesday U. S. Government obligations Bills Notes bonds maturing Certificates Within year to years After years securities Balances with domestic banks Balances with foreign banks Currency coin Reserves with F. R. Banks All other assets assets liabilities capital acco unts Leading Cities 0 \s'.\'.'.'.'.'.'.'.'.,,00,0,0,,,,,, 0,0,,0,,,,0,0,,,,0,,,,0,0,,,0,0,,,0,,,0,0,,,,,0,,00,.. 0 0,0, 0, 0,0 0,0 0,0 0,0,,,,,0,,0,0,,,,,,,,,0,0,0,,0,,,0,,,,,,,,,0,,,,,,0,0,,0,0,,,,,,,,,,0 0,0,0 0, 0, 0, 0, 0, 0, 0, 0,,,,0,,,,,,,,,,,,,0,,,,,,,,,,,,,0,,,0,0,,,0,0,,,,,,,,,,,,,,,,,,0,,0, New York City 0....,0,,0, :,,,0,,,,,,0,,,0,0,,,,,,,,,,0,.,0,,, ,,,00,,00,,,0,,0,,,0 0,0,,,,,0,,,,0,, Outside New York City,,,,,,-,0, ,0,0,,,,,,0,,,,,,0,,0,,!,,, 0 0,,,,,,,,,,,,,,0,,0,, , 0, 0,0 0,0,,,,,0,,,,,,,,,,0,0,0,,0,,,,0,0,0,,00,,,0,,, 0,0 0,0 0,0 0,0 -.,,,,,,,,0,0,0,,,,,,,,,,,,00,0,0,0,,,,,,,,,,,,,0,,,00,,,0,0,,0,,,,0,,0,0,0 0, 0, 0, 0, 0, ,0,,,,0,,0,,, -,,,,, ^,,,,,,,0,00,,,,,,,,,,,,, "-,00,,,.,0,,,0,,0,,,0,,,,0,,0 0, 0, 0,0 0, 0,00 NOTE. All figures revised to reflect new coverage. see p. of this BULLETIN. For explanation

38 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES Continued [In millions of dollars] Deposits Borrowings Dem Time Wednesday unadjusted i Dem deposits adiusted Individuals, partnerships, corporations States political subdivisions Foreign U.S. Gov't. Domestic com- s mer- cial banks Savings Individuals, partnerships, corporations time States political subdivisions Foreign From F. R. Banks From thers liabilities Capital Leading Cities: 0 Apṟ,::::::. 0 New York City 0...!!!...,,,,0,,,,0, 0,0,0,0,0,,,0,,0,,0,0,,0,, 0,, 0,,,,0,',0,,0,0,,,,0,0,,,,,0,,0,0,0,,0,0,,0,,,,,,,,,0,,,,,,,,,,,,,0,,,,,,,,0 0' :,,,,,,,,,00,,,,,,00,0,0,,0,, 0, 0,0 0,,,,0,,,,,,,,,,,0,.",,0 0,,,,00,, ; 0,,,0,,, :,O, 0,0,0,, 0,0,,0,,,,,,0,,0,,,,0,0,,0,,,,,,,,,,,,,,,,,,,,,0,,,,,,0,,,,,0,,0, n.a n.a n.a,,0,,,,,,,,,,,0,,0,,,,0,,,0,,0,,,,,,,,00,,,,,0,,0,,,,,,,,, ',0,0,,0,0. i ,,",,0,, 0,,0,0,,0,0 0,,0,0,,,,, 0 0 0,,0,0 l,0f,0 0 0: 0:,0,,0,^,0,,0,,,,,,0,,, n.a, n.a, n.a, :,0,0,,,,,,,, Outside New York City 0,, 0,, 0,,0,, 0,0,0,,,,0,,0,,,, :,,,,0,0,00,0,,,,,0,,0,,,0,,,,,,0,,, 0,,,,, 0 ' : :,,0,,,,,,,,00 0!!!!! 0,, 0,,0,00,0,0,,,0,,,,0,00,,,,, 0 :,,,,0,0,:,0i,!,00,,,,,00,0,0,,,, n.a n.a n.a,,,,,,0,,,,,00..,,0,0,,0,,,,,,,,,000,,0,0,0,,,0,,,, : :,0 0,i,:,:,:,,0,0,0,0,0,0,0,,0,,,,,0,, n.a, n.a, ,0,0,,,,,,,,0,0,0 0,0,, ",,,,,0,0,0,,,,,,,,0,0,,0,,,, 0 0,0,,,0,,,,,,,,0,,,,,0,,0,00,,,,,,', (,,',- -! 0,00,0,0,,,,,0,,,0 Not available. dem total time deposits. Through first., figure, based on dem deposits other than interbank U. S. Government, less cash items reported as in process of collection; beginning with the second., figure, based on dem deposits other than domestic commercial interbank U. S. Government, less cash items reported as in process of collection. Includes certified officers' checks deposits of mutual savings banks, not shown separately. Comprises deposits of foreign governments official institutions, central banks, international institutions, banks in foreign countries, foreign branches of U. S. banks other than reporting bank. Includes U. S. Government, postal savings, domestic commercial interbank, mutual sayings banks, not shown separately. NOTE. All figures revised to reflect new coverage. Figures through the first., date in the second, fourth, sixth, eighth, tenth-eleventh columns are not comparable with those for the second. date because of a reclassification of deposits. For explanations, see p. of this BULLETIN.

39 BUSINESS LOANS OF BANKS CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY [Net increase, or decrease ( ). In millions of dollars] Period Food, liquor, tobacco Manufacturing mining Textiles, apparel, leather Metals metal products Petroleum, coal, chemical, rubber Trade (wholesale retail) Commodity dealers Public utilities (incl. transportation) Construction All other types of business Net changes classified Comm'l ind'l change all weekly reporting banks _jul y ,, I0 Jan.-June - - -, , Mar Week ending Mar Aor p i ::::: ::: M!ay n Data for sample of about 00 banks reporting changes in their larger loans; these banks hold about per cent of total commercial industrial loans of all weekly reporting member banks about 0 per cent of those of all commercial banks. Figures for periods other than weekly are based on weekly changes. Includes machinery transportation equipment. Figures for have been revised to reflect new coverage; see page of this BULLETIN. Prior figures will be revised in a forthcoming issue of the BULLETIN. BANK RATES ON SHORT-TERM BUSINESS LOANS [Weighted averages. Per cent per annum] Area period All loans - 0 Size of loan (thouss of dollars) over Area period All loans - 0 Size of loan (thouss of dollars) over Annual averages, large cities: I. I0 Quarterly: large cities: 0 Mar June Mar Quarterly (cont.): New York City: I0 Mar June Mar Northern Eastern cities: I0 Mar June Mar Southern Western cities: 0 Mar Mar For description see the BULLETIN for March, pp. -. Based on new loans renewals for first days of month. NOTE. Bank prime rate was per cent Jan., -.,. Changes thereafter occurred on the following dates (new levels shown, in per cent):., V ; Mar., ; Aug., ;., Vi;., %; Aug., ; Aug., Vi; Jan., ;., /;., ;, Vi;., ; 0 Aug., /.

40 INTEREST RATES MONEY MARKET RATES [Per cent per annum] Year, month, or week Prime commercial paper, - to - months Finance company paper placed directly, - to - months Prime bankers' acceptances, 0 days -month bills Rate on new issue Market yield U. S. Government securities (taxable) -month bills Rate on new issue Market yield - to -month issues Bills (market yield) s - to - year issues «average... average... 0 average June... Aug Tan Mar... Week ending _ June Average of daily offering rates of dealers. Average of daily rates, published by finance companies, for varying maturities in the 0- day range. Average of daily prevailing rates. Except for new bill issues, yields are averages computed from daily closing bid prices. Consists of certificates of indebtedness selected note bond issues. «Consists of selected note bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds Stocks Year, month, or week United States (longterm) State local Aaa Baa By selected ratings Aaa Baa By groups Public utility Dividend/ price ratio Earnings/ price ratio Industrial Railroad Preferred Common Common Number of issues average.. average 0 average... I0 June... Aug Sent Jan Mar M!ay Week ending 0... June P...0 P. * Preliminary. Monthly weekly yields are averages of daily figures for U. S. Govt. corporate bonds. Yields of State local govt. bonds are based on Thursday figures; dividend/price ratios for preferred common stocks, on Wednesday figures. Earnings/price ratios for common stock are as of end of period. Series is based on bonds maturing or callable in 0 years or more. Moody's Investors Service. State local govt. bonds include general obligations only. Includes bonds rated Aa 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. Stard Poor's Corporation. Preferred stock ratio is based on median yields for a sample of noncallable issues industrial public utility. For common stocks, the ratios are based on the 00 stocks in the price index. Quarterly earnings are seasonally adjusted at annual rates.

41 SECURITY MARKETS SECURITY PRICES Year, month, or week U.S. Govt. Gongterm) Bond prices Municipal (highgrade) Corporate (highgrade) Stard Poor's index (-= 0) Common stock prices Securities Exchange Commission index (-= 00) Manufacturing Industrial Railroad Public utility Durable Nondurable Transportation Publicutility Trade, finance, service Mining Volume of trading * (in thouss of shares) Number of issues. average. average. 0 average. 0. June... Aug Jan....., Mar ,,,0,,,,,,,00,,,,,0, Week ending June ,,0,,, i Monthly weekly data for () U. S. Govt. bond prices, Stard Poor's common stock indexes, volume of trading are averages of daily figures; () municipal corporate bond prices are based on Wednesday closing prices; () the Securities Exchange Commission series on common stock prices are based on weekly closing prices. Prices derived from average market yields in preceding table on basis of an assumed per cent, 0-year bond. Prices derived from average yields, as computed by Stard Poor's Corporation, on basis of a per cent, 0-year bond. Average daily volume of trading in stocks on the New York Stock Exchange for a l /i-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker dealer credit End of month * securities other than U. S. Govt. obligations (col. + col. ) Net debit balances with New York Stock Exchange firms Secured by U. S. Govt. obligations Secured by other securities Bank loans to others (than brokers dealers) for purchasing carrying securities U. S. Govt. obligations securities Money borrowed On U. S. Govt. obligations On other securities Customers' net free credit balances.... I0. June. Aug......,,,,,,,,,,, ,,,0,0,0,00,0,,,, 0 0,0,,,,,,,,,, 0,0,0,,,0,0,0,,,,, 0,0,0,0,0,0,0, Jan..., Mar..,,,,0, 0 0,,,0,,0 0 0,,,,, 0 0,,0,,,,,,0,0, Data for cols. - are for last Wednesday of month. ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges balances of the reporting firm 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 from other lenders excert member firms of national securities exchanges. Figures are for weekly reporting member banks. Prior to, loans for purchasing or carrying U. S. Government securities were reported separately only by New York Chicago banks. Accordingly, for that period col. includes any loans for purchasing or carrying such securities at other reporting banks. Composition of series also changed beginning with ; revised data for the new reporting series (but not for the breakdown of loans by purpose) are available back through have been incorporated.

42 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Commercial finance company paper Held by Dollar acceptances Based on End of year or month through dealers Placed directly (finance paper) Accepting banks Own bills Bills bought F. R. Banks Own acct. Foreign corr. s Imports into United States Exports from United States Dollar exchange Goods stored in or shipped between points in: United States Foreign countries,00,,,, 0 0 0,0,0,,0, [,0, [, June Aug,,,,,0,,0,0, 0,0,,,,,0,,,,,,,,,,00 [,,,,. i;,,, ,0,0, Jan Mar.,,0,,,0,,,,,,,0,0, 0 0 0,0,0, As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. As reported by finance companies that place their paper directly with investors. Beginning with ember, series includes all paper with maturity of 0 days over. Figures on old basis for ember were (in millions of dollars):,; place directly,. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] End of year or month Loans U.S. Govt. Securities State local govt. Mortgage Corporate other Cash assets assets assets liabilities surplus accts. Deposits liabilities Surplus accounts Mortgage loan commitments Number Amount I0, 0,, 0, 0,0 0, 0,0,,,,0,,-/, 0,,,,, ,,, 0,,,, 0, 0,0,,,, 0,0,,0,, 0 0 0,,,0,,,,0,,,0,,,0,,0,00 I0 Mar June Aug,,, 0,,,0,,,, 0,, 0,,,, 0, ,0,,,0 0, 0, 0 0,,,,,,,,,,, ,,,,,,,,,,0,0,,,,,0, 0, 0,0,0,00,0 L0,0,0 [,00,,0 [,,00 Jan Mar,00,0,, 0,0,0 0 0,0,0,0,,,000 0,,0,0,0,, [,,, Not available. Includes securities of foreign governments international organizations obligations of Federal agencies not guaranteed by the U. S. Government, as well as corporate securities. Not a balance-sheet item. Data represent commitments outsting of banks in New York State as reported to the Savings Banks Association of the State of New York. 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 are based on reports filed with Federal State bank supervisory agencies. Loans are shown net of valuation reserves.

