Federal Reserve Bulletin, 1962-05

FEDERAL RESERVE May 1962 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Woodlief Thomas Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Growth in Institutional Savings 513 Member Bank Income, 1961 522 Survey of Common Trust Funds, 1961 528 Quarterly Survey of Consumer Buying Intentions 535 Law Department 541 Current Events and Announcements 582 National Summary of Business Conditions 583 Financial and Business Statistics, U. S. (Contents on p. 585) 586 International Financial Statistics (Contents on p. 657) 658 Board of Governors and Staff 674 Open Market Committee and Staff; Federal Advisory Council 675 Federal Reserve Banks and Branches 675 Federal Reserve Board Publications 677 Index to Statistical Tables 679 Map of Federal Reserve System Inside back cover Volume 48 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 $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Growth in Institutional Savings NET INFLOWS of savings to the principal and demand deposits, and of bonds and types of financial intermediaries reached a mortgages. The recent increases in rates new high in 1961. The consumer sector, paid on savings accounts appear to have which includes nonprofit organizations, reinforced this tendency. added $29 billion to its holdings of savings accounts and claims on insurance and INSTITUTIONALIZED ASSET FORMS pension reserves. HOLDINGS OF CONSUMER SECTOR Preliminary data indicate a further gain during the first 3 months of 1962, when savings account balances rose more than in any other quarter on record. The larger gain was accounted for mainly by expansion of time and savings deposits at commercial banks, stimulated by widespread announcements of higher interest rates. Both mutual savings bank deposits and savings and loan association share accounts also continued to show substantial aggregate gains, reflecting in part some announcements of more liberal payments. For all types of institutions, however, there were wide geographical variations in experience, NOTE.—Flow-of-funds data for end of year. and it seems evident that competitive rela- The rapid expansion of financial intertionships are still changing. mediaries has helped mobilize a large pool In a broader historical context, the large of capital to meet the nation's diverse credit savings inflows of 1961 and 1962 to date needs. As investors, these institutions are to continue the strong growth trend of the past some degree specialists. Despite this spedecade. Consumer investments through fi- cialization, the volume of funds moving nancial intermediaries have more than among investment markets, in response to doubled over this period, partly because of changes in demands, appears to have been the rising trend in personal income but also generally adequate to date. because of some diversion of consumer preferences from other financial assets. In par- RECENT DEVELOPMENTS ticular, balances in savings accounts and in- The net inflow of savings into commercial surance and pension reserves have increased banks, mutual savings banks, and savings relatively in comparison with consumer and loan associations during the first quarholdings of U. S. savings bonds, of cash ter of 1962 was a record $8.2 billion, 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN • MAY 1962 after seasonal adjustment. This amount was than in other recent quarters and that it nearly half again as much as in any quarter accounted for a major share of the gain. last year. Other intermediaries. Despite the abrupt Commercial banks. Most of the expansion increase in savings flows to commercial in net savings inflow to financial institutions banks, balances at other types of depositary this year has been accounted for by com- institutions also continued to rise at a rapid mercial bank time and savings deposits. pace. The first-quarter gain in savings and In the first quarter these rose $5.2 billion, loan association share accounts was the seasonally adjusted, which was 68 per cent same as in the record fourth quarter of 1961; the flow to mutual savings banks INCREASES IN SELECTED SAVINGS DEPOSITS was considerably higher than last year and AND SHARES above earlier peaks. Without the wide- [Seasonally adjusted data; in billions of dollars] spread increases in commercial bank rates, of course, the inflow to these savings insti- 1961 1962 tutions might have been larger. Type Geographic differences. Wide geographical Ql Q2 Q3 Q4 Ql changes in savings flows this year indicate the responsiveness of savers to changes in Deposits: Commercial bank1... 1.8 3.1 2.6 1.8 5.2 the rate structure among competing deposi- Mutual savings bank.. 0.5 0.4 0.5 0.5 0.7 tary institutions. The general pattern of in- Shares at savings and creases in savings balances at commercial loan associations... 2.1 2.1 2.1 2.3 2.3 banks appears to have been strongest in Total ..4.4 5.6 5.2 4.6 8.2 areas where advances in interest rates were not met by other savings institutions. Con- 1 Includes time and savings deposits except interbank and U. S Government time deposits. Data for 1961 adjusted to eliminate an versely, the smallest gains generally occurred increase resulting from reclassification of foreign central bank deposits and the effect of a large special transaction. where rates were not raised. NOTE.—Changes derived from data adjusted for seasonal variation by Federal Reserve; first quarter 1962 preliminary. Data from National Association of Mutual Savings Banks and Federal Savings Rate changes did not affect all instituand Loan Insurance Corporation. tions similarly, of course, since such factors more than in any quarter of 1961. The more as the relative level of rates at competing rapid growth reflected largely the higher institutions, advertising and promotional efrates paid on such deposits by many banks fort, and goodwill continue to be important. after Federal regulatory agencies raised Moreover, changes in general economic conmaximum permissible rates, effective Jan- ditions have affected savings flows differuary 1. By mid-January, half of all mem- ently from area to area. ber banks had raised rates on savings ac- Similarity to 1957 shifts. One cannot yet counts, and two-thirds had raised rates on judge how much of the large increase in other time deposits. commercial bank savings deposits repre- Part of the expansion in savings flow to sented an initial response to rate increases commercial banks resulted from the more rather than a lasting enlargement of net rapid growth in time deposits of corporations inflows. The competitive situation in local and State and local governments. But it markets is still changing, with both commerappears that the increase in holdings of the cial banks and other depositary institutions consumer sector, as defined in the Board's adjusting their rates in the light of recent flow-of-funds accounts, was markedly larger experience and prospects for earnings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH IN INSTITUTIONAL SAVINGS 515 In some respects the current situation is tions that some idle demand balances were similar to that of 1957, when the preceding shifted to time deposits, either directly or increase in the maximum permissible interest indirectly through transfers of other assets rate for commercial banks became effective. among depositors. This is suggested by the At that time, too, many banks raised their increase in the seasonally adjusted rate of rates, and the spread between rates paid on deposit turnover at banks outside New York savings at commercial banks and those at and other financial centers, which in the first other depositary institutions narrowed conquarter was above the high rate of preceding siderably. The response was much the same months. as this year—the inflow of funds to commercial banks increased sharply while the flow to competing depositary institutions EFFECTIVE RATES ON SAVINGS ACCOUNTS changed little. Prior to 1957, however, the Per cent 5 spread between bank and other institutional rates had been considerably wider than that prevailing late in 1961. SAVINGS AND LOAN The larger savings flow after the 1957 rate ASSOCIATIONS adjustments continued well beyond the period of initial impact. During the latter half of the 1952-61 decade, the growth in time and savings deposits at commercial banks, SAVINGS although still less than that for shares at BANKS savings and loan associations, was considerably closer to it than in the first half of ''COMMERCIAL BANKS the decade. Shifts in saving. Inasmuch as inflows to competing institutions have been maintained, it is evident that funds for the growth 1953 1955 1957 1959 1961 in commercial bank time and savings deposits came largely from other sources. The main possibilities include transfers from de- NOTE.—Ratio of total interest or dividends paid during year to average deposits or shares on! which Interest or dividends mand deposits, shifts in ownership of mar- are paid. Data for mutual savings banks are from National Association of Mutual Savings Banks, for savings and loan ketable securities, and increases in financial associations (insured) from Federal Home Loan Bank Board, and for commercial banks (member) from Federal Reserve. saving by consumers from current income. Direct acquisitions of bonds and mort- Indications are that some funds have been gages by the consumer sector in the first drawn from each source, but how much is quarter of 1962 were smaller than in the impossible to determine. same period of most recent years, as financial Seasonally adjusted demand deposits, including corporate and personal balances, intermediaries apparently absorbed a larger declined $1.1 billion between the last half share of the net additions to such debt. Indiof December and the last half of March. viduals' holdings of U. S. savings bonds also Some of this reduction may have reflected rose less than last year. the temporary character of sharp increases Bank investment policies. Commercial in balances late last year. There are indica- bank investments in mortgages and tax- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN • MAY 1962 exempt bonds have risen sharply this year. The net annual flow of saving into insti- Leading to this development were the tutionalized asset forms of all kinds moved growth in savings deposits—traditionally as- irregularly upward from $17 billion in 1952 sociated with longer-term investment—the to $31 billion in 1961. Net consumer acquiprospect of a substantial rise in interest pay- sitions of market instruments dropped from ments to depositors, and the fact that the $4 billion to $1 billion in the same period, volume of business loan demands remained but with wider year-to-year variations. For moderate relative to bank funds available example, the largest gain of the postwar for lending. period occurred in 1959, when market inter- Bank holdings of mortgages increased $500 million in the first quarter, which was CONSUMER ACQUISITIONS OF FINANCIAL ASSETS sharply more than in the same period last Billions of dollors year and above other recent quarters, after allowance for seasonal tendencies. Net ac- 30 quisitions of State and local government securities totaled a record $1.5 billion, and INSTITUTIONALIZED ASSET FORMS banks also are reported to have lengthened 20 the average maturity of their municipal bond acquisitions. Increased bank purchases have contrib- MARKET INSTRUMENTS: uted importantly to the recent declines in yields on tax-exempt bonds. Since year-end, the drop has amounted to nearly four-tenths of a percentage point on the highest quality issues. Mortgage yields also have tended 1953 1955 1957 1959 1961 to decline. NOTE.—Other market instruments are corporate bonds and stock, State and local government securities, and mortgages. Flow-of-funds annual data. EXPANSION OF FINANCIAL ASSET HOLDINGS est rates rose sharply in response to large The longer-term trend in consumer sector governmental and private credit demands holdings of both liquid and other financial as well as monetary restraints. In that year assets has been strongly upward. During the the consumer sector acquired $10 billion in last decade the market value of all such as- marketable Treasury securities and $4 sets more than doubled, rising to over a billion in other bonds and mortgages. trillion dollars at the end of 1961. Somewhat Despite the large absolute expansion in more than half of the increase resulted from total consumer financial investment, there a rise in the market value of securities, prin- has been no marked increase relative to incipally common stock. The remainder rep- come. Annual acquisitions have fluctuated resented net acquisitions of financial assets. between 8 and 11 per cent of disposable Most of these were in the form of claims personal income. The proportion of income on financial intermediaries, with only about going into institutionalized claims has varied 20 per cent representing acquisitions of similarly, without marked trend. But when market instruments, including new stock cash assets and U. S. savings bonds are exissues. cluded, the proportion of income going to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH IN INSTITUTIONAL SAVINGS 517 financial intermediaries has tended moder- term marketable securities has provided an ately upward. inducement to shift out of currency and de- Many factors appear responsible for the mand deposits. Such interest-bearing claims rise in saving through financial intermedi- also have gained in acceptability as liquidity aries. Among the more important have been reserves as people have become more conthe increase in the rate of return on such fident that they can effect prompt withclaims and the growth of specialized inter- drawals. In addition, more frequent interest mediaries designed for particular purposes, such as pension funds and credit unions. Also, savings institutions have benefited FINANCIAL ASSETS OF CONSUMER SECTOR from increasing financial flows to people INSTITUTIONALIZED ASSET FORMS: with rising incomes who are neither familiar 1951 1961 with the mechanics of investment in marketable securities nor able to save in large CURRENCY A OEMANO enough increments to make such investment DEPOSITS generally practicable. SAVINGS DEPOSITS Reflecting these and other factors, marked SAVINGS differences have occurred in the rates of SHARES savings inflow to the various financial in- SAVINGS • ONOS termediaries. As a result, some types of institutionalized assets now account for a R IN E S S U ER R V A E N S CE larger share of the total held by consumers PENSION than a decade ago, while others have de- FUNDS MARKET INSTRUMENTS: clined in relative importance. •ONDS AND Demand deposits. Consumer sector hold- MORTGAGES ings of demand deposits and currency increased by about 20 per cent over the past 10 years. This advance was much smaller 100 200 300 400 500 Billions of dollors than for most other institutionalized asset NOTE.—Savings deposits are time and savings deposits at forms, so that these holdings declined con- commercial banks and deposits at mutual savings banks and the Postal Savings System. Savings shares are those at savings siderably in relative importance. One rea- and loan associations and credit unions. Insurance reserves include those in government systems as well as private life son for the decline has been the regulariza- insurance companies. Pension fund assets are those in both government and private plans, including plans administered by tion of payments through the growing use of life insurance companies. Flow-of-funds data for end of year; corporate stock valued at market. monthly billing in connection with credit payments have made possible some earnings cards, charge accounts, and instalment on funds invested even temporarily. contracts. This has helped coordinate the timing of consumer payments with their Other depositary claims. In contrast to income flows so that the amount of deposits the moderate increase in demand deposits, necessary to satisfy a given volume of trans- consumer sector holdings of savings deposits actions has tended to fall. and shares increased by one and a half times Even more significant has been the ap- between 1951 and 1961 and rose from 28 parent decline in the use of money as a per cent to 39 per cent of the sector's instiliquidity reserve. The increase in returns tutionalized assets. Shares at savings and available on savings accounts and short- loan associations and credit unions increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN • MAY 1962 by three and one-half times while savings for about 20 per cent of total consumer and time deposits at commercial and mutual assets in institutionalized forms. savings banks less than doubled. These dif- Pension assets at the beginning of the ferences in growth rates have tended to decade were small; the total was less than narrow in recent years, however, partly be- half that of life insurance reserves. Excepcause the spread in rates paid on savings by tionally rapid growth in the size and coverthese institutions has narrowed. age of pension plans occurred during the The growth in depositary savings forms 1950's, however. Two factors contributing has tended to vary from year to year, espe- to this growth were the earlier enactment of cially at commercial banks. Savings account legislation liberalizing the requirements unbalances of the consumer sector increased der which employer contributions could be more rapidly during economic downturns, deducted from taxable income and the reflecting greater caution at such times and spread of pension plans through laboralso the fact that rates paid depositors re- management negotiations. mained stable while yields on marketable Some nongovernmental pension plans are securities declined. Savings balances in- administered by insurance companies, othcreased less rapidly during economic expan- ers directly by the corporations concerned sions. Variations in savings account flows or by designated trustees. Assets of the sechave thus compensated in part for wide ond type have grown more rapidly, rising by cyclical fluctuations in net consumer acquisi- more than four and a half times during the tions of market instruments. decade compared to a tripling of the re- U. S. savings bonds. Individual holdings of serves of insured plans. The greater latitude U. S. savings bonds declined over the last for investment by noninsured funds, particdecade from $49 billion to $46 billion, de- ularly in common stock, appears to have spite the accrual of interest. In relation to accounted for much of this difference. Retotal institutionalized assets, such holdings cently, however, several States have enacted dropped from 18 to 10 per cent. This reduc- legislation permitting life insurance compation reflected the coming to maturity of the nies greater flexibility in their investment large number of bonds purchased during of pension assets if these are segregated World War II. In addition, the strong com- from their other assets. petitive attraction of other forms of saving Assets of governmental retirement plans tended to hold down sales and induced sub- also grew sharply during the decade. State stantial redemptions prior to maturity. and local government systems grew some- Contractual claims. Accumulated reserves what faster than insured private plans, while for future insurance and pension benefits Federal Government systems (excluding somore than doubled between 1951 and 1961, cial security) expanded more slowly. rising from 33 per cent to nearly 40 per The increase in saving through pension cent of total consumer sector holdings of plans has undoubtedly augmented total savinstitutionalized assets. Total assets of the ing for retirement, especially in view of its pension plans, including those administered mandatory character and the magnitude of by insurance companies, more than tripled; employer contributions. But the growth in reserves for life insurance policies rose by such plans also has probably redirected some about a half but declined somewhat in rela- saving from other financial forms, including tive importance. Each type now accounts direct acquisitions of securities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH IN INSTITUTIONAL SAYINGS 519 INVESTMENT PATTERNS suitable for institutions than for most individual investors. Issues of corporate debt The expanding flow of saving through finanplaced privately are often tailored to the cial intermediaries has gradually influenced requirements of life insurance companies. the character and structure of the capital The tax exemption privilege carried by State markets. With the growth of pension, insurand local obligations is especially attractive ance, and savings account claims, the total to individuals with high incomes. of consumer savings available to borrowers through these institutions has risen. And the structure of the market has changed be- NET NEW ISSUES OF MARKET INSTRUMENTS cause the needs and preferences of institu- Billio of dollo tions differ from those of the individual investors whom they have partially supplanted. 20 MORTGAGES Specific patterns of investment over the past decade also have reflected the demands for funds by major types of borrowers as CORPORATE 1ONDS well as the investment preferences of particular types of institutions. The total of such demands has shown a strong though CORPORATE STOCKS irregular upward movement, except that changes in Federal marketable debt have varied widely from year to year without STATE AND LOCAl SiCURITlIS marked trend. Mortgage credit has accounted for a major share of non-Federal demands upon the capital markets. The net annual increase in mortgage debt has about doubled over the 1 I I I I I decade, but with large year-to-year fluctua- 1953 1955 1957 1959 1961 tions. In most recent years, mortgage debt NOTE.—Stock issues exclude shares of open-end investment has absorbed substantially more in new funds companies. Flow-of-funds annual data. than the long-term indebtedness of corpo- Mortgages. The rapid growth of savings rations and State and local governments accounts is reflected in the increased share combined. of outstanding mortgages now held by de- The various financial intermediaries differ positary institutions. Savings and loan assowidely in their preferences for specific credit ciations have accounted for this expansion, instruments. In part, this reflects legal and with the more slowly growing mutual savtraditional specializations, though these have ings banks holding a constant share and the been modified somewhat in recent years. commercial banks a gradually declining Moreover, the different market instruments proportion of the rising mortgage total. incorporate features that may make them Though mortgage holdings of life insurance especially appropriate in meeting the investcompanies and consumers have continued ment needs of particular holder groups. to increase, their relative importance in the Monthly amortization of mortgage loans, total has declined. for example, tends to make such assets more Annual increases in mortgage debt have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN • MAY 1962 varied widely. The rise was especially sharp mortgage commitments in excess of their inin 1955 and 1959, but much less in 1957 flows of funds. and 1960. The funds available for mortgage Corporate bonds. Flows of saving through lending by specialized institutions, such as life insurance companies, now as in 1951, savings and loan associations, have depended constitute the major source of funds for predominantly on a fairly regular and ex- long-term corporate borrowing. Direct placepanding annual inflow of saving not neces- ments rather than purchases of publicly sarily related to the changing total of mort- offered issues continued to be the major gage demands. And although life insurance method of acquisition. companies and savings banks increased the The most striking development of the proportion of their net inflow going into decade, however, grew out of the rapid exmortgages in 1955, their acquisitions since pansion of noninsured pension funds, whose then also have shown no clear relation to share of all corporate bond holdings rose variations in current mortgage demands. from a tenth to more than a fourth. The Thus the balancing of supply and demand increase was divided between self-adminisin the mortgage market appears to have tered corporate pension funds and State and been performed principally by commercial local retirement funds. The latter increasbanks and by Federally sponsored lending ingly have been granted greater latitude to activities. Bank participation in mortgage buy publicly offered corporate bonds in addilending, especially on 1- to 4-family prop- tion to Government and municipal secuerties, declined sharply in both 1957 and rities. 1960, when other credit needs were large, U. S. Government securities. Government but rose in years of more rapid mortgage securities play a significant role in the asset debt expansion. In 1955, moreover, banks structure of institutional investors, both as made a large volume of loans to other finan- long-term investments and as a temporary cial institutions so that these could take down repository for funds. For most nonbank in- OWNERS OF SELECTED MARKET INSTRUMENTS PERCENTAGE DISTCI1UTION AT END OF TEAR 19S1 1961 1951 19*1 1951 1961 OTHERS PENSION FUNDS LIFE INSURANCE COMPANIES DEPOSITARY INSTITUTIONS CONSUMES SECTOR CORPORATE STATE AND CORPORATE MORTGAGES BONDS LOCAL BONDS STOCKS NOTE.—Yellow area above white line is portion held by panies). Depositary institutions are commercial and mutual consumer sector through ownership of open-end investment savings banks, savings and loan associations, and credit unions. company stock. Pension funds are noninsured private funds Stock of open-end investment companies is excluded from and State and local government retirement systems (assets of total outstanding. Flow-of-funds data for end of year. insured private plans are included with life insurance com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH IN INSTITUTIONAL SAVINGS 521 stitutions, however, Government securities funds. But despite large annual purchases by declined in relation to total assets through- these funds, their share of stock ownership out the decade. This reflected the unusually over the 10 year period rose from less than heavy concentrations built up during the 1 per cent to only about 2.5 per cent of war when other investment opportunities the total market value of stock outstanding. were limited and Government debt was ex- And the proportion held by life insurance panding rapidly. The trend in holdings has companies has declined slightly and not been greatly influenced by the fluctua- amounted to little more than 1 per cent of tions in Federal financing needs since then, the total at the end of the decade. although the rate of decline has slowed in The overwhelming bulk of corporate recent years. stock—more than 90 per cent—is still held State and local securities. Exemption of by the consumer sector, which includes perinterest paid on State and local obligations sonal trusts and nonprofit organizations. from Federal income taxation has tradition- The rapid growth of open-end investment ally attracted investment by high-income in- companies, however, has brought a gradual dividuals and by financial institutions fully shift in the form of consumer stock ownersubject to the corporate income tax. Life ship. Individuals now hold about 5 per cent insurance companies and mutual savings in- of their stock assets through shares in the stitutions have had little incentive to accept mutual funds rather than through ownership the lower pre-tax yield associated with this of specific corporate issues. feature. The share of State and local govern- In certain respects, such as in their abilment securities held by individuals declined ity to mobilize large amounts of capital from slightly over the last decade, but their small individual savings, investment compaholdings still account for about 40 per cent nies are similar to the financial intermedof the total. During the same period, the iaries discussed above. But they provide share of State and local debt held by com- relatively little new capital directly to busimercial banks also decreased slightly on bal- ness users. Instead, they function as a chanance. Holdings of fire and casualty insur- nel through which individuals' funds for the ance companies have grown considerably purchase of stocks reach a market consisting in relative importance in this market. predominantly of securities already out- Corporate stock. The expansion of institu- standing. Moreover, the repayment obligational activity in the stock market in recent tions of the investment companies are based years has attracted widespread interest. Con- simply on a prorated allocation of the martributing to this increase has been the rapid ket value of securities held at the time rather growth of corporate noninsured pension than a stated dollar amount. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Income, 1961 The main points reflected in member ratios of capital to deposits and assets were bank statements of income and dividends above year-earlier levels. for the year 1961 are: • Net income was a little above the com- FACTORS IN HIGHER NET INCOME paratively high level of 1960. [In millions of dollars] • Net earnings on current operations declined, as current expenses rose more than Item fr C om ha n 1 g 9 e 60 operating revenues. Increase in net income, total 23 • Gains from nonoperating transactions Factors increasing net income, total 620 in securities—the result of larger profits on Increase in operating revenue from earning assets... 309 sales as well as smaller losses and charge-offs On loans 140 On U. S. Government securities 123 On other securities 46 —more than offset the decline in net current Nonoperating transactions 311 earnings. Decrease in net losses on securities1 161 Increase in profits on sale of securities 118 • Holdings of loans and securities in- Decrease in net losses on loans *• 22 Increase in miscellaneous recoveries 9 creased, and revenues from these sources ex- Factors decreasing net income, total 596 panded despite a general decline in their Increase in operating expense 419 average yields. Decrease in miscellaneous operating revenue 20 Increase in provision for taxes on net income 10 • Larger interest payments on savings Nonoperating transactions 148 Larger net increase in valuation reserves on loans. 77 and time deposits were responsible for most Larger net increase in valuation reserves on securities 59 of the increase in total operating expenses. Increase in miscellaneous losses 13 These deposits rose sharply during the year, 1 Includes recoveries credited and losses charged to undivided and the average rate of interest paid on them profits or to valuation reserves. NOTE.—Details may not add to totals because of rounding. also rose. • Member banks increased their divi- EARNING ASSETS dend payments in order to maintain the rate AND OPERATING REVENUES of return on their capital at the level of pre- At the end of 1961 member banks held vious years. $180 billion of earning assets, $14 billion • Retained earnings continued to acmore than at the end of 1960. Loans outcount for most of the increase in their total standing rose by $6.3 billion during the capital accounts. year, holdings of U. S. Government securi- • As a result of the increase in capital ties by $5.0 billion, and holdings of other accounts, the ratio of net income to capital securities by $2.7 billion. However, most of declined to 9.6 per cent from the high level the increase in loans and in other securities of 10.1 per cent reached in 1960, and most took place in the second half of the year and therefore was not fully reflected in the in- NOTE.—This article was prepared by Theodore A. crease in average holdings. Veenstra, Jr., of the Board's Division of Bank Operations. Holdings of all types of loans increased, 522 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1961 523 but all of the expansion in holdings of U. S. with the relatively larger growth of loans in Government securities occurred in Treasury member bank portfolios. bills and notes; holdings of bonds declined. Larger average holdings of earning as- Member banks reduced their investments in sets resulted in increased revenue in 1961 U. S. Government bonds in all maturity even though interest rates had declined classifications, but the largest reduction was during a large part of 1960 and 1961. The in the group maturing in less than 5 years. modest growth in earnings on loans resulted Among other securities, State and local entirely from larger average holdings, as the issues increased by $2.6 billion, or 18 per average rate of return declined from 5.92 to cent, and accounted for almost all of the 5.84 per cent. increase in this category. Earnings on U. S. Government securities The ratio of average total capital accounts rose by $123 million, or about 9 per cent, to so-called risk assets—that is, total assets over the 1960 total. This rise also reflected less Government securities and cash assets the larger average holdings, as the average —rose in 1961 due to the increase in aver- rate of return on these issues declined from age holdings of U. S. Government securities. 3.14 to 3.05 per cent. Similarly, an increase In most recent years this ratio has declined of $46 million in earnings on other securities MEMBER BANK INCOME, 1950-61 [Dollar amounts in millions] Item 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 Revenue $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 $8,075 $8,928 $9,217 On U. S. Government securities. 865 832 929 1,011 1,066 1,111188 1,101 1,168 1,266 1,399 1,414 1,537 On other securities 190 211 235 252 273 296 308 339 411 445 467 513 On loans 1,634 2,003 2,306 2,632 2,711 3,083 3,725 4,208 4,326 5,021 5,730 5,870 Service charges on deposits accounts.. 172 187 198 219 252 274 310 354 389 422 464 495 Other earnings 403 436 452 477 523 572 634 702 734 788 853 802 Expenses1 2,020 2,232 2,501 2,782 2,999 3,265 3,680 4,222 4,617 5,140 5,655 6,074 Salaries and wages 1,000 1,125 1,244 1,371 1,463 1,571 1,735 1,877 1,981 2,118 2,289 2,363 Officer and employee benefits. 331 Interest on time deposits..... 271 306 365 425 494 543 650 927 1,123 1,280 1,434 1,720 N O e th t e o r c e c x u p p e a n n s c e y s expense 749 801 893 985 iIisi" i'iis" i',U2 1,2 4 3 2 6 4 Net current earnings before income taxes. 1,245 1,437 1,619 1,809 1,828 2,398 2,510 2,935 3,273 3,143 Net of profits and recoveries (+), losses 2,077 2,549 and charge-offs, and changes in valuation reserves 95 190 181 251 +73 654 +96 904 344 181 Profi c ts h a a r n g d e - r o e f c fs o : veries (+), losses and 401 485 On securities 2 +60 21 65 129 +315 189 326 211 +535 792 +72 +351 On loans 2 21 27 26 43 30 39 81 59 47 37 179 157 Other 12 16 22 40 47 34 18 39 49 31 25 29 Net increase (or decrease, +) in valuation reserves: On securities 11 4 + 13 63 +37 +32 + 10 189 + 140 64 123 On loans. 110 124 81 102 176 261 187 153 184 148 224 Net income before related taxes. 1,150 1,247 1,437 1,558 1,900 1,676 1,744 2,063 2,606 2,032 2,929 2,962 Taxes on net income 369 491 608 692 804 691 718 895 1,148 775 1,241 1,250 Net income 781 756 829 865 1,096 985 1,027 1,169 1,457 1,257 1,689 1,712 Cash dividends declared 3 . 346 371 390 419 456 501 547 604 646 690 735 793 Ratio of net income to average total capital accounts (per cent) 4. 8.3 7.6 7.9 7.9 9.4 7.9 7.8 8.4 9.7 7.9 10.1 9.6 Number of banks at end of year 6,873 6,840 6,798 6,743 6,660 6,543 6,462 6,393 6,312 6,233 6,174 6,113 1 See technical notes at end of this article for description of re- 3 Includes interest on capital notes and debentures. classification of expenses. 4 Some ratios for previous years have been revised slightly as a 2 Includes recoveries credited and losses charged either to un- result of a change in the basis of calculating average total capital divided profits or to valuation reserves and excludes transfers to and accounts. See note on page 648. from valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN • MAY 1962 was due to larger average holdings; the $286 million more than in 1960 and acaverage rate of return on this group—2.91 counted for more than two-thirds of the inper cent—was unchanged from 1960. crease in total expenses for the year. Average holdings of these interest-bearing deposits in member banks rose by $8 billion, CHANGES IN MEMBER BANK LOANS AND or nearly 15 per cent, over the 1960 average. INVESTMENTS, 1961 This was the largest increase—in both dollar [Dollar amounts in millions] and percentage terms—for any recent year. Change from Amount, Dec. 31, 1960 On the average, holdings of these deposits Item Dec. 30, 1961 represented nearly one-third of total deposits Amount Percentage of member banks during 1961. The average Total loans and investments $179,599 $13,980 8.4 rate of interest paid rose from 2.61 to 2.73 Lo C an o s m * mercial and industrial 1 4 0 0 6 , , 9 2 3 3 1 2 6 1 , , 2 64 9 3 9 6 4 . . 3 2 per cent, a point which probably approaches Agricultural 3,934 425 12.1 For purchasing and carrying the effective limits set by the maximum rates 5,704 1,017 21.7 To financial institutions 7,907 234 3.0 permissible during 1961. Real estate 23,987 1,469 6.5 Other loans to individuals 22,852 1,230 5.7 Although salaries and wages of officers All other 3,198 504 18.7 and employees were reported on different U. S. Government securities 54,058 4,952 10.1 Tr c e a a t s e u s ry bills, notes, and certifi- 32,460 8,690 36.6 bases in 1960 and 1961, it is apparent that Bonds 2 21,598 -3,737 -14.8 both the number and the average compensa- Other securities 19,308 2,728 16.5 State and local government 16,691 2,550 18.0 tion of the group continued to rise. As a pro- Other 2,617 179 7.3 portion of the total expenses, however, these 1 Totals are net (after deduction of valuation reserves); individual costs were about the same as in 1960. loan items are gross and do not add to totals. 2 Includes small amount of guaranteed obligations. One of the new categories reported in 1961 segregated expenses for the provision Gross operating revenues of member of fringe benefits to officers and employees. banks for 1961 were $9,217 million. This This item includes such costs to the banks was $289 million, or about 3 per cent, more as premiums on hospitalization and life inthan in 1960. surance, unemployment and social security taxes paid, and current contributions to EXPENSES pension funds. It is broken down between payments for those working on banking Total expenses of member banks, at $6,074 operations and for those assigned to mainmillion, were $419 million, or about 7 per tenance of bank premises. For officers and cent, larger in 1961 than a year earlier. employees working on banking operations Because of a revision in reporting procethese costs amounted to $331 million; this dures, the breakdown of expenses reported was 14 per cent of the amount of direct by these banks in 1961 is not directly comcompensation paid in wages, salaries, and parable with that for 1960; this revision is discussed in the technical notes at the end of bonuses. this article. Another new category is expenses of oc- Interest expense on time and savings de- cupancy of bank premises, which includes posits continued to rise sharply. In 1961 it wages, salaries, and fringe benefits of offiabsorbed $1,720 million, or nearly 19 per cers and employees involved in the maintecent, of current operating revenues. This was nance of bank premises; rents paid; depre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1961 525 ciation; and repairs. These housekeeping The foregoing summary of the over-all expenses, net of rents received, amounted to results of nonoperating transactions in loans $424 million and accounted for 7 per cent and securities includes the effect of transof total expenses. Furniture and equipment actions in valuation reserves. Member banks expense is another category not previously increased their valuation reserves on loans segregated; these costs, including deprecia- by $224 million in 1961. This was more tion, servicing, repairs, uncapitalized costs, than in most recent years although such reand rents paid for furniture and equipment, serves have expanded in each year since were $180 million. 1948, when banks first began to report them. Valuation reserves on securities were augmented by $123 million. These reserves PROFITS, RECOVERIES, LOSSES, AND TRANSFERS TO VALUATION RESERVES are generally increased in years of substantial net profits on the sale of securities and Nonoperating transactions reduced net inare reduced when net losses occur. come by $181 million in 1961. However, this reduction was considerably less than in INCOME TAXES most recent years. Member banks have shown a net gain from these transactions in Reflecting the slight increase, $33 million, only three postwar years—1946, 1954, and in net income before related taxes, member 1958—when profits on sales of securities banks increased their provisions for State more than offset other transactions on loans and Federal taxes by $10 million in 1961. and securities, which tend to reduce net in- The total provided for this purpose, $1,250 come. Although such profits were substan- million, represented 42 per cent of income tial in 1961, they were not large enough to before taxes, about the same as in 1960. offset losses on other nonoperating transactions. CASH DIVIDENDS Transactions in securities resulted in a Cash dividends declared in 1961 amounted $229 million increase in net income in 1961 to $793 million, $58 million more than in compared with an increase of $8 million in 1960. This was 46 per cent of net income 1960. Profits on sales of securities, at $402 after related taxes compared with 44 per million, were larger than in any other postcent in the previous year; the ratio of cash war year except 1958. Losses and chargedividends to average total capital accounts offs on securities were down sharply from remained at 4.4 per cent. Banks retained 1960 and were also substantially below the $919 million of their earnings, $35 million average for recent years. less than in 1960. Retained earnings ac- Transactions in loans reduced net income by $381 million in 1961 compared with counted for three-fourths of the increase in $326 million in 1960; this was the largest total capital accounts during 1961. "net loss" reported on these transactions in Revenues, expenses, and income by rerecent years. Losses and charge-offs on all serve classifications of member banks for other bank assets reduced net income by 1960 and 1961 are shown in the accom- $29 million, about the same as in other panying table. Detailed figures on earnings recent years. and related items appear on pages 644-51. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN • MAY 1962 MEMBER BANK INCOME, BY CLASS OF BANK, 1961 AND 1960 [Dollar amounts in millions] Central reserve city banks Reserve Country Total city banks banks Item New York Chicago 1961 1960 1961 1960 1961 1960 1961 1960 1961 1960 Revenue $9,217 $8,928 $1,492 $1,474 $354 $353 $3,583 $3,471 $3,788 $3,630 On U. S. Government securities. 1,537 1,414 215 187 60 56 551 477 711 695 On other securities 513 467 81 70 23 20 169 154 241 223 On loans 5,870 5,730 918 941 221 225 2,365 2,329 2,365 2,235 All other 1,297 1,316 277 276 50 52 498 511 471 477 Expenses 1 6,074 5,655 848 774 188 181 2,334 2,180 2,703 2,519 Salaries and wages 2,363 2,289 360 345 75 75 915 891 1,013 978 Officer and employee benefits. 331 73 16 120 122 Interest on time deposits 1,720 1,434 188 131 49 39 679 559 804 705 Net occupancy expense 424 81 13 149 181 All other 1,236 "l't932 146 '"298" 35 "67* 471 "73*6' 583 "836* Net current earnings before income taxes 3,143 3,273 643 700 166 172 1,248 1,291 1,085 1,111 Net of profits and recoveries (+),• losses and charge-offs, and changes in valuation reserves 181 344 50 63 11 22 47 128 72 131 Profits and recoveries (+), losses and charge-offs: On securities2 +351 +72 +65 +3 +45 5 + 131 +30 + 109 +43 On loans2 157 179 26 68 4 8 66 50 61 53 Other 29 25 +23 2 2 +2 21 21 25 Net increase (or decrease, +) in valuation reserves: On securities 123 64 7 8 34 +2 52 39 29 18 On loans 224 148 74 12 16 9 63 48 71 78 Net income before related taxes. 2,962 2,929 593 637 155 150 1,201 1,162 1,013 980 Taxes on net income 1,250 1,241 257 293 76 65 533 530 384 352 Net income 1,712 1,689 336 344 79 84 668 633 629 628 R Ca a s ti h o s d i ( v p i e d r e n c d e s n t d ) e : c 4 lared 3 793 735 182 175 31 29 321 297 257 234 Net current earnings before income taxes to— Average total capital accounts 17.5 19.6 17.8 20.5 19.8 22.4 18.9 20.9 15.9 17.5 Average total assets 1.46 1.60 1.66 1.95 1.82 1.93 1.51 1.63 1.29 1.38 Net income to- Average total capital accounts 9.6 10.1 9.3 10.1 9.4 11.0 10.1 10.2 9.2 9.9 Average total assets .80 .83 .87 .96 .86 .95 .81 .80 .75 .78 1 See technical notes below for description of reclassification of 3 Includes interest on capital notes and debentures. expenses. 4 Some ratios for 1960 have been revised slightly as a result of a 2 Includes recoveries credited and losses charged either to undivided change in the basis of calculating average asset and liability items. profits or to valuation reserves and excludes transfers to and from See note on page 648. valuation reserves. TECHNICAL NOTES In order to provide more useful measures previously not available separately. In recent of banking expenses in several areas of grow- years each has become a relatively larger ing importance, the form used by banks part of total bank expenses. in reporting these data has been revised. (1) Cost of supplementary and fringe Final revisions were made only after the benefits to officers and employees. proposals had been discussed with a com- (2) Bank premise occupancy expense, mittee of bankers and after respondents had with a supporting schedule. commented on a preliminary form used in (3) Furniture and equipment expense reporting these expenses for the first half (includes costs related to the purof 1961. All reports for the full year 1961 chase or rental of automated elecwere on the new form. tronic data processing systems). The new form shows the following items Two expense items previously included in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1961 527 member bank reports and shown in summary ported by member banks for the year 1961: tables are no longer reported separately: In millions (1) Taxes other than on net income. of dollars Salaries and wages of building officers and (2) Recurring depreciation on banking employees 72 house and furniture and fixtures. Building officer and employee benefits . . 9 Recurring depreciation on bank premises It is felt that the revised form represents and leasehold improvements 95 Maintenance, repairs, and uncapitalized a substantial improvement and a more logi- alteration costs of bank premises and leasehold improvements 64 cal breakdown of expenses; also, that it will Insurance, utilities (heat, light, and water), be more useful to bank management, super- etc. ... 90 Rents paid on bank premises 141 visory authorities, and others for analytical Taxes on bank premises and leasehold purposes. improvements 79 The accompanying tabulation shows the Gross occupancy expense ... 549 Less: Rental income and other credits. 126 detail of bank occupancy expense as re- Net occupancy expense 424 CHANGES IN CLASSIFICATION OF BANK EXPENSES Type of item Previous reporting procedure Present reporting procedure Type of expense paid or accrued during report period: Salaries and wages (including bonuses and Combined with salaries and wages of other Reported as separate item under occupancy other extra compensation) of officers and bank officers and employees expense employees working on bank building or related housekeeping functions Taxes related to salaries and wages paid by Included in taxes other than income the bank on its own account, e.g., social security and unemployment taxes, etc. Included in the new expense items, officer and employee benefits; such expenses re- Other expenses of employee benefits except Included in other current operating expenses lated to building officers and employees taxes and direct compensation paid by the are shown separately under occupancy bank, e.g., hospitalization and life insurance expense premiums, pension contributions, cost of medical services, net cost of restaurant, etc. Recurring depreciation on bank premises and Reported as separate item under occupancy leasehold improvements All recurring depreciation combined in a sep- expense arate item Recurring depreciation on furniture and] equipment Other furniture and equipment expense, e.g., Included in the new item, furniture and servicing, maintenance, rentals paid, un- equipment expense capitalized costs, etc. Rent paid on bank premises Included in other current operating expense Maintenance, repairs, and uncapitalized alteration costs of bank premises and leasehold improvements Reported as separate items under occupancy expense Insurance, utilities (heat, light, water), etc. Taxes on bank premises and leasehold improvements Ta e x m es p l o o t y h e e e r s th a a n n d t t h o o s fu e r r n e i l t a u t r e e d a t n o d o f e f q ic u e i r p s m a e n n d t Included in taxes other than income Included in other current operating expenses or bank premises and leasehold improvements, e.g., franchise taxes and taxes on other real estate Current operating revenue item reclassified as offset to expenses: Rental income from bank premises and other Included in other current operating earnings Deducted from gross occupancy expense to credits such as income from bank premises derive net occupancy expense affiliate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The seventh Annual Survey of Common GROWTH IN COMMON TRUST FUNDS Trust Funds conducted by the Board of Number Governors of the Federal Reserve System as part of a program to provide information ASSETS about principal uses of savings shows that: COMMONS BONDS PREFERRED! • Common trust funds expanded at a | MISCELLANEOUS (cola record rate during 1961. All measures of growth—asset holdings, number of funds, and number of banks operating funds— showed record increases. • Total assets of these funds rose approximately three-quarters of a billion dollars, 26 per cent above the level at the end of 1960. New money added accounted for 1955 1956 1957 1958 1959 1960 1961 almost hah* of the increase. average size of the participating fiduciary • The 511 common trust funds being accounts. administered by 327 trust institutions at the Number. Changes in the number of comend of the Survey year had total assets of mon trust funds in operation reflect not more than $3.5 billion. Common stocks only the establishment of new funds but accounted for more than half of these also mergers and splits. During 1961 there holdings. was a net increase of 90 funds: 85 were • Growth in number of funds was largestablished de novo, 7 resulted from splits, est among those banks operating funds of and 2 were merged into other funds. The the single-purpose type. market value of holdings in the de novo • A greater number of the relatively funds ranged from only a few thousand dolsmaller banks made increasing use of comlars to more than $14 million; the average mon trust funds. was $867,000. Among the de novo funds, 63 were single-purpose funds, about equally GROWTH IN FUNDS divided between fixed-income and equity Two ways of measuring the expansion in type funds; their total market value was $62 common trust funds are changes in the num- million. By the end of 1961, 511 common ber of funds and changes in the number and trust funds were being operated in 48 of the 50 jurisdictions (49 States and the Dis- NOTE.—This article was prepared by George G. trict of Columbia) that permit them.1 Noory of the Board's Division of Bank Operations. For results of the sixth Annual Survey of Common Trust Funds, see the BULLETIN for May 1961, pp. 'Only the State statutes of Alaska remain silent 525-31. on the subject of establishment of common trust For the definition of a common trust fund see funds. Idaho and Wyoming have no common trust "Note" to Table 4. funds although their State laws permit them. 528 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1961 529 TABLE 1 SUMMARY OF COMMON TRUST FUND ACTIVITY, 1955-61 [Dollar amounts in Bullions] Number Market value of investments (end of year) Net Appreciation (end of year) additions and net to realized Fixed-income assets principal capital Common fund gains Funds Banks Total Total i Bonds Pr s e t f o e c r k re s d stocks (d y u e r a i r n ) g (d y u e r a i r n ) g 1955 222 174 $1,868.7 $957.8 $712.0 $214.1 $910.9 $146.4 $126.6 1956 243 195 1,974.4 989.4 735.1 209.2 985.1 118.9 -13.2 1957 277 215 1,965.5 1,029.1 780.8 204.6 936.3 101.8 -110.6 1958 322 246 2,434.4 1,141.9 868.0 221.2 1,292.5 157.0 311.9 1959 373 273 2,666.7 1,230.0 961.4 211.5 1,436.6 161.0 71.3 I960 421 288 2,812.6 1,358.8 1,075.8 214.6 1,453.7 143.1 2.8 1961. 511 327 3,550.9 1,564.9 1,256.8 232.2 1,986.0 331.5 406.8 i Includes real estate mortgages, savings accounts, and principal NOTE.—Details may not add to totals because of rounding. cash. During the past year 43 banks began increased by almost 18,000, or 14 per cent, operating their first common trust fund; to 144,000 during 1961, and the average these banks accounted for 58 of the de novo participation rose to $24,600. These figures funds. Four other banks with funds were make no allowance for accounts that may be merged, resulting in a net increase of 39 invested in more than one fund, that is, those banks operating funds. split between fixed-income and common Fiduciary accounts. The number of fiduci- stock funds, and they do not indicate the ary accounts invested in common trust funds total number of individuals benefiting from participation in common trust fund activity. TABLE 2 COMMON TRUST FUNDS AND THEIR INVESTMENT USE OF SINGLE-PURPOSE FUNDS HOLDINGS, BY CLASS OF BANK, 1961 The rapid rate of growth in the number and Market dollar holdings of single-purpose common C ty la p s e s a o n o f d f f b u a n n d k N of u m fu b n e d r s N b u a m n o k f b s e i r (in h v o a l m l d u i i e n l l g i o o s f ns trust funds (those investing only in certain of dollars) types of securities, either fixed-income or All banks—total 57/ 327 $3,550.9 common stocks) is evidence of the flexibility Diversified discretionary 238 221 2,463.7 Diversified legal 39 36 234.6 derived by using such funds. During 1961, Single-purpose 234 126 852.6 77 of these single-purpose funds were cre- State member banks—total 755 89 1,924.3 Diversified discretionary 76 66 1,457.2 ated, and assets in such funds increased by Diversified legal 21 18 163.8 Single-purpose 58 33 303.3 $373 million over the previous year.2 By the National banks—total 299 198 1,232.5 Diversified discretionary 138 131 140.1 end of 1961, 234 fixed-income and common Diversified legal 15 15 67.2 Single-purpose 146 75 424.6 stock funds were being operated by 126 Insured nonmember banks—total.. 39 29 80.2 banks, and their assets totaled $853 million. Diversified discretionary 17 17 48.4 Diversified legal 3 3 3.6 Discretionary single-purpose funds, valued Single-purpose 19 12 28.2 at $805 million, accounted for 209 of these Noninsured nonmember banks— total 18 // 313.9 funds, and legal funds the remaining 25. Diversified discretionary. 7 7 211.4 Diversified legal Single-purpose 11 6 96.5 2 Almost $100 million of this increase is accounted for by the splitting of one of the largest funds in the 1 Details do not add to totals because some banks operate 2 or common trust series; 12 others are the result of splits. more funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1961 531 2 or more common trust funds, and these tions, sales, and redemptions—aggregated funds had more than $2.5 billion of assets more than $1 billion in 1961, a quarter of a at the end of 1961 or 71 per cent of all billion more than the 1960 total. However, ? funds covered in the Survey. Six banks had transactions activity—the ratio of gross 5 or more funds, and they held a half transactions to the aggregate portfolio— billion dollars in common trust accounts. changed little at 29 per cent. Total purchases Many trust institutions rely solely on exceeded sales by $267 million, and pursingle-purpose funds, usually a fixed-income chases of common stocks exceeded sales by investment fund operated in conjunction $82 million. with a common stock fund. In some in- Holdings of the three major groups of stances, however, a bank may operate only securities—bonds, preferred stocks, and diversified funds, or it may operate them common stocks—increased in market value. along with the single-purpose type funds. The 37 per cent rise for common stocks was more than twice that for bonds and five INVESTMENT ACTIVITY times that for preferred stocks. The largest Gross investment transactions of all com- percentage gain was in municipal bonds; mon trust funds—representing total acquisi- holdings of U. S. Government securities TABLE 4 MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1960-61 [In millions of dollars] Diversified Single-purpose All funds Discretionary Legal Discretionary Legal Type of holding In- In- In- In- Increase, crease, crease, crease, crease, 1961 1960 or de- 1961 1960 or de- 1961 1960 or de- 1961 1960 or de- 1961 1960 or decrease crease crease Total holdings 3,550.9 2,812.6 738.32,463.7 1,945.8 517.9 234.6 372.2 -137.6 804.8 447.6 357.2 47.8 46.9 Bonds, notes, and certificates —total.. 1,256.8 1,075.8 181.0 791.4 680.6 110.8 121.6 186,.7 -65.1 301.1 167.9 133.2 42.7 40.7 2.0 U. S. Government 218.7 220.4 -1.7 165.9 141.1 24.8 15.4 47.5 -32.1 27.3 20.8 6.5 10.1 11.0 -.9 State and political subdivision 83.6 45.4 38.2 27.7 13.1 14.6 6.0 -6.0 55.5 19.6 35.9 .4 6.7 -6.3 Domestic corporate 817.3 703.8 113.5 497.6 458.3 39.3 110.7 -15.7 195.5 114.3 81.2 29.2 20.4 8.8 Other i 137.2 106.3 30.9 100.2 68.1 32.1 11.2 22.5 -11.3 22.8 13.1 9.7 3.0 2.5 .5 Stocks—total 2,218.2 1',668.3 549.91 ,633.5 1',230.6 402.9 103.8 174.8 -71.0 476.8 257.2 219.6 4.1 5.7 -1.6 Preferred 232.2 214.6 17.6 185.5 128.9 56.6 2.6 52.8 -50.2 30.1 10.9 3.1 2.8 .3 Common 1,986.0 1,453.7 532.31,448 01 ,101.7 346.3 101.2 122.0 -20.8 435.8 227.1 208.7 1.0 2.9 -1.9 Miscellaneous—total 75.9 68.4 7.5 38.8 34.6 4.2 9.2 10.8 -1.6 26.9 22.5, 4.4 .6 Real estate mortgages and savings accounts... 53.4 46.5 6.9 24.4 24.0 A 1A 7.2 .2 21.3 15.3 6.0 .1 .2 Principal cash. 22.5 21.9 .6 14.4 10.6 3.8 1.8 3.6 -1.8 5.6 7.2 -1.6 .5 .2 Factors affecting change: Net additions to principal. 331.5 181.5 5.4 135.3 9.3 Net appreciation in market value of investments. 405.5 285.5 13.6 105.8 .6 Net realized,capital gains. 1.3 -16.3 54,6 -46-6 9.7 Net transfers due to splits and reclassifications.... 67.2 -211.2 162.7 -18.7 1 Mainly quasi-governmental and foreign issues. '•• as a trustee, executor, administrator, or guardian; and (2) in con- 2 Less than $50,000. . ;: •>; f o o f rm th i e t y B o w a i r th d t o h f e G ru o l v e e s r n a o n r d s r o e f g u th la e t i F o e n d s e , r p a r l e R va e i s l e in rv g e fr S o y m st e t m im p e e t r o ta t i i n m in e g , NOTE.—As denned by Section 584(a) of the Internal Revenue Code ; to the Collective investment of trust funds. , . ." of 1954, a "common trust fund" is a fund maintained by a bank or Details may not add to totals because of rounding. trust company "(1) exclusively for the collective investment and. reinvestment of moneys contributed thereto by the bank in its capacity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN •• MAY 1962 showed a small decline. Among the common Changes in the trust statutes of two States stocks, financial and trade issues had the explain in part the sharp increase in the largest percentage gain over holdings at the number of discretionary funds in 1961. New end of 1960. Hampshire and Pennsylvania adopted the The net addition to principal—new par- "prudent man" rule by amending their statticipations less withdrawals—amounted to utes to give full discretion to trustees in the almost a third of a billion dollars and was by investment and reinvestment of trust assets. far the largest increase since the Survey As a result of these statutory amendments, began; it was more than twice the total for 44 funds in Pennsylvania and 1 fund in New 1960. Hampshire were reclassified from legal to discretionary status with a corresponding CHANGES IN FUNDS shift of $230 million in assets. Only 6 of those funds reclassified were fixed-income Along with the large vertical gain in the or equity type funds. number of common trust funds there was a The trend toward the liberalization of horizontal shifting of funds. As a result of trust statutes in the various States—that is, the shifting among funds already in existthe reduction in limitations on trustees adance and of the distribution of funds estabministering and investing funds in trust aclished de novo during the year, the number counts—may further explain the large gain of discretionary funds grew at a record rate in the single-purpose and discretionary types while the number of legal funds showed a of funds. large net decline. Similar shifts occurred in By size of bank. Ninety of the 107 largest the assets of these two major types of funds. banks and trust institutions accounted for By type. Of the 85 de novo funds in 1961, approximately $2.6 billion, or almost three- 60 were discretionary fixed-income and fourths, of all common trust assets at the common stock funds and 21 were discretionend of 1961.3 The remaining 17 did not ary diversified. Only 4 were legal funds. operate any Section 17 (c) fund. Seven discretionary diversified funds were split in 1961, adding 14 to the single- 3 For this purpose large banks were defined as those reporting $700,000 or more in gross trust department purpose category. earnings during 1961. TABLE 5 SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1961 [Dollar amounts in millions] Diversified All funds Single-] Size of fund Discretionary Legal (total holdings, in millions of dollars) Number ho T l o d t i a n l gs Number ho T l o d t i a n l gs Number ho T l o d t i a n l gs Number ho T l o d t i a n l gs All funds 511 $3,550.9 238 $2,463.7 39 $234.6 234 $852.6 Under 1 186 92.3 58 30.0 8 13.4 120 48.9 1-2.. 64 99.2 28 39.3 4 14.8 32 45.1 2-5.. . .. . . . 108 353.8 56 187.8 10 38.4 42 127 6 5-10 .. 60 419.9 33 228.7 9 58.1 18 133.1 10-25.. 63 984.7 39 624.7 8 109.9 16 250.1 25-50 15 526.7 12 422.1 3 104 6 50 and over 15 1,074.3 12 931.1 3 143.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1961 533 Even though most of the common trust ($9 million), Ohio ($6 million), and Masfunds are operated by the country's larger sachusetts, Pennsylvania, Kentucky, and trust institutions, many relatively smaller Illinois (about $4 million each). As in the banks are demonstrating an increasing past, common trust holdings tend to be conawareness of common trust funds as investcentrated in the eastern half of the United ment media for trusts created and used for States, particularly in the Boston, New York, true fiduciary purposes. Of the 327 banks Philadelphia, and Cleveland Federal Reserve in the 1961 Survey, more than one-fourth Districts. At the end of 1961, these four had total bank assets of less than $50 million. Districts accounted for 237 funds valued at Approximately one-third of the 43 banks $2.2 billion, or more than 60 per cent of that began operation of a fund in 1961 had the assets held by all common trust funds. total assets of less than $50 million. The Philadelphia District continues to rank first in total common trust assets, followed GEOGRAPHIC DISTRIBUTION by the New York, Boston, and San Fran- The number of common trust funds has cisco Districts, as shown in Table 7. increased in all of the Federal Reserve dis- The proportions of bond and stock holdtricts in each of the 7 years covered by ings in common trust funds vary among the Survey. In terms of net growth in assets, geographic areas and Reserve districts, dethe New York, Philadelphia, and San Fran- pending to a large extent upon various State cisco Districts, in that order, registered the laws and local investment practices, which largest gains during 1961. In number of may favor one class or type of security over funds the San Francisco, Cleveland, and another. The largest proportion of all com- Philadelphia Districts had the largest gains mon trust fund assets continue to be in- —16, 15, and 11, respectively. The largest vested in common stocks; this proportion increases in the number of new funds, ex- ranges from a low of 47 per cent in the cluding splits and mergers of funds, were Cleveland District to a high of 65 per cent in Pennsylvania and Ohio (13 each), New in the Minneapolis District. York, Virginia, and Utah (5 each), and In conclusion the Survey shows that: Illinois and California (4 each). Common trust funds in the Philadelphia Dis- During 1961, Iowa passed enabling legis- trict hold more than half of all preferred lation permitting the establishment of com- stocks. Funds in the Boston, New York, mon trust funds and one bank in that State Philadelphia, and Cleveland Districts hold took advantage of the new law to open a 96 per cent of all municipal tax-exempt single-purpose fund. In addition, a total of bonds, and there are few or no such hold- 5 discretionary funds were established in ings in six districts. More than half of the three other States that previously had no 64 legal funds are in the States of New York common trust fund—Kansas, Louisiana, and New Jersey. And that holdings of fixedand Nevada. income securities are proportionately larger In terms of dollar growth in total assets in the Cleveland and Atlanta Districts and of common trust funds, New York State smaller in the Kansas City and St. Louis led with $26 million, followed by Oregon Districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN • MAY 1962 TABLE 6 STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1961 Number of funds Number of funds leg S a t l a iz t a e t , io w n i th o f y c e o ar m o m f on Diversified Single-purpose leg S a t l a iz t a e t , io w n i th o f y c e o ar m o m f on Diversified Single-purpose trust funds Total trust funds Total D tio is n c a r r e y - Legal D tio is n c a r r e y - Legal D tio is n c a r r e y - Legal D tio is n c a r r e y - Legal 48 States, incl. D. C 511 238 39 209 25 Alabama (1943) 4 3 1 Montana (1955). 2 2 Arizona (1941) 3 1 2 Nebraska (1953) 3 1 1 1 Arkansas (1947) 3 3 Nevada (1955) 2 2 California (1947) 23 4 1 > New Hampshire (1953).. 4 2 2 Colorado (1947) 10 5 4 1 New Jersey (1945) , 22 1 2 10 9 Connecticut (1943) 11 11 New Mexico (1953) 3 1 2 Delaware (1935) 3 3 New York (1937) 53 18 21 13 1 Dist. of Columbia (1949). 6 2 2 2 North Carolina (1939)... 9 5 4 Florida (1941). 13 8 5 ....... North Dakota (195 5).... 3 1 2 Georgia (1943) 10 7 2 Ohio (1943) 26 6 1 16 3 Hawaii (1947) 4 4 Oklahoma (1949) 6 2 4 Illinois (1943) 12 8 4 Oregon (1951) 3 2 1 Indiana (1937) 9 1 8 Pennsylvania (1939)..... 79 53 26 Iowa (1961) 1 i'"' Rhode Island (1956).... 5 2 3 Kansas (1951). 2 2 South Carolina (1955)... 5 2 3 Kentucky (1938) 6 4 2 South Dakota (1941).... 3 1 2 Louisiana (1950)... 1 1 Tennessee (1953) 9 7 2 Maine (1951) 5 3 2 Texas (1947) 16 12 4 Maryland (1945) 9 4 3 2 Utah (1951) 8 2 6 Massachusetts (1941) 26 16 10 Vermont (1933) 2 2 Michigan (1941) 11 7 4 Virginia (1944) 28 13 15 Minnesota (1937) 12 1 10 Washington (1943) 4 3 1 Mississippi (1950) 2 2 West Virginia (1943).... 4 2 2 Missouri (1940) i 13 4 9 Wisconsin (1943) 13 2 8 3 i By court decision; legislation was enacted in 1955. TABLE 7 TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1961 [Dollar amounts in millions] Number of funds Bonds, notes, and certificates Stocks Miscellaneous Single- Real R F d e e is d s t e e r r i r c v a t e l Total t D c i D a o r i r e i s n y v - - - ersi L fi e e g d al t D c i a o r i r p e s n y - - u - rpo L s e e gal T h i o n o l g t d a s - l Total U m G er . o e n S n v - . t - p S d s s a i o u i t c i n o a v l b a i d t n i - l t e - - C r p a o o t - r e - o A th l e l r Total fe P r r r e e - d C m o o m n - e m i s a s a n a o t n c g a v r d - s t t - e - P c c i r a p i s n a h - l counts All districts. .. 511 238 39 209 25 $3,550.9 $1,256.8 $218.7$83.6 $817.3 $137.2 $2,218.2 $232.2 $1,986.0$53.4 $22.5 Boston 49 32 17 421.8 159.2 21.0 2.3 117.6 18.3 259.1 9.2 249.9 1.3 2.2 New York.... 69 22 22 19 713.6 298.7 26.5 24.2 220.1 27.9 410.2 17.3 392.9 2.1 2.6 Philadelphia... 72 47 1 20 745.9 205.0 75.8 16.2 78.1 34.9 536.5 128.3 408.2 4.3 Cleveland..... 47 17 1 26 315.7 127.7 31.9 37.2 46.9 11.7 182.5 33.9 148.6 2.9 Richmond.... 61 28 24 301.2 101.3 15.1 75.9 9.5 178.6 9.4 169.2 19.7 1.6 Atlanta 36 25 9 113.3 48.2 6.1 2.4 36.5 3.2 62.6 7.3 55.3 1.9 .6 Chicago. 43 17 16 206.0 81.7 12.0 .1 59.1 10.5 122.1 6.1 116.0 .2 2.0 St. Louis 18 12 5 181.4 59.4 4.1 .3 53.2 116.5 2.4 114.1 4.5 1.0 Minneapolis... 21 3 15 39.8 13.1 1.2 11.2 .6 26.2 .6 25.6 .1 .4 Kansas City... 31 10 19 114.2 31.9 10.7 17.0 4.2 65.4 4.0 61.4 15.6 1.3 Dallas 17 13 4 58.9 21.8 3.5 12.8 5.5 35.5 2.9 32.6 .9 .7 San Francisco. 47 12 35 339.1 108.8 10.8 88.9 9.1 223.0 10.8 212.2 4.4 2.9 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Quarterly Survey of Consumer Buying Intentions IN APRIL more families reported plans to April 1961, and the proportion reporting buy used automobiles, household durable an increase or no change in income has goods, and houses than in January, accord- risen. In fact, fewer families in April reing to the Quarterly Survey of Consumer ported a decrease in income than in any Buying Intentions. The proportion of fami- preceding Survey. Consumer expectations lies expressing plans to buy new automobiles concerning future income prospects were showed little change from the high level about the same as in January. reached in January. In other recent years Automobiles. About 3.9 per cent of the consumer buying plans have generally de- families interviewed in April expressed inclined from January to April.1 tentions to buy new cars within 6 months. Consumer plans to buy automobiles were This proportion was larger than a year reported more frequently in this Survey than earlier, as the chart shows, but about the in any of the three preceding April Surveys. same as in April 1960 (see also note to About the same number of consumers as a year earlier expressed intentions to buy AUTOS AND HOUSES - PLANS TO BUY household durable goods within the 6 WITHIN 6 MONTHS Per cent 6 months following the Survey, but this year NEW AUTOMOBILES a considerably larger number expected to 5 buy within 3 months. For both household 1962 4 durable goods and automobiles, the proportions of planners who said they definitely 3 would buy were substantially larger than in April 1961. Plans to buy new and existing USED AUTOMOBILES houses showed little change from April of either 1960 or 1961. As would be expected during a period of general economic expansion, the proportion of families reporting a decrease in income from a year earlier has fallen steadily since WITHIN 12 MONTHS 1 This article presents the findings of the April 1962 Quarterly Survey of Consumer Buying Intentions, conducted for the Board of Governors by the Bureau of the Census. The Quarterly Survey is conducted under the supervision of Mona E. Dingle of the Board's staff and James C. Byrnes of the Bureau of the Census. The current article was prepared by Theodore G. Flechsig. JAN. APR. JULY OCT. JAN. Articles covering the previous Quarterly Surveys ap- NOTE.—Plans to buy new automobiles and used automobiles peared in earlier issues of the BULLETIN. A descrip- include pro rata shares of planners undecided between new tion of the Survey appeared in the BULLETIN for Sep- and used. These proportions differ from the proportions shown in Table 1 which include only specific plans to buy either new tember 1960, pp. 977-1003. or used cars. 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN • MAY 1962 chart). The percentage planning to buy total for the first quarter was about the same within 6 to 12 months after the Survey as that for the first quarter of 1961. Sales date, however, was above the April 1960 of used cars reported by new-car dealers, figure. A larger proportion of consumers who sell wholesale as well as to consumers, said they planned to buy used cars within increased about seasonally in the first quarthe next 6 months than in any similar period ter of 1962 and were moderately higher in the 3-year history of the Survey.2 The pro- than in the first quarter of 1961. New-car portion expecting to purchase within 6 to dealers accounted for about two-thirds of 12 months after the interview date, how- total sales to consumers in 1961. ever, was no larger than a year earlier.3 Household durable goods. Plans to buy As in January, a large proportion of household durable goods within the next consumers expressed dissatisfaction with the 3 months have increased sharply since Jancars they owned—about 10 per cent com- uary and in April were higher than a year pared with 9 per cent in the two preceding earlier but not quite so high as in April April Surveys. The proportion that reported 1960. Plans to buy within the next 6 months shopping for a car in the weeks just be- also increased, compared with declines in fore the most recent Survey was moderately the two preceding years. Six-month plans, larger than in April 1961 but about the same as in April 1960. HOUSEHOLD DURABLE GOODS - PLANS TO BUY WITHIN 6 MONTHS No. per 100 families Consumers reported purchasing about 1.3 million new cars in the first 3 months of 1962, compared with 1.1 million a year earlier. Most of the year-to-year increase in purchases occurred among middle-income families and among consumers in the North Central States, the groups that had accounted for a large part of the decline in early 1961. First-quarter sales of new cars - 6 to consumers derived from trade sources were somewhat higher than purchases shown JAN. APR. JULY OCT. JAN. by Survey data. NOTE.—Plans to buy items listed in Table 3. According to Survey data, consumer purchases of used cars in the first quarter of however, continued to compare less favor- 1962 failed to show the usual seasonal in- ably with year-earlier levels than 3-month crease from the fourth quarter of 1961. The plans and in the recent Survey were only about equal to the year-earlier level. Most 3 The exceptionally high level of plans reported for of the improvement from January to April used cars probably implies greater strength than is in total plans compared with year-earlier warranted. 3 In terms of the number of plans or purchases, it levels reflected increases in plans to buy should be kept in mind that reported proportions are washing machines, refrigerators, and telebased on the total number of households, which increase by about 1 million units, or 2 per cent, per vision sets. year. Thus 5 percentage points in the recent Survey Consumers reported 9.2 purchases of is equivalent in number of purchases to about 5.2 percentage points 2 years earlier. household durable goods per 100 families Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 537 in the first quarter of 1962, up somewhat SAMPLING ERRORS OF PROPORTIONS from 8.8 reported in the first quarter of The chances are 68 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number 1961, and close to the high attained in the of percentage points shown below. corresponding quarter of 1960. The margin Number of Reported percentage above year-earlier purchases was about the households (in millions) 2 or 98 5 or 95 10 or 90 25 or 75 50 same as in the preceding quarter. Movements in the number of purchases reported 1 .8 1.3 1.8 2 6 3.0 2 .6 .9 1.3 1.8 2.1 in the Survey are consistent with gross na- 5 .4 .6 .8 1.2 1.4 tional product estimates of expenditures for 10 .3 .4 .6 .8 1.0 20 .2 .3 .4 .6 .7 50 .1 .2 .3 .4 .4 household durable goods. According to the latter series, seasonally adjusted ex- Survey) rather than in terms of the actual penditures declined slightly from the fourth number of households sampled. The chances quarter of 1961 to the first quarter of 1962. are 68 in 100, or about 2 in 3, that an Houses. In April, the proportion of famiestimate from the Survey would differ from lies planning to buy houses within the fola complete census by less than the sample lowing 12 months did not differ significantly errors shown in the table and 95 in 100 from the two preceding Aprils. The inthat the difference would be less than twice crease from January to April was statistithe errors shown. cally significant, but it was only slightly The second table shows the approximate larger than the increase that had occurred number of households by income and age the year before. Reported purchases of new groups. The estimated size of each suband existing houses, which are at their seagroup may be used in the first table to sonal low in the first quarter of the year, obtain the approximate sampling error for showed little change from the first quarter that subgroup in preceding Surveys as well of 1961. as in the April 1962 Survey. Sampling variability. Data from Quarterly Surveys are based on about 17,000 inter- SAMPLE SIZE FOR SPECIFIED GROUPS views and, as is true of all sample surveys, Families or households i may differ because of sampling variability from data that would be obtained if a com- Group characteristic Proportion Approximate numin April ber applicable to 1962 all Surveys plete census were taken. The reliability of Survey (in millions) estimates of percentages obtained from the Total 100.0 54 Survey depends on the size of the estimated Income:2 percentage and the size of the total sample Under $3,000 26.7 15 $3,000-$4,999 19.0 12 $5,000-$7,499 24.0 12 —or portion of the sample—on which the $7,500-$9,999 11.0 6 $10,000 and over 10.5 5 percentage is based. Not ascertained 8.8 4 Sampling errors are shown in the table Age of head: Under 35 23.3 13 for selected percentages and sample sizes. 35-54 41.6 23 55 and over 35.1 18 The sample sizes are expressed in terms of 1 For the Quarterly Survey, data are collected only from the the estimated number of households repre- principal family in the household. Therefore the number of families is the same as the number of households. sented by the Survey (or portion of the 2 Total money income before taxes of family in 12 months immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN • MAY 1962 TABLE 1 PLANS TO BUY HOUSES AND DURABLE GOODS, 1960-62 1 1960 1961 1962 Buying plan Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. Percentage of all families New or used automobile:2 Planning to buy within 12 months.... 18.7 17.1 16.8 18.6 17.9 16.6 17.4 18.5 18.1 18.9 Doesn't know about 12-month plan.. 7.8 7.5 7.1 7.1 7.4 7.6 7.3 8.0 7.7 7.9 Planning to buy within 6 months..... 9.5 8.1 9.1 9.0 8.4 9.1 9.1 10.2 Doesn't know about 6-month plan... 3.6 3.0 2.8 2.8 2.7 2.9 2.9 3.1 3.0 3.3 Has shopped for automobile3 4.5 5.5 4.9 6.3 4.5 5.1 4.6 5.0 4.3 5.4 Dissatisfied with automobile owned... 9.8 8.7 8.0 9.6 10.0 8.9 9.1 9.2 10.3 9.8 New automobile: Planning to buy within 12 months.... 7.4 7.0 6.9 7.9 7.4 6.8 7.6 8.1 7.8 7.7 Planning to buy within 6 months..... 3.5 3.3 3.1 3.7 3.5 3.1 3.4 3.7 3.7 3.4 Degree of certainty: Definitely 1.3 1.5 1.2 1.5 1.4 1.1 1.4 1.6 1.5 .5 P M ro ay b b a e bly 1 1 . . 1 0 .9 1.0 1.2 1 1 . . 1 0 1.1 1 1 . . 1 0 1.2 1 1 . . 2 0 . . 0 0 Timing of planned purchase: .9 .9 .9 First 3 months .9 1.2 .9 1.3 1.0 .9 1.1 1.4 1.1 .3 Second 3 months 1.7 1.3 1.4 1.4 1.6 1.4 1.5 1.5 1.7 .3 Doesn't know when in 6 months. .7 .7 .9 .9 .8 .8 .9 Used automobile: Planning to buy within 12 months.... 8.4 7.2 7.2 8.0 8.3 7.7 7.9 8.2 8.2 9.2 Planning to buy within 6 months 4.6 3.9 3.8 4.0 4.5 4.1 4.2 4.4 4.3 5.6 Degree of certainty: Definitely 1.6 1.3 .4 1.2 1.5 .6 1.5 1.4 .5 2.0 Probably 1.5 1.2 .2 1.3 1.4 .3 1.2 1.5 .4 1.8 Maybe 1.5 1.3 .2 1.4 1.6 .3 1.5 1.5 .4 1.8 Timing of planned purchase: First 3 months 1.3 1.4 .4 1.3 1.3 .7 1.6 1.4 .3 2.1 Second 3 months 2.0 1.3 .2 1.7 2.0 .3 1.6 1.7 .8 1.9 Doesn't know when in 6 months. 1.2 1.1 .1 .9 1.2 .1 1.0 1.3 .2 1.6 House (new or existing): Planning to buy within 24 months.... 12.0 11.1 11.2 10.6 10.3 10.0 10.0 10.6 9.8 10.0 Doesn't know about 24-month plan.. 6.6 6.2 6.6 6.8 6.4 6.3 6.1 6.4 6.1 6.4 Planning to buy within 12 months.... 5.8 5.3 5.4 5.0 4.8 5.1 5.0 5.1 4.8 5.2 Degree of certainty: Definitely 2.3 2.2 2.2 2.0 1.9 2.1 2.0 2.2 1.7 2.0 Probably. 1.8 1.6 1.6 1.5 1.5 1.5 1.6 1.6 1.5 1.5 Maybe 1.7 1.5 1.5 1.5 1.4 1.4 1.4 1.3 1.6 1.7 Timing of planned purchase: First 6 months 2.4 2.5 2.4 1.9 1.9 2.3 1.9 2.0 1.8 2.3 Second 6 months 1.8 1.3 1.7 1.9 1.5 1.4 1.7 1.8 1.5 1.3 Doesn't know when in 12 months 1.6 1.4 1.3 1.1 1.4 1.3 1.4 1.3 1.5 1.6 Doesn't know about 12-month plan.. 2.4 2.4 2.4 2.5 2.1 2.2 2.2 2.3 2.0 2.3 Plans per 100 families Household durable goods:* Planning to buy within 6 months.... 24.3 21.9 20.1 21.0 20.5 20.2 18.4 19.6 18.8 20.1 Degree of certainty: Definitely 7.5 7.7 6.5 7.4 6.3 6.5 6.2 7.0 6.5 7.1 Probably 6.0 5.8 5.0 5.5 5.4 5.6 4.8 5.0 5.1 5.2 Maybe. 10.7 8.5 8.6 8.1 8.1 7.3 7.6 7.2 7.9 Timing of planned purchase: First 3 months , 5.4 7.4 5.9 6.8 5.1 6.7 5.8 6.9 4.8 7,2 Second 3 months 10.6 7.7 7.4 8.2 7.8 7.4 7.1 8.8 7.1 Doesn't know when in 6 months 8.2 6.7 6.7 6.0 6.6 5.7 5.2 5.6 5.2 5.8 Doesn't know about 6-month plan.. 5.5 5.4 4.7 4.5 4.7 5.0 4.6 4.6 5.2 5.1 Major household durable goods:5 Planning to buy within 6 months.... 15.7 13.9 14.0 13.8 13.7 13.0 12.8 13.1 12.2 13.0 Degree of certainty: Definitely 4.7 4.7 4.4 4.7 4.1 4.1 4.1 4.5 4.1 4.4 Probably 3.3 3.1 3.0 3.1 3.0 3.1 3.1 2.8 2.8 3.0 Maybe 7.7 6.2 6.7 5.9 6.6 5.8 5.6 5.9 5.3 5.7 Timing of planned purchase: First 3 months .. 3.7 3.8 3.8 4.2 3.5 3.7 3.9 4.5 3.2 4.0 Second 3 months 5.8 4.9 4.7 5.1 5.1 5.0 4.7 4.3 5.0 4.5 Doesn't know when in 6 months 6.1 5.2 5.4 4.5 5.1 4.2 4.2 4.3 4.0 4.5 Doesn't know about 6-month plan.. 2.8 2.7 2.9 2.6 2.9 2.8 2.9 2.9 2.9 3.0 1 As reported in interviews in the first month of each calender 4 Sum of plans to buy washing machines, refrigerators, television quarter. Interviews are taken in the week that includes the 19th of sets, air conditioners, clothes dryers, radio and phonographic equipthe month. Planning period begins on the date of interview. ment, and dishwashers. 2 Includes those undecided between new and used. 5 Sum of plans to buy first three items listed in note 4. 3 In the weeks immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 539 TABLE 2 PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1960-62 1960 1961 1962 Planning period,, and income or age group Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. Planners as a percentage of all families in group Planning to buy new automobile within 6 months: All families 3.5 3.3 3.1 3.7 3.5 3.1 3.4 3.7 3.7 3.4 Incomeri Under $3,000.............. .7 .9 .8 .6 .6 .8 .7 .9 .9 53,000-54,999.............. 2.3 1.7 1.5 2.4 1.9 1.7 2^2 2.3 2.0 1.8 $ $ 5 7 , , 0 5 0 0 0 0 - - $ $ 7 9 5 , 4 9 9 9 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 . . 0 8 4 5 . . 5 5 6 3 . . 6 6 4 6 . . 5 8 4 6. . 3 1 4 3 . . 8 8 6 3 . . 0 8 3 6. . 7 4 3 6 . . 8 3 6 3 . . 2 5 $10,000 and over. „ 12.0 9.6 9.9 11.7 11.3 9.6 11.0 13.4 11.5 9.4 Age of head: Under 35 3.2 3.3 3.4 3.7 3.6 3.2 3.3 3.4 4.1 3.4 35-54 ................. 4.5 4.1 3.7 4.4 4.3 3.7 4.3 4.6 4.1 4.0 55 and over............... 2.5 2.3 2.1 2.9 2.5 2.4 2.3 2.7 2.9 2.8 Planning to buy used automobile within 6 months: All families 4.6 5.6 Income: * Under $3,000. ,.... 3.1 2.6 2.9 2.9 2.8 2.5 2.7 3.0 2.3 4.0 $ $ $ $1 3 5 7 0 , , , , 0 0 5 0 0 0 0 00 0 0 0 - - - a $ $ $ n 4 7 9 d 5 s s 4 9 9 o 9 9 9 v 9 9 9 er . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 6 5 . . . . 0 8 3 5 4 4 4 3 . . . . 9 8 3 3 4 4 4 5 . . . . 6 1 4 1 4 4 5 3 . . . . 9 4 6 9 4 4 4 6 . . . . 9 8 9 0 4 4 5 5 . . . . 6 4 3 1 4 4 5 5 . . . . 3 7 2 5 4 4 5 5 . . . . 5 7 7 1 6 4 5 3 . . . . 1 3 8 9 7 6 5 5 . . . . 0 7 4 8 Age of head: Under 35...................... 6.5 6.8 6.6 6.7 7.1 6.8 7.1 7.0 7.4 9.9 35-54 5.5 4.3 4.0 4.3 5.0 4.8 4.7 4.8 4.6 6.2 55 and over................ 2.1 1.4 1.5 1.6 2.0 1.5 1.6 2.1 1.8 2.0 Planning to buy house within 12 Months: All families ...................... 5.8 5.3 5.4 5.0 4.8 5.1 5.0 5.1 4.8 5.2 Income: i Under $3,000...., 1.9 1.7 2.1 1.8 1.5 1.7 2.2 2.4 1.7 2.3 $3,000-$4,999...................... 5.3 5.1 5.4 4.9 4.1 4.8 4.8 4.6 4.7 4.5 $5,000-$7,499...................... 8.4 7.1 7.3 7.0 6.6 6.4 6.7 6.1 6.2 6.6 57,500-59,999...................... 9.1 8.4 8.6 8.4 7.3 7.9 7.9 7.8 6.4 7.4 $10,000 and over................... 11.5 10.2 9.1 7.3 8.6 8.1 7.7 9.5 8.7 9.0 Age of head: Under 35 10.1 9.4 9.8 9.2 8.8 9.3 9.9 9.5 9.2 9.7 35-54. 6.2 5.6 5.5 5.1 5.1 5.1 4.7 5.3 4.9 5.2 55 and over .„.„„..„.. ...., 2.4 2.0 2.2 2.0 1,7 2.1 2.1 2.0 1.6 2.3 Plans per 100 families in group Planning to buy household durable goods within 6 months:^ All families.......................... 24.3 21.9 20.1 21.0 20.5 20.2 18.4 19.6 18.8 20.1 Income: * Under $3,000 13.4 12.1 11.1 10.8 10.0 10.4 10.7 10.9 10.0 11.7 $3,000-54,999..................... 21.1 19.3 18.8 19.6 15.0 15.9 14.8 16.5 16.4 17.0 $5,000-$7,499 ...... ....... 29.1 24.0 24.1 24.9 24.7 21.4 20.5 21.1 21.4 22.0 $7,500-59,999.......... 39.9 30.8 29.8 32.2 31.5 28.6 28.4 30.2 25.9 25.8 $10,000 and over.................. 46.9 43.8 39.1 41.1 40.8 39.7 34.0 37.5 34.2 36.8 Age of head: Under 35........................ 31.0 32.0 29.8 31.2 27.3 29.6 26.9 28.1 27.6 31.5 35-54 28.1 24.4 22.0 23.7 23.9 21.8 20.2 21.3 21.3 21.5 55 and over 14.9 11.9 11.2 10.6 11.8 12.0 10.4 11.8 9.7 11.0 Planning to buy major household durable goods within 6 months:3 All families 15.7 13.9 14.0 13.8 13.7 13.0 12.8 13.1 12.2 13.0 Income :i Under $3,000. 11.6 9.9 9.8 9.2 8.5 8.7 9.5 9.5 8.7 9.5 $3,000-54,999. 14.8 13.3 14.0 14.4 11.6 11.5 11.4 12.4 11.6 12.0 $5,000-57,499..................... 17.7 14.5 16.3 15.9 16.2 13.7 13.6 13.9 13.4 14.2 $7,500-59,999 23.3 17.0 18.0 19.0 18.5 15.2 18.7 17.7 15.1 15.2 510,000 and over 23.9 21.4 22.4 21.4 23.1 21.5 19.2 20.2 17.8 18.9 Age of head: Under 35 18.7 19.8 19.5 19.7 17.5 18.3 17.8 18.3 17.2 19.2 35-45 17.8 15.0 15.3 15.3 15.5 13.7 14.0 14.0 13.5 13.8 55 and over 10.9 8.6 8.7 8.2 8.9 8.6 7.9 8.6 7.2 7.9 1 Total money income before taxes of family in 12 months sets, air conditioners, clothes dryers, radio and phonographic equipimmediately preceding interview. ment, and dishwashers. 2 Sum of plans to buy washing machines, refrigerators, television 3 Sum of plans to buy first three items listed in note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN • MAY 1962 TABLE 3 PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1960-62 [Percentage of all families] 1960 Type of durable good Jan. Apr. Washing machine 6.5 6.0 Refrigefator. , 4.5 3.8 Television set 3.2 3.4 2.2 1.8 Radio and phonographic equipment*- . • • 2.3 .9 O\ co 1961 1962 July Oct. Jan. Apr. July Oct. Jan. Apr. 5.9 5.5 5.5 5.3 5.1 5.4 5.2 5.4 4.0 3.4 3.7 3.6 3.4 3.3 3.1 3.4 3.9 4.2 1.4 1.3 2.0 2.6 1.1 1.2 1.9 2.6 2.0 2.3 1 9 1.8 1.7 1.9 1.8 1.8 1.9 2.7 2.1 2.1 2.1 2.5 2.3 1.9 .8 .8 .8 .8 .7 .8 .6 .8 1 Radios pr phonographs (or their component parts) together costing ;$100 or more. TABLE 4 PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1959-62-1 [Percentage of all families] ! 1959 1960 Item Oct.- Jan.- Apr.- Dec. Mar. June Automobile: New: • 2.4 2.7 3.2 Used 4.7 5.0 5.7 House (new or existing) 2 , 1.5 .8 1.4 Washing machine 3.2 2.4 2.7 Refrigerator. 2.3 1.6 2.4 Television set. 4.8 3.3 2.9 .2 .3 1.1 Clothes dryer .... . ... 1.4 .6 .5 Radio and phonographic equipment 3 2.5 1.0 Dishwasher .4 .3 ONCO 1961 1962 July- Oct.- Jan.- Apr.- Juiy- Oct.- Jan.- Sept. Dec. Mar. June Sept. Dec. Mar. 2.8 2.8 2.1 2.2 . 2.2 2.9 2.3 5.2 4.9 5 1 5.9 5.4 5.1 5.1 1.4 1.2 1.0 1.1 1.4 1.2 .9 2.8 2.9 2.2 2.5 2.8 2.8 2.3 2.7 1.9 1.7 2 2 2.8 1.9 1.7 3.4 4.8 2.8 2.7 3.3 5.2 3.1 1.0 .2 .2 .8 1.0 .3 .2 .7 1 1 7 4 6 1 0 7 1.0 2.9 .9 1.0 1.0 2.8 1.0 .3 .4 .2 .3 .3 .5 .2 1 As reported in month immediately following purchase period. chases of new houses. 2 Estimates are subject to somewhat larger sampling errors than 3 Radios or phonographs (or their component parts) together other data because of special problems involved in estimating pur- costing $100 or more. TABLE 5 PAST AND EXPECTED CHANGES IN INCOME, 1960-62 [Percentage distribution of families] 1960 1961 1962 Direction of change Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. Current income compared with a year earlier: Higher 25.0 22.2 21.5 23.2 22.6 20.7 20.6 22 6 22 2 23 1 57.1 61.3 61.9 58.7 57.9 59.9 61.0 59.9 60.2 61.6 17.0 15.5 15.7 17.0 18.7 18.5 17.6 16.6 16.5 14.6 .9 1.0 .9 1.1 .8 .8 .9 .9 1.0 .8 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current:1 Higher 24.4 24.2 24.6 24.5 24.6 23.9 24.7 23 7 24 0 24 2 59.6 60.2 59.6 59.2 57.2 59.4 58.5 59.3 60.0 60.3 5.7 5.6 5.9 5.8 6.0 5.4 5 8 5 7 5 0 5 1 10.2 10.0 9.8 10.5 12.2 11.4 11.0 11.3 11.1 10.4 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Expected a year hence. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Litigation Involving Board Order Acheson, United States Attorney, and Jerry C. To Increase Capital Straus, Attorney, Department of Justice, were on the brief, for appellees. On May 3, 1962, the United States Court of Appeals for the District of Columbia Circuit unani- Before BAZELON, FAHY and BURGER, Circuit Judges. mously affirmed an Order of the United States FAHY, Circuit Judge: An order of the Board of District Court which dismissed a complaint on Governors of the Federal Reserve System, dated behalf of The Continental Bank and Trust Com- July 18, 1960, provides that the Continental Bank pany, Salt Lake City, Utah, in a suit instituted and Trust Company,1 within six months "shall, by against the members of the Board of Governors. the sale of common stock for cash, effect an in- The Bank had petitioned the District Court to crease in its net capital and surplus funds in the declare void an Order of the Board, dated July 18, amount of not less than $1,500,000." The Bank 1960, which provided that within six months the filed suit in the District Court for a declaratory Bank should effect an increase in its net capital judgment that the order was void, and for related and surplus funds in the amount of not less than relief. This appeal is from an order of the District $1,500,000, by the sale of common stock for cash. Court of June 27, 1961, entered by Judge Me- The Board's Order to increase capital, with the Guire, dismissing the Bank's complaint for lack accompanying Statement of the Board, was pub- of jurisdiction.2 We construe the court's action, lished in the 1960 Federal Reserve BULLETIN com- as do the parties, as deciding that the Board's mencing at page 859. The issues raised in and order of July 18, 1960, did not have the requisite decided by the Court of Appeals are set forth in finality for judicial review. its May 3 opinion, which is printed below. The question thus presented is to be determined under the provisions of the Administrative Pro- UNITED STATES COURT OF APPEALS cedure Act in light of the special facts of the case.3 FOR THE DISTRICT OF COLUMBIA CIRCUIT The critical provision of the Act is Section 10(c), which provides that "every final agency action for No. 16620 which there is no other adequate remedy in any CONTINENTAL BANK AND TRUST COMPANY, court shall be subject to judicial review." 4 Neither APPELLANT the Federal Reserve Act,5 nor any statute, contains V. any "other adequate remedy," and it is not urged that the Board's order is reviewable under the WILLIAM MCCHESNEY MARTIN, JR., ET AL., general equity jurisdiction of the District Court. APPELLEES Moreover, if the agency's action is not final so as to be reviewable under the Administrative Pro- Appeal from the United States District Court cedure Act appellant is not helped on the question for the District of Columbia 1We shall refer to the Board of Governors as the Decided May 3, 1962 Board, and to the Continental Bank and Trust Company as the Bank. Mr. Peter W. Billings, of the bar of the Supreme 2 The appeal is also from an order of the court en- Court of Utah, pro hac vice, by special leave of tered August 5, 1961, denying the Bank's motion to court, with whom Messrs. Barron K. Grier and alter or amend its judgment, to vacate the judgment, and for leave to file an amended and supplemental John S. Nolan were on the brief, for appellant. complaint. See footnotes 12 and 15, infra. Mr. John G. Laughlin, Jr., Attorney, Depart- 3 60 Stat. 237 (1946), 5 U.S.C. §§ 1001-11 (1958). ment of Justice, with whom Assistant Attorney 4 60 Stat. 243 (1946), 5 U.S.C. § 1009(c) (1958). 5 38 Stat. 251 (1913), as amended, (codified princi- General William H. Orrick, Jr., Messrs. David C. pally in scattered Sections of 12 U.S.C). 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN • MAY 1962 of jurisdiction by the Declaratory Judgment Act,6 After referring the matter to its stockholders the upon which it also relies; for that Act does not Bank declined to increase its capital as requested afford an independent basis for jurisdiction. It has by the Board. to do with the kind of relief which might be avail- Thereafter the Board instituted a proceeding for able and not with jurisdiction. Schilling v. Rogers, the stated purposes of determining (1) the ade- 363 U.S. 666, 677; Shelly Oil Co. v. Phillips Pe- quacy of the Bank's capital position, (2) what troleum Co., 339 U.S. 667, 671-72.7 additional amount of capital, if any, would be The facts upon which the question of finality necessary to provide the Bank with an adequate is to be decided are now stated. The Bank, which capital structure, and (3) what would be a reasonis organized under the laws of the State of Utah, able period of time within which the Bank could was admitted to membership in the Federal Re- effectuate any increase in its capital funds, if such serve System February 1, 1952. The Board pre- were found to be needed, before being required scribed as one of the conditions 8 of the Bank's by the Board to surrender its capital stock in the membership the following: Federal Reserve Bank of San Francisco and forfeit its membership in the System for failure to 2. The net capital and surplus funds of such comply. bank shall be adequate in relation to the character and condition of its assets and to In due course a great deal of evidence was taken its deposit liabilities and other corporate re- before a Trial Examiner.9 The Trial Examiner sponsibilities, and its capital shall not be submitted his report and recommended decision reduced except with the permission of the on March 16, 1959, favorable to the Bank.10 Board of Governors of the Federal Reserve Upon exceptions filed by the Board's special coun- System. sel the matter was briefed and argued before the Board. The Board then entered its order of July The Board also advised the Bank that the Board 18, 1960, ruling that the Bank within six months felt its capitalization was low in relation to its should increase its net capital and surplus funds total assets, and particularly in relation to the by not less than $1,500,000 by the sale of common amount of its risk assets. The Board stated further stock for cash. This led to the suit of the Bank, that it wished to emphasize that in approving the the dismissal of which on jurisdictional grounds, Bank's application for membership the Board was as we have said, is the subject of this appeal. not to be construed as approving its capital position, or as indicating that the Board might not Following dismissal of the complaint the Board thereafter insist upon an increase in its capital. promptly, on June 28, 1961, served upon the Bank On February 10, 1956, the President of the an order. It recited that it appeared to the Board Federal Reserve Bank of San Francisco informed that the Bank in failing to conform with the the Bank that its undercapitalized condition re- Board's order of July 18, 1960, had failed to quired corrective action, and that in the Board's comply with Section 9 of the Federal Reserve opinion the capital structure should be strengthened Act X1 and, in particular, with the Bank's condition by the sale of additional common stock for cash of membership imposed by the Board pursuant to to provide not less than $1,500,000 net additional the section. For these reasons the order provided capital funds. The Bank was requested to advise for a hearing at which the Bank should show the Board within sixty days of the steps it would cause why the Board should not require the Bank take to bring about the increase in capitalization. to surrender its stock in the Federal Reserve Bank 7 6 2 A 8 p U p . e S ll . a C n . t § c 2 o 2 rr 0 e 1 ct l ( y 1 9 s 5 ta 8 te ). s that this court in Federal 9 There were other proceedings which intervened but which are not pertinent to this appeal. See Continental Trade Comm'n. v. Nash-Finch Co., 110 U.S. App. Bank & Trust Co, v. Woodall, 239 F.2d 707 (10th Cir. D.C. 5, 7, 288 F.2d 407, 409, finding that declaratory 1957), cert, denied, 353 U.S. 909. relief was justified, held that there was no need to 10 The Trial Examiner recommended that the Board "consider the Administrative Procedure Act." But this dismiss the proceeding for: was said in a situation in which we had found jurisdiction in the District Court though not under the Ad- (1) Want of jurisdiction or lawful authority; ministrative Procedure Act. (2) Violation of the due process of law; and 8See 38 Stat. 259 (1913), as amended, 12 U.S.C. (3) Failure to sustain the burden of proof. §321 (1958). And see 12 C.F.R. §§ 208.6(c), 208.7 11 38 Stat 259 (1913), as amended, 12 U.S.C. § 321 (a)(2) (1959). (1958). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 543 of San Francisco and forfeit all rights and privi- the Board a hearing was concluded and the deleges of membership in the System.12 cision reached that the capital of the Bank should We turn now to the reasons why we conclude be increased within six months. The Bank was in that the Board's order of July 18, 1960, was not terms ordered to bring about the increase. Yet final agency action within the meaning of the we must consider the effect of all this in light Administrative Procedure Act. We recognize that, of the provisions of the Act and the nature of unlike the valuation of a carrier's property con- further Board proceedings in the matter. Thus far sidered not to be a final order in United States v. there has been no definite legal consequence attrib- Los Angeles & S.L.R.R., 273 U.S. 299, 309-10, utable to the order of July 18, 1960. There is no the Bank here was directed to take certain action; fine, penalty or other sanction which flows from and also unlike the situation in Eccles v. Peoples the Bank's refusal to abide by that order. Forfeiture Bank, 333 U.S. 426, where the question decided of membership in the System does not ensue. The was that the District Court was not required to Board's action has not had such an impact as has exercise its discretion to grant a declaratory judg- led the courts in other cases to hold administrative ment, there is no disavowal by the Board of an action to be final for judicial review. See, e.g., intent to terminate the Bank's membership in the Frozen Food Express v. United States, 351 U.S. System, comparable to the disavowal in Eccles of 40; Columbia Broadcasting Sys. v. United States, an intent to terminate the membership of the bank 316 U.S. 407, 417-25; Isbrandtsen Co. v. United there involved so long as it maintained its inde- States, 93 U.S: App. D.C. 293, 297-98, 211 F.2d pendence. Morover, distinctions which add some 51, 55-56, cert, denied, 347 U.S. 990. Further support to the Bank's contention may be drawn proceedings must be had before any definitive between still other cases and this one. It is obvious legal consequence arises. The statute provides: too that the Board's order of July 18, i960, has All banks admitted to membership under the trappings of finality. But form and appearance authority of this section shall be required to are not determinative, cf. United States v. Los comply with the reserve and capital require- Angeles & S.L.R.R., supra at 309; and see the ments of this Act . . . .13 discussion in Rochester Tel Corp. v. United States, 307 U.S. 125, 129-30, and by this court in Cali- It further provides, however, in Section 9: fornia Oregon Power Co. v. Federal Power If at any time it shall appear to the Board Comm'n., 99 U.S. App. D.C. 263, 239 F.2d 426. of Governors of the Federal Reserve System And in the end we conclude for cogent reasons that a member bank has failed to comply that the order was not final. In doing so we conwith the provisions of ... this title, or the sider what the Board actually accomplished in the regulations of the Board of Governors of the proceeding which led to its order of July 18, 1960, Federal Reserve System made pursuant thererather than what it set out to do but omitted to do. to ... it shall be within the power of the A stated purpose of the proceeding initially was board after hearing to require such bank to to require the Bank to forfeit its membership in surrender its stock in the Federal Reserve the System if it failed to comply with any increase Bank and to forfeit all rights and privileges in capital found to be needed, but as we shall see of membership.14 the order in fact falls short of carrying out this purpose. Considering these two provisions together it is of special significance that though the Bank "shall The situation does not easily fit into any pattern be required to comply with the reserve and capital designed by previous decisions. Moreover, this was requirements of this Act," which for our purposes the first time, we are advised, that the Board has we assume includes the requirement of the order conducted such a proceeding. Neither the Federal of July 18, 1960, nothing eventuates of a legal Reserve Act nor any other statute laid down a character upon failure to comply unless the Board procedure to be followed. Under that devised by proceeds under Section 9 after "it shall appear . . 13 It was after this action of the Board in issuing a show cause order that the Bank filed its motion to alter 13 38 Stat. 259 (1913), as amended, 12 U.S.C. § 324 or amend judgment, to vacate the judgment and for (Supp. II, 1959-60). leave to file an amended and supplemental complaint, 14 38 Stat. 259, 260 (1913), as amended, 12 U.S.C. to which we have referred at note 2, supra. §327 (1958). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN • MAY 1962 that a member bank has failed to comply with the The question as to the validity of the Board's provisions of ... this title, or the regulations of order of July 18, 1960, is merged, to the extent the Board . . . made pursuant thereto . . . ." It is it may become necessary to be decided, with those then that it lies "within the power of the board further proceedings required before definitive after hearing to require such bank to surrender action against the Bank can be taken by the Board. its stock in the Federal Reserve Bank and to forfeit Our reasoning leads to affirmance not only of all rights and privileges of membership." 15 the District Court's order of June 27, 1961, dis- Action taken as a result of those proceedings missing the complaint, but also its order of August no doubt would be "final agency action" which, 5, 1961, denying, inter alia, leave to file an if adverse to the Bank, could be judicially re- amended and supplemental complaint to draw into viewed. It is possible, however, as is emphasized question the validity of the Board's order to show in the Board's brief, that such adverse action will cause referred to in footnote 2, as to which see not be taken in this case. Be that as it may, it has also footnotes 12 and 15, supra. not yet been taken. Should it eventuate we may Affirmed. not assume the Board will seek to make its action effective so quickly as to preclude judicial review Orders Under Bank Merger Act or refuse to allow the Bank a reasonable time in which to comply should the Bank elect to do so. The Board of Governors of the Federal Re- In any event the courts would not be impotent to serve System has issued the following Orders decide, as matters may then appear, whether or and Statements with respect to applications for not to intervene injunctively while review, if approval of the merger of certain banks: sought, would take its course. THE CHASE MANHATTAN BANK, We treat the problem in its own special setting, NEW YORK, NEW YORK having in mind not only the particular private interest involved but the important public responsi- In the matter of the application of The Chase bilities of the Board. The reasonable latitude which Manhattan Bank for approval of merger with must be accorded the Board in carrying out these Hempstead Bank. responsibilities bears upon the court's problem in deciding at what point the Board's action should be considered as maturing into such finality as to ORDER DENYING APPLICATION FOR APPROVAL permit the court to review its merits, bringing OF MERGER OF BANKS about a suspension of further Board consideration There has come before the Board of Governors, and action pending judicial proceedings, which pursuant to Section 18(c) of the Federal Deposit might be protracted. Insurance Act (12 U.S.C. 1828(c)), an applica- Such indirect damage as the Bank claims to have tion by The Chase Manhattan Bank, New York, suffered by the action thus far taken must be New York, a member bank of the Federal Redeemed on the record before us to be speculative; serve System, for the Board's prior approval of and even if to a degree demonstrable, nevertheless the merger of Hempstead Bank, Hempstead, Long is not of a character which turns the Board's Island, New York, with and into The Chase Manaction, otherwise not final, into that which is hattan Bank, under the charter and title of the final.16 Cf. Eccles v. Peoples Bank, supra at 434. latter. Notice of the proposed merger, in form 15 By its "Order To Show Cause And For Hearing Thereon" entered June 28, 1961, referred to in foot- sions of the Federal Deposit Insurance Act whenever a note 12, supra, the Board instituted proceedings under state bank shall cease to be a member of the Federal this provision designed to elicit "why the Board should Reserve System its insured status shall terminate "with not require it [the Bank] to surrender its stock in the like effect as if its insured status had been termi- Federal Reserve Bank of San Francisco and to for- nated ... by the board of directors" after proceedings feit all rights and privileges of membership in the pursuant to 12 U.S.C. § 1818(a). This subsection pro- Federal Reserve System for failure to comply with vides in pertinent part that upon the termination of said Condition No. 2 of respondent's [Bank's] mem- the insured status of "any bank . . . the insured deposbership." its of each depositor in the bank on the date of such 16 With regard to the Bank's insured status if termi- termination . . . shall continue for a period of two nation of its membership in the System does eventu- years to be insured " See 64 Stat. 879, 880 (1950), ally occur, it should be noted that under the provi- 12 U.S.C. §§ 1818(a), (b) (1958). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 545 approved by the Board, has been published pur- As required by said Section 18(c), reports on suant to said Section 18(c). the competitive factors involved in the proposed Upon consideration of all relevant materials in merger were received by the Board from the the light of the factors set forth in said Section Comptroller of the Currency, the Federal Deposit 18(c), including reports furnished by the Comp- Insurance Corporation, and the Department of troller of the Currency, the Federal Deposit In- Justice. surance Corporation, and the Department of The Board has noted and considered the ap- Justice on the competitive factors involved in the proval of these proposed mergers by the New proposed merger and the information received at York State banking authorities. and in connection with the public proceeding In addition, public proceedings in the form of which was ordered in this matter (26 Federal oral presentations before the members of the Register 12312) pursuant to the Board's Rules of Board pursuant to Section 262.2(f)(3) of its Procedure (12 C.F.R. 262.2(f)(3)), Rules of Procedure were conducted on each of IT IS HEREBY ORDERED, for the reasons set forth these applications. (26 Federal Register 12312). in the Board's Statement of this date, that the said At and in connection with such proceedings, the application be and hereby is denied. Board received expressions of views, opinions, Dated at Washington, D. C, this 30th day of and related data concerning each of the proposed April, 1962. mergers from the applicants and various other By order of the Board of Governors. interested persons. Evidencing the similarity in nature and effect of the two proposals, each of Voting for this action: Chairman Martin, and Govthe applicants requested that any presentation in ernors Balderston, Robertson, Shepardson, and Mitchell. Voting against this action: Governors Mills and support of one application at the public proceed- King. ings be received and considered by the Board in (Signed) MERRITT SHERMAN, support of the other application. The Board agreed Secretary, that such presentations would be so considered in [SEAL] every relevant respect; and presentations in opposition to the applications were also received on STATEMENT this basis. Accordingly, any points covered in the The Chase Manhattan Bank, New York, New Board's Statement of this date on the application York ("Chase"), with deposits of $8,876 million of Chemical Bank New York Trust Company (as of December 30, 1961), has applied, pursuant which are relevant to the application of Chase are to Section 18(c) of the Federal Deposit Insurance to be considered a part of this Statement, as well. Act, for the Board's prior approval of the merger Factors to be considered. Section 18(c) of the of that bank and Hempstead Bank, Hempstead, Federal Deposit Insurance Act requires the Board, Nassau County, Long Island, New York, with de- in acting upon an application thereunder, to conposits of $76 million (as of December 30, 1961). sider (1) the financial history and condition of Under the Plan of Merger the banks would merge each of the banks involved, (2) the adequacy of under the charter and title of Chase; and it is its capital structure, (3) its future earnings proscontemplated that the 15 established offices of pects, (4) the general character of its manage- Hempstead Bank would become branches of ment, (5) whether its corporate powers are con- Chase, increasing from 120 to 135 the total do- sistent with the purposes of the Federal Deposit mestic offices presently operated by that bank. Insurance Act, (6) the convenience and needs of Less than a month prior to the application in the community to be served, and (7) the effect this matter, an application was filed under the of the transaction on competition (including any statute for the Board's prior approval of a similar tendency toward monopoly). The Board may not proposal of Chemical Bank New York Trust Com- approve the transaction unless, after considering pany, New York, New York, to merge with the all these factors, it finds the transaction to be in Long Island Trust Company, Garden City, Nassau the public interest. County, Long Island, New York, which is also the Banking factors. The financial history of Chase subject of an Order and Statement of this date is good and the bank's financial condition is sound. by the Board. As to Hempstead Bank, the application indicates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN • MAY 1962 that improvement in the bank's ratios of capital County banks are unable to meet the large loan to loans and deposits is desirable, a situation attrib- requirements of expanding business in the County. uted largely to the expanding needs of the area Thin capital ratios and high loan/deposit ratios, and a rapid growth in the bank's deposits, loans, it is said, also limit the capacity of Nassau banks and investments without a corresponding increase to support industrial growth of the area. Proin capital funds. It does not appear, however, that ponents of the application point out that these any improvement needed in this respect cannot problems would be alleviated by the substitution be made other than by merger. At the public pro- of powerful Chase resources for those of Hempceeding on the application, it was stated in testi- stead Bank in the latter's 15 Nassau County offices, mony in behalf of the proposal that Hempstead and that benefits will accrue to the area through Bank has operated profitably. The bank has ca- the direct availability of its specialized lending pable management, and its future earnings pros- facilities in such fields as export-import, equippects are satisfactory. Chase's earnings prospects ment, aircraft, utility, and construction. also are satisfactory; its capital is adequate and In view of the positions in Nassau County of it has competent management. The resulting bank, The Franklin National Bank of Long Island, which would be under Chase's management, would Mineola ("Franklin"), and The Meadow Brook have a sound financial condition, adequate capital, National Bank, Jamaica ("Meadow Brook"), and and favorable earnings prospects. There is no evi- the ready accessibility to Nassau County custodence that the corporate powers of the banks are mers of the New York financial district and offices or would be inconsistent with the purposes of the of large New York City banks in the nearby Federal Deposit Insurance Act. Borough of Queens, it is difficult to accept the Thus, consideration of the banking factors, proposition that Nassau County has insufficient while not inconsistent with approval of the merger, credit resources. Correspondent relationships in is not necessarily determinative of the matter. the tightly knit financial community of the Metro- As in the case of the similar proposal of Chemical politan Area have been and remain capable of Bank New York Trust Company to merge with marshalling needed resources. As indicated in the Long Island Trust Company, referred to above, Chemical case, a large branch system is not necesthe banking factors must be balanced with con- sary to enable the wholesale bank customer to siderations relating to the remaining statutory avail himself of the services offered by large New factors. York City banks. Furthermore, insofar as the Convenience and needs of the communities to operation of local offices may contribute to the be served. For reasons similar to those outlined ability of large New York City banks to serve the in the Board's Statement in the Chemical Bank needs of Nassau County, de novo branching is New York Trust Company-Long Island Trust an alernative route in response to such needs as Company merger case already referred to ("Chem- develop and become demonstrable. ical case"), the principal area to be considered Testimony in applicant's behalf refers, among in connection with this application is Nassau other things, to the sustained growth trend of County. The characteristics of the County and Nassau County banks and their favorable profit related areas, as well as an outline of relevant position; and with respect to Hempstead Bank in banking and financial structures, are covered in particular, it is stated in such testimony that the the Chemical case. bank has operated profitably, as indicated earlier. With respect to the services which would be It is not clear, therefore, that proponents' referbrought to Nassau County by this proposed ences to thin capital ratios and high loan/deposit merger, the contentions in support of this applica- ratios prove an inability of Nassau County banks tion are similar to those advanced in the Chemi- to meet the needs of their customers. cal case. A "mere handful" of branches of New In summary, little has been added by this appli- York City banks is not adequate, it is said, to cation to the argument, rejected in the Chemical bring to the County the full benefit of more effec- case, that the needs and convenience of Nassau tive competition and better and more economical County support approval of mergers as proposed services. in these two applications. Specifically, Chase's position is that Nassau Competition. As indicated in the discussion in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 547 the Chemical case, the competitive structure of To eliminate Hempstead Bank as an alternative Nassau County banking is dominated by Franklin facility, thereby increasing Chase's competitive and Meadow Brook, which together account for strength, would be to eradicate a considerable over 50 per cent of the County's commercial source of present and potential competition. banking offices, over 64 per cent of the deposits Proponents of the application have attempted in County commercial banks, and over 70 per to minimize the effect which Chase's sudden larger cent of the loans by such banks. Hempstead Bank, scale entry in Nassau County would have on the with 15 offices, is the fourth largest commercial smaller banks which compete locally for the busibank in Nassau in terms of County deposits (4.6 ness of individuals and small business customers.; per cent), and fifth largest in terms of loans (3.8 Thus, it is contended that Hempstead Bank comper cent). In support of the application it is urged petes with smaller banks in only three of its servby proponents that the proposed merger would ice areas, and that the recent formation of two greatly improve the competitive climate by bring- new banks in the County demonstrates that new ing Chase into direct competition with the two competing facilities are not deterred by the anticidominant County banks in the 10 communities pation of competition from large-scale banking orin which Hempstead Bank now competes with ganizations. Nevertheless, during the public pro- Franklin or Meadow Brook. Hempstead Bank ceeding on this application, it was indicated in benow serves a total of 14 communities. half of Chase that the branches it would acquire However, an adverse effect would flow from the through this merger are "basically neighborhood resulting sudden fortification of the already strong branches" and that with such branches "history position which Chase has in Nassau County. Since seems to show that by and large you get neighborthe 1960 changes in New York banking law de- hood business." A question may well remain, scribed in the Chemical case, Chase has opened therefore, as to whether the acquisition of such but two offices in the County (in Great Neck branches would contribute significantly to Chase's and Plainview). Chase, nevertheless, has devel- ability to compete with Franklin and Meadow oped a volume of deposits and loans originating Brook in the wholesale field. However, smaller in Hempstead Bank's service areas which is almost banks, competing in the retail field, would almost half as much as Hempstead's deposits and loans. necessarily encounter difficulty in maintaining their Much of this business of Chase is of a type for position against the increased competitive impact which Hempstead Bank does not compete. But to which would result from combining the present ofimprove the already strong position of Chase in fices of Hempstead Bank with Chase, the largest order to intensify competition in the wholesale commercial bank in New York City and second field with Franklin and Meadow Brook does not, largest in the country. Branches of Hempstead alone, justify the elimination of Hempstead Bank Bank are located 0.1 mile from The Second Naas a competitor in the retail field and as potential tional Bank and Trust Company of Hempstead, competition in the wholesale field, as well. 0.3 mile from Security National Bank of Long Island, and 0.1 and 1.0 mile from two of the three Hempstead Bank's 15 offices are widely disoffices of the Bank of Westbury Trust Company, tributed throughout Nassau County. But, as is true all of which are smaller than Hempstead. of Long Island Trust Company, the largest volume of the business of Hempstead Bank is derived from As an alternative to entering Nassau County its offices near the boundary line between Nassau by the merger route, the establishment of de novo County and the Borough of Queens. In this area, branches by large New York City banks, such as three branches of Chase in Queens are located Chase, would be expected to provide, when demabout four miles from Hempstead's two offices onstrated to be desirable, beneficial additional in the Mineola area of Nassau County. In addition, services and competition without the results that Chase's present Nassau branch in Great Neck is would follow from consummation of the proposed one mile from Hempstead Bank's Manhasset merger. As indicated in the Chemical case, the de office. Here again—and as in the Chemical case novo route has not been shown to be without —the banks proposed to be merged have substan- feasibility or potential effectiveness. The Chemical tial facilities in an area of dense population, heavy case discusses the adverse effects which a sudden banking requirements, and intense competition. large-scale merger would have upon the preserva- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN • MAY 1962 tion and further development of a competitive DISSENTING STATEMENT OF GOVERNOR MILLS banking structure with a wide availability of a As indicated in the Statement of the majority, variety of banking facilities to meet Nassau the proposal of The Chase Manhattan Bank is County needs. It appears that the overall comsimilar in purpose and effect to the proposal of petitive effects of the proposed Chase-Hempstead Chemical Bank New York Trust Company, which Bank merger would be similarly adverse. is also the subject of an Order and Statement and Summary and conclusion. The determinative my Dissenting Statement of this date. The major factors in this application, as in the Chemical case, considerations in each case are essentially the are the convenience and needs of the Nassau same. This is evident from the Statements of the County communities and the effect of the proposal majority of their reasons for the Board's Orders on competition. It appears that the growth of denying the applications. Nassau County is creating an increasing need for Accordingly, for the same considerations disbanking services, especially in the wholesale field. cussed in my Dissenting Statement on the proposal However, there is little to indicate the present of Chemical Bank New York Trust Company, I facilities and those which might reasonably be dissent also from the Order and Statement of the expected to develop through normal growth, commajority on this application which, in my judgpetition, and the establishment of de novo branches will be inadequate to serve these needs. The ment, should be approved as being in the public sudden acquisition by Chase of a well-developed interest. branch system in Nassau County would not add CHEMICAL BANK NEW YORK TRUST significantly to the ability of banking offices in COMPANY, NEW YORK, NEW YORK Nassau County to serve the area. The sustained growth trend of Nassau County banks, as well as In the matter of the application of Chemical the wide availability of credit resources within the Bank New York Trust Company for approval of Metropolitan Area, indicate that the future of merger with Long Island Trust Company. Nassau County will not be limited by insufficient banking resources. ORDER DENYING APPLICATION FOR APPROVAL OF The proposed merger might increase competi- MERGER OF BANKS tion in Nassau County, especially with Franklin and Meadow Brook in the wholesale field. But There has come before the Board of Governors, the probable effects of the merger on smaller banks pursuant to Section 18(c) of the Federal Deposit and the elimination of Hempstead Bank as an Insurance Act (12 U.S.C. 1828(c)), an applicaalternative are more significant. The operation tion by Chemical Bank New York Trust Company, of a large branch system by Chase would have New York, New York, a member bank of the its most striking effect in the retail rather than Federal Reserve System, for the Board's prior wholesale field. Chase, like Chemical Bank New approval of the merger of Long Island Trust Com- York Trust Company, already serves Nassau pany, Garden City, Nassau County, Long Island, County extensively. This is evidenced both by New York, with and into Chemical Bank New Chase's volume of Nassau County business and York Trust Company, under the charter and title by the proximity of certain of its offices to Hemp- of the latter. Notice of the proposed merger, in stead Bank's service areas in the most financially form approved by the Board, has been published active parts of the County. The opening of de pursuant to said Section 18(c). novo branches, although a slower route than Upon consideration of all relevant materials in merger, would reduce a risk to the Nassau County the light of the factors set forth in said Section banking structure which provides local workers, 18 (c), including reports furnished by the Compcommuters, businesses, and large-scale commer- troller of the Currency, the Federal Deposit Incial and industrial enterprise with a variety of surance Corporation, and the Department of banks of different sizes and types. Justice on the competitive factors involved in the For these reasons, the Board finds that the proposed merger and the information received at proposed merger would not be in the public in- and in connection with the public proceeding terest. which was ordered in this matter (26 Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 549 Register 12312) pursuant to the Board's Rules Rules of Procedure were conducted on each of of Procedure (12 C.F.R. 262.2(f)(3)), these applications. (26 Federal Register 12312) IT IS HEREBY ORDERED, for the reasons set forth At and in connection with such proceedings, the in the Board's Statement of this date, that the said Board received expressions of views and opinions application be and hereby is denied. and related data concerning each of the proposed Dated at Washington, D. C, this 30th day of mergers from various interested persons, includ- April, 1962. ing the applicants. Evidencing the similarity in By order of the Board of Governors. nature and effect of the two proposals, each of Voting for this action: Chairman Martin, and Gov- the applicants requested that any presentation in ernors Balderston, Robertson, Shepardson, and Mitch- support of one application at the public proceedell. Voting against this action: Governors Mills and ings be received and considered by the Board in King. support of the other application. The Board (Signed) MERRITT SHERMAN, agreed that such presentations would be so con- Secretary. sidered in every relevant respect; and presenta- [SEAL] tions in opposition to the applications were also STATEMENT received on this basis. Accordingly, any points covered in the Board's Statement of this date on Chemical Bank New York Trust Company, the application of The Chase Manhattan Bank New York, New York ("Chemical"), with dewhich are relevant to the application of Chemical posits of $4,353 million (as of December 30, are to be considered a part of this Statement, as 1961), has applied, pursuant to Section 18(c) well. of the Federal Deposit Insurance Act, for the Board's prior approval of the merger of that bank Factors to be considered. In acting upon an and Long Island Trust Company, Garden City, application under Section 18(c) of the Federal Nassau County, Long Island, New York ("LIT"), Deposit Insurance Act, the Board is required to with deposits of $140 million (as of December consider (1) the financial history and condition 30, 1961). Under the Plan of Merger the banks of each of the banks involved, (2) the adequacy would merge under the charter and title of of its capital structure, (3) its future earnings Chemical; and it is contemplated that the 14 prospects, (4) the general character of its manageoffices of LIT would become branches of Chemi- ment, (5) whether its corporate powers are concal, increasing from 113 to 127 the total domestic sistent with the purposes of the Federal Deposit offices operated by that bank. Insurance Act, (6) the convenience and needs of the community to be served, and (7) the effect The application in this matter was followed in of the transaction on competition (including any less than a month by an application under the tendency toward monopoly). The Board may not statute for the Board's prior approval of a similar approve the transaction unless, after considering proposal of The Chase Manhattan Bank, New all these factors, it finds the transaction to be in York, New York, to merge with the Hempstead the public interest. Bank, Hempstead, Nassau County, Long Island, New York, which is also the subject of an Order Banking factors. The first five of the statutory and Statement of this date by the Board. factors enumerated above—the "banking factors" Reports on the competitive factors involved in —may be appropriately considered together. the proposed mergers were received by the Board Both Chemical and LIT have good financial as required by said Section 18(c) from the Comp- histories. The financial conditions of both banks troller of the Currency, the Federal Deposit In- are sound; they have adequate capital structures; surance Corporation, and the Department of their future earnings prospects are satisfactory; Justice. and each has competent management. The same The approval of these proposed mergers by the would be true of the resulting bank, which would New York State banking authorities has been be under Chemical's management. There is no noted and considered. evidence that the corporate powers of the banks In addition, public proceedings in the form of are or would be inconsistent with the purposes oral presentations before the members of the of the Federal Deposit Insurance Act. Board pursuant to Section 262.2(f) (3) of its While considerations relating to the banking Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN • MAY 1962 factors are not inconsistent with approval of the That Nassau is the principal area for consideration proposal, they are not necessarily determinative results also from the provision of New York law of the matter but must be balanced with considera- that would require Chemical to divest itself within tions relating to the remaining statutory factors. five years of the two offices of LIT in Suffolk Convenience and needs of the communities to County, if the proposal were to be approved. be served. Nassau County, Long Island, in which It is to be expected that New York City banks, Garden City and 12 of LIT's banking offices are anticipating their future growth, would wish to located, is one of the 17 counties comprising the follow the trends in population and business by New York Metropolitan Area. The County lies extending their banking operations to such areas just east of New York City's Long Island Borough as Nassau County, and this proposal, if approved, of Queens; and Garden City is situated in west- would be a means to that end. However, the central Nassau County about 20 miles from down- principal consideration here is the convenience town New York City. Occupying about 300 and needs of the communities and area concerned, square miles, Nassau County approaches in size rather than its benefits to the banks involved. the total land area of the five boroughs of New Thus, consideration of this factor depends upon York City. Suffolk County, in which two of the manner in which banking institutions in the LIT's offices are located, is adjacent to Nassau area are now serving or failing to serve the con- County on the east and extends to the eastern tip venience and needs of the residents thereof. of Long Island. Twenty-two commercial banks operate 165 New York City's population of about 7,900,000 offices in Nassau County. Seven of the offices are represents a decline of around 1.4 per cent since branches of New York City banks: The Chase 1950. At least some of this decline results from Manhattan Bank ($8,876 million of deposits), a population movement to the suburbs. From 1950 with two branches, one in Great Neck and one to 1960 the population of Nassau County in- in Plainview; The First National City Bank creased from 672,000 to 1,300,000, or 93.3 per ($8,372 million of deposits), with three branches, cent; and Garden City's population of some 24,000 one each in Freeport, Plainview, and Levittown; represents an increase of 66 per cent since 1950. Chemical Bank, with one branch in Massapequa; This marked population growth in Nassau and Commercial Bank of North America ($202 County, which is expected to continue, has been million of deposits), with one branch in Long accompanied by growth in business and industry Beach. In addition, Nassau County has one savso that the economy of the County steadily has ings bank with one branch, seven offices of New become more important and self-sufficient in re- York City savings banks, and 14 savings and loan cent years. For example, the New York State associations with 27 offices. Department of Commerce reports that in 1948 Until the enactment of the 1960 New York about 27 per cent of the total income of Nassau "Omnibus Banking Act," New York City banks residents was earned within the County; in 1959 were unable to operate offices in Nassau County. this percentage had increased to about 51.6 per During the period prior to the 1960 Act, two cent. Thus, although the U. S. Census Bureau Nassau County banks developed into large instireported that as of April 1960 some 43 per cent tutions capable of offering the "wholesale" bankof Nassau County residents were employed out- ing services required by the increasing numbers of side of the County, the characterization of the commercial and industrial enterprises in Nassau County as a "bedroom suburb" for New York City economy. These are The Franklin National Bank commuters seems clearly less appropriate than in of Long Island, Mineola ("Franklin"), with over the past. $800 million of deposits, and The Meadow Brook There has been no assertion nor is there any National Bank ("Meadow Brook"), with about evidence that the proposal would, in any signifi- $600 million of deposits, which recently moved cant degree, increase or otherwise affect the serv- its main office from West Hempstead to Jamaica, ices rendered to the customers in New York City Borough of Queens. Franklin has 35 and Meadow by Chemical. Accordingly, the principal consid- Brook has 45 offices in Nassau County. eration is the probable effect of the proposal upon Chemical (which initiated the merger proposal) the convenience and needs of Nassau County. and LIT contend that, although LIT is the third Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 551 largest Nassau County bank, it is basically a already available in Nassau County are inadequate suburban, "retail" bank and can offer little in or unsatisfactory; nor does it appear that such the wholesale, correspondent, investment, or in- additional services as may become desirable will ternational banking fields, and that only a large not evolve as a result of competition and normal New York City bank, such as Chemical, has the business responses to customers' needs. Moreover, resources and ability to furnish such services in approval of the proposed merger would not incompetition against Franklin and Meadow Brook. crease the number of available banking offices. Among the services which Chemical would bring The applicant states that LIT has been alert to to wholesale banking customers in the County are provide new and competitive services in the comits specialized mortgage lending department, which munity served by it. Furthermore, there is testiwould be available to the construction industry in mony in applicant's behalf that perhaps in some this rapidly growing area, and its international areas either Franklin or Meadow Brook has been banking services. Greater capital funds would en- ahead of applicant in introducing new services or able the bank to attract additional deposits from in offering more favorable rates to the public, and large customers and accommodate those requiring that perhaps in most cases the public in Nassau large lines of credit. has been adequately served. These and other services associated with such There is some evidence of a growing demand in institutions as Chemical and other banks in the Nassau County for a broader range of banking wholesale banking field are, of course, not un- services, particularly in the wholesale field. Howavailable in Nassau County. As already noted, ever, there is little, if any, positive evidence pre- Franklin and Meadow Brook now provide such sented that Nassau County's growth has been or services and, more important, easy access to the will be restricted because of the local banking New York City financial district and to the offices structure or because of the lack of convenient of large New York City banks in Queens pro- local facilities of New York City banks. vides ample alternative sources for needs such as Competition. The present banking structure of these in Nassau County. Thus, for the most part, Nassau County is not wholly satisfactory from the satisfaction of such needs at present is not de- standpoint of competition. The changes in New pendent upon the wide availability in Nassau York State law under the Omnibus Banking Act County of branch offices of large New York City of 1960, which permit New York City banks to banks. Furthermore, the facilities of large New establish branches in Nassau County, in some York City banks have become available, and pre- measure recognize the desirability of new or insumably will become increasingly available, creased competition, as well as additional servthrough the establishment by such banks of new ices, in such areas as Nassau County. branches in Nassau County as its population and The particular problem of competition in Naseconomy continue to grow and develop. sau County, however, arises from the dominant In the retail banking field, encompassing smaller position of Franklin and Meadow Brook in the business and individual banking needs, the acces- County. On a County basis, these two banks acsibility of a widespread branch system may be count for slightly more than 50 per cent of the important in terms of the convenience and needs commercial banking offices, over 64 per cent of of the area. However, assuming that Chemical did the deposits of commercial banks, and about 71 acquire the branch system of Long Island Trust, per cent of the loans by commercial banks. LIT, the benefits which would thereby accrue to the although third in size in Nassau County, holds Nassau County communities do not appear par- but 6.5 per cent of the deposits and 6.1 per cent ticularly significant. Instalment loan rates might of the loans of commercial banks in the County. be lowered slightly, and a somewhat higher effec- The dominant positions of Franklin and Meadow tive interest rate on deposits might be paid. Trust Brook, considered alone, might suggest that entry services would perhaps be somewhat improved of strong competitive forces would be beneficial. or expanded; and certain programs of a promo- However, the question is whether the possible intional nature (special purpose loan and savings crease of competition as a result of the proposed plans, etc.) would be offered. However, there is merger outweighs the competition which would little to indicate that the retail banking services be impaired or eliminated because of the merger. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN • MAY 1962 Alternative means by which increased competition fices of Chemical indicates that there is a commight be afforded must also be considered. petitive relationship between the two banks. Four The applicant contends that the most effective of the most important areas from which LIT obmeans of bringing its competitive capacity to tains its business are Mineola, Garden City, Free- Nassau County is through this proposed merger, port, and Great Neck. Four branches of Chemical, which would provide applicant the existing 12 operating in the Borough of Queens, are just Nassau offices of LIT as an established base from across the Queens-Nassau County line. These which to compete. The nearest competitors to branches are located at distances from 6 to 14 almost all of these 12 offices are offices of either road miles from the four service areas of LIT. Franklin or Meadow Brook, or both. The alterna- In general, then, Chemical has offices near LIT's tive method of entry by de novo branches, it is major areas of operations. The whole area, on both contended, is limited by lack of available sites sides of the County line, is highly developed and and the "home office protection" restrictions in densely populated; many offices of competing New the New York law, which prevent the establish- York City and Nassau banks are located there. ment of branches of outside banks in a community Although there may be little overlapping of the in which is located the head office of another primary service areas of these Chemical and LIT bank. branches, sharply defined trade areas cannot be Opposed to these favorable aspects of the pro- said to exist. At any rate, the proximity of bankposed merger are factors indicating certain ad- ing offices in this area indicates that Chemical verse affects which the merger would have upon offers some present competition in the local area the competitive structure of banking in Nassau even aside from the competition afforded by County. The percentage of Chemical's deposits access to its nearby financial district offices. and loans which originate in Nassau and Suffolk The main argument advanced by Chemical to Counties is fairly small, as is the percentage of buttress the competitive factors favoring the mer- LIT's business originating in New York City. ger is that de novo entry, which would not have Yet, as of May 31, 1961, the volume of Long the adverse effect of the proposed merger on com- Island business held by Chemical was about one- petition, would nevertheless fail to accomplish half that of LIT's business in these two Counties. the desired favorable competitive effect. It is Indeed, Chemical's loans and deposits originating clear that Chemical's impact on Franklin and in Nassau and Suffolk Counties as of the same Meadow Brook would be more immediate if the date, were greater than the deposits and loans of merger, rather than de novo, route is taken; but over 80 per cent of the banks domiciled on Long at the same time the possible adverse competitive Island. Thus, Chemical is a strong competitive effect on smaller banks in the County and the factor on Long Island even without a well-devel- effect of the elimination of LIT as an alternative oped branch system. Applicants have argued that source of banking services would also be im- Chemical's Long Island business is not of the mediate and pronounced. types for which LIT competes. Even to the extent LIT is the third largest bank in Nassau and that this is true, it still does not support a policy has deposits of over $141 million and a subwhich would eliminate a viable and highly com- stantial branch system; its earnings increased petitive bank in order to ease the path of Chemi- more than four times between 1953 and 1960. cal in Long Island. If the Long Island communi- While small banks can and do compete with ties in question already may utilize Chemical, as large banks, if LIT has had difficulty competing appears to be the case, and if Chemical can in- with Franklin and Meadow Brook, as is claimed, crease its impact in the area through de novo smaller banks in Nassau might have even greater branching, the potential competition served by difficulty competing against Chemical LIT has retaining LIT as an alternative is substantial. This branches within one and one-half miles of Valley is particularly true in view of the rapid growth National Bank of Long Island, the newly estabof population and economy in Nassau County, lished County National Bank, and Hempstead especially near the Queens-Nassau County line. Bank, all of which are smaller than LIT. The More specifically, the location of LIT's main branch system sought by Chemical is clearly centers of activity in relationship to existing of- oriented toward the retail field in which small Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 553 banks can compete most effectively with large applications may well be required. Although the banks. Insofar as LIT is capable of competing for present application must be considered on its own larger accounts, the merger would eliminate an merits, the Board cannot ignore the effect apalternative to Franklin and Meadow Brook and proval would have on the future of banking in the large New York City banks. Nassau County. Chemical contends, however, that statutory It is true that approval of the merger would "home office protection," which bars Chemical restructure Nassau County banking in a way to from de novo entry into a community containing challenge the dominant competitors in that area, the principal office of another bank, severely But a new structure which would include one or limits de novo opportunities. Although 15 of some two giant banks and two large banks, would re- 70 cities, towns, or villages in Nassau County duce the opportunity for preserving a variety of containing about 26 per cent of the population banking alternatives of varying size, each offering have "home office protection," the only such area its own advantages to the public. Competition which this merger would open is Garden City. throughout all the ranges of banking size and In fact, in the other 3 areas in which LIT's Nassau services is in the public interest. The alternative County offices are concentrated, offices of large proposal of merger would only strengthen whole- New York City banks have already been estab- sale competition of the dominant banks while lished or have been approved by supervisory au- eliminating LIT as a moderate-sized alternative for thorities and will be operating soon. ranges of banking needs below the largest. In view Chemical's argument that available sites for of the present availability of New York City banks de novo branches are limited is not without some and the further de novo entry which will doubtless force. However, the race for potential branch take place, it appears that the dominance of Franksites since Nassau County has become open to lin and Meadow Brook will become challenged New York City banks, as well as the number of without a sudden substantial altering of the bankapplications to supervisory agencies for new ing structure in the area. branches, indicates that opportunities for de novo Summary arid conclusion. The determinative branches are present. Furthermore, as the area factors in this case are the convenience and needs develops, such opportunities may be expected to of the Nassau County communities and the effect increase. The fact that a number of branch ap- of the proposal on competition. With regard to the plications have been denied by supervisory former, it appears that the need of Nassau County agencies does not necessarily indicate that de novo for wholesale banking services is increasing. Howbranching either has been or will be foreclosed. ever, such services are available from at least two Examples of possible opportunities are 20 com- large Nassau banks and from nearby offices of munities of Nassau County which have offices New York City financial institutions. The acquisionly of either Franklin or Meadow Brook, and tion by Chemical of LIT's branch system in Naswhich are not covered by "home office protec- sau County would not contribute significantly to tion." Some of these communities have substantial satisfying the wholesale banking requirements of population and several of the offices serving them large industrial and commercial concerns; In the have substantial deposit volumes. None of these retail banking field, the additional benefits which communities would be affected by the proposed might accrue to the public upon Chemical's obmerger, but they may offer opportunity for suc- taining LIT's 12 Nassau County offices are probcessful de novo competition. lematic at best. There is nothing to indicate that This proposal would eliminate the third largest present facilities are inadequate. Nassau County bank; the proposal by The Chase Additional competition in Nassau County is Manhattan Bank, also denied, would eliminate the desirable in view of the dominant positions of fourth largest bank in the County. Future merger Franklin and Meadow Brook in the County. Alapplications, it is true, will continue to be sub- though the merger might bring immediate and ject to supervisory approval on the basis of the effective competition to the area, it would bring circumstances then obtaining. Such applications, sudden adverse competitive effects. The merger of course, are not foreclosed by the disposition of would eliminate a prosperous and sound alternathese two cases. Indeed, approval of future merger tive source of banking services, and would sub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN -MAY 1962 stitute for it a large and powerful institution which City to competition from Nassau County banks would, in competing with other such institutions, —the New York State Legislative apparently saw diminish the prospects of smaller banks in the commercial banking as a vital segment of trade County. Because of Chemical's extensive Long and commerce that should be free from the re- Island business, and because of the proximity of strictions of what had amounted to an artificial Chemical's offices in the Borough of Queens and trade barrier. LIT's major business areas, both present and Steps that have been taken by both New York potential competition exist between the banks City and Nassau County banks since the passage which propose to merge. An alternative method of the 1960 New York State legislation to carry of entry for Chemical is through de novo branches. their activities to localities from which they were Although such a route may be slow and undra- excluded previously, demonstrate that it is in the niatie, the expected further growth and develop- public interest for modern banks, as a form of ment of Nassau County will undoubtedly increase merchandising endeavor, to extend competitively the opportunities for new branches. The opening the usefulness of their facilities into natural tradof such branches would not cause a sudden and ing areas tributary to their centrally placed and substantial increase in banking concentration, administered headquarters. The proposed merger which would make difficult the preservation of a of Chemical Bank New York Trust Company and banking structure offering a variety of banks of the Long Island Trust Company is a recognition different sizes to meet the differing needs and of this public interest with respect to Nassau preferences of the banking public. County, as is also the expansion of The Franklin For these reasons, the Board finds that the pro- National Bank and The Meadow Brook National posed merger would not be in the public interest. Bank into New York City. Taking into account background considerations DISSENTING STATEMENT OF GOVERNOR MILLS similar to those weighed by the New York State bank supervisory authorities when reaching their The application of Chemical Bank New York decision, the Board, in acting on the application, Trust Company, New York, New York, for the is charged with the responsibility under Section Board's prior approval of the merger of that bank 18 (c) of the Federal Deposit Insurance Act of and Long Island Trust Company, Garden City, passing upon the seven factors alluded to in the Nassau County, Long Island, New York, has been majority Statement in this case. As set out therein, tendered in accordance with Section 18(c) of considerations relating to the five so-called "bankthe Federal Deposit Insurance Act. The applicaing factors" are not inconsistent with approval of tion was a result of the so-called "Omnibus Bank- the application. The remaining statutory factors ing Act" enacted during the 1960 session of the having to do with the convenience and needs of the New York State Legislature. Among other things, communities to be served and the effect of the that Act provided for wider branch banking transaction on competition, must be considered powers for commercial banks in New York City; in relationship to the broad concept of the New and pursuant to their jurisdiction under the Act, York Metropolitan Area, previously noted, and the New York State bank supervisory authorities the kind of commercial banking services and comannounced their approval of the proposed merger petition best suited to the personal, commercial, on October 4, 1961. and industrial needs of the individuals and busi- In effect, the 1960 changes in New York State ness enterprises resident in that area. banking law gave de jure recognition to the de Nassau County contains a growing population facto existence of Nassau County as an integral of around 1,300,000, which is a population part of the New York City Metropolitan Area. greater than that of fifteen States in the Union, This Area must be viewed realistically as a single many of which are capably served by a relatively marketing area endowed with a common com- smaller number of relatively larger size commermercial, industrial, and financial cohesiveness. In cial banking institutions than holds true for Nasaccepting this viewpoint and in opening Nassau sau County. To contend that banking services in County to the competitive entry of New York Nassau County should essentially be limited to City banks—and, vice versa, opening New York these now in existence, except as New York City Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