43 SAVINGS INSTITUTIONS LIFE INSURANCE COMPANIES [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date assets TT + A united States State local (U.S.) Foreign Bonds Stocks Mortgages Real estate Policy loans End of year: End of month:...,..., I0 Mar....., June..... Aug Jan Mar...,,,, 0,,0 0,0 0,0,0 0,0,0,,,0,,00,,,,0, 0, 0,,,,,,,,0 0,0,,,,,,,,,,0,0,,,,,,, 0,,,00,,,0,,,,,0,,,,,,,,,,,,,,,,0,,,,00,,,,,0,,,,,,0,,,0,,0,0,,,,,0,,,0,,,,,0,,,,,,,00, 0,,0,,00,,,0,0,,0,0,,0,,0 0,0 0, 0, 0,0 0,,00,0,,, 0,00,,0,,00 0,,,0,0,,,0,0,0,,0,,,,,,, 0,,,,0,,0,,,,,,,,,,,,0,0,0,0,,,,,,,,,0,,0, 0,0 0, 0, 0, 0, 0,0,0,,,,00,,,,00,,,,,,,,,,,,,0,,,,,0,,,,,,,,0,,,,,,0,,,,,0,0,,,,,0,,0,0,,0,,,0,,,,,,,,,,,,,,0,0,,, Figures are for all life insurance companies in the United States. Represents issues of foreign governments their subdivisions bonds of the International Bank for Reconstruction Development. These represent annual statement asset values, with bonds carried on an amortized basis stocks at end-of-year market value. These represent book value of ledger assets. Adjustments for interest due accrued for differences between market book values are not made on each item separately, but are included, in total, in " assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings Loan Insurance Corporation data. In millions of dollars] End of year or month Mortgages U.S. Govt. obligations Assets Cash assets liabilities Savings capital Reserves undivided profits Liabilities Borrowed money Loans in process Mortgage loan commitments 0 0 Mar.. June. Aug.....,,,,,0,0, 0,00,, 0,0,,00,,,00,,0,0, 0,0 0,0,0,0,,,,,,,,,,,,,,,, 0,,,0,,,,,,,0,0,,0,0,0,0,,,,,,,0,0,,0,,,0,,,,0,,,0,0,,,,,,,,0,,,,,,,0,0, 0,0,,,,,,,,,,,,0,,0,0,0,, 0,0 0,,,0,,,0,,,,,0,,0,,,,0,0,,,0 0,,,,,,,,,,,,,,,,,,,,,,,,0,0, 0,,,0,,,,,0,,,0,,,,,,,,0,,0,,,,,,0,,0 Jan.... Mar. 0, 0,,,,,,0,,,,0,,,00,,,,00,0,,,,,0,,,,,,,,, Not available. Figures are for all savings loan associations in the United States. Data beginning with are based on monthly reports of insured associations annual reports of noninsured associations. Data prior to are based entirely on annual reports. Prior to 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, no deduction is made for mortgage pledged shares. These have declined consistently in recent years amounted to $ million at the end of. Includes other loans, stock in the Federal home loan banks other investments, real estate owned sold on contract, office buildings fixtures. Consists of FHLB advances other borrowing. Not a balance-sheet item. NOTE. Data for 0 are preliminary.

44 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Period Net Budget eceipts * Receipts from the public, other than debt Plus: Trust fund receipts Less: Intra- Govt. transictions Equals: rects. from the public Budget expenditures Payments to the public, other than debt Plus: Trust fund expenditures Less: Adjustments Equals: payts. to the public Excess of rects. from, or payts. to (-), the public Net Federal cash borrowing or repayt. ( ) of borrowing Increase, or decrease (-),in debt (direct & agen.) Less Net inv. by Govt. agen. & tr. funds noncash debts Equals Net cash borrowing or repayt. () Cal. year Fiscal year Semiannually: Jan.-June -. 0 Jan.-June -. Monthly: I0 June... Aug Jan Mar.?...,,, 0,,0,,,,,,,0,0 0,,,,,,00,,,,,,,0,,,,0,0,,,0 0,,0,0,,0,,0,0,,00,0,,,0,,0,,,,,,,, 0, 0,,,,0,,0,0, 0,,,,,,,0, 0,,,0,,, 0,,,,,,, 0,, 0,,, 0,,0,0,,,0,,,,,0,,0,0, 0,,,,0,,, 0,,0 0,,0,0,,0,,,0,,,0,0,0,,,,,,0,,,00,,, ,,0,0, 0,00,,0,0,,,00,,,0,,,,,,,,,,0, -,,00,,0 -,0 -, - -,, -, -,0,, -,0, -, - 0 -,,0, -,^, 0, - -,0,,,,, -,,0, -,,0 - -0, -: - - -, - -,, -, -,0 - -,0,0 -, , ,0, ,,0 -,0 -,00,0,,, -,,, - -,, -, -,00 - -,0, Effects of operations on Treasurer's account Operating transactions Financing transactions Cash balances: inc., or dec. ( ) Account of Treasurer of United States (end of period) Period Net Budget surplus, or deficit Trust fund accumulation, or deficit Reconciliation to Treas. cash Net market issuance (+)of Govt. agency obligations Net inv. (-) in Fed. sec. by Govt. agency & trust funds Increase, or decrease (-), in gross direct public debt Held outside Treasury Treasurer's account Balance Deposits in F. R. Banks (available funds) Treasury Tax Loan Accts. net assets Fiscal year 0 Semiannually: Jan.-June - 0 Jan.-June - Monthly: I0 June Aug Jan Mar, -, -,, -, -,, -, -,0 -,0 -, -,00 - -, 0, -,,0 -, - - -, - -, -, , ,0, ,00 -, - - -, -,0 -,0 -, ,,,,,,0 -,,, -,0,00 -, , , -,,, -,,0, -,00 -,0, -, - 0 -,, -, -,0,,0,00,0,,00,,,,00,,,,,,,,,, ,0,,,,,,,,0,0,,,,,,,,,,,,00,,0,0,0.0,.0 0,0,0 Not available. p Preliminary. Budget receipts budget expenditures for fiscal years (but not for calendar year ) exclude certain interfund transactions. For more details see Treasury Bulletin for ember 0, pp. II. fconsists primarily of interest payments by Treasury to trust accounts to Treasury by Govt. agencies, transfers to trust accounts representing Budget expenditures, payroll deductions for Federal employees retirement funds. Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page.

45 FEDERAL FINANCE DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements Treasury Bulletin unless otherwise noted. Budget receipts In millions of dollars] Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Budget receipts Income profit taxes Period Net Budget re- Oldage trust fund Transfers to Highway trust fund R. R. retirement acct. Refunds of receipts Individual Budget receipts Withheld Corporation Excise taxes Employment taxes Liquor receipts Tobacco Mfrs.' retailers' Fiscal>ear 0 Semiannually: Jan.-June - 0 Jan.-June - Monthly: 0 June Aug Jan Mar 0,,0,,,,,,,0,0 0,,,,,,00,,,,,,,,00 0,,,,,,,0,, 0,, 0,,,,,0,,, ,,,,0,,,,00 0 0,,,,,0,,0 0,0,,0,,,0,,0 0,,,00,,,,,,,0,00,,,,0, 0,,,0,,,0,,,0,,,0,,,,0,0 0,0,,0,0,, 0,,0, 0,,0,,,,,,0 0 0,,, 0, 0, 0,0,,,,,,0,,,0,0,0,00,0,,,,,0,,0,0,,,0,,,,,,,,,,, 0,,,00,,0,0,, 0 0,,,0,,00,0,,,,,0,0,,,,, Budget expenditures Period i o M ajor national security Military defense Atomic energy Intl. affairs finance Labor jt ana welfare Military assistance Interest Veterans' services benefits Agriculture agricultural resources Natural resources Commerce housing General government Fiscal year Semiannually: Jan.-June -. 0 Jan.-June -. Monthly: 0 Mar... June... Aug Jan Mar,, 0,, 0,,, 0,,,0,0,,,0,,,,,0,,0,0,,,,0,,0,,,,,,,,0,,,,,,,,0,, 0, 0, 0,0,0,0,0,,0,0,,00,,,,,,,,,0,0, 0 0,0,,,,,0,, 0 0,,,0,, 0,, ,0,,,,,,, 0 0 0,,0,,00,,,, 0 0,0,,,,,0,, 0 0 0,,,,,0,,, 0 0 0,,,,,0 0 0,,0,,,,0,0 0 0,0,,0, Consists primarily of () intra-governmental transactions as described in note, () net accruals over payments of interest on savings bonds Treasury bills, () Budget expenditures involving issuance of Federal securities, () cash transactions between International Monetary Fund the Treasury, () reconciliation items to Treasury cash, () net operating transactions of Govt. sponsored enterprises. Primarily adjustments,,, described in note. Excludes net transactions of Govt. sponsored enterprises, which are included in the corresponding columns above. Includes transfers to Federal disability insurance trust fund. Represents the sum of taxes for old-age insurance, railroad retirement, unemployment insurance.» For more details see the Treasury Bulletin, Budget Receipts Expenditures, Table, the Budget Document, Special Analysis C. 0 Includes stockpiling defense production expansion not shown separately. For other notes, see opposite page.

46 0 FEDERAL FINANCE U. S. GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] Public issues End of month gross debt* gross direct debt Bills Marketable Certificates Notes Bank eligible* Bonds Bank restricted Convertible bonds Nonmarketsible Savings bonds Tax savings notes Special issues («) I0 June J Uly Jan Mar Includes some debt not subject to statutory debt limitation (amounting to $ million on, ) fully guaranteed securities, not shown separately. Includes non-interest-bearing debt, not shown separately. Includes amounts held by Govt. agencies trust funds, which aggregated $0, million on'. 0,. * Includes Treasury bonds minor amounts of Panama Canal postal savings bonds. Includes Series A investment bonds, depositary bonds, armed forces leave bonds, adjusted service bonds, REA bonds, not shown separately. Less than $0 million. OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] End of month Held by U. S. Govt. agencies trust funds * Special issues Public issues Federal Reserve Banks gross debt (including guaranteed securities) Commercial banks Mutual savings banks Insurance companies Held by the public corporations State local govts. Individuals Savings bonds securities Misc. investors _ Mar June Aug Jan Mar i Includes the Postal Savings System. * Includes holdings by banks in territories insular possessions, which amounted to about $00 million on., 0. Includes savings loan associations, dealers brokers, foreign accounts, corporate pension funds, nonprofit institutions. NOTE. Reported data for Federal Reserve Banks U. S. Govt. agencies trust funds; Treasury Department estimates for other groups.

47 FEDERAL FINANCE OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES [On basis of Treasury Survey data. Par value in millions of dollars] Marketable convertible securities, by type Marketable securities, by maturity class Type of holder date Bills Notes Certificates Marketable bonds Convertible bonds Within year - years -0 years Over 0 years All holders: June 0 June 0 I0 June 0.. Mar. U. S. Govt. agencies trust funds: June 0 June 0 I0 June 0.. Mar. Federal Reserve Banks: June 0 _j U ne 0 0 June 0.. Mar. Commercial banks: June 0 June 0 0 June 0.. Mar. Mutual savings banks: June 0 _j une 0 I0 June 0.. Mar. Insurance companies: June 0 June 0 I0 June Mar. investors: Nonfinancial corporations: I0 June 0.. Mar. Savings loan associations: 0 June 0.. Mar. All others: June 0 _j une 0 I0 June 0.. Mar.,,0 0,,,,0,, 0, 0, 0, 0,,,0,,,,,0,,0,,,,0,0,,,, 0,0 0, 0, 0, 0, 0,, 0,,,,0,,,,,,,,,,0,0,,,,,0,0,,,,,,,,,,0 0 0,,,,0,,,,,,,0,,0,,0,0,,0,0,0,,,,,,,,0 0,0, 0, 0,,,,0, i Direct public issues. Data complete for U. S. Govt. agencies trust funds Federal Reserve Banks, but for other groups are based on Survey data. Latest data shown are for, commercial banks, mutual savings banks, insurance companies, which together accounted for more than 0 per cent of all holdings of banks insurance companies, nonfinancial corporations savings loan associations, which together accounted for about half of the total holdings of all nonfinancial corporations savings loan associations. 0,,,,,,,,,0,,0,0,,0,,0,0,,,,,,,,0,,,,,,,,,,0 0 0,,,,0,,0 0,,,,, 0,,0,,,,,,,,,,,,0,,,,,%,,,0,,,,,,0,,,,,0,0,0,,,,,,,0,,,0,,,0,0,0,,,0,0,,, 0 0 0,0,,,,, 0 0,0,,,,,,,0,,0,,0,,00,,,,0,,0,,,,,,,00,0,,,,,,,0,,,0,,00,00,, 0,,,,,,0,,,,,,,0,.,,0,, 0,00,,0,,00 0,,,,,, 0,0,,,, 0 0 0,0 0,00,,0,,,,,,,,,0,,,,,,,.,,0,,0,, 0,,,0,,0,, 0,,,0,0,0,,,,0,0,,0,,,,,,,,0,00 0,,,,,,,,,,,0,0,, 0,,,,,,,,,0,0,00,,,0,,00,,0,0,0,0,0,0,,,,,0, 0,,0,,,,,,0,,,,00,,,,,,00,0,,,0,0,,0,,,,,0 0 0,,,,,, Holdings of "all others," a residual throughout, include holdings of all those not reporting in the Treasury Survey, including investor groups not listed separately. Includes minor amounts of Panama Canal postal savings bonds. Holdings first reported separately in the Treasury Survey for ruary 0. Monthly figures for ruary- 0 shown in the Treasury Bulletin for ember 0, pp. -. See also note. Holdings of nonfinancial corporations savings loan associations included in this category until ruary 0.

48 FEDERAL FINANCE DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES [Averages of daily figures. Par value, in millions of dollars] U. S. Government seuricties Week ending Within year - years By maturity -0 years After 0 years U. S. Goyt. securities dealers brokers By type of customer dealers brokers Commercial banks All other Federal agency securities.,,,,,0, Mar. Apṟ.:::::::::::::,,,,0,,,,,0,,0,00,,,0, ,,0,,,,,0,0, i The transactions data combine market purchases sales of U. S. Government securities dealers reporting to the Federal Reserve Bank of New York. They do not include allotments of exchanges for new U. S. Government securities, redemptions of called or matured securities, or purchases or sales of securities under repurchase agreements, reverse repurchase (resale), or similar contracts. The averages are based on the number of trading days in the week. NOTE. Details may not add to totals because of rounding. DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i [Averages of daily figures. Jan Mar Par value, in millions of dollars] U.S. Government securities, by maturity All maturities,,,,,,0,0,,,,,, ',0 ',,,,, Within year,0,,,00,,,,,,,0,, ', ',0,,0,0,0 - years 0 After years 0 0 Federal agency securities ' Revised. The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity involving the same amount of securities. Included in the repurchase contracts are some that more nearly represent investments by the holders of the securities rather than dealer trading positions. Averages are based on number of trading days in the week. NOTE. Details may not add to totals because of rounding. FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS i Week ending Jan Mar [Averages of daily figures. In millions of dollars] All sources,,0,,,,0,,,0 ', ', ',0 ', ', ',0,,,, Commercial banks New York City Week ending- Elsewhere Corporations,,, L,,0,0,,0,0 ',0 ',0 ' ' ' *,0,,0,0 Another 0 0 ' Revised. The figures are -day averages include both bank nonbank dealers. See also note of the opposite table on this page. All business corporations except commercial banks insurance companies. NOTE. Details may not add to totals because of rounding.