555 LAW DEPARTMENT banks might obtain authority to establish de novo attract funds from New York City that have then branches, is seemingly to take the position that been employed in Nassau County. The Franklin National Bank and The Meadow For the reasons that have been explained, the Brook National Bank should have lasting protec- fact that the services of the Chemical Bank New tion to their already dominant financial places in York Trust Company, as one of New York City's the County's commercial banking structure. At largest banks, would substitute for and supplement the heart of the banking convenience and needs the services performed by the Long Island Trust of a community is the principle that a range of Company, via the proposed merger, is not indicacommercial banking facilities should be available tive that Chemical's size would be harmful to comfrom banks of varying size, but among them mercial banking competition in Nassau County. should be enough banks large enough to supply On the contrary, a wholesome new competitive services on an equal basis with the largest already financial influence would be introduced into a in operation. A merger between the Chemical financial complex already well occupied not only Bank New York Trust Company and the Long by commercial banks but by mutual savings banks, Island Trust Company, by way of supplementing savings and loan associations, and other kinds of the services provided by the latter, would be in financial institutions, all of which must justify conformance with this principle and would at the their existence competitively by the quality and same time redress the present imbalance in Nassau extent of the services they render the public. County's commercial banking structure. All factors considered, the merger of Chemical Approval of the proposed merger would not Bank New York Trust Company and Long Island only add to the community banking convenience Trust Company should be approved as being in and needs of Nassau County, but would also add the public interest. To do otherwise in the light of the various points offered in favor of the proposal to, rather than detract from, the competitive would fail unjustifiably to respect the property viability of the banks presently operating in the rights that are involved in the proposed merger. County. That the County's smaller banks would Denial of the application for reasons no more be competitively disadvantaged by the entrance cogent than those adduced in the majority Stateof Chemical Bank New York Trust Company is ment, would be contrary to the long proclaimed belied by the experience of many smaller banks principle that the preservation of property rights which, because of their well established places lies at the very base of the public interest. in a community, have grown and prospered when brought into competition with a much larger branch banking institution. Moreover, by its very COMMERCE UNION BANK, NASHVILLE, nature, a multiple banking organization disperses TENNESSEE the utility of the resources which it controls over In the matter of the application of Commerce the whole spectrum of its operations, but on a Union Bank for approval of merger with Broadbasis whereby each of its facilities must be inway National Bank dependently able to generate financial resources sufficient both to supply the needs of its imme- ORDER APPROVING MERGER OF BANKS diate locality and to support its own existence. Also under this scheme of operation, unemployed There has come before the Board of Governors, resources from one point in the organization can pursuant to Section 18(c) of the Federal Deposit be diverted and put to good use at a point in short Insurance Act (12 U.S.C. 1828(c)), an applicasupply, to the end that the various parts of the tion by Commerce Union Bank, Nashville, Tenwhole operation contribute mutually to the con- nessee, a member bank of the Federal Reserve structive benefit of each other. This would be put System, for the Board's prior approval of the into practice by consummation of the proposed merger of Broadway National Bank, Nashville, merger and, in effect, should better serve the com- Tennessee, with and into Commerce Union Bank, munity convenience and needs of Nassau County. under the charter and title of the latter, the two Existing advantages of this kind have been cited offices of Broadway National Bank to be operated in the ability of The Franklin National Bank to as branches of Commerce Union Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN • MAY 1962 Pursuant to said Section 18(c), notice of the Banking factors. Commerce acquired 80 per proposed merger, in form approved by the Board cent of the stock of Broadway through an exof Governors, has been published and reports on change of stock in 1930 and, since that time, has the competitive factors involved in the proposed continuously owned 80 per cent or more of Broadtransaction have been received from the Comp- way's stock. Both banks have competent managetroller of the Currency, the Federal Deposit In- ment, which includes common officers and direcsurance Corporation, and the Department of tors who are dominant in the management of each Justice and have been considered by the Board. institution and who will continue with the manage- IT IS ORDERED, for the reasons set forth in the ment of the resulting bank. The financial condition Board's Statement of this date, that said applica- of each bank is sound; each has an adequate tion be, and hereby is approved, provided that capital structure; and both have satisfactory earnsaid merger shall not be consummated (a) sooner ings prospects. These favorable attributes would than seven calendar days after the date of this also characterize the resulting bank, which would Order or (b) later than three months after said benefit from the simplification in management and date. related efficiencies implicit in the proposal. No Dated at Washington, D. C, this 2nd day of inconsistency with the purposes of the Federal May, 1962. Deposit Insurance Act is indicated. By order of the Board of Governors. Thus, consideration of the first five statutory Voting for this action: Unanimous, with all members factors enumerated above—the "banking factors" present. —lends support to the proposal. (Signed) MERRITT SHERMAN, Convenience and needs of the communities. Secretary. Nashville (population 171,000) is the capital of [SEAL] Tennessee and is located in Davidson County STATEMENT (population 400,000), which is regarded as the Nashville service area. Commerce has 10 offices Commerce Union Bank, Nashville, Tennessee in Davidson County. The bank's 8 other offices ("Commerce"), with deposits of $137 million, has are outside Davidson County. The two offices of applied, pursuant to Section 18(c) of the Federal Broadway are in Nashville. Deposit Insurance Act, for the Board's prior approval of the merger of that bank and Broadway No new banking offices will be opened and National Bank, Nashville, Tennessee ("Broad- none will be closed by consummation of the proway"), with deposits of $18.8 million. Under the posal, and no changes in policies or the range of Merger Agreement the banks would merge under services are contemplated. While effectuation of the charter and title of Commerce, and the Agree- the proposal would not be expected, therefore, to ment and application contemplate that the two have significant immediate or direct effects on the offices of Broadway would become branches of convenience and needs of the communities, the Commerce, increasing from 18 to 20 the total consequent simplification in administration and offices operated by that bank. related benefits, referred to previously, would tend Under Section 18(c), the Board is required to to inure to the benefit also of the customers of consider (1) the financial history and condition the resulting bank and the communities involved. of each of the banks involved, (2) the adequacy Competition. As indicated earlier, Commerce of its capital structure, (3) its future earnings owns 80 per cent of the stock of Broadway, and prospects, (4) the general character of its man- officers and directors common to each bank are agement, (5) whether its corporate powers are dominant in their management. The close relaconsistent with the purposes of the Federal De- tionship between the two institutions has been posit Insurance Act, (6) the convenience and public knowledge for many years, and little, if needs of the communities to be served, and (7) any, competition has existed between them. It does the effect of the transaction on competition (in- not appear that any diminution of competition cluding any tendency toward monopoly). The would otherwise result from the proposal, the Board may not approve the transaction unless, consummation of which would tend to strengthen after considering all these factors, it finds the the resulting bank's competitive position in relatransaction to be in the public interest. tion to the two larger Nashville banks. Commerce Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 557 and Broadway, respectively, rank third and fifth Bank, Hazelwood, Missouri; a Notice of Receipt in size among the eight commercial banks in Nash- of Applications has been published in the Fedville and Davidson County, and the merger would eral Register on October 27, 1961 (26 Federal not change the position of Commerce in this Register 10115), which provided an opportunity respect. for submission of comments and views regarding Summary and conclusion. The proposal is to the proposed acquisitions; and such comments unite two banks which already are under sub- and views as were received have been considstantially common ownership and management ered by the Board. Accordingly, and between which virtually no competition exists. IT IS ORDERED, for the reasons set forth in the This would eliminate administrative duplication Board's Statement of this date, that said appliand tend to increase efficiency, with probable cations be and hereby are granted, provided that benefits to the customers of the resulting bank, the acquisitions approved herein shall not be conwhich would be in a position to compete more summated (a) sooner than seven calendar days effectively with the larger banks in the area. after the date of this Order or (b) later than Otherwise, there would be no change in the serv- three months after said date. ices offered by the two banks, and the number Dated at Washington, D. C, this 27th day of and locations of the banking offices would remain April, 1962. the same. By order of the Board of Governors. Accordingly, the Board finds that the proposed Voting for this action: Chairman Martin, and Govtransaction would be in the public interest. ernors Balderston, Mills, and King. Voting against this action: Governors Robertson, Shepardson, and Orders Under Section 3 Mitchell. (Signed) MERRITT SHERMAN, of Bank Holding Company Act Secretary. The Board of Governors of the Federal Reserve [SEAL] System has issued the following Orders and State- STATEMENT ments with respect to applications by bank holding companies for approval of the acquisition of General Bancshares Corporation, St. Louis, voting shares of certain banks: Missouri, ("Applicant"), a bank holding company, has applied, pursuant to Section 3 (a) (2) GENERAL BANCSHARES CORPORATION, of the Bank Holding Company Act of 1956 ("the ST. LOUIS, MISSOURI Act"), for the Board's prior approval of the acquisition of up to 100 per cent of the voting In the matter of applications of General Baneshares of Commercial Bank of St. Louis County, shares Corporation for prior approval of acqui- Olivette, Missouri, and Lindbergh Bank, Hazelsition of up to 100 per cent of the voting shares wood, Missouri. of Commercial Bank of St. Louis County, Oli- Views and recommendations of supervisory vette, Missouri, and Lindbergh Bank, Hazelwood, authority. Pursuant to Section 3(b) of the Act, Missouri. the Commissioner of Finance for the State of Missouri was asked for his views and recom- ORDER APPROVING APPLICATIONS UNDER mendations. He interposed no objection to ap- BANK HOLDING COMPANY ACT proval of the applications. There have come before the Board of Gover- Statutory factors. Section 3(c) of the Act renors, pursuant to Section 3(a) (2) of the Bank quires the Board to take into consideration the Holding Company Act of 1956 (12 USC 1842) following five factors: (1) the financial history and Section 4(a)(2) of Federal Reserve Regu- and condition of the holding company and banks lation Y (12 CFR 222.4(a)(2)), applications on concerned; (2) their prospects; (3) the character behalf of General Bancshares Corporation, St. of their management; (4) the convenience, needs, Louis, Missouri, for the Board's prior approval and welfare of the communities and the areas of the acquisition of up to 100 per cent of the concerned; and (5) whether the effect of the acvoting shares of Commercial Bank of St. Louis quisitions would be to expand the size or extent County, Olivette, Missouri, and of Lindbergh of the bank holding company system involved Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN • MAY 1962 beyond limits consistent with adequate and sound As to the convenience, needs, and welfare of banking, the public interest, and the preservation the communities and areas involved, the facts reof competition in the field of banking. lating to the two proposed subsidiaries are sim- Discussion. Applicant, a registered bank hold- ilar in several respects. Their primary service ing company, with head office in St. Louis, Mis- areas, both encompassing portions of St. Louis souri, controls eight banks—one in Tennessee, suburbs, have experienced substantial population, three in Illinois, and four in Missouri. The Mis- industrial, and commercial growth in the past 10 souri banks are all located in the City of St. years, and there is evidence of continued growth. Louis. At December 31, 1961, the eight banks in It appears that the growth in these areas is due Applicant's system held total deposits of $275 in large part to the movement of population and million; Applicant's four St. Louis banks held industry from the City of St. Louis. In this connection, Applicant describes as unimpressive the total deposits of $207 million. growth prospects of at least two of its present Commercial Bank is in the city of Olivette, subsidiaries, which are located in areas of St. about 12 miles west of the central business sec- Louis whence the residential and commercial tion of St. Louis. Olivette's 1960 population was exodus has occurred. Inasmuch as Applicant's 8,300, an increase of 6,500 over 1950. Commerprospects are largely dependent upon the proscial Bank's primary service area (the area from pects of its banking subsidiaries, the extent to which about 75 per cent of its total deposits which the prospects for continued growth on the originate) comprises Olivette, parts of the adjoinpart of any of its St. Louis banks are unfavoring cities of University City, Ladue, Overland, and able, to that same extent Applicant's prospects Creve Coeur, and a portion of the unincorporated are adversely affected. area of St. Louis County. The estimated population of this area is 15,000. No other bank is located On the other hand, Applicant's prospects would appear to be bettered if, through the acquisiin Commercial Bank's primary service area. Comtions proposed, it were enabled to participate in mercial Bank commenced operations in June 1959 and contribute to the growth of the suburbs, parand at December 31, 1961, held deposits of $2.7 tially by serving customers formerly served by its million. St. Louis banks. This is not to suggest that the Lindbergh Bank is in the village of Hazelwood, banking needs in the pertinent service areas are about 13 miles northwest of the central business not being served adequately at this time, nor that section of St. Louis. The 1960 population of the the present banks would be unable to provide adevillage was 6,000, an increase of 5,700 over 1950. quate banking service as these areas are further Lindbergh Bank's primary service area, with an developed. However, Commercial Bank and Lindestimated population of 20,000, encompasses bergh Bank, and ultimately the growing communi- Hazelwood, portions of the cities of Florissant ties concerned, can be expected to derive some and Berkeley, the town of Bridgeton, and a porbenefit from the availability, through Applicant's tion of the unincorporated area of St. Louis system, of personnel and service techniques geared County. No other bank is located within this to and reflecting experience in serving growing service area. Lindbergh Bank was established in residential and commercial areas. March 1961 and at December 31 of that year, With respect to the fifth factor enumerated it held deposits totaling $1.9 million. above, it is the Board's judgment that the pro- The financial history and condition of the Apposed acquisitions will not result in such an explicant, Commercial Bank, and Lindbergh Bank pansion of Applicant's system as would exceed are satisfactory. While Applicant's prospects are limits consistent with adequate and sound banknot unfavorable, as hereinafter discussed it aping, the public interest, and preservation of bankpears that they would be somewhat bettered as ing competition. At December 31, 1961, Applia result of the acquisitions proposed. The pros- cant's four Missouri banks operated five of the pects of Commercial Bank and Lindbergh Bank 661 commercial banking offices in the State and are satisfactory. The character of management of held deposits of $207 million, representing 3 per Applicant and of the proposed subsidiary banks cent of the $6,523 million of deposits held by all is also satisfactory. insured commercial banks in Missouri. In both Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 559 the City and County of St. Louis, where there DISSENTING STATEMENT OF were 62 commercial banks operating 73 offices GOVERNORS ROBERTSON AND MITCHELL at December 31, 1961, the five offices of Appli- We would deny these applications for the reacant's banks represented 7 per cent of such ofson that we are unable to find any probable benefices, and held deposits of individuals, partnerfit to the public that would offset the features inships, and corporations totaling $165 million, or herent in this proposal which, in our judgment, 7.4 per cent of the total of such deposits of all are adverse to approval. The principal beneficiaries insured commercial banks in both the City and of this proposal appear to be the Applicant and County of St. Louis. The latter percentage would those of its officers and directors who are Banks' be increased by only .2 as a result of the acquiorganizers and/or shareholders. sitions proposed. Approval of these applications, would seem to The competition offered by Applicant's banks place this Board in the position of possibly encourto either of the proposed subsidiary banks is inaging officers of banks and bank holding comsignificant; and it does not appear that this situapanies to incur exposure to patent conflicts of tion will change substantially in the foreseeable interest, or to conflicts of interest that may be so future. As earlier noted, Commercial Bank and intricate and complicated that in tracing their Lindbergh Bank are the only banks in their respeccourse and impact through a particular applicative primary service areas. In terms of total detion, it may not be possible to determine whether posits, Commercial Bank is smaller than each of or not they are in fact hostile to the public interthe nine banks with which it may be said to comest. In this case, certain of Applicant's directors, pete. The same is true of Lindbergh Bank in one of whom is a senior officer of Applicant respect to the other six banks located within nine acquired interest (in one case controlling interest) miles of Hazelwood. Three of Commercial Banks' in the Banks in question. Applicant's Board of principal competitors, each located within five Directors authorized Applicant's purchase of the miles of Olivette, hold deposits ranging from Banks. In such circumstances, in the course of four to thirty-four times those of Commercial negotiating the price to be paid for the shares of Bank. Lindbergh Bank's principal competitor the Banks, there is no evidence of a test of barholds about four times the total deposits held by gaining involving bids by other interests; seem- Lindbergh Bank. The Board finds that consum- ingly, there could have been only the question of mation of these acquisitions should not impede how much the individuals acting in the dual capacthe normal growth of the banks that are com- ity of holding company directors (although they peting in varying degrees for business in the pri- did not actually vote on this matter) and bank mary service areas concerned. shareholders could persuade their colleagues on In view of the nine miles separating Commer- the Board of Directors to vote as a purchase cial Bank and Lindbergh Bank, and considering price. The validity of the generous premiums to that three other banks lie between them, it does be paid for Banks' shares, hereafter discussed, not appear that the insignificant extent to which could not have been tested against a price that Commercial Bank and Lindbergh Bank presently such shares might have brought on the market compete would be increased substantially, even (neither Bank here has as yet a strong earnings with the projected growth of their respective areas. position). In final analysis, the price to be offered Thus, present or potential competition between for Banks' shares was a decision by a Board of the proposed subsidiaries that might be eliminated Directors potentially exposed to urgings by parby the affiliation proposed is not a significantly ties having a vested interest in the price deteradverse consideration. minations and who were members of the Board It is the judgment of the Board, based on the of Directors. relevant facts considered in the light of the gen- Based on December 31, 1961 figures, the preeral purposes of the Act and the factors enu- mium that will be paid to Banks' shareholders merated in Section 3(c), that approval of the will total about $290,000, representing nearly 7 proposed acquisitions would be consistent with per cent of the Banks' combined total deposits at the statutory objectives and the public interest. December 31, 1961. Payment of this premium will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BULLETIN • MAY 1962 have the effect of requiring the Applicant to issue WHITNEY HOLDING CORPORATION, more preferred stock and incur more debt than NEW ORLEANS, LOUISIANA if Banks' shares were acquired at their book values. In the matter of the application of Whitney The premium will add to the total annual cash Holding Corporation for approval of its becomrequirements of the Applicant by increasing its ing a bank holding company by acquiring the amortization on term debt and requiring payment stock of Crescent City National Bank, New Orof additional dividends on the preferred stock, and leans, Louisiana, and Whitney National Bank in will reduce the book value of Applicant's com- Jefferson Parish, Jefferson Parish, Louisiana. mon shares. Admittedly, there are circumstances in which payment in excess of the book value of ORDER APPROVING APPLICATION bank shares can be considered a necessary inci- UNDER BANK HOLDING COMPANY ACT dent to the acquisition of such shares. However, where, as here, the recipients of approximately There has come before the Board of Govertwo-thirds of the premium paid for Lindbergh nors, pursuant to Section 3(a)(l) of the Bank Bank and about one-third of the premium paid Holding Company Act of 1956 (12 USC 1842) for Commercial Bank are an officer and/or direc- and Section 222.4(a)(l) of Federal Reserve tors of the organization initiating the proposals Regulation Y (12 CFR 222.4(a)(l)), an appliinvolving the premium payments, and when such cation on behalf of Whitney Holding Corporapremiums—which are, indeed, large by any stand- tion, New Orleans, Louisiana, for the Board's ard—result in additional fixed charges to the pay- prior approval of action whereby Whitney Holding organization, we would approve such a pro- ing Corporation would become a bank holding posal only upon a satisfactory showing of positive company by acquiring substantially all of the benefit either to the banks involved or to the voting stock of (1) the Crescent City National public. Neither showing has been made in this Bank, New Orleans, Louisiana (a proposed new case. On the contrary, while Applicant's financial bank), into which would be consolidated the history has been found to be "satisfactory," it is existing Whitney National Bank of New Orleans, clear that the consummation of this proposal under the latter title, and (2) the Whitney National would have the effect of imposing a further finan- Bank in Jefferson Parish, Jefferson Parish, Louisiana (a proposed new bank). A Notice of Recial burden on Applicant and, as a natural conseceipt of Application was published in the Fedquence, on its banking subsidiaries. The earneral Register on July 28, 1961 (26 Federal ings of its banking subsidiaries will be Applicant's Register 6792), which provided an opportunity primary source of funds for dividend payments for submission of comments and views regarding and debt service requirements. the proposed acquisitions, and the time for filing While it is clear that full disclosure regarding such comments and views has expired and all the premium to be paid was made by Applicant comments and views filed with the Board have to its and Banks' shareholders, the fact of disbeen considered by it. Pursuant to Order pubclosure does not meet the basic difficulty we find lished in the Federal Register on December 23, in the circumstances attending these applications. 1961 (26 Federal Register 12312), a public pro- Their approval could lend encouragement to the ceeding with respect to the application was held organization of banks by holding company reprebefore the Board on January 17, 1962 to provide sentatives based on a "bail out" agreement that a further opportunity for the expression of views could make organizational and initial operational and opinions by interested persons. investment relatively riskless, could assure to the IT IS ORDERED, for the reasons set forth in the bank organizers who are affiliated with the hold- Board's Statement of this date, that said applicaing company a profitable return on their investtion be and hereby is granted, provided that the ments, and would tend to subordinate consideraacquisitions approved herein shall not be consumtions affecting the benefits to and welfare of the mated (a) sooner than seven calendar days after banking communities concerned. the date of this Order or (b) later than three For these reasons we would disapprove the months after said date, and provided further that applications. Whitney National Bank in Jefferson Parish shall Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 561 be opened for business within six months after Orleans, and consequently banks situated in New said date. Orleans (including national banks) may not estab- Dated at Washington, D. C, this 3rd day of lish branches beyond the city limits. May, 1962. Like many other large American cities, the By order of the Board of Governors. City of New Orleans has become the central por- Voting for this action: Chairman Martin, and Gov- tion of a metropolitan area that extends far beernors Balderston, Mills, Shepardson, King, and yond the municipal boundaries. A large part of Mitchell. Voting against this action: Governor Robthe expansion of population and business in the ertson. New Orleans metropolitan area has taken place (Signed) MERRITT SHERMAN, in Jefferson Parish, which adjoins the city on the Secretary. west and south, as well as into St. Bernard Parish, [SEAL] which lies to the east. The West Bank area of Jefferson Parish is separated from most of New STATEMENT Orleans by the Mississippi River, but the East Whitney Holding Corporation, New Orleans, Bank area (in which Whitney Jefferson is to be Louisiana ("Applicant"), has applied to the situated) is not physically separated from New Board of Governors, pursuant to Section 3(a)(l) Orleans, but forms a continuous and homogeneous of the Bank Holding Company Act of 1956 (the westward extension of that city. "Act") for approval of action that would cause Views and recommendations of the Comptroller it to become a bank holding company under the of the Currency, In accordance with the require- Act, namely, its acquisition of all the stock of ment of Section 3(b) of the Act, the Comptroller Whitney National Bank of New Orleans ("Whitof the Currency was asked to submit his views ney New Orleans")* and all of the stock of and recommendations with respect to the pending Whitney National Bank in Jefferson Parish, Louiapplication. In a letter dated October 11, 1961, siana ("Whitney Jefferson"). Comptroller of the Currency Ray M. Gidney rec- Whitney New Orleans is by far the largest ommended approval. banking institution in the City of New Orleans Statutory factors. Section 3(c) of the Act reand the State of Louisiana, and is one of the quires the Board to take into consideration the largest banks in the South. New Orleans, with a following five factors: (1) the financial history population of 627,525 according to the 1960 cenand condition of the holding company and banks sus, is a major seaport and financial and indusconcerned; (2) their prospects; (3) the character trial center. of their management; (4) the convenience, needs, Whitney Jefferson is a new bank, organized and welfare of the communities and the area conby Applicant, and has not yet commenced operacerned; and (5) whether or not the effect of the tions. It is to be located in an area known as acquisitions would be to expand the size or extent the East Bank of Jefferson Parish ("East Bank"), of the bank holding company system involved which adjoins the City of New Orleans on the beyond limits consistent with adequate and sound west. banking, the public interest, and the preservation Under the law of Louisiana, a bank may not of competition in the field of banking. establish branches outside of the parish in which Discussion. The stated purpose of the proposed its head office is situated. (A Louisiana "parish" holding company system is to enable an organizais comparable to a "county" in other States). tion centered about Whitney New Orleans to pro- The boundaries of Orleans Parish are cotermivide banking services not only through its existing nous with the boundaries of the City of New 12 offices within the City of New Orleans but also through offices in the East Bank of Jefferson Par- * The application refers to "Crescent City National Bank" rather than to "Whitney National Bank of ish. The holding company system will be under the New Orleans." However, Crescent City National Bank direction of the present executive management of is only the temporary title of a bank that will continue the business of the present Whitney National Whitney New Orleans; in fact, for present pur- Bank of New Orleans under the latter title. For the poses the holding company itself is simply the sake of clarity, this statement refers to Whitney Nameans by which Whitney banking offices may be tional Bank of New Orleans and disregards the temporary title "Crescent City National Bank." established and operated in East Bank. Conse- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN • MAY 1962 quently, the character of the management and crease in recent years in the number of banking the prospects of the Applicant and its two pro- offices situated in East Bank. posed subsidiary banks may be evaluated largely If the proposed holding company system is creon the basis of the financial history and condi- ated, Whitney New Orleans will continue to rention, character of management, and prospects of der, through its 12 offices in the city, banking Whitney New Orleans. services of the scope and character presently ren- The financial history of Whitney New Orleans dered by it. Accordingly, consummation of the has been satisfactory. The condition of that bank proposal will not affect the convenience, needs, is sound and its management is regarded as satis- or welfare of the New Orleans area, as far as the factory. Accordingly, it is believed that the man- future operations of Whitney New Orleans are agement of Applicant and Whitney Jefferson will concerned. be satisfactory and the prospects of the holding Whitney Jefferson, however, will be a new bankcompany, which depend principally upon the pros- ing institution, and therefore its establishment pects of Whitney New Orleans, are favorable. necessarily will affect the convenience, needs, and To the extent that the prospects of Whitney welfare of the communities and the area it will Jefferson depend upon the quality of its man- serve. agement, those prospects also are favorable, since The proposed head office of Whitney Jefferson Whitney Jefferson will be subject to general policy will be situated approximately one mile from the direction by Applicant, and Applicant may be nearest competing banking office. Its establishexpected to provide competent local management ment and operation, therefore, will serve the confor Whitney Jefferson. However, the prospects of venience of residents and business establishments Whitney Jefferson, as a separate banking institu- in its immediate neighborhood, and will also provide a readily available alternative source of banktion, also depend, to a large degree, on the extent ing services to residents and business establishto which it can attract deposits, make profitable ments in a wider area. At present, only two banks loans and investments, and otherwise conduct its serve the area within four road miles of the business safely and profitably. proposed head office location of Whitney Jeffer- In the decade 1950-1960, while the population son. Both of these are well-established instituof the City of New Orleans increased 10 per cent tions, and the entry of Whitney Jefferson, in addi- (from 570,000 to 628,000), the population of the tion to the added convenience, may also contribute East Bank of Jefferson Parish increased 128 per to the welfare of the area by strengthening local cent (from 60,000 to 137,000). Although there banking competition with resulting improvement can be no assurance of the continuance of this in the scope and quality of services rendered by exceptionally rapid rate of growth, the geographeach of the competing institutions. ical situation in the New Orleans area is such In addition to its head office, Whitney Jefferas to create a substantial likelihood of considerson has applied to the Comptroller of the Curable further growth in East Bank. In addition, it rency for authority to establish a branch in the is important to note that Whitney New Orleans Airline Park Shopping Center, about three and presently holds deposits of individuals, partnerone-half miles northwest of its head office; the ships, and corporations, emanating from East latter would be located near the Mississippi River Bank, in an aggregate amount exceeding 30 per in a more industrialized section of East Bank. cent of such deposits held by all banks having The branch application is pending before the their head offices in East Bank. It is reasonable Comptroller of the Currency, who has not, as yet, to anticipate that a substantial portion of East either approved or disapproved the proposed Bank deposits in Whitney New Orleans will be branch establishment. transferred to Whitney Jefferson when it opens for On March 1, 1962 the new Metropolitan Bank business. Because of this circumstance, as well as of Jefferson opened for business in the Airline the relationship that would exist between Whitney Park Shopping Center, which would also be the Jefferson and Whitney New Orleans, it is conlocation of the proposed branch of Whitney cluded that the prospects of the former, from Jefferson. Any immediate contribution by such this viewpoint also, are favorable, despite the inbranch of Whitney Jefferson to the convenience, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

563 LAW DEPARTMENT needs, and welfare of the area necessarily is con- iently than at present, the services that originally siderably lessened by the fact that the area is gained this business for the Whitney organization. already served by a banking institution. In addi- Whatever special characteristics of Whitney servtion, there may be some question as to whether ice drew a considerable volume of East Bank adequate and sound banking, as well as the public business to Whitney offices in New Orleans will interest generally, would be promoted by estab- now become available not only to existing Whitlishment, in the Airline Park Shopping Center, of ney customers but to others in East Bank who a banking office affiliated with the largest bank have not heretofore found it convenient or feasiin Louisiana, so soon after the opening there of ble to deal with Whitney New Orleans. a new independent bank. However, the unfavor- In this aspect, the pending proposal to estabable significance of this factor is somewhat less- lish banking facilities in East Bank through the ened by the rapid growth of the East Bank area, holding company device is due to the natural and which suggests a greater than usual likelihood that legitimate desire of a bank in an expanding metrotwo new banking offices in the same area might politan area to furnish its services more convenachieve, within a reasonable time, a scale of busi- iently to customers situated in a section that, ness that would permit both to operate soundly although outside the corporate limits of Orleans and profitably. Parish, is realistically an integral part of the metro- It is also significant that the Comptroller of politan economy. The laws of Louisiana do not the Currency has held the branch application in prohibit expansion of a banking organization by abeyance since before the establishment of the this means. In the judgment of the Board, this new Metropolitan Bank of Jefferson. Primary re- phase of the proposal is a proper expression of sponsibility for deciding whether establishment of the character of the American business system— the branch would be in the public interest lies in some respects, in fact, it is a matter of ecowith the Comptroller, and it seems reasonable to nomic self-defense—and ought not to be frusassume that the branch will not be authorized if trated unless it involves effects significantly detriits presence would threaten the sound and service- mental to the public interest. able operation of the newly-established bank in Under Section 3(c) (5) of the Act, the question the Shopping Center. arises whether Applicant's acquisition of the stock Perhaps even more important than service ren- of Whitney New Orleans and Whitney Jefferson dered to new customers, from the viewpoint of would expand the size or extent of the proposed convenience and welfare, is the service that Whit- holding company system beyond limits consistent ney Jefferson could render to individuals and with adequate and sound banking, the public inbusiness organizations in East Bank that already terest, and the preservation of competition. Menare customers of Whitney New Orleans. As men- tion has been made of the possible effect of the tioned, Whitney New Orleans, through its offices establishment of the proposed branch of Whitney in the city, draws a substantial amount of deposits Jefferson upon adequate and sound banking in its from East Bank. Since Whitney New Orleans immediate vicinity. Apart from this aspect, it apdraws this business despite the lesser convenience, pears that the proposal would add a sound and for customers in East Bank, of dealing with a serviceable institution to the financial organizabanking office in New Orleans rather than one in tions situated in East Bank. East Bank itself, it may be inferred that doing From the viewpoint of concentration of bankbusiness with Whitney offers to its customers in ing facilities, the significance of establishment of East Bank benefits that are sufficient, in their the proposed holding company system might judgment, to outweigh the lesser convenience. seem at first blush to be relatively slight. On June Although some of Whitney New Orleans' East 30, 1961 Whitney New Orleans held 39 per cent Bank business may remain with that institution, of total deposits of banks in New Orleans and it is almost certain that a substantial part will be 44 per cent of all deposits of individuals, parttransferred to the affiliated Whitney Jefferson. nerships, and corporations. The establishment of Whitney customers in East Bank, therefore, will the holding company system would not increase benefit from the convenience of doing business Whitney New Orleans' proportion of the city at a local office that can furnish, more conven- banks' deposits; in fact, the anticipated transfer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN • MAY 1962 of some accounts from Whitney New Orleans trict one more alternative source of banking servto Whitney Jefferson would slightly reduce the ices, the proposal would tend to increase the vigor percentages held by Whitney New Orleans. Ini- of competition. Apart from the possible adverse tially, the deposit business of Whitney Jefferson competitive effect of the proposed branch of Whitmay consist largely of such accounts transferred ney Jefferson, previously mentioned, there is no from the affiliated city bank, and it does not ap- reason to believe that the increased competition pear probable that the predominance of Whitney would be destructive rather than beneficial. banks in the New Orleans metropolitan area will It is especially noted that East Bank is already be immediately increased as a result of the in- served by several offices of a bank that is affilstant proposal. iated with Whitney New Orleans' largest com- However, the fact that a relatively high propor- petitor. Establishment of Whitney Jefferson, theretion of banking resources in the New Orleans fore, will introduce into East Bank a new and metropolitan area is already concentrated in Whit- possibly important sort of competition—that is, ney New Orleans does not demonstrate the pro- competition between local banks affiliated with priety of an equal degree of concentration in a large banks in the nearby city and consequently holding company system. It has been pointed out in a position to offer the special services that that "the Act relates to concentration of bank- may be available as a result of such affiliation. ing power, not in the hands of banks, but in the Viewing the relevant facts in the light of the hands of bank holding companies." Matter of general purposes of the Act and the factors enu- First New York Corporation (1958) 44 Federal merated in Section 3(c), it is the judgment of Reserve BULLETIN 902,913-14. the Board that the proposed acquisitions would be It does not appear to the Board, however, that consistent with the statutory objectives and the the degree of concentration of banking resources public interest and that the application should in the proposed holding company system would be be granted. such as to jeopardize the vigor of banking competition either in the City of New Orleans or in CONCURRING STATEMENT OF East Bank. The management and policies of the GOVERNOR MITCHELL holding company system, it appears, would be equivalent to those of Whitney New Orleans. On In my judgment, there are two issues of conthe record before the Board, it appears that a cern in this case. comparable degree of concentration in that bank The first issue is whether an increase in conhas not adversely affected the local competitive centration would come about from approving the situation. In this connection, it is to be noted that application. Whitney presently accounts for about there appears to be no trend toward increasing 35 per cent of New Orleans metropolitan area dominance of Whitney in the area; Whitney's deposits. Whitney's present position is a fait share of the total deposits of the metropolitan accompli'. No matter how Whitney Holding Corarea diminished from 38 per cent to 35,4 per poration divides its deposit share among the banks cent between 1956 and 1961. it may create, its present share will not be Some cases presented to the Board under the changed. The Whitney organization would still Act involve a proposal for holding company ac- have 35 per cent of area deposits even if it were quisition of control of banks that compete with to create and operate a score of banks. This is each other. These situations necessarily involve because the plan of the application does not inthe elimination of some banking competition. No clude purchasing other banks but rather intends such problem is presented by the pending appli- de novo facilities to be established in East Bank. cation. The only existing bank involved is Whit- Thus, approval of this action will not increase ney New Orleans. Consummation of the plan will concentration by any meaningful measure whether bring into existence a new banking institution, deposits, loans, assets, or offices are used. Whit- Whitney Jefferson, which will be an additional ney has what it has. competitor in the banking situation in the west- Will "concentration" increase in the future? ern sector of the New Orleans metropolitan area. If Whitney can convince increasing numbers of By thus offering the banking public of that dis- individual and corporate depositors and loan ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 565 plicants to bank with its new set of offices because National Bank of Jefferson Parish, of Gretna, it offers better services and more attractive rates, was 10 per cent over the 10-year period 1951-61. then we might expect its share of deposits and Merchants Trust and Savings Bank of Kenner loans to increase. Denying this application on has averaged 25 per cent and Metairie Savings grounds of containing an anticipated increase in Bank and Trust Company 12 per cent over the "concentration" of this sort would be denying same period. National Bank of Commerce in one of the very things this Board is directed to Jefferson Parish has averaged 7 per cent in its preserve, competition. six years of operation. Taken together, these data The second issue is whether approval of this indicate that an "overbanked situation" could application would produce an "overbanked" sit- not exist for long in Jefferson Parish. uation in the East Bank of Jefferson Parish. Approval of this application will strengthen The use of "overbanking" as a policy criterion competition by allowing a New Orleans banking may have been justified in a time when the cre- organization to operate through de novo faciliation of banks was imperfectly regulated and de- ties in the rapidly growing East Bank of Jefferposits uninsured. The obsolescence of this concept son Parish. Rejection of the application would is apparent in today's context of widespread de- preserve sanctuary for existing Jefferson Parish posit insurance and regulation of entry by State banks or lead to indirect entry by Whitney and Federal agencies based on responsible man- through a device with less competitive impact. agement and adequate capital. To impose further restrictions on entry by deciding, ad hoc, that a DISSENTING STATEMENT OF given area may become "overbanked" if another GOVERNOR ROBERTSON competitor is admitted is to preserve comfortable Whitney National Bank of New Orleans is the closed markets for established institutions. Decilargest banking institution of the City of New sions with this effect can only be hostile to the Orleans and the State of Louisiana. It controls public interest. in the neighborhood of 40 per cent of the deposit Since this Board does not possess perfect fore- and loan business of all New Orleans banks— sight, it must depend on some rough and general more than the second and third largest banks rules of thumb if it is to avoid decisions harmful combined. The proposal before the Board of to the public interest. The fact that the "over- Governors would place control of this bank in banked" community of today may be the "under- Whitney Holding Corporation and thereby would banked" community of tomorrow if the growth overcome the effect of the branch banking laws of the community is rapid and substantial sug- of Louisiana, which prevent Whitney from estabgests that such rules of thumb might be formu- lishing any offices outside of Orleans Parish (the lated in terms of trends in population, in busi- City of New Orleans). In other words, by this ness expansion, and in deposits. Strong upward means the Whitney banking organization would movements in these indicia would shortly undo escape the legal limitations that now permit it to any initial condition of "too many" banks. have offices only within the City of New Orleans. What can be said in terms of these rules of In my judgment, one of the basic purposes thumb in the present case? The population of of the Bank Holding Company Act—to prevent Jefferson Parish has more than doubled since undue concentration of banking power in holding 1950. The Federal Reserve Bank of Atlanta re- companies—would be unjustifiably defeated by ports that further residential growth in the area approval of the creation of a holding company is assured. Rising business activity in the East system to control the predominant bank of a Bank area reflects a growing industrial commu- major metropolitan area and additional banks nity. Reserve Board data on deposits of individuals, within that area, unless such approval is warpartnerships, and corporations show that deposits ranted by favorable factors that outweigh this increased by more than 300 per cent and deposits strong adverse consideration. per capita in Jefferson Parish have increased by No such substantial favorable factors have been more than 100 per cent in the past decade, out- established in this case. It can hardly be asserted stripping any other urban parish in the State. The that the East Bank of Jefferson Parish would lack average annual rate of deposit growth of First adequate banking facilities unless Whitney Hold- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN • MAY 1962 ing Corporation is permitted to establish and con- In order to eliminate minority stockholders of trol the proposed Whitney National Bank in Jef- Whitney National Bank of New Orleans and ferson Parish. New banks and branches are being thereby to insure that Whitney Holding Corpoestablished in East Bank at a quite rapid rate, ration will be able to elect all members of the and the neighborhoods in which Whitney Jeffer- bank's board of directors, the plan before the son would have its offices already have banking Board includes a so-called "phantom bank" facilities conveniently available. merger, which makes it impossible for a stock- The establishment of additional banks and holder of the bank to retain his stock interest branches always contributes, in some measure, to therein. The purpose of centralizing control of the convenience of the banking public, and also, the holding company and its banks in the hands in many cases, to the vigor of banking competi- of very few individuals—perhaps only one indition. Ordinarily, therefore, establishment of addi- vidual—is apparent from other features of the tional banking facilities is beneficial from these proposal. Not only would the privilege of cumuviewpoints. In this case, however, banking offices lative voting be denied to minority stockholders affiliated with the largest financial institution in of Whitney Holding Corporation, but its Articles the area would be competing with small local of Incorporation provide that its board may conbanks, including a bank that opened for business sist of as few as three directors. Furthermore, the only two months ago in the same shopping cen- Articles would permit a director, absent from a ter in which it is proposed to locate one of the meeting, to authorize another director to "cast offices of Whitney Jefferson. The effect of the entry the vote of the absent director, according to writof Whitney Jefferson at this time could be signifi- ten instructions, general or special. . . ." The statcantly detrimental to this new bank and to another utes of Louisiana permit the use of such directors' small bank with which Whitney Jefferson would proxies. Absent such statutory authorization, which directly compete. In view of the specific responsi- is unusual if not absolutely unique, the courts bilities placed upon the Board of Governors by uniformly have held that directors' responsibili- Section 3 of the Bank Holding Company Act, it ties may not lawfully be discharged by giving is questionable whether the Board may properly proxies in lieu of attending directors' meetings. disregard this possibility of destructive competi- The basic duty of directors is to direct the polition on the ground that, if such a danger exists, cies of the corporation. To perform this duty, another supervisory authority may refuse to au- directors should attend meetings, participate in thorize Whitney Jefferson to establish the office discussion, and vote in accordance with convicin question. tions arrived at after full and free interchange of ideas. One other aspect of the Whitney Holding Corporation plan must be taken into account in In brief, the plan before the Board seems deview of Section 3(c) of the Act, which requires signed to minimize the participation of stockthe Board to consider the effect of proposed holders, and even of directors, in the control and transactions on the public interest. To enable management of the holding company and its subminority stockholder interests to have a voice in sidiary banks. This appears to be the common obthe direction of national banks, Section 5144 of jective of (1) eliminating minority interests in the United States Revised Statutes, as amended subsidiary banks (where they would enjoy the by the Banking Act of 1933 (12 U. S. Code 61), cumulative voting privilege), (2) the absence of provides for cumulative voting in the election of cumulative voting in the bank holding company, directors of national banks—that is, each share- (3) the provision for a board of directors that holder has "the right to vote the number of shares may consist of only three members, and (4) the owned by him for as many persons as there are almost unprecedented provision for use of proxies directors to be elected, or to cumulate such shares at directors' meetings. Taken together, these feaand give one candidate as many votes as the num- tures of the proposal reflect an arrangement by ber of directors multiplied by the number of his which power to direct and control the holding shares shall equal, or to distribute them on the company system, including its banks, could be same principle among as many candidates as he concentrated in the hands of a single individual. shall think fit." In my judgment, such an undemocratic arrange- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 567 ment is particularly inappropriate in a system Bank of Binghamton, N. Y.; and the State bank that is to consist of national banks, when it is or trust company into which would be converted considered that none of the three latter features The Oneida National Bank and Trust Company is permissible under the National Bank Act and of Central New York, Utica. related Federal statutes. It should not receive this A Notice of Receipt of Application was pub- Board's stamp of approval. lished in the Federal Register on July 27, 1961 The proposal before the Board would promote (26 Federal Register 6751), which provided an banking convenience in the East Bank section of opportunity for submission of comments and metropolitan New Orleans to a moderate degree. views regarding the proposed acquisition; follow- It would also, however, provide a vehicle for en- ing receipt of comments and views, the Board hancing the existing high degree of banking con- ordered a public oral presentation of views which centration in the area and would permit a cen- was conducted before the Board on December 7, tralization of banking power of major proportions 1961, and at which all persons requesting opporin individual hands, to a degree that, to my knowl- tunity to appear, and did so appear, were heard edge, is without parallel in the American bank- and were given opportunity to submit further ing system. For these reasons, I conclude that written expressions of views; and all comments the creation of the proposed holding company and views received in the course of these proceedsystem would be contrary to the public interest ings have been considered by the Board. Accordand therefore should be denied. ingly, IT IS ORDERED, for the reasons set forth in the MORGAN NEW YORK STATE Board's Statement of this date, that said applica- CORPORATION, ALBANY, NEW YORK tion be and hereby is denied. Dated at Washington, D. C, this 4th day of In the matter of the application of Morgan May, 1962. New York State Corporation for prior approval of By order of the Board of Governors. the acquisition of 100 per cent of the voting shares of Morgan Guaranty Trust Company of Voting for this action: Unanimous, with all members present. New York and of six banking institutions in upstate New York. (Signed) MERRITT SHERMAN, Secretary. ORDER DENYING APPLICATION [SEAL] UNDER BANK HOLDING COMPANY ACT STATEMENT There has come before the Board of Governors, pursuant to Section 3(a)(l) of the Bank Nature of the proposal. Morgan New York Holding Company Act of 1956 (12 U.S.C. 1842) State Corporation, Albany, New York ("Appliand Section 222.4(a)(l) of Federal Reserve cant"), has filed an application with the Board Regulation Y (12 CFR 222.4(a)(l)), an appli- of Governors pursuant to Section 3(a)(l) of the cation on behalf of Morgan New York State Bank Holding Company Act of 1956 ("the Corporation, Albany, New York, for the Board's Act"), for the Board's approval of proposed acprior approval of action whereby Morgan New tion whereby Applicant would become a bank York State Corporation would become a bank holding company through the acquisition of all holding company through acquisition of 100 per the voting shares of Morgan Guaranty Trust cent of the voting shares of Morgan Guaranty Company of New York and of the following six Trust Company of New York; Manufacturers banks located in upstate New York: Manufacand Traders Trust Company, Buffalo; Lincoln turers and Traders Trust Company, Buffalo; Lin- Rochester Trust Company, Rochester; First Trust coln Rochester Trust Company, Rochester; First & Deposit Company, Syracuse; the State bank Trust & Deposit Company, Syracuse; the State or trust company into which would be converted bank or trust company into which will be con- The National Commercial Bank and Trust Com- verted The National Commercial Bank and Trust pany of Albany; the State bank or trust company Company of Albany; the State bank or trust into which would be converted First-City National company into which will be converted the First- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN • MAY 1962 City National Bank of Binghamton, N. Y.; and Banking Board, pursuant to Article III-A of the the State bank or trust company into which will New York Banking Laws, an application for be converted The Oneida National Bank and approval involving the same proposal. The Super- Trust Company of Central New York, Utica. intendent expressed the view that any comment For convenience, the seven banks involved, indi- by him on the application before the Board of vidually and as a group, are referred to at times Governors would be inappropriate inasmuch as as "Bank" and "Banks," respectively. The terms he was required by State law to make a recom- "District" or "Districts," sometimes used herein, mendation to the Banking Board on the applirefer to one or more of the nine Banking Dis- cation pending before it. Thereafter, the Supertricts into which the State of New York is divided intendent recommended favorably to the Bankunder State law. ing Board on the application and on September Applicants proposal contemplates obtaining 29, 1961, the Banking Board approved the same. this Board's approval of the aforementioned ac- The Comptroller of the Currency advised the quisitions (approval of the same by the New Board of Governors by letter dated August 24, York State Banking Board was granted on Sep- 1961, that "Under the circumstances of this partember 29, 1961), following which the three pro- ticular case, we have concluded that we shall offer posed subsidiaries that are presently national no objection to the proposed transaction." banks, with the approval of their stockholders By order dated October 9, 1961, published in and the New York Superintendent of Banks, will the Federal Register on October 14, 1961, the be converted into State banks or trust compa- Board scheduled a public oral presentation of nies. Thereafter, Applicant and the seven Banks views on the application. In the course of these would enter into a Plan of Acquisition whereby, proceedings, conducted on December 7, 1961, following approval by two-thirds of the stock- all persons who requested the opportunity to apholders of the respective banks and by the State pear, and did so appear, were heard and were Banking Board, Applicant would issue 24,203,172 given an opportunity to submit further written shares of its stock in exchange for the shares of expressions within 15 days of their oral presenthe seven Banks, except for shares of any dis- tations. Such written statements as were subsenting stockholders. Dissenting stockholders, as mitted, including Applicant's Closing Memoranprovided in the Plan of Acquisition and in the dum on Reasons for Approval of the Applica- Banking Law of the State of New York, would tion, and Rebuttal on Behalf of Independent Bankbe paid off in cash. Assuming the aforementioned ers Association, et al., were received and contransactions, Applicant would then own all of the sidered by the Board. By letter dated January 22, voting shares of the seven Banks, other than Direc- 1962, the Comptroller of the Currency expressed tors' qualifying shares. the view, contrary to the August 24, 1961 rec- History of the proceeding. Pursuant to the pro- ommendation of his predecessor in office, that visions of Section 3(b) of the Act, the Board Applicant's proposal should not be approved. requested of the New York State Superintendent This letter and a reply thereto dated January 29, of Banks his views and recommendations on the 1962, filed on Applicant's behalf, were made part application in relation to the factors that the of the record of this matter and have been con- Board must consider as set forth in Section 3(c) sidered by the Board. of the Act. Although not required by the Act to Statutory factors. In determining whether or not request the views and recommendations of the to approve this application, the Board is required Comptroller of the Currency (none of the Banks by Section 3(c) of the Act to consider the folwhose voting shares would be acquired by Appli- lowing factors: (1) the financial history and concant would be national banks), the Board invited dition of the proposed holding company and the an expression of views by the Comptroller inas- banks concerned; (2) their prospects; (3) the much as three of the Banks involved are pres- character of their management; (4) the convenently national banks. By letter dated July 28, ience, needs, and welfare of the communities 1961, the Superintendent of Banks advised that, and the areas concerned; and (5) whether or not simultaneous with its filing of this application, the effect of such acquisition or merger or con- Applicant also had filed with the New York State solidation would be to expand the size or extent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 569 of the bank holding company system involved fice and 18 branch offices are located in the City beyond limits consistent with adequate and sound of Buffalo. M & T is the third largest bank and banking, the public interest, and the preservation the second largest commercial bank in Buffalo, of competition in the field of banking. and the third largest bank in the Ninth Banking District. At December 31, 1960, it had resources Financial History and Condition, of $507 million, total deposits of $452 million, and Prospects and capital accounts of $49 million. Lincoln Rochester Trust Company ("Lincoln The first two of the statutory factors—the finan- Rochester") was organized in 1893 as the Allicial history and condition and the prospects of the Applicant and the Banks—are closely related ance Bank; its present name was taken in 1945. and may appropriately be considered together. Its main office and 25 branch offices are located Hereinafter, unless otherwise indicated, data re- in the Eighth Banking District. Ten offices, inlating to banking offices are given as of June 30, cluding the main office, are located in Rochester. 1961; data as to deposits and loans, and related In all, Lincoln Rochester offices are found in 15 data, are given as of December 31, 1960. communities and 5 of the 6 counties comprising Applicant, incorporated in January 1961, has the Eighth Banking District. These offices had, but a brief financial history. Its only asset con- at December 31, 1960, total resources of $417 sists of $100 cash paid for ten shares of its million, total deposits of $377 million, and total presently authorized 2,000 shares of common capital accounts of $32 million. Lincoln Rochester stock. If this application is approved, Applicant's is the largest bank in Rochester and in the Eighth principal assets will be stock of its subsidiary Banking District. banks. Thus, Applicant's financial condition and First Trust & Deposit Company ("First Trust") prospects would parallel those of the banks it commenced business as the Trust and Deposit would own. Company of Onondaga in 1869 and adopted its Morgan Guaranty Trust Company of New present title in 1919. Its main office, located in York ("Morgan Guaranty") was organized in Syracuse, and 23 branch offices are located within 1864 as the New York Guaranty and Indem- the Sixth Banking District. It is the second largest nity Company, the name being changed in 1895 bank and the largest commercial bank in both to Guaranty Trust Company of New York. In Syracuse and the Sixth Banking District. For pur- 1959, J. P. Morgan & Co., Incorporated, was poses of this application, Applicant has divided merged into the Guaranty Trust Company, the the seven counties comprising the Sixth Banking continuing institution changing its name to Mor- District into a five-county area and a two-county gan Guaranty Trust Company of New York. Mor- area. First Trust's offices are located in four of gan Guaranty is the fifth largest bank in New the five counties comprising the former area. Four- York City and in New York's Second Banking teen of its branch offices are located in and around District, and the sixth largest bank in the nation. Syracuse, and its remaining nine offices are located At December 31, 1960, Morgan Guaranty had elsewhere in the four counties. First Trust's 24 resources of $4,245 million, held total deposits offices had, at December 31, 1960, resources of of $3,410 million, and had capital accounts total- $196 million, total deposits of $183 million, and ing $551 million. It operates nine banking offices capital accounts of $10 million. —five, including its head office, in New York The National Commercial Bank and Trust City, and four foreign branch offices. It also has Company of Albany ("National Commercial"), a New York City office at which its stock transfer organized in 1825, has its main office in Albany, division is located. 