49 FEDERAL FINANCE; SECURITY ISSUES U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY, [On basis of daily statements of U. S. Treasury. In millions of dollars] Issue coupon rate Amount Issue coupon rate Amount Issue coupon rate Amount Issue coupon rate Amount Treasury bills June,.. June,.. June,.. June, * June,., June,.,,..,.,,., 0,.,,., Aug.,., Aug. 0,., Aug.,., Aug.,., Aug.,.,.,.,.,.,.,.,., *.,.,.,.,.,.,.,...,.,.,..,0,,0,0,,0,00,0,0,0,0,0,0,00, , , Treasury bills Cont..,.,.,., Jan.,., Certificates Aug., VS, Treasury notes Aug.,., iy., V., /s.,., Wz, Aug., Aug.,., /., V., %., Wi ,0,000,,0,,0,,, 0,, Treasury notes Cont.,, %., /., /s., UA, %, % Aug.,., /., %., lvi, %., %., Wi Treasury bonds June, -... %., -... iy., 0-.. %.,., / June, -... Aug., /., -... /., June, -... /,, 0,0,,, 0,,,,0,,,,,,0,, Treasury bonds Cont.., -... ^., % Mar., %, % Aug.,., % Mar., -... % June, -... %., -... /., %., -... %, %.,., %, -.. AV June, -... *., 0., 0 %, V., 0 /.,., V Panama Canal Loan... Convertible bonds Investment Series B., %,,,,,,,,,,0,,0, 0,,,,0, 0, Tax anticipation series. Direct public issues. Sold on discount basis. For discounts on individual issues, see tables on Money Market Rates, p.. Partially tax-exempt. NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital refunding) Issues for new capital Period Type of issue General obligation Revenue Public Housing Authority Federal Govt. loans State Type of issuer Special district statutory authority s amount delivered Education Roads bridges Use of proceeds Water, sewer, other utilities Residential housing Veterans' aid purposes I0 Mar... June... Aug.... Jan. r... Mar....,,,,,,,,0 0 0,,0,0,,,,, 0 0,,0,0,,,,0, ,0,0 00,,,,0 0 0,0,0,0,,,,,,0, ,,, 0,,, ,0,,,,,,, ,,,,0, ,,,, < 0 ( ) I, -> S, 0 0 r Not available. Revised. Data prior to are from the Bond Buyer as classified by Federal Reserve. Classifications prior to as to use of proceeds type of issuer are based principally on issues of $00,000 or more; smaller issues not classified. As a result some categories, particularly education, are understated relative to later data. Includes only bonds sold pursuant to the Housing Act of. These are secured by contract requiring the Public Housing Administration to make annual contributions to the local authority. Beginning with, coverage is considerably broader than earlier. Consists of municipalities, counties, townships, school districts, prior to, small unclassified issues. Excludes Federal Government loans. These data are based on date of delivery of bonds to purchaser ( of payment to issuer), which occurs after date of sale. data in table are based on date of sale. Includes urban redevelopment loans. Beginning in this figure differs from that shown on the following page, which is based on Bond Buyer data. The principal difference is in the treatment of Federal Government loans. Less than $00,000.

50 SECURITY ISSUES NEW SECURITY ISSUES [Securities Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers Proposed use of net proceeds all corporate issuers Year or month U. S. Govt. Noncorporate Federal agency s Corporate Bonds State municipal Publicly offered Privately placed Preferred stock Common stock New capital New money' purposes Retirement of securities I0',,,,0 0,,,0,,,,,,0,0,,0 0, 0,,,,,,,,,0 0,0,, 0,0 0,,,, 0,,0,,0,00,,,0,0,,00,,,,,,0,,,0,,,0,, 0,,,,0,,,0,,, 0,0 0,,,,,,,0, 0,, 0,,,,0,0,,,,0,, 0 0,, 0 Mar.'.'.. June '.. Aug.',.'.'..'.'. Jan. '..'. Mar..,0,,,0,,,0,,,,,,,0 0, 0 0, ,, , , Proposed uses of net proceeds, major groups of corporate issuers Year or month Manufacturing New capital Commercial miscellaneous New capitals Transportation New capitals Public utility New capital Communication New capital Real estate financial New capital * Retirement of securities Retirement of securities Retirement of securities Retirement of securities Retirement of securities Retirement of securities I0' I0 Mar.'.'. '. June'. '. Aug.'..'.'..'.'.,,0,,,0,,, ( ) ,0,,,,,0,, () () 0,0,,, 0,0 00 0,,,,0,0,0,0 Jan.'..'. Mar.., () ' Revised. Estimates of new issues maturing in more than one year sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. Includes guaranteed issues. Issues not guaranteed. Represents foreign governments, International Bank for Reconstruction Development, domestic eleemosynary other nonprofit organizations. Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., expenses. Represents proceeds for plant equipment working capital. Represents all issues other than those for retirement of securities. Less than $00,000.

51 BUSINESS FINANCE SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 0 % 0 (0 corps.): Sales Manufacturing Profits after taxes Dividends Nondurable goods industries ( corps.): Sales Profits after taxes Dividends. Durable goods industries (0 corps.): Sales Profits after taxes Selected industries: Foods kindred products ( corps.): Sales Dividends Chemicals allied products ( corps.): Sales Profits before taxes Petroleum refining ( corps.): Sales Primary metals products ( corps.): Sales Profits before taxes. Profits after taxes Dividends Machinery ( corps.): Sales Automobiles equipment ( corps.): Profits after taxes Public Utility 0? 0,0 0,? 0 0, 0, 0 00?? S?,,,0 0,?0 0 0,0, 0 0, '. 0 ' 0, ', 0 '?, 0, ? 0?,,?,,? 0 0? 0? ' ' ' ' '? ' ' '? ' '?? ' ' ' '? '? 0? 0 0? 0 ' ' ', '? ' ', '0 ' ' ' ' ' ', ', r R????R ' 'R r? 0?? <m, 0? 0 '0? ' r? ' ' ' n ' 0 r? ',00? '? 0 ' ' ' ' '0 'R M? ' ' ' ' ' n ' ' '0? '0 '???, ' 0?0 R ' ',, ', ', r -? 0 ' -? '0 r ' 0? '0 ' 00 0 '?0 ' ' 'PI '00? 0, 00?, 0,0? 0,0? '?, 0 ',0,,? 0 'R 0? ^ 0?? 0? 0? ? 0 0??? ??J 0 0 ' 0 j' 0 ' n j 0 *?, 0? 0? 00?0 0 0??0 ' IS '?0 R 0?0 0?0 '0 '?0 ' 00?,??? ^ R? 0? 0 0 R? 0?0? Railroad: Profits before taxes Electric Power: Profits before taxes Telephone: Ooeratine revenue Profits after taxes 0 0,,0 0? j j 0?, 0?, 0 j 0, 0,? rq S? rq ' R '0 ' O ' ' R, 0 R Ml, ',0??? 0 n rq ' no?,0 0 '". ' ' '0 R? '0 r 'IP,? ' 0 0?,??,0?0 00 n?? 0??,0 R? 0? n 0 '??,0 0? - «R? R?,00 R?0 0 e Estimated c Corrected. ' Revised. Includes companies in groups not shown separately. Includes 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 per cent of all railroad operations) are obtained from reports of the Interstate Commerce Commission. Electric Power. Figures are for Class A B electric utilities (which account for about per cent of all electric power operations) are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Revenues profits are for telephone operations of the Bell System Consolidated (including the 0 operating subsidiaries the Long Lines General departments of American Telephone Telegraph Company) for two affiliated telephone companies, which together represent about per cent of all telephone operations. Dividends are for the 0 operating subsidiaries the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges before Fec'eral income taxes dividends. For detailed description of series (but not for figures), see pp. - of the BULLETIN for June (manufacturing); pp. - of the BULLETIN for March (public utilities); p. 0 of the BULLETIN for ember (electric power). For back data for manufacturing, see pp. - of the BULLETIN for ; back data for other series are available from the Division of Research Statistics.

52 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS [Department of Commerce estimates. In billions of dollars] Year or quarter Profits before taxes Income taxes Profits after taxes Cash dividends Undistributed profits NOTE. Quarterly data are at seasonally adjusted annual rates. Year or quarter NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Securities Exchange Commission estimates. In millions of dollars] New issues,0,,,0,0,,,,,0,0,, All types,,,,0,0,,,0,0,,,, Net change,,0,, 0,,,,,,,,0, New issues Bonds notes,,,,,,,,0,00,0,0,0,,,0,,0,,,0,00 0 Net change,,,,,0,,0,0,0 0,00,0, New issues,,,0,,,0,0,,,,,,0 Stocks Retirements Retirements Retirements,,,,0,,0, Net change,,,,,,0,,,0 Reflects cash transactions only. As contrasted with data shown on p. new issues exclude foreign include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, also new stock issues cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, also securities retired with internal funds or with proceeds of issues for that purpose shown on p.. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year or quarter Net working capital Cash Notes accts. receivable U.S. Govt. U.S. Govt. securities Inventories Notes accts. payable U.S. Govt. Federal income tax liabilities Excludes banks, savings loan associations, insurance compa- Receivables from, payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce Securities Exchange Commission estimates. In billions of dollars] Year Transportation Manufacturing Mining Railroad Quarter Public utilities Communications Manufacturing mining Transportation Public utilities All other (seasonally adjusted annual rate) 0 H r L L.O ' r Revised. Corporate noncorporate business, excluding agriculture. Includes trade, service, finance, construction. Includes communications other. Anticipated by business.

53 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm End of year or quarter All holders Financial institutions holders Selected Federal agencies Individuals others - to -family houses All holders Financial institutions Multifamily commercial properties holders Financial institutions holders All holders Financial institutions holders *' I0" Mar».* p I0 Mar.* p P v Preliminary. Derived figures, which include negligible amounts of farm loans held by savings loan associations. Derived figures, which include debt held by Federal l banks Farmers Home Administration. NOTE. Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions represent commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, savings loan associations. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home Administration, Federal l banks, in earlier years RFC, HOLC, Federal Farm Mortgage Corporation. Federal agencies (amounts small or separate data not readily available currently) are included with individuals others. SOURCE. Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture Commerce, Federal National Mortgage Association, Federal Housing Administration, Public Housing Administration, Veterans Administration, Comptroller of the Currency, Federal Reserve. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings Mutual savings bank holdings End of year or quarter Residential FHAinsured VAguaranteed Conventional Farm Residential nonfarm FHAinsured VAguaranteed Conventional nonfarm Farm 0^,0,,,00,,,,,0,,,,,00,, 0,0 0,,0,0,0,,,,,0,,0,,,,,,00,,0 0,,0,,,,,,,0,.,,,,,0,,0,00,,,,,,,,,,0,00 0,,0,00,0 0,,0,0,,,0,,00,, ,,0,, Mar June I0 Mar p June** p v...,0,00,,,,0,0,0,00, 0,00 0,0 0,00 0,0 0, 0,,0,,0,,0,0,0, 0,0,,,0,00,, 0,0 0,00 0,0,0,,0,,,0,,00,,,,,0,0,0, :,,0,,0,0,,0,00,,0,,,,,,,0,,0,0,,0,,0,0 0,0,,,,00,00,,,,0,0,0 0,0,,,0,, * Preliminary. Represents all banks in the United States possessions. Includes loans held by nondeposit trust companies, but excludes holdings of trust departments of commercial banks. March ember figures are Federal Reserve estimates based on data from Member Bank Call Report from weekly reporting member banks. Figures for, except for the gr total, are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March ember figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. On Jan.,, holdings of commercial banks increased by $ million, those of mutual savings banks declined by that amount, as a result of the absorption of a mutual savings bank by a commercial bank. Data reflect a $0 million reclassification by one bank from commercial industrial to real estate loans, reported August, 0. SOURCE. All-bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal State bank supervisory agencies, Comptroller of the Currency, Federal Reserve.

54 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outsting (end of period) Year or month Nonfarm Farm Nonfarm FHAinsured VAguaranteed FHAinsured VAguarantced Farm I0* 0 June Aug Jan Mar,,,,0,,, ,,0,0,,,,00 0 0,0,, ,,, 0 0,,,0,,,, ,,,,,,,0,, 0, 0, 0, 0, 0,0,0,,,,00,,,,,0,, 0,0,,,0,0,,,,,,,,0,0,,,,,,,,,,,0,,,,0, 0,00,0,,0,, 0,0,,0, 0,00,0 0,00,,,,0, 0, 0,,0, *0,,,0,,0,, 0,,,,,0,,,,,,00,0 v Preliminary. NOTE. ^Certain mortgage loans secured by l on which oil drilling or extracting operations are in process are classified with farm through June with "other" nonfarm thereafter. These loans totaled $ million on,. For loans acquired, the monthly figures may not add to annual totals, for loans outsting, the end-of-ember figures may differ from MORTGAGE ACTTVITY OF SAVINGS AND LOAN ASSOCIATIONS Year or month... I June.. Aug Sent..... Mar.? i,, 0, 0,0,.0,,??,, I [,,0,0.0,00,,0 [In millions of dollars] Loans made New construction,0,,, 00,0, ,,,0,,,, Loans outsting (end of period),,0,0, 0,00,, 0,0,00,,,00,,0,0, 0,0 0, 0,,,,0,0,,,0,,,,,,0,,,,,,,0,,,0,,,0,0,,,,,,,,,,,,,,, Home purchase FHAinsured VAguaranteed Conventional 0,,,00,,,00,0,,,,,,,,,0,0 0,0 0,0, * Preliminary. Includes loans for other purposes (for repair, additions alterations, refinancing, etc.) not shown separately. Beginning with includes shares pledged against mortgage loans. SOURCE. Federal Home Loan Bank Board. end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, because data for year-end adjustments are more complete. SOURCE. Institute of Life Insurance; end-of-year figures are from Life Insurance Fact Book, end-of-month figures from the Tally of Life Insurance Statistics. NONFARM MORTGAGE RECORDINGS OF $0,000 OR LESS. I0 Mar June Aug Jan Mar Year or month 0 Seasonally adjusted i,,00,,,,,,,,0,, [In millions of dollars] Without seasonal adjustment,,0,,,0,,,,,0,,00,0,,,,,,,0,, By type of lender (without seasonal adjustment) Savings & loan assns.,0,0, 0,,, 0,,0,,0,,0,0,0,0 0,00 0 0,,,,,0,, 0 0 Insurance companies Commercial banks,,0,,,,,0,,0 0 0 Mutual savings banks,0,,,,0,0, Three-month moving average, seasonally adjusted by Federal Reserve. Includes amounts for other lenders, not shown separately. SOURCE. Federal Home Loan Bank Board.