10 branch offices in the Albany area, and 22 branch Manufacturers & Traders Trust Company ("M offices in other areas within the Fourth Bank- & T") was organized in 1892 as The Fidelity ing District. It has offices in 25 communities and Trust and Guaranty Company of Buffalo; its in 11 of the 15 counties comprising the Fourth present title was assumed in 1925. M & T oper- Banking District, and is the second largest bank ates 43 banking offices located in 21 communiin that District and in the City of Albany. At ties and in five of the eight counties comprising December 31, 1960, the Bank had resources totalthe State's Ninth Banking District. Its main of- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN • MAY 1962 ing $349 million, total deposits of $311 million, remedy this problem. The question thus raised and capital accounts of $23 million. as to the projected credit needs of the commu- First-City National Bank of Binghamton, N. Y. nities concerned and as to the abilities of the ("First-City National"), located in the Seventh Banks to meet these needs independent of the Banking District, was founded in 1863. It has its proposed affiliation with Applicant is discussed main office in Binghamton, five branch offices in hereafter in connection with the Board's considthe Binghamton area, and two branch offices else- eration of the fourth statutory factor. However, where in the District. First-City National is the Applicant's contentions have a bearing on both second largest bank and the largest commercial the financial condition and prospects of Applibank in Binghamton, and the third largest bank cant and the Banks involved. and second largest commercial bank in the Sev- Applicant alleges that, on the basis of several enth Banking District. At December 31, 1960, approaches, including an application of the "Form First-City National had resources of $97 million, for Analyzing Bank Capital," used by the Fedheld total deposits of $86 million, and had cap- eral Reserve Banks and the Board, certain of ital accounts of $8 million. the proposed subsidiaries are not as strongly cap- Oneida National Bank and Trust Company of italized as would be desirable or at least not suffi- Central New York ("Oneida National"), organ- ciently capitalized to meet future credit needs. ized in 1836, is the third largest bank and sec- While the New York Superintendent of Banks inond largest commercial bank in Utica, and the dicated that additional capital would be desirable eighth largest bank in the Sixth Banking District. for meeting future needs, he made it clear that Oneida National's offices are all within two coun- under Departmental standards concerned with the ties of the Sixth Banking District. Its main office present soundness of a given bank, the upstate is in Utica, four of its branch offices are in the Banks are not inadequately capitalized. The Board's Utica area, and eight branch offices are located consideration of the capital position of the proelsewhere within the two counties. These two posed subsidiaries, including a review of the result counties constitute the two-county area of the Sixth shown by the "Form for Analyzing Bank Cap- Banking District earlier mentioned as having been ital," with appropriate adjustments for factors not designated by Applicant for purposes of this ap- given effect fully in condition reports, indicates plication. At December 31, 1960, Oneida Na- that the proposed upstate subsidiaries are not intional had resources of $126 million, total de- adequately capitalized in relation to their current posits of $112 million, and capital accounts of position. While it may well be that future con- $11 million. ditions will require additional capital, past ex- The evidence presented as to the financial con- perience has shown an ability to obtain extra dition of the proposed subsidiary banks supports amounts of capital as they become necessary. the conclusion that each is in sound financial con- Further analysis indicates that the capital position dition, that the financial history of each has been of the proposed subsidiary Banks compares favsatisfactory, and that the prospects of each are orably with the banks of the Marine Midland group favorable. However, in this connection, Appli- with which Applicant's Banks would be in comcant has laid considerable stress upon the projected petition. It is the Board's judgment that the evieconomic growth within New York State and, dence supports the conclusion that none of the more particularly, in the upstate areas involved upstate Banks is at present inadequately capitalin the application, and urges that a substantial ized and that, even with the future anticipated increase in the amount of available bank credit growth in their respective areas, each should be will be an essential prerequisite to this growth. able to continue to provide adequate capital Then, relating the projected credit needs to the through its own respective efforts. abilities of the upstate proposed subsidiary banks As to the prospects of the proposed subsidiary to meet these needs, Applicant concludes, and Banks, there is no evidence to support any conurges as a ground for approval of this applica- clusion other than that such prospects are satistion, that these Banks are and will be insuffi- factory. Morgan Guaranty, the fifth largest bank ciently capitalized to meet this demand for credit, in New York City and the sixth largest in the and that Applicant's control of these Banks will United States, has an impressive history of quali- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 571 fied management and profitable operation. There would themselves develop such replacements as is every reason to believe that the future will see would be required, perhaps at a slower pace, or a continuation of such operation. The operational bring into their organizations personnel already and growth record of each of the six upstate trained, perhaps at higher cost, is not so formid- Banks is similarly impressive and, while their able as to make necessary to the Banks' welfare respective prospects might possibly be somewhat the rejection of such alternative. The size and more favorable were they to become subsidiaries standing of each of the Banks in its respective of the Applicant, the Board is of the opinion that area satisfy the Board that the Banks themselves, the prospects of each of the Banks, operating in- absent the proposed affiliation with Applicant, dependently of the Applicant's control, are satis- should be well able to meet satisfactorily whatfactory. ever management succession and personnel re- Management placement requirements are found necessary. In summary, it is the Board's conclusion that, Applicant's management, composed almost enwhile the evidence relating to the first three stattirely of individuals who are officers or directors utory factors is consistent with approval of the of the proposed subsidiary banks, is experienced application, it does not lend strong affirmative supand well qualified. In view of Applicant's stateport to such approval. ment that the officers and directors of the Banks are expected to remain in office, the present sound Convenience, Needs, and Welfare condition of management in those Banks should of the Communities and Areas Concerned continue if the proposal were consummated. However, equally sound management direction There are various ways in which affiliation with can be expected if the Banks should continue a holding company can assist a bank in improvtheir independent operation. While not contend- ing and expanding the services it offers the pubing otherwise insofar as the immediate future is lic. It can also expand the range of, and facilitate, concerned, Applicant asserts the probability of the bank's contacts among potential customers. management succession difficulties in relation to These considerations taken by themselves tend to the upstate Banks and urges that such difficulties favor permitting such affiliation, but the weight to will be better resolved by Applicant than by the be given them in a particular case depends on Banks individually. In particular, Applicant main- the extent to which affiliation with the holding tains that the task, normal to any bank, of re- company in question will produce such results cruiting and training well-qualified management and, more important under the fourth statutory personnel is increased in the case of the upstate factor, on the demand for such improved and ex- Banks because of the limited opportunity to de- panded services from the standpoint of the convelop adequate training programs and to pro- venience, needs, and welfare of the communities vide for specialized work experience—this for the and areas affected. reason that the volume of business is insufficient In respect to the fourth factor, the Applicant's to permit specialized training in particular bank- case is presented principally in terms of (1) the ing services. Alluding to the fact that within the need for increased bank credit to be supplied next five years each of the upstate Banks will through Applicant, (2) the present need for a have several persons of branch officer rank, or second state-wide bank holding company, and (3) higher, reaching retirement age, Applicant as- augmented and improved services to be rendered serts that it will be difficult for the Banks to train by the proposed subsidiary Banks through their more than one prospective successor of an im- affiliation with Applicant. These considerations portant incumbent, while the Applicant could are related by Applicant principally to the uptrain, develop, and qualify two or more succes- state subsidiary Banks, insofar as their situasors for each of the respective positions. tions may be similar. While Morgan Guaranty It must be recognized that an organization would also be expected to benefit from the affiliav such as Applicant's could in fact facilitate the tion, it stands in a distinct relationship to the selection, training, and advancement of manage- other proposed subsidiaries, since it is essentially ment personnel within each of the Banks. How- the source of the assistance to be provided the ever, the alternative whereby the Banks either upstate Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN • MAY 1962 As to the need for Increased bank credit, Ap- the upstate Banks could be enhanced by their plicant states that banking resources in the areas affiliation with the proposed holding company of the upstate Banks have failed to keep pace through retention of earnings by the upstate Banks with economic expansion, and asserts the prob- and large dividend payments to the holding comable inability of the banks in those areas to meet pany by Morgan Guaranty and through sale of the credit demands incident to future economic the holding company's own securities. Applicant expansion. It is said that present lending limits, is of the further opinion that the proposed holdas well as a lack of liquidity created by efforts ing company would enable the upstate Banks to to meet growing credit needs, will generally pre- utilize their resources more effectively by the vent the upstate Banks from playing the role "drawing home" of correspondent balances, by they should in fostering future growth. As ear- better portfolio and money management, and by lier indicated, Applicant has submitted the re- private placements and loan participations outsults of analyses of the Banks' capital based upon side and within the group. various tests, including its application of the After careful consideration of the material Board's Form for Analyzing Bank Capital. Ac- submitted in support of these contentions of the cording to Applicant such analyses reflect in- Applicant, the Board concludes that the organsufficient capital strength on the Banks' part to ization and operation of the holding company meet their financial responsibilities incident to as proposed could, in general, benefit the affiliatthis growth. Accordingly, Applicant asserts that ing banks and improve their capacity to contribstronger capitalization is required and that the ute to economic growth, both in the areas they recent experiences of some of the upstate Banks serve individually and in the larger markets of in seeking to raise additional capital, while not the group's operations. This conclusion, however, unsuccessful, have shown that additional capital leaves open the question of how significant the required to meet increasing credit needs could benefits of the proposed holding company affiliamore effectively be provided through Affiliation tion would be, in relation both to the present with Applicant and, through it, with Morgan capacities of the Banks involved and, most im- Guaranty. portant, to the needs of the public for such added Applicant's position as to capital insufficiency benefits. has been earlier dealt with insofar as it relates Applicant has placed considerable emphasis on to the financial condition and prospects of the the point that the existing banking structure upupstate Banks. As the point is related also to the state is not adequate to handle expected growth. question of the areas' convenience, needs, and This growth is anticipated partly on the basis of welfare, the following observations appear perti- projections of the growth trends of the period nent. since 1950 during which, according to the Appli- Morgan Guaranty is very strongly capitalized cant, the upstate Banks have faced substantial deand affiliation with it would permit improvement mands for credit to finance a high level of indusin the capital positions of the upstate Banks. The trial activity, residential construction, and conholding company would also make possible a sumer needs in their areas. Applicant has shown greater flexibility in the mobilization of lending that the loan volume of the upstate Banks has resources among the affiliates according to varia- increased significantly during this period and tions in demand among the various banks at dif- that, although capital has been raised by mergers ferent times. These considerations were regarded and the issuance of equity securities as well as as significant by the New York State Superintend- from earnings, nevertheless the liquidity of the ent of Banks as affecting the capacity of the up- Banks, as measured in part by ratios of capital state Banks to meet the credit needs of an ex- to loans, has been somewhat reduced. To whatpanding economy. As earlier pointed out, how- ever extent this may be so, it nevertheless apever, the Superintendent made it clear that under pears that the Banks have been able to grow to Departmental standards concerned with the pres- meet demand, and that the reduction in liquidity ent soundness of a given bank, the upstate Banks from 1950 levels is not such as to be a matter are not inadequately capitalized. of concern from the standpoint of sound condi- Applicant urges that the capital position of tion. More significantly, the Applicant has sup- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 573 plied little evidence that demands for bank credit background affords a basis for belief that the in the areas involved have not been met, whether State legislature found that any existing bank by the Banks involved or otherwise. In fact, the holding company held or exercised monopoly New York State Superintendent of Banks, in de- power in banking. Nevertheless, while Marine scribing a need to stimulate future economic Midland is not the only holding company system growth in the State, cites a shift of industry to in New York, no other banking organization has other areas of the country in recent years. comparable physical coverage of the State. The Superintendent does foresee, however, as The total assets of Morgan New York Corpodoes the Applicant, economic growth and char- ration would substantially exceed those of Marine acterizes such growth as a major objective for Midland Corporation, but this difference is althe State. He expresses the view that formation most wholly due to the difference in size between of the holding company would contribute mate- Morgan Guaranty and Marine Midland's New rially to the provision of the banking assistance York City bank. As to upstate banks alone, necessary to industrial development. within those Districts where the two systems Conceding that the improvement of banking both would have offices, the two systems would services and facilities for the stimulation of eco- be substantially of like size as to both offices and nomic growth is always to be desired, the pros- deposits. From the standpoint of the size of its pect of such improvement through the establish- proposed upstate operations, Applicant's system ment of the holding company necessarily car- would seem well constituted to compete on a ries less weight under the fourth statutory factor par with the Marine Midland system for those than it would if it could be demonstrated that kinds of banking business as to which broad the banking industry in the pertinent areas is or state coverage offers an advantage. How signifiwill be inadequately constituted to play its role cant such business is, and the extent to which without the formation of the holding company. the six upstate Banks, without the proposed affil- Unless such inadequacy is shown to exist or can iation, could or do compete for and service such reasonably be anticipated, the formation of the business, are major considerations in the Board's holding company cannot be viewed as essential action on this application. to the needs or even the convenience of the af- In respect to local, intradistrict, and national fected segments of the public. It has not been business, interdistrict affiliations do not appear to demonstrated to the Board's satisfaction that the be particularly significant. It is not controverted, existing banking structure is presently inadequate, however, that there is a certain volume of busiand there seems to be little basis for assuming ness where such affiliations may make a differthat the Banks in question, let alone area banks ence. Concerns doing business in two or more generally, cannot progress to meet future chal- Districts may be able to arrange with one syslenges. tem bank for certain services to be extended by A further reason urged by Applicant for ap- all banks in the system as may be necessary. proval of the proposed holding company is an The applicant and its witnesses have cited sevalleged present need for a second state-wide bank eral instances in which the upstate Banks have holding company to compete with the 11 sub- been unable to obtain or retain certain customsidiary banks of the Marine Midland Corpora- ers, allegedly because they required banking servtion. These banks, with combined assets of over ice on a state-wide basis. Undoubtedly, some of $2.6 billion, operate 179 offices throughout all the benefits of state-wide service could be proof New York State's nine Banking Districts. This vided by the independent banks through correpoint is made in the context of the recent New spondent relationships or even through specific York State legislation ending a "freeze" on the cooperative arrangements, but affiliation with a establishment of bank holding companies and state-wide system would facilitate such cooperasaid to evince, in part, a policy "that no existing tion over a broader range of services and could bank holding company be granted a statutory be more easily promoted through system advermonopoly." In this connection, the New York tising under the "image" of a unified organiza- Superintendent of Banks has emphasized that noth- tion. Thus, affiliation with such a system would ing in the legislation or its legislative history and admittedly give the upstate Banks some advan- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN • MAY 1962 tage over independent banks in obtaining certain nel recruitment and training, economies in operakinds of business. tion, support for local banks, and industrial de- So far as the convenience, needs, and welfare velopment. In these respects, among others, the of the pertinent areas are concerned, however, the Applicant urges that the establishment of the immediate question is whether the public is ade- proposed holding company would result in imquately provided with the kinds of service that provement in the present facilities of the several depend on state-wide or interdistrict banking re- banks involved and, directly or indirectly, in lationships. Are present banking facilities suffi- benefit to the public. Once again, however, the cient to meet the demand for such services? To relevant question is whether the alleged improvethe extent that they are, the alleged need for ment and expansion of banking services are reanother state-wide banking system is a less fav- quired to meet the convenience, needs, and welorable consideration under the fourth factor. fare of the areas concerned. The Applicant does not make a strong case for The Applicant asserts that existing facilities are the proposition that the various means by which inadequate to serve the needs of customers, presstate-wide or regional industry and commerce can ent and future, but apart from describing what now be served are inadequate to the demand. On the Banks as Applicant's subsidiaries could do this point, Applicant's contentions are put largely that they are not now doing there is little, if any, in terms of the advantages that banks belonging real evidence that the public is inconvenienced to the Marine Midland system presently have over because these particular Banks do not now do the proposed Morgan New York upstate Banks in what they might as affiliates. The Board cannot obtaining such business. Applicant does not sug- assume that what is not being done needs to be gest that the Marine system is so free from com- done or is material to the public's convenience. petition that it has not in fact actively sought to On the contrary, it would appear, to some extent provide the best in regional or state-wide bank- at least, that if relatively large prospering banks ing service. Nevertheless, it can be assumed that with strong competitors are not providing a parif the proposed holding company were estab- ticular service, that service may not be especially lished, it would actively seek to serve the regional in demand. There is little evidence that the upstate market and, in the process, stimulate Marine Mid- Banks are not now adequately meeting the needs land to maintain or improve the quantity and for banking services in their respective areas. quality of its regional service. The public would Thus, the Board again reaches the conclusion presumably benefit somewhat from this process that while improvement is always desirable, the but again, as in connection with the alleged need need for improvement of what is already good for improved sources of credit, such anticipa- stands in a different light than the need for cortion of benefit does not carry as much weight as rection of the inadequate, and the application of it would if it were shown that the present state the fourth factor to this case appears to place it of the public's convenience, needs, and welfare more in the former light than in the latter. This called for material improvement or that future view nevertheless recognizes that the probable needs for such improvement cannot be met with- effects of the formation of the holding company in the existing structure. on the convenience, needs, and welfare of the Applicant describes the ways in which it be- communities and areas involved would weigh lieves the holding company could enable the sub- somewhat in favor of approval of this applicasidiary Banks, principally those upstate, to pro- tion. vide augmented and improved services to cus- Effect on Adequate and Sound Banking tomers, and also the ways in which the holding Public Interest, and Competition company could, through the centralization and coordination of some functions, improve the in- In substance, the fifth statutory factor requires ternal operations of the banks. According to Ap- the Board to consider whether the size and extent plicant, such benefits would result with respect to of the proposed holding company would be conforeign department services, trust and investment sistent with adequate and sound banking, the advisory services, bank portfolio management, public interest, and the preservation of competimunicipal bond service, management and person- tion. The matter of adequate and sound banking Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

575 LAW DEPARTMENT has to some extent been considered above as re- the Sixth District. Morgan Guaranty, in turn, lated to the financial condition and prospects of drew from the Districts of the other Banks about the Banks. To the extent that changes in the bank- 2 per cent of its total deposits originating in New ing structure might result from formation of the York State; this amount, about $35 million, repreholding company proposed, adequacy and sound- sented about 2 per cent of the upstate Banks' total ness of banking must be regarded as an aspect of deposits originating in New York State. the competitive considerations discussed below. Analysis of loan sources reflects a comparable The Board's concern as to the public interest is, picture as to loans drawn by each Bank from outof course, a dominant consideration in all aspects side its own District and from within the Districts of this matter. of the other Banks. The figures as to deposits and The prime considerations under the fifth factor loans would not seem to indicate that a substantial are (1) the extent to which common control of proportion of each Bank's total business is comthe resources of the affiliating banks may limit or petitive with the other Banks. However, the total enhance opportunities for healthy and effective amount of competition between the Banks as so competition among banking institutions in the indicated is not insignificant; moreover, these markets involved and (2) the effect on the public's figures reflect only the extent to which choice choice of true alternatives for various banking among the Banks is exercised, not the full extent services and facilities. In estimating such effects to which such choice is reasonably available. Further, it may be anticipated that with the conit is necessary to consider, among other things, tinuation of competitive efforts of the Banks in the extent to which the affiliating banks now comthe context of the projected economic expansion pete among themselves, the competitive positions and industrial development of the State the imnow held and to be held by the affiliating banks portance of competition between the Banks even in their own markets, and the position that the in relation to their total business volume would affiliating banks would hold as a group in the marincrease. kets where group resources and facilities would be Whether or not competition between the Banks pertinent. does so increase in the future, it is clear that there Competition must be considered in the context is a degree of present and potential competition of the pertinent markets, and these involve both that would be eliminated by the formation of the geographical and service coverage. The proposed holding company. Even though affiliated banks holding company, through one or more of its submay actively compete with each other to some sidiaries, would be competing in a variety of extent, they cannot be considered to be true altermarkets, from the local level of retail banking to native sources of service such as the Banks are the regional, State, and national levels of wholenow. sale banking for the largest industrial and institu- A broader consideration than the elimination tional customers. The effects of the proposed holdof competition between particular banks is the ing company on competition at each of these effect of the formation of a holding company on levels must be considered to gain an understanding the over-all intensity of competition for the bankof the over-all effect on competition. ing business of the affected areas. This leads, then, Competition among the proposed subsidiaries. to consideration of the present positions of the None of the upstate Banks has offices in the Bankaffiliating Banks in relation to other banks and ing District of another, except in the Sixth Bankof the effects of the formation of the holding coming District, which the Applicant divides between pany on the over-all banking structure, locally and a two-county area where Oneida National has its beyond. offices, and a five-county area where First Trust has its offices. Based on figures as of December Competitive positions of the affiliating Banks in their respective areas. The term "concentra- 31, 1960, each of the upstate Banks draws about tion" describes a major aspect of the problem 95 per cent of its total deposits in number of acof determining the effect of the formation of a counts and dollar volume from its own District. holding company on competition in the field of Each of the two Sixth District Banks draws a banking in the areas affected. The problem of consimilar percentage of its deposits from its area of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN • MAY 1962 centration involves the effect of affiliation on the equivalent of a $5 billion bank after the formapublic's choice of sources of banking services gen- tion of Morgan New York State Corporation erally, not merely as between affiliating banks, the total resources of the holding company would and requires consideration of at least these ques- still have to support the activities of th& same tions: how many true alternative sources will re- banking offices as the Banks' resources severally main; what will be their respective capacities; and did before, and even the lending limits of the what present or potential change from the exist- individual offices would not be changed by afing situation will there be? filiation as they would be by corresponding The point has been made in this case that there mergers. On the other hand, as noted in the diswould be no significant change in concentration cussion of the fourth factor, there are some maof banking resources in the Banks' respective serv- terial respects in which the affiliation of the seven ice areas following the formation of the proposed Banks would afford benefits to each and its cusholding company. That is, the public in the re- tomers that would not be otherwise so available, spective areas would have substantially the same if at all. Thus, the formation of the holding comnumber of alternative sources of banking service, pany would provide new competitive strength to and the distribution of the areas' banking re- the Banks to some degree, and affect the general sources among the alternatives would remain over-all structure of banking in their areas aclargely unchanged. This would not be true for cordingly. those customers who can now conveniently choose The distribution of banking resources within among two or more of the affiliating Banks, but the Districts of the upstate Banks and the posisuch customers do not appear to represent a large tions of the Banks therein are indicated below, as segment of the public according to the amount of of December 31, 1960 (except as otherwise indiinterdistrict business previously described. cated, the Sixth District is treated as two Districts In the national market the upstate Banks are in accordance with the Applicant's division). not significant competitors with Morgan Guaranty. In total deposits the upstate Banks range in size They do, of course, have accounts of companies from about $86 million to $451 million. Four operating nationwide, but rather by reason of such are the second largest in their respective Districts customers' local operations than by reason of the and two are the largest, in terms of total deposits large resources that can attract business from of commercial banks. In four Districts there is across the country to the "money centers" and to a larger mutual savings bank. The upstate Banks banks of Morgan Guaranty's size. Thus, for a have in the aggregate about 22 per cent of the substantial segment of the public, in the markets offices and 27 per cent of total deposits of comin which the affiliating Banks principally operate, mercial banks in the Districts of the subsidiary the formation of the holding company would not Banks—the range by District being from about result in a present reduction in real alternative 10 to about 35 per cent for offices and from about sources of service. 16 to about 38 per cent for deposits. Of offices The next aspect of concentration to be discussed and total deposits of all banks in the same Disis the distribution of banking resources among tricts, the upstate Banks hold about 20 per cent the alternatives available in the various markets: and about 17 per cent, respectively—the range by what effect would the formation of the holding District being from about 10 to about 33 per cent company have on the relative competitive posifor offices and from about 10 to about 39 per tions of banking institutions in these markets and, cent for deposits. in the light of their present positions, how signifi- Referring to commercial banks only: In the cant would that effect be? Fourth District, National Commercial, the second It can first be recognzed that affiliation with largest, has over $325 million in total deposits as other banks in a holding company does not make against about $95 million for the next largest. In each bank in the system equivalent to one bank the Seventh District, First-City National, the secwith resources equal to those of the whole system. ond largest, has over $86 million in total deposits It cannot, for example, be said that Manufacas against about $38 million for the next largest. turers and Traders in Buffalo would become the In the Eighth District, Lincoln-Rochester, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 577 largest, has over $377 million as against $217 mil- or significant increases in the size of any banks lion for the next largest. In the Ninth District, involved, the longer range effects and the broader Manufacturers and Traders, the second largest, aspects of the philosophy of the Bank Holding has about $452 million as against $182 million Company Act become the controlling considerafor the next largest. In its five-county area of the tions. Sixth District, First Trust, the largest, has over The existence of a significant disparity in the $182 million as against about $156 million for size of banks within an area of competition does the next largest. In its two-county area of the not necessarily involve an undue competitive ad- Sixth District, Oneida National, the second largest, vantage for the larger banks. In the nature of the has over $111 million as against less than $20 American banking system there is room for small million for the next largest. and large banks alike to serve various markets When the total deposits of the two largest com- well, even when their markets overlap. It is even mercial banks in each of the five Banking Dis- inherent in that system that, within some limits, tricts are combined (in each such combination the large banks are free to increase the disparity a proposed subsidiary is included), in all but two through "natural" growth—that is, growth Districts they amount to more than 50 per cent achieved without affiliation or merger. On the of the total deposits for commercial banks in the other hand, the partial check that competition District. The range is from about 36 per cent to imposes on natural growth is no obstacle to growth about 64 per cent. When the total deposits of the by acquisition or merger; legislative controls have three largest banks, including mutual savings therefore been deemed appropriate to protect banks, in each District are combined (in each against any such transactions which, without offsuch combination a proposed subsidiary is in- setting justifications, might tend to unbalance uncluded), in all but one District they amount to duly the banking structure in an area—to the 40 per cent or more of the total for all banks in prejudice of healthy competition, of adequate and the District. The range is from about 33 per cent sound banking, and thus of the public interest. to about 56 per cent. In all but the Fourth District Such protection is afforded by the Bank Holding the two largest commercial banks and two of the Company Act of 1956, and it is the Board's three largest banks (including mutual savings responsibility to implement that protection as inbanks) are a Marine Midland subsidiary and a tended by Congress. proposed Morgan subsidiary. In the Fourth Dis- Applying to this case the purpose of that Act so trict the only Marine Midland bank is the third far as found in the fifth factor, it seems clear that, largest commercial bank and the fifth largest bank. whether or not existing disparities of competitive In none of the five Districts are there more than positions among banks in the areas and markets six commercial banks with more than $40 million affected reflect a presently excessive imbalance, in total deposits; and there are at least 26 with to permit such disparities to be increased as proless than $40 million in each of the five Districts. posed would necessarily tend toward such im- The picture that emerges from the foregoing balance-—that is, away from the balance in which statistics, to the extent one can be drawn from healthy competition is preserved. The strengthenfigures alone, is not generally one of such clear ing, by affiliation, of a bank in an intermediate and present dominance, monopoly, or even oligo- size range in its area tends to equalize competition poly, as to reflect a prima facie unhealthy com- with larger banks while increasing its advantage petitive situation in the upstate banking Districts. over smaller banks. These opposite effects must be There does emerge, however, the unmistakable weighed to determine the net effect on the comfact that each of the proposed subsidiaries is one petitive balance. In this case, each proposed subof the two or three largest banks in its principal sidiary is in size at or near the top of the scale area of competition and that the great majority in its primary area of operation as defined by the of banks in each District are very much smaller Applicant. Four have larger commercial bank than the largest ones. These two elements con- competitors, all have competitors of considerable joined describe a situation where, apart from the strength, and some of these competitors have the questions of immediate elimination of competition support of a holding company, but the significant Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN • MAY 1962 disparities in competitive positions are very largely ably with those of larger banks, but this cannot be to be found on the downside. said to be a result of, and therefore a positive The proposed acquisitions would give the six justification for, permitting the affiliation of large upstate Banks, already in the top rank in their banks in holding companies. Trends toward the areas, the added benefits of affiliation with the equalization of competitive positions are to be largest bank holding company in the country and encouraged, but the formation of the proposed with the fifth largest bank in New York City. holding company would, for the most part, impose While independent banks in an area may some- further restraints on such trends. times benefit in certain ways where one of their Competitive effect of the proposed system as a number comes under outside ownership, in the group. Moving from consideration of the effects present case it is inevitable that in over-all effect of the proposed holding company affiliation on the the smaller banks would be left with a longer individual situations of the subsidiary Banks, it is uphill climb in their efforts to catch up with the necessary to consider the probable effects of the bigger banks; their existing competitive disadoperation of the holding company system as a vantage would be increased. The competitive situawhole. In this regard, Applicant has emphasized tion in the affected areas might still not necessarily that the system will introduce a new and subbe an unduly unbalanced one but, as noted prestantial competitive element into the regional and viously, the bolstering of the positions of the big statewide markets in which the Marine Midland banks necessarily has that tendency. system is now the most conspicuous element, being As to the effect of consummation of this pro- the only banking organization with substantial posal on Morgan Guaranty's competitive position physical coverage of the State through its own vis-a-vis the four larger New York Banks, it does banking offices. The importance of such geonot appear that any improvement that might folgraphical coverage as a distinct competitive elelow from such action would involve sufficient ment is, as noted previously, to be measured by benefit to the public to constitute a significantly the nature of the interdistrict markets and by the favorable consideration in this case. The more extent to which those markets cannot be adematerial effects to be anticipated from any such quately served by the banking industry through improvement are, as with the upstate Banks, to be other methods. found in relation to smaller New York banks, so The resources of the Marine Midland banks are that as to Morgan Guaranty, too, the salient not, of course, any measure of the size of the tendency of the formation of the holding commarkets that transcend District lines. There seems pany would be to strengthen the position of a to be no basis for assuming that the business done top institution and put broad-based effective comby those banks respectively is not largely the petition with it further beyond the reach of smaller banking business of the Districts, counties, and banks. communities where their offices are located. Thus, It has been urged that in some respects the while affiliation in the Marine Midland system affiliation of a competitor with a holding compresumably assists the operations of the subpany tends to stimulate the efforts of other banks, sidiaries within their respective areas in ways such and figures have been offered to show that to a as those described by Applicant with respect to its considerable extent smaller banks in New York own proposal, the significance of business obtained State, as elsewhere, seem well able to hold their by the Marine banks through cross-referrals and own in competition with the large institutions and cooperative servicing of interdistrict customers in even to grow at a faster rate. These circumstances relation to the total business of those Banks cannot are recognized in the observation made previously be deduced merely from the geographical distributhat even considerable disparities in size do not tion of system banking offices. Unless it should by themselves necessarily reflect an undesirable appear that the business so obtained represents a competitive situation. It is also true that smaller banks tend to be found in faster-growing areas significant market that is beyond the reach of while larger institutions tend to be found in older, banks not enjoying the geographical advantages more settled urban areas. Thus, the growth rates of affiliation, the need for a "second state-wide of smaller banks may sometimes compare favor- holding company" becomes less apparent than it Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 579 might seem on its face, and it does not become a case weighs more significantly against approval strong favorable competitive consideration. than any resulting reduction in the advantage now In connection with the discussion of the fourth held by any larger competitors over the Banks statutory factor, the Board concluded that the weighs in favor of approval. The Board must be evidence as to the need for another holding com- concerned not only with the immediately apparent pany operating across District lines failed to show effects the formation of a holding company might that there is a significant market for services that have, but with the longe-range tendencies as well. can only be adequately provided by such an or- Thus, while the Board would not anticipate that ganization, or that the advantages of interdistrict creation of the Morgan system would necessarily affiliation over correspondent banking relation- bring about by itself an unhealthy competitive ships leave to Marine Midland alone the furnish- situation in any of the areas affected, it must be ing of services in an important market. Relating recognized that the combination of the large that conclusion to competition, it does not appear Banks here involved would not only presently to have been shown that Marine Midland's compet- enhance their advantageous positions but would itive advantage derived from its unique coverage provide a continuing and substantial source of adof the State is such that the public interest calls for ditional strength for each of the Banks in its the creation of a similar organization such as here future competitive efforts—a source of a kind not proposed. A comparison of the growth of the generally available to smaller competitors. Thus, proposed subsidiaries with the growth of Marine while the efforts of the latter might be stimulated Midland Banks in the same periods affords no somewhat, the practical limits to success of such basis for a different view. It can be assumed that efforts would be further restricted for the future the proposed holding company would intensify by approval of this proposal, and it is the maintecompetition for Marine Midland in the provision nance of freedom for smaller as well as larger of some services, but on the record in this case, banks to compete effectively and to grow by their the arguments for another "state-wide" holding own efforts, without being driven towards merger company do not seem to the Board to carry strong or acquisition, that is the key to the preservation weight under the fifth factor. of competition. Viewing the facts of this case in In connection with future economic expansion that light, the proposed acquisition of the Banks and industrial development of the upstate areas as by Morgan New York State Corporation cannot projected by Applicant, the market for specialized be regarded as consistent therewith. state-wide service may create a greater need for Significance of fifth factor in the light of Conbanking facilities of broader range. In such case, gressional intent. In referring to the five factors however, it would also be expected that the set forth in Section 3(c) of the Bank Holding markets of the upstate Banks would expand to Company Act, the Report of the Senate Banking increase competition between them for inter- and Currency Committee stated: district business, whereby such competition would "It is upon the basis of these factors that the Fedbecome a more significant feature of banking com- eral Reserve Board is to measure whether each application should be granted or denied in the public petition generally in New York State. In this light interest." (Sen. Rep. No. 1095, 84th Cong., July 25, the continuance of the large upstate Banks as 1955, p. 10.) independent institutions is seen as a matter of No single one of the statutory factors is conincreasing importance for the future. The effects trolling; they must all be weighed together in of the changes in the banking structure proposed determining whether a particular proposal would in this application would continue into the future, be "in the public interest." Nevertheless, it seems they are not likely to be undone, and the long- clear that, in balancing considerations related to range influence of the proposed holding company these factors, the Board must have in mind the system on banking competition must be appraised over-all purposes of the statute. The impetus for as must the immediate effects of its formation. its enactment was the need for control of affilia- In summary, formation of the proposed holding tions of banks through the holding company decompany would strengthen the competitive posi- vice because, uncontrolled, such activity could tions of leading banks, and the resulting increases lead to "undue concentration" of banking rein their advantage over smaller institutions in this sources and the attendant power to restrain or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BULLETIN • MAY 1962 inhibit competition. Thus, it was contemplated that the national economy, adequate safeguards should be provided against undue concentration of control of the Board, in passing on holding company applicabanking activities. * * *" [Italic supplied] tions, would be concerned with the traditional Coupled with the objective of preventing such supervisory considerations reflected in the first undue concentration of banking power was the four statutory factors, but would, in addition, have related objective of protecting the independent the responsibility of ensuring that holding comunit banking system. Perhaps the strongest statepany acquisitions would not be inimical to present ment in this respect was the following language and potential competition. In this sense, the fifth in the House Committee Report (p. 2): factor is of prime importance, as is indicated by the legislative history. "* * * There has been developed in this country * * * a conception of the independent unit bank as It is clear from repeated statements in the Coman institution having its ownership and origin in the mittee Reports and the Congressional debates that local community and deriving its business chiefly Congress recognized that bank holding companies from the community's industrial and commercial activities and from the farming population within its are not evil per se but that the concern of Convicinity or trade area. Its activities are usually fully gress arose from the potential dangers inherent in integrated with the local economic and social organithe unregulated acquisition of control of banking zation. The bank holding company device threatens to destroy this democratic grassroots institution." resources by such companies. This concern was expressed by Chairman Spence of the House Bank- Similar statements appear frequently in the deing and Currency Committee in explaining the bill bates on the bill. To give but one example, Repreon the floor of the House; and it is significant sentative Johnson of Wisconsin felt that, unless that his concern related not only to existing hold- the bill was enacted, "the present system of ining companies but to the formation of future dependent, community banks will be endangered holding companies. and ultimately banking will be in the hands of a few, with several super bank holding companies "If you concentrate money and credit in the same extending across the country." (101 Cong. Rec. hands, you have an impregnable monopoly. * * * We think that the centralized concentration of eco- 8176) nomic power is just as dangerous as the concentra- The foregoing brief review of the history of the tion of political power. "It is more lasting. It is harder to break. We Act makes it clear that, while all of the statutory think that the control of the expansion and the factors must be considered by the Board, the fifth creation of future bank holding companies will have factor relating to competition must be regarded the effect of weakening that power. The centralization of banks, of banking interests, is a bad thing for as of special significance. The competitive conthe economy of the Nation. * * * Even though you siderations were emphasized in the Senate Bankmay point to some holding companies that have done a moderately good business, it is the oppor- ing and Currency Committee's Report (p. 10): tunity, it is the power that is given, that is dangerous." "* * * It will be noted that these factors extend (101 Cong. Rec. 8021.) [Italic supplied] beyond the nature of those primary in importance to The need for legislation to lessen the potential bank supervisory authorities in the exercise of their supervisory powers. In most instances, safety of the dangers of concentration of control of banking depositor's funds and adequate banking service to resources in holding companies was similarly em- the public in the area where the bank operates are uppermost in the consideration of such bank superphasized in the Report of the House Banking and visory authorities. The factors required to be taken Currency Committee which stated (p. 14) : into consideration by the Federal Reserve Board under this bill also require contemplation of the prevention "The holding company device lends itself readily of undue concentration of control in the banking to the amassing of vast resources obtained largely field to the detriment of public interest and the enfrom the public, which can be controlled by the rela- couragement of competition in banking * * *." tively few who comprise the management of the holding company, giving them a decided advantage in During the debates on the bill, Senator Bricker acquiring additional properties and in carrying out a observed that the fifth factor "is the most improgram of expansion. * * *" (H. Rep. No. 609, 84th Cong., May 20, 1955, p. 14.) portant and requires the Federal Reserve Board to consider the question of the public interest The Senate Banking and Currency Committee's and the preservation of competition in the field of Report of July 25, 1955, stated (p. 1): banking. This provision gives the Federal Reserve "It is not the Committee's contention that bank Board power to prevent undue concentrations of holding companies are evil of themselves. However, because of the importance of the banking system to banking activities and at the same time permits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 581 the strengthening and expansion of banking This is not to suggest that the economic power facilities when needed." (102 Cong. Rec. 6861) of the proposed holding company would be abused As implied by Senator Bricker, it appears that or improperly exercised; the Board's conclusion is the fifth factor reflects the primary objective of based upon its belief that the trend toward concen- Congress—control of the expansion and creation tration that would result from the proposed transof bank holding companies to prevent undue con- action would be inconsistent with the intent of centration and to preserve banking competition, Congress as reflected by the fifth statutory factor. even though in some circumstances the strengthen- Summary and conclusion. In view of the coning and expansion of banking facilities when clusion just stated, the Board cannot approve the needed may be sufficient to outweigh a lessening proposed transaction unless its adverse effects on of banking competition. banking competition are so clearly outweighed by It seems clear that the concern of Congress favorable considerations related to the first four with respect to the power of holding companies statutory factors as to make it appear that conto achieve "undue concentration" goes beyond summation of the transaction would be in the the prevention merely of those acquisitions that public interest. To some extent, as has been noted, would immediately put a holding company in a the proposal might contribute to the banking condominant position. It appears that Congress also venience of the areas served by the proposed uprecognized that when a bank holding company is state subsidiary Banks. To some extent also the proone of the largest organizations in its fields of posed holding company might aid in the general operations, it may occupy, as may any other bank- expansion of the economy of the State. These coning organization of comparable size, a position of siderations, however, are not, in the Board's strength and influence, potential as well as actual, opinion, so persuasive as to offset the Board's that may involve difficulties for less well situated conclusion that, under the fifth statutory factor, competitors. Therefore, the expansion of such a the transaction would result in the creation of a holding company and, even more, the formation holding company the size and extent of which would be inconsistent with preservation of comof a holding company that will occupy such a petition in the field of banking. position, is necessarily a step towards concentration that weakens the relative positions of the re- On the basis of all the relevant facts as conmaining competition, and a step whose adverse tained in the record before the Board and in the effects will continue into the future. light of the factors set forth in Section 3(c) of the Against this legislative background, it is the Act and the underlying purposes of the Act, it is Board's opinion that the formation of the holding the Board's judgment that the transaction here company here proposed would constitute such a proposed would not be consistent with the public step toward concentration, in view of the size of interest and that the application should therefore the proposed system and its constituent banks in be denied. the various markets in which they would operate both individually and as a group. The Board CONCURRING STATEMENT OF GOVERNOR MITCHELL cannot fail to attach significance to the fact that Among the issues raised in this proceeding, the the proposed system would include the fifth largest overriding ones are, in my judgment, the impact bank in New York City (the sixth largest in the of the Applicant's proposal on efficiency of the country) and six of the largest banks in the per- allocation of credit and on the structure of comtinent upstate New York areas. Size alone is not petitive relationships. a controlling consideration; but where, as in this The Applicant's proposal is, in essence, a procase, the proposed holding company would control posal to establish a huge pool of banking resources such a large amount of banking resources strate- in New York State, a "common market in credit" gically located throughout the State of New York, of sorts. Would this proposed pooling or "common the Board is compelled to conclude, for the rea- market" more efficiently and competitively allosons heretofore indicated, that formation of the cate credit among alternative users? holding company would have serious adverse con- One block to efficiency which such a "common sequences for the competitive banking structure market" could remove would exist if "regions" of the State. within the State of New York were strictly de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN • MAY 1962 limited economically, i.e., if all borrowers, de- exclusive correspondent relationship is better than positors, and banks as lenders were bound abso- the freedom to seek the best correspondent that lutely to the "regions" of their domicile so that competitive conditions can produce. credit resources could not flow from one to another An aspect of the pooling proposal that is, in region. Then a situation could exist in which a my judgment, quite troublesome is the change region would have a high deposit density but a implicit in the situs of decision-making with redearth of investment opportunities, or a low de- spect to the broad allocation of loanable funds. posit density and a great quantum of unsatisfied Since lending resources are insufficient to meet credit demand. The inauguration of a pooling ar- all claims on them, the rationing process must rangement or "common market" would then gen- needs reflect the lending institutions' judgments of erate benefits analogous to the "gains of trade": their long-run advantage. It seems likely to me that Borrowers formerly intra-regionally bound could such judgment, made centrally in New York City, then appeal inter-regionally for funds, depositors as I believe it would be, would result in a different would earn rewards and incur charges in propor- structure of rationing priorities than if made intion to their productivity and not in proportion to dependently by the institutions involved. By this artificial constraints on their supply, and owners I mean that it is likely that the interest of the small of bank shares would realize capital gains. In business loan customers would be given a lower short, almost everyone would be "better off." priority by reason of the "status of size" in a very The increases in efficiency the Applicant asserts large organization. The customers of the holding would result from the pooling arrangement must company's banks who would be likely to enjoy a be based, at least implicitly, on the assumptions higher priority—medium and large business boroutlined above. But these assumptions are at vari- rowers—are precisely those who have other alterance with conditions existing here. The constituent natives including access to capital markets and upstate banks are branching systems broadly based direct placements with insurance companies. Small in the metropolitan areas and adjacent peripheries business customers of the holding company do not they serve. They are not in the least confined in share similar advantages. equalizing resources and needs within their trade A higher position in the scale of priorities may area. In addition, they can readily tap or con- not be costless to even these medium and large tribute to banking resources that flow inter- business borrowers. Many such firms could regard regionally and nationally. Contributing to the re- several banks in the State and region as alternative sources needed elsewhere is nothing more than a credit sources. Independence of such credit sources greater participation in national or broad regional is a positive advantage for these firms because it markets for business, government, or consumer is conducive of competition on rates and charges. credit. Tapping nonlocal resources is largely a No amount of argument pleading that this pooling matter of utilizing correspondent resources. Those arrangement would "increase services" to these who would argue that the arrangement proposed borrowers can change the fact that the joining of would function more efficiently than the credit the lenders would make one credit source where allocation device it would seek to replace—the seven existed before; that competition in the real existing correspondent banking network—argue, sense between these important banks would hencein absence of factual proof of their case, that an forth be foreclosed. Current Events and Announcements DEATH OF DIRECTOR since January 1, 1961, died on May 8, 1962. Mr. Francis A. Smith, President, The Marine TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR Trust Company of Western New York, Buffalo, QUARTERLY N.Y., who had served as a director of the Buffalo In this issue of the BULLETIN this table appears Branch of the Federal Reserve Bank of New York on page 656. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 15 Expansion in business activity continued in in April. In the business equipment sector, out- April as industrial output, nonfarm employment, put of industrial and commercial machinery and and retail sales again rose to new highs. The freight and passenger equipment continued to rise unemployment rate, however, was unchanged. while production of farm machinery was main- The money supply and time deposits at commer- tained. cial banks rose further. Between mid-April and Output of iron and steel declined through April mid-May common stock prices declined sharply and early May; the April total was down 5 per while bond prices generally increased. cent from March. Output of other durable materials and parts rose further in April, however, as did production of most nondurable materials. INDUSTRIAL PRODUCTION The Board's index of industrial production, CONSTRUCTION which rose 1 point in March, increased 1 point further in April to 117 per cent of the 1957 The value of new construction activity changed average. Production of steel declined during the little in April, following a 1 per cent increase in month, as inventory buying was curtailed follow- the preceding month. Private construction ining the labor contract settlement, but gains in creased 2 per cent further, as residential building output were widespread among other materials and most types of nonresidential activity continued and final products. to rise, while public construction declined. Production of consumer goods advanced nearly 2 per cent to 123 per cent of the 1957 average. EMPLOYMENT Auto assemblies increased 8 per cent, in response to rising sales in March and April, and current Employment in nonfarm establishments inschedules indicate that output will rise slightly creased 240,000 in April to 55.1 million, and the further in May. Production of furniture, television average work-week in manufacturing rose further. sets, and most other consumer goods also increased Appreciable employment gains occurred in most durable goods industries, apparel, construction, and trade. The seasonally adjusted unemployment INDUSTRIAL PRODUCTION rate was 5.5 per cent, unchanged from March. 1957 = 100 DISTRIBUTION Retail sales rose 1 per cent further in April, with widespread gains reported among durable goods stores. Total sales of domestic and imported autos, which had risen sharply in March, increased further in April to a seasonally adjusted annual rate somewhat above 7 million units. Sales at department stores edged down from the record level reached in March. COMMODITY PRICES The wholesale commodity price index in early Federal Reserve indexes, seasonally adjusted. Monthly fig- May was little changed from both a month earlier ures, latest shown are for April. 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN • MAY 1962 and a year earlier. Prices of steel scrap declined increase in currency in circulation and further further in the recent period, accompanying the gold outflow. Reserves were supplied through Fedreduction in output of steel, while prices of most eral Reserve purchases of U. S. Government seother sensitive industrial materials continued to curities. change little and prices of finished products generally remained stable. Prices of livestock declined SECURITY MARKETS somewhat. Yields on corporate and State and local govern- BANK CREDIT AND RESERVES ment bonds and on medium- and long-term Treasury issues declined between mid-April and Total commercial bank credit continued to ex- mid-May, and rates on Treasury bills also depand in April reflecting increases in loans and clined somewhat. Common stock prices decreased in holdings of State and municipal securities. The sharply further and the volume of trading inseasonally adjusted money supply increased sub- creased. stantially further. Time deposits at commercial In early May the Treasury offered holders of banks rose but at a less rapid rate than earlier this $11.7 billion of securities maturing in May and year. June an opportunity to exchange into a 1-year Total reserves of member banks rose in April, certificate, a 334 year note, and a 9XA year bond. with most of the increase in required reserves. Ex- All but about $800 million, or less than 9 per cess reserves also rose slightly while member bank cent, of the eligible securities held by the public borrowings from the Federal Reserve declined. were exchanged for the new issues. Reserves were absorbed principally through an INTEREST RATES RETAIL TRADE 1947 - 49 = 100 DEPARTMENT STORES LONG-TERM A fk GOVERNMENT SECURITIES A ^v - \x P1 1 WVAA 1 1 LJ F- R- TREASURY - t | ^DISCOUNT BILLS | I i RATES v 1 i i i [ 1958 I960 1958 I960 Discount rate, range or level for all F. R. Banks. Weekly Federal Reserve indexes, seasonally adjusted; retail sales average market yields for U. S. Government bonds maturing based on Department of Commerce data. Monthly figures; in 10 years or more and for 90-day Treasury bills. Latest latest for stocks is March, for other series, April. figures shown are for week ending May 11. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 586 Reserve Bank discount rates; margin requirements; reserve requirements 590 Federal Reserve Banks 591 Currency in circulation; money supply; bank debits 594 All banks: consolidated statement of monetary system; deposits and currency 596 All banks, by classes 597 Commercial banks, by classes.... 600 Weekly reporting member banks . 602 Business loans 605 Interest rates 606 Security prices; stock market credit; open market paper. 607 Savings institutions . , , , 608 Federal finance 610 Security issues ... 615 Business finance . 617 Real estate credit 619 Short- and intermediate-term consumer credit. 622 Industrial production 626 Selected indexes on business activity. 632 Construction 632 Employment and earnings 634 Department stores 636 Foreign trade 637 Wholesale and consumer prices . .. 638 National product and income series. 640 Flow of funds, saving, and investment 642 Member bank income, 1961. . 644 Banking and Monetary Statistics 652 Cash receipts from and payments to the public 656 Tables not published each month—list with latest BULLETIN reference. 656 Index to statistical tables. . 679 Tables on the following pages include the prin- the basis of material collected by other agencies; cipal statistics of current significance relating figures for gold stock, currency in circulation, to financial and business developments in the Federal finance, and Federal credit agencies are United States. The data relating to Federal obtained from Treasury statements; the remain- Reserve Banks, member banks of the Federal ing data are obtained largely from other sources. Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o r a i r t o e d U To . t S al . G B o r o o v i u g u t g . h t - h t s t ecu u r c a H r e n h i g t p e a d r i l u e e s e d s e e r r - - c v D o a a a n u n i d s c d n - - e ts s Float i t T a o P - s G to o c ld k T r s c o e u t i r a u n n u e r n g r y c t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y a d h s s - - Tr u e w r a y i s t - h r F es . F e e i R o r g v r . n - e B s, a O n t k h s er i O F. t h R er . B F W a . n i R t k h . s re r s C c e a e o n n u r i v c d r n - y es3 Total ment Averages of daily figures 1929—June.... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17.391 17,391 1951—Dec 23,409 23,310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,262:27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,018 2277,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,389 2"'6,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,443 2266,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1,426~~,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961 Apr 26,676 26,663 63 1,140 27,925 17,389 5,414 31,914 408 422 207 316 987 16,474 2,410 18,884 May 26,747 26,722 101 1,119 28,007 17,397 5,425 32,011 420 463 205 293 ,017 16,420 2,436 18,856 June 26,935 26,927 66 1,265 28,304 17,475 5,432 32,246 411 515 205 250 ,038 16,547 2,495 19,042 July 27,024 27,014 52 1,388 28,498 17,540 5,450 32,586 400 474 235 279 967 16,547 2,516 19,063 Aug 27,415 27,327 68 1,145 28,661 17,575 5,547 32,569 420 489 241 294 ,068 16,701 2,522 19,223 Sept 27,563 27,558 38 1,445 29,080 17,446 5,556 32,719 411 473 285 313 ,071 16,811 2,556 19,367 Oct 28,044 27,997 67 1, ,504 17,328 5,569 32,864 415 469 254 305 ,014 17,082 2,578 19,660 Nov 28,616 28,532 107 1,377 30,142 17,180 5,583 33,255 414 483 258 244 ,068 17,183 2,657 19,840 Dec 29,098 29,061 152 1,92131,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962 Jan 28,519 28,478 41 93 807 30,468 16,852 5,588 33,291 441 417 234 288 1,042 17,195 2,894 20,089 Feb 28,384 28,377 118 290 29,839 16,793 5,586 32,848 449 426 211 272 1,096 16,916 2,655 19,571 Mar 28,570 28,524 46 156 293 30,063 16,707 5,588 32,996 439 448 215 272 1,049 16,939 2,608 19,547 29,143 29,015 128 134 317 30,634 16,564 5,588 33,235 428 485 220 350 985 17,0832>2,625^19,708 Apr Week ending— 1961 26,706 26,621 59 294 28,109 17,373 5,405 31,768 437 531 199 400 1,093 16,458 2,556 19,014 Mar. 1 26,793 26,775 18 104 1,06828,014 17,373 5,405 31,794 433 415 233 398 1,087 16,433 2,238 18,671 8 27,008 27,003 58 1,00328,116 17,374 5,407 31,901 428 418 267 389 ,057 16,437 2,390 18,827 15 26,864 26,864 62 260 28,234 17,385 5,409 31,887 418 506 238 365 ,035 16,578 2,377 18,955 22 26,724 26,724 87 004 27,863 17,389 5,408 31,775 426 497 218 370 ,032 16,342 2,451 18,793 29 Apr-il::::: 2 2 6 6 , ,8 8 6 7 8 0 2 2 6 6 , , 8 8 3 5 6 4 1 5 1 9 5 9 0 4 0 2 4 2 2 7 7 , , 9 9 7 7 8 3 1 1 7 7 , , 3 3 8 8 9 8 5 5, , 4 4 1 1 1 0 3 3 1 2 , , 9 0 0 0 3 7 4 40 0 6 4 4 3 2 9 9 8 2 2 5 1 0 2 3 3 8 1 8 0 , ,0 0 2 1 8 4 1 1 6 6 , , 3 4 6 2 9 9 2 2 , , 3 3 3 5 3 3 1 1 8 8 , , 7 7 0 8 2 2 19 26,601 26,591 52 310 28,009 17,390 5,414 31,980 411 424 172 309 966 16,552 2,474 19,026 26 26,389 26,389 42 279 27,755 17,390 5,417 31,807 414 374 194 298 963 16,511 2,507 19,018 May 3 26,692 26,692 66 066 27,868 17,390 5,420 31,842 408 572 221 298 962 16,373 2,435 18,808 10 26,801 26,792 70 003 27,914 17,390 5,422 31,968 420 396 204 304 961 16,474 2,280 18,754 17 26,725 26,683 179 ,180 17,395 5,424 32,081 424 550 206 304 984 16,451 2,458 18,909 24 26,653 26,598 71 308 28,070 17,403 5,426 32,001 420 483 201 280 1,075 16,440 2,477 18,917 31 26,802 26,799 97 965 27,904 17,402 5,428 32,058 416 374 211 275 1,073 16,329 2,543 18,872 June 7 27,061 27,041 20 66 1,01028,175 17,410 5,429 32,198 425 473 198 239 1,071 16,410 2,394 18,804 14 26,946 26,946 75 1,11828,177 17,449 5,433 32,299 410 480 203 242 1,043 16,382 2,462 18,844 21 26,848 26,845 44 ',;55268 2,8486 17,487 5,433 32,247 410 481 193 233 1,021 16,820 2,476 19,296 28 26,820 26,817 84 1,379 28,319 17,533 5,434 32,201 404 624 221 259 1,023 16,553 2,567 19,120 July 5 27,283 21,21A 49 ,20:28,568 17,550 5,435 32,484 388 434 233 317 1,007 16,689 2,397 19,086 12 27,266 27,266 48 ,29128,641 17,550 5,433 32,797 385 390 231 255 996 16,570 2,533 19,103 19 26,737 26,737 56 ,748 2288,575 17,547 5,437 32,634 39! 605 218 274 946 16,491 2,584 19,075 26 26,731 26,720 50 476 28,289 17,525 5,440 32,476 399 498 251 274 944 16,412 2,595 19,007 Aug. 2 27,319 27,229 90 75 ,08128,508 17,527 5,527 32,450 444 456 238 306 969 16,699 2,58' 19,286 9 27,614 27,484 130 123 006 28,777 17,548 5,543 32,564 423 467 234 304 1,024 16,852 2,356 19,208 16 27,471 27,275 196 62 ,10928,676 17,601 5,545 32,664 422 498 257 275 1,039 16,667 2,530 19,197 23 27,197 27,191 39 ,41028,681 17,602 5,548 32,594 423 488 243 29: 1,108 16,682 2,520 19,202 30 21,216 27,276 3' ,10128,447 17,579 5,55: 32,474 416 498 230 298 1,109 16,554 2,606 19,160 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 587 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t S a . l G B o o r o v i u g u t g . h t - h t s t ecu u r c H a r e n h g it p e d a r i l u e e s e d e s e r r - - c v D o a a a n u n i d s c n d - - e ts s Floati t T a o l - 2 s G to o c ld k T r s o c e t u i r a u n n u e r n g r c y t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u e w r a y i s t - h r F es . F e R o r r v . - e B s, a O n t k h s eri c O F o . a t u c h R - n e t . r s B F W . a n i R t k h . s r C c e a o n n u i c d r n - y Total ment Averages of daily figures Week ending— 1961 27,840 27,840 57 999 28,931 17,451 5,553 32,664 406 469 270 303 1,111 16,712 2,40: 19,114 Sept. 6........27,803 27,803 28 1,186 29,052 17,451 5,553 32,836 414 469 275 319 1,088 16,655 2,543 19,198 13........27,330 27,320 10 45 1,843 29,251 17,451 5,554 32,775 413 566 282 313 1,048 16,861 2,612 19,473 20..... 27,200 27,197 3 29 1,723 28,986 17,451 5,560 32,612 414 436 296 320 1,049 16,871 2,648 19,519 27..... Oct. 4. 27,834 27,823 11 36 332 29,237 17,380 5,563 32,678 408 422 300 281 1,054 17,036 2,569 19,605 11. 28,195 28,143 52 31 ,517 17,350 5,565 32,886 417 450 261 363 1,052 17,005 2,421 19,426 18. 28,250 28,130 120 147 1,30529,737 17,336 5,568 33,010 422 479 248 300 998 17,184 2,620 19,804 25. 27,819 27,791 28 57 630 29,544 17,302 5,572 32,849 414 486 249 268 991 17,162 2,663 19,825 Nov. 1. 28,05: 28,039 13 76 1,238 29,404 17,302 5,576 32,802 410 491 241 303 990 17,045 2,706 19,751 8. 28,495 28,466 29 93 1,130 29,760 17,291 5,579 32,967 423 475 272 258 992 17,241 2,430 19,671 15. 28,466 28,380 86 125 1,186 29,817 17,276 5,583 33,222 40: 476 247 253 99: 17,084 2,657 19,741 22. 28,588 28,461 127 92 1,743 30,465 17,190 5,585 33,350 414 506 309 251 1,144 17,265 2,629 19,894 29. 28,874 28,760 114 103 1,492 30,510 16,975 5,586 33,503 415 456 210 213 1,143 17,132 2,810 19,942 Dec. 6..... 29,274 29,274 36 1,279 30.631 16,975 5,588 33,579 416 501 216 258 1,143 17,08: 2,682 19,764 13..... 29,334 29,334 40 1,363 30J80 16,961 5,590 33,937 423 460 247 228 1,131 16,906 2,836 19,742 20..... 29,007 29,007 109 2,240 31,401 16,920 5,588 34,072 424 600 215 219 1,102 17,277 2,957 20,234 27..... 28,893 28,845 48 218 2,526 31,685 16,889 5,584 34,171 421 511 207 238 1.106 17,506 2,842 20,348 1962 Jan. 3... 28,931 28,720 211 356 2,35531,695 16,889 5,586 33,919 429 441 290 297 053 17,740 3,062 20,802 10... 28,784 28,717 67 79 2;059 30,972 16,883 5,587 33,661 434 380 240 261 043 17,421 2,871 20,292 17.., 28,520 28,501 19 89 ' 870 30,529 16,839 5,586 33,386 440 435 232 292 040 17,130 2,926 20,056 24........28,279 28,279 7: ,786 30,185 16,839 5,589 33,070 44: 439 220 30: ,043 17,094 2,878 19,972 31....... 28,310 28,310 94 1,227 29,678 16,832 5,590 32,79" 451 424 213 296 ,04: 16,88: 2,876 19,758 Feb. 7....... 28,588 28,588 122 1,117 29,873 16,804 5,584 32,776 460 359 223 277 ,04: 17,125 2,573 19,698 14....... 28,575 28,575 120 1,050 29,791 16,789 5,585 32,888 448 444 19' 25: ,02 16,914 2,606 19,520 21....... 28,090 28,062 28 122 J1 ,6'5"5"29,913 16,790 5,586 32,870 447 433 19' 274 ,163 16,904 2,676 19,580 28........ 28,285 28,285 108 1,34029,778 16,790 5,588 32,85' 439 470 22' 285 ,156 16,721 2,764 19,485 Mar. 7. 28,433 28,419 14 156 1,339 29,97- 16,77: 5,587 32,908 440 401 214 283 ,100 16,987 2,497 19,484 14. 28,502 28,463 39 118 1,252 29,917 16,724 5,590 33,066 441 461 224 234 ,053 16,751 2,59^ 19,348 21. 28.487 28,415 7: 198 1,446 30,176 16,709 5,586 33,048 446 460 21! 224 ,027 17,048 2,61' 19,665 28. 28,679 28,651 28 151 J1 ,2"41830,121 16,666 5,58^ 32,951 433 481 197 318 ,028 16,966 2,68: 19,648 Apr. 4. 29,150 28,996 154 140 1,02930,361 16,609 5,591 33,050 433 400 220 351 ,025 17,080 2,583 19,663 11. 29,281 29,134 14' 125 1,156 3300,603 16,609 5,589 33,274 43: 458 252 327 ,030 17,027 2,477 19,504 18. 29,030 28,957 73 140 1,41 30,622 16,585 5,584 33,356 425 480 204 364 960 17,002 2,684 19,686 25. 29,033 28,88" 151 150 1,50030,722 16,523 5,586 33,244 428 518 209 35- 963 17,115'2,763*>19,878 End of month 1962 Feb........... 28,360 28,360 139 1,385 29,928 16,790 5,587 32,880 425 449 204 389 1,151 16,808 2,937 19,745 Mar........... 2 2 9 9 , , 0 1 6 8 1 2 2 29 8 , , 1 9 0 3 8 6 1 7 2 - 5 1 1 1 2 5 0 1 1, , 3 0 0 0 3 6 3 30 0 , , 6 2 4 2 1 4 ' 1 1 6 6 , , 6 4 0 9 8 5*> 5 5 ,5 ,5 9 9 0 0' 3 3 3 3 , , 0 1 1 5 8 0 P 4 4 2 1 5 4 5 0 6 3 9 2 2 2 3 1 0 3 37 5 3 6 1, 9 0 5 2 5 4 1 17 6 , , 0 9 3 7 5 2 2 24 ,3 5 4 C 8 *> 1 1 9 9 ,3 ,4 2 8 0 5 Apr........... Wednesday 1962 28,560 28,560 412 ,14630,162 16,730 5,588 32,995 445 410 229 205 1,099 17,09' 2,715 19,812 Mar. 7....... 28,477 28,449 28 128 ,19829,846 16,710 5,591 33,073 456 490 215 215 ,022 16,675 2,902 19,577 28,806 28,558 248 443 ,20230,493 16,710 5,586 33,001 449 36! 197 258 ,029 17,489 2,904 20,393 14....... 28,779 28,727 5: 235 918 29,973 16,610 5,588 32,957 43' 462 217 284 ,028 16,786 2,97 19,757 21....... 28....... 29,340 29,207 133 172 ,00530,557 16,610 5,593 33,160 444 297 199 356 ,01 17,289 2,69i 19,985 Apr-i!:::;::: 29,196 28,993 203 327 ,03130,593 16,610 5,585 33,342 43 564 260 365 ,026 16,800 2,814 19,614 18....... 28,884 28,884 316 369 30,607 16,535 5,583 33,332 433 508 206 357 961 16,928 2,96^ 19,895 25....... 28,962 28,868 "94 350 169 30,518 16,495 5,587 33,135 43 551 220 315 955 16,993 304 ^20,039 2> Preliminary. 3 Beginning with Nov. 24, 1960, all currency and coin held by m ember 1 Beginning with 1960 reflect a minor change in concept of float. banks allowed as reserves; during the period Dec. 1, 1959-Nov. 23 , 1960, For explanation, see BULLETIN for February 1961, p. 164. only part of such holdings were allowed. Beginning with 1962, figures 2 Includes industrial loans and acceptances, when held. For holdings for currency and coin are estimated except for weekly averages. of acceptances on Wednesday and end-of-month dates, see subsequent tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 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 Bor- Bor- Bors T h e e r o r e v l t d - a e i l s s q e u R r r i e v e r - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s3 s h T e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e e - s d 2 s E e x r r v c e e e - s s s 3 F r i o . n a w g t R s - . se F r r r e v e - e e s3 s h T e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e e - s d 2 s E e x r r v c e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e e - e s 3 Banks 4 Banks4 Banks 4 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933 June 52,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 n.a. n.a. 1941 Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 n.a. n.a. 1945_Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1.199 1,191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952 Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1 37 -36 1954 Dec 19>279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 —245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958 Dec .. . 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 .077 1,070 7 39 -31 1959 Dec. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 I960—June. 18,294 17,832 462 425 37 3,852 3,819 33 17 16 987 988 1 58 -59 Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961 Apr 18,884 18,277 607 56 551 3,649 3,588 62 2 60 923 927 -4 May 18,856 18,307 549 96 453 3,576 3,581 -5 17 -22 953 945 8 3 5 June. 19,042 18,430 612 63 549 3,698 3,658 40 40 970 964 6 5 July ... . 19,063 18,482 581 51 530 3 648 3 639 9 2 7 958 955 3 3 Aug 19,223 18,619 604 67 537 3,645 3,629 16 9 7 970 967 3 2 1 Sept 19,367 18,783 584 37 547 3,686 3,681 6 4 2 966 963 3 1 2 Oct. ... .. 19,660 19,153 507 65 442 3,733 3,716 16 4 12 983 985 -1 23 -24 Nov. 19,840 19,218 622 105 517 3,697 3,660 37 23 14 985 982 3 16 -13 Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Jan......... 20,089 19,473 616 70 546 3,811 3,763 48 7 41 987 982 5 3 2 Feb 19,571 19,069 502 68 434 3,680 3,664 17 6 11 955 954 1 4 -3 Mar 19,547 19,077 470 91 379 3 693 3,705 -12 12 -24 964 949 15 21 -6 Apr #19,708#19,209 #499 69 #3,752 #3,692 10 #940 #953 #-13 7 Week ending— 1961—Apr. 5 18,702 18,167 535 107 428 3,647 3,613 35 35 935 914 22 3 19 18,782 18,201 581 52 529 3,545 3,552 -7 6 -13 929 927 3 2 19!!!! 19,026 18,345 681 44 637 3,628 3,589 38 38 936 930 6 6 26 19,018 18,287 731 37 694 3,597 3,577 20 20 925 924 2 2 Nov. 1.... 19,751 19,208 543 74 469 3,737 3,720 17 16 1 988 991 -3 9 -12 8 19,671 19,198 473 91 382 3,680 3,662 18 18 993 987 5 16 -11 15.... 19,741 19,153 588 122 466 3,644 3,626 18 43 -25 968 972 -4 13 -17 22 19,894 19,297 597 90 507 3,692 3,678 14 11 3 994 988 6 16 -10 29 19,942 19,221 721 101 620 3,727 3,655 72 8 64 987 978 9 17 -8 Dec. 6.... 19,764 19,219 545 35 510 3,741 3,708 33 33 978 976 1 1 1 13 19,742 19,176 566 40 526 3,750 3,709 41 41 950 950 1 1 20 20,234 19,656 578 109 469 3,901 3,897 4 19 -16 997 995 2 60 -58 27 20,348 19,788 560 216 344 3,891 3,870 21 86 -65 1,009 1,006 3 2 1 1962—Jan. 3.... 20,802 20,076 726 341 385 4,002 4,003 -1 179 -180 1,026 1,025 34 —34 10 20,292 19,682 610 64 546 3,887 3,823 64 64 1,003 998 5 5 17 20,056 19,452 604 69 535 3,733 3,730 3 2 1 973 976 -4 9 -12 24.... 19,972 19,271 701 44 657 3,747 3,688 59 59 976 964 11 1 10 31 19,758 19,227 531 60 471 3,745 3,709 36 36 972 971 1 4 -3 Feb. 7 19,698 19,241 457 72 385 3,744 3,735 9 7 1 971 968 3 4 14 19,520 19,022 498 70 428 3,637 3,623 14 8 6 941 946 -5 11 -16 21.... 19,580 19,047 533 72 461 3,655 3,647 8 4 3 962 953 9 8 28.... 19,485 18,965 520 56 464 3,685 3,649 36 4 945 949 32 Mar. 7.... 19,484 19,038 446 90 356 3,700 3,694 6 8 2 962 955 7 8 -1 14 19,348 18,870 478 53 425 3,648 3,632 16 16 932 936 1 21 19,665 19,181 484 133 351 3,754 3,759 -5 13 -18 959 952 7 69 -62 28.... 19,648 19,189 459 86 373 3,748 3,735 13 23 960 958 2 17 -15 Apr. 4.... 19,663 19,146 517 75 442 3,728 3,709 19 9 10 939 938 4 -2 19,504 19,060 444 60 384 3,629 3,620 9 9 938 936 2 8 -7 18!!!! 19,686 19,194 492 75 417 3,667 3,664 3 23"*-i9 947 949 -3 10 -13 25.... #19,878#19,328 85 3,753 3,732 21 9 12 972 966 6 5 1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 589 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures; in millions of dollars] Reserve city banks Country banks Period Borrow- Borrow- Total Required Excess ings at Free Total Required Excess ings at Free reserves reserves2 reserves3 F.R. reserves3 reserves reserves2 reserves3 F.R. reserves3 heldi Banks4 heldi Banks4 1929—June................ 761 749 12 409 -397 632 610 22 327 -305 1933—June............ 648 528 120 58 62 441 344 96 126 —30 1939—Dec .... . ... 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941—Dec................. 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945 Dec . .. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec . ........... 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec .... .... 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec................ 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec................. 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec ..... ....... 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec.................. 7,927 7,836 91 117 —26 5,634 5,032 602 52 550 1955 Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec................ 8,078 7,983 96 300 -204 5,859 5,371 488 144 344 1957—Dec ........... .. 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec.....'............ 7,940 7,883 57 254 — 198 5,849 5,419 430 162 268 1959 Dec . . . 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—June................ 7,540 7,496 44 164 -120 5,915 5,529 386 186 200 Dec................. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Apr ................ 7,783 7,734 49 21 28 6,529 6,029 500 33 467 May 7,780 7,726 54 36 18 6,547 6,055 491 40 451 June ............ 7,823 7,740 83 17 66 6,551 6,068 483 45 438 July................ 7,863 7,798 64 8 56 6,595 6,090 505 38 467 7,940 7,883 57 13 44 6,668 6,141 527 43 484 Sect................. 7,993 7,930 63 13 50 6,722 6,209 513 19 494 Oct................. 8,147 8,122 26 18 8 6,797 6,330 466 20 446 Nov . . . 8,241 8,184 57 44 13 6,917 6,393 524 22 502 Dec ........... ..... 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Jan . ... ..... 8,311 8,257 54 34 20 6,979 6,471 509 26 483 Feb................. 8,094 8,047 47 25 22 6,842 6,405 437 33 404 Mar 8,106 8,065 41 26 15 6,784 6,358 426 32 394 Apr ..... , , „ ^8,194 28 no ^6,407 24 Week ending— 1961—Apr 5. 7,732 7,663 69 34 35 6,388 5,977 410 70 340 7,777 7,690 87 23 64 6,530 6,033 497 23 475 19 7,854 7,774 80 14 66 6,608 6,051 557 30 527 26.. .. , .. 7,782 7,742 40 18 22 6,714 6,044 670 19 650 Nov !... . 8,202 8,153 49 20 29 6,824 6,345 479 29 449 8............. 8,196 8,172 24 39 -15 6,803 6,377 427 18 409 15.. .. . 8,203 8,168 35 41 -6 6,927 6,388 539 25 513 22............. 8,258 8,222 36 49 -13 6,951 6,409 542 14 528 29 8,290 8,177 112 47 65 6,938 6,410 528 29 499 Dec. 6.............. 8,197 8,147 49 13 37 6,849 6,387 462 21 441 13 8,232 8,135 96 6 91 6,811 6,382 428 33 395 20... .. . 8,377 8,338 39 12 27 6,959 6,425 534 18 516 27............. 8,498 8,447 51 78 -27 6,951 6,465 486 51 435 1962—Jan 3... ......... 8,576 8,526 50 107 — 57 7,197 6,522 676 21 655 10 8,431 8,356 75 35 40 6,971 6,505 466 29 437 17.............. 8,307 8,266 41 40 1 7,043 6,480 564 18 546 24... ..... .. 8,276 8,172 103 15 88 6,973 6,446 527 28 499 31............. 8,163 8,119 44 23 21 6,878 6,428 450 33 417 Feb 7 8,153 8,108 45 19 26 6,830 6,430 400 42 358 14............. 8,075 8,037 39 26 13 6,867 6,416 450 25 425 21.... ........ 8,103 8,050 52 33 19 6,860 6,396 464 35 429 28 8,041 7,991 50 21 29 6,814 6,376 438 30 408 Mar 7. . ... ... . 8,041 8,022 19 34 -15 6,782 6,367 415 40 375 14............. 8,014 7,958 57 27 30 6,753 6,344 409 25 384 21............. 8,151 8,111 40 19 21 6,801 6,359 442 32 410 28 8,174 8,134 41 24 17 6,766 65363 403 22 381 1962 Apr 4 8,199 8,143 56 17 40 6,796 6,356 440 45 395 11... ... . 8 165 8,118 47 26 21 6,773 6,387 386 17 369 18.............. 8,205 8,171 34 19 15 6,867 6,409 458 23 435 25 8S223 8,182 41 53 -12 2>6,447 *482 18 ^464 n.a. Not available. » Preliminary. 2 Based on deposits as of opening of business each day. Monthly i Based OP figures at close of business through November 1959; there- averages for all classes of banks beginning with January 1962 are estiafter on closing figures for balances with Reserve Banks and opening mated. figures for allowable cash. Beginning with Nov. 24, 1960, all currency 3 Monthly averages for all classes of banks beginning with January and coin held by member banks allowed as reserves; during the period 1962 are estimated. Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed. 4 Based on closing figures. Monthly averages of currency and coin beginning January 1962 are 5 This total excludes, and that in the preceding table includes $51 estimated. million in balances of unlicensed banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government t b io a n n s k s o t s h e e c r u r t e h d a n b y m d em ire b c e t r obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a) i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston Aug. 23, 1960 Aug. 23, 1960 Aug.23, 1960 New York... Aug. 12,1960 Aug. 12, 1960 June10,1960 Philadelphia.. Aug. 19, 1960 Aug. 19,1960 Aug.19,1960 Cleveland Aug. 12, 1960 Aug. 12, 1960 Aug.12, 1960 Richmond... Aug. 12,1960 Aug. 12,1960 Aug.12, 1960 Atlanta Aug. 16, 1960 Aug. 16,1960 Aug.16, 1960 Chicago Aug. 19,1960 Aug. 19, 1960 June10, 1960 St. Louis. Aug. 19, 1960 Aug. 19, 1960 Aug.19,1960 Minneapolis.. Aug. 15, 1960 Aug. 15,1960 Aug.15, 1960 Kansas City.. Aug. 12,1960 Aug. 12,1960 Aug.12, 1960 Dallas Sept. 9, 1960 Sept. 9, 1960 Sept. 9,1960 San Francisco Sept. 2,1960 Sept. 2,1960 June 3, 1960 * Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 MARGIN REQUIREMENTS FEDERAL RESERVE BANK DISCOUNT RATES i [Per cent of market value] [Per cent per annum] Aug. 5, Oct. 16, Effec- Range F. R. Range F. R. Prescribed in accordance with 1958- 1958- tive Date (or level)— Bank Date (or level)— Bank Securities Exchange Act of 1934 Oct. 15, July 27, July 28, effective all F. R. of effective all F. R. of 1958 1960 1960 Banks N. Y. Banks N. Y. Regulation T: 1948 1957 For extensions of credit by brokers and Jan. 12... 1 -1% 1^4 Aug. 9... 3 -3i/i 3 dealers on listed securities 70 90 70 19... 1^4 23... 3^2 For short sales 70 90 70 Aug. 13... 1^4—1^ IV2 Nov. 15... 3 *^3^ 3 Regulation U: 23... lVi 1% Dec. 2... 3 3 For loans by banks on stocks 70 90 70 1950 lv 1958 Aug. 21... tt* Jan. 22... 2*4-3 3 NOTE.—Regulations T and U limit the amount of credit that may be 25... 1*4 24... 2*4-3 2*4 extended on a security by prescribing a maximum loan value, which is a Mar. 7... 214-3 214 specified percentage of its market value at the time of extension: margin 1953 13... 214-234 2J4 requirements are the difference between the market value (100%) and the Jan. 16... 1*4-2 2 21... 214 2J4 maximum loan value. 23... 2 Apr. 18... 134-214 1*4 May 9... 1% 1*4 MAXIMUM INTEREST RATES PAYABLE ON TIME AND 1954 Aug. 15... l34-2 1*4 SAVINGS DEPOSITS Feb. 5... Sept. 12... l34-2 2 IV 23 [Per cent per annum] Apr. 1 1 J 4 . .. .. . A O N c o t v . . 2 7 4! . ! .. ! Z 2 16... 2% Jan. 1, Jan. 1, Effec- May 1 9 2 55 1... ivi Ma 1 r. 9 59 6... 2}4-3 3 Type of deposit D 1 e 9 c 3 . 6 3 - 1, D 1 e 9 c 5 . 7 3 - 1, Ja t n iv . e 1, Apr. 14... 1*4-1% 16... 3 3 1956 1961 1962 15... WI-WA A May 29... 3 -31/2 3Vi May 2... ^ A June 12... m 3Vi Aug. 4... >*4 Sept. 11... 31/2-4 4 Savings deposits held for: 1 5 2 ... 2 1 *4— -2 2 l % A 2 2 18... 4 4 L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 21/2 3 / \ 3 4 % Sept. 1 9 3. . . . . . 2 -2VA 2 i *A Jun 1 e 9 60 3... k Postal savings deposits held for: Nov. 2 1 3 8 . . . . . . 1 1 0 4 . . . . . . L 1 e y s e s a t r h o an r m 1 o y r e e ar } 2% 3 { k Aug. 12... 3 —3V2 3 1956 Sept. 9... 3 3 Other time deposits payable in: Apr. 13... 2V2-3 234 1 year or more 3 20... 2*4-3 2*4 1962 Aug. 24... 2*4-3 3 In effect 90 days-6 months 31... 3 3 Apr. 30... 3 3 Less than 90 days 1 1 1 Under Sees. 13 and 13a (as described in table above). For data for NOTE.—Maximum rates that may be paid by member banks as estab- 1941-47, see BULLETIN for January 1959, p. 76. lished by the Board of Governors under provisions of Regulation Q. NOTE.—The rate charged by the Federal Reserve Bank of New York Under this Regulation the rate payable by a member bank may not in on repurchase contracts against U. S. Govt. securities was the same as any event exceed the maximum rate payable by State banks or trust comits discount rate except in the following periods (rates in percentages): panies on like deposits under the laws of the State in which the member 1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2,2.10; Sept. 8,2.15; Nov. 10, bank is located. Effective Feb. 1, 1936, maximum rates that may be 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- paid by insured nonmember commercial banks, as established by the Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; F.D.I.C., have been the same as those in effect for member banks. June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, Maximum rate payable on all types of time and savings deposits: 2.50, Oct. 23, and Nov. 3, 2.75; 1962—Mar. 20-21, 2.75. Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 591 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures.J In millions of dollars] Net demand deposits1 Time deposits Central reserve All city banks Reserve Coun- Central Item member city try Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o t n r u y k n s - banks Y N o e r w k c C a h g i o - banks banks banks Four weeks ending Mar. 21, 1962 In effect Dec. 31,1948.. 26 22 16 7% 7% Gross demand: Total 125,383 24,752 5,931 48,761 45,938 1949_May 1,5* ... 24 21 15 7 7 Interbank 14,010 4,451 1,178 6,854 1,527 J A u u n g e . 30 1 , , 1 Ju 1 l * y 1*. §* 2 8 0 * 1 1 4 3 6 5 6 O U t . h S e . r Government. 10 4 7 , , 0 3 2 5 1 3 19,5 7 2 7 8 3 4,5 1 5 9 7 6 40 1 , ,5 3 5 5 2 5 42 1 , ,4 9 9 1 9 2 Aug. 16,18* i* 12 5 Net demand2 104,381 19,978 5,069 40,136 39,197 Aug. 25 18* Time 71,088 7,741 2,230 27,959 33,158 Sept. 1 Demand balances due 1951—Jan. 11,16*.... 23 19 13 6 6 from domestic banks. 6,948 100 89 2,045 4,714 Jan. 25,Feb. 1*. 24 20 14 Currency and coin 2,620 205 31 825 1,558 1953—July 1,9* .,, 22 19 13 Balances with F. R. 1954—June 16,24*.... 21 5 5 Banks 16,876 3,492 918 7,237 5,229 July 29, Aug. 1* 20 18 12 Total reserves held 19,496 3,697 949 8,062 6,787 Required 19,013 3,683 948 8,020 6,362 1958—Feb. 27, Mar. 1* 8* 17% Excess 483 14 1 42 425 Mar. 20, Apr. 1* Apr. 17 Apr. 24 if* 16% Four weeks ending Apr. 18, 1962 1960—Sept. 1 Nov. 24 12 Gross demand: Dec, 1 1176%% Total 125,754 24,688 5,856 49,253 45,957 Interbank 14,338 4,523 1,290 6,990 1,535 In effect Apr. 1, 1962.. 16% 16% 12 5 5 U. S. Government. 4,249 896 230 1,637 1,486 Other 107,167 19,269 4,337 40,625 42,936 Net demand2 104,741 19,938 5,014 40,682 39,107 Present legal require- Time 72,500 7,842 2,361 28,578 33,719 ments: Demand balances due Minimum 210 10 7 3 3 from domestic banks. 7,087 149 81 2,046 4,811 Maximum 222 222 14 6 6 B C a u l r a r n e c n e c s y a w nd it h c oi F n . R. 2s606 200 32 818 1,557 Banks 17,019 3,493 914 7,368 5,243 • First-of-month or midmonth dates record changes at country banks, Total reserves held 19,625 3,693 946 8,186 6,800 and other dates (usually Thurs.) record changes at central reserve or Required 19,147 3,682 945 8,141 6,379 reserve city banks. Excess 478 11 1 45 421 1 Demand deposits subject to reserve requirements are total demand deposits minus cash items in process of collection and demand balances due from domestic banks. 1 Balances with Reserve Banks are as of close of business; figures for all 2 Before July 28, 1959, the minimum and maximum legal requirements other reported items (that is, excluding total reserves held and excess refor central reserve city banks were 13 and 26 per cent, respectively, and serves) are as of opening of business. the maximum for reserve city banks was 20 per cent. 2 Demand deposits subject to reserve requirements, i.e., gross demand NOTE.—All required reserves were held on deposit with Federal Reserve deposits minus cash items reported as in process of collection and demand Banks, June 21, 1917, until late 1959. Since then, member banks have balances due from domestic banks. also been allowed to count vault cash as reserves, as follows: Country banks—in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS* [In millions of dollars] Wednesday End of month Item 1962 1962 1961 April 25 April 18 April 11 April 4 March 28 April March April Discounts and advances—total 350 316 327 172 235 120 115 67 Within 15 days ; 309 273 275 119 168 54 49 60 16 days to 90 days 26 28 37 38 37 28 51 7 15 15 15 15 30 38 15 Acceptances—total 37 38 39 40 41 36 42 45 Within 15 days 11 11 12 12 12 10 11 16 16 days to 90 days 26 27 27 28 29 26 31 29 U S Government securities—total 28 962 28,884 29,196 29,340 28,779 29,182 29,061 26,772 Within 15 days 666 526 644 728 354 2,310 434 3,099 16 days to 90 days 3,558 3,593 3,687 3,772 3,731 2,123 3,832 1,295 91 days to 1 year 11,752 11,779 11,879 11,854 11,807 11,749 11,854 10,761 Over 1 year to 5 years 10,473 10,473 10,473 10,473 10,394 10,487 10,438 9,603 Over 5 years to 10 years 2,247 2,247 2,247 2,247 2,227 2,247 2,237 1,863 Over 10 years 266 266 266 266 266 266 266 151 i Holdings under repurchase agreements are classified as maturing 2 Less than $500,000. within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1962 1962 1961 April 25 April 18 April 11 April 4 March 28 April March April Assets 15,067 15,107 15,191 15,196 15,196 15,067 15,196 16,059 Redemption fund for F. R. notes 1,155 1,159 1,153 1,137 1,140 1,155 1,140 1,030 Total sold certificate reserves 16,222 16,266 16,344 16,333 16,336 16,222 16,336 17,089 Cash 378 355 362 395 414 392 423 453 Discounts and advances: For member banks 285 251 262 107 170 55 50 62 65 65 65 65 65 65 65 5 Acceptances—Bought outright . 37 38 39 40 41 36 42 45 Held under repurchase agreement U. S. Government securities: Bought outright: 2,872 2,888 2,997 3,211 2,830 3,086 2,985 2,483 Other 4,972 4,972 4,972 4,972 4,972 4,977 4,972 5,001 Notes . . .. . 16,933 16,933 16,933 16,933 16,887 16,954 16,903 16,436 Bonds 4,091 4,091 4,091 4,091 4,038 4,091 4,076 2,852 Total bought outright 28,868 28,884 28,993 29,207 28,727 29,108 28,936 26,772 Held under repurchase agreement 94 203 133 52 74 125 Total U. S. Government securities 28,962 28,884 29,196 29,340 28,779 29,182 29,061 26,772 Total loans and securities 29,349 29,238 29,562 29,552 29,055 29,338 29,218 26,884 Cash items in process of collection . 5,082 5,604 4,606 4,491 4,276 4,610 3,932 4,216 Bank premises 108 108 108 108 108 107 108 108 Other assets: Denominated in foreign currencies • 84 84 84 84 84 84 84 All other 346 327 310 301 271 359 281 299 Total assets 51,569 51,982 51,376 51,264 50,544 51,112 50,382 49,049 Liabilities 28,084 28,268 28,284 28,130 27,946 28,093 28,007 26,966 Deposits: 16,993 16,928 16,800 17,289 16,786 17,035 16,972 16,419 551 508 564 297 462 569 403 633 220 206 260 199 217 230 221 230 Other 315 357 365 356 284 373 356 280 Total deposits . 18,079 17,999 17,989 18,141 17,749 18,207 17,952 17,562 3,913 4,235 3,575 3,486 3,358 3,307 2 926 3 150 Other liabilities and accrued dividends 73 76 76 74 69 73 71 38 Total liabilities 50,149 50,578 49,924 49,831 49,122 49,680 48,956 47,716 Capital Accounts Capital paid in 454 453 453 453 453 454 453 423 888 888 888 888 888 888 888 817 Other capital accounts 78 63 111 92 81 90 85 93 51,569 51,982 51,376 51,264 50,544 51,112 50,382 49,049 Contingent liability on acceptances purchased for 102 102 102 102 100 94 100 151 U. S. Government securities held in custody for 5,643 5,686 5,727 5,736 5,769 5,581 5,762 5,634 Federal Reserve Notes—Federal Reserve Agents' Accounts 29,891 29,873 29,821 29,684 29,653 29,844 29,658 28,595 Collateral held against notes outstanding: Gold certificate account 7,955 7,955 7,935 7,935 8,035 7,955 8,035 R,975 88 31 33 8 40 8 8 31 U. S. Government securities 23,225 23,205 23,205 23,205 23,205 23,225 23,205 21,210 Total collateral 31,268 31,191 31,173 31,148 31,280 31,188 31,248 30,216 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 593 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 3D, 1962 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M a i p n o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 15,067 769 3,625 871 1,250 1,021 776 2,446 547 352 634 534 2,242 Redemption fund for F. R. notes.... 1,155 72 276 71 100 87 67 206 49 27 49 37 114 16,222 841 3,901 942 1,350 1,108 843 2,652 596 379 683 571 2,356 F. R. notes of other Banks 444 26 119 33 36 19 71 34 14 20 13 22 37 Other cash 392 28 75 17 33 22 35 68 21 9 12 15 57 Discounts and advances: Secured by U. S. Govt. securities.. 55 3 2 1 1 9 5 25 1 1 6 Other 65 3 18 4 6 3 3 9 2 1 3 4 Acceptances: 36 36 Held under repurchase agreement.. U. S. Govt. securities: 29,108 1,549 7,199 1,681 2,468 1,842 1,600 4,974 1,175 624 1,269 1 182 3,545 Held under repurchase agreement.. 74 74 29,338 1,555 7,329 1,686 2,475 1,854 1,608 5,008 1,178 626 1,278 1,187 3,554 Cash items in process of collection... 5,793 481 1,101 376 469 379 458 998 237 152 264 248 630 Bank premises 107 3 9 3 8 5 14 24 6 5 6 13 11 Other assets: Denominated in foreign currencies. 84 4 223 5 8 4 4 12 3 2 3 5 11 All other 359 19 87 21 31 23 21 60 14 9 16 14 44 Total assets 52,739 2,957 12,644 3,083 4,410 3,414 3,054 8,856 2,069 1,202 2,275 2,075 6,700 Liabilities Federal Reserve notes 28,537 1,685 6,638 1,824 2,531 2,300 1,624 5,206 1,224 584 1,179 821 2,921 Deposits: 17,035 705 4,288 795 1,240 715 893 2,741 591 404 832 963 2,868 U. S. Treasurer—general account.. 569 31 106 26 14 56 41 63 38 23 13 51 107 230 10 371 13 21 10 12 30 7 5 9 12 30 Other 373 1 316 1 1 3 1 1 1 0) 1 46 Total deposits 18,207 747 4,781 835 1,276 784 947 2,835 637 432 855 1,027 3,051 Deferred availability cash items 4,490 454 818 338 465 258 403 598 156 151 178 143 528 Other liabilities and accrued dividends. 73 4 20 4 5 5 4 13 2 2 3 8 Total liabilities 51,307 2,890 12,257 3,001 4,277 3,347 2,978 8,652 2,019 1,169 2,215 1,994 6,508 Capital Accounts Capital paid in 454 21 123 26 42 21 24 64 16 11 19 26 61 Surplus 888 42 243 51 83 40 47 124 31 20 37 50 120 Other capital accounts 90 4 21 5 8 6 5 16 3 2 4 5 11 Total liabilities and capital accounts.. 52,739 2,957 12,644 3,083 4,410 3,414 3,054 8,856 2,069 1,202 2,275 2,075 6,700 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Apr. 30, 1962 34.7 34.6 34.2 35.4 35.5 35.9 32.8 33.0 32.0 37.3 33.6 30.9 39.5 Mar. 31, 1962 35.2 32.7 34.2 35.1 34.5 38.7 32.5 35.4 34.4 35.4 35.1 33.3 38.4 Apr. 30 1961 38.0 34.0 40.2 37.5 37.4 36.8 35.7 37.2 37.3 36.2 37.3 38.0 39.2 Contingent liability on acceptances purchased for foreign correspondents 94 421 6 c e 14 2 4 6 14 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 29,844 1,740 6,955 1,892 2,702 2,397 1,700 5,343 1,281 668 1,214 882 3,070 Collateral held against notes outstanding: 7,955 450 1,600 530 770 755 425 1,400 340 160 310 215 1,000 Elisible Daoer 8 1 6 U. S. Govt. securities 23,225 1,365 5,600 1,500 2,050 1,665 1,400 4,100 1,010 530 950 755 2,300 Total collateral 31,188 1,815 7,200 2,031 2,820 2,420 1,825 5,500 1,351 690 1,266 970 3,300 1 Less than $500,000. 3 After deducting $159,000,000 participations of other Federal Reserve 2 After deducting $61,000,000 participations of other Federal Reserve Banks, Banks. 4 After deducting $73,000,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [Condensed from Circulation Statement of United States Money, issued by Treasury Department; in millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 . . . . .. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 . ... 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 Mar 31,891 22,742 2,406 1,434 86 2,124 6,496 10,198 9,148 2,733 5,851 245 312 3 5 31,830 22,702 2,417 1,433 86 2,119 6,476 10,171 9,128 2,726 5,839 245 310 3 6 May...... 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 June...... 32,405 23,229 2,462 1,462 88 2,162 6,638 10,418 9,176 2,757 5,861 243 306 3 5 July 32,477 23,299 2,475 460 88 2,151 6,622 10,505 9,177 2,761 5,862 242 304 3 5 Aug....... 32,609 23,390 2,491 1,463 89 2,154 6,647 10,547 9,219 2,768 5,898 242 302 3 5 Sept 32,658 23,415 2,506 1,475 88 2,163 6,656 10,527 9,243 2,766 5,926 241 301 3 5 Oct 32,836 23,552 2,532 1,494 89 2,180 6,671 10,586 9,283 2,773 5,959 241 301 3 5 Nov....... 33,538 24,154 2,563 1,534 90 2,246 6,866 10,856 9,384 2,814 6,021 241 299 3 5 Dec... 33,918 24,388 2,582 1.588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—Jan... ... 32 774 23,400 2,552 1,485 91 2,178 6,575 10,519 9,374 2,804 6,027 239 297 3 5 Feb....... 32,880 23,530 2,562 1,477 91 2,178 6,644 10,579 9,350 2,791 6,017 239 296 3 5 Mar 33,018 23,651 2,580 1,484 91 2,188 6,686 10,622 9,367 2,795 6,032 238 294 3 5 i Outside Treasury and Federal Reserve Banks. Before 1955 the currency shown by denomination by amounts of unassorted currency totals shown as in circulation were less than totals of coin and paper (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [Condensed from Circulation Statement of United States Money, issued by Treasury Department; in millions of dollars] Held in the Treasury Currency in circulation 1 Total out- H F el . d R b . y Kind of currency M sta a 1 n 9 r d . 6 i 3 2 n 1 g , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n n o R d r k . s a B g a a e n n n d k t s s M 1 a 9 r. 6 3 2 1, Fe 1 b 9 . 6 2 2 8, M 1 a 9 r. 6 3 1 1, certificates agents Gold ... .. . .. .... 16,608 (16,336) 2 272 Gold certificates (16 336) 3 13,520 2,8i6 30 Federal Reserve notes . 29 657 100 1,653 27,905 27,833 26,970 Treasury currency—total. 5,590 (2,315) 53 424 5,114 5,047 4,891 Standard silver dollars . 487 96 31 10 349 348 321 Silver bullion ... , 2,219 2,219 (2,315) 332 1,983 1,939 4 2,027 Subsidiary silver coin 1,673 16 43 1,615 1,601 1,512 Minor coin .. ... 627 2 9 616 613 573 United States notes 347 3 29 314 310 310 In process of retirement 5 237 (6) 1 236 236 7 148 Total Mar 31 1962 3 51,856 (18,651) 425 13,520 4,893 33,018 Feb. 28S 1962 8 52,205 (18,845) 425 13,714 5,186 32,880 Mar. 31 1961 8 51,471 (19,506) 392 14,283 4,906 31,891 1 Outside Treasury and Federal Reserve Banks. Includes any paper 6 Less than $500,000. currency held outside the United States and currency and coin held by 7 Represents only Federal Reserve Bank notes and national bank notes; banks. Estimated totals for Wednesday dates are shown in table on p. 587. see also note 5. 2 Includes $156 million reserve against United States notes. 8 These totals do not include all items shown, as some items represent 3 Consists of credits payable in gold certificates: (1) the Gold Certificate the security for other items; gold certificates are secured by gold, and Fund—Board of Governors, Federal Reserve System and (2) the Redemp- silver certificates by standard silver dollars and monetized silver bullion. tion Fund for Federal Reserve notes. Duplications are shown in parentheses. For explanation of currency 4 Includes $1,141,667 of Treasury notes of 1890. reserves and security features, see Circulation Statement of United States 5 Redeemable from the general fund of the Treasury. (Federal Reserve Money issued by the Treasury Department, or BULLETIN for August Banks and national banks no longer have liability for their currency 1961, p. 936, or earlier issues. included herein, as payment therefor has been made to the Treasury as required by law.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY SUPPLY; BANK DEBITS 595 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Money supply Related Related deposits Money supply deposits (not (not seasonally (not Seasonally Not seasonally seasonally adjusted) seasonally Period adjusted adjusted adjusted)! Week adjusted)1 ending— Total r C en u c r y - D po e d m s e it - a s n ! d Total r C en u c r y - D p e o d m s e i - a ts n 1 d Time G U o .S vt . . Total r C en u c r- y D p e o d m s e i - a ts n 1 d Time G U o .S v . t. 1954—Dec 131.8 27.4 104.4 135.0 27.9 107.1 48.5 5.0 1961 1955—Dec 134.6 27.8 106.8 137.9 28.3 109.6 50.0 3.4 1956—Dec .. 136.5 28.2 108.3 139.7 28.7 111.0 51.8 3.4 Mar. 1 139.5 28.4 111.1 75.1 5.7 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 8 139.7 28.8 110.9 75.5 5.3 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 15...... 140.7 28.7 112.0 75.9 3.7 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 22....... 140.6 28.7 111.9 75.9 5.3 1960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 29...... 139.6 28.5 111.1 76.2 4.6 1961—Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 Apr. 5...... 139.7 28.8 110.9 76.5 4.5 12...... 141.2 28.8 112.3 76.7 3.2 1961—Apr 142.0 29.0 113.0 141.7 28.7 113.0 76.9 2.9 19 142.8 28.7 114.1 76.9 2.1 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 26...... 142.4 28.5 114.0 77.1 1.9 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 May 3...... 141.6 28.6 113.1 77.5 3.2 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 10 140.8 28.9 112.0 78.0 3.9 Aug.* 141.8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 17...... 140.3 28.8 111.5 77.9 4.5 Sept 143.0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 24 139.0 28.7 110.3 78.3 5.8 Oct 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 31 139.2 28.6 110.6 78.5 5.0 Nov 144.1 29.4 114.6 145.3 29.7 115.6 82.0 5.8 Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 1962 1962—Jan 144.6 29.6 115.1 147.8 29.4 118.3 83.9 3.9 Feb. 7 145.8 29.3 116.5 85.2 4.8 Feb 144.4 29.6 114.7 144.0 29.3 114.8 85.8 4.7 14 145.1 29.4 115.8 85.7 3.7 Mar 144.7 29.9 114.8 143.2 29.5 113.7 87.7 5.1 21 142.9 29.3 113.6 86.0 5.1 ApT.P 145.7 30.0 115.7 145.4 29.7 115.7 89.2 3.9 28...... 142.4 29.2 113.2 86.3 5.2 Mar. 7...... 143.3 29.5 113.8 87.0 5.0 Semimonthly 14...... 143.9 29.6 114.3 87.5 3.2 21. 143.9 29.6 114.4 87.7 4.9 1962—Feb. 1.... 144.7 29.6 115.1 145.3 29.3 116.0 85.5 4.3 28 141.8 29.4 112.4 88.3 6.8 Mar. 2 1 . . . . . . . . 1 1 4 4 4 4 . . 6 0 2 29 9 . . 8 7 1 1 1 1 4 4 . . 8 3 1 1 4 4 3 2 . . 6 5 2 2 9 9 . . 5 2 1 11 1 4 3 . . 1 3 8 87 6 . . 3 2 4 5 . . 2 2 Apr",f- 1 1 4 4 2 4 . . 8 6 2 29 9 . . 9 6 1 11 1 4 3 . . 7 2 8 8 8 9 . . 7 1 6 3. . 7 1 2.... 144.8 29.9 114.9 142.8 29.5 113.3 88.1 6.0 146.7 29.8 116.9 89.2 2.6 Apr. 1.... 145.3 30.0 115.3 144.4 29.8 114.6 89.0 4.0 18 146.2 29.6 116.7 89.3 3.5 2P. ... 146.1 30.0 116.1 146.4 29.6 116.8 89.3 3.8 25*\.... » Preliminary. 1947, see BULLETIN for October 1960, pp. 1102-1123. For back data on 1 At all commercial banks. time deposits and U.S. Government demand deposits see BULLETIN for NOTE.—p description of series and for figures beginning with January August 1961, p. 1001. or BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts, except interbank and Annual rate of turnover U.S. Government accounts of demand deposits except interbank [In billions of dollars] and U.S. Government deposits Year or month re c p e A o n r t l e t l i r n s g New Yor L k eading centers 6 others1 3 r c e 3 e p 7 n o t o r e t t r i h n s e 2 g r New ]L Y e o a r d k ing ce 6 n t o er t s hers! 3 r c 3 e e 7 p n o c t > er th s2 er Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1954 1,887.4 738.9 390.1 758.4 42.3 25.8 19 2 1955 2,043.5 766.9 431.7 845.0 42.7 27.3 20 4 1956 2,200.6 815.9 462.9 921.9 45.8 28.8 21.8 1957 2,356.8 888.5 489.3 979.0 49.5 30.4 23.0 1958 2,439.8 958.7 487.4 993.6 53.6 30.0 22.9 1959 2,679.2 1,023.6 545.3 1,110.3 56.4 32.5 24.5 I960 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25 7 1961 3,111.1 1,278.8 622.7 1,209.6 70.0 36.8 26.1 1961—Apr 241.0 104.5 101.2 50.6 48.5 97.8 91.3 69.2 67.8 36.3 37.1 25.7 24.9 May 268.8 108.7 111.5 51.8 53.8 100.6 103.6 71.8 72.0 37.1 37.8 26.4 26 8 June 271.8 104.9 113.2 51.7 54.3 100.4 104.3 70.5 75.6 37.1 38.6 26.3 27.2 July 247.7 105.8 100.6 51.6 49.1 101.7 98.0 71.6 70.4 37.3 36.5 26.5 26.4 Aug .... 255.5 105.4 100.9 51.4 51.4 101.3 103.2 71.1 66.9 37.2 36.1 26.4 26 1 Sept 246.6 107.8 100.3 52.0 49.0 102.0 97.3 72.3 71.4 37.4 36.9 26.5 26.5 Oct 274.7 113.6 113.7 54.0 54.3 104.7 106.7 75.6 75.1 38.3 37.7 27.0 27.0 272.6 115.2 112.5 54.4 54.2 104.2 105.9 75.3 75.0 38.5 37.9 26.8 27.2 Dec 286.6 114.0 120.3 55.0 57.5 104.8 108.8 73.4 77.4 38.7 39.5 26.8 27.5 1962 Jan 294.7 110.3 118.1 58.2 109.4 ni5.i 70.9 71.6 40.6 40.3 27.8 r27.6 Feb 239.5 103.3 94.3 54.4 49.0 105.4 96.1 68.1 64.6 38.4 36.3 27.1 25.9 Mar 293.3 118.1 124.7 57.5 59.7 108.1 108.9 78.2 80.5 40.9 43.2 27.6 27.7 Apr 281.7 118.1 117.2 59.1 58.0 111.5 106.5 78.4 76.9 HI. 7 H2.6 P Preliminary. r Revised. i Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Adj.= adjusted for seasonal variation, Unadj. = without seasonal Angeles. 2 Before April 1955, 338 centers. adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates; in millions of dollars] Assets Liabilities and capital Total Bank credit assets, net- Treas- Total Date c u u ry r- U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e a n u n c t d - y - Total Lo n a e n t s, m C e o rc m ia - l Federal O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e r a p r n o e d n si c t y s co m a u i c n s - c ts . , ing Total and Reserve Other net savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82.811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20 778 2,888 14,741 199,009 184,384 14,624 1959—Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256.020 24,186 1960—Dec. 31. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Apr. 26. 17,400 5,400 265,000 143,300 94,100 67,100 26,200 800 27,600 287,800 260,600 27,200 J M u a n y e 3 3 1 0 . . 1 1 7 7 , , 4 5 0 5 0 0 5 5, , 4 4 3 0 7 0 2 26 6 9 7 , , 8 4 2 0 8 0 1 1 4 4 4 5 , , 3 7 0 8 0 4 9 96 5 , , 1 5 2 0 1 0 6 6 7 8 , , 8 1 0 0 0 4 2 2 * 6 7 , , 9 2 0 5 0 3 7 8 6 0 4 0 2 2 7 7 , , 9 7 2 0 3 0 2 29 9 2 0 , , 8 2 1 0 6 0 2 2 6 6 1 5 , , 7 6 0 0 0 4 2 27 8 , S6 2 0 1 0 2 July 26. 17,500 5,400 272,200 145,300 98,700 71,000 26.900 800 28,100 295,100 267,200 27,900 Aug. 30. 17,500 5,600 272,100 145,200 98,500 70,500 27.300 800 28,400 295.100 266,400 28.700 Sept. 27. 17,500 5,600 276,600 147,200 100,200 72,400 27,100 700 29,200 299,600 271,100 28,500 Oct. 25. 17,300 5,600 278,300 147,800 101,500 72,800 28,000 700 29,000 301,200 272,400 28,800 Nov. 29. 17,000 5,600 280,000 149,000 101,900 72,400 28,800 800 29.100 302.600 273,000 29 600 Dec. 30. 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Jan. 31'. 16,800 5,600 282,600 150,000 102,700 73,500 28,500 700 29,800 305,000 276,300 28,600 Feb. 28'. 16,800 5,600 283,000 151,500 101,400 72,300 28,400 700 30,200 305,400 276,400 29,000 Mar. 28'. 16,600 5,600 284,800 153,300 100,400 71,000 28,800 700 31,100 307,000 278,100 28,900 Apr. 25*. 16,500 5,600 287,400 154,800 100,700 71,000 29,000 700 31,900 309,400 280,700 28,800 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series6 For- Date p b e n o d a i e s g e n t i - n t k 2 s, T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c n m t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o r m n c m k e ia s - l de M p b s o a a u v s n t i i u k t n s a s g 3 l 4 s S S P a y o v s s t i t e n a m g l s p m o D d s a e e i n - t - s d 5 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u o r n o e s t a d s n a t n e i l c t d d s y j m p u D o a d s a d s e e t n i e - - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29... 365 204 381 36 790 28.611 19,557 8,905 149 22,540 3,639 1933—June 30... 50 264 852 35 828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30... 1,217 2,409 846 634 253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31... 1,498 2,215 1,895 867 336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31... 2,141 2,287 24,608 977 150793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31... 1,682 1,336 1,452 870 170008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30... 2,518 1,293 2,989 668 176916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1959—Dec. 31... 3,203 391 5,319 504 246 603101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 1960—Dec. 31... 3,184 377 6,193 485 252; 926 108,468 71,380 36,318 770 115,102 29,356 139,200 111,000 28,200 1961—Apr. 26.. 3,200 400 2,300 500 254,200112,700 75,000 36,900 700 113,600 27,900 141,500 113,300 28,200 May 31.., 1,100 400 5,100 400 254,700115,700 77,900 37,000 700 110,600 28,400 140.800 112,300 28,500 June 30.. 1,250 379 6,638 408 256,929117,280 79,092 37,486 110,288 29,361 140,900 112,700 28,200 July 26.. 1,300 400 5,800 500 259,100117,700 79,500 37,500 113,000 28,400 141,500 113,200 28,300 Aug. 30.. 1,300 400 5,600 500 258,500118,600 80,200 37,600 700 111,500 28,500 141,300 113,000 28,300 Sept. 27.. 1,400 400 8,400 500 260,400119,400 80,800 37,900 112,400 28,600 141,900 113,400 28,500 Oct. 25.. 1,300 400 6,000 400 264,400120,100 81,400 37,900 115,700 28,700 143,800 115,000 28,800 Nov. 29.. 1,200 400 5,700 500 265,100119,800 81,200 38,000 700 116,200 29,100 143,400 114,800 28600 Dec. 30.. 1,497 42: 6,219 465 271,794121,216 82,145 38,420 651120,525 30,053 144,800 116,100 28,700 1962—Jan. 31'. 1,300 500 5,200 400 269,000 123,400 84,200 38,600 600117,000 28,700 143,700 114,600 29,100 Feb. 28'. 1,300 400 5,400 400 268,9001125,200 85,800 38,800 600114,800 28,900 144,400 115,100 29,300 Mar. 28'.. 1,300 400 6,500 500. 269,4001127,600 87,700 39,200 600 113,000 28,900 144,000 114,800 29,200 Apr. 25P. 1,300 400 4,200 600 274,200 128,400 88,600 39,300 600116,800 28,900 145,700 116,500,29,200 » Preliminary. r Revised to benchmark data. • Seasonally adjusted series begin in 1946 and are available only for last 1 Represents all commercial and savings banks, Federal Reserve Banks, Wednesday of the month. For description of series and for back data Postal Savings System, and Treasury currency funds (the gold account, see BULLETIN for February 1960, pp. 133-36. Treasury currency account, and Exchange Stabilization Fund). NOTE.—For description of statement and back figures, see BULLETIN 2 Beginning with May 1961 the reclassification of deposits of foreign for January 1948, pp. 24-32. The composition of a few items differs central banks reduced this item by $1,900 million ($1,500 million to time slightly from the description in BULLETIN article; stock of Federal Reserve deposits adjusted and $400 million to demand deposits adjusted). Banks held by member banks is included in other securities and in capital 3 Excludes interbank time deposits; U. S. Treasurer's time deposits, and miscellaneous accounts, net, and balances of the Postal Savings open account; and deposits of Postal Savings System in banks. System and the Exchange Stabilization Fund with the U. S. Treasury * Before June 30, 1947, includes a small amount of demand deposits. are netted against capital and miscellaneous accounts, net, instead of Beginning with June 1961 includes amounts now reported by insured against U. S. Govt. deposits and Treasury cash. Total deposits and mutual savings banks as demand deposits; formerly, before passage of currency shown in the monthly Chart Book excludes foreign bank dethe recent amendment of the F.D.I.C. Act, reported as time deposits posits, net, and Treasury cash. Except on call dates, figures are rounded or other liabilities. to nearest $100 million and may not add to the totals. 5 Demand deposits other than interbank and U. S. Govt, less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 597 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES* [Figures partly estimated except on call dates; amounts in millions of dollars] Loans and investments Deposits Total Cla a s n s d o d f a b t a e nk Total Loans o G U t b i o o l . i v n S g t a s . . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c c b T o a i a l a l u p o i n i a c t t n i - - d i t a e t a l s s l 3 TotaP m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O O n t d t h h e e r r Time* r B in o o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f r ks - Govt. All banks: 1941—Dec. 31 26,615 511 8,999 27 344 90,908 81,816 10,982 44,355 26,479 23 81,,414 14,826 1945—Dec. 31 30362 288 8,577 35415177^332 1651612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 315 43,002 199 10,723 38,388175,091161,86512,793 240 1,346! 94 53,105 66 11,94814,714 I960—Dec. 31 144,764 242 26,617 53022 298,126 266; 17,080 1,800 5,949133 107,959 167 24 539 13,986 1961—Apr. 26 144,950 100 27.580 44 200 290,,370 256; 13,500 1,900 2,010 126, 112,250 1,750 24 13,974 June 30 146 164 104 27!923 46457 295567 262, 13633 462 6,3681"25,219 116.865 452 25 13,977 July 26 146,450 040 28;11044,150 296,460 262, 13620 460 5,550125,,410 117,320 1,230 25 35013,973 Aug. 30 147,030 490 28 360 43,170 295760 260, 13340 460 5,340 123,250 118,170 1,880 25,57013,968 Sept. 27 149,300 420 29,150 44,950 302,,980 267, 13930 470 8,160 125,480119,010 2,230 25 980 13,965 Oct. 25 149,370 820 28,960 46,140 304,,230 269, i530 480 5,680 128,700119,640 1,830 25 13,951 Nov. 29 150,740 420 29,100 46,970 306,,000 270, 920 470 5,460129,790119,480 1,830 26 13,947 Dec. 30 154,318 715129,,667 57,368 321;,394 287. 914 482 5,952 141 979 120,848 482 26 227 13,946 1962—Jan. 31r 152,030 47029;,820 47,740 310;,470 274; 190 480 4,910 131i560 123,080 2,200 26 280 13,943 Feb. 28' 153,580 34o 30;,180 48,540 311;,910 275. 110 510 5,090130;570 124,890: 2,310 26 390 13,941 Mar. 28 r 155,460 960 31;, 100 45,560 310;230 273' 750 510 6,260 125;980 127,220! 2,420 26 470 13,930 Apr. 25^ 156,750 030 3i;,900 46 200 312,950 276,410 730 520 3,920 130;120 128,120 2,360 26;58O 13,920 All commercial banks: 1 19 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 1 5 2 0 4 , , 7 0 4 1 6 9 2 2 1 6, , 0 7 8 1 3 4 9 2 0 1 , , 6 8 0 0 6 8 2 3 6 4 , , 5 8 5 0 1 61 7 6 9 0 , , 1 3 0 1 4 2 ; , 2 2 8 2 3 7 1 1 0 4, , 0 9 6 8 5 2 1 4 0 4 5 , , 3 92 4 1 9 3 1 0 5 , , 2 9 4 5 1 2 21 2 9 3 7 8 , ,9 1 5 73 0 1 1 4 4 , , 2 0 7 1 8 1 1947—Dec. 315 116,284 38,057 69.221 37.502155.377144,10312,792 240 1,3431 94,367 35.360 65 10, 14,181 1960 Dec. 31, 199,509 117,642 61,003 20864 52.150 257552 229;84317,079 1,799 5,945 133,379 71,641 163 20, 13.472 1961—Apr. 26 199,720117,180 60,740 21800 43,400 249.040 219,,39013,500 1,900 2,010 126,660 75,320 1,750 21,200 13,460 June 30...... 201,848 117.953 61,82422,07145,595253749 224;,99713633 461 6,362125,161 79,380 443 21,74513,463 July 26 205,070 118,070 64,740 22260 43320 254,480 224,,79013620 460 5,550125,350 79,810 1,230 21,680 13,459 Aug. 30 205,120118,450 64,160 22,510 42370 253580 222;,87013340 460 5,340123,190 80,540 1,880 21,870 13,454 Sept. 27 209,910 120,520 66,130 23,260 44;130 260,560 229;,08013930 470 8,160125,420 81,100 2,230 22,250 13,451 Oct. 25 210,290 120,470 66,630 23,190 45,320 261910 231,,05014530 480 5,680 128,640 81,720 1,830 22, 13,437 Nov. 29 211,250 121,670 66,210 23,370 46,130 263510 232,,07014920 470 5,460 129,730 81,490 1,830 22, 13,433 1962— D Ja e n c. . 3 3 0 1r 2 2 1 1 5 3 , , 4 7 4 3 1 0 1 1 2 2 4 2 , , 9 4 2 2 5 0 6 6 6 7 , , 5 2 7 4 8 0 2 2 4 3, , 9 0 3 7 7 0 4 5 6 6 ; ,4 91 3 0 2 2 27 6 8 7 , , 5 4 6 0 1 0 2 2 4 3 8 5 , , 6 5 8 6 9 0 II;9 i 1 9 4 0 4 4 8 8 1 0 4 5 , , 9 9 1 4 0 6 1 1 4 31 1 , , 5 9 0 2 0 0 8 8 2 4 , , 4 4 2 8 9 0 2,2 4 0 7 0 1 2 2 2 2 ; .4 5 5 0 9 0 ;1 1 3 3 , , 4 4 3 3 0 2 Feb. 28*- 214,260123,780 66,030 24,450 47;670 268540 236;350 110 510 5,090 130,510 86,130 2,310 22;570113,428 A M p a r r . . 2 25 8 » r 2 21 1 7 5 , , 2 1 6 8 0 01 12 2 6 5 , , 4 3 9 8 0 0 6 6 4 4 , , 4 6 4 1 0 0 2 2 5 6 , ,1 3 6 6 0 0 4 4 4 5 . ; 6 3 8 9 0 0 2 2 6 6 9 6 ^ 3 0 4 5 0 0 2 2 3 3 7 4 ; : 4 0 3 7 0 01 1 3 4 , 7 73 5 0 0 5 5 1 2 0 0 6 3, , 9 2 2 6 0 0 1 1 2 30 5 , , 0 9 6 2 0 0 8 88 7 , , 8 9 4 9 0 0 2 2 , , 4 3 2 6 0 0 2 2 2 2 ; .7 6 5 30 0 1 1 3 3, ,4 4 0 17 7 13; All member banks: 1941—Dec. 31 43,521 18,021 ,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945_Dec. 31 107,183 22,775 6; 070 29; 845138,304129.67013,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32.628 ,30432,845132,060122,52812,353 50 80,609 28,340 54 8.464 6,923 1960—Dec. 31. 165.619 99.933 16,:579 45756216,577193,02916,436 1,639 112,393 57,272 13017.398 6.174 1961—Apr. 26 166,398 99,913 020 17,'465 38,'007 209^737184,11813,007 1,741 106,839 60,825 1,720 17,683 6,147 June 30 168,049 99,992 361 17,696 40,084213,719189,22613,077 276 105,568 64,574 38218,027 6,141 July 26 170,893 J0O.098 888 37,991214,376188,91613,070 275 105,579 64,965 1,178 17,981 6,138 Aug. 30 170,850100,379 113 36.940 213 186,81612,787 270 103,427 65,594 1,822 18,141 6,137 Sept. 27 174,936102,355 719 38;582 219, 192,30513,325 282 105,312 66,093 2,128 18,386 6,132 Oct. 25. 175,084102,107 18,68739,721220,414193,86313,913 293 108,063 66,574 1,808 18,293 6,122 Nov. 29 175,827103,129 824 40?94 2217T5 194,66614,294 288 108,894 66,397 1,795 18,478 6,116 Dec. 30 179,599106,232 308 49579 235!112 209,63017,195 303 119,595 67,157 43818,638 6,113 1962—Jan. 31 177.966 103,983 ; 1;,971224,961197,48013,623 305 376 110,287 68,889 2,138 18,683 6,107 Feb. 28 178,389105,144 19,778 41,894226,210198,38013,560 332 525109,671 70,292 2,264 18,749 6,099 Mar. 28 179,254106,600 036 20 ,'618 39091224,114196,59513,209 335 631105,552 71,868 2,380 1188,785 6,085 Apr. 25*> 180,87f 107,424 10321,34539,662 226,233198,67413,178 340 506 109',048 72,602 2,319 18,877 6,074 All mutual savings banks: 1941—Dec. 31. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31...... 16 208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 315 18 641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1960—Dec. 31 39,114 27.122 6 239 5,752 872 40,574 36,353 36,318 3,553 514 1961—Apr. 26 39,910 27,770 6,360 5,780 800 41,330 36,960 (6) 36,930 3,600 514 June 30 40,344 28,211 6,281 5,852 862 41,818 37,551 37,487 3,660 514 J A u u ly g . 2 3 6 0 4 4 0 0 , , 5 7 3 6 0 0 2 2 8 8 , , 3 5 8 8 0 0 6 6 , , 3 3 0 3 0 0 5 5 , , 8 8 5 5 0 0 8 8 3 0 0 0 4 4 2 1 , , 1 9 8 8 0 0 3 3 7 7 , , 5 6 7 9 0 0 ( (6 ) ) 3 3 7 7 , , 5 6 1 3 0 0 3 3 , , 6 7 7 0 0 0 5 5 1 1 4 4 D S O N e e c o c p t v . . t . . 2 2 3 2 5 9 0 7 4 4 4 41 0 0 1 , , , , 2 9 8 0 5 6 6 1 9 0 0 0 2 2 2 2 8 9 9 8 , , , , 3 7 0 9 9 8 0 7 3 0 0 0 6 6 6 6 , , , , 1 2 2 1 9 1 3 9 0 0 6 0 5 5 5 5 , , , , 8 7 7 7 9 7 3 3 0 0 0 0 8 8 9 8 3 2 2 4 6 0 0 0 4 4 4 4 2 2 2 2, , , , 8 4 3 4 3 2 2 9 3 0 0 0 3 3 3 3 7 8 7 8 , , , , 9 0 9 4 7 5 8 8 0 0 0 7 ( ( ( 6 6 6 ) ) ) 8 (6) 3 3 3 3 7 7 7 8 , , , , 9 9 9 4 1 2 9 2 0 0 0 0 3 3 3 3 , , , , 7 7 7 7 3 0 4 6 0 0 0 8 5 5 5 5 1 1 1 1 4 4 4 4 1962— F Ja eb n . . 2 3K 8r 4 4 1 1 , , 5 8 9 4 0 0 2 2 9 9 , , 6 8 1 0 0 0 6 6, , 3 2 1 3 0 0 5 5 , , 7 7 5 3 0 0 8 8 3 7 0 0 4 4 3 3 , , 0 3 7 7 0 0 3 3 8 8 , , 6 8 6 2 0 0 () 8 3 3 8 8 , , 6 7 0 6 0 0 3 3 , , 7 8 8 2 0 0 5 5 1 1 3 3 Mar. 28 r 42,340 30,080 6,520 5,740 880 43,890:39,290 (6) 39,230 3,840 513 Apr. 252> 42,420 30,260 6,420 5,740 810, 43,900 39,340 ( ( 6 6 ) ) (6) 39,280 3,830 513 Preliminary. r Revised to benchmark data. commercial banks. Number of banks includes a few noninsured banks i All banks in the United States (including all banks in Alaska and for which asset and liability data are not available. Comparability of Hawaii, beginning with January and August 1959, respectively). figures for classes of banks is affected somewhat by changes in Federal All banks comprise all commercial banks and all mutual savings banks. Reserve membership, insurance status, and the reserve classifications of All commercial banks comprise (1) all nonmember commercial and cities and individual banks and by mergers, etc. (2) all member commercial banks. Member banks include (1) a national 2 Reciprocal balances excluded beginning with 1942. Reclassification bank in the Virgin Islands that became a member on May 31, 1957, (2) of deposits of foreign central banks in May 1961 reduced interbank a noninsured nondeposit trust company, and (3) 1 mutual savings bank deposits by a total of $1,900 million ($1,500 million time to other time (2 before July 1961 and 3 before 1960) that became members in 1941 and $400 million demand to other demand). (these banks are excluded from all commercial banks). 3 Includes other assets and liabilities not shown separately. Stock savings banks and nondeposit trust companies are included with 4 See note 4 on the preceding page. For other notes see following 2 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 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] Loans and investments Deposits T#tal assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io o l . i n S v g s . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b c T o a i a l a l o u p i n i c a t t n i d i - a t - e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r s - Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1.445 30 2,259 37 I960—Dec. 31 27,726 18,465 6,980 2,28210,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—Apr. 26 27,725 18,447 6,588 2,690 8,037 37,668 30,722 3,891 1,281 204 20,415 4,931 **593 3,592 15 June 30 28,220 18,054 7,642 2,524 8,616 38,741 32,225 4,211 167 1,380 19,832 6,635 121 3,634 15 July 26 28,732 18,100 8,090 2,542 7,820 38,619 31,717 4,027 169 1,203 19,532 6,786 392 3,626 15 Aug. 30 28,505 17,643 8,186 2,676 7,350 37,795 30,352 3,735 166 888 18,639 6,924 902 3,656 15 Sept. 27 29,453 18,183 8,402 2,868 8,066 39,540 31,890 3,905 173 1,485 19,317 7,009 1,106 3,670 14 Oct. 25 28,746 18,022 7,942 2,782 8,168 38,857 31,455 3,903 178 967 19,323 7,084 860 3,692 14 Nov. 29 , 29,066 18,398 7,908 2,760 8,044 39,058 3.1,847 4,042 176 831 19,693 7,105 602 3,702 14 Dec. 30 30,297 19,535 7,862 2,90011,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Jan. 31 29,672 18,584 8,152 2,936 9,029 40,856 33,050 4,199 182 978 20,463 7,228 949 3,696 13 Feb. 28 29,895 19,067 7,716 3,112 9,878 41,965 33,944 4,241 202 862 21,163 7,476 1,094 3,706 13 Mar. 28 29,650 19,494 6,826 3,330 8,480 40,147 32,496 3,885 209 1,255 19,481 7,666 1,073 3,689 13 Apr. 25»... 29,855 19,380 6,948 3,527 8,063 39,851 32,214 3,859 208 860 19,667 7,620 1,065 3,714 13 Chicago: 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5.088 1,801 2,890 397 .739 6.866 6.402 1,217 72 4,201 913 426 14 I960—Dec. 31 7,050 4,485 1,882 683 ,046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—Apr. 26... 6,847 4,401 1,682 764 ,730 8,718 7,643 1,162 57 4,625 1,717 54 831 10 June 30 7,020 4,249 2,058 714 ,899 9,068 8,037 1,125 380 4,602 1,920 10 848 10 July 26 7,211 4,151 2,301 759 ,954 9,307 8,227 1,205 385 4,700 1,927 56 841 10 Aug. 30 7,165 4,191 2,227 747 ,769 9,073 7,901 1,190 281 4,494 1.926 131 852 10 Sept. 27.. 7,278 4,212 2,229 838 ,864 9,296 8,153 1,211 476 4,527 1,931 94 856 9 Oct. 25 7,562 4,359 2,364 839 ,841 9,561 8,250 1,255 304 4,728 1,949 254 855 9 Nov. 29 7,329 4,341 2,111 877 ,019 9,502 8,284 1,271 251 4,790 1,957 137 866 9 Dec. 30.. 7,606 4,626 2,041 940 ,603 10,383 9,283 1,624 369 5,268 2,008 35 870 9 1962—Jan. 31 7,292 4,353 2,038 901 ,873 9,333 8,201 1,154 229 4,713 2,089 65 873 9 Feb. 28 7,508 4,509 2,078 921 ,896 9,576 8,285 1,183 222 4,673 2,190 209 874 9 Mar. 28 7,652 4,503 2,183 966 ,788 9,613 8,208 1,194 323 4,383 2,292 329 870 9 Apr. 25* 7,504 4,557 1,880 1,067 ,912 9,592 8,421 1,177 158 4,676 2,392 73 877 9 Reserve city member banks:7 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,9"9"0 1'1,423 1 2,844 353 1960—Dec. 31 62,953 40,002 17,396 5,55418.668 83,464 75,067 7,989 326 1,960 42.267 22,525 73 6,423 217 1961—Apr. 26 63,418 39,916 17,805 5,69715,529 80,838 71,556 6,554 341 617 40,077 23,967 879 6,588 205 June 30 63,670 39,747 18,053 5,87016,529 82,141 73,557 6,335 62 2,241 39.72125,199 131 6,684 205 July 26 65,089 39,910 19,171 6,00815,733 82,777 73,695 6,443 59 1,999 39,866 "2.5328 535 6 685 204 Aug. 30 65,112 40,401 18,650 6,06115,109 82,161 72,926 6,456 57 1,925 38,890 25,598 552 6,744 205 Sept. 27 66,473 41,021 19,291 6,161 16,041 84,480 74,956 6,786 64 2,909 39,409 25,789 844 6,775 205 Oct. 25 66,833 40,961 19,642 6,23016,469 85,283 75,960 7,183 64 1,930 40,778 26,005 616 6,794 206 Nov. 29 67,038 41,259 19,509 6,27016,779 85,805 75,950 7,404 60 1,875 40,694 25,917 905 6,867 206 Dec. 30 68,565 42,379 19,748 6,438 2200,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—Jan. 31 68,056 41,887 19,676 6,49316,479 86,635 76,86b 6,745 71 1,621 41,295 27,134 885 7,024 206 Feb. 28 67,806 41,986 19,183 6,63716,884 86,764 76,989 6,660 77 1,787 40,78727,678 796 7,071 206 Mar. 28 68,635 42,713 18,840 7,08216,089 86,762 77,084 6,678 73 2,213 39,7-4"3" 2~8\377 836 7,087 206 Apr. 25»... 69,238 42,984 18,891 7,36316,641 87,944 78,042 6,675 77 1,280 41,266 28,744 1,013 7,106 206 Country member banks:7 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6.258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 < 36,324 10.199 22.857 3,26810,778 47.553 44.443 1,056 432 28,37814.560 23 2,934 6,519 1960—Dec. 31 67,890 36,981 22,848 8,06014,740 84,12b 76,004 1,778 1,783 43,395 29,011 23 6,599 5,932 1961—Apr. 26 68,408 37,149 22,945 8,314 12,711 82,513 74,197 1,400 828 41,722 30,210 194 6,672 5,917 June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 1,406 1,730 41,41330,820 121 6,861 5,911 July 26 69,861 37,937 23,345 8,57912,484 83,673 75,277 1,395 1,440 41,48130,924 195 6,829 5,909 Aug. 30 70,068 38,144 23,295 8,629 12,712 84,206 75,637 1,406 1,644 41,404 31,146 237 6,889 5,907 Sept. 27 71,732 38,938 23,941 8,85312,610 85,971 77,306 1,424 2,423 42,059 31,364 84 7,085 5,904 Oct. 25 71,943 38,765 24,342 8,836 1"3,243 86,713 78,198 1,572 1,819 43,234 31,536 78 6,952 5,893 Nov. 29 72,394 39,131 24,346 8,917 13,552 87,350 78,585 1,577 1,836 43,717 31,418 151 7,04? 5,887 Dec. 30.......... 73,131 39,693 24,407 9,03115,595 90,376 81,646 1,925 1,641 46,21131,832 40 7,088 5,885 1962—Jan. 31 72,946 39,159 24,707 9,08013,590 88,137 79,363 1,525 1,548 43,816 32,438 239 7,090 5,879 Feb. 28 73,180 39,582 24,490 9,108 13,236 87,905 79,162 1,476 1,654 43.048 32,948 165 7,098 5,871 Mar. 28 73,317 39,890 24,187 9,24012,734 87,592 78,807 1,452 1,840 41,945133,533 142 7,139 5,857 Apr. 25* 74,275 40,503 24,384 9,38813,046 88,846 79,997 1,467 1,208 43,439133,846 168 7,180 5,846 5 Beginning with Dec. 31, 1947, the all-bank series was revised as an- * Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million, no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 7 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million were added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassined as country banks. from noninsured mutual savings to nonmember commercial banks. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 599 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l o p u i n i c a t t i n d i - a t - e t a l s s l 3 Total 2 m D In a e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f k r s - Other Govt. AH insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 10,654 1,762 41,29815,699 10 ,84413,426 1945—Dec. 31......... 121,809 25,765 88,912 7,13134,292 157,544 13,883 23,740 80,276 29,876 215 ,67113,297 1 19 9 5 4 8 7 — — D D e e c c . . 3 3 1 1 1 1 1 8 4 3 . , 2 5 7 9 4 6 9 3 7 7 , .5 7 8 3 3 0 6 6 7 5 . , 9 6 4 6 1 9 20 7 1 5 9 0 8 4 3 8 6 ! 9 68 2 9 6 2 1 3 52 6 , , 7 7 3 2 3 4 2 1 1 4 4 1 , ; 6 6 1 5 5 3 2,2 5 0 4 9 4 1 , , 2 3 4 2 1 5 92, 2 97 14 5 6 3 3 4 , P8 1 8 6 2 8 6 6 1 7 , ,1 7 5 3 4 4 1 1 3 3 , . 1 3 0 9 1 8 1959—Dec. 31 188,790110,299 58,348 20 143 49;158 242,828 218, 500 1,358 5,037 720 65,858 602 ,20613,107 1960—Dec. 31 198,011117,092 60,468 2045151 836 255,669 228 921 1,667 5,932 132533 71,348 149 20,62813,119 1961—June 30 200,353117,400 61,297 21655 45329 251910 223 475 305 6,352 124403 79.068 433 21.37713,129 Dec. 30......... 213,904124,348 66,026 23 53156,086 276,600 247,176 17,737 333 5,934 141050 82,122 462 22,08913,108 National member banks: 1941—Dec. 31..... 27,571 11,725 12,039 ,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 ,137 20,11490,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31..... 65,280 21.428 38.674 ,178 22.024 88,182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1958—Dec. 31 99,277 52,627 35,714 ,936 26,781 _1_2.8_,,_39.7116,714 9,035 767 2,292 69,808 3344,812 9,643 4,578 1959—Dec. 31..... 102,615 59,962 31,761 ,892 27,464 132,636 111199,638 8,947 514 2,742 71,01536,421 340 10,302 4,542 1960—Dec. 31 107,546 63,694 32,712 11,140 28,675139,261124,911 9,829 611 3,265 71,660 3399,546* 11111,098 4,530 1961—June 30 108,843 63,440 3"3 ,5—2:2 11,881 25,274137,299122,485 7,749 99 3,541 67,60143,494 35511.439 4,524 Dec. 30...... 116,402 67,309 36,08813,006 31,078150,809135,51110,359 104 3,315 76,292 45,441 22511,875 4,513 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 ,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 ,867 1947—Dec. 31.. 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9.062 9 3,055 .918 1958—Dec. 31.. 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,640 16,320 10 J34 1959—Dec. 31.. 55,264. 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5! 962 ,691 1960—Dec. 31.. 58,073 36,240 16,394 5,43917,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 ,644 1961—June 30.. 59,207 36,553 16,839 5,81514,809 76,420 66,741 5,328 177 2.190 37.967 "2.1080 27 6.588 ,617 Dec. 30.. 63,196 38,924 17,971 6,30218,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 ,600 leisured nonraember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1958—Dec. 31.. 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 22 419 18,76612,063 2,696 6,793 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 20 533 19,732 1^3,059 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 27 645 20,,140 14,095 3,232 6,948 1961—June 30.. 32.318 17,416 10.941 3,961 5,247 38,206 34,391 398 29 621 18.83514.509 3.351 6.990 Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,45614,979 3,452 6,997 Noninsured nonmember commerical banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.... 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 315... 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1958—Dec. 31.... 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—Dec. 31 1,498 550 53; 413 314 1,883 1,443 159 132 846 293 358 352 1961—June 30 1,495 553 526 416 266 1.839 1.394 158 156 758 311 368 333 Dec. 30.... 1,536 57 553 406 346 1,961 1,513 177 148 869 307 370 323 4D nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945_Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947_Dec. 315 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7.036 1,596 7,261 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 18: 428 19,65512,387 3,028 7,192 1959—Dec. 31. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20;<505 13,370 3,294 7,244 1960—Dec. 31 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,986 14,388 3,590 7,300 1961—June 30 33.813 17.968 11.467 4.377 5,513 40.045 35,785 556 185 631 19,593 14.820 3.719 7,323 Dec. 30....... 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 3,822 7,320 insured mutual savings banks: 1941—Dec. 31... 1,693 64: 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252 194 1958—Dec. 31.... 28,980 19,180 5,215 4,585 752 30,189 27,277 28 2"7,243 2,473 241 1959—Dec. 31 30,580 20,94r 5,016 4,622 686 31,743 28,577 28 28,544 2,654 268 1960—Dec. 31 33,794 23,85! 4,787 5,155 766 35,092 31,502 29 31,468 2,998 325 1961—June 30 34 76424.775 4.741 5,248 756 36.074 32,530 257 32.267 3.090 325 Dec. 30......... 35,660 25,81 4,690 5,158 828 37,065 33,400 256 33,137 3,191 330 Noninsured mutual savings banks: 1941—Dec. 31. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 1947—Dec. 315 5,957 1,384 3,813 760 211 6,215 5,556 1 5,553 637 339 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 1 6,762 746 278 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 1 6,404 705 249 1960—Dec. 31 5,320 3,270 1,453 597 107 5,481 4,850 4,850 555 189 1961—jTOe 30 5 5 , , 6 5 0 8 0 0 3 3 , . 5 4 8 ^ 1 6 1 1 , . 4 5 4 4 6 0 5 6 7 0 2 4 1 10 0 8 6 5 5 , , 7 7 6 4 8 4 5,020 5 5. , 0 0 1 8 9 3 5 5 7 7 7 0 1 1 8 8 9 4 Dec. 30......... For other notes see preceding 2 pages. NOTE.—For revisions in series before June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Com- Loans for Loans Oblimer- purchasing to c b o c C a m a n l l a m l k s d e s a r a o c n te i f d al i l m T n o a v o a e n e n n t d a s s t t l s 2 - Total* c o m c p i k l i p n u i n a a e a e g d - r - t l n - - A c tu u a g r l l r - - i- o b k d a T s r r e e n e o o r a d c c - s l a u - r r o r it y t i T h i e o n e s g rsb i a T n n f s o i k n ti s a tu n t c o i i o a t T h n l o e s rs l R o ta a e t n a e l s O l u o v i d t t a i a n h o i d - l n - e s - s r O lo th a e n r s To U ta . l S. B G il o l v s ern c C t m a i e f t i e e r - - s nt o N b o li t g es atio B n o s nds O s r e i t t h c i e e u r s per ers Total: 3 1947_Dec, 31 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,2212,193 7,789 6,03453,205 ,276 31,729 1959—Dec. 31*.. 190,270110,832 40,174 5,018 3,018'1 ,8~5"0 819 7,118 28,060 24,166 2,784 58,9376,300 2,42014,856 3"5,360 ;,958 31,543 I960—Dec. 31... 199,509117,642 43,1255,676 3)2841,833 966 7,106 28,713 26,396 2,90161,0038,072 2.92019,013 30,998 ,570 3,294 1961—June 30... 201,848117,953 42,7596,044 2,9331,994 993 6,001 ,283 3/1"02 61.8247,379 3,330 20,528 30,587 :,728 3,344 Dec. 30... 215,441124,925 45,172 6,248 4,0562,134 1,033 7,311 320 27,847 3,412 66,57811,488 2,114 26,336 26,641 1,345 3,592 All insured: 1941-Dec. 31...49,290 21,259 9,2141,450 6.1..4. 662 40 4,773 4,.505 21,046 988 3,159 16,899 3,333 1945—Dec. 31...121,80925,765 9,4611,314 3,164 3,606 49 4,677 2,361 1,13288,9122,455 19,07116,045 51,342 ,873 3",258 l947__Dec. 31. .114,274 3"7,5, 83 18,0121,,6.1.0. 8"."2_ 3.' 1 ,.1"~90 114 9,266 5,,654 914 67,9412.124 7,552 5,918 52,347 ,129 3,621 1959—Dec. 31*..188,790 11V0 229999 40,022 4,973 2,982 1,827 813 7,10527,948 244,,(032 767 58,3486,189 2,404 14,729 35,027 .,.._..3,422 I960—Dec. 31... 117,09^42,957 5,628 3,247 1,811 965 7,,009900 28,602 26,263 883 60,4687,994 2,884 18,868 30,722 17,300 3,150 1961—June 30...200',353117,400 42,5696,005 2,9091,970 993 5,981 29,159 27,147 085 61,2977,299 3,29520,366 30.337 .454 3,201 Dec. 30...213,904124,348 44,965 6 4)030 2,107 1,027 7,296 30)21127,708 396 66,02611,356 2,3~0"98 263 14526,426 20,0683,462 Member, total: 1941—Dec. 31... 43,52118,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,,;561 3,090 2,871 1945_Dec. 31.. 107,18322,775 8,949 855 3,133 3,378 47 3,455 1,900 1,057 78,3382,27516,98514,27144,807 ,815 1947_Dec. 31.. 97.846 3-2.62816,9621,046 8"1 11', 0"65- 113 7.130 4.662 839 57,9141,987 5,816 4,815 4455,)295 4^199 3.105 1959—Dec. 31*. 157,879 94,779 361826 -3.1162,8851,587 811 6,80122,,1 85i 19,877 603 46,8134,612 1,881122 11,604 28,78513,677 2,610 I960—Dec. 31.. 165,619 99,933 39,288 3,509" 124 1,564 947 61,,7"2'6 22,518 21,622 694 49,1066,402 2,29615,,0072 25,33514,1412,439 1961—June 30.. 168,049 99,992 38,872 3 780 1,709 970 ,644 23,086 22,421 900 50,3615,962 2,95116,,4476 24,97215,,222200 22.475 Dec. 30.. 179,599 06,232 40,9313^34 3)877 1)827 1,014 6>93 23)987 22,852 3)198 54,0589,229 842 21,390 21,59816,6912,617 New York City:* 1941_Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945__Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,433 3,32510,339 606 629 1947_Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1959—Dec. 31*. 25,29118,121 10,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—Dec. 31.. 27,72618,46510,876 10 1,574 399 500 1,799 868 1,930 940 6,980 ,422 578 1,708 3,272 1,964 317 1961—June 30.. 28,22018,05410,578 1,629 429 476 1,448 841 2,074 1,025 7,642 ,512 887 1,882 3,362 2,196 328 Dec. 30.. 30,29719,53511,278 231,956 467 376 1,711 934 2,072 1,220 7,8622,117 442 2,496 2,806 2,635 265 Chicago:5 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1959_Dec. 31*. 6,885 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 1,332 562 133 1960—Dec. 31.. 7,050 4,485 2,690 322 134 564 196 421 197 1,882 132 37 663 1,050 607 76 1961—June 30.. 7,020 4,249 2,555 205 131 459 202 538 188 2,057 438 153 595 871 630 84 Dec. 30.. 7,606 4,626 2,609 354 137 669 221 476 229 2,041 478 92 728 743 816 124 Reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1.459 855 387 29,5521,034 6,982 5,65315,883 1,126 916 1947 _Dec. 31. 36,04013,449 7,088 225 170 484 15 3,147 1,969 20,196 373 2,358 1,90115,563 1.342 1.053 1959—Dec. 31*. 61,62138,686 155,252 765 580 776 235 3,369 9,251 8.211 980 17,2921,484 645 4,10911,054 4,830 813 I960—Dec. 31.. 62,95340,00216,223 887 719 739 351 3,216 9,005 8,721 90917,3962,031 794 5,461 9,111 4,817 738 1961—June 30. 63.67039,74715,862 963 610 749 344 2,751 9,256 8,954 1,028 18,0531,784 1,175 6,292 8,803 5,174 696 Dec. 30.. 68,56542,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,7483,020 741 8,605 7,382 5,710 728 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,5.28 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,3421,067 1947—Dec. 31.. 36,324 100,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,0061.262 1959—Dec. 31*.64,08233,766 8,498 .321 298 284 11 1,056 11,816 9,491 643 22,5352,381 863 5,75113,540 6,4521,330 I960—Dec. 31. 67,89036,981 9,499 2,589 508 293 29 1,147 12,449 10,550 647 22,8482,817 888 7,24011,903 6,7521,308 1961—June 30.. 69,139 3377,942 9, ,737 337 400 59 986 12,78810,855 659 22,6082,228 737 7,706 "1,1937 7,2201,368 Dec. 30.. 73,13139,69310,1652,811 591 438 116 1,251 13,242 11',132 751 24,4073,614 566 9,560 10,667 7,5301,500 Nonmember;3 1947 Dec. 31., 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1959—Dec. 31*. 32,41916,068 3,3481,902 133 263 317 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 1960—Dec. 31.. 33,91017,719 3,838 2,167 161 269 379 6,205 4,774 20711.9041.670 624 3.941 5,668 3,431 857 1961—June 10.. 31 81317.968 3.886 2,323 153 28: 357 6.187 4,862 202 11 46"1.417 180 4 052 5 *18 3 508 869 Dec. 30.. 35,85618,700 4,241 2,314 179 306 418 6,341 4,995 214 12,5252,259 27: 4,947 5,046, 3,655 976 I i All commercial banks in the United States. These figures exclude status, and the reserve classifications of cities and individual banks, and data for banks in U S. possessions except for member bank?*. During by mergers, etc. 1941 three mutual savings banks became members of the Federal Reserve 2 Beginning with June 30, 1948, figures for various loan items are System; these banks (2 beginning with June 1960 and 1 beginning shown gross (i.e., before deduction of valuation reserves); they do not September 1961) are included in member banks but are not included in all add to the total and are not entirely comparable with prior figures Total insured or total banks. Comparability of figures for classes of banks is loans continue to be shown net affected somewhat by changes in Federal Reserve membership, insurance For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 601 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Reserves Bal- Dec b o c C a m a n l l a m l k s d e s a a r o n c te f i d al F B s w e R e a d r i n e t e v - h k r e a s l C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c * j p u m o a s d a t d e s e n - i - t d d s 7 D In o d - t e e p r o b s a i F n ts k or- G U o .S v . t. p s S o u a l t i b a n t t d i d e c i s a - l C c o a f e e i f n e f r r d i t s d - i ' - p a v n s a i I d h d r n t u i d n p c a i e o s - l , r s r - - , I b n a t n er k - G P U S a o o a . n S s v v d t . - t a . l S s p a u i t o c a n b l a t d i d e l t- s i- p a v n a s i I h d r d n t i u d n c p a i o e s - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n - l i t - s mestic6 eign' visions checks, pora- ings visions poraetc. tions tions Totals 1947__Dec. 31.... 17.796 2,216 10,216 87,123 11.362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,833 6510,059 1959—Dec. 31.... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62.718 615 19,556 I960—Dec. 31.... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 16320,986 1961—June 30.... 16,488 2,903 11,184112.030 12,568 1,064 6,362 11,849 3,759 109,553 461 288 5,266 73.826 44321,745 Dec. 30.... 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 All insured: 1941__Dec. 31.... 129396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1S829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33.946 61 9,734 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 1960—Dec. 31.... 16,720 3,326 13,409114,292 15,339 1,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 14920,628 1961—June 30.... 16,488 2,885 10,959111,187 12,443 1,031 6,352 11,754 3,725 108,924 305 288 5,209 73.572 43321,377 Dec. 30.... 16,918 3,670 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10.978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1959—Dec. 31... 17,932 2,222 7S532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 16,264 1 19 9 6 6 1 0 — — J D u e n c e . 3 3 0 1. . . . . . . . 1 1 6 6 , , 7 4 2 8 0 8 2 2 , , 5 1 1 4 8 2 6 8 , , 8 5 9 8 7 2 9 9 4 2 , , 5 7 9 5 4 0 1 12 4 , , 0 8 6 7 1 5 1 1 , , 5 0 6 1 1 6 5 5, , 7 2 3 8 1 7 9 9 , , 0 24 1 1 6 4 3 , , 2 44 4 1 4 9 9 9 2 , , 1 8 3 8 4 6 1,6 2 3 76 9 2 26 3 3 7 4 3 , , 2 5 0 5 3 9 6 5 0 3 , , 1 4 0 7 8 7 3 1 8 3 2 0 1 17 8S,0 3 2 9 7 8 Dec. 30.... !6S918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 438 18,638 New York City:3 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206"i95 2,120 1 1 9 9 4 5 7 9 — — D D e e c c . . 3 3 1 1. . . . . . . . 4 3 , , 6 9 3 0 9 8 1 1 5 5 1 1 1 7 3 0 8 1 1 6 5 , , 6 4 5 9 3 4 3 3 , , 2 4 3 6 6 2 1 1 , , 2 3 1 0 7 3 1,0 2 2 67 7 2 3 9 1 0 0 1 1 , , 1 5 0 3 5 6 1 18 7 , , 5 6 7 4 3 6 98 1 8 2 2 1 4 2 6 1 5 4 3 1 ,93 4 5 1 9 8 23 3 2 0 2 3 , ,3 2 6 5 1 9 1960—Dec. 31... 3,398 199 147 15,352 4,105 1,184 1,217 305 2,476 19,051 1,216 27 203 3,976 3,554 1961—June 30.... 3,563 130 98 16,119 3,462 749 1,380 365 1,825 17,642 167 44 245 6,346 iii 3,634 Dec. 30.... 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 38 162 6,735 283 3,683 Chicago:5 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31,... 942 36 200 3,153 ,292 20 1 552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1959—Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 12 1,449"'40 762 1960—Dec. 31.... 899 33 171 3,968 1,327 53 327 298 102 4,499 61 2 7 1,521 35 822 1961—June 30.... 994 28 111 3,881 1,093 33 380 364 113 4,125 10 2 8 1,910 10 848 Dec. 30.... 889 37 158 3,809 1,578 45 369 315 124 4,830 14 5 8 1,996 35 870 Reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 ""l 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1959—Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 1960—Dec. 31.... 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 85 1,787 20,652 73 6,423 1961—June 30.... 7,104 654 2,071 33,432 6,115 220 2,241 3,286 845 35,590 62 101 2,197 22 901 131 6,684 Dec. 30.... 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1959—Dec. 31.... 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 1960—Dec. 31.... 5,070 1,534 5,655 40,917 1,755 23 1,783 5.083 713 37,598 37 122 1,562 27,327 23 6,599 1961—June 30.... 4S828 1,329 4,618 39,318 1,392 14 1,730 5,226 657 35,530 37 116 1,752 28,952 121 6,861 Dec. 30.... 5,210 1S678 5,881 43,575 1,910 15 1,641 5,320 796 40,095 37 108 1,891 29,834 40 7,088 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1959— Dec. 31 790 4,706 20,146 555 46 545 2,544 369 17,692 103 26 783 12.560 34 3,294 I960-—-Dec 31 828 5 099 20 525 578 65 657 2,658 357 17 970 160 25 985 13 378 33 3,590 1961—June 30 761 4,288 ?9,2R0 507 49 631 2,609 318 16^666 185 25 1,063 13 712 61 3 720 Dec. 30 876 5,446 21,994 649 70 565 2,755 402 19,168 178 23 1,094 14,169 33 3,822 3 Breakdowns of loan, investment, and deposit classifications are not with 1961, demand deposits other than domestic commercial interbank available before 1947; summary figures for earlier dates appear in the and U.S. Government, less cash items reported as in process of collection. preceding table. 8 Beginning with June 1961, reclassification of deposits of foreign 4 For a discussion of revision in loan schedule, see BULLETIN for central banks reduced foreign interbank demand deposits by about $400 January 1960, p. 12. million and interbank time deposits by about $1,500 million. Thes© 5 Central reserve city banks. amounts are now included in demand and time deposits of individuals, • Beginning with 1942, excludes reciprocal bank balances. partnerships, and corporations. 7 Through 1960, demand deposits other than interbank and U. S. For other notes see opposite page. Government, less cash items reported as in process of collection; beginning Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 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 T lo o a t n a s l i L n a o v n a e d n st s - Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday m in a e v n n e d t s s t 1 - j m us a e t d n e - d ts 2 j L us o a t d a e - n d s 2 in m t a c r d n i e i a u a d r l l - s- A t c u g u r r l a - i l - G U t l i o i o . o g b v n S a - - s t . . O c t s u t i e h e r - s e i- r G U t l i o i o o g . b S n v a - . s - t. O c t s u t i e h e r - s e i- r F ei o g r n - c m m D c o t i e i e o m a c s r - l - - - n s c s P a o a o a f e n n n l m i e r d c - a - s - e l Other e R st e a a t l e l o o A t a h l n e l s r V s t e a r i r l e o v u - n e a s panies etc. Total- Leading Cities 1962 Feb 7 119,704 117 866 71 705 3?,038 314 389 1,946 109 1,357 649 1.838 3,036 9j 999 13,415 16 K65 1705 14 637 117,877 79,099 3?,117 i' 318 595 1,966 110 1,362 643 ,760 3,064 9 995 13,452 16 888 1,711 21 119.380 117,8?9 71,901 176 1 .315 322 1,996 107 1,361 650 ,551 3,079 ?85 13,475 16,847 1,71? 28 120,656 118,928 72,886 32,204 1,322 640 ,345 133 1,360 629 ,728 3,274 2 301 13,497 16,894 1,713 Mar 7 119657 117 995 79 391903 1,318 440 ,108 134 1,373 627 ,662 3,191 9 949 13,484 16 1715 14 P0, 946 118,435 79, 981 39 607 393 582 .,065 112 1,375 640 ,811 3,257 9 966 13,546 16 998 1,7?0 21 Pi 18? 119,478 73,650 33, 145 1.3?8 472 ,13? 115 1,374 672 ,704 3,348 13,599 16 913 1,719 28 121,349 119,538 74,030 33,014 1,322 837 .,203 105 1,374 692 ,811 3,351 2 273 13,620 16,958 1,719 Apr 4 120,912 119,202 73,874 33 064 1 329 581 -,250 109 1,383 700 1,710 3,309 2 257 13,624 16,989 1,721 P0 119 698 74 054 39 970 1 350 687 -,276 132 1,396 718 1,364 3,194 9 980 13,703 17 068 1 790 18 199 684 121,069 74,671 987 1 354 1,025 -,319 118 1,413 696 1,615 3,250 316 13,757 17 159 1,7?3 25 19? 089 120,489 74,483 3? 778 1 364 866 > 308 117 1,412 700 607 3,266 9 394 13,840 17 931 1,7?3 New York City 1962 Feb. 7 ?9 096 28.491 17609 10 64? 11 223 ,071 24 444 304 605 884 44? 835 919 490 14 28 975 28 563 17913 10 653 11 426 ,077 23 443 308 412 957 443 852 3 213 493 21 ?8 884 28,38? 177?0 10 659 11 200 ,104 21 443 313 502 965 449 861 194 493 28 ?9 687 29,180 18 397 10 65? 11 460 ,315 51 447 312 507 1,101 449 868 3 9^9 494 Mar. 7 ?8 999 28.508 179?0 10 638 10 271 ,164 50 451 310 491 1.003 446 862 3 909 494 14 ?9 ?75 ?8 590 18 ?,56 10 8?,5 11 370 ,154 23 446 312 685 ,050 454 874 3 494 21 ?9 39? 28 878 18 59? 11 09? 11 251 ,196 20 446 328 514 1,116 454 893 909 494 28 29 451 28 965 18 860 11 016 11 614 ,208 20 442 330 486 1,135 456 898 3 224 494 Apr 4 99 080 28 385 18 55? 1104? 10 293 ,?35 21 445 334 695 1,086 466 893 3 999 495 11 99 906 28 9^6 18 751 10 975 10 428 ,324 50 446 357 270 1,004 497 913 495 18 29 978 29 469 18 980 10 937 10 639 1,349 35 451 336 516 .062 503 927 3 996 495 25 29,646 29 109 18 690 10 787 10 501 1,327 34 445 343 537 13,O75 496 927 3 240 495 Outside New York City 1962 Feb. 7 90,608 89 375 54 096 396 1,303 166 875 85 913 345 1,233 2,152 1,850 12,580 646 ,915 14 90,669 89 314 54,186 91,464 1,307 169 889 87 919 335 1,348 2,107 1,85? 12,600 13 675 21 90,496 89,447 54,181 21,517 1,304 122 892 86 918 337 1,049 2,114 1,843 12,614 13,653 1,219 28 90,969 89,748 54,489 21,552 1,311 180 1,030 82 913 317 1,221 2,173 1,859 12,629 13,662 [,219 Mar. 7 90,658 89 487 54,374 ,565 1,308 169 944 84 922 317 1,171 2,188 1,803 12,622 13 673 14 90,971 89,845 54,7?5 ?1,78? 1,3P 212 911 89 929 328 1,126 2,207 12,672 13 697 ,996 21 91,790 90,600 55,128 22,053 1,317 221 936 95 928 344 1,190 2,232 1,817 12,706 13,704 1,225 28 91,898 90,573 55,170 21,998 1,311 223 995 85 932 362 1,325 2,216 1,817 12,722 13,734 1,225 Aor 4 ... 91,832 90,817 55,322 22,022 1,319 288 1,015 88 938 366 1,015 2,223 1,791 12,731 13,767 ,226 ii.:::..:::::. 91 786 90,699 55,303 91,995 1,340 259 952 82 950 361 1,094 2,190 1,783 12 790 13 896 18 92,706 91,607 55,691 22,050 1,344 386 970 83 962 360 1,099 2,188 1,813 12,830 13,933 1J,228 25 92,443 91,373 55,793 21,991 i,354 365 981 83 967 357 1,070 2,191 1,828 12,913 13,991 1,228 1 After deduction of valuation reserves. NOTE.—Figures reflect new coverage; for description of changes in the 2 Exclusive of loans to domestic commercial banks and after deduction series, see BULLETIN for June 1961, p. 654. of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 603 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All Total Wednesday Bal- Bal- Re- other liabili- ]States and bonds Other ances ances Currency serves assets ties Total Bills C ti e fi r - - maturing— s ri e t c ie u s - Total do w t m i i c t e h s- w e fo i i g r t n h - c a o n i d n B F w a . i n R t k h . s a c c a c a p o n i d u ta n l ts cates W ly i i e n t a h r - 5 l y t e o ars A y f e te a r rs banks banks Total— Leading Cities 1962 Feb 7 33,914 5,779 1,436 5,509 17,668 3,522 12,247 16,910 2,657 151 1,457 12,645 4,785 152,692 14 33,564 5,497 1,461 5,553 17,581 3,472 1?, 17,079 2,960 158 1,542 12,419 4,804 154 972 21 33,492 5,366 2,352 6,047 16,265 3,462 12,436 16,739 2,786 147 1,474 12,332 4,665 153,059 28 33,510 5,498 2,367 6,074 '16,150 '3,421 12,532 17,099 2,873 157 1,464 12,605 4,795 156,834 Mar 7 32,908 4 995 2 355 6 073 '15 921 '3 564 1?,793 0?7 2,682 158 1,407 12,775 4,754 152 914 14 32,585 4,944 2,351 6,051 '15,218 '4,021 12,869 17,201 2,996 153 1,523 12,529 4,717 155,945 21 32,556 4 952 2 361 6 090 '15 065 '4 088 13 17,717 2,823 178 1,485 13,731 4,615 155 794 28 32,214 4 598 2,390 6 145 '14,991 4 090 n,294 17,163 2,790 166 1,531 12,676 4,597 154 769 Aor 4 31,923 4 248 2 364 6 14.881 4,113 13 405 17,363 2,899 172 1,361 12,931 4,60? 155 342 p 11.:::::..:: 31,851 4,266 2,348 6,296 14,836 4,105 13, 17 096 2,772 153 1,515 12,656 4,555 155,576 18 32,441 4,381 2,351 6,341 14,834 4,534 13,957 17,248 2,871 154 1,531 12,692 4,544 158,148 25 . 32,097 4 037 2 365 6 14,808 4,548 13907 17, 2,774 152 1,571 12,798 4,541 155 779 New York City 1962 Feb 7 7,904 2,091 469 209 3,460 675 978 I 910 60 74 221 3,555 2,145 39,069 14 7,695 1 928 469 1 ?36 3,409 653 955 083 70 73 231 3.709 2,157 39 887 21 7,591 1,831 592 1469 3,073 626 i 071 I 784 70 80 209 3,425 2,109 39,091 28 7,664 2,003 582 1465 3,028 586 119 078 82 73 207 3 716 2,157 41,688 Mar 1 7 4 7 7, , 0 3 8 4 1 5 1 1 , , 7 7 6 3 0 6 5 5 8 7 0 5 4 4 7 7 2 9 2 2 , , 9 4 1 6 5 4 6 8 1 2 8 7 I 243 4 4 0 1 3 0 ? 4 7 6 7 1 7 7 3 3 2 2 1 3 0 8 3 3 S 7 64 6 4 0 2 2 1 16 0 1 7 4 3 0 9 ,1 4 0 5 7 7 21 7,005 1,710 581 1 471 2,420 823 I 351 296 68 94 216 3 918 2 031 39,971 28 6,773 1 468 606 4^8 2,448 823 337 4 0?7 90 82 223 3 637 1983 39 892 Apr 4 6,480 1,233 570 424 2,426 827 3 353 4,026 94 86 210 3 636 1976 39,378 11 6,727 1 489 579 1 449 2,373 837 3458 3913 63 78 227 3 545 19?8 39 582 18 6,923 1,560 587 1,446 2,375 955 3,559 3,820 89 76 215 3 440 908 40,534 25 6,892 1,517 592 1,447 2,388 948 3,527 4,106 71 76 220 739 901 39,58! Outside New York Pity 1962 Feb 7 26,010 3,688 967 4,300 14,208 2,847 9,?69 13.000 2.597 77 1,236 Q 090 2 640 113,623 14 25,869 3,569 992 4,317 14,172 2,819 9 1?,996 2,890 85 1,311 8 710 647 115,085 21 25,90 3 535 1,760 4,578 13,192 2,836 9,365 1?,955 2,716 67 1,265 8,907 2,556 113,968 28 25,84 3,495 1,785 4,609 '13,122 '2,835 9,413 13,02 2,791 84 1,257 8,889 2,63 115,146 Mar 7 25,56 3,235 1,775 4,601 '13,006 '2,946 9,550 ,918 2,621 85 1,197 9,015 2,59 113,807 14 25,50 3,208 1,776 4 57? '12,754 '3,194 9 616 13 169 2,919 80 1,285 8 88 61 115,488 21 25,55 3,242 1,780 4,619 '12,645 '3,265 9,9? 13 2,755 84 1,269 9 31 2,58 115,823 28. 25,44 3,130 1,784 4,717 '12,543 '3,267 9,967 13 13 2,700 84 1,30 9,044 2,60 114,877 Apr 4 25,44 3,01 1,794 4,893 12,455 3,286 10,05 13,337 2,805 86 1,15 9 ?9 2,6? 115,964 11 . . 25 12 2 77 1,769 4,847 12,46 3,26 10,76 13,18 2,709 7 1,28 9.11 2,67 115,994 18 25 51 7 82 1 764 4 12,459 3,579 10 13 2 782 7 1,31 9 75 2,63 117 614 25 25,20 2,520 1,773 4,892 12,420 3,600 10,37 13,18 2,703 76 1,35 9,059 2,64 116,198 r Revised. NOTE.—Figures reflect new coverage; for description of changes in the series, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday j u u T n s o t a t e d a d l - 1 p m D o d a s e e n i - - t d s TotaP p v a s i I d h r n t u i d n p a i e s l - s , r- , S p a i t o c a n l a t i d e l t- s For- U.S. c m D o t e i m o c s - - - Total* Sav- Oth S e a r ta n t t d i e m s e B F F a r . n o R k m s . o F th ro e m rs O li i a t t i b h e i e s l r - c C o i a t a u c a p n - l - ts ad- and sub- eign * Gov't. mer- ings polit- Forjusted2 corpo- divi- cial ical eign 4 rations banks subdivisions Total- Leading Cities 1962 Feb. 7. 131,692 63,445 88,483 64,941 4,973 1,567 2,324 11,42143,209 30,794 6,729 3,098 2,250 105 2,160 5,67213,063 14 133,878 63,071 90,519 67,133 4,686 1,570 2,489 "1 1,5"0~7 4433,,335599 30,899 6,764 3,108 2,248 138 2,141 5,76613,049 21...... 132,395 62,148 88,735 64,523 4,951 1,604 3,44510, 867 43,6"6"0 31,004 6,931 3,139 2,244 79 1,809 5,73813,038 28 135,777 63,104 91,871 66,501 5,234 1,595 3,31611,167 43,906 31,073 7,067 3,169 2,245 45 2,126 5,78913,097 Mar. 7...... 131,627 62,286 87,295 64,183 4,896 ,580 2,179 11,349 44,332 31,248 7,337 3,126 2,264 298 2,141 5,74313,105 14...... 134,706 63,090 90,060 67,160 4,489 ,652 1,77911,410 44,646 31,389 7,466 3,149 2,284 43 2,403 5,70313,090 21...... 134,681 61,904 89,903 64,573 4,617 ,683 4,59411,125 44,778 31,506 7,480 3,176 2,254 341 2,211 5,48413,077 28 134,070|62,229 89,015 63,936 ,663 4,27710,844 45,05531,621 7,627 3,212 2,237 150 2,154 5,29713,098 134,932 62,012 89,636 64,447 4,885 ,649 3,092 12,067 45,296 31,726 7,719 3,238 2,248 67 2,075 5,115 13,153 Apr-ii;::::: 135,109 63,723 89,711 66,536 4,770 ,650 1,489 11,566 45,39831,749 7,762 3,287 2,231 247 1,847 5,202 13,171 18 137,241 64,345 91,796 67,691 4,933 ,652 1,994 11,785 45,4 "4"5 31,678 7,840! 3,351 2,213 224 2,169 5,37313,141 135,077 64,321 89,564 66,274 5,146 ,715 2,593 10,796 45,513 31,723 7,821 3,381 2,223 266 1,976 5,318 13,142 25...... New York City 1962 31,15916,384 23,864 16,811 276 1,192 710 2,852 7,295 3,111 2,155 200 1,673 1,005 3,152 3,701 Feb. 7...... 31,74216,147 24,438 17,502 233 1,187 681 2,938 7,304 3,137 2,128 211 1,671 1,225 3,158 3,702 14 31,44315,992 24,049 16,807 250 1,213 857 2,886 7,394 3,167 2,191 211 \664 796 3,133 3,689 21 33,69816,372 26,211 17,873 284 1,201 868 3,205 7,487 3,181 2,265 210 ,662 1,100 3,187 3,703 28...... Mar. 7...... 31,11016,220 23,515 16,755 281 1,190 615 2,837 7,595 3,214 2,344 209 ,659 60 1,111 3,134 3,692 14 32,62616,431 24,941 17,748 233 1,248 481 2,986 7,685 3,237 2,406 209 ,662 1,071 3,066 3,694 21 32,24216,168 24,599 16,897 270 1,265 1,371 2,808 7,643 3,259 2,368 212 ,632 1,034 2,914 3,689 28...... 32,26816,042 24,586 16,770 222 1,221 1,260 2,853 7,682 3,283 2,402 207 ,619 1,070 2,859 3,685 Apr. 1 4 1 . . . .. . . . . . . . 3 3 1 1 , 9 9 9 2 5 8 0 '1 1 5 6 , , 9 4 6 9 7 6 2 2 4 4 , , 3 3 1 1 9 3 1 17 6 , , 1 6 9 2 6 0 3 3 4 3 9 8 1 1 , , 2 2 5 3 3 9 9 4 0 0 0 2 2 3 , , 8 1 8 5 0 6 7 7 , , 6 6 3 1 1 5 3 3, , 3 3 3 0 0 7 2 2 , , 3 3 4 2 9 8 2 20 0 0 0 , , 6 5 0 8 4 1 1, 9 0 1 3 2 6 2 2 , , 7 8 9 48 9 ' 3 3 , , 7 7 1 2 7 3 18...... 32,778 16,677 25,153 17,759 282' 1,229 603 3,045 7,625 3,330 2,357 197 ,569 1,134 2,833 3,718 25 31,976-16,772 24,345 17,366 285 1,303 860 2,785 7,631 3,345 2,342 193 ,579 1,008 2,826 3,710 Outside New York City 1962 Feb. 7. 100,533 47,061 64,619 48,130 4,697 375 1,614 8,569 35,914 27,683 4,574 2,898 577 53 1,155 2,520 9,362 14 102,136 46,924 66,081 49,631 4.453 383 8,556699 3"6.055 27,762 4,636 2,897 577 78 916 2,608 9,347 21 100,952 46,156 64,686 47,716 4,701 391 2^588 7,98136,266 27,837 4,740 2,928 580 49 ,013 2,605 9,349 28...... 102.079 46,732 65,660 48,628 4,950 394 2,448 962 36,419 27,892 4,802 2,959 583 45 ,026 2,602 9,394 Mar. 7 100,517 46,066 63,780 47,428 4,615 390 1,564 8,512 36,737 28,034 4,993 2,917 605 238 ,030 2,609 9,413 14 102.080 46,659 65,119 49,412 4,256 404 1,298 8,424 3366,96128,152 5,060 2,940 622 43 ,332 2,637 9,396 21...... 102,439 45,736 65,304 47,676 4,347 418 3,223 8,31737,13528,247 5,112 2,964 622 249 ,177 2,570 9,388 28...... 101,802 46,187 64,429 47,166 4,626 442 3,017 7,99137,37328,338 5,225| 3,005 618 140 ,084 2,438 9,413 102,982 46,045 65,317 47,827 4,547 410 2,192 8,91137,665 28,419 5,370 3,038 644 67 1,163 2,316 9,436 Apr- ,*::;::: 103,181 47,227 65,398 49,340 4,421 397i 1,087 8,686 37,783 28,419 5,4.34 3,087 650 200 811 2,354 9,448 18 .. 104,463 47,668 66,643 49,932 4,651 423 1,391 8,740 37,820 28,348 5,483 3,154 644 153 1,035 2,540 9,423 25...... 103,10147,549.65,219 48,908 4,861 412, l,733j 8,01137,882 28,378 5,479, 3,188 644 205| 968 2,492, 9,432 1 Total demand and total time deposits. central banks, international institutions, banks in foreign countries, and 2 Demand deposits other than domestic commercial interbank and foreign branches of U. S. banks other than reporting bank. U. S. Government, less cash items reported as in process of collection. 5 Includes U. S. Government postal savings, domestic commercial 3 Includes certified and officers' checks and deposits of mutual savings interbank, and mutual savings banks, not shown separately. ban 4 k C * o m no p t r i s s h e o s w d r e p s o ep si a t r s a t o e f l y foreign governments and official institutions, ser N ie O s T , E s . e — e B F U ig L u L r E e T s I N re f f l o e r c t J u n n e e w 1 c 9 o 6 v 1 e , r p a . g 6 e 5 ; f 4 o . r description of changes in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 605 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRYi [Net increase, or decrease (—), during period.2 In millions of dollars] Week ending— Month Quarter Half year Business of borrower 3 1962 1962 1962 1961 1961 1960 A 1 p 8 r. Apr. Apr. M 2 a 8 r. Apr. Mar. Feb. J M an ar .- . O De c c t . .- J S u e l p y t - . D Ju e l c y .4 - J D u e l c y . - Classification basis New Old Durable goods manufacturing: Primary metals 5 -7 6 -41 7 -37 25 -12 -12 68 Machinery -14 -11 -42 -24 -12 -90 116 73 138 -75 T O r t a h n e s r p f o a r b t r a i t c i a o t n e d e q m u e ip ta m l e p n r t oducts. . . - - 1 1 0 9 -19 1 -1 7 1 e 1 - -1 3 9 0 9 6 7 7 2 4 8 1 6 7 9 6 -4 2 1 6 -301 -324 -665 No O n t d h u e r r a b d l u e r a g b o le o d g s o o m d a s nufacturing: -2 6 2 3 1 6 44 10 16 -103 -112 Food, liquor, and tobacco -82 2 -52 -14 -67 -146 -66 -98 -345 397 156 554 579 Textiles, apparel, and leather -15 -5 14 13 9 7 103 122 247 -290 43 -233 -215 P C e h t e r m ol i e c u a m ls r a e n f d in i r n u g bber - - 1 1 4 2 1 8 8 -53 3 1 3 0 -7 4 1 8 4 - 8 1 9 -2 2 6 2 -5 3 3 9 -2 6 5 0 -152 -121 58 Other nondurable goods 3 2 1 10 31 18 10 -64 n.a. -74 n.a. Mining, including crude petroleum and natural gas -2 2 -9 34 25 -41 -13 170 380 -5. 