55 REAL ESTATE CREDIT 0 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE Year or month I0.,, June. Aug Jan... Mar..,0,0,,,,, 0 0 [In millions of dollars] FHA-insured loans Home mortgages,0,, 0,,, 0 0,,0,,,0, New properties Existing properties Projecttype mortgages^ Property improvement loans VA-guaranteed loans,,,,,,, Home mortgages,,,0,0,,0, 0 0,,, 0 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 repair loans, not shown separately; only such loans In amounts of more than $,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 average amount of loans closed. SOURCE. Federal Housing Administration Veterans Administration. MORTGAGE DEBT OUTSTANDING ON NONFARM - TO -FAMILY PROPERTIES End of year or quarter...? I0? Mar.P June*.....J'....0.P 0. 0 Mar.*... June p....*....? [In billions of dollars] New properties Existing properties Governmentunderwritten FHAinsured VAguaranteed Conventional » Preliminary. NOTE. For total debt outsting, figures for first three quarters of year are Federal Reserve estimates. For conventional, figures are derived. SOURCE. Federal Home Loan Bank Board, Federal Housing Administration, Veterans Administration, Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i [In millions of dollars] FEDERAL HOME LOAN BANKS [In millions of dollars] 0. End of year or month. Aue Tan Mar Mortgage holdings,,,0,,0,,,,,,,,00,0,,,,0,0, 0 0,,,,,0,,0,,,0,,,,,,,,,,0,,,,0,0,0,,,0,0,,0,0,,,, Mortgage transactions (during period} 0 0,0, S«lies??? 0 ^ 0- FHAinsured VAguaranteed Purchases Commitments undisbursed 0, 0 Year or month 0 0 June Aug Jan Mar,, *0, ,0,,, Advances outsting (end of period),,,,,,,0,,,,,,,,,, Short term*,,0,00,0 0 Advances Repayments Longterm 0 Members' dem time deposits 0 0 0,0,0,0 Operations beginning with.,, are on the basis of FNMA's new charter, under which it maintains three separate programs: secondary market, special assistance, management liquidation. Data exclude conventional mortgage loans acquired by FNMA from the RFC Mortgage Company, the Defense Homes Corporation, the Public Housing Administration. SOURCE. Federal National Mortgage Association. Secured or unsecured loans maturing in one year or less. Secured loans, amortized quarterly, having maturities of more than year but not more than 0 years. SOURCE. Federal Home Loan Bank Board.

56 00 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- intermediate-term credit outsting, in millions of dollars] Instalment credit Noninstalment credit End of year or month Automobile paper i consumer goods paper i Repair modernization loans Personal loans Singlepayment loans Charge accounts Service credit I0,,,,,,,,,,0,0,0,,,,,,0,,,,,0,,,0,,.,0,,,,0,, 0.,,,,,0,,,00,0,,00,,,,0,0 0,0,,,0,0,, 0,,0,,,,0,00,,,,,,,,,,,,,00,0, 00,,,,00,0,0 I0 June Aug,,,,0,0,,,,0 0,,,,00,,,,0,,0,,,,00,0,,, 0, 0, 0, 0, 0, 0, 0, 0,,,,,0,,,00,0,00,00 0, 0,0 0,0 0, 0,0 0, 0,,00,,0,,0,,,,,,,,,,,,,,0,,,,,,,,0,,,,,,,,,,,0 Jan... Mar,0,0,0,,,,0,,,,,00,00 0, 0 0,,,,,,,,,,,,,,,,0,,0,00,0,,0,, Represents all consumer instalment credit extended for the purpose of purchasing automobiles other consumer goods, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. Represents repair modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods paper. Includes data for Alaska Hawaii beginning with January August, respectively. NOTE. Monthly figures for the period ember through, a general description of the series, are shown on pp. - of the BULLETIN for il ; monthly figures for -, in the BULLETIN for il, pp. -; ober, pp. 0-; ember, pp. 0-; ember. p. ; ember, pp. -. Revised monthly data for (with notes describing the changes) are shown on pp. 0-0 of the BULLETIN for ember 0. A detailed description of the methods used to derive the estimates may be obtained from Division of Research Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outsting, in millions of dollars] Financial institutions Retail outlets End of year or month instalment credit Commercial banks Credit unions Sales finance companies Consumer finance companies i Department stores Furniture stores Household appliance stores Automobile dealers? 0,0 0,0 0,,, 00 0, * I0,,,,,0,,,0,0,,,0,,0, 0,0,,,0,,,,,00,,0 0,,,,,0,,,0,0,,,0,,,,,0,0,,0,0,,,0,,,,,,,,0,,,,0,0,,0,,, ,0,,,,, I0 julv 0,,,,00,,,,0,,,0,,,,,0,,0,,,,,,,0,0, 0,0 0, 0,,0,,,,,,,,,,,,,0,0,,0,,0,0,,0,0,,,0,0,,,,,,,0,,,,,,,,,00,0,0,00,0,0,0,,0,,,,,,0,0, ,,?,,,,0,, Jan Mar,,,0,,,0,,,,00,0,,00 0, 0, 0,,0,,,,,,,, [,,,,,,,,,,,,,,0,0 0,,,, Consumer finance companies included with "other" financial institutions until ember 0. Includes mail-order houses. Represents automobile paper only; other instalment credit held by automobile dealers is included with "other" retail outlets. * See note to table above.

57 CONSUMER CREDIT 0 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outsting, in millions of dollars] INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outsting, in millions of dollars] 0 End of year or month I0 June Julv Aug Jan. Mar instalment credit,0,, 0,0, 0,,,,,,,0 0,, 00,0, Automobile paper Purchased,,,0 0,,,00 0,,,0,,,0,,,,0,00 Direct,,0,0, 0,,,,, 0,,,,,,,, consumer goods paper 0,0,0,,,,0,0,,,,0,,,,0,0,,,0, Repair modernization loans 0,0,,,0,,0,,0,0,0,,,,0,,,,0,0,00 Personal loans,,,,,,,0,,,,,,,0,,0,,,, Includes data for Alaska Hawaii, beginning with January August, respectively. 0 End of year or month I0. June. Aug Jan.... Mar.., instalment credit,, 00,,,00,,0 0,, 0,0 0, 0,,0,,,,,,00 0, 0, 0, Automobile paper,,0,,,0,0,,,,,,,,,, consumer goods paper,0,,,,,,0,,,,0,,,,,,0,0,0 Repair modern ization loans Includes data for Hawaii, beginning with August Personal loans 0 0 0,00 0 0,00,00,00,0 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT I0 I0 Jan Mar [Estimated amounts outsting, in millions of dollars] End of year or month Aug... instalment credit,0,0,,0,,0,0,,,,,,,,,0,,,, Automobile paper,0,,,,,,,,,,,0,,,,, consumer goods paper Repair modernization loans Personal loans,,,,,0,,,,,0,,,0,,,,,,, i Includes data for Alaska Hawaii, beginning with January August, respectively. NOTE. Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings loan associations, other lending institutions holding consumer instalment loans. End of year or month I0 I0... June... Aug Jan Mar NONINSTALMENT CREDIT [Estimated amounts outsting, in millions of dollars] ^nonment credit,,0,0,, 0,,0,,,,0,,0,,,,,,,,,, Singlepayment loans Commercial banks,0,,,,,,,,,,,,,,,,0,,, Charge accounts financial institutions Department stores i retail outlets, \ 0,,,,,,0,,0,0,0,,,,,,,0,,,,0 Credit cards Service credit,00,,, ^00,0 ^0,,,,,,,,,0,,0,, Includes mail-order houses. Service station miscellaneous credit-card accounts homeheating-oil accounts. Includes data for Alaska Hawaii, beginning with January August, respectively.

58 0 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- intermediate-term credit, in millions of dollars. The terms "adjusted" "unadjusted" refer to adjustment of monthly figures for seasonal variation differences in trading days] Year or month Adjusted Automobile paper Adjusted consumer goods paper Adjusted Repair modernization loans Adjusted Personal loans Adjusted Unadjusted Unadjusted Unadjusted Unadjusted Unadjusted Extensions 0,0,0 0,, 0,,0 0,,0,,,,,,, 0,,0,,,,,,,,0,,0,0, 0,,,,,0,0 I0 June... Sect,,,,,0,,0,,00,0,,,,,00,0,0,,,,,,,,0,,,,,,0,,0,,,0,,,,,,,00,0,,,0,,,0,, ,,,,,,,,,,,,,,,0 Jan Mar,,0,00,,,,,,,0,,,0,0,0,,,,,,0,,0 0 0,0,,, [,,,0, Repayments 0 0,,, 0, 0,,0,,,0,,,,,,, 0,,,,0,,,,,,,,,,0 0,,,0,,0 I0 Mav Jan Mar...,,,,,,,,,,,0,,0,,0,,,0,,, 0,,,0,.,0,,,,,,,,,,.,,0,,,,,,,,,,,,,,,,,,,,,,.,, [,0,0,0,, I,,,, ,,0,,0,,,0,,,,0,0,,,,,,,,,,0,,,, Net increase, or decrease ( ), in credit outsting I0 0,,, - 0,,, - 0, ,, I0 Jan Mar Extensions repayments include current data for Alaska Hawaii beginning with January August, respectively. The differences between extensions repayments do not equal the changes in outsting credit for because the differences do not reflect the effect of the introduction of outsting balances for these two States. Obtained by subtracting instalment credit repaid from instalment credit extended, except as indicated in note. NOTE. Monthly figures for 0- are shown on pp. 0- of the BULLETIN for ober ; for -, in the BULLETIN for ember, pp. 0-, ember, p., ember 0, pp A discussion of the composition characteristics of the data a description of the methods used to derive the estimates are shown in the BULLETIN for January, pp. -. Estimates of instalment credit extended repaid are based on information from accounting records of retail outlets financial institutions often include charges incurred under the instalment contract. Renewals refinancing of loans, repurchases resales of instalment paper, certain other transactions may increase the amount of both credit extended credit repaid without adding to the amount of credit outsting.

59 CONSUMER CREDIT 0 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- intermediate-term credit, in millions of dollars. The terms "adjusted" "unadjusted" refer to adjustment of monthly figures for seasonal variation differences in trading days] Year or month Adjusted Commercial banks Adjusted Sales finance companies Adjusted financial institutions Adjusted Retail outlets Adjusted Unadjusted Unadjusted Unadjusted Unadjusted Unadjusted Extensions I, I0,0,0 0,, 0,,0 0,,,0,,,0,,,0 0 00,00 0,00,0,00,0,,, 0, 0,,,,,,,,,0,0 0 M^ay Aug Jan i Mar,,,,,0,,0,,00,,0,00,,0,,,,,00,0,0,,,,,,,,.,,0, [, [,,,,0,.,,,,0,0,,,0,,,,00, ,00, ,,,,,,0,0,0,0,0,0,0,,,,0,,0,0,0,0,, ,0 0 Repayments, 0 I0 Aor June Jan i l... Mar,,,,,,,,,,,0,,0 0, 0, 0,,0,,,0,,,0,,,,0,,,0,.,,00,,,,,,,,,,,0,,0,,0,.,,,,,,,, [,,,, ,,,, 0, 0 0,0,0,0,0,0,0,0,0,0,0,0,0,0, 0,00 0,,,0 0,0,0,0,0,,00, ,,,0,, Net increase or decrease ( ) in credi ; outsting, I0 0,, -,, -0,0,,0 -,, -,0,0, 0 0 I0 Au Jan.i Mar , - Data on extensions repayments have been adjusted to avoid duplication resulting from large transfers of other consumer goods paper. As a result, the differences between extensions repayments for some types of holders do not equal the changes in outsting credit. Extensions repayments include current data for Alaska Hawaii beginning with January August, respectively. The differences between extensions repayments do not equal the changes in outsting credit for because the differences do not reflect the effect of the introduction of outsting balances for these two States. Obtained by subtracting instalment credit repaid from instalment credit extended, except as indicated in notes. NOTE. Monthly figures for 0- are shown on pp. 0- of the BULLETIN for ober ; for -, in the BULLETIN for ember, pp. -, ember, p., ember 0, pp A discussion of the composition characteristics of the data a description of the methods used to derive the estimates are shown in the BULLETIN for January, pp. -. Estimates of instalment credit extended repaid are based on information from accounting records of retail outlets financial institutions often include charges incurred under the instalment contract. Renewals refinancing of loans, repurchases resales of instalment paper, certain other transactions may increase the amount of both credit extended credit repaid without adding to the amount of credit outsting.

60 0 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS --00 [Seasonally adjusted] Grouping Annual average 0 0. June Aug..... Jan.. Mar.. INDUSTRY GROUPINGS index.. Manufacturing total Durable Mining Utilities Durable Manufactures Primary fabricated metals Iron steel Structural metal parts Xfachinerv related vroducts. Machinery Electrical machinery Aircraft other equipment Instruments related products Clay glass stone products Lumber products Furniture miscellaneous Furniture fixtures Misc manufactures... Nondurable Manufactures Textile awarel leather vroducts. Textile mill products Anoarel Droducts Leather products PoDer vrintinz Chemicals products Industrial chemicals.. Rubber Dlastics Droducts Foods beverages tobacco Foods beverages.. Food manufactures Tobacco products Mining Cool oil sets * « Coal Oil gas extraction.... Crude oil Gas gas liquids Oil &as drillins ill / ' 0 r 0 r r r ' 0 r r r ' ' 0 ' ' 0 r 0 0 ' 0 r r 0 ' ' ' H ' ' ' r r 0 ' ' Stone earth minerals r r 0 Utilities Gas SUMMARY MARKET GROUPINGS Equipment, including defense Materials ' ''Revised.

61 INDUSTRIAL PRODUCTION 0 INDUSTRY AND SUMMARY MARKET GROUPINGS - = 00 [Without seasonal adjustment] Grouping Annual average 0 0. June Aug...., Jan.. Mar.. index. Manufacturing, total. Durable Nondurable Mining Utilities INDUSTRY GROUPINGS Durable Manufactures Primary fabricated metals. Primary metals Iron steel Fabricated metal products Structural metal parts Machinery related products... Machinery Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles parts Aircraft other equipment.. Instruments related products. Ordnance accessories Clay, glass, lumber Clay, glass, stone products. Lumber products Furniture miscellaneous Furniture fixtures Misc. manufactures Nondurable Manufactures Textile, apparel, leather products. Textile mill products Apparel products Leather products Paper printing Paper products Printing publishing. Newspapers Chemical, petroleum, rubber products. Chemicals products Industrial chemicals Petroleum products Rubber plastic products Foods, beverages, tobacco. Foods beverages Food manufactures Beverages Tobacco products Coal, oil, gas Coal Crude oil natural gas. Oil gas extraction.. Crude oil Gas gas liquids.. Oil gas drilling... Mining Metal, stone, earth minerals. Metal mining Stone earth minerals Electric. Gas Utilities P ' " ' 0 H r 0 '0 0 nn 0 0 ' r 0 r r ' 0 r r r ' ' * 0 SUMMARY MARKET GROUPINGS Final products, total Consumer goods Equipment, including defense. Materials r Revised.

62 0 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS =00 [Seasonally adjusted] Grouping proportion Annual average 0 0. June Aug..... Jan.. Mar.!. index. Manufacturing, total. Durable Nondurable Mining Utilities r? 0 0 Durable Manufactures Primary fabricated metals. Primary metals Iron steel Fabricated metal products Structural metal parts r Machinery related products... Machinery Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles parts Aircraft other equipment.. Instruments related products. Ordnance accessories r 0 r Clay, glass, lumber Clay, glass, stone products. Lumber products P P Furniture miscellaneous. Furniture fixtures Misc. manufactures P 0 0P 0 0P 0 0 Nondurable Manufactures Textile, apparel, leather products. Textile mill products Apparel products Leather products Paper printing Paper products Printing publishing. Newspapers Chemical, petroleum, rubber products. Chemicals products Industrial chemicals Petroleum products Rubber plastics products P 0 P 0 0 P r ioi' Foods, beverages, tobacco. Foods beverages Food manufactures Beverages Tobacco products P P P Mining Coal, oil, gas Coal Crude oil natural gas. Oil gas extraction.. Crude oil Gas gas liquids Oil gas drilling P HI 0 T ' Metal, stone, earth minerals. Metal mining Stone earth minerals i P Utilities Electric. Gas For notes see opposite page.

63 INDUSTRIAL PRODUCTION 0 MARKET GROUPINGS = 00 [Seasonally adjusted] Grouping protion Annual average I0. June 0 Aug..... Jan.. Mar.. index no 0 no Final products total Consumer goods... Equipment including defense Materials Consumer Goods no HI no M Automotive products Autos Auto parts allied products... Home goods apparel... Home goods Appliances TV radios Appliances... TV home radios Furniture rugs Misc home goods Apparel incl knit goods shoes Processed foods Beverages tobacco Drugs soap toiletries Newspapers magazines books Consumer fuel lighting Fuel oil gasoline... Residential utilities Electricity Gas no no no 0 0 no in no 0 0 no 0 no no no 0 0 ' no no r ' no 0 no M Equipment Business equipment Industrial equipment Commercial equipment Freight passenger equipment... Farm equipment Defense equipment.... Materials Durable goods materials Consumer durable Equipment Construction Metal materials nee Business supplies Containe rs General business supplies Nondurable materials nee Business fuel power Mineral fuels Nonresidential utilities Electricity General industrial Commercial other Gas Industrial Commercial other no no 0 in no no 0 no no HI no 0 no no no 0 in no no r 0 ni r r r r 0 '0? 0 r 0 r 0 0 no 0 0 Supplementary groups of consumer goods Automotive home soods Apparel staples.. no no in '00 0 r Revised. NOTE. Published groupings include some series subtotals not shown separately. Detailed description historical data are available in Industrial Production Revision (for announcement of that publication, see the BULLETIN for June 0, p. ). Figures for industrial series 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, D. C.

64 0 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS = 00 [Without seasonal adjustment] Grouping proportion Annual average 0. June 0 Aug..... Jan.. Mar.. index. Manufacturing, total. Durable Nondurable Mining Utilities, Durable Manufactures Primary fabricated metals. Primary metals Iron steel Fabricated metal products Structural metal parts Machinery related products... Machinery Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles parts Aircraft other equipment.. Instruments related products. Ordnance accessories Clay, glass, lumber Clay, glass, stone products. Lumber products Furniture miscellaneous. Furniture fixtures Misc. manufactures Nondurable Manufactures Textile, apparel, leather products. Textile mill products Apparel products Leather products Paper printing Paper products Printing publishing. Newspapers Chemical, petroleum, rubber products. Chemicals products Industrial chemicals Petroleum products Rubber plastics products Foods, beverages, tobacco. Foods beverages Food manufactures Beverages Tobacco products Mining Coal, oil, gas Coal Crude oil natural gas. Oil gas extraction.. Crude oil Gas gas liquids.. Oil gas drilling Metal, stone, earth minerals. Metal mining Stone earth minerals Electric. Gas... Utilities P P P P P P P P r "* ' r r r r P P "si" P 0 For notes see opposite page.

65 INDUSTRIAL PRODUCTION 0 MARKET GROUPINGS = 00 [Without seasonal adjustment] Grouping proportion Annual average 0. June 0 Aug..... Jan.. Mar.. index Final products, total Consumer goods Consumer Goods Automotive products... Autos Auto parts allied products Home goods apparel Home goods.. Appliances XV radios Furniture rugs. Apparel incl knit goods shoes Consumer stavles Drugs soap toiletries Consumer fuel lishtins Fuel oil gasoline. Residential utilities Electricity Gas Business eauivment Equipment Commercial eauioment... Freisht oassenser eauiument Materials Durable goods materials Equipment Metal materials n e.c Nondurable materials General business supplies Nondurable materials nee M^ineral fuels. Nonresidential utilities. General industrial Commercial other.. Gas. Supplementary groups of consumer goods Automotive home goods in P ? P P P r r r P r r 0 0 0P ' Revised. NOTE. Published groupings include some series subtotals not shown separately. Detailed description historical data are available in Industrial Production PP Revision (for announcement of that publication, see the BULLETIN for June 0, p. ). Figures for individual series 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, D. C.

66 0 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [- = 00, unless otherwise indicated] Industrial production Construction contracts* Manufacturing Prices Year or month Major industry groupings Major market groupings Final products Manufacturing Mining Utilities Consumer goods All other Equipment Materials Residential Nonagricul- em- ploy- total Employment Payrolls Freight carloadings Department store sales (retail value) Consumer Wholesale commodity Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 0 I0 0 0 " " " " " " " 0 " * ". I0 June Aug Jan... Mar. 0 0 ' ' ^ r.. ^ ^. H r 0 " e Estimated. * Preliminary. r Revised. Adj.= adjusted for seasonal variation. Unadj.= without seasonal adjustment. * See note. Indexes beginning with are based on data for States from F. W. Dodge Corporation, ==00. Figures for earlier years are -month moving averages, based on value data for States east of the Rocky Mountains, -= 00; the data for on this basis were: residential, ; all other,. A description of the old index, including seasonal adjustments, may be obtained from the Division of Research Statistics. Employees only, excluding personnel in the armed forces. Production workers only. NOTE. Indexes for employment (excluding Alaska Hawaii), payrolls, prices are compiled by the Bureau of Labor Statistics. CONSTRUCTION CONTRACTS [Figures for the States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Type of ownership type of construction Annual totals 0. June 0 Aug..... Jan.. Mar.. construction By type of ownership: Public Private By type of construction:! Residential $ Public works utilities,,0,0,0,,,,,,0,0,,0,0,,0,0,,0,,,0,,,,,0,,,,,,,,0,,,,,,,,,,,0,,,0,,,,,00,,,0 0 0,.00 0,0,,0 NOTE. Monthly data exceed annual totals are not comparable with monthly data for earlier years because of the policy of ac- counting for negative adjustments in monthly data after original figures have been published.

67 CONSTRUCTION VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates. Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Business Nonfarm residential Industrial Commercial Public utility nonresidential Military Highway Sewer water All other 0 I June...., Aug.., Jan..... Mar.p.?. *.,0,0,,,,,0,0,,,0,,0,,,,0,,,,,,,,,,0,0,,,,,,,0,0,0,,,,,0,0,0,,,,,,0,,0,0,,0,0,0,,0,,,,,0 0,, 0,,,,00,,,0,0,,0,0,,0,0,0,0,,,,,0,0,,,,,0,,00,,0,,,0,,,0,,,,0,0,0,,0,0,,0,,,,,,,,,0,0,0,0,,0,,0,,,0,,,,,,0,,,,,,0,0,,,,0,,0,,,,0,,,,0,,,,,,,,,,,0,00,,,,,,,,,0,,, 0,,,,,,0,,,,,,0,,,,0,,,,0,,,,,0,00,,0,,0,,,,00,,,0,,,,,,0,,,,,0,0,,,,00,,,0,,,,,,,00,0,0,,,0, 0,0, ',,,,,,,,,,,,,,,,,0,,,0,0,,,,,,,,,,,0,,,,0,,,0,, P Preliminary. Data for - are joint estimates of the Departments of Commerce Labor. Beginning with, series includes Alaska Hawaii. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, Veterans Administration. In thouss of units] Year or month Seasonally adjusted annual rate (private only) Nonfarm Metropolitan areasi Nonpolitan areas! - family Private - family Multifamily Public Government-underwritten * FHA VA I0 I0 AUK Jan M^ar..,,,0,,,0,,0, P, *,.0,, [,,,00,00 I 0 0 V V,0 [, I,0.,0 [,0,.,0,0,, J>0 P , ,0 [,0,0,0,,,. 0 0 *>0 >,0,0 0,0, *> H * s Not available.» Preliminary. For new series, based on revised definition of metropolitan areas. Data from Federal Housing Administration Veterans' Administration represent units started, based on filed office reports of first compliance inspections. New series, including both farm nonfarm unless otherwise indicated. Not strictly comparable with nonfarm series developed by the Bureau of Labor Statistics, for which annual totals are given through

68 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thouss of persons unless otherwise indicated] Civilian labor force Year or month noninstitutional population labor force Employed In nonagricultural industries In agriculture Not in the labor force Unemployed Unemployment rate (per cent) I0,0,, 0,,0,,, 0, 0,,,,,,0,,, 0, 0,0,0,0,,,,, 0,,,,,,,,, 0,, 0, 0 0, June Aug,0,,,,,,,,,,,,,,,0 0,,00,0,00,,0, 0,,0,,,,,0,,00,,,0,,,,,0,,,,,,,,0,, 0,,,0,0., 0 0 0,0,, Jan Mar,,,,,,,0,,0, 0,0,0 0,,,,,,, 0, 0,,,0,,000,,0,,,,0,,,..... Includes self-employed, unpaid family, domestic service workers. Per cent of civilian labor force. Monthly data are seasonally adjusted. NOTE. Inclusion of figures for Alaska Hawaii beginning with January 0 increased population by about 00,000 total labor force by about 00,000. Most of the increase was in nonagricultural industries. Information relating to persons years of age over is obtained through interviews of households on a sample basis. Monthly data relate to the calendar week that contains the th day; annual data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thouss of persons] Year or month i Mining Contract construction Manufacturing Transportation public utilities Trade Finance Service Federal, State, local government I0, 0,0,, 0.,,,, 0,, 0 0,, 0,,,00 0,0 0,0 0,0 0, 0,,, 0,, 0,, SEASONALLY ADJUSTED I0 June. Aus.. Jan Mar P?,0,0,,0,,0,,,,,,,,0,,,,00,0,,,,, 0 0,,0,,00 0,,,,,,,0,,,0,,,,0 0,,,,,,,,,,,,,,,,,,0,,,,,0,,,,,,.,, 0,,,,0,0,0,,,,0 ;,,0 WITHOUT SEASONAL ADJUSTMENT I0 June Aug SeDt..,,0,,0,,,,0,,0,,0,,,,0,,0,0,0,00,,,,,0,,,,,,,,,,0, 0,,,0,,0,,,,,,, 0 ',0,,,, Jan Mar p P,,00,,,,0,,,, 0,,,,,,,,,,,,,,0,,0,,0,,,,,,,,0,,0,, P Preliminary. i Excludes data for Alaska Hawaii. NOTE. Data include all full- part-time employees who worked during, or received pay for, the pay period ending nearest the th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, members of the armed forces are excluded. Back data may be obtained from the Bureau of Labor Statistics.

69 EMPLOYMENT AND EARNINGS PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thouss of persons] Seasonally adjusted Without seasonal adjustment Industry group 0 0 Mar. Mar..?,,,0,,,,0, Durable goods Ordnance accessories Lumber wood products Furniture fixtures Stone, clay, glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments related products Miscellaneous manufacturing industries,0 0,, 0, 00 0,00,0 0, 0,0,0 0,0 0,00,0,0,,, 0 0 0,0 0,0, 0,0,0,0 0,0,0 Nondurable goods Food kindred products Tobacco manufactures Textile-mill products Apparel other finished textiles Paper allied products Printing, publishing allied industries Chemicals allied products Products of petroleum coal Rubber products Leather leather products,0,0, 0 0,,0,0 0 0,,0,0,,0,0,0,0,0 0,0 0,0,0 0 0,0,00 * Preliminary. NOTE. Data covering production related workers only (full- part-time) who worked during, or received pay for, the pay period ending nearest the th 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) Average hours worked (per week) Average hourly earnings (dollars per hour) Industry group Mar..? Mar. Mar. p Durable goods Ordnance accessories Lumber wood products Furniture fixtures Stone, clay, glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments related products Miscellaneous manufacturing industries... Nondurable goods Food kindred products Tobacco manufactures Textile-mill products Apparel other finished textiles Paper allied products Printing, publishing allied industries.. Chemicals allied products Products of petroleum coal Rubber products Leather leather products b * Preliminary. NOTE. Data are for production related workers. Back data are available from the Bureau of Labor Statistics.