405 -29 Trade: Commodity dealers -2 -12 -5 -25 -49 -13 -77 357 102 460 507 O Re th ta e i r l wholesale. - - 2 6 4 1 1 1 0 2 3 3 4 2 3 8 8 9 5 2 2 5 1 5 1 -1 1 8 0 5 1 1 0 124 176 -26 Transportation, communication, and other public utilities , -66 -39 -38 -45 -143 87 -109 -288 233 49 286 61 Construction 5 19 19 45 37 4 18 9 43 52 35 All other types of business, mainly services -15 -4 -17 -6 67 48 79 297 131 440 310 Net change in classified loans. -240 -7 -115 47 -140 -315 749 161 80 1,292 190 1,510 615 Commercial and industrial change— all weekly reporting banks , -209 17 -94 50 -131 -236 810 212 94 1,115 36 1,162 5305 n.a. Not available. includes a part of old "Other manufacturing and mining," with which 1 Data for sample of about 200 banks reporting changes in their larger it is compared; a part of "Metals and metal products"; and coal, crude loans; these banks hold about 95 per cent of total commercial and in- petroleum, and natural gas from old "Petroleum, coal, chemicals, and dustrial loans of all weekly reporting member banks and about 70 per rubber." "Other durable" and "Other nondurable" were in old "Other cent of those of all commercial banks. manufacturing and mining." 2 Figures for periods other than weekly are based on weekly changes. 4 Includes data since Sept. 27 on new basis. 3 Because of reclassifications as of Sept. 27, 1961, many categories are 5 Reflects new coverage; see BULLETIN for June 1961, p. 654,, not strictly comparable with prior data; for example, new "Mining" BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages; per cent per annum] Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) pe a r n i d od loans 1— 10— 100— 200 period loans 1— 10— 100— 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly—cont.:2 19 large cities: New York City: 1961—Mar 4.75 5.67 5.40 5.03 4.64 1953. 3.7 5.0 4.4 3.9 3.5 June 4.75 5.63 5.39 5.06 4 63 1954 3.6 5.0 4.3 3.9 3.4 Sept 4.75 5.65 5.36 5.06 4 64 1955 3.7 5.0 4.4 4.0 3.5 Dec 4.77 5.66 5.37 5.04 4.66 1962—Mar 4.78 5.65 5,36 5.04 4.68 1956 4.2 5.2 4.8 4.4 4.0 1957 4.6 5.5 5.1 4.8 4.5 7 Northern and 1958 . 4.3 5.5 5.0 4.6 4.1 Eastern cities: 1959 5 0 5 8 5.5 5.2 4.9 1961—Mar 4.96 5.85 5.49 5 20 4 82 I960 5.2 6.0 5.7 5.4 5.0 June 4.95 5.84 5.45 5.15 4.82 1961 5 0 5 9 5.5 5.2 4.8 Sept 5.05 5.86 5.53 5.18 4 93 Dec 4.96 5.82 5.51 5.22 4.81 1962—Mar 4.97 5.85 5.53 5.17 4.83 Quarterly:2 19 large cities: 11 Southern and Western cities: 1961 Mar 4 97 5.89 5.53 5.20 4.80 1961—Mar 5.29 5.99 5.62 5.31 5 09 June 4.97 5.89 5.53 5.18 4.80 June 5.31 6.02 5.65 5.29 5.10 Sept 4 99 5 87 5.52 5.19 4.82 Sept 5.26 5.97 5.62 5.28 5 04 Dec 4.96 5.84 5.52 5.21 4.78 Dec 5.24 5.94 5.62 5.31 5.00 1962 Mar 4.98 5.89 5.54 5.21 4.81 1962—Mar 5.28 6.01 5.66 5.35 5.03 1 For description see BULLETIN for March 1949, pp. 228-37. per cent): 1953—Apr. 27, 3*4; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3V2; 1956—Apr. 13, 3*4; Aug. 21, 4; t957—Aug. 6, 4Y2; 1958— Jan. 22, 4; Apr. 21, 31/2; Sept. 11, 4; 1959—May 18, 4%;-Sept. 1, 5; and NOTE.—Bank prime rate was 3V4 per cent Jan. 1, 1953-Apr. 26, 1953. I960—Aug. 23, 4Y2. Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Finance Year,, month, or week m 4 m p P c o - a e r o t n i p r o m m c t e h i e r - e a s - , l i c m d 3 o p p i - m o r l a a e t n p p c o c t e e t a h l 6 d r n y s - y 2 , 9 b a 0 P a a c n n r c d i c m k e a e p e y © s r t s , - s 3 ' o i n R s s a 3 n u t - e e e m w onth M b y il a i l e s r l k d et o i n R s s a 6 n u t - e e e m w onth M b y il a i l e r s l k d et 9 ( - m y B t i o a e i r l l l d k 1 s e ) 2 t -mont O h th is e s r u s es 3 is - y s t e u o a e r s 5 6 - 1959 average 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1960 average 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 196! Apr •., 2.91 2.58 2.84 2.327 2.29 2.493 2.47 2.74 2.83 3.39 May 2.76 2.50 2.68 2.288 2.29 2.436 2.44 2.72 2.82 3.28 2.91 2.66 2.75 2.359 2.33 2.546 2.54 2.80 3.02 3.70 July 2.72 2.50 2.75 2.268 2.24 2.457 2.45 2.79 2.87 3.69 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 SeDt 3.05 2.68 2.84 2.304 2.28 2.689 2.68 2.88 3.03 3.77 Oct. 3.00 2.79 2.75 2.350 2.30 2.702 2.66 2.90 2.97 3.64 Nov 2.98 2 74 2 75 2 458 2.48 2 686 2.70 2 90 2 95 3.68 Dec........ 3.19 2.93 2.87 2.617 2.60 2.875 2.88 2.97 3.03 3.82 1962 Jan. 3.26 3.05 3.00 2.746 2.72 2.965 2.94 3.19 3.08 3.84 Feb...... 3.22 3.00 3.00 2.752 2.73 2.955 2.93 3.21 3.11 3.77 Mar 3.25 3.02 3.00 2.719 2.72 2.883 2.87 2.98 2.99 3.55 Apr . ...»i i. t 3.20 3.09 3.00 2.735 2.73 2.838 2.83 2.90 2.94 3.48 Week ending— 1962 Mar 31 3.25 3.09 3.00 2.719 2.73 2.857 2.86 2.90 2.93 3.50 Apr 7 . . .. 3.25 3.13 3.00 2.757 2.72 2.875 2.82 2.86 2.88 3.43 14 3.25 3.13 3.00 2.720 2.74 2.814 2.84 2.86 2.94 3.47 21 3.19 3.08 3.00 2.723 2.72 2.825 2.82 2.95 2.96 3.48 28 3.13 3.06 3.00 2.740 2.73 2.837 2.83 2.95 2.98 3.52 1 Average of daily offering rates of dealers. 5 Consists of certificates of indebtedness and selected note and bond 2 Average of daily rates, published by finance companies, for varying issues. maturities in the 90-179 day range. 6 Consists of selected note and bond issues. 3 Average of daily prevailing rates. 4 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS * [Per cent per annum] Government bonds <Corporate bonds 3 Stocks* State By selected By Dividend/ Earnings/ Year, month, or week United and local 3 ratings groups price ratio price ratio ( S l t o a n te g s - Total4 term^ Total4 Aaa Baa Aaa Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-9 20 5 5 120 30 30 40 40 40 14 500 500 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 5.92 1960 average 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.46 5.91 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2.97 P4.79 1961—Apr. 3.80 3.61 3.27 4.01 4.56 4.25 5.01 4.45 4.75 4.46 4.67 2.95 May 3.73 3.57 3.25 3.95 4.58 4.27 5.01 4.48 4.77 4.49 4.63 2 92 3.88 3.63 3.35 3.97 4.63 4.33 5.03 4.54 4.83 4.52 4.66 2.99 4.67 July 3.90 3.63 3.35 3.94 4.70 4.41 5.09 4.59 4.89 4 60 4 69 2 99 4.00 3.62 3.33 3.96 4.73 4.45 5.11 4.60 4.92 4.67 4.69 2.91 Sept 4.02 3.64 3.33 4.02 4.74 4.45 5.12 4.61 4.94 4.67 4.69 2.93 5.22 Oct. 3.98 3.59 3.28 3.98 4.73 4.42 5.13 4.60 4.92 4 66 4 62 2 91 Nov... 3.98 3.57 3.27 3.96 4.70 4.39 5.11 4.58 4.89 4.63 4.59 2.83 Dec .. 4.06 3.63 3.32 4.04 4.71 4.42 5.10 4.59 4.91 4.62 4.64 2.85 pe no 1962—Jan.. 4.08 3.55 3.21 4.01 4.70 4.42 5.08 4.57 4.92 4 61 4 59 2 97 Feb. 4.09 3.40 3.08 3.83 4.70 4.42 5.07 4.57 4.90 4 62 4 52 2 95 Mar... 4.01 3.30 3.03 3.66 4.67 4.39 5.04 4.52 4.88 4.60 4 48 2 95 Apr. 3.89 3.21 2.98 3.55 4.63 4.33 5.02 4.46 4.86 4.56 4.45 3.05 Week ending— 1962 Mar 31 3.96 3.25 3.01 3.60 4.65 4.38 5.02 4 49 4 87 4 59 4 48 2 96 Apr. 7...... 3.90 3.24 3.01 3.57 4.65 4.37 5.03 4.48 4.87 4 59 4 49 3 03 14 3.89 3.24 3.01 3.57 4.63 4.34 5.02 4.46 4.86 4.58 4 44 3.04 21 3.88 3.21 2.97 3.55 4.62 4.33 5.01 4 45 4 86 4 56 4 46 3 05 28 3.90 3.17 2.93 3.52 4.61 4.31 5.01 4.44 4.85 4.54 4.42 3.07 *> Preliminary. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; dividends/price ratios for preferred and 5 Standard and Poor's Corporation. Preferred stock ratio is based common stocks, on Wednesday figures. Earnings /price ratios for common on 8 median yields for a sample of noncallable issues—12 industrial and stock are as of end of period. 2 public utility. For common stocks, the ratios are based on the 500 2 Series is based on bonds maturing or callable in 10 years or more* stocks in the price index. Quarterly earnings are seasonally adjusted s Moody's Investors Service. State and local govt. bonds include gen- at annual rates. eral obligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 607 SECURITY PRICES i Bond prices Common stock prices Vol- Standa ( r 1 d 9 4 a 1 n - d ^ 3 P = o o 1 r 0 's ) index Securities and ( E 1 x 9 c 5 h 7 a -5 ng 9 e = C 10 o 0 m ) mission index t u r o m a f d e - Ye o a r r , w m e o ek nth, t f G U e l r o o m . n S v g ) . t 2 . - n g ( M i h r c a i i g d u p h e - a ) - l 3 g ( C h r r p a a i o o g d t r - e h e - ) - 3Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total To M tal anu r D f a a b u c l - t e urin N d g o u n - - T p t r o i a o r n n ta s - - P u l i u i t t c i y b l - - - T n s a a r e f n a n r i v d - d c - e e , , M in i g n- s s t h i h a n ( a o o n i r g n f d u e 4 s s - ) rable ice Number of issues. 15 17 500 425 25 50 300 193 108 85 18 34 45 10 1959 average. 85.49 100.7 95.0 57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 95.0 3,242 1960 average., 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 1961 average. 87.55 107.8 95.2 66.27 71.42 32.84 60.18 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1961— Apr.. 88.80 108.1 96.4 65.83 69.64 32.35 59.09 133.0 125.8 128.5 123.3 103.4 168.9 150.4 93.5 5,089 May. 89.74 109.0 96.0 66.50 70.34 33.08 59.59 134.9 127.6 130.6 124.9 107.5 170.0 153.1 96.9 4,617 June. 87.83 106.8 95.0 65.62 69.48 32.41 58.43 132.8 126.0 128.0 124.2 105. 164.0 156.0 97.0 3,324 July.. 87.57 106.7 94.5 65.38 69.09 31.78 59.36 132.7 125.2 126.5 123.9 103.3 166.7 158.5 93.1 3,045 Aug.. 86.27 106.5 93.9 67.79 71.69 32,76 61.19 137.4 130.1 131.3 129.0 107.0 170.6 164.2 92.8 3,545 Sept.. 86.09 106.6 93.9 67.26 70.89 33.02 62.19 136.2 128.9 131.7 126.4 106.8 168.9 166.4 87.3 3,193 Oct.., 86.61 107.7 94.6 68.00 71.42 34.53 64.15 138.0 129.1 132.2 126.4 110.1 173.9 176.6 90.3 3,318 Nov.. 86.52 108.1 94.9 71.08 74.72 34.30 67.19 144.0 133.7 135.7 131.9 109.9 186.0 187.7 95.1 4,390 Dec.. 85.61 107.3 94.5 71.74 75.81 33.21 65.77 145.8 135.6 138.1 133.3 107.9 188.4 188.0 101.1 4,120 1962—Jan.., 85.34 109.9 94.5 69.07 72.99 33.77 62.69 140.4 130.8 133.6 128.1 108.5 181.4 175.2 104. 3,677 Feb.. 85.17 110.5 94.5 70.22 74.22 34.23 63.70 142.8 133.4 134.4 132.6 110.5 183.0 176.4 109.7 3,481 Mar.. 86.21 111.9 94.9 70.29 74.22 33.45 64.51 142.9 133.5 134.0 133.1 107.4 184.2 175.2 106.6 3,113 Apr.. 87.69 113.7 95.4 68.05 71.64 32.31 63.91 138.0 128.2 128.0 128.5 103.1 180.3 172.0 103.9 3,263 Week ending-— 1962—Mar. 31.. 86.80 112.1 95.1 69.84 73.69 33.19 64.42 141.4 132.0 132.2 131.9 106.0 182.0 175.0 104.1 2,985 Apr. 7.. 87.60 112.7 95.1 68.88 72.59 32.66 64.18 139.8 130.1 130.6 129.7 104.2 182.1 173.9 104.1 3,057 14.. 87.66 113.2 95.3 68.18 71.76 32.37 64.06 137.8 128.1 128.6 127.7 103.2 179.8 171.1 103.4 3,185 21.. 87.87 114.0 95.7 68.09 71.68 32.59 64.15 139.6 129.7 129.5 130.0 104.5 182.6 173.7 105.9 3,115 28.. 87.61 114.8 95.6 67.61 71.15 31.89 63.69 134.7 124.9 123.1 126.7 100.5 176.8 169.4 102.2 3,485 * Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 End of month1 o s t T e h c o e u r t r a i t t h l ie - a s n N N ew et Y d o eb rk it f S i b r t m a o l c a s k n 2 c E e x s c w ha it n h ge c b h B r a o s a i k n n e k g r s a l o n a a d n n d s c a d t r o e r a y o l i e n th r g s e ) r s s e f o c ( r u t h r p i a t u n i r e - s3 Money borrowed Cust n o e m t ers' U. S. Govt. free o ( b c c l o i o g l l . a . t 3 i 5 o + ) ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e e i d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e ti r es U ob . l S ig O . a G n tio o n v s t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1958—Dec .. ... 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Dec. 4,461 150 3,280 164 1,181 221 2,362 996 I960 Dec . .. 4,415 95 3,222 134 1,193 142 2,133 1,135 1961—-Apr... 5,190 50 3,936 112 1,254 67 2,284 1,508 May . 5,386 40 4,060 108 1,326 58 2,529 1,453 5,367 51 4,024 104 1,343 67 2,748 1,280 July... 5,355 50 3,991 106 1,364 69 2,728 1,207 Aus 5,349 49 3 972 102 1,377 56 2,679 1,208 Sept.,... 45,311 46 3,991 109 4 1,320 64 2,666 1,227 Oct........ 5,333 44 4,029 103 1,304 56 2,654 1,214 Nov 5,460 39 4,141 102 1,319 51 2,752 1,213 Dec... .. 5,602 35 4,259 125 1,343 48 2,954 1,219 1962 Jan. . .... ... 5,464 34 4,111 111 1,353 51 2,860 1,225 Feb.... . . 5,426 34 4,066 133 1,360 71 2,812 1,190 Mar....... 5,457 34 4,083 105 1,374 52 2,912 1,154 Apr 5,491 36 4,079 117 1,412 57 3,051 1,110 r Revised. 3 Figures are for weekly reporting member banks. Before July 1959, 1 Data for cols. 4-7 are for last Wednesday of month. loans for purchasing or carrying U. S. Government securities were re- 2 Ledger balances of member firms of the New York Stock Exchange ported separately only by New York and Chicago banks. Accordingly, carrying margin accounts, as reported to the Exchange. Customers' debit for that period col. 5 includes any loans for purchasing or carrying such and free credit balances exclude balances maintained with the reporting securities at other reporting banks. Composition of series also changed firm by other member firms of national securities exchanges and balances beginning with July 1959; revised data for the new reporting series (but of the reporting firm and of general partners of the reporting firm. Bal- not for the breakdown of loans by purpose) are available back through ances are net for each customer—i.e., all accounts of one customer are July 1958 and have been incorporated. consolidated. Money borrowed includes borrowings from banks and 4 Reclassification of loans reduced these items by $66 million. See from other lenders except member firms of national securities exchanges. note 3, p. 1436 of BULLETIN for December 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by- Based on— E o n r d m of o n y t e h ar Placed Accepting banks B F a . n R k . s Im- Ex- G sh o i o p d p s e d st o b r e e t d w i e n e n or Placed direct- Others ports ports Dollar points in— Total through ly into from exdealersl (finance To- Own Bills Own For- United United change paper) 2 tal bills bought acct. eign States States United Foreign corr. States countries 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,192 677 2,515 1,151 319 282 36 75 82 675 357 309 74 162 249 I960 4,483 1,358 3,125 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—Mar 5,059 1,525 3,534 2,231 842 641 202 46 173 1,169 408 821 110 269 623 Apr 5,071 1,532 3,539 2,254 858 661 197 45 151 1,200 397 863 93 268 633 May 4,918 1,478 3,440 2,203 808 645 163 37 166 1,192 379 864 74 235 651 June. 4,918 1,460 3,458 2,271 913 697 216 36 156 1,166 395 896 70 207 703 July 4,976 1,534 3,442 2,301 915 727 188 32 144 1,210 415 926 45 186 729 Aua 4,928 1,617 3,311 2,400 970 753 217 34 137 1,259 429 964 49 192 765 Sept 4,860 1,730 3,130 2,422 946 740 207 35 123 1,318 452 964 59 191 757 Oct 5,104 1,818 3,286 2,491 1 035 829 206 38 117 1,301 457 949 91 225 769 5,331 1,868 3,463 2,555 1,122 871 251 43 110 1,280 461 939 98 287 770 Dec 4,674 1,711 2,963 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 Jan 5,544 1,762 3,782 2,621 1,163 804 359 45 120 1,294 477 946 74 271 853 Feb 5,508 1,762 3,746 2 559 1 093 788 305 44 113 1,309 472 915 106 223 844 Mar 5,705 1,876 3,829 2,498 1,072 774 298 42 100 1,284 474 889 86 182 867 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series includes all paper with maturity other commercial paper sold in the open market. of 270 days and over. Figures on old basis for December were (in 2 As reported by finance companies that place their paper directly with millions of dollars): Total 2,731; placed directly, 1,891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted; amounts in millions of dollars] Loans Securities Total assets— Total Mortgage loan E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S g l a o o t n c a v d a t t e l . C o r t o a h a n r e t p d e r o i - a C s a se s t h s O as t s h e e ts r s l a u ia a t c r i b n p c e i d t l s l s u i . - s De it p s o 2 s- l O ia ti t b e h i s e li r - S c u o a r u c p n - l t u s s N c u o m m b m er itm A e m nt o s u 3 nt 1941 4,787 89 3,592 I' 86 829 689 11,772 10,503 38 1,231 n a. n a 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n a. n a 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n a. n a. 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1961 Feb 27,003 427 6,449 667 5,064 846 621 41,076 36,649 821 3,606 65,254 1,334 Mar 27,207 453 6,566 666 5,110 855 624 41,480 37,000 850 3,630 68 646 1 428 Apr 27,383 401 6,350 664 5,099 804 625 41,326 36,946 781 3,599 66,582 1,488 May . . 27,570 449 6,337 665 5,126 834 607 41,588 37,060 883 3,645 67,236 1,556 June 27,771 417 6,296 687 5,158 861 616 41,806 37,427 720 3,659 66 467 1,674 July 27,972 385 6,314 685 5,160 835 620 41,970 37,450 852 3,668 66,544 1,792 Aug 28,179 431 6,320 686 5,137 821 629 42,202 37,549 935 3,718 64,910 1,536 Sept 28,335 455 6,305 687 5,118 867 654 42,422 37,859 823 3,739 65 662 1,526 Oct 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 1,546 Nov 28,680 469 6,172 677 5,042 847 642 42,529 37,892 857 3,779 59,882 1,533 Dec 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 Jan 29 145 455 6,245 669 5,064 837 655 43,071 38,446 845 3,780 68 614 1,588 Feb 29,333 461 6,322 651 5,065 884 661 43,378 38,611 944 3,823 65,839 1,644 n.a. Not available. 4 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- merical bank. tions and obligations of Federal agencies not guaranteed by the U. S. Government, as well as corporate securities. NOTE.—These data differ somewhat from those shown elsewhere in 2 See note 4, p. 596. BULLETIN; the latter are for call dates and are based on reports filed 3 Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown net of banks in New York State as reported to the Savings Banks Association of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 609 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data; in millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s (U.S.) End of year:3 1941......... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945.......... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954......... 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955......... 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956......... 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957......... 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958......... 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959......... 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960......... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 End of month:4 1959—Dec... 113,650 11,599 6,858 3,221 1,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 1960—Dec... 119,717 11,729 6,444 3,622 1,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 961—Feb..., 120,951 11,944 6,542 3,702 1,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar... 121,469 11,987 6,535 3,735 1,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Apr..., 121,921 11,982 6,488 3,769 1,725 51,812 47,563 4,249 42,553 3,827 5,461 6,286 May.., 122,462 12,063 6,551 3,774 1,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 June... 122,751 11,881 6,369 3,761 1,751 52,308 47,966 4,342 42,945 3,851 5,509 6,257 July... 123,381 11,972 6,440 3,786 ',745 52,623 48,245 4,378 43,052 3,870 5,541 6,324 Aug..., 123,902 12,021 6,440 3,822 ,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 Sept.. 124,411 12,057 6,390 3,851 ,816 53,003 48,533 4,470 43,381 3,917 5,618 6,435 Oct..., 125,064 12,093 6,403 3,868 ,822 53,292 48,767 4,525 43,580 3,936 5,652 6,511 Nov... 125,706 12,133 6,360 3,904 ,869 53,473 48,891 4,582 43,815 3,952 5,683 6,650 Dec..., 126,589 11,893 6,104 3,922 ,867 53,938 49,158 4,780 44,241 3,966 5,720 6,831 1962—Jan.... 127,311 12,155 6,314 3,958 ,883 54,329 49,506 4.823 44,378 3,973 5,768 6,708 Feb... 127,731 12,196 6,335 3,960 ,901 54,519 49,657 4,862 44,494 3,992 5,792 6,738 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other SAVINGS AND LOAN ASSOCIATIONS* (Federal Savings and Loan Insurance Corporation data; in millions of dollars] Assets Liabilities Total Mortgage E o n r d m o o f n y t e h ar M ga o g r e t s - o G U b o l . i S v g . t a . - Cash Other 2 l a i s a T s b e o i t l t s i a t 3 i l — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o ro an ce s s i s n Other c m o l m e o n a m t n s i 5 ttions profits 1941 4,578 107 344 775 6,049 4 682 475 256 %6 n.a. 1945. 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1954 26,108 2,013 1,971 1,469 31,633 27,252 2 187 950 \t ?44 n.a. 1955. 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1411 833 1956. 35,729 2,782 2,119 2,199 42,875 37,148 2 950 1,347 1430 843 1957. 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1484 862 1958. 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1.161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4 393 2 387 ,293 874 1,285 1960. 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 ,186 968 1,359 1961 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 1,547 1,114 1,908 1961—Feb....... 60,867 4,879 2,644 4,096 72,486 63,286 4,987 1,652 ,131 1,430 1,556 Mar 61,557 4,986 2,647 4,218 73,408 63,991 4,994 1,626 ,229 1,568 1,787 Anr 62,252 4,968 2,670 4,331 74,221 64,408 5,006 1,714 ,325 1,768 1,951 May 63,061 4,965 2,820 4,555 75,401 65.208 5,008 1,755 ,416 2,014 2,115 June..... 64 058 4,997 2,951 4,491 76,497 66,570 5,288 2,029 1,538 1,072 2,120 July 64 795 4 989 2 724 4,341 76 849 66 681 5 282 2 028 I 554 1,304 2 144 Aus ... 65 705 5 055 2.638 4,417 77 815 67,177 5 286 2,160 1,596 1,596 2,186 Sept.. 66.507 5,050 2,685 4,500 78,742 67,839 5,290 2,290 1,589 1,734 2,110 Oct 67 317 5 095 2,766 4,603 79,781 68 565 5 289 2 364 I 579 1 984 2,128 Nov 68.069 5,177 2,850 4,801 80,897 69,340 5,293 2,445 [,558 2,261 2,028 Dec.. . 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 1.547 1,114 1,908 1962—Jan.'..... 69,368 5,408 23933 4,628 82,337 71,342 5,745 2,480 1,488 1,282 1,988 Feb 69,968 5,503 3,031 4,668 83,170 71,920 5,748 2,384 1,539 1,579 2,150 n.a. Not available. r Revised. 3 Before 1958 mortgages are net of mortgage pledged shares. Asset 1 Figures are for all savings and loan associations in the United States. items will not add to total assets, which include gross mortgages with Data beginning with 1954 are based on monthly reports of insured no deductions for mortgage pledged shares. Beginning with January associations and annual reports of noninsured associations. Data before 1958, no deduction is made for mortgage pledged shares. These have 1954 are based entirely on annual reports. declined consistently in recent years and amounted to $42 million at the 2 Includes other loans, stock in the Federal home loan banks and other end of 1957. investments, real estate owned and sold on contract and office buildings 4 Consists of FHLB advances and other borrowing. and fixtures. 5 Not a balance-sheet item. NOTE.—Data for 1961 and 1962 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin; in millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt (—) of borrowing Excess of rects. Period r B e u c N e d e i g p t e t t s re T P f c u r e lu n u ip s d s : t t s^ ac I t G L r t n e i a o t o s n r v s a n s t : - - . s^ E p T r u f q e r t b o u o h c l t a m t e i a s l c l s . 3 : B p t u e u e n d r x e d g - s i e - t p t T P u f e u e l r r n u x u n e d s - s d s : i ^ t - m A L e d e n j s u t s s s : 1 t , - * E p p t T q o u a o u b y t a t h l t a l i s e l s c . : t p p f o r u a t o o ( h b y r m - e l t i s ) , c . , ( c ( o c - d r d r r I e e ) i e n r a a , d b e - s i s e c t n e e - t , a i G n g N e v o n . e v . t b t L & . y ess— O d n c e o a t b h s n e t h - s r E b r i q o e n c N u r p g a r a a e s o l o h y t w s r t — . - & agen.) tr. funds CaLyear 1959 72,738 18,345 3,481 87,552 79,778 19,759 3,977 95,560 -8,006 10,112 -543 2,081 8,580 1960 79,517 22,212 3,385 98,287 77,565 21,724 4,595 94,694 3,593 -548 1,625 491 -2,670 1961 78,156 24,342 4,506 97,929 84,463 24,769 4,494 104,738 -6,808 6,787 -432 470 6,754 Fiscal year—1958 68,550 16,319 2,917 81,892 71,369 16,059 4,016 83,412 -1,520 6,216 657 -200 5,760 1959 67,915 16,950 3,161 81,660 80,342 18,462 4,002 94,804 -13,144 9,656 -1,181 2,160 8,678 I960,,., 77,763 «20,534 3,167 95,078 76,539 «20,891 3,129 94,301 111 3,371 953 597 1,821 1961 77,659 23,583 35946 97,242 81,515 23,239 5,226 99,528 -2,286 2,102 870 536 698 Semiannually: I960—Jan.-June 44,188 11,993 1,859 54,294 37,348 11,163 2,505 46,006 8,288 -3,958 1,809 23 -5,794 July-Dec 35,329 «10,219 1,526 43,993 40,217 «10,561 2,090 48,688 -4,695 3,410 -184 468 3,124 1961—Jan.-June 42,330 13,588 2,643 53,249 41,298 12,678 3,137 50,840 2,409 -1,308 1,054 68 -2,426 July-Dec 35,826 10,754 1,863 44,680 43,165 12,091 1,357 53,898 -9,217 8,095 -1,486 402 9,180 Monthly: 1961—Mar 8,524 1,939 203 10,256 7,012 2,059 810 8,260 1,996 -3,231 403 -24 -3,609 5,125 1,539 364 6,295 6,450 2,225 383 8,292 -1,997 513 -916 16 1,412 May 6,467 3,577 305 9,731 7,169 2,033 -260 9,462 269 2,280 1,559 4 725 June 10,831 2,990 1,352 12,465 7,961 2.377 654 9,684 2,781 -928 554 3 -1,485 July 2,982 1,002 188 3,793 6,322 1,872 292 7,902 -4,109 3,498 -863 195 4,167 Aug 6,367 3,292 294 9,357 7,631 2,048 -873 10,552 -1,195 1,412 1,291 -442 563 Sept 8,945 1,478 180 10,236 6,771 2,203 708 8,266 1,970 448 -545 54 939 Oct 3,141 979 239 3,872 7,796 1,994 405 9,385 -5,512 1,934 -905 64 2,775 Nov 6,424 2,438 304 8,554 7,485 1,958 225 9,218 -663 1,519 396 417 707 Dec 7,967 1,484 577 8,868 7,160 1,934 518 8,576 292 -716 -860 114 30 1962—Jan 5,357 866 250 5,968 7,395 2,322 991 8,726 -2,758 608 -737 102 1,243 Feb 6,729 2,743 -98 9,567 6,858 2,027 -82 8,967 600 450 366 31 53 Mar 9,104 1,828 245 10,685 7,749 2,040 -1,526 8,263 2,422 -641 329 223 -1,193 Effects of operations on Treasurer's account Operating transactions Financing transactions Cash balances: Account of Treasurer of United inc., or dec. (—) States (end of period) Period s B d u u N ( e r o f p d - e i r ) l g c t u i e t s t , a l c d T a f c e u t r o u f i u n i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m o s a ( G s g b + N a u e o l r ) a i n e v k g o n t c t a e c f . y - t e i i n a & s n G e v g N c . e t o F . r n e v u e ( t c b t d s - y y . t ) . I d n ( p e d g - c c u i r ) r o r r b o e e , e r l a s i c a i n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a D a a . v b n e a R l k p e il . o s - sits t T a i l x n r u o e — r a a a y n n s- d O as n t s h e e t e t r s (-) tions7 funds 7 debt funds) accts. Fiscal year—1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959 -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 1960 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 1961 -3,856 565 285 -733 -435 2,640 -222 -1,311 6,694 408 5,453 833 Semiannually: I960—Jan.-June 6,841 828 288 657 -1,625 -4,467 101 2,421 8,005 504 6,458 1,043 July-Dec -4,888 -341 19 -493 275 3,886 52 -1,594 6,411 485 5,165 761 1961—Jan.-June 1,032 906 266 -240 710 -1,246 -274 283 6,694 408 5,453 833 July-Dec -7,339 -1,338 -137 394 1,221 7,198 199 -200 6,494 465 5,157 872 Monthly: 1961—Mar 1,512 -119 580 -87 -423 -3,072 -112 -1,498 4,794 443 3,533 818 -1,325 -686 205 -132 842 516 181 -761 4,034 633 2,315 1,086 M*ay! Y.Y.Y.V. -702 1,544 -503 -86 -1,409 2,158 -126 1,128 5,162 372 3,994 796 June 2,870 610 -381 29 -654 -1,175 -232 1,532 6,694 408 5,453 833 July -3,340 -871 34 24 780 3,433 163 -101 6,593 415 5,287 891 Aug -1,265 1,244 -549 32 -1,397 1,310 -52 -572 6,020 543 4,745 732 Sept 2,174 -726 663 108 662 35 -20 2,936 8,956 348 7,754 853 Oct -4,655 -1,015 170 33 828 1,911 30 -2,759 6,197 502 4,834 861 Nov -1,060 479 -560 28 -191 1,350 -17 63 6,261 489 4,930 842 Dec 807 -450 106 168 540 -842 95 234 6,494 465 5,157 872 1962—Jan -2,038 -1,455 337 165 1,137 345 4 -1,513 4,981 362 3,552 1,067 Feb -129 716 -66 102 -437 470 12 644 5,626 449 4,172 1.005 Mar 1,356 -212 915 55 13 -896 -62 1,293 6,919 403 5,568 948 n.a. Not available. P Preliminary. and to Treasury by Govt. agencies, transfers to trust accounts representing 1 Adjusted to exclude certain interfund transactions from both net Budget expenditures, and payroll deductions for Federal employees rebudget receipts and budget expenditures; and certain intertrust fund tirement, health and life insurance funds. transactions from both trust account receipts and trust account expendi- 3 Small adjustments to arrive at this total are not shown separately. tures. For other notes, see opposite page. 2 Consists primarily of interest payments by Treasury to trust accounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 611 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of U.S. Treasury statements and Treasury Bulletin unless otherwise noted; in millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period Net Transfers to— Total Individual Em- B ce u r i d e p - g ts e 3 t t O a ru g ld s e t - H t w r i u g a s y h t - R m ti r . r e e R e n - - . t c fu e R r o n i e e p f d - - t s s B c u e r d i e p - g t e s t W he i l t d h- Other C ra o t r i p o o n - ta c E x i x s e e - s t p m a l x o e e n y s t - 9 O ce r t i e h p - e ts ir » Liquor b T ac o c - o a t M a n i d l f e r r s r e s . - ' ' funds fund acct. Fiscal year—-1958 68,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,4UI 2,946 1,734 4,316 1959 67 915 8,004 2,171 >?5 4,933 83,904 29,001 11,733 18,09210,760 8,854 5,46^[ 3,002 1 807 4,315 1960...... 77,763 10,211 2,642 fS07 5,045 96,962 31,675 13,271 22,179 11,861 11,159 6,8K\ 3,194 1,932 5,114 1961...... 77,659 11,586 2,923 571 5,725 99,491 32,978 13,175 21,765 12,064 12,502 7,007 3,213 1,991 5,294 Semiamually: 1960—Jan.-June..... 44,188 6,396 1,361 $00 4,327 56,927 16,023 10,230 13,856 5,917 7,032 3,869 1,491 948 2,706 July-Dec 35,329 4,762 1,576 £97 793 43,070 16,616 3,185 8,838 6,238 5,063 3,130 1,685 1,008 2,724 1901—Jan.-June 42,330 6,824 1,347 114 4,932 56,421 16,362 9,990 12,927 5,826 7,439 3,877 1,528 983 2,570 July-Dec...... 35,826 4,742 1,612 178 806 43,575 17,652 3,189 8,259 6,394 5,024 3,057 1,754 1,035 2,656 Monthly *. 1961—Mar.. .. 8,524 1,285 213 48 1,792 11,878 2,413 759 5,799 1,082 1,348 477 313 213 n.a. Apr.......... 5 125 720 201 14 1,296 7,359 916 3,403 493 831 736 980 231 160 May......... 6,467 1,941 237 77 1,036 9,767 4,743 956 411 1,072 2,020 565 285 176 1,167 June..... ... 10,831 1,127 238 45 239 12,728 2,459 1,938 5,246 1,062 1,173 850 327 190 July.......... 2,982 291 253 14 178 3,779 1,235 245 520 975 306 498 238 137 Aug.. 6,367 1,736 273 84 203 8,713 4,654 161 382 1,197 1,821 498 292 196 1,379 Sent...... 8,945 829 267 55 185 10,285 2,662 2,017 3,251 983 884 488 284 169 Oct. 3 141 239 258 1 162 3,811 1,399 215 408 1,102 241 446 344 184 Nov.......... 6,424 1,189 306 76 10 8,007 4,767 123 377 1,123 1,266 35 343 184 1,277 Dec...... ... 7,967 458 255 47 67 8,980 2,935 428 3,322 1,013 505 777 254 165 1962—Jan ...... 5,357 152 233 11 73 5,959 1,245 2,325 466 1,009 353 561 224 140 n.a. Feb.......... 6 729 1,620 207 81 743 9,773 5,124 786 400 967 2,080 416 189 116 n.a. Mar.......... 9,104 1,119 248 50 1,813 12,354 2,896 832 5,879 1,140 1,188 419 n.a. n.a. n.a. Budget expenditures io Major national security Agri- Vet- culture Period Total 3 Total ii M de i f l e it n a s r e y M a a i s l n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a f n a n a t n i d l r c . s e In e t s e t r- ic e b e s r f e e s a i r n t n v a s e s - n - ' d w L a a e n b lf d o a r re t a c a u r g u n e r r l d - a i - - l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources „ Fiscal year—1958...... 71,369 44,142 3Q.06? ,187 2,268 2,231 ,689 ,026 3,447 4,389 1,544 2,109 1,359 1959 80,342 46,426 41,233 1,340 2,541 3,780 1,671 <,174 4,421 6,529 1,669 3,421 1,606 1960...... 76,539 45,627 41.?1S 1,609 2,623 1,833 <J,266 ~s,,060 4,419 4,838 1,713 2 782 1,695 1961.... . 81,515 47,413 43,228 1,449 2,713 2,501 S,050 ,262 4,950 5,172 2,007 3,883 1,931 Semiannually: I960—Jan.-June..... 37,348 22,508 ?0.^40 894 1,333 1,183 A,772 .,567 2,333 1,877 772 832 862 July-Dec...... 40,217 23,186 7,1,170 644 1,342 1,068 A,587 -,577 2,225 2,998 1,056 1,870 951 1961 __Jan.-June..... 41,298 24,227 ??j 058 805 1,371 1,433 AL463 .,685 2,725 2,174 951 2,013 980 July-Dec 43,165 23,929 22,182 397 1,329 1,634 A,502 -,657 2,766 3,566 1,178 2,174 1,042 Monthly? 1961—Mar....... .. 7,012 4,279 1.915 99 236 199 738 480 399 223 134 359 194 6,450 3,754 W, 135 230 217 730 443 224 332 206 399 144 May......... 7,169 4,144 r804 88 246 182 723 441 486 587 146 312 156 June31........ 7,948 4,568 4 051 301 244 213 770 446 692 757 195 392 189 July.......... 6,322 3,453 X,179 27 232 223 773 422 398 486 153 318 157 Aug.......... 7,631 4,046 3.763 51 227 255 739 471 535 711 236 440 252 Sept.......... 6,771 3,852 ^ 58? 62 204 293 740 418 402 419 218 313 119 Oct.......... 7,796 4,067 777 62 226 361 718 438 468 915 218 420 200 Nov.......... 7,485 4,253 X,<m 108 224 327 744 437 499 485 186 395 154 Dec.......... 7,160 4,258 87 216 175 788 471 464 550 167 288 160 1962—Jan........... 7,395 4,316 909 162 245 246 808 471 564 386 153 357 207 Feb..... .... 6,858 4,094 X,768 98 226 245 764 449 186 363 167 452 153 Mar.*........ 7,749 4,594 4, 168 170 249 224 733 448 468 510 141 387 246 * Consists primarily of (1) intra-Governmental transactions as de- 8 Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings 9 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary 10 For more details see the Treasury Bulletin, Budget Receipts and Fund and the Treasury, (5) reconciliation items to Treasury cash, and Expenditures, Table 13, and the 1963 Budget Document. Fiscal and semi- (6) net operating transactions of Govt. sponsored enterprises. annual totals adjusted; monthly totals are not. Jan.-June totals derived 5 Primarily adjustments 2, 3, and 4, described in note 3. by subtracting July-Dec, totals from fiscal year totals. • Adjusted for reclassification of certain repayment of advances from 11 Includes stockpiling and defense production expansion not shown the general fund. separately. 7 Excludes net transactions of Govt. sponsored enterprises, which are For other notes, see opposite page. included in the corresponding columns above, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury; in billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f T d gr e o o b t s a t s i l d d T g i e r o r o b e t s a t c s 2 l t Total Certifi- Bonds C ve o r n t- - Tax S is p s e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B el a ig n i k - B r a e n - k b i o b n le ds Totals b S i o n a n g v d s - s s i a n a n g v d s ble 4 stricted notes 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec.*.- 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956 Dec 276.7 276 6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45 6 1957 Dec 275 0 274 9 227 1 164 2 26 9 34 6 20 7 82 1 9 5 53 4 52 5 45 8 1958 Dec 283 0 282 9 236 0 175.6 29 7 36 4 26.1 83 4 8 3 52 1 51 2 44 8 1959 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960 Dec 290 4 290 2 242 5 189 0 39 4 18 4 51.3 79 8 5 7 47 8 47 2 44 3 1961—Apr 288.2 288.0 241.6 188.1 38.2 11.5 57.5 80.9 5.4 48.0 47.4 43.0 May 290 4 290 1 242 3 188.9 38 4 13 3 56 2 80 9 5 4 48 1 47 5 44 5 June .. 289.2 289 0 240.6 187.1 36.7 13.3 56.3 80.8 5.4 48.1 47.5 45.0 July 292 6 292 4 244 8 191 3 40 8 13 3 56 3 80 8 5 3 48 2 47 6 44 2 Aug 294 0 293 7 245 1 191 1 40 9 5 5 65 0 79 7 5 2 48 7 47 6 45 6 Sept . 294.0 293.7 245.8 191.9 41.9 5.5 65.2 79.3 5.1 48.8 47.7 45.0 Oct 296.0 295.7 248.8 195.2 42.6 5.5 67.8 79.3 4.7 48.9 47.7 43.9 Nov 297 3 297 0 249 4 195 6 43 4 5 5 71 5 75 2 4 7 49 1 47 8 44 2 Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962 Jan 296.9 296 5 250.8 197.6 43.9 5 5 71.6 76 6 4 5 48 6 47 5 42.3 Feb 297.4 297.0 250.8 197.6 44.2 12.4 64.4 76.6 4.5 48.7 47.5 42.8 Mar 296 5 296 1 249 7 196 5 43 0 12 4 64 5 76 6 4 4 48 8 47 6 42 8 Aor 297.4 297.0 251.2 198.1 43.4 12.4 64.5 77.8 4.3 48.8 47.6 42.1 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $435 million on Apr. 30, 1962), and fully guaranteed securities, not postal savings bonds. shown separately. s Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. eave bonds, adjusted service bonds, certificates of indebtedness—Foreign 3 Includes amounts held by Govt. agencies and trust funds, which series, and REA bonds, not shown separately. aggregated $11,650 million on Mar. 31, 1962. 6 Less than $50 million. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] ]B eld by- Held by the public Total gross debt U. S. Govt. E m n o d n t o h f in ( a i g n n c t g e lu u e d a d r - - a tr g u e s n t c i f e u s n a d n s d 1 R Fe e d se e r r v a e l Total m C e o rc m ia - l M sav u i t n u g a s l I a n n s c u e r- c O o t r h p e o r - S a t n at d e Individuals i M nv is e c s . se ti c e u s r ) i- Special Public Banks banks2 banks panies rations govts. Savings Other tors3 issues issues bonds securities 1941—Dec 64.3 7.0 2.6 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945_Dec 278.7 20.0 7.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947 Dec . .. 257.0 29.0 5.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1954—Dec 278.8 42.6 7.0 24.9 204.2 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955 Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.4 50.2 14.5 15.6 1956—Dec 276 7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16 3 50 1 15 4 16 1 1957—Dec 275.0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 16.6 1958 Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 16.6 1959—Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45 9 22.3 22.1 I960—Dec. 290.4 44.3 10.7 27.4 207.9 62.1 6.3 11.9 19.7 18.2 45.7 20.0 24.2 1961—Mar 287.7 44.0 10.9 26.7 206.1 59.7 6.6 11.7 19.5 18.7 45.9 20.0 24.1 Apr 288.2 43.0 11.0 26.8 207.5 61.7 6.3 11.6 20.5 18.5 45.9 19.0 23.9 May .. 290.4 44.5 11.0 26.9 208.0 62.1 6.3 11.6 21.2 18.5 46.0 18.7 23.5 June 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 19.4 18 7 46 1 18.3 23.2 July 292.6 44.2 11.0 27.4 210.0 65.5 6.3 11.5 19.5 18.7 46.1 18.6 23.7 Aug 294.0 45.6 10.9 27.7 209.8 65.1 6.3 11.5 19.8 18.6 46.2 19.0 23.2 Sept 294.0 45.0 10.9 27.8 210.3 66.6 6.3 11.5 18.4 18 5 46 3 19 0 23 7 Oct 296.0 43.9 11.1 28.3 212.9 67.3 6.2 11.6 r19.3 18.4 46.4 19.1 24.5 Nov 297.3 44.2 11.2 29 2 212.7 66.9 6.2 11.5 r20.1 18 2 46 5 19 2 24 1 Dec 296.5 43.5 11.0 28.9 213.1 67.2 6.1 11.4 r19.3 18.3 46.4 r19.4 25.0 1962—Jan 296.9 42.3 11.5 28.5 214.6 67.8 6.2 11.6 '20.2 18.6 46.5 19.5 24.1 Feb 297.4 42.8 11.4 28.4 214.8 66.6 6.3 11.5 r21.0 18.8 46.6 19.5 24.6 Mar 296.5 42.8 11.7 29.1 213.0 64.0 6.6 11.5 19.7 19.1 46.6 19.7 25.7 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $100 million on Dec. 31, 1960. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 613 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE SECURITIES BY MATURITY 1 [On basis of Treasury Survey data. Par value in millions of dollars] Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Bills Other All holders: 1959—Dec. 31 188,269 39,643 38,813 61,609 23,625 16,494 8,085 1960—Dec. 31 189,015 39.446 34.384 72,298 18,684 13.224 10,979 1961—Dec. 31 . . .. 195.965 43 444 40.984 66.360 19.782 11,976 13.419 1962—Jan. 31..... 197,628 43,947 40,984 66,406 20,918 11,959 13,414 Feb. 28 197,609 44,246 42,686 64,396 20,916 11,954 13,411 U. S. Govt. agencies and trust funds: 1959—Dec. 31 7,394 260 777 1,909 1,882 1,917 650 1960—Dec. 31 8,116 591 891 2,431 1,602 1,461 1,140 1961—Dec. 31 8,484 583 669 1 860 1 594 1 756 2,022 1962—Jan. 31....... 8,941 927 640 1,883 1,703 1,763 2,024 Feb. 28. 8,901 866 672 1,846. 1,703 1,789 2,024 Federal Reserve banks: I959—Dec# 31 26,648 2,626 16,028 6,524 677 765 28 1960—Dec. 31 27,384 3,217 12 006 10.711 1,179 243 28 1961—Dec. 31 28.881 3 349 14 301 8 737 2 227 204 63 1962—Jan. 31 28,532 3,032 14,255 8,751 2,227 204 63 Feb. 28 ,. 28,360 2,830 12,956 10,081 2,227 204 63 Held by public: 1959—Dec. 31... 154,227 36,757 22,008 53,176 21,066 13,812 7,407 1960—Dec. 31 153.515 35 638 21,487 59,156 15 903 11,520 9,811 1961—Dec. 31 158,600 39.512 26.014 55.763 15.961 10,016 11,334 1962—Jan. 31 160,155 39,988 26,089 55,772 16,988 9,992 11,327 Feb. 28 . . 160,348 40,550 29,058 52,469 16,986 9,961 11,324 Commercial banks: I959—Dec. 31....... 51,841 5,011 6,187 28,778 9,235 2,173 457 I 1 9 9 6 6 0 1 — — D D e e c c . . 3 31 1 ... t .. 5 5 9 4 , . 0 2 7 6 3 0 9 6 . 9 9 6 7 2 6 1 7 1 ,1 7 8 2 7 1 3 3 0 1 .7 5 5 9 1 6 5 5 ,0 6 4 5 3 4 1 1, 7 7 2 7 4 5 4 5 0 3 7 8 1962—Jan. 31...... 59,600 9,886 11,299 30,727 5,706 1,585 397 Feb. 28. 58,468 9 029 13,634 28,255 5 588 1,567 395 Mutual savings banks: I959—Dec. 31....... 6,129 191 295 1,401 2,254 1,427 560 1960—Dec. 31 5,944 144 336 1,544 1 849 897 1,174 1961—Dec. 31 ..... 5,867 181 505 1,514 1,708 662 1,298 1962—Jan. 31 5,963 251 515 1,515 1,729 666 1,288 Feb. 28. 6,028 306 499 1,576 1,723 633 1,291 Insurance companies: 1959—Dec. 31...... . . 9,175 416 608 2,279 2,422 2,396 1,054 1960—Dec. 31 9,001 341 599 2,508 2,076 1,433 2,044 1961—Dec. 31 9,020 442 786 2,222 1.625 1,274 2,671 1962—Jan. 31 9,234 615 801 2,220 1,644 1,277 2,677 Feb. 28.. 9,167 599 848 2,147 1,639 1,235 2,698 Nonfinamcial corporations:2 I959—Dec. 31...... . n.a. n.a. n.a. n.a. n.a. n.a. n.a. I960—Dec. 31 10,741 5,599 2,741 2,269 58 39 33 1961—Dec. 31 10,547 5.466 3,231 1,747 72 22 8 1962—Jan. 31.... . .. .... 10,764 5,598 3,290 1,778 68 25 5 Feb. 28. 11,187 6,114 3,511 1,422 104 28 8 Savings and loan assns.:2 I959—Dec. 31 .... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1960—Dec. 31 2,454 163 159 858 473 396 406 1961—Dec. 31 2,760 155 291 895 617 371 431 1962—Jan. 31 2,853 176 317 894 658 380 427 Feb. 28 2,870 199 337 873 658 365 438 State and local govts.:3 1959—Dec. 31..... n.a. n.a. n.a. n.a. n.a. n.a. n.a. I960—Dec 31 .... 10,957 2,643 1,290 1,785 828 1,382 3,029 1961—Dec. 31 10.893 2,710 1,264 1,320 842 1,250 3,507 1962—Jan. 31 11,122 2 880 1,276 1,305 853 1,279 3,530 Feb. 28. 11,208 3,034 1,310 1,215 867 1,172 3,609 All others: 1959—Dec. 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1960—Dec. 31 60.158 19.772 8,641 18,596 4,965 5,598 2,587 1961—Dec. 31 60,440 20,596 8,750 17.314 6,054 4.713 3,012 1962 Jan. 31 ..... 60.619 20,580 8,592 17,333 6,330 4,780 3.003 Feb. 28........ 61,419 21,269 8,918 16,981 6,406 4,961 2,884 n.a. Not available. Holdings of "all others,'* a residual throughout, include holdings of 1 Direct public issues. all those not reporting in the Treasury Survey, including investor groups Data complete for U. S. Government agencies and trust funds and not listed separately. Federal Reserve banks, but for other groups are based on Treasury 2 Holdings first reported separately in the Treasury Survey for February Survey data. Of total marketable issues held by groups, the proportion 1960. Monthly figures for February-May 1960 shown in the Treasury held on latest date and the number of reporting owners surveyed were: Bulletin for September 1960, pp. 55-56. (1) about 90 per cent by the 6,230 commercial banks, 510 mutual savings 3 Holdings first reported separately in the Treasury Survey for December banks, and 8^6 insurance companies combined; (2) about 50 per cent 1961 Monthly figures for December 1960-September 1961 shown in the by the 478 nonfmancial corporations and 489 savings and loan associa- Treasury Bulletin for February 1962, pp. 59-60. tions; and (3) about 60 per cent by 485 State and local governments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL FINANCE DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1 [Averages of daily figures; par value, in millions of dollars] U. S. Government securities By maturity By type of customer Federal Period U.S. se a c g u e r n i c ti y es Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 A f y t e e a r rs se d G c e a u a o n r l v i d e t t r i . e s s b d O r e a o a t n k h l d e e e r r r s s m b C e a o r n c m k ia s - l o A th l e l r brokers 1961—Mar 1.56R 1,144 320 70 33 520 27 639 382 81 Apr. 1,523 1,200 206 82 35 468 20 625 410 74 May 1,519 1 092 299 92 36 481 23 626 389 79 1,383 1,143 175 42 23 411 19 579 374 31 July 1,783 1,441 281 49 13 555 33 708 487 69 I 395 1,173 162 41 19 423 32 519 421 56 Sept ,442 1,185 177 47 34 406 25 608 403 99 Oct I 690 1 389 254 27 20 547 38 695 410 61 Nov 1,686 1,295 309 41 43 514 33 691 448 90 Dec .653 1,328 228 45 52 540 29 698 386 69 1962 Jan 1,717 1,478 149 64 26 538 25 716 438 98 Feb 1,970 1,520 295 95 60 565 36 832 537 83 Mar 1,675 1,332 217 69 56 569 33 659 414 80 Week ending— 1962 Mar 7 1,707 1,365 230 66 47 562 25 684 436 92 14 1,721 1.337 239 81 64 620 26 677 398 60 21 1,657 1,351 182 64 60 620 44 593 401 94 28 1,589 1,266 203 64 57 503 33 r680 373 Apr 4 1,825 1,443 234 89 59 600 37 664 524 73 11 1,637 1,268 190 125 53 605 37 590 406 106 18 1,716 1,443 112 118 43 538 42 671 465 76 25 1,325 1,088 135 78 24 371 35 591 329 85 r Revised. or purchases or sales of securities under repurchase agreements, reverse 1 The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the period. New York. They do not include allotments of and exchanges for new NOTE.—Details may not add to totals because of rounding.. U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS i [Averages of daily figures; par value, in millions of dollars2] [Averages of daily figures; in millions of dollars] U S. Government securities, by maturity Commercial banks Federal Period mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 5 rs 5 A y f e te a r rs se a c g u e r n it c i y es Period sou A r l c l es Y N o e r w k w E h ls e e r - e C t o i r o p n o s r 2 a- o A th l e l r City 1961—Mar 2,077 1,600 388 90 106 Apr 2,463 2,115 223 126 119 1961—Mar 2,116 412 563 967 173 May 2,808 2,227 484 98 158 Apr 2,299 472 550 1,113 164 June 2,253 1,973 300 -20 81 May 2,573 627 548 1,199 199 July 2,610 2,247 323 40 125 2,315 605 382 1,132 196 Aug 2,535 2,350 175 10 103 July 2,665 702 470 1,309 184 Sept 2,497 2,339 144 15 107 Aug 2,584 655 434 1,220 275 Oct 3,227 3,044 194 -12 105 Sept 2,416 688 574 982 171 Nov 3,807 3,272 464 71 140 Oct 3,077 926 735 1,029 387 Dec 2,939 2,655 260 23 86 Nov 3,915 1,173 870 1,477 393 Dec 3,088 725 744 1,345 275 1962—Jan 2,778 2,589 184 5 93 Feb 2,265 1,914 297 54 115 1962—Jan 2,740 482 596 1,341 320 Mar 3,056 2,721 228 106 168 Feb 2,296 426 449 1,218 203 Mar 3,025 855 637 1,299 235 Week ending— Week ending— 1962^Feb. 7.. 2,187 1,953 232 3 118 14.. 2,220 1,811 401 9 112 1962—Feb. 7. 2,214 411 415 1,169 218 21.. 2,313 1,926 353 34 112 14. 2,242 421 400 t, 177 244 28.. 2,358 1,963 206 190 120 21. 2,409 441 535 1,235 198 28. 2,320 429 447 1,292 151 Mar. 7.. 2,521 2,156 205 161 131 14.. 2,886 2,539 232 114 152 Mar. 7. 2,609 644 460 1,345 161 21.. 3,164 2,868 232 65 186 14. 2,855 705 527 1,372 251 28.. 3,514 3,168 244 102 190 21. 3,106 1,011 671 1,188 235 28. 3,383 1,009 832 1,298 244 r Revised. 1 The figures include all securities sold by dealers under repurchase 1 The figures are based on the number of calendar days in the period. contracts regardless of the maturity date of the contract unless the contract Both bank and nonbank dealers are included. See also note 1 of the is matched by a reverse repurchase (resale) agreement or delayed delivery opposite table on this page. sale with the same maturity and involving the same amount of securities. 2 All business corporations except commercial banks and insurance Included in the repurchase contracts are some that more nearly represent companies. investments by the holders of the securities rather than dealer trading NOTE.—Details may not add to totals because of rounding,. positions. 2 Averages are based on number of trading days in the period. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE; SECURITY ISSUES 615 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, APRIL 30, 19621 [On basis of daily statement sof U. S. Treasury; in millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. May 3, 1962.. 1,801 Oct. 15, 1962 2,003 Apr. 1,1964 .IV 457 Mar. 15, 1965-70.. .214 2,427 May 10, 1962., 1,700 Oct. 18, 1962 600 May 15, 1964 4} 4,933 May 15, 1966 3% 3,597 May 17, 1962., 1,800 Oct. 25, 1962 600 May 15, 1964 3^ 3,893 Aug. 15, 1966 3 1,484 M M a a y y 2 3 4 1 , , 1 1 9 9 6 6 2 2 . . , , 1 1 , , 8 8 0 0 2 1 J A a p n r . . 1 1 5 5 , , 1 1 9 9 6 6 3 3 2 2 , , 0 0 0 0 1 1 A A u u g g . . 1 1 5 5 , , 1 19 9 6 6 4 4 . 3$ 2 5 , , 3 01 1 9 6 N M o a v r. . 1 1 5 5 , , 1 1 9 9 6 6 6 6 -71.. .. 3 2 3 % /8 2 1 , , 4 41 3 7 8 June 7,1962., 1,800 Oct. 1,1964 IV 490 June 15, 1967-72... 21/2 1,338 June 14, 1962., 1,802 Nov. 15, 1964 4? 4,195 Sept. 15, 1967-72... 21/2 1,952 J J J J u u u u n l n n y e e e 2 2 2 2 8 1 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 2 2 2 * . . . , 2 1 1 1 , , , , 5 8 8 8 0 0 0 1 1 2 1 1 Ce F M rt e i a f b i y . c a 1 1 t 5 e 5 , s , 1 1 9 9 6 6 3 2 3V2 3 5 6, , 8 5 6 0 2 9 A A M O p p c a t r r y . . . 1 1 1 5 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 5 6 5 4 1 1 1 1 1 1 5/ / / / 2,1 4 6 3 1 6 7 1 3 6 5 5 D A N M e u o a c g v y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 8 7 8 7 -72... 3 3 2 3 1 % % % /2 2 2 3 1 , , , , 8 4 6 2 4 5 6 0 7 8 0 4 July 12, 1962. 1,800 Aug. 15, 1966 4,454 Oct. 1, 1969........4 2,538 July 15, 1962. 2,004 Oct. 1,1966 11/ 353 Aug. 15, 1971 4 2,806 July 19,1962. 1,801 Treasury notes Apr. 1,1967 11/ 2 Nov. 15, 1974 3% 1,171 July 26, 1962. 1,801 May 15, 1962 4 2,211 May 15, 1975-85... 4% 470 Aug. 2,1962. 600 Aug. 15, 1962 4 158 June 15, 1978-83... 3 % 1,595 Aug. 9,1962. 600 Aug. 15, 1962 314 7,325 Treasury bonds Feb. 15, 1980 ...4 1,446 A A A u u u g g g . . . 2 3 1 0 3 6 , , , 1 1 1 9 9 9 6 6 6 2 2 2 . . . 6 6 6 0 0 0 0 0 1 N N Oc o o t v v . . . 1 15 5 1 , , , 1 1 1 9 9 9 6 6 6 2 2 2 3 3 i 3 1 y 4 4 2 6 1 , ,1 5 0 4 9 8 3 0 2 D D Ju e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 5 5 0 9 9 - - - 6 6 6 5 2 2 2 . . . . . . . . 2 2 2 V 3 y 4 4 4 2 3 1 , , ,4 9 2 8 6 7 5 3 0 N F M e o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 8 8 0 0 5 ... ...3 3 3 1 1 V 4 /2 i 4 1 1 , , , 9 9 1 1 3 1 6 2 5 S S e e p p t t . . 1 6 3 , , 1 1 9 9 6 6 2 2 . . 6 6 0 0 1 0 F F e e b b . . 1 1 5 5 , , 1 1 9 9 6 6 3 3 2 3 Y 14 S 2 3 , , 8 6 3 4 9 2 J A u u n g e . 1 1 5 5 , , 1 19 9 6 6 3 2 -67... . 2 2 1 1 / / 2 2 4 1 , ,4 3 6 1 3 7 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 9 9 5 8 ...... 3% 3 4 2 , , 4 65 6 9 2 S S e e p p t t . . 2 2 0 1 , , 1 1 9 9 6 6 2 2 * . 1,8 6 0 0 2 0 A M p a r y . 1 1 5 , , 1 1 9 9 6 63 3 W 4 2 1,7 5 4 3 3 3 D Fe e b c . . 1 1 5 5 , , 1 1 9 9 6 6 4 3 -68... 21/ 3 2 2 1 , ,8 7 1 0 7 0 Sept. 27, 1962. 600 May 15, 1963 3*4 5,047 June 15, 1964-69... 21/2 2,635 Convertible bonds O O c c t t . . 1 4 1 , , 1 1 9 9 6 6 2 2 . . 6 6 0 0 1 0 N O o ct v . . 15 1 , , 1 1 9 9 6 6 3 3 1 4 1 % /2 3,0 5 1 0 1 6 D Fe e b c . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 -69... 2 2 % y2 2 4 , , 5 6 5 8 2 2 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 ri e 8 s 0 B ...2% 4,320 * Tax anticipation series. 1 Partially tax-exempt. 1 Direct public issues. NEW STATE AND LOCAL GOVERNMENT SECURITIY ISSUES 1 [Investment Bankers Association data; par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer4 1Jse of proceeds4 Total amount Period Special deliv- Water, Total G g o a e b a t n i l l o e i- r n - R n e u v e e- A P H u i u i o t t n b y h u g l 2 o s ic - r- F l G o e a o a d n l v e s t r . 3 - State d a s i u t t a s o a t n t h r t r d y u i o c - r t - Others ered6 Total c E a d ti u o - n R br a o i n d a d g d e s s s o u e a t t t i w n h i e l d e s e i- r r h R i d t o n e e i u g a s n l ? s i - - - V a a e n i t d e s' r- p O p o u t s h r e e - s r ity 1954 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 ,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 ,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 ,464 1957 86,925 4,792 1,967 66 99 1,489 1,272 4,163 6,568 6,874 2,524 1,036 1,516 113 333 ,352 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2.617 1,164 1,412 251 339 1,657 1959. 7,695 4,778 2,409 333 176 1 686 2,120 3,889 7 423 7,588 2,314 844 1 989 402 355 1,683 I960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 1,894 1961 8,535 5,715 2,385 315 120 1,928 2,146 4,461 8,293 8,435 2,818 1,167 1,697 384 478 L891 1960—Dec 496 270 108 98 21 49 99 348 448 491 162 44 119 99 68 1961—Jan 716 560 88 63 4 225 89 402 505 715 378 36 111 63 31 95 Feb 691 383 295 9 4 62 231 397 715 689 234 96 207 9 13 131 Mar.... 767 613 138 16 252 75 439 711 764 226 45 174 5 100 214 Apr..... 727 551 119 51 6 273 97 356 721 723 208 67 66 55 170 156 M^ay 643 414 217 12 18 209 417 672 641 290 33 161 6 150 June r... 1,036 628 394 15 193 264 580 709 1,034 224 257 272 10 271 July 488 318 103 52 16 115 111 262 1,015 485 160 69 93 52 110 Aug 605 423 112 60 10 134 163 309 517 604 281 55 86 61 121 Sept.r... 741 570 167 4 289 124 328 578 733 281 49 147 4 100 152 Oct.r... 679 515 150 15 225 76 378 716 677 192 58 124 30 65 208 Nov.r... 790 375 324 79 12 103 401 286 613 788 150 284 101 80 174 Dec... 653 366 280 1 6 39 308 306 873 584 192 112 160 9 111 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and9 1 Data before 1957 are from the Bond Buyer as classified by Federal before 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Includes only bonds sold pursuant to the Housing Act of 1949. of delivery of bonds to purchaser (and of payment to issuer), which occurs These are secured by contract requiring the Public Housing Administra- after date of sale. Other data in table are based on date of sale. tion to make annual contributions to the local authority. 7 Includes urban redevelopment loans. 3 Beginning with 1957, coverage is considerably broader than earlier. 8 Beginning with 1957 this figure differs from that shown on the follow- 4 Classifications before 1947 as to use of proceeds and type of issuer ing page, which is based on Bond Buyer data. The principal difference is are based principally on issues of $500,000 or more; smaller issues not in the treatment of Federal Government loans. classified. As a result some categories, particularly education, are understated relative to later data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates; in millions of dollars] Gross proceeds, all issuers^ Prop a o l s l e c d o r u p s o e r o a f t e n i e s t s u p e ro rs c 6 eed; Noncorporate Corporate New capital Year or Remonth Bonds tire- Total G U o . v S t. . 3 a F e c g e r y e a d * n l - - S n m a t i n a c u d t i - e - Others Total Total P li u cl b y - v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r m s r e i o t e c i f n e u s - t pal offered placed 1954...... 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7 490 6.780 709 1,875 1955. ..... 26,772 9,628 746 5,977 182 10,240 ,420 4,119 3,301 635 2,185 10,049 7,957 864 1,227 1956........... 22,405 5,517 169 5,446 334 10,939 ,00? 4,225 3,777 636 2,301 10,749 10*384 Q,663 721 364 1957........... 30,571 9,601 572 6,958 557 12,884 q 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958... ....... 34,443 12,063 2,321 7,449 1,052 11,558 *653 6,332 3,320 571 1,334 11 372 10-823 9 907 915 549 1959........... 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 (),392 8 578 814 135 1960 ... ... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 <),653 8,758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 q 4,706 4,720 449 3,273 12,874 r1,979 10,879 1,150 895 1961—Feb.... 5,455 4,069 660 31 695 529 273 255 37 130 682 667 612 56 14 Mar... 2,161 434*"'*252 756 23 696 542 211 331 29 125 679 562 484 77 118 Apr.... 3,393 348 100 710 4 2,231 1,061 713 348 60 1,111 2,203 2,118 2,055 63 85 May... 4,432 2,244 149 625 72 1,342 1,021 666 355 92 228 1,314 1,259 1,090 169 55 June... 3,494 369 278 1,035 33 1,779 1,495 924 572 40 244 1,744 1,318 1 191 426 July... 1,901 342 463 20 1,075 817 424 392 20 239 1,049 1,028 J846 182 22 Aug... 2,064 392 250 603 5 813 637 225 411 45 131 793 762 662 100 31 Sept... 1,913 338 193 699 678 460 123 336 17 201 658 647 612 36 11 Oct.... 4,410 2,564 643 48 1,155 845 336 509 12 298 1,129 1,090 952 138 40 Nov... 2,404 357 225 789 46 987 762 414 348 41 184 961 948 908 40 13 Dec... 2,094 341 654 4 1,094 784 217 567 26 284 1,071 1,000 930 70 71 1962—Jan...... '3,589 1,589 246 '881 153 720 580 273 308 2 138 704 660 556 104 44 Feb...... 2,482 361 156 1,063 13 889 753 497 257 9 126 872 863 800 63 9 ]Proposed uses of net proceeds, major groups of corporate issuers Manufacturing Commercial and Transportation Public utility Communication Real estate Year or miscellaneous and financial month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1954.............. 2,044 190 831 93 501 770 ?,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 ,254 174 1,045 77 1,812 56 1956. 3,336 243 682 51 694 ?0 ,474 14 1,384 21 1,815 17 1957 ........ .... 4,104 49 579 29 802 14 ,821 51 1,441 4 1,701 67 1958......... 3,265 195 867 13 778 38 ,605 138 1,294[ 118 1,014 47 1959.................. 1,941 70 812 28 942 15 ,189 15 70T 1,801 6 1960.................. 1,997 79 794 30 672 39 ,754 51 1,03* 2,401 71 1961...... . ........ 3,708 306 1,095 46 680 26 2,892 104 1,42'r 378 2,176 36 1961 Feb 99 5 91 2 55 7 160 41 223 1 Mar.. ......... 248 32 47 5 72 10 84 IS) 70 92 1 Apr. 574 16 78 1 33 1 254 21 994 45 186 (9) May............ 447 22 110 2 67 439 17 8* 12 111 June............ 446 128 120 23 115 j 389 13 ie 251 231 5 July 428 12 98 2 11 269 3 u 206 4 A Se u pt g .. . ........... 2 2 5 5 5 2 25 8 7 8 6 3 1 1 6 2 9 8 2 1 1 1 5 1 2 l1i2 1 10 2 5 7 2 1 Oct............. 271 28 146 1 60 (9) 306 21• 281 2 Nov..... 215 10 61 (9) 56 362 8C) 174 2 Dec............ 306 18 151 32 1 168 40 41 302 6 1962 Jan 246 16 99 I 20 C9) 89 24 7" 134 2 Feb 150 2 54 1 27 148 4 35S) 123 2 r Revised. 5 Represents foreign governments. International Bank for Reconstruc- 1 Estimates of new issues maturing in more than 1 year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. * Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 617 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1960 1961 1957 1958 1959 1960 1961 2 3 4 1 2 3 4 Manufacturing Total (180 corps.): Sales 114,229105,134 118,423120,742122,634 30,924 28,103 30,142 28,651 31,233 29,541 33,208 13,349 10,466 14,090 13,363 13,271 3,544 2,710 3,107 2,693 3,478 2,961 4,139 Profits after taxes 7,177 5,714 7,440 7,077 7,178 1,813 1,499 1,703 1,436 1,838 1,618 2,286 4,192 4,078 4,342 4,492 4,710 1,099 1,101 1,201 1,103 1,111 1,117 1,380 Nondurable goods industries (79 corps.):1 Sales 41,704 41,541 45,442 46,819 49,227 11,663 11,616 11,941 11,831 12,133 12,205 13,058 5,010 4,402 5,648 5,526 5,649 1.421 1,404 1,294 1,324 1,385 1,406 1,535 Profits after taxes 2,944 2,574 3,210 3,161 3,243 797 814 765 757 772 796 918 1,776 1,785 1,912 1,978 2,036 486 482 528 486 486 488 577 Durable goods industries (101 corps.):2 Sales 72,525 63,593 72,981 73,923 73,406 19,260 16,487 18,201 16,820 19,100 17,336 20,151 8,339 6,065 8,442 7,837 7,622 2,123 1,306 1,813 1,368 2,094 1,555 2,604 Profits after taxes 4,233 3,140 4,231 3,915 3,935 1,016 684 938 679 1,066 822 1,368 Dividends 2,416 2,294 2,430 2,515 2,674 612 619 674 618 625 629 803 Selected industries: Foods and kindred products (25 corps.): Sales 9,987 10,707 11,303 11,814 12,578 2,928 2,943 3,122 3,021 3,154 3,233 3,169 Profits before taxes 1,024 1,152 1,274 1,323 1,421 338 345 338 319 360 379 363 497 555 604 629 672 159 162 166 150 170 179 174 289 312 344 376 392 88 100 95 95 96 99 101 Chemicals and allied products (21 corps.): Sales 10,669 10,390 11,979 12,319 12,788 3,146 3,096 3,020 2,979 3,250 3,210 3,348 Profits before taxes 1,823 1,538 2,187 1,999 2,006 534 489 440 438 514 499 555 Profits after taxes 948 829 1,131 1,062 1,060 281 256 250 229 267 260 303 Dividends . 737 717 799 794 843 186 187 230 193 189 191 270 Petroleum refining (16 corps.): Sales 13,463 12,838 13,372 13,728 14,409 3,282 3,385 3,635 3,488 3,398 3,424 4,100 Profits before taxes 1,325 919 1,187 1,261 1,255 292 364 299 354 270 292 339 Profits after taxes 1,075 791 969 986 1,011 226 292 230 272 214 243 283 512 516 518 521 528 130 128 133 129 134 131 133 Primary metals and products (35 corps.): Sales 22,468 19,226 21,035 20,898 20,155 5,442 4,939 4,513 4,396 5,189 5,235 5,335 Profits before taxes 2,977 2,182 2,331 2,263 2,004 611 411 387 309 560 550 586 Profits after taxes 1,540 1,154 1,222 1,178 1,086 322 224 205 166 295 299 325 Dividends .. . 873 802 831 840 844 208 208 219 207 208 208 221 Machinery (25 corps.): Sales 15,115 14,685 17,095 16,503 17,531 4,171 4,015 4,316 4,137 4,367 4,295 4,732 Profits before taxes 1,457 1,463 1,890 1,482 1,678 395 366 332 362 398 384 534 729 734 934 760 841 202 185 175 178 202 191 271 Dividends 416 422 448 482 497 119 120 123 121 125 124 128 Automobiles and equipment (14 corps.): Sales 23,453 18,469 22,731 24,175 22,781 6,516 4,502 6,134 5,293 6,309 4,604 6,577 Profits before taxes...... 2,701 1,332 2,985 3,100 2,788 936 273 816 478 840 319 1,151 1,354 706 1,479 1,529 1,408 457 151 400 223 All 173 596 805 758 807 833 967 199 207 228 205 207 207 348 Public Utility Railroad: Operating revenue . 10,491 9,565 9,825 9,514 9,187 2,477 2,322 2,304 2,129 2,290 2,354 2,414 Profits before taxes ..... . .... 1,058 843 845 649 627 212 104 169 26 137 185 279 737 602 578 445 382 139 65 141 -13 74 122 200 438 419 406 383 356 94 73 126 86 91 67 112 Electric Power: 9,670 10,195 11,129 11,861 12,595 2,837 2,865 2,993 3,323 3,013 3.054 3,206 Profits before taxes 2,579 2,704 2,983 3,169 3,316 739 757 772 918 767 802 828 Profits after taxes 1,413 1,519 1,655 1,795 1,894 422 418 452 523 447 447 477 Dividends » 1,069 1,134 1,219 1,302 1,375 321 322 335 343 344 335 353 Telephone: Operating revenue 6,467 6,939 7,572 8,111 8,615 2,025 2,042 2,077 2,090 2,139 2,156 2,230 Profits before taxes 1,562 1,860 2,153 2,326 2,478 585 589 594 587 614 620 657 Profits after taxes 788 921 1,073 1,155 1,233 290 294 294 290 307 310 326 613 674 743 806 867 200 203 207 210 214 218 225 1 Includes 17 companies in groups not shown separately. Telephone. Revenues and profits are for telephone operations of the 2 Includes 27 companies in groups not shown separately. Bell System Consolidated 'including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Data are obtained primarily the Long Lines and General departments of American Telephone and from published company reports. Telegraph Company) and for 2 affiliated telephone companies, which Railroads. Figures are for Class I line-haul railroads (which account together represent about 85 per cent of all telephone operations. Divifor 95 per cent of all railroad operations) and are obtained from reports dends are for the 20 operating subsidiaries and the 2 affiliates. Data of the Interstate Commerce Commission. are obtained from the Federal Communications Commission. Electric Power. Figures are for Class A and B electric utilities (which All series. Profits before taxes refer to income after all charges and account for about 95 per cent of all electric power operations) and are before Federal income taxes and dividends. For detailed description of obtained from reports of the Federal Power Commission, except that series (but not for figures), see BULLETIN for June 1949, pp. 662-66 quarterly figures on operating revenue and profits before taxes are partly (manufacturing); BULLETIN for March 1942, pp. 215-17 (public utilities); estimated by the Federal Reserve to include affiliated nonelectric opera- and BULLETIN for September 1944, p. 908 (electric power). For back tions. data for manufacturing, see BULLETIN for July 1959, pp. 792-93; back data for other series are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Department of Commerce estimates; in billions [Securities and Exchange Commission estimates; in millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r f P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1954......... 34.1 17.2 16.8 9.8 7.0 1955......... 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956......... 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957......... 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958.. ...... 37.4 18.6 18.8 12.4 6.4 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1959......... 46.8 23.1 23.7 13.4 10.3 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1960......... 45.0 22.3 22.7 14.1 8.6 1959 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 1961.. . . . 46.1 22.8 23.3 14.4 8.8 I960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 1961 16,745 6,967 9,778 9,205 4,090 5,114 7,540 2,876 4,664 1959_4 ... . 44.9 22.1 22.7 13.8 8.9 1960—4 3,615 1,171 2,445 2,573 715 1,859 1,042 456 586 I960—1 48.1 23.9 24.2 14.0 10.2 2...... 46.3 23.0 23.3 14.0 9.3 1961—1 3,247 1,417 1,830 1,488 770 718 1,759 647 1,112 3...... 43.2 21.4 21.7 14.1 7.6 2 5,566 1,808 3,758 3,273 1,255 2,018 2,293 5*3 1,740 4 42.6 21.1 21.4 14.3 7.2 3 3,594 1,750 1,844 2,011 1,213 798 1,582 537 1,046 4 4,338 1,991 2,347 2,432 852 1,581 1,908 1,140 766 1961—1 . 39.6 19.6 20.0 14.2 5.8 2...... 45.2 22.4 22.8 14.2 8.6 3 47.2 23.3 23.8 14.3 9.5 i Reflects cash transactions only. As contrasted with data shown on p. 616 new issues 4 52.4 26.0 26.5 15.0 11.5 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same type of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 616. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS» [Securities and Exchange Commission estimates; in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u S v s r . t i- N G U o o . v t S r e e t . s . c 2 e a i n v d a b O a le c th c e ts r . I t n o v ri e e n s - Other Total N G U o o . t v S e t p . s . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c t l l d i a i o a t e x m i - r e a s e l Other 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954................ 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956................ 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957...... ........ 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958................ 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959................ 127.5 278.7 37.2 22.6 2.9 119.0 88.2 8.8 151.2 1.7 99.0 15.3 35.2 1960 3 131.6 285.8 35.0 19.3 2.9 125.8 92.6 10.1 154.2 1.8 101.9 13.4 37.2 4 132.5 287.4 37.0 19.7 3.1 126.5 91.3 9.8 154.9 1.8 102.6 13.8 36.8 1961 i 134.3 286.6 34.8 19.5 3.2 125.5 92.9 10.7 152.3 1.8 100.9 12.1 37.5 2............. 137.9 291.4 36.1 19.4 3.1 129.2 92.3 11.3 153.5 1.7 102.4 11.7 37.7 3....... 139.3 296.2 36.8 18.4 3.2 132.9 93.2 11.7 156.9 1.8 104.0 12.7 38.4 4............. 141.0 304.5 40.0 19.3 3.4 135.9 94.8 11.1 163.5 1.8 108.9 14.3 38.4 1 Excludes banks, savings and loan associations, and insurance compa- 2 Receivables from, and payables to, the U. S. Government exclu de nies. amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates; in billions of dollars] Transportation Manu- Total factur- (season- Manu- Min- Public Com- ing Trans- Public All ally ad- „ Year Total factur- ing utili- muni- Other 2 Quarter Total and porta- utili- other 3 justed ing Rail- ties cations min- tion ties annual road Other ing rate) 1954....... 26.8 11.0 .0 .9 t.5 4.2 1.7 6.5 1960—4 9.5 4.3 .7 L.6 3.0 35.5 1955....... 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 1956....... 35.1 15.0 L.2 1.2 1.7 4.9 2.7 8.4 1961—1 7.6 3.2 .6 l.l 2.7 33.9 1957....... 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 2 8.6 3.7 .7 L.4 2.9 33.5 1958....... 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 3 8.7 3.6 .6 1.5 2.9 34.7 1959....... 32.5 12.1 [.0 .9 1.0 5.7 2.7 8.2 4 9.5 4.1 .7 1.5 3.2 35.4 1960....... 35.7 14.5 L.O 1.0 L9 5.7 3.1 8.4 1961....... 34.4 13.7 L.O .7 1.9 5.5 11.7 1962—14.... 8.1 3.4 .6 l.l 3.1 36.1 19624...... 37.2 14.9 1.0 .8 t.8 5.6 i: .0 24.... 9.4 4.0 .7 1.3 3.4 36.6 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 619 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multifamily and End of year holders 1- to 4-family houses commercial properties* or quarter h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e n s t r e - a d l v o I i t a d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a ti l n n - s - O h e o th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - s - O h e o th r l s d e - r h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - - s h O ol t d h e e r r s' 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1955 129.9 99.3 5.2 25.4 120.9 88.2 73.8 14.4 32.6 21.8 10.8 9.1 3.6 5.4 1956 144.5 111.2 6.0 27.3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 7.5 29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 7.8 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959 190.9 145.5 10.0 35.4 178.8 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4.5 7.7 1960 206.2 157.6 11.2 37.4 193.1 141.3 117.9 23.4 51.8 35.0 16.8 13.1 4.7 8.4 1961* 224.3 172.5 11.8 39.9 210.0 153.4 129.1 24.3 56.6 38.4 18.2 14.2 5.0 9.2 1960—Mar.. 194.5 148.0 10.3 36.1 181.9 133.1 110.9 22.2 48.8 32.6 16.2 12.5 4.5 8.0 June.. 198.5 151.3 10.6 36.6 185.7 135.9 113.3 22.5 49.8 33.4 16.4 12.8 4.6 8.2 Sept.. 202.6 154.6 11.0 37.0 189.6 138.8 115.8 23.1 50.8 34.2 16.6 13.0 4.6 8.3 Dec... 206.2 157.6 11.2 37.4 193.1 141.3 117.9 23.4 51.8 35.0 16.8 13.1 4.7 8.4 1961—Mar.» 209.3 160.2 11.3 37.9 196.0 143.2 119.8 23.5 52.8 35.7 17.1 13.3 4.7 8.6 June*. 214.0 164.3 11.2 38.5 200.3 146.5 123.0 23.5 53.9 36.5 17.4 13.7 4.8 8.9 Sept.* 219.0 168.4 11.4 39.5 205.0 149.9 126.1 23.8 55.1 37.3 17.8 14.0 4.9 9.1 Dec.2>. 224.3 172.5 11.8 39.9 210.0 153.4 129.1 24.3 56.6 38.4 18.2 14.2 5.0 9.2 v Preliminary. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amounts of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. SOURCE.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual sayings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1955 21,004 15,888 4 560 3,711 7 617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 . 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5 851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961^ 30,436 21,305 6,008 2,727 12,570 7,366 1,765 29,136 26,339 7,981 9,324 9,034 2,745 52 I960 Mar 28,228 20,292 6 053 3 124 11 115 6,345 1,591 25,404 22,871 6,415 8,729 7,727 2,479 54 June . 28,463 20,334 5,978 3,032 11,324 6,484 1,646 25,849 23,293 6,571 8,879 7,843 2,503 53 Sept. 428,693 20,399 5,906 2,919 11,574 6,651 1,643 26,430 23,835 6,832 8,941 8,062 2,542 53 Dec 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1%1 Mar... 28,864 20,281 5,793 2,776 11,712 6,906 1,677 27,447 24,800 7,353 9,111 8,336 2,597 50 June 29,383 20,595 5 820 2,726 12 049 7,072 1,716 28,015 25,318 7,634 9,192 8,492 2,645 51 Sept 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 Dec v. . .. 30,436 21,305 6,008 2,727 12,570 7,366 1,765 29,136 26,339 7,981 9,324 9,034 2,745 52 » Preliminary. banking statistics. March and September figures are Federal Reserve 1 Represents all banks in the United States and possessions. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies, but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- 4 Data reflect a $40 million reclassification by 1 bank from commerber figures are Federal Reserve estimates based on data from Member cial and industrial to real estate loans, reported Aug. 24, 1960. Bank Call Report and from weekly reporting member banks. SOURCE.—All-bank series prepared by Federal Deposit Insurance 3 Figures for 1941 and 1945, except for the grand total, are estimates Corporation from data supplied by Federal and State bank supervisory based on Federal Reserve preliminary tabulation of a revised series of agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,722 6.169 1,377 223 4,569 553 44,241 41,070 9,664 6,552 24,854 3,171 1961 Mar 549 490 105 20 365 59 42,351 39,347 9,275 6,839 23,233 3,004 Apr 513 463 107 13 343 50 42,553 39,525 9,326 6,810 23,389 3,028 May 511 461 105 12 344 50 42,723 39,670 9,364 6,770 23,536 3,053 537 489 99 13 377 48 42,905 39,827 9,403 6,736 23,688 3,078 July 465 433 94 16 323 32 43,052 39,959 9.452 6,698 23,809 3,093 AUK 557 517 116 18 383 40 43,216 40,105 9,501 6.660 23,944 3,111 Sept 511 472 106 15 351 39 43,381 40,252 9,541 6,624 24,087 3,129 Oct 580 541 112 24 405 39 43,580 40,435 9,574 6,592 24,269 3,145 Nov 590 543 110 26 407 47 43,815 40,656 9,620 6,566 24,470 3,159 Dec 878 826 134 44 648 52 44,241 41,070 9,664 6,552 24,854 3,171 1962—Jan 560 495 122 34 339 65 44,378 41,209 9,726 6,532 24,951 3,169 Feb 457 400 98 27 275 57 44,494 41,304 9,766 6,507 25,031 3,190 Mar 521 452 104 33 315 69 44,637 41,425 9,797 6,498 25,130 3,212 NOTE.—-Certain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with "other" nonfarm thereafter. These loans totaled values, and because data for year-end adjustments are more complete. $38 million on July 31. 1959. SOURCE.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals Life Insurance Fact Book, and end-of-month figures from the Tally o and for loans outstanding, the end-of-December figures may differ from Life Insurance Statistics. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total* F su H in r A e - d - a g V n u t A e a e r - - d ti C v o e o n n n a - l - * Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed^ ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5 376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1955 11,255 3,984 5,155 31,408 1,404 5,883 24,121 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 .... 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1958 27,388 10,516 1,460 5,204 1,640 I960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1959 32,235 13,094 1,523 5,832 1,780 1961 17,364 5,081 7,207 68,833 4,167 7,152 57,514 I960 29,341 12,158 1,318 4,520 1,557 1961 31,157 13,662 1,160 4,997 1,741 1961 1961 Mar 1.356 426 515 61,557 3,659 7,193 50,705 Apr 1,309 417 504 62,252 3,702 7,205 51,345 Feb 2,387 1,997 838 78 321 95 May 1.511 460 603 63,061 3,770 7,213 52,078 Mar 2,398 2,444 1,060 94 394 106 June ,771 532 712 64,058 3,836 7,195 53,027 Apr 2,476 2,358 1,038 89 386 114 July 1,482 422 659 64,795 3,890 7,195 53,710 May 2,561 2,700 1,199 100 444 138 Aug 1,763 498 785 65,705 3,955 7,169 54,581 June 2,581 2,856 1,292 104 460 153 Sept ,594 436 695 66,507 4,014 7,159 55,334 July 2,652 2,653 1,166 95 425 168 Oct 1,629 464 696 67,317 4,061 7,152 56,104 Aug 2,652 3,004 1,346 111 482 179 Nov. ,579 436 645 68,069 4,125 7,176 56,768 Sept 2,723 2,777 1,248 101 441 174 Dec.. . . 1,500 417 598 68,833 4,167 7,152 57,514 Oct 2,775 2,961 1,304 109 468 174 Nov 2,779 2,754 1,209 97 440 173 1962 Dec 2,763 2,579 1,132 96 399 156 Jan 1,323 353 550 69,368 4,204 7,161 58,003 1962 Feb [,303 362 509 69,968 4,241 7,160 58,567 Mar.p 1,617 475 626 70,771 4,270 7,157 59,344 Jan. 2,696 2,459 1,041 88 400 138 Feb 2,238 971 79 374 114 » Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning with 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. SOURCE.—Federal Home Loan Bank Board. SOURCE.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 621 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i x s i n e p - g s - g m P t a y e r g o c o p e r t j e t s - - i p l P m o r e i r a o m r e o t n v n y p - s e t - 2 - Totals p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i x s i n e p - g s - y q E e u n a a d r r t o o e f r r Total G un o d v e F e r r H w n A m rit - e te n n t V - A- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1 19 9 5 5 6 5 3 3, , 4 8 6 0 1 7 1 1, , 1 2 3 6 3 9 1 1, , 5 8 0 1 5 6 1 7 3 6 0 6 64 9 6 2 7 5 , , 1 8 5 6 6 8 4 3 , , 5 9 8 1 2 0 2 1 , , 5 94 6 8 4 1945 18.6 4.3 4.1 .2 14.3 1 1 1 1 1 9 9 9 9 9 5 6 5 5 6 8 0 9 7 1 7 6 6 6 3 , , , , , 7 3 6 5 2 1 4 4 9 9 5 9 4 6 3 2 2 1 1 , , , , 5 1 8 7 6 6 8 9 6 8 3 3 7 6 0 2 2 2 3 1 , , , , 8 4 3 5 9 8 0 7 0 8 5 3 1 7 2 9 9 5 6 71 2 2 9 2 1 9 6 5 8 9 9 8 8 8 9 6 8 5 6 7 9 2 5 8 2 3 1 1 1 , , , , , 8 9 7 8 7 6 8 2 8 6 5 5 9 7 1 2 2 1 1 1 , , , , , 0 8 3 5 1 1 5 7 5 9 1 4 0 1 0 4 8 5 7 6 2 4 6 5 3 8 9 3 6 0 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 9 7 5 6 8 1 1 1 9 8 1 3 0 9 8 7 1 7 . . . . . 0 2 7 0 6 4 4 3 5 5 3 7 0 8 3 . . . . . 9 2 1 9 8 2 1 1 1 1 3 9 5 6 4 . . . . . 8 7 5 5 3 2 2 3 3 3 4 8 0 0 0 . . . . . 6 4 0 7 4 4 5 6 7 6 9 0 7 5 7 . . . . . 3 4 0 1 6 1961— A M p a r r 4 45 8 8 0 1 1 4 2 3 4 2 1 0 9 4 3 7 7 2 5 6 6 0 5 1 1 2 0 5 9 9 7 3 8 3 3 2 1 1 I9 9 6 61 0 P 1 1 5 4 3 1 . . 4 3 5 59 6 . . 5 4 2 2 9 6 . . 5 7 2 3 9 0 . . 7 0 9 8 3 4 . . 9 8 J J M A S u u e u l n a p y g y e t 5 5 5 6 5 0 6 4 4 6 1 3 3 7 9 1 1 1 1 1 3 3 6 3 4 2 4 4 0 7 2 2 2 2 2 9 1 5 5 7 9 9 4 2 6 9 9 7 8 8 0 6 3 4 0 6 7 7 8 8 8 6 4 7 8 1 1 1 1 1 2 3 6 8 4 3 7 8 2 4 1 9 8 9 8 1 0 9 8 3 3 4 4 6 7 5 1 8 8 0 4 1960— J D S M u e e n p a c e t r . . . . . . . . . . . 1 1 1 1 3 3 4 3 5 3 1 8 . . . . 9 1 3 8 5 5 5 5 5 5 4 6 . . . . 7 0 5 4 2 2 2 2 5 6 4 6 . . . . 0 6 2 7 2 2 2 2 9 9 9 9 . . . . 9 8 7 7 7 8 8 8 8 0 4 3 . . . . 6 9 8 2 D N O e o c c v t.... 5 6 5 9 5 2 9 3 2 1 1 15 4 7 3 8 4 2 2 3 8 7 1 5 3 0 8 6 6 3 5 2 7 8 6 3 3 5 2 2 1 0 0 9 1 6 7 1 1 1 1 1 1 8 4 2 8 8 8 6 7 4 1961— J S M u e n p a e r t . ? * * . . . 1 1 14 4 4 9 3 6 . . . 9 2 5 5 5 5 7 7 8 . . . 1 8 7 2 2 2 7 8 8 . . . 4 0 8 2 2 2 9 9 9 . . . 9 7 8 9 8 8 1 6 8 . . . 2 1 7 1962—Jan 617 179 301 74 63 227 127 99 Dec.*5. 153.4 59.5 29.5 30.0 93.9 Feb 474 150 248 26 50 175 95 80 Mar 541 157 261 70 53 205 115 90 » Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such SOURCE.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type are derived from data on number and average amount of loans closed. SOURCE.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e o s f o p u e ts r t i a o n d d ) ing Members' (during mit- Year or month Ad- Repay- demand End of year period) ments vances ments and time or month Total FH in A - - g V u A ar - - d u i n s- - Total S te h r o m rt i - L te o r n m g 2 - deposits sured anteed c P ha u s r e - s Sales bursed 1945 278 213 195 176 19 46 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 698 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 I960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 892 938 1961 6,093 3,490 2r603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1.180 1961—Mar 6,017 3,298 2,719 48 116 540 1961—Apr 205 106 1,576 807 769 [,056 5,858 3,211 2,646 38 172 532 May 197 149 1,624 852 772 t,089 May!........ 5,772 3,188 2,584 42 101 523 June 367 122 1,869 975 894 ,154 5,763 3,191 2,572 38 18 544 July 271 270 1,871 1,062 809 ,048 JUly 5,765 3,204 2,561 35 6 579 Aug 245 115 2,001 1,147 854 ,019 Aug. 5,804 3,245 2,559 71 3 593 Sept 244 120 2,124 1,233 892 1,022 Sept 5,841 3,281 2,561 76 10 626 Oct 257 179 2,202 1,239 963 1,008 Oct. 5,916 3,345 2,571 108 2 653 Nov 263 178 2,287 1,269 1,018 [,029 Nov. 6,004 3,417 2,587 121 3 656 Dec 510 135 2,662 1,447 1,216 1,180 Dec. 6,093 3,490 2,603 127 2 631 1962—Jan 265 608 2,320 1,293 1,027 995 1962—Jan 6,186 3,566 2,620 124 1 637 Feb 145 236 2,228 1,228 1,000 ,007 Feb 6,248 3,618 2,630 102 7 605 Mar 204 281 2,151 1,170 981 ,109 Mar 6,231 3,653 2,578 97 80 613 Apr 382 209 2,323 1,244 1,079 1,096 i Operations beginning with Nov. 1, 1954, are on the basis of FNMA's * Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. Data ex- 1 year but not more than 10 years. clude conventional mortgage loans acquired by FNMA from the RFC SOURCE.