70 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. - average= 00] Year or month SALES i I0 SEASONALLY ADJUSTED 0 Jan Mar WITHOUT SEASONAL ADJUSTMENT 0 June «. Jan Mar STOCKS i I0 SEASONALLY ADJUSTED I0 Jan Mar WITHOUT SEASONAL ADJUSTMENT I0 Jan Mar United States 0» 0 r 0 0 ^ 0 Federal Reserve district Boston 0 0 New York Philadelphia Clevel U Richmond ^ ' 0 0 r 0 r r 0 0 Atlanta Chicago St. Louis Minneapolis Kansas City P 0 0 ^ Dallas San Francisco P 0»Preliminary. r Revised. NOTE. For description of series see BULLETIN for ember, i Figures for sales are the average per trading day, while those for stocks pp. -. Back data may be obtained from the Division of Adminisare as of the end of the month or averages of monthly data. trative Services. Digitized for FRASER

71 DEPARTMENT STORES; FOREIGN TRADE DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales Period Sales i (total for month) Stocks i (end of month) Outsting orders * (end of month) Receipts (total for month) New orders (total for month) Stocks Outsting orders Stocks plus outsting orders Receipts Annual average: I0 0 0,0,,0,,,,,, L.I L.O l.l l.l I o0 o0 o..0 Month: 0 June... Aug.. r 0 0 T0,,,,,,0,, ' 0 r r I 0.0 ) L.O L L. L. 0. Jan Mar... p 0 0,,, I p r Preliminary. Revised. These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 0, sales by these stores accounted for about per cent of estimated total department store sales. Derived from the reported figures on sales stocks. Derived from receipts reported figures on outsting orders. The first three ratios are of stocks /or orders at the end of the month to sales during the month. The final ratio is based on totals of sales receipts for the month. NOTE. For description monthly figures for back years, see the BULLETIN for ober, pp MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Period Merchise exports Merchise exports excluding military-aid shipments Merchise imports Jan Mar June Au Sent.....0,,, t,,,0,0,,,,,,,,0,, 0,0,,,,,,,0. L,,,,, L,0,0,0,,,,0,0,,,,,0,,,,0,,.,,,,,0,0,, 0,,. I,, I,0,0 L.0 \\~\~,,, 0, 0 Jan -..,0,0,,,,,,0, Exports of domestic foreign merchise. Department of Defense shipments of grant-aid military equipment supplies under Mutual Security Program. General imports including imports for immediate consumption plus entries into bonded warehouses.

72 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner clerical-worker families. -= 00] Year or month All items Foods Rent Housing Solid fuels fuel oil Gas electricity Housefurnishings Household operation Apparel Transportation Medical care Personal care Reading recreation goods services I0 I0 June Sect Jan Mar NOTE. Series beginning with January reflects the inclusion of new series (i.e. home purchases used automobiles) revised weights. Prior to January, indexes are based on the "interim adjusted" "old" indexes, converted to the base -= 00. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. - = 00] commodities Year or month All commodities Farm products Processed foods Textile products apparel Hides, skins, leather products Fuel power, lighting materials Chemicals allied products Rubber products Lumber wood products Pulp paper, allied products Metals metal products Machinery motive products Furniture other household durables Nonmetallic minerals structural Tobacco mfrs. bottled beverages Miscellaneous..... I0* 0- Aug Seot FW Tan Mar C r ?0.. 0 R ? ? R ? S S r Q?..?? ?.?.... ni n? 0 0 n? m. 0?.., R S 0 0 r. c Corrected. Preliminary r Revised.

73 PRICES WHOLESALE PRICES, BY GROUPS OF COMMODITIES Continued [Bureau of Labor Statistics index, -= 00] Subgroup 0. Mar.. Subgroup 0.. Mar.. Farm Products: Fresh dried produce Grains Livestock poultry Plant animal fibers Fluid milk Eggs Hay seeds farm products Processed Foods: Cereal bakery products Meats, poultry, fish Dairy products ice cream, Canned, frozen fruits, vegetables, Sugar confectionery, Packaged beverage materials, processed foods, Textile Products Apparel: Cotton products Wool products Synthetic textiles Silk products Apparel textile products Hides, Skins, Leather Products: Hides skins, Leather Footwear, leather products Fuel, Power, Lighting Materials: Coal Coke Gas fuels (Jan. = 00) Electric power (Jan. = 00) Petroleum products Chemicals Allied Products: Industrial chemicals, Prepared paint Paint materials Drugs, Pharmaceuticals, cosmetics.., Fats oils, inedible, Mixed fertilizers, Fertilizer materials, chemicals products, Rubber Products: Crude rubber, Tires tubes rubber products Lumber Wood Products: Lumber, Millwork Plywood, Pulp, Paper, Allied Products: Woodpulp, Wastepaper, Paper, ' r r...0 ' r Pulp, Paper Allied Products Cont.: Paperboard Converted paper paperboard... Building paper board Metals Metal Products: Iron steel Nonferrous metals Metal containers Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products Machinery Motive Products: Agricultural machinery equipment Construction machinery equipment Metal working machinery General purpose machinery equipment Miscellaneous machinery Electrical machinery equipment Motor vehicles Furniture Household Durables: Household furniture Commercial furniture Floor covering Household appliances Television, radios, phonographs household durable goods Nonmetallic Minerals Structural: Flat glass Concrete ingredients Concrete products Structural clay products Gypsum products Prepared asphalt roofing nonmetallic minerals Tobacco Manufactures Bottled Beverages: Cigarettes Cigars tobacco products Alcoholic beverages Nonalcoholic beverages Miscellaneous: Toys, sporting goods, small arms Manufactured animal feeds Notions accessories Jewelry, watches, photo equipment... miscellaneous r P T Revised.

74 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annua rates Item Nondurable goods Services Gross Drivate domestic investment Producers* durable equipment Nonfarm only Net exports of goods services Imports Government purchases of goods services.. Federal National defense Less: Government sales State local Addendum: Gross national product in constant () dollars >'S /. {.a NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Item Annual totals 0 0 Quarterly totals at seasonally adjusted annual rates 0 National income Compensation of employees Wages salaries Private Military Government civilian Supplements to wages salaries Employer contributions for social insurance labor income Proprietors* income Business professional Farm Rental income of persons Corporate profits inventory valuation adjustment Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits Inventory valuation adjustment Net interest NOTE. For explanation of series see U. S. Income Output (a supplement to the Survey of Current Business for ) the Survey of Current Business, 0.

75 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Item Annual totals 0 0 Quarterly totals at seasonally adjusted annual rates 0 Gross national product. Less: Capital consumption allowances Indirect business tax nontax liability Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises Equals: National income Less: Corporate profits inventory valuation adjustment Contributions for social insurance Excess of wage accruals over disbursements Plus: Government transfer payments Net interest paid by government Dividends Business transfer payments Equals: Personal income Less: Personal tax nontax payments Federal State local. Equals: Disposable personal income Less: Personal consumption expenditures... Equals: Personal saving Addendum: Disposable personal income in constant () dollars PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Item* 0 0. June Aug...., Jan.. Mar.. personal income. Wage salary disbursements Commodity-producing industries.. Manufacturing only Distributive industries Service industries Government labor income Proprietors' income: Business professional. Farm Rental income Dividends Personal interest income Transfer payments Less: Personal contributions for social insurance, Nonagricultural income. Agricultural income ,, » Preliminary. Monthly data are seasonally adjusted totals at annual rates. NOTE. For explanation of series see U. S. Income Output (a supplement to the Survey of Current Business for ) the Survey of Current Business, 0.

76 0 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Transaction category, or sector Annual totals I0* Quarterly totals 0 A Net national saving B Consumer nonprofit C Farm noncorp. business... D Corporate nonfinancial business.. E Federal Government F State local government * G Financial sectors H Capita] consumption^ I Consumer nonprofit J Consumer durable goods K Owner-occupied homes L Plant equip, (nonprofit)... M Farm business N Noncorp, nonfinan. business 0 Corporate nonfinancial business.. P Gross national saving* Q Consumer nonprofit R Farm noncorp. business S Corporate nonfinancial business.. T Federal Government U State local government V Financial sectors W Gross national investment J X Consumer durable goods Y gross private domestic fixed investment Z Consumer nonprofit a Nonfarm residen. constr.... b Plant equip, {nonprofit).. c Farm business d Noncorp. nonfinan. business*.. e Corp. nonfinan. business* f Financial sectors g Change in inventories h Farm business Noncorp. nonfinan. business... j Corp. nonfinan. business k Net financial investment Consumer nonprofit m Net acquis. offinan. assets... n Net increase in liabilities o Farm noncorp. business... p Net acquis. offinan. assets... q Net increase in liabilities r Corp. nonfinan. business s Net acquis. offinan. assets... t Net increase in liabilities u Federal Government v Net acquis. offinan. assets... w Net increase in liabilities x State local government... y Net acquis. offinan. assets... z Net increase in liabilities aa Financial sectors bb Net acquis. offinan. assets... cc Net increase in liabilities dd Financial trans, discrep... ee Discrepancy (P-W) * * * / * l.'l ' i!i o!l -A * Ạ A B C D EF G H IJ K L M N O -. g. h i -* j l'..... bb cc dd -. ee Less than $0 million. * Preliminary. For govt. sectors, saving is excess of all nonfinancial receipts over all nonfinancial outlays; investment, changes in financial assets liabilities only. Govt. current outlays include, govt. ( national) investment excludes, govt. purchases of tangible assets. Annual figures for farm sector are retained earnings of corporate farms; farm nonfarm unincorporated businesses shown as having zero annual net saving. Quarterly figures for both sectors include seasonal net saving. See p. of the BULLETIN for August. Depreciation, accidental damage to fixed capital, capital outlays charged to current account. Line H includes amounts for financial sectors not shown separately. See discussion on p. of the BULLETIN for August. For consumers, -to -family dwellings completed purchases of additions alterations. Investment of nonfarm business sectors includes work in process on -to -family dwellings other private Notes to table on opposite page. Dem deposit liabilities of banking system are net of F. R. float cash items in process of collection as reported by commercial banks. Sum of sector holdings (partly on holder-record basis) differs from liability total mainly because of mail float (checks in transit from drawers to drawees). For further discussion, see p. of the BULLETIN for August. Consumer-held only; includes net interest accruals. Savings bonds residential construction. After inventory valuation adjustment. 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 omissions" in Dept. of Commerce balance-of-payments statement for the United States. Saving investment are equal in concept but may differ statistically because of discrepancies. See p. of the BULLETIN for August. NOTE. Descriptions of sectors of transaction categories are given in notes to tables in "Technical Notes," pp. - of the BULLETIN for August. For latest detailed flow of funds/saving tables, see the BULLETIN for il. held by other sectors included in Federal obligations category. Mainly time deposits of State local governments, corporate businesses, savings institutions. Assets in these categories are treated as consumer holdings. Marketable issues maturing within one year, prior to savings notes. Excludes loans to domestic commercial banks. Gross of valuation reserves.

77 FLOW OF FUNDS/SAVING SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Transaction category, or sector Annual totals 0 I0* I. Dem deposits currency A R c r> F F G H I J Net increase in commercial bkg. system liability Net increase in assets, by sector... domestic sectors Consumer nonprofit Farm noncorporate bus... Corporate nonfinancial bus... State local government... Financial sectors Rest of the world Discrepancy (A B) *. q *... * * c -^ *. 0 *.. A _ i * _. o. 0 o - o A C p F G I J K II. Fixed-value redeemable claims A R c D E F G H I JK L Net increase, by type Savings shares Net increase in liab., by sector Commercial banking... Savings institutions Net increase in assets, by sector Consumer nonprofit domestic sectors ^.. Rest of the world (time deposits). III. Saving through life insurance pension funds * Q * ! * * * * *... C D E F G H I J K L A R r D F o H Net increase by type Life insurance Pension funds Net increase in liab., by sector Federal Government State local government. Life insurance companies... Private noninsured pension plans q 0 s 0 A c D F G H A R r E FnH T T T M N O p Q R st LT V w X Y z h c f k IV. Credit equity market instruments Net increase by type Federal obligations Short-term direct..... State local obligations Corporate foreign bonds... Corporate stock _ to -family mortgages... Consumer credit Security credit... Bank loans nee Funds raised, by sector Consumer nonprofit Farm business Noncorporate nonfinancial bus... Corporate nonfinancial business.. Federal Government State local covernment Financial sectors Rest of the world Funds advanced by sector Consumer nonprofit Farm noncorp. business Corporate nonfinancial business.. Federal Government Commercial banking system Monetary authorities Commercial banks Securities Loans ^ Savings institutions Finance nee Rest of the world n * ' ,.. S.. I! i... j * * \ j 0 o q q A c D EF o T T IT T M N Op s T TT V W -. XY.. Z. a * b. c e. g h ij k * Less than $0 million. * Preliminary. NOTE. Data for excluded categories trade credit, proprietors' net investment, gold, Treasury currency, misc. more detail on sector transactions appear in other flow of funds/saving tables in the BULLETIN for il. For other notes see opposite page.

78 BANK HOLDING COMPANIES BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER, 0 [Holding companies registered pursuant to Bank Holding Company Act of ] Details for States Number of banking offices in holding company groups Deposits of banks in holding company groups State, or item Number of companies Banks Branches Banks branches As a percentage of all commercial banking offices In millions of dollars As a percentage of all commercial bank deposits Arizona California Colorado Florida Georgia Idaho Illinois Indiana Iowa Kentucky Maine Massachusetts Minnesota Missouri Montana Nebraska Nevada New Hampshire New Mexico New York North Dakota Ohio Oregon South Dakota Tennessee Texas Utah Virginia Washington Wisconsin Wyoming States i, i, ,0,0 0 0,,, , i, Summary totals comparisons Holding company groups States All commercial banks United States all commercial banks Holding company groups as a percentage of all commercial banks in: States United States Number of banking offices, total Banks Branches U, i,0,,,,, 0,.. Deposits (in millions of dollars),,00, U0.. i The data include: () banks of which the bank holding companies owned or controlled per cent or more of the outsting stock, () nine domestic commercial banks that are themselves bank holding companies. (A list showing the names total deposits of the banks is available upon request.) The nine banks have branches deposits aggregating $,,,000. Exclusion of these 0 banking offices their deposits from the data in the table would reduce the percentage ratios shown in the table as follows: Holding company groups to all commercial banks in States number of banking offices, from. to.; deposits from 0. to.; holding company groups to all commercial banks in United States number of banking offices, from. to.; deposits from. to.. Data for individual States represent bank holding companies having subsidiary banks in the respective States rather than registered bank holding companies whose principal offices are located in such States. does not equal sum of State figures because it has been corrected for duplications; that is, holding companies that have subsidiary banks in more than one State are included in the total only once. The bank holding companies included in the total represent only separate bank groups because in five cases the bank group is controlled by a bank holding company that is in turn controlled by another bank holding company. These groups are located in the following States: Florida, one; Georgia, two; Indiana, one; Massachusetts, one.

79 BANK HOLDING COMPANIES BANK HOLDING COMPANIES, DECEMBER, 0 [Registered pursuant to Section, Bank Holding Company Act of ] Location of principal office Holding company Location of principal office Holding company California Los Angeles Florida Jacksonville Jacksonville Jacksonville Georgia Atlanta Atlanta Savannah Savannah Indiana South Bend South Bend Iowa Des Moines Kentucky Louisville Western Bancorporation The Atlantic National Bank of Jacksonville Atlantic Trust Company Barnett National Securities Corporation Trust Company of Georgia Trust Company of Georgia Associates Citizens Southern Holding Company The Citizens Southern National Bank St. Joseph Agency, Inc. St. Joseph Bank Trust Company Brenton Companies, Inc. Trustees, First National Bank of Louisville New York Buffalo New York New York New York New York Warsaw Ohio Columbus Springfield Tennessee Chattanooga Knoxville Texas Dallas Fort Worth Houston Utah Salt Lake City Marine Midl Corporation Amalgamated Clothing Workers of America Empire Shares Corporation Illinois Shares Corporation Southeastern Shares Corporation Financial Institutions, Inc. BancOhio Corporation The Springfield Savings Society of Clark Count} Hamilton National Associates, Inc. Tennessee Shares Corporation Texas Bank & Trust Company of Dallas The Fort Worth National Bank C. B. Investment Corporation First Security Corporation Maine Bangor Massachusetts Boston Boston Boston Minnesota Minneapolis Minneapolis Minneapolis St. Paul Missouri St. Joseph St. Louis Montana Havre Eastern Trust Banking Company Baystate Corporation The National Shawmut Bank of Boston Shawmut Association Bank Shares Incorporated First Bank Stock Corporation Northwest Bancorporation Otto Bremer Company The First National Bank of St. Joseph General Bancshares Corporation Montana Shares, Incorporated Virginia Arlington Washington Port Angeles Spokane Wisconsin Milwaukee Milwaukee Milwaukee Canada Montreal Toronto Japan Tokyo The First Virginia Corporation Union Bond & Mortgage Company Old National Corporation Bank Stock Corporation of Milwaukee The Marine Corporation First Wisconsin Bankshares Corporation Bank of Montreal The Canadian Bank of Commerce The Bank of Tokyo, Ltd. New Hampshire Nashua New Hampshire Bankshares, Inc.

80

81 Financial Statistics * International * Reported gold reserves of central banks governments Gold production Net gold purchases gold stock of the United States Estimated foreign gold reserves dollar holdings International capital transactions of the United States 0 United States balance of payments Money rates in foreign countries Foreign exchange rates. Index to statistical tables Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of ember,. relating to international capital transactions of data are compiled largely from regularly the United States, foreign gold reserves dol- published sources such as central bank statelar holdings, the balance of payments of the ments official statistical bulletins. Back fig- United States. The figures on international cap- ures for prior years, together with deital transactions are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, publication, Banking Monetary Statistics.

82 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month Aor June Aug... Sent... Jan Mar End of month _ 0 Aug Jan Mar End of month 0_ June Aug Jan Mar Estimated total world,0,0,,0,0 0, 0, 0,0 0, M0, Cuba 0 0 Iran no 0 Int'l Monetary Fund,0,0, 0,,0,,. 0,,,, Denmark Iraq 0 United States,,,0, 0,,0 0,,,0,,,0 0,,, Dominican Republic Irel, Republic of Estimated rest of world,0,00,,,0,,00 0,0 ^0, Ecuador Italy,0,,0,,. ^0,,,,0,0 Argentina Egyptian Region U.A.R. Lebanon Australia 0 0 El Salvador Mexico 0 0 Austria 0 "* Finl Netherls,00,,,,,,,,,,, I,, Belgium,0,,, I 0,0,,0,,,0 France 0 0,0,,,,0,,,,,,,,, New Zeal Brazil Germany, Federal Republic of 0,,,,,0,,,,,,,,,0,, Norway Canada,0,,0 00, Greece 0 Pakistan 0 Chile 0 0 Guatemala Peru Colombia India Philippines 0 0 Congo, Rep. of the Indonesia r Portugal P Preliminary. r Revised. For other notes see end of table. Digitized for FRASER

83 GOLD RESERVES AND PRODUCTION REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS Continued [In millions of dollars] End of month South Africa Spain Sweden Switzerl Syrian Region U.A.R. Thail Turkey United Kingdom Uruguay Venezuela Yugoslavia Bank for Int'l Settlements EPU- EF I0 June Aug Sent ,,,,,,,,,0,0,00 0, ,,0,,,0,,,,,0,0,, * Jan.... Mar ,,,. 0 0,,, Excludes U.S.S.R., other Eastern European countries, China Mainl. Represents reported gold holdings of central banks governments international institutions, unpublished holdings of various central banks governments, estimated holdings of British Exchange Equalization Account based on figures shown for United Kingdom, estimated official holdings of countries from which no reports are received. The figures included for the Bank for International Settlements represent the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the gold deposited with the B.I.S. is included in the gold reserves of individual countries. Represents holdings of Bank of France French Exchange Stabilization Fund. Beginning with ember, represents Exchange Equalization Account gold convertible currency reserves, as reported by British Government; prior to that time represents reserves of gold U. S. Canadian dollars. Represents net gold assets of B.I.S., i.e., gold in bars coins other gold assets minus gold deposit liabilities. European Payments Union through ember European Fund thereafter. Less than $00,000. GOLD PRODUCTION [In millions of dollars at $ per fine troy ounce] Production reported monthly Year or month Estimated world production^ South Africa Africa Ghana Congo, Rep. of the United States North South America Rhodesia Canada Mexico Nicaragua Brazil Colombia Australia India.. 0 I0 Mar June.... AUE _jan Mar ,0.0,00.0, fi l.l....? Excludes U.S.S.R., other Eastern European countries, China Mainl, North Korea. Gold exports representing about 0 per cent of total production. Excludes Congo. SOURCE. Estimated world production; based on reports of the U. S. Bureau of Mines. Production reported monthly: reports from individual countries except Ghana, Republic of the Congo 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 monthly figures are from American Bureau of Metal Statistics.

84 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $ per fine troy ounce. Negative figures indicate net sales by the United States] Area country Annual totals Quarterly totals 0 0 Western Europe: Germany (Fed. Rep. of) United Kingdom Bank for Int'l Settlements , is , j , n , Canada Latin America: Argentina Asia: Japan All other foreign countries... -, International institutions ) 0) ) -, , ) 0) 0) ) , C ) - Gr total -, , -,0 -, Less than $00,000. Figures represent purchases of gold from, or sales to ( ), the International Monetary Fund. Includes payment of $ million in June as increase in U. S. gold subscription to the International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] car Gold stock (end of year) Treasury gold stock: increase, or decrease (-) Net gold import, or export Earmarked gold: decrease, or increase (-) Month Gold stock (end of month) Domestic gold production Treasury gold stock: increase, or decrease (-) Net gold import, or export Earmarked gold: decrease, or increase (-) Domestic gold production 0. 0,,0,,,00,,0,, 0,,,,0,,,0,,,0, 0,0,0 -, 0 -, , -,0 -, , -0 -, , -, -, 0 *> 0 June Aug Jan Mar,,,,00,,0,0,,,,,0,,,,0,,0,,,0, ^,0 ^, H () ( ) ( )» Preliminary. Includes gold in Exchange Stabilization Fund, which is not included in statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, Related Items" or in the Treasury statement, "Circulation Statement of United States Money." Includes payment of $ million as increase in U. S. gold subscription to the International Monetary Fund. Not yet available. Gold held under earmark at the Federal Reserve Banks for foreign international accounts amounted to $, million on,. Gold under earmark is not included in the gold stock of the United States.

85 GOLD RESERVES AND DOLLAR HOLDINGS ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars]., Mar., 0 June 0, 0. 0, 0., 0 Mar., ^ Area country Gold& shortterm dollars U.S. Govt. bonds & notes Gold &j shortterm dollars U.S. Govt. bonds & notes Gold& shortterm dollars U.S. Govt. bonds & notes Gold & shortterm dollars U.S. Govt..bonds & notes Gold& shortterm dollars U.S. Govt. bonds & notes i Old series New series Gold& shortterm dollars U.S. Govt. bonds & notes Western Europe: Austria Belgium Denmark Finl France Germany (Fed. Rep. of)... Greece Italy Netherls Norway Portugal Spain Sweden Switzerl Turkey United Kingdom Canada Latin America: Argentina Brazil Chile Colombia Cuba Guatemala Mexico Panama, Republic of Peru Uruguay Venezuela Asia: India Indonesia Iran Japan Philippines Thail All other: Australia Egyptian Region U.A.R... Union of South Africa foreign countries International institutions Gr totals Memorum item: Sterling area, 0,, ',, 0,0,0 ' ',0, 0,0, 0,, ' ',0 r,, r 0,0, 0 0 «,0 0, '.0, ',0,,0, ' r,,0 0 00,, 0,,0 0 ' ',0 ',,, r 0, () ( ) 0,0,0 ', ',0,,, 0 r, ( ), ,,: 0 0,,0, 0 ' ',0 r,o ',, ', ( ) 0,0, ', 0 ',,,,0 ',, ,, 0,0,, - ', r,0 ',, r, () ( ),,0,,00,,,,0, 0 0,0 0,, 0,, 0 0,,,,0 () (),,,,0,,,0,0, 0,,0,,0,, 00, 0 0,,,, (),,0, 0,,0 0,,, P Preliminary. ' Revised. Of the two sets of figures shown, the first continues the series based on a survey reported securities transactions; the second is based on a survey as of. 0, 0, reported securities transactions in ember. Data are not available to reconcile the two series or to revise figures for earlier dates. Less than $00,000. Includes other Western European countries, unpublished gold reserves of certain Western European countries, gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, European Payments Union/European Fund, the Bank for International Settlements; the figures for the gold reserves of the B.I.S. represent the Bank's net gold assets (see note to table on reported gold reserves). Includes other Latin American republics the Inter-American Development Bank. Includes unspecified countries in Africa, Oceania, Eastern Europe, all Western European dependencies located outside Europe Asia. Excludes gold reserves of the U. S. S. R., other Eastern European countries, China Mainl. NOTE. Gold short-term dollars include reported estimated official gold reserves, total dollar holdings as shown in "Short-term Liabilities to Foreigners Reported by Banks in the United States by Countries" (Tables la-id of the following section). U. S. Govt. bonds notes are holdings with original maturities of more than year.

86 0 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outsting, in millions of dollars] End of month Gr total International institutions Foreign countries Official Private Germany, Fed. Rep. of United Kingdom Europe Europe Canada Latin America Asia All other I0 June Aug Jan Mar p.*,,,,, '0, '0, '0 0 ',0 ',0 ', '0,,0 0,0 0,0 0,,,,,,,,,,,,,,,,,,,,.0,,,0,,,,,,,0,0.,0,, r, ', ', r, r, 0, 0,0 0,00 0,0 0,0 0, 0,0 0,00,,,,0,0,0 r, r, r, r, '.0 ', ',0,0,,,0,0,,,,, ', ', r,0 r, ',0 ',0 ',,,0,,0,.0, 0,0,00,,00,,,.,,,,,0,0,0 ', ', ', ', ', ', ', ', ',,0,,,,,,,0 ', ', ', ', ',00 ',0 ', ', ',,0,,,,,,0,,,0,,,,0,,,,,,,0 ' 0 ', ', ', ' ',, ', ',,,,,,0,,,, 0,0,, All 0 Table la. Europe End of month Europe France Greece Italy Spain Austria Belgium Denmark Finl Netherls Norway Portugal Sweden Switzerl Turkey All others I0 June Aug Jan Mar v....p,0,0,0 ', ', ', ' ', '. ', ', ',,0,,, ' 0 0,0, ',0, ',0,0,0, ' ' ' r r 0 0 '0 0 Table lb. Latin America End of month Brazil Chile Cuba Latin America Argentina Bolivia Colombia Dominican Republic El Salvador Guatemala Mexico Netherls Antilles Surinam Panama, Republic of Peru Uruguay Venezuela Latin America «. I0 June. J U ly Aug Jan Mar P.p,,,0"? ',0 ', ', ' ', ', ', ', r,,,,,, ' ' ' ' 00 ' ' ' P Preliminary. Revised. For other notes see following page. r

87 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continued [Amounts outsting, in millions of dollars] Table lc. Asia All Asia All other End of month Hong Kong India Iran Israel Japan Indonesia Korea, Republic of Philpines Taiwan Thail Australia Congo, R o? the Egyptian Union Region of South U.A.R. Africa,,,0, ,0 J I0 Aug,,,,,,,,0, ,,,,,,0,,0, Jan Mar p.. p,,,, ,. ; 0, Table Id. Supplementary Areas Countries End of year End of year Area or country 0 Area or country 0 Europe: Albania Bulgaria Cyprus Czechoslovakia Estonia Hungary Icel Irel, Republic of Latvia Lithuania Luxembourg Monaco Pol* Rumania* Soviet Zone of Germany U. S. S. R.«Latin America: Bahamas Bermuda Costa Rica Ecuador French West Indies French Guiana. Haiti Honduras Nicaragua Paraguay West Indies Federation Asia: Aden Afghanistan Bahrein Isls !l Asia (Cont.): Burma Cambodia Ceylon China Mainl Iraq Jordan Kuwait Laos Lebanon Malaya, Fed. of Pakistan Portuguese India (Goa).. Ryukyu Isls Saudi Arabia Singapore Syrian Region U.A.R.. Viet-Nam All other: Algeria Ethiopia Eritrea. French Somalil... Ghana Liberia Libya Madeira Isls Morocco Mozambique New Caledonia New Zeal Somali Republic Sudan Tunisia Not available. P Preliminary. Does not include banking liabilities to foreigners maturing in more than one year; such liabilities amounted to $ million on. 0,. Includes International Bank for Reconstruction Development, International Monetary Fund, United Nations other international organizations. Represents liabilities to foreign central banks foreign central governments their agencies (including official purchasing missions, trade shipping missions, diplomatic consular establishments, etc.). Includes $,0 million representing increase in U. S. dollar subscription to the International Monetary Fund paid in June. Includes Bank for International Settlements. Beginning June 0 includes Inter-American Development Bank. Except where noted, these data are based on reports by banks in the Second (New York) Federal Reserve District. They represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. Based on reports by banks in all Federal Reserve districts. Prior to 0 data for the Bahamas included with West Indies Federation. NOTE. Statistics on international capital transactions of the United States are based on reports by U. S. banks, bankers, brokers, dealers, by branches or agencies of foreign banks, by certain domestic institutions not classified as banks that maintain deposit or custody accounts for foreigners, by the U. S. Treasury. The term "foreigner" is used to designate foreign governments, central banks, other official institutions, as well as banks, organizations, individuals domiciled abroad the foreign subsidiaries offices of U. S. banks commercial firms.