—Federal Home Loan Bank Board. Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding; in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e i o r l - e i co p g O n a o s t p o h u e d e m r s r 1 er e a r n R l n d o i e a z p m n a a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1955... 38,807 28,883 13,437 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1956 42,262 31,648 14,348 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957... 44,848 33,745 15,218 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 44,984 33,497 14,007 9,028 2,346 8,116 11,487 3,627 5,060 2,800 19593 51,331 39,034 16,209 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5,329 3,333 1961. 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 1961 Mar 53,641 41,465 16,922 11,007 3,066 10,470 12,176 4,611 4,096 3,469 Apr 53,756 41,423 16,877 10,915 3,073 10,558 12,333 4,589 4,203 3,541 May. 54,196 41,584 16,933 10,929 3,100 10,622 12,612 4,717 4,380 3,515 June 54,602 41,888 17,061 10,966 3,122 10,739 12,714 4,743 4,474 3,497 July 54,505 41,909 17,063 10,934 3,133 10,779 12,596 4,708 4,397 3,491 54,739 42,090 17,061 10,966 3,165 10,898 12,649 4,769 4,409 3,471 Sect. 54,757 42,039 16,902 11,006 3,180 10,951 12,718 4,832 4,423 3,463 Oct 54,902 42,181 16,913 11,085 3,183 11,000 12,721 4,778 4,517 3,426 Nov 55,451 42,419 16,960 11,215 3,192 11,052 13,032 4,880 4,684 3,468 Dec 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 1962 Jan 56,278 42,846 16,878 11,605 3,131 11,232 13,432 4,906 4,892 3,634 Feb 55,592 42,632 16,900 11,380 3,099 11,253 12,960 4,931 4,294 3,735 Mar 55,680 42,704 17,039 11,256 3,084 11,325 12,976 5,056 4,191 3,729 1 Represents all consumer instalment credit extended for the purpose 3 Includes data for Alaska and Hawaii beginning with January and of purchasing automobiles and other consumer goods, whether held by August 1959, respectively. retail outlets or financial institutions. Includes credit on purchases by NOTE.—Monthly figures for the period December 1939 through 1960 individuals of automobiles or other consumer goods that may be used are shown in the following BULLETINS: April 1953 (includes a general in part for business. description of the series); October 1956; November 1958 and 1959; and * Holdings of financial institutions; holdings of retail outlets are in- December 1957, 1960 and 1961. A detailed description of the methods cluded in other consumer goods paper. used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding; in millions of dollars] Financialjuistitution5 Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t f s i C c n u o a o m m n n e c - - r e Other i Total D s m t e o p e re a n s r t t 2 - F s t t u o u r r r n e e i s - H a h a o p n o u p c l s l d e i e - - d m A ea o u l b t e o i r l - s e 3 Other panies i stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945. 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1955 28,883 24,375 10,601 8,424 1,678 2,623 1.049 4,508 1,511 1,044 365 487 1.101 1956 31,648 26,905 11,777 9,045 2,014 2,940 1,129 4,743 1,408 1,187 377 502 1,269 1957 33,745 29,078 12,843 9,487 2,429 3,124 [,195 4,668 1,393 1,210 361 478 1,226 1958 33,497 28,514 12,780 8,699 2,668 3,085 1,282 4,983 1,882 1,128 292 506 1,175 19594 39,034 33,359 15,227 10,108 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1,368 I960 42,588 36,974 16,672 11,228 3,923 3,670 1L,481 5,615 2,414 1,107 333 359 1,402 1961 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 1,080 322 359 1,401 1961—Mar 41,465 37,092 17,148 10,931 3,920 3,603 1,490 4,373 1,452 1,016 312 361 1,232 Apr 41,423 37,003 17,072 10,883 3,964 3,606 1,478 4,420 1,545 1,002 306 361 1,206 May 41,584 37,056 17,079 10,859 4,019 3,607 1,492 4,527 1,650 997 307 360 1,213 June 41,888 37,249 17,113 10,915 4,107 3,622 1,492 4,639 1,748 1,001 310 359 I 221 July 41,909 37,226 17,066 10,903 4,144 3,633 1,480 4,682 1,811 993 312 359 1,207 Aug.; 42,090 37,320 17,065 10,886 4,207 3,659 1,503 4,769 1,896 1,001 314 359 1,199 Sept. 42,039 37,188 16,909 10,882 4,233 3,650 1.514 4,850 1,979 1,009 315 360 I 187 Oct 42,181 37,191 16,877 10,866 4,269 3,671 1,508 4,990 2,097 1,014 315 359 1,205 Nov 42,419 37,240 16,836 10.878 4,317 3 684 1,525 5,179 2,213 1,034 314 360 I 258 Dec 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 1,080 322 359 1,401 1962 Jan 42,846 37,551 16,759 11,190 4,306 3,782 ,514 5,295 2,212 1,057 315 359 I 352 Feb 42,632 37,469 16,726 11,133 4,311 3,783 .516 5,163 2,167 1,039 311 358 1,288 Mar 42,704 37,509 16,779 11,049 4,355 3,795 1,531 5,195 2,227 1,018 305 356 1,289 i Consumer finance companies included with "other" financial institu- 3 Automobile paper only; other instalment credit held by automobile tions until September 1950. dealers is included with "other** retail outlets. * Includes mail-order houses. * See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 623 INSTALMENT CREDIT HELD BY COMMERCIAL BANES, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] [Estimated amounts outstanding; in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R l m r t o a e n i o n a p o iz n d d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z l o o a e a d n a p ti e n d a o r s i n n r " s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1955. 8,424 6,882 1,048 28 466 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 , 9,045 7,166 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,487 7,271 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,699 6,165 1,717 36 781 1958 12,780 4,014 2,170 2,269 1J15 2,612 19591 10,108 6,976 2,114 72 946 19591 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,228 7,284 2,739 139 ,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,052 6,590 3,100 161 ,201 1961 16,843 5,307 2,862 2,684 2,180 3,810 1961—Mar. 10,931 6,924 2,806 143 ,058 1961—Mar 17,148 5,174 2,802 3,449 2,134 3,589 Apr., 10,883 6,858 2,813 146 ,066 Apr 17,072 5,170 2,810 3,309 2,141 3,642 May, 10,859 6,819 2,824 146 ,070 May 17,079 5,216 2,836 3,202 2,155 3,670 June, 10,915 6,829 2,848 149 ,089 17,113 5,275 2,861 3,095 2,170 3,712 July. 10,903 6,799 2,854 155 ,095 July 17,066 5,295 2,861 3,013 2,176 3,721 Aug. 10,886 6,756 2,865 149 ,116 Aug 17,065 5,312 2,860 2,936 2,190 3,767 Sept. 10,882 6,650 2,937 153 U42 Sept 16,909 5,284 2,822 2,826 2,197 3,781 Oct.. 10,866 6,621 2,929 157 ,159 Oct 16,877 5,308 2,825 2,769 2,198 3,777 Nov. 10,878 6,611 2,940 160 ,167 Nov 16,836 5,314 2,852 2,700 2,195 3,775 Dec. 11,052 6,590 3,100 161 ,201 Dec 16,843 5,307 2,862 2,684 2,180 3,810 1962—Jan.. 11,190 6,535 3,286 162 ,207 1962—Jan 16,759 5,292 2,871 2,631 2,147 3,818 Feb., 11,133 6,528 3,232 162 ,211 Feb 16,726 5,309 2,881 2,594 2,119 3,823 Mar. 11,049 6,554 3,118 163 1,214 Mar 16,779 5,364 2,918 2,549 2,100 3,848 i Includes data for Hawaii beginning with August 1959. i Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding; in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] Singlepayment Charge accounts Other Repair Total loans E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz l o o a a n d a ti n d e o s r n n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c m n n r s o e e t d n n a - i l t t - b C m c a o i n e a m r k l - s - f O i i n c n t i s h a a t n e l i- r - s m p t D o a e r e r e n - t- s t 1 o O r u e t t t h l a e e i t l r s C c r a e r d d i s t 2 S c e r r e v d i i c t e tutions 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1 370 597 1955 5,350 763 530 327 3,730 1945 3,203 674 72 290 1,322 845 1956. 6,083 954 624 404 4,101 1957 6,748 1,114 588 490 4,555 1955 .. 9,924 2,635 367 862 3,717 216 2 127 1958 7,035 1,152 565 595 4,723 1956 10,614 2,843 410 893 3,842 260 2,366 19591 8,024 1,400 681 698 5,244 1957 11,103 2,937 427 876 3,953 317 2,593 I960 9,074 1,665 771 800 5,837 1958 11,487 3,156 471 907 3 808 345 2 800 1961 9,685 1,842 763 836 6,244 19593 12,297 3,582 547 958 3,753 393 3,064 1961—Mar 9,013 1,661 740 789 5,823 I 1 9 9 6 6 0 1 1 1 3 3 , , 1 9 6 7 9 6 4 3 , S 2 8 2 8 4 4 6 7 2 3 3 1 9 9 4 4 1 8 4 3 , , 0 9 2 5 7 2 4 4 6 3 3 6 3 3 , , 3 5 3 8 3 3 Apr 9,048 1,677 734 786 5,850 May. 9,118 1,702 736 799 5,882 1961—Mar..... 12,176 3,925 686 637 3,034 425 3,469 June 9,221 1,737 743 803 5,938 Apr.. 12,333 3,970 619 631 3,149 423 3,541 July 9,257 1,748 744 802 5,963 May. 12,612 4,028 689 634 3,329 417 3,515 9,369 1,774 755 826 6,015 June. 12,714 4,090 653 624 3,411 439 3,497 Sept 9,397 1,786 753 830 6,028 July. 12,596 4,103 605 574 3,360 463 3,491 Oct 9,448 1,800 756 828 6,064 Aug. 12,649 4,100 669 589 3,327 493 3,471 Nov 9,526 1,823 756 837 6,110 Sept. 12,718 4,129 703 623 3,312 488 3,463 Dec 9,685 1,842 763 836 6,244 Oct.. 12,721 4,125 653 656 3,382 479 3,426 Nov. 13,032 4,158 722 717 3,498 469 3,468 1962—Jan 9s602 1,821 752 822 6,207 Dec. 13,976 4,224 731 948 4,027 463 3,583 Feb.., 9,610 1,824 749 818 6,219 Mar 9,681 1,847 750 821 6,263 1962—Jan 13,432 4,203 703 804 3,614 474 3,634 Feb 12,960 4,220 711 635 3,188 471 3,735 Mar 12,976 4,279 111 594 3,139 458 3,729 i Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit 1 Includes mail-order houses. unions, industrial loan companies, mutual savings banks, savings and 2 Service station and miscellaneous credit-card accounts and homeloan associations, and other lending institutions holding consumer heating-oil accounts. instalment loans. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n s a te d d - Adjusted U ju n s a te d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1955..,, 38,944 16,706 10,642 1,393 10,203 1956 39,775 15,421 11,721 1 582 11,051 1957 41,871 16,321 11,807 1,674 12,069 1958 39,962 14,069 11,747 1,871 12,275 19591 47,818 17,544 13,982 21222 14,070 1960 49,313 17,408 14,470 2,212 15,223 1961 47,984 15,779 14,477 2,049 15.679 1961—Mar 3,894 3,907 1.255 1.323 1.188 1.111 172 161 1.279 1.312 Apr. 3,800 3,721 ,225 1,243 ,162 I 073 167 166 1,246 ,239 May 3,907 4,203 ,270 1,449 173 1,221 181 200 11,283 ,333 3,962 4,347 1,296 1,515 ,175 I 236 177 196 I 314 ,400 July 3,909 3,905 [,300 1,365 !l84 1,113 167 175 1,258 ,252 Aug 4,038 4,234 ,302 I 395 ,212 1,229 186 206 11,338 ,404 Sept 3,942 3,789 ,271 1,168 ,199 I ',200 175 184 1,297 ,237 Oct 4,209 4 244 ,405 1,452 ,254 1,300 173 186 L377 ,306 Nov. 4,317 4,275 ,511 I 402 .249 1,327 174 177 1,383 ,369 Dec 4,315 4,754 .471 1,289 f,316 .750 159 145 ]1,369 ,570 1962—Jan 4,194 3,756 1,474 1,320 1,185 1,039 157 120 [,378 ,277 Feb 4,302 3,566 1,496 1,284 1,281 972 168 122 1,357 ,188 Mar 4,363 4,301 1,526 1,574 1,257 1,161 172 154 1,408 ,412 Repayments 1955 33,629 13,077 9,752 1,316 9,484 1956 37,009 14,510 10,756 1 370 10,373 1957 39,775 15,451 •••••••••• 11,569 1,477 11,278 1958 40,211 15,281 11,563 1,626 11,741 19591 42,435 15,411 12,402 1,765 12,857 1960 45,759 16,172 13,574 1,883 14,130 1961 47,412 16,262 14,233 2,012 14,905 1961—Mar 3,907 4,104 1.348 1.418 1.176 1,242 164 169 1.219 1.275 Apr 3,907 3,764 1,356 1,290 1,189 1,164 165 159 1,197 1,151 May 3,895 4,043 1,336 1,394 1,166 1,207 169 173 1,224 L|269 3,962 4,042 1,354 1,387 1,188 1,199 171 174 1,249 1,282 July 3,937 3,885 1,364 1,362 1,183 1,145 165 165 1.225 1,213 Aug 3,994 4,053 1,362 1,396 1,197 1,198 170 174 1,265 1,285 Sept 3,956 3,839 1,350 1,327 1,190 1,159 170 169 1,246 1,184 Oct 4,028 4,102 1,372 1,441 1,210 1,221 178 183 1,268 1,257 Nov 4,017 4,037 1,359 1,355 1,188 1,197 166 168 1.304 1,317 Dec 4,051 4,010 1^361 1,289 1,233 1,194 168 160 i;289 1,367 1962—Jan 3,979 4,073 1,380 1,402 1,147 1,205 164 166 1,288 1,300 Feb 4,066 3,780 1,369 1,262 1,253 1,197 166 154 1,278 1.167 Mar 4,094 4,229 1.393 1.435 1.226 1,285 166 169 1,309 1,340 Net increase or decrease (—) in credit outstanding2 1955 5,315 3,629 890 77 719 1956... 2,766 911 965 212 678 1957 . 2,096 870 238 197 791 1958 -249 -1,212 184 245 534 19591 . .. 5,535 2,201 1,602 463 1,269 1960 3,554 1,236 896 329 1,093 1961 572 —483 244 37 774 1961—Mar. -13 -197 -93 -95 12 -131 8 -8 60 37 Apr -107 -43 -131 -47 —27 -91 7 49 88 May 12 160 -66 55 7 14 12 27 59 64 June 0 305 -58 128 -13 37 6 22 65 118 July -28 20 -64 3 -32 10 33 39 Aug 44 181 -60 -1 15 31 16 32 73 119 Sept -14 -50 -79 -159 9 41 5 15 51 53 Oct. 181 142 33 11 44 79 -5 109 49 Nov. 300 238 152 47 61 130 8 9 79 52 Dec 264 744 110 0 83 556 -9 -15 80 203 1962—Jan 215 -317 94 -82 38 -166 —7 —46 90 —23 Feb 236 -214 127 22 28 -225 2 -32 79 21 Mar 269 72 133 139 31 -124 6 -15 99 72 1 Extensions and repayments include data for Alaska jma Hawaii credit extended and repaid are based on information from accounting beginning with January and August 1959, respectively. The differences records of retail outlets and financial institutions and often include between extensions and repayments do not equal the changes in out- charges incurred under the instalment contract. Renewals and restanding credit for 1959 because the differences do not reflect the effect financing of loans, repurchases and resales of instalment paper, and of the introduction of outstanding balances for these 2 States. certain other transactions may increase the amount of both credit ex- 2 Obtained by subtracting credit repaid from credit extended, except tended and credit repaid without adding to the amount of credit outas indicated in note 1. standing. NOTE.—A discussion of the composition and characteristics of the Monthly figures for 1940-54 are shown on pp. 1043-48 of BULLETIN data and a description of the methods used to derive the estimates are for October 1956; for 1955-60, on pp. 1393-96 of BULLETIN for December shown in BULLETIN for January 1954, pp. 9-17. Estimates of instalment 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 625 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted*' refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1955 38,944 14,109 10,178 8,376 6,281 1956 39,775 14,463 9,526 9,148 6,638 1957 41,871 15,355 10,106 9,915 6,495 1958 39,962 14,860 8,886 9,654 6,563 19591 47,818 17,976 10,962 10,940 7,940 1960 49,313 18,269 11,211 12,073 7,762 1961 47,984 17,512 10,481 12,264 7,727 1961—Mar 3,894 3,907 t 466 823 829 1,000 1,023 639 589 Apr 3,800 3,721 1,406 1,435 830 801 953 930 611 555 May 3,907 4,203 1,431 1,608 829 891 1,017 1,060 630 644 June 3,962 4,347 1,443 1,604 863 977 1,038 1,117 618 649 July. 3,909 3,905 1,442 1,482 827 863 984 989 656 571 Aug 4,038 4,234 1,476 1,559 853 927 1,049 1,100 660 648 Sept 3,942 3,789 1,438 1,371 828 809 1,023 958 653 651 Oct. 4,209 4,244 1,533 1,536 913 951 1,078 1,034 685 723 Nov 4,317 4,275 1,557 1,456 957 924 1,115 1,118 688 111 Dec 4,315 4,754 1,546 1,431 1,076 1,086 1,071 1,240 622 997 1962—Jan 4,194 3,756 ,515 1,441 907 821 1,058 944 714 550 Feb 4,302 3,566 ,557 ,359 975 797 1 064 918 706 492 Mar 4,363 4,301 1,580 1,593 928 917 1,122 1,118 733 673 Repayments 1955 33,629 12,304 7,898 7,536 5,891 1956 37,009 13,362 8,904 8,415 6,328 1957 39,775 14,360 9,664 9,250 6.499 1958 40,211 14,647 9,708 9,365 6,490 19591 42,435 15,560 9,574 10,020 7,281 1960 45,759 16,832 10,229 11,022 7,676 1961 47,412 18,261 10,733 11,666 6,752 1961—Mar 3,907 4,104 J 544 J.fiOl 885 951 959 1.002 519 550 Apr 3,907 3,764 1,564 1,511 883 849 931 896 529 508 May 3,895 4,043 1,521 1,600 887 915 961 991 526 537 3,962 4,042 1,535 1,569 909 920 985 1,016 533 537 July 3,937 3,885 1,529 1,529 890 874 963 954 555 528 Aug 3,994 4,053 1,535 1,560 906 933 988 999 565 561 Sept 3,956 3,839 L521 1,486 883 862 982 930 570 561 Oct. 4,028 4,102 1,523 1,569 918 967 997 983 590 583 Nov 4,017 4,037 1,495 1,480 899 912 1,031 1,040 592 605 Dec 4,051 4,010 1,509 1,424 931 912 1,008 1,081 603 593 1962—Jan 3,979 4,073 ,486 1,525 874 867 1,022 1,027 597 654 Feb 4,066 3,780 ,469 ,392 971 904 996 910 630 574 Mar 4,094 4,229 1,517 1,540 950 1,001 1,020 1,047 607 64! Net increase or decrease (—) in credit outstanding 2 1955 5,315 1,805 2,280 840 390 1956 2,766 1,176 622 733 235 1957 2,096 1,066 442 665 -75 1958 —249 -63 -788 289 315 I9591 5,535 2 447 1,409 986 693 I960 3,554 1,446 1,120 1,051 -61 1961 572 169 -174 609 -32 1961—Mar -13 -197 -112 — 135 —62 -122 41 21 120 39 Apr -107 -43 -158 -76 -53 -48 22 34 82 47 May 12 160 -90 8 -58 -24 56 69 104 107 June , 0 305 -92 35 -46 57 53 101 85 112 July -28 20 -87 -47 -63 -11 21 35 101 43 Aug 44 181 -59 -1 -64 -17 72 112 95 87 Sept -14 -50 -124 -156 -6 -4 41 28 75 82 Oct , 181 142 10 -33 -5 -16 81 51 95 140 Nov...... 300 238 45 -41 58 12 84 78 113 189 Dec 264 744 37 7 145 174 63 159 19 404 1962—Jan 215 —317 29 -84 217 138 36 -83 -67 -288 Feb 236 -214 88 -33 C54 c-57 68 8 «26 c—132 Mar 269 72 63 53 -22 -84 102 71 126 32 c Corrected. For a wfther discussion of the composition and characteristics of 1 Extensions and repayments include data for Alaska and Hawaii the data and the description of the methods used to derive the estimates beginning with January and August 1959, respectively. The differences see BULLETIN for January 1954, pp. 9-17. Estimates of extensions between extensions and repayments do not equal the changes in out- and repayments are based on information from accounting records of standing credit for 1959 because the differences do not reflect the effect retail outlets and financial institutions and often include charges incurred of the introduction of outstanding balances for these 2 States. under the instalment contract. Renewals and refinancing of loans, 2 Obtained by subtracting credit repaid from credit extended, except as repurchases and resales of instalment paper, and certain other transindicated elsewhere in notes. actions may increase the amount of both credit extended and credit NOTE.—Data on extensions and repayments have been adjusted, where repaid without adding to the amount of credit outstanding. necessary, to avoid duplication resulting from large transfers of paper. Monthly figures for 1940-54 are shown on pp. 1049-54 of BULLETIN As a result, the differences between extensions and repayments for some for October 1956; for 1955-60, on pp. 1393-96 of BULLETIN for December types of holders do not equal the changes in outstanding credit. Such 1961. transfers do not affect total instalment credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Seasonally adjusted] a A v n e n r u a a g l e 1961 1962 Grouping 1960 961* Mar. Apr. May June July Aug. Sept.Oct Nov. Dec. Jan. Feb. Mar. INDUSTRY GROUPINGS 164 165 156 160 164 168 170 172 168 171 173 174 172 174 176 163 164 153 158 163 166 169 770 167 170 172 173 171 173 175 169 167 154 161 167 171 175 175 171 174 177 179 176 180 182 160 164 157 160 162 165 167 169 167 171 171 171 169 171 171 Minins 128 129 127 128 128 128 129 130 128 131 132 133 130 130 130 Utilities 287 291 296 304 307 307 314 316 317 315 314 318 r319 323 Durable Manufactures 127 125 109 117 126 129 132 136 133 133 135 137 r137 r142 142 115 112 94 105 115 118 121 125 126 122 123 126 128 135 134 110 105 87 98 108 111 114 115 116 113 113 120 123 131 131 Fabricated metal products . 145 143 131 135 143 146 148 151 144 150 153 153 151 152 153 155 154 141 144 152 158 160 164 157 161 161 159 155 157 158 205 202 189 195 201 206 210 210 203 208 214 217 213 215 219 174 174 165 169 171 176 181 178 177 178 180 184 183 185 189 Nonelectrical machinery • 145 142 135 140 141 144 147 145 145 145 147 148 147 149 153 222 226 213 216 221 229 237 232 229 231 235 243 r243 245 250 238 227 206 220 231 235 239 240 221 235 248 252 242 244 249 168 151 126 144 157 165 167 169 139 157 169 175 166 166 171 368 376 367 366 373 366 376 375 385 388 399 400 388 r393 398 221 220 210 210 215 220 222 227 225 225 229 228 226 '223 223 139 138 131 135 138 144 145 144 142 139 139 136 130 r138 138 Clav slass and stone oroducts 158 156 149 151 155 162 165 165 162 160 159 152 147 151 153 118 116 110 117 118 122 123 120 119 114 116 118 112 124 122 Furniture and miscsllancous <> 153 154 145 148 152 156 156 157 158 160 164 163 r158 r159 164 171 171 161 165 167 173 172 176 176 177 183 183 175 179 184 138 140 131 134 139 142 142 142 142 145 148 146 143 143 148 Nondurable Manufactures Textile HVDOTBI and l€€iih€T products ••• 136 137 130 132 134 137 140 142 140 144 144 145 r142 n43 145 121 124 116 118 122 125 127 129 131 132 131 132 130 131 135 158 158 152 153 153 156 162 165 159 166 165 167 161 164 113 113 108 112 112 116 113 116 112 117 119 123 117 117 160 164 159 162 163 164 164 169 168 168 169 170 169 171 169 172 182 173 180 179 182 179 189 187 188 187 192 189 193 191 151 153 150 150 151 153 154 155 155 155 157 156 156 157 156 140 139 136 137 137 138 139 140 140 140 142 142 142 141 140 224 234 216 225 232 237 243 243 239 245 245 247 *243 r247 245 Chemicals and products•• • • 255 269 252 259 266 272 277 277 276 280 282 285 '281 287 283 319 345 321 328 339 347 356 358 361 367 370 370 r369 378 Petroleum products • 162 166 158 162 167 166 174 172 164 172 169 162 168 165 167 Rubber and elastics oroducts 200 201 168 192 199 211 215 215 210 217 217 225 208 213 Foods bcveTcifZ€$ and tobacco 131 136 134 134 735 136 137 137 137 139 139 138 138 r138 139 Foods and beverages 132 136 134 134 135 137 138 138 137 140 140 138 140 139 140 135 139 137 137 139 139 140 140 140 142 142 142 142 142 143 119 124 121 122 117 123 129 127 126 128 127 122 127 124 130 134 132 139 132 132 125 135 133 140 140 136 130 132 Mining 122 123 120 123 123 123 123 125 122 125 127 127 125 125 125 Coal 68 65 56 63 66 64 64 67 68 69 70 70 70 68 69 Crude oil and natural gas 147 150 149 151 149 150 150 152 147 151 152 153 151 151 150 147 150 150 151 149 151 151 152 147 151 150 151 149 150 149 Crude oil 135 138 139 139 138 139 139 141 137 139 138 138 137 138 136 228 231 238 233 234 Oil and gas drilling 145 147 136 145 143 142 143 141 141 147 161 165 159 150 155 164 164 167 159 157 161 163 160 162 168 170 169 161 '164 165 Metal mining . 134 134 146 127 119 123 124 124 130 137 146 155 155 155 153 195 194 186 192 197 201 204 198 196 199 193 181 166 173 176 Utilities Electric 289 308 292 297 307 309 309 317 319 320 316 316 321 320 Gas 284 291 296 299 301 SUMMARY MARKET GROUPINGS 168 170 162 166 168 171 174 174 172 175 178 179 176 178 179 161 164 156 160 163 166 169 169 164 168 170 172 170 170 171 195 196 188 190 192 194 197 198 201 203 207 208 204 '208 210 Materials 160 161 150 156 161 164 166 168 165 168 168 170 168 171 172 Preliminary. 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 627 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] Annual average 1961 1962 Grouping 960 961* Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. INDUSTRY GROUPING 164 165 158 162 164 168 160 169 171 176 174 172 170 175 178 163 164 155 160 163 167 158 167 169 176 173 170 168 174 177 169 167 157 163 167 172 163 165 172 178 179 179 177 182 186 160 164 158 162 162 166 158 173 17! 178 171 164 163 169 172 128 129 126 127 128 129 125 130 130 133 132 132 130 131 130 Utilities 287 Durable manufactures 127 125 112 119 127 130 120 130 133 136 134 135 138 144 146 115 112 99 109 117 120 105 115 122 123 122 123 132 141 142 110 105 91 101 110 113 99 108 116 116 114 117 127 135 137 145 143 130 135 140 146 143 153 150 154 153 153 148 149 152 155 154 141 143 150 157 154 161 159 165 165 164 155 156 158 205 202 194 199 201 205 195 190 201 212 218 221 216 221 225 174 174 169 172 172 176 167 170 178 181 182 185 183 189 193 Nonelectrical machinery 145 142 140 144 143 145 140 138 142 143 144 149 149 154 159 222 226 216 216 217 226 211 224 238 245 245 243 238 245 249 238 227 213 225 231 236 219 196 215 241 260 262 253 255 258 168 151 132 149 159 167 146 114 133 166 187 187 178 111 180 368 376 375 371 368 365 362 366 380 386 398 402 396 r402 407 Instruments and related products 221 220 213 212 215 219 216 223 226 226 231 230 226 '225 226 139 138 126 134 141 150 143 152 150 148 139 127 120 131 133 Clav slass and stone oroducts ... ..158 156 145 151 158 166 164 171 167 167 160 148 138 143 149 118 116 104 115 121 132 119 131 131 126 115 103 98 n\i 115 153 154 143 144 146 153 150 161 165 169 169 165 r153 158 162 171 171 159 160 161 168 168 180 182 186 185 186 172 r178 181 138 140 129 129 134 140 134 145 151 155 155 148 138 '140 146 Nondurable manufactures 136 137 137 138 136 135 124 149 133 148 141 755 137 '149 154 121 124 117 123 126 125 111 130 127 136 131 127 128 r134 136 158 158 162 161 156 154 145 176 148 171 160 152 155 r174 113 113 118 114 106 113 102 120 112 118 116 113 115 125 160 164 163 166 164 166 153 166 169 176 173 163 164 170 174 172 182 178 185 180 187 162 192 189 200 190 173 183 194 197 151 153 153 154 153 152 147 150 157 161 162 157 152 155 159 140 139 141 146 146 139 122 126 140 152 155 140 131 137 145 Chemical petroleum and rubber products • <224 234 221 230 232 238 226 241 239 247 246 242 243 r249 251 2 3 5 1 5 9 2 3 6 4 9 5 2 3 5 3 9 0 2 3 6 3 8 5 2 3 6 4 9 2 2 3 7 4 5 5 2 3 6 3 0 5 2 3 7 5 5 2 2 3 7 5 4 3 2 3 8 6 1 5 2 3 8 7 2 2 2 3 7 7 8 0 r r 2 3 7 6 7 7 2 3 8 7 7 9 290 162 166 157 157 164 166 173 177 168 171 167 166 168 r167 166 200 201 176 197 194 205 181 207 213 228 223 215 219 225 131 136 126 129 132 139 137 148 151 152 141 130 127 128 129 132 136 125 129 131 139 139 148 152 152 141 132 127 128 129 135 139 127 129 132 138 139 151 157 157 147 137 133 132 132 119 124 116 130 129 141 138 137 127 132 114 110 101 108 130 134 131 133 136 144 115 145 138 150 140 110 130 134 Mining 122 123 123 123 122 120 117 123 122 125 127 129 129 129 128 Coal 68 65 57 61 64 61 54 70 72 75 73 70 69 69 70 147 150 153 151 148 147 145 147 145 149 152 156 156 r157 154 147 150 156 153 148 147 144 147 145 148 150 155 155 157 154 135 138 143 141 137 136 133 136 134 137 137 140 141 143 140 228 242 238 225 220 145 147 129 137 140 143 147 146 144 148 159 167 163 149 146 164 164 147 153 169 180 176 176 179 180 164 149 136 rl43 145 134 134 120 119 137 151 143 143 150 151 133 124 122 r127 125 195 194 175 188 201 210 212 210 209 210 195 175 150 158 165 Utilities 289 308 298 291 291 298 306 325 327 310 304 320 342 332 Gas 284 SUMMARY MARKET GROUPINGS 168 170 164 167 167 172 165 172 176 182 179 176 174 179 181 161 164 156 160 160 166 158 167 170 178 172 167 166 170 172 195 196 191 193 193 196 192 194 199 201 204 208 206 210 214 160 161 152 157 161 165 156 166 166 171 170 168 167 172 175 » Preliminary. f Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Seasonally adjusted] 1957 A A v n e n r u a a g l e 1961 1962 Grouping proportion 1960 1961* Mar. Apr. May June July Aug. Sept.Oct Nov. Dec. Jan. Feb. Mar. Total index 100.00 108 109 103 106 108 110 112 113 Ill 113 114 115 114 115 116 m Manufacturing total 86.49 108 109 102 105 108 111 112 113 113 114 115 114 115 116 Durable 4 3 9 6 . .8 6 3 6 1 1 1 04 3 1 10 1 3 7 1 9 1 5 2 1 9 1 9 4 1 1 1 03 6 1 10 1 5 7 1 11 07 9 1 1 2 08 0 111059 1 1 2 07 1 1 12 09 1 1 1 1 2 0 2 r r 1 1 2 0 0 8 1 1 2 11 1 1 1 2 12 2 Mining 8.55 97 98 96 97 97 98 98 99 97 100 101 101 99 99 99 Utilities 4.96 123 125 127 130 131 132 135 135 136 135 135 137 137 139 Durable Manufactures Primary and fabricated metals ..13.15 97 95 83 89 96 99 100 104 101 102 103 104 105 no8 108 7.73 90 88 74 82 90 92 95 98 99 96 96 99 101 106 105 6.21 88 84 69 79 86 89 91 92 93 90 90 96 98 105 105 Fabricated metal products 5.42 106 105 96 99 105 107 108 111 105 110 112 112 110 mi 112 2.91 104 103 94 96 102 106 107 110 105 108 107 106 104 105 105 no Afachinery and related products . . . .28.98 106 104 97 101 104 106 108 108 105 107 112 110 111 113 Machinery 1 8 5 . . 9 3 2 1 1 1 0 0 6 2 1 10 0 6 0 1 9 01 5 1 9 03 8 1 9 0 9 4 1 10 07 1 1 10 10 3 1 10 0 9 2 1 1 0 0 8 2 1 1 0 08 2 110103 1 1 0 12 4 1 11 0 1 3 1 1 0 13 5 1 1 1 0 6 8 Electrical machinery . 6.39 112 114 108 109 112 116 120 118 116 117 119 123 123 124 126 10.76 102 97 88 94 99 101 102 103 95 101 106 108 104 105 107 5.04 115 103 86 99 108 113 114 116 95 107 116 119 114 r114 117 Aircraft and other equipment 5.50 89 91 89 88 90 88 91 90 93 93 96 96 93 95 96 1.66 119 118 113 113 116 119 119 122 121 121 123 123 121 120 120 1.25 Clay glass and lumber ........ . 4.57 109 107 102 105 107 112 113 112 111 108 108 106 102 r107 108 Clay glass and stone products 2.92 110 108 103 105 107 112 114 114 112 111 110 106 102 104 106 1.65 107 105 100 106 107 111 111 109 107 103 105 107 101 r113 111 2.96 116 117 110 112 115 119 119 120 120 121 124 124 r120 121 125 1.48 120 120 112 115 117 121 121 123 123 124 128 128 125 128 1.48 113 114 107 110 114 117 117 116 116 119 121 120 117 117 121 Nondurable Manufactures no Textile apparel and leather products. . . .7.32 115 116 112 113 116 118 120 118 122 122 123 120 r121 123 2 3 . . 7 4 8 4 1 1 0 2 9 4 1 1 1 2 1 4 110240 1 1 0 2 6 0 1 1 1 2 0 0 1 12 12 3 1 1 2 14 7 1 1 1 3 6 0 1 12 17 5 1 1 1 3 8 0 1 1 1 3 8 0 1 13 18 1 1 11 2 1 11 1 2 1 9 8 121 Leather and products 1.10 100 101 96 100 100 104 101 103 100 104 106 109 nos 105 Paver and Drintins 7.93 112 115 111 113 114 115 115 118 117 117 118 119 118 119 118 3.21 112 118 113 117 117 118 117 123 111 122 111 125 123 125 124 Printins and Dublishins 4.66 111 113 110 110 111 113 114 114 114 114 115 114 114 115 115 1.53 107 106 104 105 105 106 107 107 107 107 108 108 109 108 107 Chemical* petroleum^ and rubber products 10.95 118 123 113 118 122 125 127 127 126 128 129 130 *127 129 128 7 10 121 128 120 123 127 129 132 132 132 133 134 136 r134 137 135 3.61 127 137 127 130 135 138 141 142 143 146 147 147 r146 150 1.93 108 110 106 108 111 111 116 115 110 114 113 108 112 110 111 Rubber and plastics products 1.91 114 115 96 110 114 121 123 123 120 124 124 129 119 122 10.64 109 113 HI 112 112 113 114 114 114 116 116 115 115 nis 116 Foods and beverages 9 8 . .3 8 1 7 1 1 0 0 9 9 1 1 1 1 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 3 2 1 1 1 1 3 3 1 1 1 1 4 4 1 1 1 1 4 4 1 1 1 1 4 4 1 1 1 1 6 6 1 1 1 1 6 6 1 11 1 5 4 1 1 1 1 5 6 1 1 1 1 5 6 1 1 1 1 6 7 1.56 108 112 109 111 107 112 117 115 114 116 116 110 115 111 Tobacco products .77 114 118 116 122 116 116 110 119 116 123 123 120 114 116 Mining 7.05 96 97 94 97 96 97 96 98 96 98 99 99 98 98 98 Coal 1.30 83 80 68 77 81 11 11 81 82 84 86 86 86 83 84 Crude oil and natural gas 5.75 98 100 100 101 100 101 101 102 99 101 102 103 101 101 101 Oil and gas extraction ... 4.98 100 103 103 104 103 104 103 105 101 103 103 103 102 103 102 Crude oil 4.33 98 100 101 101 100 101 101 103 99 101 100 100 99 100 99 Gas and gas liquids .65 116 117 .77 85 86 80 85 84 83 84 82 83 86 95 97 93 88 91 1.50 105 105 107 102 101 103 105 103 104 107 109 108 103 r105 106 .70 97 97 106 92 86 89 90 90 94 99 106 112 112 112 111 Stone and earth minerals . •. • . . .80 112 112 107 110 114 116 118 114 113 115 111 104 96 100 101 Utilities Electric 3.76 123 131 125 127 131 132 132 135 136 137 135 135 137 137 Gas 1.20 123 125 For notes see opposite page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 629 MARKET GROUPINGS 1957=100 [Seasonally adjusted] Grouping p 19 ro 5 - 7 A A v n e n r u ag al e 1961 1962 portion 1960 1961* Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total index. 100.00 108 109 103 106 108 110 112 113 111 113 114 115 114 115 116 Final products, total 46.75 111 112 107 109 111 113 114 115 113 115 117 118 116 117 118 Consumer goods 31.13 114 116 111 114 115 118 120 120 116 119 121 122 121 121 111 Equipment, including defense. 15.62 103 104 99 100 102 102 104 105 106 107 109 110 108 110 111 Materials 53.25 106 106 99 103 106 109 110 111 109 111 111 112 111 113 114 Consumer goods Automotive products 5.55 117 106 88 103 108 113 115 117 96 110 121 129 119 116 116 Autos 2.03 117 97 71 92 101 109 110 110J 82 102 117 127 114 109 110 Auto parts and allied products. 1.32 117 121 115 120 118 120 125 118 123 127 132 126 127 125 Home goods and apparel , 9.60 116 117 112 115 116 120 123 12M 1207 121 121 125 121 r123 125 Home goods. , 4.40 115 117 110 114 117 122 124 120s? 121 !120 122 127 '123 124 127 Appliances9 TV, and radios....... 1.75 112 113 108 111 116 123 127 116 119H 116 117 122 120 122 127 Appliances , 1.26 118 118 113 115 118 122 126 121 126 124 124 127 '126 126 130 TV and home radios , .49 96 103 95 100 110 126 128 102 100* 98 101 108 104 113 118 Furniture and rugs , 1.18 118 119 110 116 117 122 119 12 126 124 128 129 124 124 126 Misc. home goods , 1.47 117 119 112 115 118 122 123 12 .„,. 120 122 123 131 127 126 128 Apparel, incl. knit goods and shoes. 5.20 117 118 114 116 115 118 122 124f 121 121 123 119 121 Consumer staples. 18.18 113 117 114 115 117 118 119 119 120 120 119 120 120 120 Processed foods 8.11 109 113 111 111 113 114 114 114 114 115 115 114 114 114 115 Beverages and tobaccos 2.32 110 114 111 114 110 113 115 116 115 118 118 113 115 113 Drugs, soap, and toiletries 2.73 118 123 116 119 123 124 126" 126 124 127 127 130 126 128 127 C N o e n w s s u p m ap e e r rs fu , e m l a a g n a d z i l n ig e h s, t i a n n g d . books. 3 1 . . 4 4 5 4 1 1 1 1 3 9 1 12 1 6 7 1 12 1 1 4 1 12 1 3 4 1 12 1 5 6 1 12 1 4 7 1 1 1 2 9 7s 1 1 1 2 1 9 7 7 1 1 1 2 9 7 1 13 1 0 8 1 13 1 0 8 1 1 2 1 9 6 1 1 1 3 9 2 1 1 1 3 8 2 119 Fuel oil and gasoline 1.19 106 108 107 105 105 105 112 111 104 109 112 109 112 113 111 Residential utilities.. 2.26 126 129 132 135 134 135 139 140 141 140 139 143 143 Electricity 1.57 127 129 132 136 135 1363 140' 141 141 139 139 144 143 Gas .69 124 Equipment Business equipment 12.16 105 105 100 102 103 104 105 106 107 108 110 110 108 111 112 Industrial equipment 7.29 102 100 96 97 99 99 101 102 101 102 104 106 104 106 107 Commercial equipment , 2.46 118 124 117 118 120 123 125 127 128 129 131 132 131 133 135 Freight and passenger equipment. 1.83 101 99 93 94 95 95 96 98 105 106 111 106 101 103 106 Farm equipment .58 92 98 104 107 104 106 98 78 97 87 95 94 91 100 104 Defense equipment. 3.46 Materials Durable goods materials. 27.81 102 100 90 96 101 104 104 106 104 105 105 106 105 108 109 Consumer durable 3.67 109 100 85 93 107 109 109 115 99 101 106 112 112 111 115 Equipment 8.10 101 102 95 98 99 101 104 105 102 107 108 108 108 110 112 Construction 9.05 107 106 99 104 107 110 111 112 110 108 107 105 100 106 107 Metal materials n.e.c... 6.99 92 91 79 92 93 94 96 97 96 97 102 105 109 107 Nondurable materials 25.44 110 114 109 112 114 115 117 115 117 118 119 117 118 119 Business supplies 8.87 110 113 108 111 110 113 114 116 113 114 116 118 115 117 117 Containers 2.91 109 115 112 114 110 115 116 121 118 116 119 122 122 123 125 General business supplies. 5.96 111 111 107 110 110 112 114 113 111 112 115 115 112 114 112 Nondurable materials n.e.c.. 7.05 119 126 118 121 124 128 130 132 130 132 132 135 132 135 137 Business fuel and power 9.52 103 105 102 104 105 106 106 108 106 108 108 108 107 108 108 Mineral fuels 6.29 97 98 96 98 98 98 98 100 97 99 99 100 99 99 98 Nonresidential utilities 2.70 121 122 123 126 129 129 131 132 132 131 131 132 132 Electricity 2.19 120 i28* 122 124 127 130 129 132 133 133 132 132 132 132 General industrial .99 115 118 114 111 117 120 120 122 122 121 120 122 126 128 Commercial and other. 1.12 127 139 131 136 138 141 139 143 146 147 146 144 141 140 Gas .51 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 116 112 100 109 113 118 120 118 110 116 122 128 121 120 122 Apparel and staples 23.38 114 117 114 115 116 118 119 120 118 120 120 120 120 120 121 ^ Preliminary. r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal In Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN for June 1960, p. 632). Figures for industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 -100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 A A v n e n r u a a g l e 1961 1962 Grouping tion 1960 1961* Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. 100.00 108 109 104 107 108 111 106 Ill 113 116 115 113 r112 '116 117 Manufacturing total 86.49 108 109 103 107 108 111 105 111 113 117 115 113 112 116 118 Durable * 49.66 104 103 97 100 103 106 100 102 106 no in 110 109 112 114 36.83 113 117 112 115 115 118 112 123 121 126 122 116 116 120 122 8.55 97 98 96 97 97 98 95 99 99 101 100 100 99 99 99 Utilities 4.96 123 Durable Manufactures Primary and fabricated metals 13.15 97 95 85 91 97 100 92 99 102 104 102 103 r105 r110 112 7.73 90 88 78 86 92 94 82 91 96 97 96 97 104 111 112 Iron and steel 6.21 88 84 73 81 88 91 80 87 93 93 91 94 101 108 110 Fabricated metal products 5.42 106 105 96 99 103 107 105 112 110 113 112 112 108 109 111 2.91 104 103 94 96 101 105 103 108 106 no no no 104 104 105 Afachtnery and related products 28.98 106 104 100 103 104 106 101 98 104 109 113 114 112 114 116 15.31 106 106 103 105 105 107 102 104 109 111 in 113 112 115 118 8.92 102 100 99 101 101 102 98 97 100 101 101 105 105 r109 112 6.39 112 114 109 109 no 115 107 113 121 124 124 123 121 124 126 10.76 102 97 91 96 99 101 94 84 92 103 111 112 108 109 111 M[otor vehicles and parts • 5.04 115 103 91 102 109 114 100 78 91 113 128 128 122 121 123 5.50 89 91 90 89 89 88 87 88 92 93 96 97 95 97 98 Instruments and related products •. 1.66 119 118 114 114 116 118 116 120 121 122 124 124 122 121 121 1.25 Clay glass and lumber 4.57 109 107 98 104 110 117 112 118 117 115 108 99 93 'W> 104 2.92 110 108 101 105 no 115 114 118 116 116 in 102 96 99 104 1.65 107 105 94 104 no 120 108 119 118 114 104 93 89 r106 104 2.96 116 117 108 109 116 114 122 126 129 128 126 '117 120 123 1.48 120 ?120 111 112 112 118 118 126 128 130 130 130 '120 125 127 1.48 113 114 106 106 no 115 no 119 123 127 127 121 113 115 120 Nondurable Manufacturers Textile annarel and leather vroducts 7.32 115 116 116 116 115 114 105 126 113 125 119 115 116 '126 130 Textile mill nroducts . 2.78 109 111 105 110 113 112 100 117 114 122 118 114 115 120 122 3.44 124 124 128 126 123 121 114 139 116 134 126 119 122 r136 LeatHer and nroducts 1.10 100 101 105 101 94 100 90 107 100 105 103 100 102 111 7.93 112 115 114 116 114 116 107 116 118 123 121 114 114 119 121 3.27 112 118 116 121 117 122 105 125 123 130 124 113 119 126 128 4.66 111 113 113 113 113 112 108 no 115 118 119 115 111 114 117 1.53 107 106 108 112 112 106 94 96 107 116 118 107 100 105 111 fhemiml netrnleunt and rubber oroducts 10.94 118 123 116 121 122 125 119 126 126 130 129 127 '127 '131 132 7.10 121 128 123 127 128 131 124 131 131 134 134 133 '132 r137 138 3.61 127 137 131 133 136 137 133 140 140 145 148 147 '146 151 1.93 108 110 105 105 109 in 115 118 112 114 111 111 112 111 Rubber and n! as tics uroducts 1.91 114 115 101 113 111 117 104 118 122 131 128 123 125 129 10.64 109 113 104 /07 110 116 114 125 125 126 117 108 106 107 108 Foods stid b ever a ccs • 9.87 109 113 104 107 109 115 115 123 126 126 117 109 105 106 107 8.31 109 113 103 105 107 112 113 123 128 127 119 111 108 107 107 1.56 108 112 105 117 117 132 125 124 115 119 103 99 92 98 .77 114 118 115 117 120 126 101 123 121 131 123 97 114 117 Mining 7.05 96 97 96 96 95 94 91 96 95 98 99 101 101 101 100 Coal • 1.30 83 80 69 75 78 75 66 85 87 91 89 85 84 r84 85 5.75 98 100 103 101 99 99 97 99 97 100 102 105 105 105 103 Oil and cas extraction 4.98 100 103 107 105 102 101 99 101 99 102 103 106 106 r108 106 4.33 98 100 104 102 100 99 97 99 98 99 100 102 103 104 102 Gas and gas liquids .65 116 123 121 114 112 .77 85 86 76 81 82 84 86 86 84 87 93 98 96 88 86 1.50 105 105 94 98 108 116 113 113 115 116 105 96 87 '91 93 .70 97 97 87 86 99 110 103 103 109 109 96 90 88 r92 91 .80 112 112 101 108 116 121 122 121 120 121 113 101 87 91 95 Utilities 3.76 123 131 127 124 124 127 131 139 140 133 130 137 146 142 Gas 1.20 123 • • • • • For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 631 MARKET GROUPINGS 1957 = 100 [Without seasonal adjustment] p 19 ro 5 - 7 A av n e n ra u g a e l 1961 1962 Grouping portion 1960 1961? Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Xotal index 100.00 108 109 104 107 108 111 106 Ill 113 116 115 113 112 116 117 Final products total 46.75 111 112 107 110 110 113 109 113 116 119 775 775 r114 117 119 Consumer goods 31.13 114 116 111 113 114 118 112 119 121 126 122 118 117 120 122 Equipment including defense 15.62 103 104 101 102 102 103 102 102 105 106 108 110 109 111 113 Materials .. 53.25 106 106 101 104 107 109 103 110 110 113 113 111 110 114 116 Consumer Goods Automotive products 3.35 117 106 94 108 112 118 99 73 96 121 129 757 725 724 725 Autos ... 2.03 117 97 81 102 107 116 87 39 77 115 134 136 124 122 125 Auto parts and allied products 1.32 117 121 115 119 119 123 119 125 126 129 123 123 126 127 126 Home goods and apparel 9.60 116 117 116 116 114 117 108 123 120 129 124 775 116 r126 129 Home goods 4.40 115 117 112 114 114 119 108 116 127 130 128 123 116 124 129 Appliances XV and radios 1.75 112 113 112 115 114 119 98 103 125 127 124 113 111 124 131 Appliances 1.26 118 118 122 127 . 122 124 104 100 126 124 123 118 116 128 141 XV and home radios .49 96 103 86 84 96 106 83 111 125 136 128 102 99 113 107 Furniture and rugs 1.18 118 119 112 114 111 117 113 123 129 131 130 132 120 127 129 Misc. home goods 1.47 117 119 111 114 116 120 114 126 129 133 130 128 120 123 127 Apparel incl knit goods and shoes 5.20 117 118 119 118 115 116 109 130 113 127 121 113 116 127 Consumer staples 18.18 113 117 111 113 114 118 117 125 126 126 720 775 777 117 117 Processed foods 8.11 109 113 103 104 107 112 113 123 128 127 118 111 107 106 107 Beverages and tobacco 2.32 110 114 108 117 118 130 117 125 117 123 109 99 99 104 Drugs, soap, and toiletries 2.73 118 123 117 122 122 125 118 127 125 129 127 126 125 128 128 Newspapers magazines and books 1.44 113 117 115 114 115 116 116 118 121 120 118 117 118 118 120 Consumer fuel and lighting 3.45 119 126 125 121 119 119 124 128 128 125 126 133 144 140 Fuel oil and gasoline 1.19 106 108 105 100 103 104 112 113 106 108 111 114 116 114 109 Residential utilities 2.26 126 Electricity 1.57 127 136 138 132 125 124 128 137 139 131 130 146 166 159 Gas .69 124 Equipment Business equipment 12.16 105 105 102 103 103 105 103 103 106 707 705 777 109 112 114 Industrial equipment 7.29 102 100 96 98 99 100 100 101 102 102 103 106 104 105 107 Commercial equipment ... .. 2.46 118 124 118 118 120 122 121 126 128 130 132 134 132 135 137 Freight and passenger equipment 1.83 101 99 98 99 98 100 95 94 99 102 106 102 100 106 111 .58 92 98 119 123 110 108 87 71 87 85 85 90 93 110 119 5 46 Materials Durable goods materials 27.81 102 100 91 96 101 105 99 103 104 707 707 705 705 r109 110 Consumer durable 3.67 109 100 88 92 102 104 94 98 96 108 118 121 119 118 119 Equipment 8.10 101 102 97 98 99 101 99 101 102 106 109 111 111 112 114 Construction 9.05 107 106 96 103 108 115 110 115 114 114 108 101 95 101 104 Metal materials n.e.c 6.99 92 91 81 88 95 97 86 93 98 100 98 98 103 110 110 25.44 110 114 111 112 113 114 108 117 116 720 779 775 117 720 727 Business supplies . 8.87 110 113 110 114 112 114 105 116 117 120 117 111 111 115 119 Containers 2.91 109 115 112 116 114 121 110 130 125 124 115 105 113 119 125 General business supplies 5.96 111 111 110 113 112 111 103 109 113 118 118 114 111 114 116 Nondurable materials nee. 7.05 119 126 120 123 126 126 118 129 128 136 136 133 134 139 140 Business fuel and power 9.52 103 105 103 103 103 104 102 108 107 108 108 109 109 110 109 Mineral fuels 6.29 97 98 99 98 97 C95 92 C98 97 99 100 101 102 103 101 Nonresidential utilities 2 70 121 Electricity 2.19 120 128 119 119 124 130 133 140 140 134 130 130 132 129 General industrial .99 115 118 114 112 118 119 116 123 123 124 122 122 127 125 Commercial and other 1.12 127 139 126 128 131 142 150 158 158 146 139 141 140 136 Gas .51 121 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 116 112 104 112 113 119 104 97 114 126 129 126 120 124 127 Apparel and staples 23.38 114 117 113 114 114 117 115 126 123 126 120 116 117 119 120 c Corrected. P Preliminary. r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Manu- Industrial production facturing* Prices 2 Major market groupings Nonag- Major industry ricul- Departgroupings Cons- tural Freight ment Year or Final products truc- em- car- store month Total tion ploy- Em- load- sales Wholecon- ment— ploy- Pay- ings 2 (retail Con- sale Manu- Mate-tractsi,2 totals ment rolls value) sumer comfac- Min- Util- Con- rials modity tur- ing ities Total sumer Equiping goods ment Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1948 103 103 106 101 102 101 105 104 41 101.6 102.8 105.0 127.6 104 83.8 87.9 1949 98 98 94 108 99 101 94 96 44 99.1 93.8 97.2 108.2 99 83.0 83.5 1950 113 114 105 123 112 115 102 114 61 102.4 99.7 111.7 117.1 107 83.8 86.8 1951 123 123 115 140 121 114 142 124 63 108.3 106.4 130.1 121.5 112 90.5 96.7 1952 127 127 114 152 130 116 170 125 67 110.5 106.3 137.0 115.0 114 92 5 94.0 1953 138 139 117 166 138 124 182 137 70 113.7 111.9 151.7 116.6 118 93.2 92.7 1954 130 129 113 178 132 123 161 128 76 111.0 102.0 138.4 104.6 118 93 6 92.9 1955 146 145 125 199 144 136 172 147 91 114.7 105.8 153.6 115.3 128 93.3 93.2 1956 151 150 132 218 150 139 188 151 92 118.6 106.9 162.4 115.9 135 94.7 96.2 1957 152 150 132 233 152 141 189 151 93 119.7 105.0 164.3 108.2 135 98.0 99.0 1958... 141 139 120 244 145 140 165 138 102 116.4 95.5 151.5 93.8 136 100.7 100.4 1959 159 158 125 268 162 155 188 157 105 120 8 100.3 170.3 97 9 144 101 5 100 6 I960 164 163 128 287 168 161 195 160 105 123.0 100.0 172.8 95.3 146 103.1 100.7 1961 *165 ^164 P129 *>17O *164 *196 »161 108 122.4 95.9 170.5 91.2 149 104.2 100.3 1961—Mar 156 153 127 291 162 156 188 150 104 121.2 94.0 160.3 88.0 146 103.9 101.0 Apr 160 158 128 296 166 160 190 156 103 121.5 94.8 162.6 89 9 148 103 9 100 5 May 164 163 128 303 168 163 192 161 102 122.0 96.0 166.9 91.5 144 103.8 100.0 June 168 166 129 306 171 166 194 164 111 122.6 96.7 172.4 91.5 149 104.0 99.5 July 170 169 129 307 174 169 197 166 110 123.0 96.8 171.3 91.1 151 104.4 99.9 Aug ...... 172 170 130 314 174 169 198 168 116 123.0 96.8 174.4 91.8 150 104.3 100.1 Sept 168 167 128 316 172 164 201 165 103 122.9 96.3 175.9 90.1 150 104 6 100 0 Oct ... . 171 170 131 317 175 168 203 168 114 123.1 96.5 179.1 94.4 151 104.6 100.0 Nov 173 172 132 315 178 170 207 168 116 123.4 97.3 182.0 95 3 153 104 6 100 0 Dec 174 173 133 314 179 172 208 170 119 123.3 97.6 182.0 95 6 156 104.5 100.4 1962—Jan 172 171 130 318 '176 170 204 '168 115 123.2 97.1 175.9 93.9 149 104.5 100.8 Feb 174 173 130 r319 178 170 r208 171 119 124.0 97.9 177.5 96 8 150 104 8 r100 7 Mar 176 175 130 323 179 171 210 172 131 124.2 98.6 179.7 96.6 ^157 105.0 100.7 Apr *178 2>177 ^134 *325 H81 P174 *212 *174 *>124.7 $99.6 »182.0 96.1 e155 100.4 e Estimated. » Preliminary. r Revised. 3 Employees only, excluding personnel in the armed forces. Adj.= adjusted for seasonal variation. Unadj. = without seasonal 4 Production workers only. adjustment. NOTE.—Indexes for employment (including Alaska and Hawaii, be- 1 Index from F. W. Dodge Corporation. Monthly index, seasonally ginning with 1959) are compiled by the Federal Reserve from Bureau of adjusted, of dollar value of total construction contracts, including res- Labor Statistics data. Payrolls and prices are compiled by the Bureau idential and nonresidential and heavy engineering. of Labor Statistics. 2 Index 1957-59= 100. CONSTRUCTION CONTRACTS (Figures for the 48 States, as reported by the F. W. Dodge Corporation; value of contracts, in millions of dollars] Annual totals 1961 1962 Type of ownership and type of construction 1960 1961 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction. 36,318 37,135 3,166 3,298 3,501 3,602 3,529 3,543 3,004 3,291 3,008 2,712 2,658 2,749 3,986 By type of ownership: Public 12,587 12,547 1,090 1,170 1,127 1,235 1,265 1,158 1 942 091 922 877 Private 23,731 24,588 2,075 2,374 2,367 2,263 ,384 2,050 2 066 1621 1 736 1 871 By type of construction: Residential 15,105 16,123 1,371 1,454 1,553 1,558 1,502 1,589 1,498 1 306 1 1 190 1 192 1552 Nonresidential 12,240 12,115 1,027 1,050 1,105 1,221 1,154 1,087 987 1,005 1,095 883 853 893 1[325 Public works and utilities . 8,973 8,897 768 794 843 823 873 866 637 787 607 704 615 664 1,108 NOTE.—Monthly data exceed annual totals and are not comparable counting for negative adjustments in monthly data after original figures with monthly data for 1957 and earlier years because of the policy of ac- have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 633 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.1 Monthly data at seasonally adjusted annual rates; in millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sin m e C s e s o r m cia - l P u u ti b li l t i y c O n d r t e t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r o A th l e l r 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ',287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 ,360 4,431 1,275 5,682 1957... 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 ,287 4,954 1,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 ,402 5,545 1,387 7,123 19592 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 ,488 5,870 1,467 7,386 1960 .., 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 ,386 5,464 1,487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 ,368 5,818 1,581 8,267 1961—Apr.., 55,504 38,986 21,042 12,880 2,921 4,636 5,323 5,064 16,518 ,651 5,060 1,601 8,206 May.. 55,518 39,232 21,257 12,747 2,849 4,515 5,383 5,228 16,286 ,507 4,983 1,606 8,190 June., 57,206 40,328 22,271 12,642 2,750 4,510 5,382 5,415 16,878 ,382 5,527 1,594 8,375 July.. 57,039 41,176 23,118 12,707 2,672 4,578 5,457 5,351 15,863 ,140 5,128 1,582 8,013 Aug.. 57,983 41,281 23,306 12,704 2,588 4,646 5,470 5,271 16,702 ,153 5,762 1,560 8,227 Sept.. 58,910 41,709 23,782 12,750 2,610 4,718 5,422 5,177 17,201 ,404 5,960 1,575 8,262 Oct.. 58,905 41,767 24,026 12,693 2,608 4,681 5,404 5,048 17,138 793 6,340 1,589 8,416 Nov.. 61,037 42,044 24,504 12,542 2,554 4,608 5,380 4,998 18,993 ,760 7,099 1,586 8,548 Dec... 58,910 41,881 24,440 12,515 2,537 4,641 5,337 4,926 17,029 982 6,235 1,590 8,222 1962—Jan... 59,019 41,077 23,187 12,875 2,590 4,928 5,357 5,015 17,942 791 7,250 1,636 8,265 Feb.. . 56,811 39,909 22,245 12,622 2,592 4,756 5,274 5,042 16,902 ,248 5,414 1,666 8,574 Mar.*3 57,435 40,362 22,368 12,824 2,653 4,795 5,376 5,170 17,073 ,172 5,771 1,715 8,415 Apr.*3. 57,510 41,303 23,029 12,971 2,792 4,800 5,379 5,303 16,207 ,096 5,308 1,757 8,046 * Preliminary. 2 Beginning with 1959, series includes Alaska and Hawaii. * Data for 1953-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration; in thousands of units] Seasonally Private Memorandum item: adjusted Non- Government-underwritten 2 annual rate Metro- Year or month (private only) Total politan politan Public Total Nonfarm areas* areas1 Total fam 1 i ly fam 2ily M fam ul i t l i y - Total FHA VA 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1 220 897 324 1,202 1,077 34 90 19 583 276 307 1955.. 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1 118 780 338 1 094 981 31 82 24 465 195 271 1957 1 042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 19593... 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,355 938 418 1,304 966 44 294 52 328 244 83 1961—Mar J.296 1.262 110 79 31 105 78 4 23 5 27 20 6 Apr 1,166 1,143 115 80 36 111 84 4 24 4 26 20 6 May 1,291 1,268 131 90 41 127 96 4 26 4 32 24 8 June I 381 I 351 138 93 46 132 100 4 29 6 30 22 8 July 1,343 1,318 129 88 41 125 96 4 25 3 29 21 7 1,326 1,301 130 88 42 127 95 3 29 3 34 26 8 Sept [ 383 I 365 128 91 37 122 91 4 28 6 28 21 7 Oct I 434 L404 129 88 41 124 92 4 27 5 33 23 9 Nov 1,351 1,328 106 72 34 103 74 3 25 3 30 23 7 Dec 1.297 .257 87 63 24 82 54 3 25 4 23 17 6 1962 Jan 1 273 1 247 83 60 23 81 54 3 23 2 23 18 4 Feb Pi,149 ^1,131 2>77 56 22 2>76 53 2 20 P2 20 15 5 Mar 21,409 ^1,383 nu 81 35 *114 n.a. n.a. n.a. P2 27 21 6 n.a. Not available. *> Preliminary. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on field office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment; in thousands of persons unless otherwise indicated] Ci\Lilian labor force Year or month i T p n o s o t p t i a t u u l l t a n i t o o i n o n a n - l T l f a o o b r t c o a e r l Total Employed1 Unem- l N ab o o t r i n f o t r h c e e U (p n e e m r r m a e c t p n e e l t n o t y )2 - Total In c n u o lt n u a ra g l ri- In ployed industries agriculture 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3 813 51 420 5 5 I960 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1961—Apr 127,337 73,216 70,696 65,734 60,734 5,000 4,962 54,121 6.9 Ivtay 127,558 74,059 71,546 66,778 61,234 5,544 4,768 53,499 7.0 June .... 127,768 76,790 74,286 68,706 62,035 6,671 5 580 50,977 6.9 July 127,986 76,153 73,639 68,499 62,046 6,453 5,140 51,833 6.9 Aus 128,183 75,610 73,081 68,539 62,215 6,325 4 542 52 573 6.8 Sept 128,372 73,670 71,123 67,038 61,372 5,666 4,085 54,701 6.8 Oct 128,571 74,345 71,759 67,824 61,860 5,964 3,934 54,226 6.7 Nov 128,756 74,096 71,339 67,349 62,149 5 199 3 990 54 659 6.1 Dec 128,941 73,372 70,559 66,467 62,049 4,418 4,091 55,570 6.0 1962—Jan 129,118 72,564 69,721 65,058 60,641 4,417 4 663 56,554 5.8 Feb 129,290 73,218 70,332 65,789 61,211 4,578 4,543 56,072 5.6 Mar 129,471 73,582 70,697 66,316 61,533 4,782 4 382 1 55 889 5.5 Apr 129,587 73,654 70,769 66,824 61,863 4,961 3,946 55,933 5.5 1 Includes self-employed, unpaid family, and domestic service workers. Information relating to persons 14 years of age and over is obtained 2 Per cent of civilian labor force. Monthly data seasonally adjusted. through interviews of households on a sample basis. Monthly data NOTE.—Inclusion of figures for Alaska and Hawaii beginning with relate to the calendar week that contains the 12th day; annual data are 1960 increased population by about 500,000 andrtqtal labor force by averages of monthly figures. about 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics; in thousands of persons] Trans- Federal, Manufac- Contract porta- State, and Year or month Total turing Mining construc- tion and Trade Finance Service local tion public governutilities ment 1955 50,675 16,882 792 2,802 4,141 10,535 2,335 6,274 6 914 1956. 52,408 17,243 822 2,999 4,244 10,858 2,429 6,536 7,277 1957 52,904 17,174 828 2,923 4,241 10,886 2,477 6 749 7 626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 53,380 16,667 731 2,955 4,010 11,125 2,597 7,105 8,190 I960 54,347 16,762 709 2,882 4,017 11 412 2 684 7 361 8 520 1961 54,077 16,267 666 2,760 3,923 11,368 2,748 7,516 8,828 SEASONALLY ADJUSTED 1961—Apr 53,663 16,119 666 2,766 3,901 11 320 2 732 7 425 8 734 M[ay 53,894 16,275 670 2,742 3,903 11,355 2,739 7,436 8,774 54,182 16,373 669 2,795 3,914 11,392 2,747 7 471 8 821 Julv 54,335 16,392 672 2,776 3,942 11 437 2 748 7 533 8 835 54,333 16,381 665 2,770 3,939 11,410 2,757 7,546 8 865 Sept 54,304 16,323 666 2,754 3,939 11,363 2 756 7 567 8 936 Oct 54,385 16,361 661 2,758 3,929 11,365 2,764 7,580 8,967 Nov 54,525 16,466 665 2,719 3,927 11 374 2 771 7 611 8 992 Dec 54,492 16,513 654 2,699 3,911 11,366 2 770 7 642 8 937 1962—Jan 54,434 16,456 653 2,594 3,906 11,384 2 772 7 640 9 029 Feb 54,773 16,572 653 2,694 3,914 11,447 2,774 7 675 9 044 Marp 54,871 16,676 654 2,643 3,928 11,451 2,777 7,680 9,062 Apr.*3 55,112 16,814 652 2,706 3,941 11,482 2,781 7,655 9,081 WITHOUT SEASONAL ADJUSTMENT 1961_Apr 53,171 15,904 657 2,619 3,870 11,162 2,724 7 448 8 787 May 53,708 16,076 668 2,775 3,891 11 238 2 734 7 510 8 816 54,429 16,320 678 2,971 3,945 11,354 2,766 7 598 8 797 July 54,227 16,268 672 3,023 3,977 11,327 2,795 7,631 8,534 54,538 16,531 677 3,075 3,971 11 342 2 801 7 606 8 535 Sept 54,978 16,646 676 3,021 3,971 11 378 2 770 7 612 8 904 Oct 55,065 16,607 668 2,981 3,953 11,450 2,758 7,618 9,030 Nov 55,129 16,658 667 2,825 3,943 11,611 2 757 7 596 9 072 Dec 55,503 16,556 657 2,575 3,927 12,181 2,756 7,573 9,278 1962 Jan 53,737 16,370 647 2,298 3,863 11,270 2,747 7,510 9,032 Feb 53,823 16,452 642 2,282 3 863 11 188 2 749 7 545 9 102 Mar.P 54,025 16,518 640 2,323 3,881 11,214 2,755 7 572 9 122 Apr P 54,699 16,598 644 2,563 3,909 11,406 2,773 7,670 9,136 P Preliminary. during, or received pay for, the pay period ending nearest the 15th of 1 Data includes Alaska and Hawaii beginning with 1959. the month. Proprietors, self-employed persons, domestic servants, NOTE.—Data include all full- and part-time employees who worked unpaid family workers, and members of the armed forces are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 635 PRODUCTION WORKER EMPLOYMENT EN MANUFACTURING INDUSTRIES 1 [Bureau of Labor Statistics; in thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1961 1962 1961 1962 Apr. Feb. Apr. Feb. Total 11,910 12,300 12,388 12,518 11,712 12,187 12,241 12,315 Durable goods 6,491 6,846 6,904 6,987 6,426 6,820 6,857 6,918 Ordnance and accessories 91 96 96 97 91 96 96 97 Lumber and wood products 533 547 547 543 514 513 510 523 Furniture and fixtures 302 311 314 318 297 310 311 313 Stone, clay, and glass products 449 451 452 460 444 432 437 455 Primary metal industries 876 983 989 997 873 984 991 993 Fabricated metal products 802 839 848 865 790 837 842 852 Machinery except electrical 959 984 991 1,001 972 997 1,007 1,014 Electrical machinery 950 1,013 1,028 1,040 931 1,013 1,017 1,019 Transportation equipment 1,010 1,089 1,102 1,126 1,006 1,119 1,120 1,121 Instruments and related products 218 225 227 226 217 225 227 225 Miscellaneous manufacturing industries 301 308 310 314 293 295 300 306 Nondurable goods 5,419 5,454 5,484 5,531 5,286 5,367 5,384 5,397 Food and kindred products 1,197 1,181 1,183 1,186 1,114 1,088 1,087 1,104 Tobacco manufactures 79 77 78 75 68 75 70 65 Textile-mill products 790 798 799 803 785 793 794 797 Apparel and other finished textiles 1,069 1,072 1,091 1,120 1,046 1,093 i,105 1.095 Paper and allied products 466 473 476 477 462 468 471 473 Printing, publishing and allied industries 594 596 597 599 592 593 596 597 Chemicals and allied products 500 515 514 517 509 513 517 526 Products of petroleum and coal 132 129 129 129 131 127 127 128 Rubber products 271 295 297 300 268 295 295 297 Leather and leather products 321 318 320 325 311 322 322 316 9 Preliminary. part-time) who worked during, or received pay for, the pay period ending i Data include Alaska and Hawaii beginning with 1959. nearest the 15th of the month. NOTE.—Data covering production and related workers only (full- and HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES i [Bureau of Labor Statistics; in unit indicated] Average hours worked Average weekly earnings Average hourly earnings (per week) (dollars per week) (dollars per hour) Seasonally adjusted Without seasonal adjustment Without seasonal adjustment Industry group 1961 1962 1961 1962 1961 1962 Apr. Feb. Mar.2> Apr.*3 Apr. Feb. Mar.? Apr,** Apr. Feb. Total 39.7 40.3 40.5 40.8 90.78 95.20 95.91 96.56 2.31 2.38 2.38 2.39 Durable goods 40.0 40.9 41.1 41.2 98.31 103.53 104.30 104.96 2.47 2.55 2.55 2.56 Ordnance and accessories 40.7 41.3 41.4 41.6 112.06 116.47 117.03 117.03 2.76 2.82 2.82 2.82 Lumber and wood products 39.0 40.1 39.5 39.2 74.88 76.24 75.07 76.05 1.93 1.94 1.92 1.95 Furniture and fixtures 39.5 40.6 40.9 41.5 73.14 77.59 78.76 78.36 1.89 1.93 1.94 1.93 Stone, clay, and glass products 40.3 40.6 40.9 41.1 93.03 94.33 95.68 97.75 2.32 2.37 2.38 2.39 Primary metal industries 38.9 40.9 40.9 41.0 111.25 122.81 123.41 123.41 2.86 3.01 3.01 3.01 Fabricated metal products 40.5 41.1 41.3 41.7 99.45 102.72 103.48 104.90 2.48 2.53 2.53 2.54 Machinery except electrical 40.7 41.7 41.8 42.0 106.49 111.49 112.98 113.67 2.61 2.68 2.69 2.70 Electrical machinery 40.2 40.5 40.7 41.1 93.13 95.91 96.39 96.63 2.34 2.38 2.38 2.38 Transportation equipment 40.5 41.2 41.4 41.9 110.95 117.26 118.40 119.39 2.76 2.86 2.86 2.87 Instruments and related products 40.5 40.7 40.5 40.9 95.51 98.82 98.17 98.90 2.37 2.44 2.43 2.43 Miscellaneous manufacturing industries. 39.3 39.3 40.1 40.2 75.27 77.42 79.00 78.60 1.93 1.98 1.97 1.97 Nondurable goods 39.3 39.5 40.0 40.3 81.27 84.28 85.54 85.75 2.10 2.15 2.16 2.16 Food and kindred products 40.7 40.7 41.0 41.3 87.20 90.00 90.68 91.76 2.18 2.25 2.25 2.26 Tobacco manufactures 39.8 38.7 39.7 39.9 71.05 68.82 72.20 74.69 1.86 1.84 1.91 1.95 Textile-mill products 39.8 40.6 40.9 41.6 63.18 66.83 68.54 68.54 1.62 1.65 1.68 1.68 Apparel and other finished textiles 35.7 35.8 36.7 37.4 56.51 59.95 61.49 61.46 1.61 1.67 1.68 1.67 Paper and allied products 42.6 42.6 42.6 42.7 97.90 100.01 100.91 100.67 2.32 2.37 2.38 2.38 Printing, publishing and allied industries 38.3 38.3 38.5 38.6 104.01 106.68 107.80 107.52 2.73 2.80 2.80 2.80 Chemicals and allied products 41.2 41.6 41.5 41.8 104.24 108.47 108.05 109.10 2.53 2.62 2.61 2.61 Products of petroleum and coal 41.2 41.1 41.0 41.3 124.42 123.02 123.62 125.14 3.02 3.03 3.03 3.03 Rubber products 40.5 40.6 41.0 41.5 93.69 97.28 98.25 98.90 2.36 2.42 2.42 2.43 Leather and leather products 37.4 37.4 38.0 38.9 59.95 64.98 65.53 64.53 1.67 1.71 1.72 1.73 » Preliminary. NOTE.—Data are for production and related workers. * Data include Alaska and Hawaii beginning with 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures; 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a n c n o - SALESi 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 140 139 156 181 133 144 134 155 172 157 I960 146 128 136 140 140 154 182 134 143 137 155 169 157 1961 149 135 141 144 144 158 186 136 142 139 160 174 164 SEASONALLY ADJUSTED 1961—Mar 146 135 140 145 143 157 178 127 143 135 158 168 160 Apr 148 132 140 141 139 156 183 135 142 143 162 177 164 May 144 133 136 138 138 150 175 132 138 139 152 160 153 June 149 136 142 146 142 156 185 137 143 144 159 162 162 July 151 134 142 145 145 161 194 143 147 136 165 178 167 150 132 143 142 145 156 179 137 141 133 157 1S4 157 Sept 150 130 136 140 141 157 192 136 141 140 163 175 170 Get 151 143 144 149 142 162 188 138 144 134 161 174 164 Nov 153 147 143 149 150 162 189 136 145 143 160 178 165 Dec 156 139 146 148 151 165 196 141 143 142 163 185 178 1962—Jan 149 137 141 146 145 157 185 132 135 133 157 172 166 Feb 150 122 141 142 138 162 194 130 137 135 165 184 177 Mar . i>157 146 149 151 150 140 129 ^168 181 177 WITHOUT SEASONAL ADJUSTMENT 1961—Mar 132 116 127 134 130 142 176 116 128 121 137 155 138 Apr 134 120 125 131 126 139 172 123 127 128 147 159 148 May 140 131 132 135 133 149 171 131 140 133 152 160 145 June 141 129 136 136 133 146 166 132 133 139 151 149 156 July. „ 126 102 106 110 122 134 165 114 122 109 145 158 149 Aug. 136 112 114 119 132 142 172 126 135 133 160 181 156 Sept 150 135 138 142 141 158 178 140 145 149 168 168 166 Oct 154 145 151 153 143 170 186 141 147 149 161 177 160 Nov 184 176 182 195 182 196 217 166 173 161 184 206 192 Dec 279 270 267 273 273 305 345 246 249 245 280 317 311 1962—Jan 113 104 112 108 109 113 142 99 100 95 116 136 129 Feb 112 87 109 101 105 115 '•152 97 104 100 120 138 135 Mar 114 124 127 121 120 nil 110 158 142 STOCKS i 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 150 146 160 174 158 1958 148 136 136 152 129 172 197 139 143 137 153 165 155 1959 156 142 142 160 134 179 210 148 144 144 157 178 167 I960 165 147 149 163 149 185 228 154 150 155 165 187 178 1961 166 152 150 164 147 187 232 156 152 153 170 184 180 SEASONALLY ADJUSTED 1961 Mar . . 161 145 145 158 142 183 221 151 150 144 165 174 180 Apr. 162 147 146 158 143 183 229 150 148 149 168 179 178 May 164 150 150 162 142 187 225 155 152 150 167 178 179 163 153 148 165 147 184 227 151 152 148 166 180 178 July 166 153 149 165 151 187 227 159 151 161 171 182 176 Aus 168 154 150 165 151 189 239 160 154 153 172 190 182 Sept 170 158 151 167 151 189 239 166 154 157 173 187 180 Oct. 170 158 152 167 152 188 242 160 154 155 175 192 184 Nov 172 157 154 171 155 191 248 161 154 157 173 197 183 Dec 172 158 153 172 151 193 244 166 157 160 176 188 185 1962 Jan 172 154 153 171 151 195 242 163 148 153 175 197 192 Feb .. . 172 154 155 168 150 197 235 160 148 156 173 196 196 Mar *174 155 153 171 150 166 152 151 P115 ^198 WITHOUT SEASONAL ADJUSTMENT 1961—Mar 164 147 148 163 146 188 232 151 151 147 169 183 179 Apr 169 153 152 169 150 190 238 159 154 152 174 186 181 May 165 153 151 165 146 187 228 158 150 150 168 177 178 156 144 139 154 140 173 213 148 143 139 163 167 173 July 157 139 134 148 139 173 211 156 143 152 164 173 173 Aug 165 150 147 158 145 186 231 156 152 149 170 190 180 Sept 178 166 158 176 157 200 248 173 163 163 178 199 190 Oct. .. 189 179 171 192 171 215 263 176 175 172 189 211 203 Nov 196 184 178 197 175 221 281 181 176 179 196 217 210 Dec 156 147 143 155 138 178 215 144 141 149 158 175 170 1962—Jan 154 137 138 150 133 173 222 147 132 140 158 173 170 Feb 163 145 144 161 144 184 235 152 140 149 166 190 180 Mar .. ^176 157 156 176 155 ^203 *>254 166 154 155 0178 P208 2*194 » Preliminary. r Revised. NOTE.—For description of series see BULLETIN for December 1957, 1 Figures for sales are the average per trading day, while those for stocks pp, 1323-36. Back data may be obtained from the Division of Adminis- %re as of the end of the month or averages of monthly data. trative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 637 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period S (t a f o o le t r a s l i St ( o e o c n f k d s i o s r O t i d a n u n e g t r d - s - 1 c ( e t R i o p e ta t - s l 2 o ( r N t d o e e t w a rs l 3 Stocks s O t i a n u n g t d - - S st p o t a o l u n u c t d s k - - s ce R i e p - ts month) month) (end of for for orders ing month) month) month) orders Annual average: 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 .0 4.0 1.0 1955 437 1,195 446 444 449 2.9 4.0 1.0 1956 454 1,286 470 459 458 3.0 4.1 L.O 1957 459 1,338 461 461 458 3.1 4.1 1.0 1958 462 1,323 437 462 464 3.0 L.(> 4.1 L.O 1959 488 1,391 510 495 498 3.0 4.1 L.I 1960 494 1,474 518 496 493 3.1 4.3 L0 1961 503 1,485 530 508 512 3.1 4.3 1.0 Month: 1961—Mar. '483 1,459 M42 '573 '543 3.0 .9 '3.9 L2 Apr.. 431 1,502 387 474 420 3.5 .9 4.4 l.l May. 476 1,475 419 449 481 3.1 .9 4.0 .9 June. 467 1,389 619 381 581 3.0 1.3 4.3 .8 July. 389 1,376 689 376 446 3.5 1.8 5.3 L0 Aug. 466 1,470 650 560 521 3.2 1.4 4.5 1.2 Sept. 475 1,576 654 581 585 3.3 L4 4.7 1.2 Oct.. 529 1,708 645 661 652 3.2 L2 4.4 L.2 Nov. 630 1,776 555 698 608 2.8 .9 3.7 l.l Dec.. 965 1,406 391 595 431 1.5 .4 1.9 .6 1962—Jan.. 408 1,408 476 410 495 3.5 1.2 4.6 :1.0 Feb.. '357 1,461 '531 '410 '465 4.1 1.5 5.6 l.l Mar.: 471 1,579 503 589 561 3.4 I.[ 4.4 .3 * Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1961, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census; in millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1960 1961 1962 1960 1961 1962 1960 1961 1962 Jan 1 561 1,644 1,642 J.4R4 J.536 1,592 1,174 J.H0 1,373 Feb. 1,579 1,671 1,753 1,500 1,606 1,690 1,329 1,068 1,224 Mar . 1,753 1,933 1,817 1,636 [,888 1,755 1,410 1,255 1,386 Apr 1 817 1 707 I 703 L 648 1,294 I 063 May 1,814 1,749 1,720 1,677 1,289 1,223 June • 1 742 1 699 1,642 1,644 1,332 1,232 July, 1,702 1,637 1,632 1,558 1,183 1,285 A.ug ... 1 619 1,669 1,556 1,598 1,259 1,252 Sept 1 612 1 631 5«5Q I 557 1,193 1,197 Oct 1,746 1,890 1,692 L817 1,184 1,364 Nov 1 799 1 818 1,726 1,759 1,197 [,342 Dec.. 1,806 1,827 1,752 1.777 1S175 1.295 4,893 5,248 5,212 4,620 5,030 5,037 3,913 3,473 3,983 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses; beginning with January 1960, include and supplies under Mutual Security Program. uranium ore and concentrates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families; 1957-59 =» 100] Housing Read- Other Year or month it A em ll s Food Total Rent ,: t e r G a i l n e c a c i d s t - y p S l f a e e u o n u t e l r d m l i o s d - H n i f o n i u u s g r h s - s e - - H o h t p o i o e u o l r s n d a e - - p A ar p e - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 1929 59.7 55.6 85.4 56.6 56.2 1933 45.1 35.3 60.8 42.7 42.8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 1953 93.2 95.6 92.3 90.3 91.4 90.9 103.7 87.9 97.8 92.1 83.9 88.1 93.3 92.8 1954 93.6 95.4 93.4 93.5 92.5 90.6 101.9 89.5 97.3 90.8 86.6 88.5 92.4 94.3 1955 93.3 94.0 94.1 94.8 94.9 91.9 100.0 90.8 96.7 89.7 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 95.9 95.9 98.9 93.7 98.4 91.3 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98 3 96.9 100.8 100.5 97.3 99.7 96.5 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.3 99.0 99.8 100.2 99.8 99.7 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 102.8 100.2 99.8 102.4 100.7 103.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 107.0 99.5 100.1 104.8 102.1 103.8 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.2 107.9 101.6 99.5 105.9 102.8 105.0 111.3 104.6 107.2 104.6 1961 Mar 103.9 102.7 103.9 104.1 108.0 103.7 99.8 105.6 102.4 103.4 110.4 104.3 106.6 104.1 103.9 102.7 103.8 104.2 107.9 102.6 99.7 105.8 102.1 103.5 110.7 104.4 107.2 104.1 May 103.8 102.3 103.7 104.3 108.2 100.1 99.4 105.8 102.2 104.0 111.0 104.4 107.0 104.5 June 104.0 102.5 103.8 104.4 108.3 99.5 99.8 105.9 102.2 104.8 111.3 104.5 106.6 104.5 July 104.4 103.4 103.8 104.4 107.7 99.7 99.5 106.1 102.5 105.3 111.6 104.8 107.2 104.9 104.3 102.7 103.8 104.4 107.7 100.4 99.1 105.9 102.5 106.0 111.7 104.8 107.4 104.9 Sept. 104.6 102.6 104.0 104.7 107.8 100.7 99.7 105.9 103.6 106.0 111.9 104.8 107.9 105.0 Oct 104.6 102.5 104.1 104.8 107.8 101.5 99.5 106.2 103.9 106.7 112.3 104.6 108.3 105.0 Nov 104.6 101.9 104.2 104.9 107.8 102.1 99.3 106.4 103.7 106.8 112.4 104.8 108.1 105.0 Dec 104.5 102.0 104.4 105.0 107.8 102.8 99.2 106.4 103.5 106.0 112.5 105.2 108.2 104.9 1962—Jan 104.5 102.5 104.4 105.1 107.8 103.9 98.7 106.5 101.8 106.0 112.6 105.6 108.5 104.9 Feb 104.8 103.1 104.6 105.2 107.9 104.0 99.3 106.9 102.0 106.0 113.0 105.8 109.1 105.0 Mar 105.0 103.2 104.6 105.3 107.9 103.6 99.5 107.1 102.7 105.9 113.6 105.9 109.2 105.1 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index; 1957-59= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m d U s i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d d e - s - l - l H p s e u k a a r i c d n o i t n h t e d d s s e s - , r , ,r p p e u F o a a r l c u w a n n o t t e d d d s e e l , - r d C p a i u a l c r h l c n o a i e e t d d l m s s d - - p R u a b r u c n o e t b d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p p a P u a a l r u l c n o p i l e t d d p e s d r - , ,M m p u a r e e c n o t t t d d a a s l - l s p c M m u a t e r h i c n o r v i o a t y n d d e s - - - - h F d o h t b o a u u t u o l n h u r r e r l d s e n a e d s e r - i- - p N t m u m e a r o r c i o i l e a n t n d i s - l c - - - b e b p o b r u T a a r a t e n c o c t o g v l t d c d - e e s - o - s d n c M e e o l i l s u a - - s 1953 92.7 105.9 97.0 90.1 102.8 94.1 95.9 96.1 86.3 99.4 88.7 83.6 82.2 92.9 86.9 89.8 105.4 1954 92.9 104.4 97.6 90.4 100.6 89.9 94.6 97.3 87.6 97.6 88.8 84.3 83.2 93.9 88.8 93.8 110.5 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96 9 95.2 95 1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100 2 99.9 99 7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 I960 100.7 96.9 99.9 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102 5 99.3 1961 100.3 96.0 100.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1961—Mar 101.0 98.1 101.6 101.2 99.7 104.5 102.9 100.1 96.5 95.4 100.4 100.4 102.5 99.4 101.9 102.8 104.3 Apr 100.5 96.6 100.8 101.1 99.4 104.9 100.9 100.2 96.7 97.5 100.1 100.6 102.3 99.6 101.9 102.7 105.3 May 100.0 94.8 99.7 100.8 99.3 105.7 99.5 99.9 96.8 97.2 96.3 100.8 102.3 99 6 101 8 102 8 107 2 99.5 92.9 98.9 100.6 99.0 105.1 100.1 99.4 96.3 97.4 96.6 100.9 102.4 99.6 101.6 102.8 103.4 July 99.9 95.1 99.7 100.6 99.2 106.1 100.4 99.0 95.9 96.9 96.6 100.9 102.2 99.5 101.7 103.1 103.0 Aug 100.1 96.7 100.2 100.6 99.5 108.0 100.2 98.6 96.2 95.9 96.5 101.2 102.0 99 3 101 8 103 3 103 0 Sept 100.0 95.2 100.2 100.7 99.7 108.4 99.6 98.3 96.3 95.6 98.9 101.3 102.0 99.4 101.8 103.8 103.0 Oct 100.0 95.1 100.4 100.5 100.1 108.9 99.0 98.2 96.2 94.8 99.6 100.9 102.1 99.4 102.1 103.8 100.7 Nov 100.0 95.6 100.1 100.7 100.2 108.6 99.8 98.1 95.5 94.8 99.2 100.4 102.2 99.5 101.9 103 8 105 1 Dec 100.4 95.9 100.9 100.9 100.3 108.2 100.6 98.1 94.5 94.6 99.6 100.6 102.3 99.3 101.6 103.8 106.3 1962 Jan 100.8 97.9 101.8 101.0 100.3 108.2 101.0 98.4 94.3 94.7 99.9 100.7 102.3 99.3 101.9 103.8 106.7 Feb '•100.7 98.2 101.7 100.8 r100.4 107.7 100.4 98.1 r93.3 95.2 99.9 r100.6 102.3 99.1 102.1 103.8 105.6 Mar 100.7 98.5 101.4 100.7 100.5 107.5 98.9 98.0 93.9 96.2 100.6 100.4 102.3 99.0 102.2 104.0 105.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 639 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index; 1957-59 =» 100] 1961 1962 1961 1962 Subgroup Subgroup Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper, andAlliedProducts—Cont.: Fresh and dried produce 99.8 97.0 103.9 105.7 Paperboard 95.4 89.9 89.9 93.0 Grains 95.2 97.2 96.7 97.4 Converted paper and paperboard. 102.5 101.2 101.1 101.7 Livestock and poultry 96.6 95.7 '94.5 95.7 Building paper and board 101.5 98.6 98.4 98.2 Plant and animal fibers 91.7 98.0 98.2 98.5 Fluid milk 103.9 105.0 104.8 103.3 Metals and Metal Products: Eggs 101.1 97.9 97.5 90.8 Hay and seeds.. , 111.4 104.2 104.7 105.5 Iron and steel 100.8 100.6 100.4 99.8 Other farm products 93.1 93.5 93.5 93.6 Nonferrous metals 98.9 100.5 100.3 100.1 Metal containers 102.0 103.7 103.7 103.7 Processed Foods: Hardware 103.2 104.5 104.4 104.4 Plumbing equipment 102.3 104.4 104.4 104.4 Cereal and bakery products 104.7 106.9 107.3 107.4 Heating equipment 94.1 94.2 94.1 94.0 Meats, poultry, and fish.. 97.1 99.2 '98.7 98.4 Fabricated structural metal products. 99.3 98.3 '98.2 98.2 Dairy products and ice cream 106.9 109.1 109.1 108.0 Fabricated nonstructural metal Canned, frozen fruits, and vegetables. 103.7 99.3 99.8 98.9 products 102.8 103.2 103.3 104.1 Sugar and confectionery 100.4 100.0 100.4 100.4 Packaged beverage materials 84.2 82.4 82.4 82.4 Machinery and Motive Products: Miscellaneous processed foods 107.3 102.2 102.0 102.7 Agricultural machinery and equip- Textile Products and Apparel: ment 107.1 108.8 109.2 109.4 Construction machinery and equip- Cotton products 100.0 102.0 102.2 102.4 ment 107.4 107.7 107.6 107.6 Wool products 95.7 97.8 98.1 98.3 Metalworking machinery 107.5 108.9 109.0 109.1 Synthetic textiles 94.1 93.3 93.3 93.6 General purpose machinery and Silk products 111.3 111.5 113.2 116.3 equipment 103.2 103.9 104.2 104.3 Apparel 100.8 101.2 101.2 101.3 Miscellaneous machinery 102.5 103.2 103.3 103.3 Miscellaneous textile products 131.7 122.9 122.1 122.5 Special industry machinery and equipment (Jan. 1961= 100) 100.1 101.4 101.5 101.5 Hides, Skins, and Leather Products: Electrical machinery and equipment 101.1 99.0 98.9 98.8 Hides and skins 101.4 110.1 105.4 103.8 Motor vehicles 100.6 100.3 100.2 100.1 Leather 102.2 110.9 110.6 109.6 Transportation equip., R. R. rolling Footwear 106.8 108.5 108.5 108.7 stock (Jan. 1961= 100) 100.0 100.5 100.5 100.5 Other leather products 102.1 104.7 104.6 104.6 Furniture and Other Household Dura- Fuel and Related Products and Power: bles: Coal 99.6 98.7 98.7 98.7 Household furniture 102.5 103.4 103.5 103.4 Coke 103.6 103.6 103.6 103.6 Commercial furniture 101.6 102.2 102.2 102.2 Gas fuels (Jan. 1958= 100) 121.8 118.1 122.0 119.4 Floor coverings 99.1 98.9 '97.2 97.2 Electric power (Jan. 1958= 100) 102.4 102.5 103.0 103.1 Household appliances 95.3 95.0 95.0 95.0 Crude petroleum and natural gasoline 97.7 98.2 98.2 98.2 Television, radios, phonographs 96.6 92.4 '91.7 91.3 Petroleum products, refined 102.7 99.6 97.8 95.3 Other household durable goods 101.8 103.1 102.9 103.0 Chemicals and Allied Products: Nonmetallic Mineral Products: Industrial chemicals 99.6 97.3 96.8 96.7 Flat glass 97.7 96.2 96.2 96.2 Prepared paint 103.7 103.7 103.7 103.7 Concrete ingredients 103.0 102.8 103.0 103.0 Paint materials 102.5 '97.4 '97.0 96.5 Concrete products 102.4 102.4 102.8 102.8 Drugs and Pharmaceuticals 99.0 97.2 97.1 97.1 Structural clay products 103.3 103.4 103.5 103.6 Fats and oils, inedible 95.8 83.0 '77.0 80.8 Gypsum products 102.9 105.0 105.0 105.0 Mixed fertilizers 102.0 103.7 104.0 104.3 Prepared asphalt roofing 97.5 102.1 101.4 101.4 Fertilizer materials 104.7 105.8 106.3 103.7 Other nonmetallic minerals 102.4 101.7 102.8 102.8 Other chemicals and products...... 99.3 99.2 99.3 99.3 Tobacco Products and Bottled Bev- Rubber and Products: erages: Crude rubber 96.9 94.5 '94.6 94.6 Cigarettes 101.4 101.4 101.4 101.4 Tires and tubes 92.1 89.1 '86.7 88.0 Cigars.... 100.4 100.4 100.4 100.4 Miscellaneous rubber products...... 101.0 99.4 '99.5 99.5 Oilier tobacco products. 109.1 110.6 110.6 110.6 Alcoholic beverages 100.7 100.7 100.7 100.8 Lumber and Wood Products: Nonalcoholic beverages. 110.5 116.2 116.2 116.7 Lumber 94.0 94.0 '94.8 95.7 Miscellaneous: Millwork 103.0 100.9 100.7 101.1 Plywood 93.7 92.2 92.8 94.6 Toys, sporting goods, small arms. .. 100.7 100.5 100.3 100.7 Manufactured animal feeds 105.4 109.7 107.6 107.5 Pulp, Paper„ and Allied Products....... Notions and accessories 99.0 98.8 98.8 98.7 Jewelry, watches, photo equipment.. 103.3 103.6 103.8 103.8 Woodpulp 95.1 95.0 95.0 95.0 Other miscellaneous 101.1 101.2 101.6 101.6 Wastepaper 67.0 100.9 100.1 103.2 Paper .... 102.2 102.0 102.5 102.5 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1961 1962 1929 1933 1941 1950 1957 1958 1959 1960 1961 Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.8 504.4 521.3 500.8 516.1 525.8 542.2 548.3 Personal consumption expenditures 79.0 46.4 81.9 195.0 285.2 293.2 314.0 328,9 339.0 330.7 336.1 341.0 348.4 352.0 Durable goods 9.2 3.5 9.7 30.4 40.4 37.3 43.5 44.3 42.2 39.4 42.0 42.3 45.5 44.8 Nondurable goods 37.7 22.3 43.2 99.8 137.7 141.6 147.3 152.4 155.5 153.7 154.1 156.2 158.1 159.8 Services 32.1 20.7 29.0 64.9 107.1 114.3 123.2 132.2 141.2 137.5 139.9 142.4 144.9 147.3 Gross private domestic investment 16.2 1.4 18.1 50.0 66.1 56.6 72.4 72.4 69.6 59.8 68.8 73.2 76.6 77.0 New construction 8.7 1.4 6.6 24.2 36.1 35.5 40.2 40.7 41.7 39.6 41.3 42.7 43.3 41.8 Residential, nonfann 3.6 .5 3.5 14.1 17.0 18.0 22.3 21.1 21.2 19.3 20.6 22 A 23.0 21.4 Other 5.1 1.0 3.1 10.1 19.0 17.4 17.9 19.6 20.5 20.4 20.7 20.6 20.3 20.5 Producers* durable equipment............ 5.9 1.6 6.9 18.9 28.5 23.1 25.9 27.5 25.9 24.2 24.7 26.0 28.0 28.5 Change in business inventories. 