88 INTL CAPITAL TRANSACTIONS OF THE U, S. TABLE. 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 country To banks official institutions Deposits U.S. Treasury bills certificates To all other foreigners Deposits U.S. Treasury bills certificates Payable in foreign currencies amounts outsting I0 June Jan... Mar p v,,,, ', '0, '0, '0,0 ',0 ',0 ', '0,,0 0,0 0,,0 0,,0,,,0,, ',0,0,,,00 ',,0,,0,,0,,,,,,0,,,,,,,,,,,,0,0, ', ',0 ', ', ',0 ',0 ', ',0 ',0 0,0 0,0,,0,,,0,,,,0,,,,,.0,,,,,00,,0,,,,0,0,,,,,,,0,0,.,,,,,0,,0,0,,,,,,, Area country detail,., Europe: Finl Germany, Fed. Rep. of... Greece Italy Norway Portugal Spain Switzerl Turkey United Kingdom Europe 0, 0,,, 0 0, 0,,, 0 0,0, 0, 0 i, ( ) ( ) ( ) () ( ) 0 () ( ) () () ( ) 0 Latin America: Brazil Chile Colombia Cuba Dominican Republic pi Salvador Guatemala Mexico Neth. Antilles Suri ( ) () P) () () () > > () ( ) () () () () () 0 ( ) () () ( ) Panama ReD of Peru Uruguay Venezuela Latin America 00,,,00 () 0 () () 0 0,0 0 () () () () () P Preliminary. r Revised. i Includes special nonnegotiable, non-interest-bearing U. S. notes (International Monetary Fund series International Development Association series), which amounted to $,0 million on. 0,. Represents principally bankers' acceptances commercial paper. Less than $00,000.

89 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES Continued [In millions of dollars] Payable in dollars Area country To banks official institutions Deposits U. S. Treasury bills certificates To all other foreigners Deposits U. S. Treasury bills certificates Payable in foreign currencies Asia: Hong Kong India Indonesia Iran Israel Area country detai,., Cont. e> Japan.... Korea Rep of Philippines Taiwan Thail Asia... 0,, 0 00,0,0,0 0,00 ( ) ( ) ( ) «( ) ( ) All other: Australia Congo Rep of the Egyptian Region U.A.R.. Union of South Africa... foreign countries. International institutions... Gr total 0,0, 0, 0 0,,,0 0, 0,,,,,,,0 C ),0,, C ) $ Represents principally bankers' acceptances commercial paper. Less than $00,000. Includes $, million of special nonnegotiable, non-interest-bearing U. S. notes (International Monetary Fund series International Development Association series). TABLE. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outsting, in millions of dollars] End of month France Germany, Fed. Rep. of Italy Switzerl Europe Europe United Kingdom Canada Latin America Asia All other... I0 June Aug... j an Mar P. p,,,,,0,,0,0,,0,,, ,,, I,0 I 00,0 I, I 0 I 0, v Preliminary. Short-term claims reported in these statistics represent principally the following items payable on dem or with a contractural maturity of not more than year; loans made to acceptances made for foreigners; drafts drawn against foreigners that are being collected by banks bankers on behalf of their customers in the United States; foreign currency balances held abroad by banks bankers their customers in the United States; excludes convertible currencies held by U. S. monetary authorities.

90 EVTL CAPITAL TRANSACTIONS OF THE U. S. TABLE. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continued [Amounts outsting, in millions of dollars] Table a. Europe End of month Europe Greece Spain Austria Belgium Denmark Finl Netherls Norway Portugal Sweden Turkey Yugoslavia All other () 0 I0... June.. Aug Jan Table b. Latin America End of month Brazil Chile Cuba Latin America Argentina Bolivia Colombia Dominican Republic El Salvador Guatemala Mexico Netherls Antilles Surinam Panama, Republic of Peru Uruguay Venezuela Latin America I0 Aue Jan Mar v p 0 QS,0 [,, I,,?0,00,0., (,, 0, Table c. Asia All As ia All other End of month Hong Kong India Iran Israel Japan Congo, Rep. of the Philippines Taiwan Thail Australia Egyptian Region U.A.R. Union of South Africa. I0 June Aug _Jan Mar.p.*,0,,,, , P Preliminary. See note on preceding page. Less than $00,000.

91 INTL CAPITAL TRANSACTIONS OF THE U. TABLE. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term End of month, or area country Longterm total i Payable in dollars Loans to: s Banks official institutions Collections outsting Payable in foreign currencies Deposits with foreigners amounts outsting... I0 - vi ay June Aug Jan.*.,. [,,, [,,,,,,,,,,,,,,.,0,,.0,,0,,,0,,,,,,,0,.0,0,,,,0,,,0,0,,,, ,0,0,0.0,0,,0,, Area country detail,., Europe: Belgium ( ) ( ) ( ) ( ) I ( ) ( ) n\ Germany, Fed. Rep. of... Greece Italy Norway Portugal... Turkey United Kincdom Yugoslavia Europe Latin America: Bolivia.... Brazil Chile Cuba Dominican Republic El Salvador Mexico Netherls Antilles 0 () 0 () () () 0 () () 0 0 () () () ( ) 0 () () P) () () ( ( ) () C ) () i Peru Uruguay Latin America () () /\ () () () \ - 0,0, P Preliminary. Represents mainly loans with an original maturity of more than year. Less than $00,000.

92 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES Continued [In millions of dollars] Short-term Area country Longterm total i Payable in dollars Loans to: s Banks official institutions Collections outsting Payable in foreign currencies Deposits with foreigners Area country detail,., Cont. Asia: Hong Kong Indonesia Iran Israel Korea Rep. of Taiwan Thail Asia 0 0 0, 0 0,0 n\ ( ) () 0 ( ) () ( ) All other: Australia Congo Rep of the Egyptian Region U.A.R.. Union of South Africa % () International institutions... Gr total.,,,,0 0 Represents mainly loans with an original maturity of more than year. Less than $00,000 TABLE. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities Foreign bonds Foreign stocks Year or month Sales Net purchases, or sales ( ) Foreign countries Purchases Purchases Sales Net purchases, or sales (-) Purchases Sales Net purchases, or sales (-) Purchases Sales Net purchases, or sales (-) I0 I0 June Jan Mar p.*,,,0,, ,,,, ,,,, g - 0 0,,,, 0 - -, Preliminary, i Includes transactions of international institutions. Includes small amounts of U. S. municipal securities.

93 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY [Net sales, (-). In millions of dollars] Year or month TotaP Type of security Stocks Bonds Belgium France Netherls Switzerl United Kingdom Country Europe Europe Canada Latin America All other I0 I0 M^ay.... June AU Jan... Mar.* A - i 0 CO CO CO g 0 _ P Preliminary. Includes small amounts of U. S. municipal securities. Includes transactions of international institutions. Less than $00,000. TABLE. NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES, BY AREAS [Net sales, (-). In millions of dollars] TABLE. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [In millions of dollars] 0 Year or month I June Aug Jan.... Mar. *...?.. International institutions P Preliminary. i Less than $00, Europe foreign countries Canada ) -0 Asia All other ) 0 June Aug Jan Mar End of month Deposits Assets in custody U. S. Govt. securities,,,,,,,,0,,,,,, Latin Amer- Miscellaneous Excludes assets held for international institutions, earmarked gold. See note at bottom of p. for total gold under earmark at Federal Reserve Banks for foreign international accounts. U. S. Treasury bills, certificates of indebtedness, notes, bonds. Consists of bankers' acceptances, commercial paper, foreign international bonds.

94 BVT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of year or quarter. In millions of dollars] Liabilities to foreigners Claims on foreigners Area country 0 0 i Europe: Austria Belgium Denmark Finl France n Germany, Fed. Rep. of Greece Italy. Netherls Norway Portu a al Spain Sweden... Switzerl Turkey 0 0) 0 0) 0 r United Kingdom Yugoslavia Europe )... Canada... 0 '0 0 0 Latin America: Bolivia Brazil Chile Cuba Dominican Republic El Salvador Guatemala Mexico Neth. Antilles Surinam, Panama Rep. of... Peru Urusuav Venezuela Latin America 0 0) 0 C ) 0) 0 C ) 0) r r 0 0 r Asia: Hong Kong India Indonesia Iran Israel coco r 0 r l Korea Rep. of Philippines. Taiwan Thail... Asia 0) 0 r... r 00 r All other: Australia Congo Rep of the Egyptian Region U.A.R.. Union of South Africa International institutions... Gr total 0) 0) 0 0) 0) 0) 0) 0) r 0 0) 0 0 0) 0 0) 0) 0 0) r r Revised. i Less than $00,000. NOTE. Reported by exporters, importers, industrial commercial concerns in the United States. Data excludes claims held through U. S. banks, intercompany accounts between U. S. companies their foreign affiliates.

95 U. S. BALANCE OF PAYMENTS U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] Item 0 Exports of goods services, total.. Merchise Services Imports of goods services, total... Merchise Services Military expenditures Balance on goods services Unilateral transfers (net) Private remittances pensions... Government nonmilitary grants U.S. long- short-term capital (net) Private, total Direct investment Portfolio short-term investment Government Foreign capital gold (net) Increase in foreign short-term assets Government securities Increase in other foreign assets... Gold sales by United States Errors omissions.,,,,,,0 0, ' 0 - -:,,0,,, ,,,,,, , -, ,0 -,0,0,,,,, ,,,,, ,,0,,,, ' 0! 0,,00,,, '-, , 0,,0,,00,, ,.,,,00,,, :,0,0,0,,0, ,0,000,0,0, , ,,,,0,, , , -0,,,0,,, 0, , -, ,00-0 p Preliminary. Excluding military transfers under grants. Including military transactions. Minus sign indicates net outflow. Excluding additional U.S. subscription to IMF of $, million, of which $ million was transferred in gold $,0 million in non-interest-bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherls Switzerl Month Treasury bills, months i Day-today money Bankers' acceptances, months Treasury bills, months Day-today money Bankers' allowance on deposits Day-today money Treasury bills, 0-0 days Day-today money Treasury bills, months Day-today money Private discount rate I0 June Aug Jan Mar Based on average yield of weekly tenders during month. Based on weekly averages of daily closing rates. Rate shown is on private securities. "Rate in effect at end of month. -Based on average of lowest highest quotation during month.

96 0 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS [Per cent per annum] Country Rate as of, 0 Per cent Month effective June Aug. Changes during the last months Jan.. Mar.. Rate as of, Argentina Austria Belgium. Brazil* Burma Canada Ceylon * Chile* Colombia ^ Costa Rica... Cuba Denmark... Ecuador Egypt.... El Salvador Finl "Germany... Greece Honduras Mar Jan. 0 Aug.. Jan. 0 Jan. 0.. Jan. 0 Mar Jan...0. i i Icel India*... Indonesia Iran Irel Aug. Jan Israel Italy Japan... Mexico Netherls New Zeal Nicaragua Pakistan Peru Philippine Republic South Africa Spain Sweden Turkey United Kingdom Venezuela June. June.... Jan.. 0 Jan. Jan.. 0 Jan. 0.. June Jan Rates shown represent mainly those at which the central bank either discounts or makes advances against eligible commercial paper /or government securities for commercial banks or brokers. For countries with more than one rate applicable to such discounts or advances, the rate shown is the one at which it is understood the central bank transacts the largest proportion of its credit operations. In certain cases other rates for these countries are given in note. Discounts or advances at other rates include: Argentina per cent for certain rural industrial paper, depending on type of transaction; Brazil per cent for secured paper per cent for certain agricultural paper; Ceylon.0 per cent for advances against certain types of commercial production paper; Colombia. per cent for agricultural industrial development paper of up to 0 days, per cent for economic development paper of up to years, per cent for specific small business, cooperative employee paper; Costa Rica per cent for paper related to commercial transactions <rate shown is for agricultural industrial paper); Cuba. per cent for sugar loans per cent for loans secured by national public securities; Ecuador per cent for bank acceptances for commercial purposes; El Salvador. per cent for agricultural industrial paper. per cent for special cases; 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 per cent for agricultural, industrial mining paper; Philippine Republic.0 per cent for crop loan paper export packing credit paper; Venezuela per cent for rediscounts of certain agricultural paper for advances against government bonds or gold per cent on advances against securities of Venezuelan companies. Beginning with.,, the discount rate has been set each week at. of per cent above the latest average tender rate for Treasury bills; end-of-month rate shown. Beginning with.,, new rediscounts have been granted at the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by one-eighth each month beginning,, but the rates are raised by. per cent for each month in which the reduction does not occur. Rate shown is for advances only. Beginning with,, this rate applies to advances against commercial paper as well as against government securities other eligible paper.

97 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Official Argentina (peso) Free Australia (pound) Austria (schilling) Belgium (franc) Canada (dollar) Ceylon (rupee) Finl (markka) France (franc) I0 0 - June. Aug Jan Mar.. l L.0 I.0 L.00 L L.00.0 I L I Year or month Germany (deutsche mark) India (rupee) Irel (pound) Italy (lira) Japan (yen) Malaysia (dollar) Mexico (peso) Netherls (guilder) New Zeal (pound) I0 0 June... Aug Jan.. Mar A Year or month Norway (krone) Philippine Republic (peso) Portugal (escudo) South Africa (pound) (r) Spain (peseta) Sweden (krona) Switzerl (franc) United Kingdom (pound) I0 0 June Aug Jan Mar [ Effective Jan.,, the Argentine Government established a single exchange rate for the peso in place of the former official free rates. Effective rate of 0 francs per U. S. dollar, established Aug.,, was extended to all foreign exchange transactions on.,, on June,, became the official rate. On.,, the franc was further devalued to.0 francs per U. S. dollar. A new franc equal to 00 old francs was introduced on Jan., 0. Effective Mar.,, the par value of the deutsche mark was changed from.0 to.00 marks per U. S. dollar. s Effective Mar.,, the par value of the guilder was changed from.0 to. guilders per U. S. dollar. < Based on quotations through., 0. Based on quotations through. 0,. Effective.,, South Africa adopted the decimal system. The new currency unit, the r, replaces the pound consists of 00 cents; it is equivalent to 0 shillings or one-half the former pound.