1.7 -1.6 4.5 6.8 1.6 -2.0 6.3 4.2 2.2 -4.0 2.8 4.5 5.3 6.8 Nonf arm only 1.8 -1.4 4.0 6.0 -2.9 6.2 4.0 1.8 -4.3 2.4 4.1 5.1 6.6 Net exports of goods and services .8 .2 1.1 .6 4.9 1.2 3.0 4.0 5.3 3.9 2.6 4.© 3.5 Exports 7.0 2.4 6.0 13.1 26.2 22.7 23.*I 26.7 27.4 27.6 26.4 27.0 28.5 28.2 Imports 6.3 2.3 4.8 12.5 21.3 21.5 23.8 23.6 23.4 22.3 22.5 24.3 24.5 24.7 Government purchases of goods and services., 8.5 8.0 24.8 39.0 86.5 93.5 97.1 100.1 108.7 105.0 107.3 109.0 113.2 115.9 Federal 2.5 2.0 16.9 19.3 49.7 52.6 53.5 52.9 57.3 54.7 56.6 57 A 60.0 61.5 National defense f 13.8 14.3 44.4 44,8 46.2 45.5 49.2 47.2 48.8 49.0 51.7 52.8 O Le th ss e : r Government sales , • 1 . . 0 3 2. . 0 0 1 3:o2 5. . 2 1 5. . 7 4 8. . 3 5 7. . 8 5 8. .6 0 8. . 6 6 8. . 0 5 8. . 3 5 8. . 9 6 9. . 0 7 9. . 4 7 State and local , 7.2 6.0 7.8 19.7 36.8 40.8 43.6 47.2 51.4 50.3 50.6 51.6 53.2 54.3 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 408.6 401.3 428.4 440.8 448.8 433.2 445.5 451.8 464.6 468.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates; in billions of dollars] Annual totals Quarterly totals at seasonally adjusted annual rates Item 1961 1962 1929 1933 1941 1950 1957 1958 1959 1960 1961 1 2 3 4 1 National income 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 412.2 426.0 434.3 447.9 51.1 29.5 64.8 154.2 255.5 257.1 278.4 293.7 302.9 292.6 300.2 306.2 312.7 317.9 50.4 29.0 62.1 146.4 238.5 239.8 258.5 271.3 279.7 270.1 277.3 282.7 288.7 292 5 45.5 23.9 51.9 124.1 198.4 196.6 213.2 223.0 227.8 219.7 226.0 230.7 234.7 237 1 Military .3 .3 1.9 5.0 9.6 9.8 9.9 9.9 10.4 10 1 10 1 10 2 11 1 11 6 4.6 4.9 8.3 17.3 30.5 33.5 35.4 38.5 41.5 40.3 41.2 41.9 42.8 43 8 Supplements to wages and salaries ........ .7 .5 2.7 7.8 17.0 17.3 20.0 22A 23.2 22.5 22.9 23.4 24.1 25.4 Employer contributions for social insurance .1 .1 2.0 4.0 7.8 8.0 9.7 11.5 12.1 11.7 12 0 12.2 12 6 13 5 .6 .4 .7 3.8 9.1 9.4 10.3 10.9 11.1 10.8 10.8 11.2 11.5 11 9 14.8 5.6 17.4 37.5 44.5 46.1 46.3 48.2 49.6 48.9 49.2 49.4 50.8 50.6 8.8 3.2 10.9 23.5 32.7 32.5 35.0 36.2 36.5 36.0 36.3 36.6 37.2 37 6 6.0 2.4 6.5 14.0 11.8 13.5 11.3 12.0 13.1 12.9 12.9 12.8 13.6 13 0 5.4 2.0 3.5 9.0 11.9 12.2 11.9 11.7 11.5 11.5 11.5 11.5 11.5 11.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 46.4 45.1 46.2 40.0 45.5 47.0 52.1 Profits before tax 9.6 .2 17.0 40.6 43.2 37.4 46.8 45.0 46.1 39.6 45.2 47.2 52.4 Profits tax liability 1.4 .5 7.6 17.9 20.9 18.6 23.1 22.3 22.8 19.6 22.4 23.3 26.0 Profits after tax 8.3 -.4 9.4 22.8 22.3 18.8 23.7 22.7 23.3 20.0 22.8 23.8 26.5 Dividends 5.8 2.1 4.5 9.2 12.6 12.4 13.4 14.1 14.4 14.2 14.2 14.3 15 0 15 6 Undistributed profits 2.4 -2.4 4.9 13.6 9.7 6.4 10.3 8.6 8.8 5.8 8.6 9.5 11.5 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.5 -.3 -.5 .0 .1 .4 .3 -.2 Net interest 6.4 5.0 4.5 5.5 13.4 14.8 16.6 18.4 20.0 19.2 19.6 20.2 20.7 21.3 NOTE.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 641 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1961 1962 1929 1933 1941 1950 1957 1958 1959 1960 1961 Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.8 504.4 521.3 500.8 516.1 525.8 542.2 548.3 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 37.4 38.6 40.8 43.1 45.2 44.2 45.0 45.5 46.1 46.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 38.2 39.3 42.7 45.6 47.1 45.7 46.4 47.5 48.9 49.4 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 — .8 7 - 1 .6 .8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 -1.5 -1.7 -2.6 -1.5 -2.6 -1.7 -1.5 c-.6 Plus: Subsidies less current surplus of government enterprises -.1 .0 A .2 1.0 1.1 .4 .5 1.4 .5 1.4 1.8 1.9 1.9 Equals: National income 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 412.2 426.0 434.3 C447.9 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 46.4 45.1 46.2 40.0 45.5 47.0 52.1 Contributions for social insurance.... .2 .3 2.8 6.9 14.5 14.8 17.6 20,7 21.9 21.2 21.7 22.0 22.6 23.9 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Pius: Government transfer payments....... .9 1.5 2.6 14.3 20.1 24.5 25.4 27.3 31.0 30.1 31.0 31.6 31.4 31.4 Net interest paid by government 1.0 1.2 1.3 4.8 6.2 6.2 7.1 7.8 7.3 7.5 7.3 7.2 7.2 7.3 Dividends 5.8 2.1 4.5 9.2 12.6 12.4 13.4 14,1 14.4 14.2 14.2 14.3 15.0 15.0 Business transfer payments .6 .7 .5 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Equals: Personal income 85.8 47.2 96.3 228.5 351.4 360.3 383.3 402.2 416.7 404.7 413.2 420.3 428.6 432.9 Less: Personal tax and nontax payments..... 2.6 1.5 3.3 20.8 42.6 42.3 46.0 50.4 51.8 50.3 51.4 52.5 53.1 54.7 Federal 1.3 .5 2.0 18.2 37.3 36.6 39.6 43.2 43.9 42.6 43.6 44.5 44.8 46.0 1.4 1.0 1.3 2.6 5.3 5.7 6.4 7.2 8.0 7.7 7.8 8.0 8.3 8.7 State and local. 83.1 45.7 93.0 207.7 308.8 317.9 337.3 351.8 364.9 354.3 361.8 367.8 375.6 378.2 Equals: Disposable personal income 79.0 46.4 81.9 195.0 285.2 293.2 314.0 328.9 339.0 330.7 336.1 341.0 348.4 352.0 Less: Personal consumption expenditures... 4.2 -.6 11.1 12.6 23.6 24.7 23.4 22.9 25.8 23.7 25.8 26.8 27.1 26.2 Equals: Personal saving Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 293.8 296.3 310.6 319.0 326.8 318.4 324.8 329.0 335.0 336.2 c Corrected. PERSONAL INCOME [Department of Commerce estimates; in billions of dollars] 1961 1962 Item* 1960 1961 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.? Total persona! income. 402.2 416.7 407.3 409.8 413.2 417.3 421.2 419.4 421.1 425.2 429.3 431.8 430.1 433.3 435.3 Wage and salary disbursements. 271.3 279.7 271.1 274.6 277.2 280.7 282.3 282.8 284.0 286.4 289.4 290.7 290.2 293.1 294.3 Commodity-producing industries.. 110.4 111.2 106.5 109.1 110.5 112.7 113.2 112.9 112.9 114.1 115.8 115.6 114.3 116.2 116.7 Manufacturing only 87.4 57.5 84.1 86.1 87.6 88.9 89.3 89.0 88.8 89.9 91.3 91.4 90.6 92.0 92.8 Distributive industries 71.8 73.4 71.8 72.3 72.9 73.5 74.0 74.2 74.7 74.8 74.7 75.4 75.7 76.1 76.2 Service industries 40.7 43.1 42.1 42.3 42.5 42.9 43.3 43.6 44.0 44.4 44.7 45.1 45.2 45.4 45.7 Government 48.4 51.9 50.7 51.0 51.3 51.6 51.8 52.1 52.4 53.1 54.2 54.6 55.0 55.4 55.7 Other labor income. 10.9 11.1 10.6 10.7 10.8 11.0 11.1 11.2 11.2 11.4 11.5 11.7 11.8 12.0 12.1 Proprietors' income 48.2 49.6 49.0 49.0 49.1 49.4 49.5 49.4 49.5 50.5 51.1 50.9 50.5 50.5 50.7 Business and professional. 36.2 36.5 36.0 36.1 36.3 36.4 36.6 36.6 36.8 37.0 37.3 37.4 37.4 37.6 37.7 Farm 12.0 13.1 13.0 12.9 12.9 13.0 12.9 12.8 12.7 13.5 13.8 13.5 13.1 12.9 13.0 Rental income 11.7 11.5 11.4 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 Dividends 14.1 14.4 14.2 14.2 14.2 14.3 14.3 14.3 14.4 14.5 14.8 15.5 14.9 14.9 15.1 Personal interest income. 26.2 27.3 26.8 26.8 27.0 27.1 27.2 27.4 27.5 27.7 27.9 28.2 28.5 28.7 28.9 Transfer payments...... 29.1 32.9 33.7 32.5 33.0 33.0 35.2 32.5 32.7 33.1 33.2 33.4 33.1 33.2 33.4 Less: Personal contributions for social insurance . 9.3 9.7 9.6 9.6 9.7 9.8 9.8 9.8 9.8 10.0 10.1 10.1 10.3 10.5 10.6 Nonagricultural income. 386.2 399.4 390.4 392.9 396.4 400.2 404.0 402.4 404.1 4®7.2 410.9 413.6 412.3 415.8 417.6 Agricultural income 16.0 17.3 16.9 16.9 16.8 17.1 17.2 17.0 17.0 18.0 18.5 18.2 17.7, 17.6 17.7 P Preliminary. NOTE.—For explanation of series see U. S. Income and Output (a supplei Monthly data are seasonally adjusted totals at annual rates. ment to the Survey of Current Business for 1959) and the Survey of Current Business\ July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, 1959 1960 1961 or sector 1957 1958 1959 1960 1961* 4 1 2 3 4 1*" 2' 3 37.4 19.2 35.9 36.9 27.0 6.7 12.1 11.1 10.1 3.6 6.5 4.1 9.0 7.5 A B C D F C S C F t a o o a r n r t m p e s u o a m r a n a n d e t d e r l n o n a o c n o a n d n l c f i n o n g o r a o p n n v . p c r e i b o a r u f l n i s t m b in u e s e n i s n t s 1 e 2 , . s . . . s . . . . . . - 2 3 5 8 3 3 . . . . . 6 3 6 6 5 * - - 2 8 4 2 6 3 . . . . . 2 9 8 1 4 * - - 3 1 4 5 3 0 1 . . . 1 . 0 . 5 2 4 * - 2 - 5 4 6 3 7 . . 1 . . . . 0 1 2 8 8 - - 2 - 6 6 4 8 7 . . . 1 . . . 6 2 8 1 1 - - — 5 2 5 3 . . 8 . . . 0 . 8 9 9 1 - - 1 8 4 1 . . 6 . . . . 2 1 0 7 2 -1 4 5 \ . A 2 . . . 7 7 6 j - _ - 1 8 2 1 . . 6 . . . 6 6 4 9 >j - -1 4 2 2 5 . . . . . 6 3 7 0 0 * - - - 1 1 7 1 1 . . . 8 . . . 2 2 1 1 5 - -1 2 5 1 . . . . . 8 2 . 9 2 2 7 - - - 2 1 1 8 3 1 . . . . . . 0 9 0 7 9 4 - -1 6 4 6 4 . . . . . 7 6 . 7 1 9 1 E D G C F B H Capital consumption^... 73.2 75.6 79.4 83.5 87.4 20.3 20.5 20.7 21.0 21.3 21.4 21.7 22.0 22.3 H 40.0 41.6 43.5 45.7 47.9 11.1 11.2 11.3 11.5 11.7 11.8 11.9 12.0 12.2 I J Consumer durable goods...... 35.8 37.0 38.6 40.4 42.2 9.8 9.9 10.0 10.2 10.3 10.4 10.5 10.6 10.7 J K Owner-occupied homes 3.7 4.0 4.3 4.6 5.0 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.3 K L Plant and equip, (nonprofit).... .6 .6 .6 .7 .2 .2 .2 .2 .2 .2 .2 .2 L 3.9 4.0 4.2 4*.l 4.2 \.\ 1.1 1.0 1.0 1.0 1.0 1.0 1.1 1.1 M N Noncorp. nonfinan. business..... 8.1 8.0 8.3 8.6 8.8 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.3 N O Corporate nonfinancial business.. 21.0 21.9 23.2 24.7 26.2 6.0 6.0 6.2 6.2 6.3 6.3 6.5 6.6 6.8 O P Gross national savins 1 ...... . ••• 110.6 94.8 115.4 120.4 114.4 27.1 32.6 31.8 31.0 24.9 27.9 25.8 31.0 29.8 P Q Consumer and nonprofit........ 68.6 68.0 73.7 73.5 75.0 16.9 19.3 17.0 20.0 17.3 18.9 17.1 20.7 18.3 Q R Farm and noncorp. business..... 12.0 11.9 12.4 12.7 13.0 7.0 1.9 3.1 2.5 2.4 1.0 1.4 8.2 R S Corporate nonfinancial business.. 26.3 24.9 34.6 30.8 34.9 9.0 6.2 7.5 8.8 8i3 5.1 8.4 9.9 11.4 S T Federal Government1 3.6 -8.2 -5.0 3.8 -6.2 -5.0 4.0 4.7 -.6 -4.3 1.1 .2 -1.0 -6.6 T U State and local government1..... -3.6 -4.9 -4.1 -5.0 -6.6 -.8 -.6 -1.2 -1.6 -1.6 -1.2 -1.8 -2.0 -1.7 U V Financial sectors 3.7 3.0 3.7 4.5 4.4 -.1 1.8 .7 2.0 * 1.5 .8 1.9 .2 V W Gross national investment1 110.6 94.2 114.2 117.6 115.0 30.5 29.9 30.0 27.9 29.8 24.6 28.5 28.6 33.2 W X Consumer durable goods........ 40.4 37.3 43.5 44.3 42.4 12.5 10.1 11.5 10.2 12.6 8.9 10.6 9.8 13.1 X Y Other gross private domestic fixed 64.5 58.6 66.1 68.2 68.6 17.4 15.1 17.9 17.7 17.6 14.1 17.4 17.7 19.4 Y Z Consumer and nonprofit 18.1 18.1 22.1 21.5 20.2 6.2 5.3 4.9 5.6 4.7 4.6 5.2 5.7 Z a Nonfarm residen. constr.*.... 15.6 15,3 19.2 18.4 16.8 5.4 4.6 4.2 4.7 4.9 4.0 3.8 4.2 4.8 a b Plant and equip (nonprofit),.« 2.5 2.7 2.9 3.2 3 4 .8 .7 .7 .9 .8 .7 8 g 9 b c Farm business 4.0 4.4 4.7 4.2 4.6 1.0 1.1 1.2 1.1 9 1.0 1.3 1 3 1 0 c d Noncorp. nonfinan. business4.. 9.4 9.0 10.7 10.8 11.6 2.4 2.2 3.3 2.8 2.5 2.1 3.2 3.1 3.2 d e Corp. nonfinan. business4 32.3 26.4 27.9 30.8 31.4 7.6 6.3 8.4 8.C 8.J 6.1 8.1 8.0 9.3 e .8 .8 .8 .2 .2 2 2 f g Change in inventories s 1.6 -2.0 6.3 4.2 2.2 4.6 « -1.1 .8 .3 .9 •5 I j i C N o o r n p c . o n r o p n . f n in o a n n fi . n b a u n s . in b e u s s s iness... . .6 8 -2^ . 6 9 5. . . 3 1 9 3. . . 1 3 9 1.8 * l!2 3 1 . . 2 3 • ° . . 1 4 .i ! .1 l * — — . . . 1 6 6 . ' 1 A .1 * .1 6 -A .6 k Net financial investment6........ 4.2 -1.7 .8 1.8 .1 .1 i .8 .8 .1 .6 k 1 Consumer and nonprofit 14.0 18^8 11.0 5.7 14.2 2.2 2.4 -1.6 3'.6 1.3 4.6 2!5 5.0 2.1 1 m Net acquis. offinan. assets,.. 26.0 30.9 31.6 21.9 30.4 5.5 4.4 3.6 7.4 6.5 5.7 7.1 8.6 9.1 m n Net increase in liabilities, 12.0 12.1 20.6 16.2 16.2 6.4 2.0 5.2 3.9 5.1 1.1 4.6 3.5 7.0 n o Farm and noncorp. business... -2.3 -2.1 -4.0 -3.5 -3.5 4.1 -2.7 -1.4 -1.6 2.2 -3.6 — 3.3 4.4 o p Net acquis. offinan. assets... .8 1.1 .8 .9 p 3.1 3.3 3 3 3 3 4 3 —4 0 2.3 1 6 1 4 —1 9 3 8 3 2 -3.5 q r Corp. nonfinan. business -8.6 -3.6 -7.6 -4.4 -1.7 -4.0 -2.4 -1.1 -3.3 * -.8 r s Net acouis offinan assets 4.5 11.3 13.7 12 4 4.4 —2.2 1.1 1.8 2 6 —2 2 5 0 3 1 6 6 s t Net increase in liabilities,... 13.1 15.0 17.0 10.9 16.8 6.1 1.8 3.6 2.9 2.6 1.1 5.0 3.4 7.4 t v u Fe N de e r t a l a c G q o u v is e . r n o m ffi e n n a t n. assets.. 3 3 . . : 6 -8 1 . . 2 6 -5 6 . . 0 3 3 3 . . 7 8 -6 3 . . 2 4 -5.( 4.C 4 4. . 2 7 — » . t ( - -1 4 .0 .3 -1. 1 5 .1 2%X -1 3 . . 0 7 - -1 6 .1 .6 u v w x Sta N t e e t a i n n d c r l e o a c s a e l i g n o v l e i r a n b m ili e ti n e t s s , . . . .. -5 9 . . 2 7 - 1 4 1 . . 0 2 -3^ -5 9 . . 0 6 "*•; - — l. ( .-^ -2.\ 3.. - - 2 1 .7 .3 — 2 .1 .A -3 4 . . 2 7 - 5 . . 4 5 w x y Net acquis. offinan. assets.. 3.3 2.5 3.0 2.6 3.1 l'.] l\l l'.] .1 1.5 1.4 y z Net increase in liabilities.... 6.4 7.7 7.0 6.0 8.1 1.0 1.6 I.I ~~2.L 1.0 1.6 2.7 1.8 z b aa b Fi N na e n t c a ia c l q u se is c . t o o f r f s inan. assets.. 2 3 4. . 1 0 3 4 6. . 3 5 3 4 0. . 0 5 34 5 . . 3 8 4 5 4. . 5 9 To\'< ~2 2 . . t 1 12 1. . 6 5 10 1 . .9 0 14.' i!f 14.9 1 4 4 . . 5 0 1 - 5 .2 .5 a b a b cc Net increase in liabilities - 2 2 1 . . 4 1 — 31 3 . . 8 8 — 2 5 1 . . 5 0 28.5 38.6 10.1 1 *<• 10.9 8.0 14 1. . 1 3 14 1 . 8 2 9.5 1 2 5 . . 1 7 d c d c ee Discrepancy (P—W)7. .6 1.1 2.8 -.5 -3.5 2.7 1.9 3.1 3.9 3.2 -2.8 2.4 -3.4 ee * Less than $50 million. *> Preliminary. residential construction. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 5 After inventory valuation adjustment. nonfinancial outlays; investment, changes in financial assets and liabilities 6 Financial component of national investment equals net lending to only. Govt. current outlays include, and govt. (and national) investment rest of world; financial flows among domestic sectors cancel out in excludes, govt. purchases of tangible assets. national total. (Discrepancies in financial transactions attributed entirely 2 Annual figures for farm sector are retained earnings of corporate to domestic transactions.) Differs from U.S. "net foreign investment" farms; farm and nonfarm unincorporated businesses shown as having (net exports minus net unilateral transfers in national income accounts) zero annual net saving. Quarterly figures for both sectors include seasonal by discrepancy in rest-of-world account, which equals "errors and net saving. See p. 838 of BULLETIN for August 1959. omissions" in Dept. of Commerce balance-of-payments statement for 3 Depreciation, accidental damage to fixed capital, and capital outlays the United States. charged to current account. Line H includes amounts for financial t Saving and investment are equal in concept but may differ statistically sectors not shown separately. See discussion on p. 836 of BULLETIN because of discrepancies. See p. 857 of BULLETIN for August 1959. for August 1959. NOTE.—Descriptions of sectors and of transaction categories are given 4 For consumers, 1- to 4-family dwellings, completed and purchases of in notes to tables and in "Technical Notes," pp. 846-59 of BULLETIN additions and alterations. Investment of nonfarm business sectors for August 1959. For latest detailed flow of funds /saving tables, see includes work in process on 1- to 4-family dwellings and other private BULLETIN for April 1962. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories are treated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within 1 year and, before 1956, savings drawees). For further discussion, see p. 853 of BULLETIN for August notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAYING 643 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transa o c r t io se n c t c o a r tegory 1959 1960 1961 1957 1958 1959 1960 1961* 4 1 2 3 4 1 2 3 4* I. Demand deposits and currency A Net increase in commercial bkg. -.8 5.8 1.1 .1 4.2 3.8 -8.8 2.5 1.5 4.9 -8.2 3.9 2.4 6.0 A C B Ne F t e i d n e cr r e a a l s G e o in v e a r s n s m et e s n t by sector. •«.. . . 7 2 6.5 1. . 6 7 1. . 0 9 4. . 1 3 -1 3 . . 2 1 - - 7 . . 4 5 2 2 .8 6 i.s .2 -1 4 . . 7 0 - -1 7 . . 7 1 3 2 . . 4 0 3 2. . 4 4 -2 4 . 3 4 C B .3 6*. 3 .8 .1 3.5 4.4 -6.6 -.3 1.5 5.5 -5.3 1.5 .9 6.4 D E Consumer and nonprofit -1.0 2.5 1.0 .3 .9 1.7 -2.7 -1.0 1.9 2.1 -1.6 -.3 1.5 1.3 E F Farm and noncorporate bus .7 1.2 — .8 -.3 f\ — .1 1 _ 1 — 1 1 1 1 1 F 1.7 * — .7 1.3 1.8 -3.4 .7 .1 2.0 -3.2 .8 .3 3.4 G TT State and local sovernment .2 .2 .5 .2 2 .6 4 2 8 5 7 1 0 11 H I Financial sectors .3 .7 .1 .6 8 .6 — .4 — 2 .7 — 1 .3 -.1 6 I J Rest of the world .2 * .1 * -.1 -.4 * * .3 * 1 .1 .2 J — 1.4 -.7 -.9 '.I .8 -1.3 -.1 -.3 .9 -1.0 '.5 -1.0 1.6 K II. Fixed-value redeemable claims 10.1 16.2 7.6 14.8 B Time deposits 6.8 10.2 2.2 7.0 10.8 -.1 1.7 2.6 2.5 3.5 3.9 2.3 1.2 B C Savings shares 5 1 . . 2 9 — 6. 6 5 -1 7 . . 8 2 8.1 3 9.4 8 2. . 3 6 1.6 2.4 1.4 * 2.8 1 2.0 2. . 7 1 1. . 5 2 3. . 3 2 D C E Net increase in liab., by sector 10.1 16.2 7.6 14.8 21.0 1.6 1.6 3.9 3.9 5.4 5.7 6.7 3.9 4.6 E H Savings institutions 2 5 6 . . 5 9 2 8 8 . . 9 0 2 8 1 . . 4 2 0 9 5 . . 5 8 1 9 1 . . 0 3 — ~2* . . 4 6 1.9 * 2.6 - 2 1 .1 . . 2 8 2 3 . . 1 3 * 2 2 ^ .6 9 3 3 . . . 5 1 1 1 1 . . . 8 9 2 3. . . 7 2 8 H G F I Net increase in assets, by sector 10.1 16.2 7.6 14.8 21.0 1.6 1.6 3.9 3.9 5.4 5.7 6.7 3.9 4.6 I J Consumer and nonprofit 9.8 1 1 3 .6 7 9.3 9 1 1 2 .8 7 18.0 2.0 1.6 3.4 3.2 4.6 4.5 5 1 . . 6 0 3. . 5 2 - 4 .1 .4 K J L Rest of the world (time deposits).. a 9 — 9 8 — 3 •—2 2 3 1 1 3 3 L * * III. Saving through life insurance and pension funds A Net increase, by type 9.2 10.4 11.7 11.3 12.2 3.1 2.8 3.1 2.4 3.0 2.9 3.4 2.8 3.1 A 2.8 3.4 3.7 3.6 3.6 .9 .8 .8 1.0 1.0 .8 1.0 .9 B C Pension funds 6.3 7.0 8.0 7.7 8.5 2^2 2.0 2.3 1.4 2.0 2.6 1.9 2.2 C D Net increase In liab., by sector4 9.2 10.4 11.7 11.3 12.2 3.1 2.1 3.1 2.4 3.® 2.9 3.4 2.8 3.1 D .6 1.0 1.0 1.0 9 .1 .8 * * E H Private noninsured pension plans. 4 2 1 . . . : 6 8 4 2 1. . . 1 9 ' 5 3 1 . . 5 : * 2 4 3 . . . 1 1 4 2 5 3 4 8 1 1.6 9 1 1. . 1 0 £ 1 e 0 1 2 1 1. 0 5 4 1 .6 9 3 1 . 6 g 2 1 .6 3 1 1 . . 1 6 4 H G F IV. Credit and equity market instruments A Net increase, by type 36.6 46.2 61.2 39.5 51.3 17.3 2.5 12.0 10.3 14.6 14.2 17.1 20.0 A B Federal obligations... 5 1 . . 5 1 -1 9 . . 2 0 1 5 1 . . 5 3 - - 2 5 . . 2 1 c1 6 0 . 6 8 4 4 . . 0 7 — — 4 7 .' ' - — 1 2 .4 .1 5 1. . 2 3 2.: -3.: 4. . 8 6 5 c. . 6 8 4 3 . . 6 5 C B D Other -4.' 10.: 5.1 c-4.2 3.3 .1 -4.1 3.0 -4.2 -4.2 C5.2 -1.1 D E State and local ofeltsations 4.6 5.' 3.6 5 3 1.0 1 4 1 4 9 1 8 12 E 7.5 6A 4.5 5.6 5 6 1.5 1 2 1 2 1 3 1 9 2 2 9 1.7 F 4.0 4.: 4.- 3.5 5 1.2 1.0 1.2 1.7 1.1 1.0 G H I- to 4-family mortgages .. 8.6 10.1 13.2 10.9 12.9 2.9 2.3 2.9 3.0 2*.6 1.9 3.2 3.8 4.0 H 2 3 . . ! 5 5 1/ .2 6 6. . " 0 4 3 . .9 5 2 5 1 . 4 2 4 2 1. . . 5 7 6 1.0 1 3 m( 1 1. . 1 1 -2 1 . : 2 1 1 1. 0 5 3 1 5 2 1 1 . . . 2 4 2 K J I 2.- 1.; 7.5 3.: 2 1.! 2 1 1.4 2 3 1 3 1.0 2.0 L TVT Oilier fourth 2.6 2.{ 5.9 4 9 2 3 1 5 1 5 1 5 1 1 1 8 M N Fsmds raised, by sector 36.9 46.2 61.2 39.4 51.3 17.2 2.5 12.0 10.: 14.6 14.2 17.1 20.0 N O Consumer and nonprofit 1 1 1 . . 1 9 1 1 2 . . 5 0 20 1 . . 5 9 1 1 6 . . 1 2 1 1 6. 8 6.; 2.1 5.2 5. 1.0 4.6 3.5 7.0 * O P Q Noncorporate nonfinancial bus . 2.2 4.6 3.' 2.9 1.: 1.3 j 1.8 -1.6 1 6 1 5 1.4 Q R Corporate nonfinancial business. 13.1 11.8 11.7 10.6 10.7 3.0 2.7 3.0 2.5 2.3 2.1 4.0 2.3 2.2 R 1.0 9.3 10.7 -1.7 6 8 4. -4. — 1 5 1,4 2.5 —3 1 5 5 4 1 S X State and local government 4.8 5.S 5. 3.1 5 7 1.0 1.5 1.4 1 1 2 1 12 T U Financial sectors 1. 5.' 4. 4 2.: 1.7 2.0 -1 ' 1 6 1 0 3 0 U V Rest of the world 1 •' 2.: 2 A 12 V W Funds advanced, by sector 36.6 46.2 61.2 39.5 51.3 17.2 2.5 12.( 10.3 14.6 14.2 17.1 20.0 W X Consumer and nonprofit 7.7 4.3 15.5 2.4 1. 3. 4.0 1.2 —2.0 1 0 1.3 8 X Y Z b C S F t a o a r r t m p e o a a r n a n d t d e l n o n o c o n a n l c f i o g n r o a p v n . e c r b i n a u l m s b e in u nt s e i s n s e . s . s .. . 2 2 . . * 7 1 U 1 . . 5 7 . 4 2 3 ! . . 9 ' 8 -2 2 l ! .i .3 2 2. A -\. 1 2 .: -1*. l! 1 1 . . . . 7 1 8 3 Y Z b a c Commercial banking system.... 4.: 16. 3! -7'. 5. 5! 7.i -4! 6A 6.9 c d Monetary authorities. 2.: -1.4 1.: 1.1 d e Commercial banks 5! 14.9 5.\ 9.: 14! 3'.' -6.' 7.: 6.] 6^7 5.8 e f Securities 1. 10.4 -7.2 2.4 5. 3'. 4.0 -l.t 3.1 5.1 1.3 f j i h F S In i a n s v u a i n n ra g c n e s c i n e n e s s e t e i c tu to ti r o . ns 3 7 2 8 . . . . 8 1 2 4 4 9 9 2J . . .5 1 1 1 4 2 0 0 . . . . 5 1 6 9 5 0 . . . . 9 4 3 1 1 6 4 1 1 . . . . 2 1 . / ~ 2 2 . .\ 2 2 2 . . . : 2. 3 2 2 1 . . . . 2 7 2 2 2 . . t 2 2 3 IA . . . 6 4 0 2 1 3 . . . 6 ! 2 4 2 2 3 . . . . 5 8 1 3 h g i j k Rest of the world 3. 1. .2 k * Less than $50 million. * Preliminary. c Corrected. sectortransactions appear in other flow of funds /saving tables in BULLETIN NOTE.—Data for excluded categories—trade credit, proprietors' net for April 1962. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 MEMBER BANK INCOME, 1961 INCOME OF ALL MEMBER BANKS, BY CLASSES [Income in thousands, assets and liability items in millions of dollars] All member banks1 cit C y e m nt e r m al b r e e r s e b r a v n e ks Re c s i e ty rve Country member member Item New York Chicago banks banks 1957 1958 1959 1960 1961 1961 Revenue .. 6,770,958 7,126,594 8,074,868 8,927,868 9,216,795 1,491,751 354,194 3,582,817 3,788,033 Interest and dividends on securities: U. S. Govt 1,167,739 1,266,176 1,398,835 1,414,361 1,537,142 215,430 60,194 550,583 710,935 Other 339,451 411,403 444,652 467,351 513,410 81,371 22,590 168,798 240,651 Interest and discount on loans 4,136,112 4,245,404 4,925,848 5,640,438 5,773,423 905,126 218,668 2,318,275 2,331,354 71,803 80,902 95,397 89,469 96,221 12,783 2,403 47,094 33,941 354,187 388,500 421,689 463,666 494,535 33,163 2,344 197,524 261,504 136,558 139,686 149,399 162,140 164,256 31,039 5,434 61,845 65,938 340,234 364,360 408,503 442,083 483,580 143,012 39,247 191,935 109,386 224,875 230,163 230,545 248,360 154,228 69,827 3,314 46,763 34,324 4,222,375 4,616,925 5,139,614 5,654,675 6,073,550 848,319 188,176 2,334,323 2,702,732 Salaries—officers . • .... 592,380 632,081 680,090 731,508 778,428 83,397 21,082 264,484 409,465 Salaries and wages—others 1,284,885 1,349,170 1,438,261 1,557,204 1,585,010 276,865 54,351 650,716 603,078 330,584 73,117 15,802 119,786 121,879 30,856 32,485 34,586 36,884 38,844 1,544 302 6,047 30,951 927,199 1,123,415 1,279,719 1,434,259 1,720,414 187,709 48,905 679,409 804,391 47,875 23,183 75,898 84,220 36,402 16,146 2,483 13,664 4,109 423,592 81,165 12,726 149,042 180,659 179,876 18,667 3,464 69,720 88,025 1,339,180 1,456,591 1,631,060 1,810,600 980,400 109,709 29,061 381,455 460,175 Net current earnings before income taxes.. 2,548,583 2,509,669 2,935,254 3,273,193 3,143,245 643,432 166,018 1,248,494 1,085,301 Recoveries, transfers from reserves, and profits .. . 169,938 777,390 296,179 503,710 627,393 125,057 57,199 255,228 189,909 On securities: Profits on securities 57,162 611,514 41,693 283,991 402 424 67,429 46,580 156,196 132,219 8,190 8,157 25,448 10,336 7,133 52 232 1,090 5,759 19,345 54,261 106,235 51,287 79,598 20,238 5,630 38,396 15,334 On loans: 14,037 15,848 13,892 19,883 10,230 392 40 862 8,936 Transfers from reserves 36,848 39,679 53,173 66,545 47,237 15,222 4,347 17,577 10,091 All other 34,357 47,931 55,738 71,668 80,771 21,724 370 41,107 17,570 Losses, charge-offs, and transfers to re- 655,063 681,456 1,199,926 847,465 808,173 175,047 68,595 302,247 262,284 On securities: S C o h l a d rge-offs prior to sale 206,908 } 74,869} 666,514} 195,526\ / 1 3 8 2 , , 2 1 0 7 0 4 2,6 1 0 0 5 0 9 3 3 4 9 1 1 8 2 , , 6 4 4 77 6 1 5 9 , , 2 9 8 8 2 4 78,269 253,282 157,997 142,435 210,042 27,304 39,289 95,137 48,312 On loans: Losses and charge-offs. 15,675 15,109 15,382 22,813 21,051 4 3,684 1,659 15,704 280,887 240,813 273,068 389,856 417,095 115,591 21,526 145,358 134,620 All other. 73,324 97,383 86,965 96,835 109 611 29,443 2,816 38,970 38,382 2,063,459 2,605,603 2,031,507 2,929,438 2,962,465 593,442 154,622 1,201,475 1,012,926 Taxes on net income 894,515 1,148,409 774,622 1,240,662 1,250,492 257,018 75,907 533,339 384,228 Federal 848,679 1,081,498 728,418 1,165,534 1,170,215 229,917 75,907 499,414 364,977 State 45,836 66,911 46,204 75,128 80,277 27,101 33,925 19,251 1,168,944 1,457,194 1,256,885 1,688,776 1,711,973 336,424 78,715 668,136 628,698 Cash dividends declared 603,767 646,178 689,721 734,830 792,635 182,464 31,471 321,489 257,211 On preferred stock ^ 1 485 1 566 1 461 1 173 1 113 281 832 602,282 644,612 688,260 733,657 791,522 182,464 31 471 321,208 256,379 Memoranda items: Recoveries credited to reserves3— 2,099 8,919 2,848 16,476 10,510 1,304 577 7,072 1,557 43,673 61,132 66,050 58,052 67,224 5,369 1,755 22,353 37,747 Losses charged to reserves4— 71,394 18,823 195,044 43,652 18 350 900 630 11 739 5,081 100,611 109,169 101,989 233,782 212,941 31,398 2,516 87,315 91,712 Assets, deposits, and capital accounts: Loans 78,638 80,920 87,260 96,823 100,446 18,095 4,370 40,199 37,782 U. S. Govt. securities 46,470 50,349 51,070 44,978 50 415 7,361 1 934 18 051 23,069 13,494 15,530 16,626 16,068 17,660 2,620 751 5,824 8,465 Cash assets. . 38,354 38,741 39,468 41,891 41,068 8,816 1,920 16,971 13,361 3,420 3,904 4,055 4,645 5,508 1,893 142 1,906 1,567 Total assets 180,375 189,444 198,479 204,406 215,097 38,785 9,117 82,951 84,244 Time deposits 44,106 50,115 54,124 55,012 63,099 6,365 1,818 24,544 30,372 Total deposits 161,741 169,692 177,160 180,804 189 983 31,981 8 054 74 070 75,878 Total capital accounts 13,994 14,976 15,821 16,710 17,917 3,614 839 6,618 6,846 Numb er of officers 63,410 65,694 68,702 71,698 74,734 5,256 1,197 23 571 44,710 Number of employees 378,317 381,086 399,285 418,339 410,080 58,919 11,954 161,970 177,237 Number of banks 6,393 6,312 6,233 6,174 6,113 13 9 206 5,885 NOTE.—The schedule for reporting current operating expenses has been For other notes see following 2 pages. revised and certain items are not directly comparable with data for previous years. For detailed summary of these changes see pages 526-527 of this BULLETIN. Income figures for some banks are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1961 645 INCOME OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Income in thousands, asset and liability items in millions of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 39,6652,293,104 486,870 15,180 417,627 509,513 ,312,111 297,395 245,858 393,189 459,0191,647,264 Interest and dividends on securities: U. S. Govt 59,881 338,287 75,054 41,464 72,659 92,366 272,065 60,418 43,595 74,862 82,178 224,313 Other 17,777 139,411 27,732 47,209 19,767 28,056 85,870 16,683 13,424 21,659 24,860 70,962 Interest and discount on loans. •71,661 ,411,369 314,882200 430,914 263,251 314,905 786,231 186,954 152,837 246,903 30^22,9991,090,579 Other charges on loans 3,579 21,171 3,545 5,730 4,499 6,213 10,231 1,628 2,181 2,550 2,503 32,391 Service charges on deposits... 28,335 86,906 19,104 34,474 27,541 36,056 57,890 13,088 15,875 25,542 23,075 126,649 Other charges, fees, etc.... 11,158 41,302 7,169 8,537 9,195 10,827 20,823 4,971 7,952 5,915 6,836 29,571 Trust department 39,709 177,180 34,671 39,260 17,478 16,105 68,093 9,826 7,960 12,197 10,954 50,147 Other current revenue 7,565 77,478 4,775 7,592 3,237 4,985 10,908 3,827 2,034 3,561 5,614 22,652 Expenses 176,043 1,430,433 332,235 471,335 275,793 348,843 879,960 190,613 165,820 247,426295.129 ,159,920 Salaries—officers 40,312 151,675 40,213 55,283 42,117 50,786 109,493 30,914 27,987 48,346 5i;800 129,502 I I N F O D O S n n u a f t i e t t f h r l r e e t i a e n c e r r r o c e e e r i i t t c e r s s u o c t c t s r r u a u o o e s a n r p ' n n n r d a a e f d n e n b t n e i e c d o t m w m s y r , e e e r a p x e o q e g l d p x o w t u e c p e e y i s e n p p e e — d n s o m e e s s s m e o e b it n e t s o h t n n e ef e r i s y t . s . . . . • 2 4 2 4 8 2 9 6 0 1 4 9 1 , , , , , , , , 2 0 2 6 8 1 9 5 0 3 6 9 2 8 7 4 7 5 9 7 2 1 9 1 4 2 3 1 1 1 0 7 3 0 2 1 2 6 5 1 7 6 1 7 , , , , , , , , 7 6 0 3 2 5 8 3 4 4 8 2 3 3 2 6 8 1 9 5 5 4 2 4 9 8 2 5 1 1 4 4 2 3 7 7 1 0 , , , , , , , , 1 5 3 7 8 0 4 7 6 9 7 4 8 2 7 5 7 9 2 4 7 0 9 4 1 1 2 2 8 1 5 1 2 1 6 3 4 3 1 3 , , , , , , , , 0 8 2 7 1 4 2 2 6 3 8 9 3 1 9 3 7 5 5 0 4 6 0 5 7 4 6 1 1 3 2 9 9 6 2 8 , , , , , , , 1 7 8 1 9 6 7 A 5 4 7 7 4 0 6 l 8 2 4 0 0 7 4 l 9 8 2 6 1 1 0 2 2 4 7 6 1 2 , , , , , , , , 8 8 6 0 0 9 0 6 6 8 3 1 0 6 4 4 1 8 5 8 3 2 6 4 2 2 1 4 1 8 5 2 3 8 5 5 4 2 6 2 6 , , , , , , , , 5 1 1 0 4 5 1 5 5 0 3 4 2 2 6 0 3 8 8 3 7 7 8 3 4 4 3 1 1 4 6 2 6 5 0 3 , , , , , , , 3 5 4 5 3 8 1 4 6 9 8 3 5 2 2 3 1 0 2 2 6 4 4 0 4 2 3 1 9 8 4 7 5 0 1 , , , , , , , 2 4 5 8 3 3 6 4 2 5 2 9 2 2 1 8 6 2 2 7 4 0 2 0 4 6 5 1 1 2 5 0 3 8 5 1 1 , , , , , , , , 6 8 2 8 0 0 9 5 0 4 1 7 3 0 6 2 1 9 7 3 8 9 5 8 6 6 6 1 1 4 8 5 2 8 9 2 1 ; ; ! ; ; ; ; ; 9 9 2 2 2 0 8 8 4 5 0 6 5 6 1 1 9 5 9 9 5 3 7 2 4 3 1 7 4 0 3 0 5 5 1 8 6 7 4 1 4 , , , , , , , . 1 9 3 3 3 8 6 8 9 0 6 4 0 4 1 4 1 3 8 6 5 5 4 6 Net current earnings before income taxes. 163,622 862,671 154,635 243,845 141,834 160,670 432,151 106,782 80,038 145,763163,890 487,344 Recoveries, transfers from reserves, and profits 27,619 166,650 21,017 91,948 15,910 22,859 127,488 15,885 9,605 22,455 19,768 86,189 On securities: Profits on securities 17,097 87,885 13,645 53,609 12,065 17,208 98,825 9,425 6,622 14,670 12,237 59,136 Recoveries 263 2,405 228 372 85 115 1,799 328 198 308 141 891 Transfers from reserves.... 1,982 28,867 1,545 10,688 1,265 677 14,538 1,970 567 3,607 1,995 11,897 On loans: Recoveries 326 978 483 615 412 598 628 513 1,032 1.650 2,266 729 Transfers from reserves.... 1,947 20,491 2,887 4,641 421 1,620 6,810 1,920 174 '407 1,294 4,625 All other 6,004 26,024 2,229 22,023 1,662 2,641 4F" 1,729 1,012 1,813 1,835 8,911 charge-offs, and transfers to reserves 37,889 244,830 32,481 82,961 24,157 33,874 133,787 22,742 10,934 27,334 35,737 121,447 On securities: Sold 2,227 9,383 3,192 1,645 636 2,097 5,492 2,098 369 1,159 726 3,150 Charge-offs prior to sale 167 662 905 2,274 444 255 1,331 548 955 1,359 675 8,625 Transfers to reserves 10,513 45,386 2,008 43,539 3,759 2,289 53,629 5,639 2,033 4,263 5,020 31,964 On loans: Losses and charge-offs 234 959 1,603 1,007 540 1,426 5,636 966 1,248 3,100 3,541 791 Transfers to reserves 16,874 152,889 19,058 26,401 14,652 22,117 55,296 9,980 4,994 12,071 20,253 62,510 All other 7,874 35,551 5,715 8,095 4,126 5,690 12,403 3,511 1,335 5,382 5,522 14,407 Net income before related taxes. 153,352 784,491 143,171 252,832 133,587 149,655 425,852 99,925 78,709 140,884147,921 452,086 Taxes on net income. 73,272 324,745 56,277 102,864 58,379 61,575 169,703 42,145 34,758 60,141 59,173 207,460 Federal 63,084 290,923 55,925102,864 57,266 60,190 168,501 41,367 30,381 56,313 59,094 184,307 State 10,188 33,822 352 1,113 1,385 1,202 778 4,377 3,828 23,153 79 Net income 80,080 459,746 86,894 149,968 75,208 88,080 256,149 57,780 43,951 80,743 244,626 88,748 Cash dividends declared. 41,684 242,871 47,765 56,630 33,570 34,021 92,339 23,898 18,826 28,660 130,207 On preferred stock2. . 5" 750 1 10 243 20 15 42,164 20 On common stock.... 41,63: 242,121 47,763 56,630 33,569 34,011 92,096 23,878 18,811 28,660 42,164 130,187 Memoranda items: Recoveries credited to reserves 3— On securities 111 2,926 289 54 134 1,569 139 18 1,519 1.723 2,013 Lo O ss n e s l o c a h n a s rged to reserves4— 2,354 11,360 2,741 4,339 1,837 9,091 9,506 1,462 1,488 4,375 11,755 On securities 395 5,553 203 1,850 100 327 5,056 550 20 470 63 3,763 On loans 9,951 51,461 8,520 13,576 9,520 16,946 26,410 5,013 4,436 10,564 18,713 37,831 deposits, and capital accounts: Loans 4,63" 26,52: 5,459 7,775 4,402 5,060 13,990 3,249 2,524 4,119 5,154 17,553 U. S. Govt. securities 1,95' 11,310 2,451 4,539 2,420 3,054 8,827 1,962 1,368 2,401 2,715 7,411 Other securities , 711 4,639 948 1,521 710 943 2,972 566 448 741 931 2,530 Cash assets 1,639 11,087 1,926 2,777 1,913 2,610 5,679 1,582 1,030 2,223 2,944 5,658 Other assets 219 2,204 221 273 191 266 497 114 108 150 302 963 Total assets. 9,165 55,76: 11,005 16,885 9,636 11,933 31,965 7,473 5,478 9,634 12,046 34,115 Time deposits , 1,805 13,34' 3,61 5,899 2,58: 2,997 10,589 1,809 1,722 1,965 2,702 14,068 Total deposits , 7,942 47,281 9,743 14,953 8,585 10,743 28,791 6,715 4,947 8,685 10,882 30,716 Total capital accounts. 868 4,882 1,011 1.581 811 972 2,543 650 439 831 1,004 2,325 Number of officers 3,867 11,673 4,400 5,215 4,477 5,069 9,428 3,468 3,058 5,164 5,344 13,571 Number of employees. 24,117 95,514 23,232 29,131 22,409 26,529 55,573 13,783 10,983 17,624 18,724 72,461 Number of banks 261 475 47- 55. 428 420 1,003 478 476 75' 630 160 1 Includes figures for all banks that were members of the Federal 2 Includes interest on capital notes and debentures. Reserve System at the end of the year (including those becoming members 3 Not included in recoveries shown above. during the year whose returns may cover operations for only part of the 4 Not included in losses shown above. year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Asset For other notes see following page. and liability data may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 MEMBER BANK INCOME, 1961 INCOME OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Income in thousands, assets and liability items in millions of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 150,893 95,987 201,228 425,820 203,006 205,194 310,190 140,556 76,691 178,757 213,885 1,380,610 Interest and dividends on securities: U. S. Govt 19,047 11,712 24,640 81,243 33,374 34,055 59,783 23,758 9,830 29,998 37,717 185,426 Other 3,432 5,480 7,823 29,781 8,390 8,848 21,487 6,224 2,750 8,563 7,588 58,432 Interest and discount on loans 90,141 66,929 131,228 249,913 126,054 133,055 189,994 91,741 51,169 119,021 149,099 919,931 Other charges on loans 2,100 1,414 1,706 4,171 2,303 3,249 2,206 860 602 1,159 1,491 25,833 Service charges on deposits.. 4,048 5,652 7,504 17,731 13,829 10,759 15,182 5,048 3,058 7,242 4,275 103,196 Other charges, fees, etc 6,864 1,363 4,032 5,010 5,083 4,220 4,746 2,306 2,316 1,489 2,527 21,889 Trust department 20,636 2,160 21,869 32,911 12,234 8,814 14,860 8,268 6,486 10,084 8,418 45,195 Other current revenue 4,625 1,277 2,426 5,060 1,739 2,194 1,932 2,351 480 1,201 2,770 20,708 Expenses 79,592 66,549 124,594 265,413 128,810 133,242 212,810 81,454 46,532 102,566 123,167 969,594 Salaries—officers 11,689 7,772 14,181 26,628 18,295 16,993 18,707 10,607 6,047 14,819 15,977 102,769 Salaries and wages—others. , 30,029 17,831 40,448 71,754 39,665 37,825 62,016 22,506 15,114 29,993 27,878 255,657 Officer and employee benefits 6,495 3,762 8,975 13,798 6,328 7,461 11,998 5,780 3,435 5,823 6,061 39,870 Directors' fees, etc 240 300 469 618 764 583 516 349 206 478 373 1,151 Interest on time deposits 6,601 19,973 20,923 81,845 25,556 28,912 65,461 16,243 8,304 21,578 33,606 350,407 Interest on borrowed money, 387 233 767 1,890 515 588 1,103 488 286 818 1,708 4,881 Net occupancy expense 6,583 4,933 10,678 14,438 10,114 8,818 14,361 6,230 3,363 6,351 4,698 58,475 Furniture and equipment... 2,572 1,774 4,863 6,997 4,524 4,054 5,249 2,294 1,610 3,242 3,023 29,518 Other current expenses 14,996 9,971 23,290 47,445 23,049 28,008 33,399 16,957 8,167 19,464 29,843 126,866 Net current earnings before income taxes 71,301 29,438 76,634 160,407 74,196 71,952 97,380 59,102 30,159 76,191 90,718 411,016 Recoveries, transfers from reserves, and profits 12,731 8,512 11,225 78,092 7,396 9,912 22,497 8,117 3,624 12,273 7,346 73,503 On securities: Profits on securities 6,069 2,757 7,568 42,741 5,693 6,683 14,856 3,788 3,196 8,352 5,518 48,975 Recoveries 5 25 50 1 15 171 63 1 759 Transfers from reserves..., 541 3,601 868 10,147 525 258 4,982 1,411 101 3,183 1,054 11,725 On loans: Recoveries , 56 3 37 64 32 94 30 1 133 112 20 280 Transfers from reserves..., 1,475 1,571 2,454 4,156 166 1,238 484 1,692 30 37 4,274 Allother 4,585 555 248 20,984 979 1,624 1,974 1,162 i94 595 717 7,490 Losses, charge-offs, and transfers to reserves 14,384 12,237 14,878 65,922 12,729 14,264 24,798 12,129 3,541 9,438 13,357 104,570 On securities: Sold 453 819 165 422 45 752 3,023 1,413 15 295 279 965 Charge-offs prior to sale.., 288 1,959 176 28 165 127 647 401 81 8,605 Transfers to reserves "4,'iii "4^533 1,146 39,450 1,930 891 5,519 4,007 1,018 2,479 1,788 28,264 On loans: Losses and charge-offs 1,049 37 27 225 173 83 65 Transfers to reserves , 6,899 6,228 8,619 18,452 8,308 9,561 11,480 5,676 1,425 5,106 8,891 54,713 Allother 2,920 657 3,611 5,639 2,270 2,995 4,584 906 211 984 2,235 11,958 Net income before related taxes 69,648 25,713 72,981 172,577 68,863 67,600 95,079 55,090 30,242 79,026 84,707 379,949 Taxes on net income. 36,942 10,295 31,831 71,647 31,204 29,711 32,708 25,695 15,380 36,553 35,550 175,823 Federal 31,816 9,004 31,831 71,647 30,460 29,134 31,884 25,171 13,091 34,092 35,550 155,734 State 5,126 1,291 744 577 824 2,289 2,461 20,089 524 Net income 32,706 15,418 41,150 100,930 37,659 37,889 62,371 14,862 42,473 49,157 204,126 29,395 Cash dividends declared. 17,415 11,645 24,008 36,775 17,862 15,980 25,824 7,123 14,201 24,818 112,780 On preferred stock 2.. 148 133 13,058 On common stock.... 11,497 24,008 36,775 "i7,'862 15,980 25,691 7,123 14,201 "\Yl\im Memoranda items: Recoveries credited to reserves 3— On securities 18 1,338 151 344 122 1,477 1,668 1,954 On loans 568 815 1,914 590 1,101 2,397 416 376 1,649 1,946 9,693 Losses charged to reserves4— On securities. 107 1,644 1,701 1 4,275 293 3,718 On loans 3,837 2,729 3,362 7,063 5,127 6,247 10,338 2,220 1,745 4,905 7,401 32,341 Assets, deposits, and capital accounts: Loans 1,654 1,056 2,348 4,700 2,189 2,251 3,491 1,708 918 2,156 2,787 14,941 U. S. Govt. securities 607 368 720 2,559 1,104 1,154 1,990 778 322 999 1,307 6,143 Other securities 146 190 247 926 298 282 759 200 95 283 276 2,122 Cash assets 665 342 1,049 1,810 1,069 1,317 1,603 903 480 1,262 1,591 4,880 Other assets 98 34 99 157 102 107 132 54 37 84 Ml 825 Total assets. 3,170 1,990 4,463 10,152 4,762 5,111 7,975 3,643 1,852 4,784 6,138 28,911 Time deposits , 281 702 797 3,107 958 1,045 2,503 626 308 111 1,364 12,076 Total deposits 2,702 1,785 3,950 8,930 4,249 4,593 7,170 3,250 1,650 4,285 5,511 25,995 Total capital accounts. 342 156 399 982 372 412 608 320 157 420 513 1,937 Number of officers 950 630 1,104 1,903 1,578 1,448 1,262 897 480 1,253 1,223 10,843 Number of employees. ,030 4,709 10,223 16,668 11,206 10,589 15,135 6,722 3,853 8,046 7,157 59,632 Number of banks 16 25 18 11 35 21 24 * Not including central reserve city banks. employees, and banks are as of the end of the year. Cash assets are com- NOTE.—The figures of assets, deposits, and capital accounts are aver- prised of cash, balances with other banks (including reserve balances), and ages of the amounts reported for four consecutive official call dates begin- cash items in process of collection. Total capital accounts are comprised ning with the end of the previous year and ending with the fall call of the of the aggregate book value of capital stock, capital notes and debentures, current year. Previously the average of the call dates at the beginning, surplus, undivided profits, reserves for contingencies, and other capital middle, and end of each year, and the last-Wednesday-of-the-month figures reserves. for the 10 intervening months, were used. Data for previous years shown For other notes see preceding page. in these tables have been revised to the new basis. The number of officers, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1961 647 INCOME OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Income in thousands, assets and liability items in millions of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 288,772 705,366 285,642 289,360 214,621 304,319 647,727 156,839 169,167 214,432 245,134 266,654 Interest and dividends on securities: U. S. Govt 40,834 111,145 50,414 60,221 39,285 58,311 152,088 36,660 33,765 44,864 44,461 38,887 Other. 14,345 52,560 19,909 17,428 11,377 19,208 41,793 10,459 10,674 13,096 17,272 12,530 Interest and discount on loans 181,520 439,314 183,592 181,001 137,197 181,850 377,569 95,213 101,668 127,882 153,900 170,648 Other charges on loans 1,479 6,974 1,839 1,559 2,196 2,964 5,622 768 1,579 1,391 1,012 6,558 Service charges on deposits. . 24,287 48,091 11,600 16,743 13,712 25,297 40,364 8,040 12,817 18,300 18,800 23,453 Other charges, fees, etc 4,294 8,900 3,137 3,527 4,112 6,607 10,643 2,665 5,636 4,426 4,309 7,682 Trust department 19,073 32,008 12,802 6,349 5,244 7,291 13,986 1,558 1,474 2,113 2,536 4 952 Other current revenue 2,940 6,374 2,349 2,532 1,498 2,791 5,662 1,476 1,554 2,360 2,844 1,944 Expenses 196,451 515,565 207,641 205,922 146,983 215,601 478,974 109,159 119,288 144,860 171,962 190,326 Salaries—officers . • 28,623 60,506 26,032 28,655 23,822 33,793 69,704 20 307 21 940 33 527 35,823 26 733 Salaries and wages—others. . 54,870 118,052 42,124 41,462 33,493 52,237 98,741 22,074 22,438 30,608 38,031 48,948 Officer and employee benefits. 13,632 24,762 8,824 8,032 6,336 9,442 20,338 4,344 5,787 5,705 6,202 8,475 Directors' fees, etc 2,022 4,188 3,698 2,666 2,080 2,305 4,735 2,043 1,421 2,371 2,582 840 Interest on time deposits.... 39,634 170,142 73,461 69,290 41,414 53,723 168,161 30,189 36,510 31,495 34,411 55,961 Interest on borrowed money. 620 1,156 280 177 257 458 461 73 110 191 104 222 Net occupancy expense 15,388 35,127 13,142 12,052 8,593 15,200 29,336 7,200 7,117 9,614 14,551 13,339 Furniture and equipment.... 7,117 15,923 5,916 6,238 4,897 8,590 13,455 3,530 3,710 4,975 5,846 7,828 34,545 85,709 34,164 37,350 26,091 39,853 74,043 19,399 20,255 26,374 34,412 27,980 Net current earnings before income taxes .... . 92,321 189,801 78,001 83,438 67,638 88,718 168,753 47,680 49,879 69,572 73,172 76,328 Recoveries, transfers from reserves, and profits 14,888 33,081 9,792 13,856 8,514 12,947 47,792 7,768 5,981 10,182 12,422 12,686 On securities: Profits on securities 11,028 17,699 6,Gil 10,868 6,372 10,525 37,389 5,637 3,426 6,318 6,719 10 161 258 2,328 178 372 84 100 1,396 265 198 307 141 132 Transfers from reserves... 1,441 5,028 677 541 740 419 3,926 559 466 424 941 172 On loans: Recoveries. 270 583 446 551 380 504 558 512 899 1,538 2,246 449 Transfers from reserves... 472 3,698 433 485 255 382 1,979 228 174 377 1,257 351 All other 1,419 3,745 1,981 1,039 683 1,017 2,544 567 818 1,218 1,118 1,421 Losses, charge-offs, and transfers to reserves . •. 23,505 57,546 17,603 17,039 11,428 19,610 40,394 10,613 7,393 17,896 22,380 16,877 On securities: Sold. . .. 1,774 5,959 3,027 1,223 591 1,345 1,530 685 354 864 447 2,185 Charge-offs prior to sale..« 167 562 617 315 268 in 825 421 308 958 594 20 Transfers to reserves 6,401 13,549 862 4,089 1,829 1,398 8,821 1,632 1,015 1,784 3,232 3,700 On loans: Losses and charge-offs 234 955 554 1,007 540 1,389 1,925 966 1,023 2,927 3,458 726 Transfers to reserves 9,975 31,070 10,439 7,949 6,344 12,556 22,290 4,304 3.569 6,965 11,362 7,797 All other 4,954 5,451 2,104 2,456 1,856 2,695 5,003 2,605 1J24 4,398 3,287 2 449 Net income before related taxes. 83,704 165,336 70,190 80,255 64,724 82,055 176,151 44,835 48,467 61,858 63,214 72,137 Taxes on net income 36,330 57,432 24,446 31,217 27,175 31,864 61,088 16,450 19,378 23,588 23,623 31,637 Federal 31,268 52,002 24,094 31,217 26,806 31,056 60,710 16,196 17,290 22,221 23,544 28,573 State 5,062 5,430 352 369 808 378 254 2,088 1,367 79 3,064 Net income 47,374 107,904 45,744 49,038 37,549 50,191 115,063 28,385 29,089 38,270 39,591 40,500 24,269 48,762 23,757 19,855 15,708 18,041 35,044 10,840 11,703 14,459 17,346 17,427 On ©referred stock 2 52 602 1 10 110 20 15 20 On common stock 24,217 48,160 23,755 19,855 15,707 18,031 34,934 10,820 11,688 14,459 17,346 17,407 Memoranda items: Recoveries credited to reserves 3— On securities 93 284 15 138 54 134 648 17 18 42 55 59 On loans 1,786 5,103 1,926 2,425 1,247 7,990 5,354 1,046 1,112 2,726 4,970 2,062 Losses charged to reserves 4— 288 3,009 203 149 99 327 151 257 20 470 63 45 On loans 6,114 17,334 5,158 6,513 4,393 10,699 13,556 2,793 2,691 5,659 11,312 5,490 Assets, deposits, and capital accounts: Loans 2 986 7,371 3 111 3,074 2,212 2,809 6,128 1,542 1,607 1,963 2,367 2,612 U. S. Govt. securities 1,350 3,581 1,731 1,981 1,316 1,900 4,904 1,183 1,046 1,401 1,408 1,268 564 1,829 701 595 412 661 1,462 366 353 459 655 408 Cash assets. 974 1,929 877 967 845 1,293 2,156 679 549 961 1,353 778 Other assets 121 111 122 116 89 159 223 60 71 66 125 138 Total assets 5,995 14,987 6,542 6,733 4,874 6,822 14,873 3,830 3,626 4,850 5,908 5,204 Time deposits 1,524 6,280 2 817 2,792 1,624 1,952 6,268 1,183 1,414 1,188 1,338 1,992 Total deposits 5,240 13,515 5,793 6,023 4,336 6,150 13,567 3,465 3,297 4,400 5,371 4,721 Total capital accounts 525 1,112 612 600 439 560 1,097 330 282 411 490 388 2,917 5,787 3,296 3,312 2,899 3,621 6,969 2,571 2,578 3,911 4,121 2,728 Number of employees 16,087 31,886 13,009 12,463 11,203 15,940 28,484 7,061 7,130 9,578 11,567 12,829 256 456 468 530 412 395 976 460 465 122 609 136 For notes see preceding 2 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 MEMBER BANK INCOME, 1961 INCOME RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentage] Central reserve All member banks city member Reserve banks city Country member member Item banks banks New Chicago York 1957 1958 1959 1960 1961 1961 Summary ratios: Percentage of total capital accounts: 18.2 16.8 18.6 19.6 17.5 17.8 19.8 18.9 15.9 14.7 17.4 12.8 17.5 16.5 16.4 18.4 18.2 14.8 8.4 9.7 7.9 10.1 9.6 9.3 9.4 10.1 9.2 4.3 4.3 4.4 4.4 4.4 5.0 3.8 4.9 3.8 Percentage of total assets: 3.75 3.76 4.07 4.37 4.28 3.85 3.88 4.32 4.50 Net current earnings before income taxes. 1.41 1.32 1.48 1.60 1.46 1.66 1.82 1.51 1.29 .65 .77 .63 .83 .80 .87 .86 .81 .75 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: 17.3 17.8 17.3 15.8 16.7 14.4 17.0 15.4 18.8 Other securities 5.0 5.8 5.5 5.2 5.6 5.5 6.4 4.7 6.4 62.1 60.7 62.2 64.2 63.7 61.5 62.4 66.0 62.4 Service charges on deposit accounts 5.2 5.4 5.2 5.2 5.3 2.2 .7 5.5 6.9 10.4 10.3 9.8 9.6 8.7 16.4 13.5 8.4 5.5 Total revenue. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.7 27.8 26.2 25.6 25.6 24.2 21.3 25.5 26.7 3.6 4.9 4.5 3.3 3.2 13.7 15.8 15.8 16.1 18.7 12.6 13.8 19.0 21.2 4.6 5.4 3.6 4.2 4.8 21.0 ,21.2 21.6 21.6 13.4 9.8 9.9 13.2 15.4 62.4 64.8 63.6 63.3 65.9 56.9 53.1 65.2 71.3 Net current earnings before income taxes.... 37.6 35.2 36.4 36.7 34.1 43.1 46.9 34.8 28.7 Net losses including transfers (or recoveries 7.1 +1.3 11.2 3.9 2.0 3.4 3.2 1.3 1.9 Taxes on net income 13 2 16.1 9.6 13.9 13.5 17.2 21.5 14.9 10.2 17.3 20.4 15.6 18.9 18.6 22.5 22.2 18.6 16.6 Rates of return on securities and loans: Return on securities: 2.51 2.51 2.74 3.14 3.05 2.93 3.11 3.05 3.08 2.52 2.65 2.67 2.91 2.91 3.11 3.01 2.90 2.84 Net losses (or recoveries and profits +) * .35 + .81 1.71 + .12 + .52 + .65 + 1.69 + .55 + .35 Return on loans: 5.35 5.35 5.75 5.92 5.84 5.07 5.06 5.88 6.26 Net losses (or recoveries +) l • • • .07 .06 .04 .18 .16 .14 .10 .16 .16 Distribution of assets: Percentage of total assets: 25.8 26.6 25.7 22.0 23.4 19.0 21.2 21.8 27.4 Other securities 7.5 8.2 8.4 7.9 8.2 6.8 8.2 7.0 10.0 Loans 43.6 42.7 44.0 47.4 46.7 46.7 47.9 48.5 44.8 21.2 20.4 19.9 20.5 19.1 22.7 21.1 20.4 15.9 Other assets 1.9 2.1 2.0 2.2 2.6 4.8 1.6 2.3 1.9 Other ratios: Total capital accounts to: Total assets . .. 7.8 7.9 8.0 8.2 8.3 9.3 9.2 8.0 8.1 Total assets less U. S. Govt. securities and 14.6 14.9 14.7 14.2 14.5 16.0 15.9 13.8 14.3 Total deposits 8.7 8.8 8.9 9.2 9.4 11.3 10.4 8.9 9.0 Time to total deposits . .. 27.3 29.5 30.6 30.4 33.2 19.9 22.6 33.1 40.0 Interest on time deposits to time deposits 2.10 2.24 2.36 2.61 2.73 2.95 2.69 2.77 2.65 6,393 6,312 6,233 6,174 6,113 13 9 206 5,885 1 Net losses is the excess of (a) actual losses charged against net profits have an equally important influence on the result. In the ratios based plus losses charged against valuation reserves over (b) actual recoveries on aggregates presented here, the experience of those banks in each group and profits credited to net profits plus recoveries credited to valuation whose figures are largest have a much greater influence than that of the reserves; net recoveries and profits is the reverse. Transfers to and from many banks with smaller figures. Ratios based on aggregates show valuation reserves are excluded. combined results for the banking system as a whole, and, broadly speak- NOTE.—The ratios in this and the following three tables were computed ing, are the more significant for purposes of general analyses of credit from the dollar aggregates shown in preceding tables. Many of these and monetary problems, while averages of individual ratios are useful ratios vary substantially from the average of individual bank ratios, primarily to those interested in studying the financial results of operations which were shown in the April BULLETIN, in which each bank's figures of individual banks. —regardless of size or amount—are weighted equally and in general Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1961 649 INCOME RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 18.9 17.7 15.3 15.4 17.5 16.5 17.0 16.4 18.2 17.5 16.3 21.0 Net income before related taxes 17.7 16.1 14.2 16.0 16.5 15.4 16.7 15.4 17.9 17.0 14.7 19.4 Net income 9.2 9.4 8.6 9.5 9.3 9.1 10.1 8.9 10.0 9.7 10.5 Cash dividends declared 4.8 5.0 4.7 3.6 4.1 3.5 3.6 3.7 4.3 3.4 4.2 5.6 Percentage of total assets: Total operating revenue 4.80 4.11 4.42 4.24 4.33 4.27 4.10 3. 4.49 4.08 3.81 4.83 Net current earnings before income taxes 1.79 1.55 1.41 1.44 1.47 1.35 1.35 1.43 1.46 1.51 1.36 1.43 Net income .87 .82 .79 .78 .74 .77 .80 .84 .74 .72 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U. S. Govt. securities 13.6 14.7 15.4 19.8 17.4 18.1 20.7 20.3 17.7 19.0 17.9 13.6 Other securities 4.0 6.1 5.7 6.6 4.7 5.5 6.6 5.6 5.5 5.5 5.4 4.3 Earnings on loans 62.6 62.5 65.4 61.0 64.1 63.0 60.7 63.4 63.1 63.5 66.6 68.2 Service charges on deposit accounts 6.5 3.8 3.9 4.8 6.6 7.1 4.4 4.4 6.4 6.5 5.0 7.7 All other revenue 13.3 12.9 9.6 7.8 7.2 6.3 7.6 6.3 7.3 5.5 5.1 6.2 Total revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.5 24.6 25.2 23.6 27.6 27.7 24.8 25.4 26.6 27.7 25.6 26.4 Officer and employee benefits 4.6 4.4 3.6 3.0 3.0 3.3 3.7 3.4 3.8 2.9 2.7 2.9 Interest on time deposits 10.5 16.5 19.4 21.1 16.0 16.2 21.5 15.6 18.2 13.5 14.8 24.7 Net occupancy expense 5.0 5.3 4.9 3.7 4.5 4.7 4.3 4.5 4.3 4.1 4.2 4.3 Other current expenses 14.2 11.6 15.1 14.5 14.9 16.6 12.8 15.2 14.5 14.7 17.0 12.1 Total expenses 62.8 62.4 68.2 65.9 66.0 68.5 67.1 64.1 67.4 62.9 64.3 70.4 Net current earnings before income taxes 37.2 37.6 31.8 34.1 34.0 31.5 32.9 35.9 32.6 37.1 35.7 29.6 Net losses including transfers (or recoveries and profits+)1 2.3 3.4 2.4 + 1.3 2.0 2.1 .5 2.3 .6 1.3 3.5 2.1 Taxes on net income 16.7 14.2 11.6 14.4 14.0 12.1 12.9 14.2 14.1 15.3 12.9 12.6 18.2 20.0 17.8 21.0 18.0 17.3 19.5 19.4 17.9 20.5 19.3 14.9 Net income after taxes Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 3.06 2.99 3.06 3.12 3.00 3.02 3.08 3.08 3.19 3.12 3.03 3.03 Interest and dividends on other securities 2.50 3.01 2.93 3.10 2.78 2.98 2.89 2.95 3.00 2.92 2.67 2.80 Net losses (or recoveries and profits+)1. + .55 + .49 + .28 + .35 + .37 + .77 + .26 + .30 + .43 + .35 + .47 Return on loans: Earnings on loans 5.93 5.40 5.83 5.62 6.08 6.35 5.69 5.80 6.06 5.93 6.40 Net losses (or recoveries -f-)x .16 .15 .13 .12 .18 .17 .16 .12 .19 .25 .15 Distribution of assets: Percentage of total assets: U. S. Govt. securities 21.3 20.3 22.3 26.9 25.1 25.6 27.6 26.2 24.9 22.5 21.7 Other securities , 7.8 8.3 8.6 9.0 7.4 7.9 9.3 7.6 7.7 7.7 7.4 Loans 50.6 47.6 49.6 46.1 45.7 42.4 43.8 43.5 42.7 42.8 51.5 Cash assets , 17.9 19.9 17.5 16.4 19.8 21.9 17.8 21.2 23.1 24.5 16.6 Other assets 2.4 3.9 2.0 1.6 2.0 2.2 1.5 1.5 1.6 2.5 2.8 Other ratios: Total capital accounts to: Total assets 9.5 9.2 9.4 8.4 8.1 8.0 8.7 8.0 8.6 8.3 6.8 Total assets less U. S. Govt. securities and cash assets 15.6 14.6 15.3 16.5 15.3 15.5 14.6 16.5 14.3 16.6 15.7 11.0 Total deposits.. 10.9 10.3 10.4 10.6 9.4 9.0 9.7 8.9 9.6 9.2 7.6 Time to total deposits 22.7 28.2 37.1 39.5 30.1 ! 27.9 36.8 26.9 34.8 22.6 24.8 45.8 Interest on time deposits to time deposits... 2.56 2.83 2.61 2.56 2.59 2.76 2.67 2.57 2.60 2.70 2.52 2.89 Number of banks 261 475 474 551 428 420 1,003 478 476 757 630 160 1 Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (b) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 MEMBER BANK INCOME, 1961 INCOME RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 20.8 18.9 19.2 16.3 19.9 17.5 16.0 18.5 19.2 18.1 17.7 21.2 Net income before related taxes 20.4 16.5 18.3 17.6 18.5 16.4 15.6 17.2 19.3 18.8 16.5 19.6 Net income 9.6 9.9 10.3 10.3 10.1 9.2 10.3 9.2 9.5 10.1 9.6 10.5 Cash dividends declared.... 5.1 7.5 6.0 3.7 4.8 3.9 4.2 4.1 4.5 3.4 4.8 5.8 Percentage of total assets: Total operating revenue. 4.76 4.82 4.51 4.19 4.26 4.01 3. 3.86 4.14 3.74 3.48 4.78 Net current earnings before income taxes 2.25 1.48 1.72 1.58 1.56 1.41 1.22 1.62 1.63 1.59 1.48 1.42 Net income 1.03 .77 .92 .99 .79 .74 .78 .81 .80 .71 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U. S. Govt. securities.. 12.6 12.2 12.2 19.1 16.4 16.6 19.3 16.9 12.8 16.8 17.6 13.4 Other securities 2.3 5.7 3.9 7.0 4.2 4.3 6.9 4.4 3.6 4.8 3.6 4.2 Earnings on loans 61.1 71.2 66.1 59.7 63.2 66.4 62.0 65.9 67.5 67.2 70.4 68.5 Service charges on deposit accounts 2.7 5.9 3.7 4.1 6.8 5.3 4.9 3.6 4.0 4.1 2.0 7.5 All other revenue. 21.3 5.0 14.1 10.1 9.4 7.4 6.9 9.2 12.1 7.1 6.4 6.4 Total revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.6 26.7 27.1 23.1 28.6 26.7 26.0 23.6 27.6 25.1 20.5 26.0 Officer and employee benefits 4.3 3.9 4.5 3.2 3.1 3.6 3.9 4.1 4.5 3.2 2.8 2.9 Interest on time deposits 4.4 20.8 10.4 19.2 12.6 14.1 21.1 11.6 10.8 12.1 15.7 25.4 Net occupancy expense 4.4 5.1 5.3 3.4 5.0 4.3 4.6 4.4 4.4 3.6 2.2 4.2 Other current expenses 12.0 12.8 14.6 13.4 14.2 16.2 13.0 14.3 13.4 13.4 16.4 11.7 Total expenses 52.7 69.3 61.9 62.3 63.5 64.9 68.6 58.0 60.7 57.4 57.6 70.2 Net current earnings before income taxes 47.3 30.7 38.1 37.7 36.5 35.1 31.4 42.0 39.3 42.6 42.4 29.8 Net losses including transfers or recoveries and profits+)1 1.1 3.9 1.8 +2.8 2.6 2.1 2.8 + .1 + 1.6 2.8 2.3 Taxes on net income 24.5 10.7 15.8 16.8 15.4 14.5 10.5 18.3 20.0 20.4 16.6 12.7 Net income after taxes 21.7 16.1 20.5 23.7 18.5 18.5 20.1 20.9 19.4 23.8 23.0 14.8 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 3.18 3.42 3.17 3.02 2.95 3.00 3.05 3.05 3.00 2.89 3.02 Interest and dividends on other securities 2. 3.17 3.22 2.82 3.14 2.83 3.11 2.89 3.03 2.75 2.75 Net losses (or recoveries and profits+)1. + .30 + .74 + 1.11 + .39 + .41 + .29 + .22 + .61 + .71 + .43 + .46 Return on loans: Earnings on loans 6.47 5.66 5.41 5.86 6.06 5.51 5.42 5.64 5.57 5.40 6.33 Net losses (or recoveries+)1 + .17 + .15 + .11 + .21 + .23 + .23 + .11 + .16 + .15 + .20 + .15 Distribution of assets: Percentage of total assets: U. S. Govt. securities 19.1 18.5 16.2 25.2 23.2 22.6 25.0 21.3 17.4 20.9 21.3 21.2 Other securities 4.6 9.5 5.5 9.1 6.3 5.5 9.5 5.5 5.1 5.9 4.5 7.3 Loans 52.2 53.1 52.6 46.3 46.0 44.0 43.8 46.9 49.6 45.1 45.4 51.7 Cash assets. 21.0 17.2 23.5 17.8 22.4 25.8 20.1 24.8 25.9 26.4 25.9 16.9 Other assets 3.1 1.7 2.2 1.6 2.1 2.1 1.6 1.5 2.0 1.7 2.9 2.9 Other ratios: Total capital accounts to: Total assets 10.8 7.8 8.9 9.7 7.8 7.6 8.5 8.4 6.7 Total assets less U. S. Govt. securities and cash assets 18.0 12.2 14.8 17.0 14.4 15.6 13.9 16.3 15.0 16.6 15.8 10.8 Total deposits. 12.7 8.7 10.1 11.0 9.0 8.5 9.5 9.3 7.5 Time to total deposits 10.4 39.3 20.2 34.8 22.5 22.8 34.9 19.3 18.7 18.1 24.8 46.5 Interest on time deposits to time deposits.. 2.35 2.85 2.63 2.63 2.67 2.77 2.62 2.59 2.70 2.78 2.46 2.90 Number of banks 21 16 25 18 18 11 35 21 24 * Not including central reserve city banks. and profits credited to net profits plus recoveries credited to valuation 1 Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (b) actual recoveries valuation reserves are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1961 651 INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages.] Federal Reserve district Item Phila- Min- Kan- San Boston New del- Cleve- Rich- At- Chi- St. neap- sas Dallas Fran- York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 17.6 17.1 12.7 13.9 15.4 15.8 15.4 14.4 17.7 16.9 14.9 19.7 Net income before related taxes 15.9 14.9 11.5 13.4 14.7 14.7 16.1 13.6 17.2 15.1 12.9 18.6 Net income ... 9.0 9.7 7.5 8.2 8.6 9.0 10.5 8.6 10.3 9.3 8.1 10.4 Cash dividends declared 4.6 4.4 3.9 3.3 3.6 3.2 3.2 3.3 4.2 3.5 3.5 4.5 Percentage of total assets: Total operating revenue . 4.82 4.71 4.37 4.30 4.40 4.46 4.36 4.10 4.67 4.42 4.15 5.12 Net current earnings before income taxes. 1.54 1.27 1.19 1.24 1.39 1.30 1.13 1.24 1.38 1.43 1.24 1.47 Net income .79 .72 .70 .73 .77 .74 .77 .74 .80 .79 .67 .78 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U S Govt securities 14.1 15.8 17.6 20.8 18.3 19.2 23.5 23.4 20.0 20.9 18.1 14.6 Other securities . .. . .... 5.0 7.5 7.0 6.0 5.3 6.3 6.5 6.7 6.3 6.1 7.0 4.7 Earnings on loans 63.4 63.2 64.9 63.1 64.9 60.7 59.2 61.2 61.0 60.3 63.2 66.5 Service charaes on deposit accounts 8.4 6.8 4.1 5.8 6.4 8.3 6.2 5.1 7.6 8.5 7.7 8.8 All other revenue 9.1 6.7 6.4 4.3 5.1 5.5 4.6 3.6 5.1 4.2 4.0 5.4 Total revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.9 25.3 23.9 24.2 26.7 28.3 26.0 27.0 26.2 29.9 30.1 28.4 Officer and employee benefits 4.7 3.5 3.1 2.8 3.0 3.1 3.1 2.8 3.4 2.7 2.5 3.2 Interest on time deposits 13.7 24.1 25.7 23.9 19.3 17.6 26.0 19.2 21.6 14.7 14.0 21.0 Net occupancy expense 5.3 5.0 4.6 4.2 4.0 5.0 4.5 4.6 4.2 4.5 6.0 5.0 Other current expenses 15.4 15.2 15.4 16.1 15.5 16.8 14.3 16.0 15.1 15.8 17.6 13.8 Total expenses 68.0 73.1 72.7 71.2 68.5 70.8 73.9 69.6 70.5 67.6 70.2 71.4 Net current earnings before income 29.2 32.4 32.0 26.9 27.3 28.8 31.5 26.1 30.4 29.5 29.8 28.6 Net losses including transfers (or recoveries and profits+)i . 3.0 3.5 2.7 1.1 1.4 2.2 + 1.1 1.8 .8 3.6 4.1 1.6 Taxes on net income 12.6 8.1 8.6 10.8 12.6 10.5 9.4 10.5 11.5 11.0 9.6 11.8 Net income after taxes 16.4 15.3 16.0 16.9 17.5 16.5 17.8 18.1 17.2 17.8 16.1 15.2 Rates of return on securities and loans: Return on securities: Interest on U S Govt. securities 3.02 3.10 2.91 3.04 2.99 3.07 3.10 3.10 3.23 3.20 3.16 3.07 Interest and dividends on other securities. 2.54 2.87 2.84 2.93 2.76 2.91 2.86 2.86 3.02 2.85 2.64 3.07 Net losses (or recoveries and profits +)1.. + .48 + .20 + .10 + .38 + .32 + .35 + .58 + .29 + .21 + .24 + .28 + .48 Return on loans: Earnings on loans 6.13 6.05 5.96 5.94 6.30 6.58 6.25 6.22 6.42 6.59 6.54 6.78 Net losses (or recoveries+)1 .14 .17 .11 .15 .15 .13 .16 .14 .11 .22 .32 .14 Distribution of assets: Percentage of total assets: XJ S Govt securities . . 22.5 23.9 26.5 29.4 27.0 27.9 33.0 30.9 28.8 28.9 23.8 24.4 Other securities 9.4 12.2 10.7 8.8 8.5 9.6 9.8 9.6 9.7 9.5 11.1 7.8 49.8 49.2 47.6 45.7 45.4 41.2 41.2 40.3 44.3 40.5 40.1 50.2 Cash assets. . ... 16.2 12.9 13.4 14.4 17.3 19.0 14.5 17.7 15.2 19.8 22.9 15.0 Other assets 2.1 1.8 1.8 1.7 1.8 2.3 1.5 1.5 2.0 1.3 2.1 2.6 Other ratios: Total capital accounts to: Total assets 8.8 7.4 9.4 8.9 9.0 8.2 7.4 8.6 7.8 8.5 8.3 7.5 Total assets less U. S. Govt. securities and cash assets 14.3 11.7 15.6 15.9 16.2 15.4 14.0 16.8 13.9 16.5 15.6 12.3 Total deposits 10.0 8.2 10.6 10.0 10.1 9.1 8.1 9.5 8.6 9.3 9.1 8.2 Time to total deposits . 29.1 46.5 48.6 46.4 37.5 31.7 46.2 34.1 42.9 27.0 24.9 42.2 Interest on time deposits to time deposits... 2.60 2.71 2.61 2.48 2.55 2.75 2.68 2.55 2.58 2.65 2.57 2.81 Number of banks 256 456 468 530 412 395 976 460 465 722 609 136 1 Net losses is the excess of (a) actual losses charged against net profits and profits credited to net profits plus recoveries credited to valuation plus losses charged against valuation reserves over (b) actual recoveries reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM [Figures partly estimated except on call dates; in millions of dollars] Assets Liabilities and capital Bank credit Total assets, Treas- net—• Date c u u r r y - U. S. Govt. obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold s r t o e a u n n c t d - y - Total Lo n a e n t s, m C e o r m ci - al Federal O se t c h u e - r ca i a p t n i i e t d s al, c d u e r a p r n o e d s n i c t y s c m o a u i c s n - c ts . , ing Total and Reserve Other rities net net savings Banks banks 1929—June 29... 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30... 4,031 2,286 42,148 2 ,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.... 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.... 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.... 20,065 4,339 167,381 3(),387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31... . 22,754 4,562 160,832 4C$,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31.... 21,690 5,008 217,437 100.031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1957—Dec. 31.... 22,781 5,146 229,470 11!5,157 91,370 65,792 24,238 1,340 22,943 257,397 236,372 21,023 1958—Dec. 31.... 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—Dec. 31.... 19,456 5,311 255,435 13!5,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—June 29.... 19,300 5,400 252,500 13<U00 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 Dec. 31... . 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Jan. 25.... 17,500 5,400 263,500 141,100 95,900 68,300 26,700 800 26,500 286,400 259,200 27,200 Mar. If.-.. 17,400 5,400 264,700 142,500 95,300 67,800 26,700 800 26,900 287,500 259,500 27,900 Mar. 29.... 17,400 5,400 263,800 142,600 93,700 66,200 26,700 800 27,500 286,600 258,900 27,700 Apr. 26.... 17,400 5,400 265,000 14:L300 94,100 67,100 26,200 800 27,600 287,800 260,600 27,200 May 31... . 17,400 5,400 267,400 144,300 95,500 67,800 26,900 800 27,700 290,200 261,700 28,600 June 30.... 17,550 5,437 269,828 14!5,784 96,121 68,104 27,253 764 27,923 292,816 265,604 27,212 July 26.... 17,500 5,400 272,200 14!5,300 98,700 71,000 26,900 800 28,100 295,100 267,200 27,900 Aug. 30.... 17,500 5,600 272,100 14!5,200 98,500 70,500 27,300 800 28,400 295,100 266,400 28,700 Sept. 27.... 17,500 5,600 276,600 14"7,200 100,200 72,400 27,100 700 29,200 299,600 271,100 28,500 Oct. 25.... 17,300 5,600 278,300 14"7,800 101,500 72,800 28,000 700 29,000 301,200 272,400 28,800 Nov. 29.... 17,000 5,600 280,000 i49;ooo 101,900 72,400 28,800 800 29,100 302,600 273,000 29,600 Dec. 30.... 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 6 rTO7/-kTt-- Date p b e o n d a i s e g e n i - n t t k 2 s, T h c i r u o n a e r l g s a y d h s s - - m s b a c a e a v o A r n n i m c n t d k i g - a s s l B F. a A n R t k . s Total Total m T b C e i a m o r n c m e k ia s - d l ep s M b a o a v u s n i i t n t k u s g s a s * 3 l S S P a y o v s s i t n t e a g m l s p m o D d s a e i e n t - - s d 5 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m o u r n o e s t a d s n a t n e i l c t d d y s j p m u D o a d s a d s e e t n - i e - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29... 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30... 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14*411 4,761 1939—Dec. 30... 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31... 1,498 2,215 1.895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31... 2,141 2,287 24*608 977 150,793 48 452 30 135 15 385 2 932 75,851 26,490 1947—Dec. 31... 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,40C 26,100 1950—Dec. 30... 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,00C 24,600 1955—Dec. 31... 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,500 106,10C 27,400 1957—Dec. 31... 3,270 761 4,179 481 227,681 89,126 56,139 31,662 1,325 110,254 28,301 133,600 105,80C 27,800 1958—Dec. 31... 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134 115,507 28,740 138,800 110,700 28,100 1959—Dec. 31... 3,203 391 5,319 504 246,603 101,779 65,884 34,947 948 115,402 29,422 140,200 112,00C 28,200 1960—June 29... 2,900 400 7,300 500 239,800 103,700 67,400 35,400 800 107,800 28,300 138,000 109,90C 28,100 Dec. 31... 3,184 377 6,193 485 252,926108,468 71,380 36,318 770 115,102 29,356 139,200 lll,00C 28,200 1961—Jan. 25... 3,100 400 3,600 500 251,600 109,000 71,700 36,500 800 114,700 28,000 140,700 112,30C 28,400 Mar. If.. 3,100 400 6,100 400 249,500 110,700 73,300 36,600 700 110,600 28,200 139,400 110,90C) 28,500 Mar. 29... 3,300 400 4,400 500 250,200 111,900 74,200 37,000 700 110,300 28,000 140,400 112,10C) 28,300 Apr. 26... 3,200 400 2,300 500 254,200 112,700 75,000 36,900 700 113,600 27,900 141,500 113.3OC) 28,200 May 31... 1,100 400 5,100 400 254,700 115,700 77,900 37,000 700 110,600 28,400 140,800 112,30C) 28,500 June 30... 1,250 379 6,638 408 256,929 117,280 79,092 37,486 702 110,288 29,361 140,900 112,70C) 28,200 July 26... 1,300 400 5,800 500 259,100117,700 79,500 37,500 700 113,000 28,400 141,500 113,20C) 28,300 Aug. 30... 1,300 400 5,600 500 258,500 118,600 80,200 37,600 700 111,500 28,500 141,300 113,00C) 28,300 Sept. 27... 1,400 400 8,400 500 260,400 119,400 80,800 37,900 700 112,400 28,600 141,900 113,40C) 28,500 Oct. 25... 1,300 400 6,000 400 264,400 120,100 81,400 37,900 700 115,700 28,700 143,800 115,00() 28,800 Nov. 29... 1,200 400 5,700 500 265,100119,800 81,200 38,000 700 116,200 29,100 143,400 114,80() 28,600 Dec. 30... 1,497 422 6,219 465 271,794 121,216 82,145 38,420 651 120,525 30,053 144,800 116,10C) 28,700 f This date used instead of last Wednesday of February. Seasonal 6 Seasonally adjusted series begin in 1946 and are available only for last adjustment factors used, however, were for last Wednesday of February. Wednesday of the month. For description of series and for back data 1 Represents all commercial and savings banks, Federal Reserve Banks, see the BULLETIN for February 1960, pp. 133-36. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—-For description of statement and back figures, see the BULLETIN Tre 2 a B su e r g y i n c n u in rr g e n w cy it h a c M co a u y n t 1 , 9 a 6 n 1 d t E he x c r h e a c n la g s e s i S fi t c a a b ti i o li n z at o io f n d e F p u o n s d it ) s . of foreign f s o li r g h J t a ly n u f a ro ry m 1 t 9 h 4 e 8 , d e p s p c . r i 2 p 4 ti - o 3 n 2 . i n T h th e e c B o U m L p L o E s T i I t N io n a rt o i f c le a ; f s e t w oc k i te o m f s Fe d d if e fe ra rs l central banks reduced this item by $1,900 million ($1,500 million to time Reserve banks held by member banks is included in other securities and deposits adjusted and $400 million to demand deposits adjusted). in capital and miscellaneous accounts, net, and balances of the Postal 3 Excludes interbank time deposits; U. S. Treasurer's time deposits, Savings System and the Exchange Stabilization Fund with the U. S. open accounts; and deposits of Postal Savings System in banks. Treasury are netted against capital and miscellaneous accounts, net, 4 Before June 30, 1947, includes a small amount of demand deposits. instead of against U. S. Govt. deposits and Treasury cash. Total deposits Beginning with June 1961 includes amounts now reported by insured and currency shown in the monthly Chart Book excludes foreign bank demutual savings banks as demand deposits; formerly, before passage of posits, net, and Treasury cash. Except on call dates, figures are rounded the recent amendment of the F.D.I. Act, reported as time deposits or to nearest $100 million and may not add to the totals. other liabilities. 5 Demand deposits other than interbank and U. S. Govt. less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 653 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates; amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i i n c a t n t i - d i a t - e t a l s s l 3 Total2 m D I a n e n - te d rba T n i k m 2 e U. D S e . ma O nd ther Time r B i o n o w g r s - - c c T a o a o p u c i t - n t a a t l s ] b N a b u o n e f m k r s - Govt. Other AH banks: 1939—Dec. 30.. 50,884 22,165 417 ,302 23. 242 9,874 32,516 25,852 26 ,194 15,035 1941—Dec. 31.. 61,126 26,615 511 ,999 27; 816 10,982 44,355 26,479 23 1,414 14,826 1945—Dec. 31.. 140,227 30,362 288 8,577 35,415177,332 165612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 314. 134,924 43,002 81;19910,72338,388175,091161,865 ,793 240 1,346 94,381 53,105 6611,94814,714 1950—Dec. 30.. 148,021 60,386 72,894 14,74141,086191,317175,296 577 462 2,809101,936 56,513 9013,83714,650 1955—Dec. 31.. 190,780100,057 803 242008 220i,44115,059 1,587 3,712 123,238 76,844 16318,112 14,243 1957—Dec. 31.. 203,849115,115 65,792 22,943 49,318 257864 233;020 15,636 1,386 3,903123,993 88,102 80 20,42814,090 1958—Dec. 31.. 221,485121,571 73,641 ,273 49911276',430 25i0,05715,799 2,374 4,253130,132 97,498 8121,70514,020 1959—Dec. 31.. 227,831135,958 65,801 ,071 296 283629 254,885 650 1,443 5,054 131,622101,116 624 22,91513,991 1960—June 29.. 227,200140,990 60,760 25,450 43710 276,710 244,470 300 ',440 7,060 119,557700 103,100 2,17023,77014,000 Dec. 31.. 238,623144,764 67!242 261617 53; 022 298,126 266,196 080 ,800 5,949 133,408107,959 167 24,53913,986 1961—Jan. 25.. 236,450141,590 68,320 26,540 44.610 287,400 255,05015,020 ,800 320 126,380 108,530 60024,68013,986 Mar. If. 238,960144,240 67,840 26,880 46;260 291.510 257,430 14; 420 ,800 110,260 1,860 24 13,978 Mar. 29.. 238,000144,290 66,240 27,470 42;890 287;500 253,340 13,660 ,820 111,500 1,880 24. 13,977 Apr. 26.. 239,630144,950 67,100 27,580 44;200 290;370 256,350 13,500 ,900 112,250 1,750 24! 13,974 May 31.. 241,320145,850 67,800 27,670 44;920 292;830 258;250 13,500 430 115,270 1,740 25;140 13,975 June 30.. 242,192146,164 68,104 27,923 46;457 295;567 262;54713,633 462 116,865 452 25;40513,977 July 26.. 245,600146,450 71,040 28,110 44;,150 296;,460 262;360 13,620 460 117,320 1,230 25.350 13,973 Aug. 30.. 245,880147,030 70,490 28,360 43;170 295;,760 260;560 13,340 460 123;250 118,170 1,880 25;570 13,968 Sept. 27. . 250,870149,300 72,420 29,150 44;950 302;980 267;050 13,930 470 ,160 125 119,010 2,230 25;980 13,965 Oct. 25.. 251,150149,370 72,820 28,960 46;,140304;,230 269;030 14,530 480 ,680 128700 119,640 1,830 25.760 13,951 Nov. 29.. 252,260150,740 72,420 29,100 46;,970 306;,000 270;120 14,920 470 ,460 129790 119,480 1,830 26;030 13,947 Dec. 30.. 256,700154,318 72,715 29,667 57;,368 321;,394 287;176 17,914 482 ,952 141979120,848 482 26;22713,946 All commercial banks 1939—Dec. 30.. 40,668 17,238 ,114 22. ,718 9,874 32,513 15,331 26 6,,8\8514,484 1941—Dec. 31.. 50,746 21,714 ,225 26; ,283 10,982 44,349 15,952 23 ,17314,278 1945—Dec. 31. . 124,019 26,083 331 34,806 160,312 ,227 14,065 105,921 30,241 219 8^950 14;011 1947—Dec. 314. 116,284 38,057 006 37 155,377144,103 ,792 240 1,343 94,367 35,360 6510,05914,181 1950—Dec. 30.. 126,675 52,249 399 40; 168,932155,265 ,577 462 2,806101,917 36,503 90 11,590 14,121 1955—Dec. 31.. 160,881 82,601 688 46;838 2101,734192,254 ,058 1,585 3,709123,187 48,715 15915,300 13,716 1957—Dec. 31.. 170,068 93,899 930 48;428 222; 696 20i; 326 ,636 1,385 3,8~~ 123,967 56,440 77 17,36813,568 1958—Dec. 31.. 185,165 98,214 376 20575 48;990 238,651216,01715,799 2,372 4,250 130,104 63,493 7318,48613,501 1959—Dec. 31.. 190,270110,832 937 20501 49;467 244,686 219903 ,649 1,441 5,050131,593 66,169 615 556 13,474 I960—June 29.. 188,900114,840 21019,850 42;880 237;, 0044002 0290;9; 010 ,300 ,440 7,060 119,540 67,670 2,170 20;280 13,485 Dec. 31. . 199,509117,642 003 20,864 52;150 257,552 229,843 ,079 ,799 5,945133,379 71,641 163 20;986 13,472 1961—Jan. 25. . 197,020114,210 61,880 20.930 43.810 246.590 218,53015,020 ,800 3,320 126;,,35O 72,040 600 21100 13,472 Mar. If. 199,300116,720 61,31021;270 45;430 250;430 220,,76014,420 ,800 5,830 1125,090 73,620 860 21,170 13,464 Mar. 29. . 197,990116,640 59,670 2i;680 42;040 246;020 216,330 13,660 ,820 4,160 112222,;170 74,520 880 2117013,463 Apr. 26.. 199,720117,180 60,740 2i;800 43;400 249;040 219,390 13,500 1,900 2,010 1126,660 75,320 ,750 21200 13,460 May 31.. 201,160117,850 61,450 2i;860 44;090 251;240 221,180 13,500 430 4,790 1124,230 78,230 ,740 21,49013,461 June 30.. 201,848117,953 61,824 22;07145 595 253;749 224-,99713,633 461 6,362 1125,161 79,380 443 21,74513,463 July 26.. 205,070118,070 64,740 22;260 43320 254;480 224-,79013,620 460 5,550 12'5"',,350 79,810 ,230 21,68013,459 Aug. 30.. 205,120118,450 64,160 22;510 42370 253.580 222,87013,340 460 5,340 123,,190 80,540 ,880 21870 13,454 Sept. 27.. 209,910120,520 66,130 23;260 44130 260;560 22908013,930 470 88;/ 160 125,42081,100 ,230 22250 13,451 O N c o t v . . 2 2 5 9 . . . . 2 2 1 1 0 1 , , 2 2 9 5 0 0 1 1 2 2 0 1 , , 4 6 7 7 0 0 6 6 6 6 , , 6 2 3 1 0 0 2 2 3 3 ; ; 3 1 7 9 0 0 4 4 6 53 1 2 3 0 0 2 2 6 6 1 3 ; ; 9 5 1 1 0 0 2 2 3 3 2 1 ; 0 0 5 7 0 0 1 1 4 4 , ; 530 4 4 8 7 0 0 5 5, ,6 4 8 6 0 0 1 1 2 2 8 9 , , 6 7 4 3 0 0 8 8 1 1 , , 7 4 2 9 0 0 , , 8 8 3 3 0 0 2 2 2 20 2 6 9 0 0 1 1 3 3 , , 4 4 3 3 3 7 Dec. 30. . 215,441124,925 66,578 23;937 56432 278;561248,68917,914 481 5,946141,920 82,429 471 22,45913,432 All member banks: 1939—Dec. 30.. 33,941 13,962 14,328 782 340 9,257 154 743 27,489 11,699 5,522 6,362 1941—Dec. 31.. 43,521 18,021 19,539 123 71710,385 140 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 070 29,845 304 129,670 13,576 64 2"2,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. 97,846 32,628 57,914 304 32,845132060 122 ,5"2"8 '12,353 50 ,176 80,609 28,340 54 8,464 6,923 1950—Dec. 30.. 107,424 44,705 52,365 355 35; 524 144,660 1331,08913,106 341 2,523 87,783 29,336 79 9,695 6,873 1955—Dec. 31.. 135,360 70,982 50,697 680 41,416179414 163,75714,512 1,353 3,327105,400 39,165 13712,783 6,543 1957—Dec. 31.. 142,353 80,950 47,079 324 42;746 188,828170,63715,082 1,246 3,472105,547 45,290 14,554 6,393 1958—Dec. 31.. 154,865 84,061 54,299 504 43188 202,017182,81615,227 2,187 3,822110,448 51,132 Si1s5;,460 6,312 1959—Dec. 31.. 157,879 94,779 46,81316,287 43509 205; 726 184706 15,048 1,338 4,504110,989 52,827 16,264 6,233 1960—June 29.. 156,593 97,898 42,980 15,71537977 199,243175 200 12,775 1,298 6,360100,790 53,977 58116,822 6,212 Dec. 31.. 165,619 99,933 49,10616,579 45,756 216,577193,02916,436 1,639 5,287112,393 57,272 2,016390 17,398 6,174 1961— M Ja a n r . . 25 If .. . 1 16 6 6 3 , , 0 2 1 4 6 0 9 9 6 9 , , 7 5 7 5 3 8 4 4 9 9 , , 8 43 0 8 6 1 17 6, ;0 66 2 1 0 3 3 8 9 : 9 1 0 7 0 4 2 2 0 1 6 1 ,507 182,6031 1 4 3 , , 4 9 6 1 5 2 1 1, , 6 6 3 3 9 6 2 5 , ,1 9 7 1 9 4 1 1 0 05 5 , , 3 9 5 9 3 0 5 59 7 , , 3 5 1 9 9 8 , 5 8 6 2 3 5 1 17 7 , , 6 4 2 6 9 4 6 6, , 1 1 6 6 0 4 Mar. 29.. 164,875 99,473 48,030 17372 36842 207,099181,43713,181 1,664 3,721102,770 60,101 ,82717,651 6,151 Apr. 26.. 166,398 99,913 49,020 17465 38007 209',737184,11813,007 1,741 1,706 '1"0'6,839 60,825 ,720 17; 6836,147 May 31.. 167,450100,140 49,817 493 38735211,580 185,72713,025 268 4,198 104,693 63,543 ,63917,865 6,147 June 30.. 168,049 99,992 50,361 696 40084 213,719189,22613,077 276 5,731105,568 64,574 382 18,027 6,141 July 26.. 170,893100,098 52,907 37 214,376188,91613,070 275 5,027105,579 64,965 ,17817,981 6,138 Aug. 30.. 170,850100,379 52,358 113 36 213,235186,81612,787 270 4,738103,427 65,594 ,822 18,141 6,137 Sept. 27.. 174,936102,355 53,863 719 38 219,287192,30513,325 28: 7,293105,312 66,093 ,12818,386 6,132 Oct. 25.. 175,084102,107 54,290 18687 39; 220,414 193,86313,913 293 5,020108,063 66,574 18,293 6,122 Nov. 29.. 175,827103,129 53,874 824 40394 221,715194,66614,294 288 4,793108,894 66,397 |795 18,478 6,116 Dec. 30.. 179,599106,232 54,058 308 49579 235; 112 209; 63017,195 303 5,381119,595 67,157 43818,638 6,113 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 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] Loans and investments Deposits Total assets— Total Interbank2 Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b o a i a l a l u p i i n c a t n i - d i t - t e a s s l 3 TotaP m D a e n - d Time U.S D . emand Time r B i o n o w g r s - - c c a o a p u c i - n ta ts l ba b o n e f k r s Govt. Other All mutual savings banks 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 7 1,592 542 1947—Dec. 31 4... 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,,1009 2 247 529 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 4 51 2288,,129 4 2,812 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 4 26 3311,,662 3 3,059 522 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 3 2934,006 8 3,219 519 1959—Dec. 31.... 37,561 25,126 6,864 5,570 829 38,943 34,983 4 29 34,948 10 3,359 517 1960—June 29 38,300 26,150 6,550 5,600 830 39,670 35,460 30 35,430 (5) 3,490 515 Dec. 31 39,114 27,122 6,239 5,752 872 40,574 36,353 29 36,318 4 3,553 514 1961—Jan. 25.... 39,430 27,380 6,440 5,610 800 40,810 36,520 30 36,490 (5) 3,580 514 Mar. If... 39,660 27,520 6,530 5,610 830 41,080 36,670 30 36,640 (5) 3,620 514 Mar. 29 40,010 27,650 6,570 5,790 850 41,480 37,010 30 36,980 (5) 3,630 514 J A M u p n a r y e . 2 3 3 6 0 1 4 4 3 0 0 9 , , , 3 1 9 4 6 1 4 0 0 2 2 2 8 7 8 , , , 2 7 0 1 7 0 1 0 0 6 6 6 , , , 3 3 2 6 5 8 0 0 1 5 5 , , 7 8 8 8 1 5 0 0 2 8 8 8 6 0 3 2 0 0 4 4 41 1 1 , , , 8 3 5 1 3 9 8 0 0 3 3 3 7 6 7 , , , 5 9 0 5 6 7 1 0 0 3 3 5 0 0 8 3 3 3 7 6 7 , , , 4 9 0 8 3 4 7 0 0 ( ( 5 5 ) ) 9 3 3 3 , , , 6 6 6 0 5 6 0 0 0 5 5 5 1 1 1 4 4 4 July 26 40,530 28,380 6,300 850 830 41,980 37,570 8 60 37,510 (5) 3,670 514 Aug. 30 40,760 28,580 6,330 850 800 42,180 37,690 60 37,630 (5) 3,700 514 Sept. 27 40,960 28,780 6,290 890 820 42,420 37,970 60 37,910 (5) 3,730 514 N Oc o t v . . 2 2 9 5 4 41 0 , , 0 8 1 6 0 0 2 2 8 9 , , 9 0 0 7 0 0 6 6 , , 1 2 9 1 0 0 5 5, ; 7 7 3 7 0 0 8 8 2 4 0 0 4 4 2 2 , , 3 4 2 9 0 0 3 3 7 8 , , 9 0 8 5 0 0 ( 5 ) 6 6 0 0 3 3 7 7 , , 9 9 2 9 0 0 ( ( 5 5 ) ) 3 3 , , 7 7 0 4 0 0 5 5 1 1 4 4 Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 60 38,420 11 3,768 514 Centra] reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 7 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1 648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947_Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1955—Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1,085 756 20,719 2,303 1 2,745 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—Dec. 31.... 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 1960—June 29 25,320 18,060 5,273 1,987 7,773 34,600 28,654 4,339 985 1,415 18,379 3,536 473 3,427 16 Dec. 31 27,726 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3 554 15 1961—Jan. 25 26,821 17,387 7,062 2,372 7,561 36,048 29,979 4,661 1,221 589 19,257 4,251 99 3,569 15 Mar. If..., 27,690 18,141 6,975 2,574 8,640 38,000 31,031 4,419 1,220 992 19,960 4,440 891 3,584 15 Mar. 29 27,370 18,278 6,358 2,734 7,837 37,093 30,324 4,316 1,237 818 19,203 4,750 477 3,575 15 Apr. 26 27,725 18,447 6,588 2,690 8,037 37,668 30,722 3,891 1,281 204 20,415 4,931 593 3,592 15 May 31...., 27,756 18,179 7,116 2,461 8,144 37,811 31,012 4,150 161 754 19,568 6,379 390 3,630 15 June 30 28,220 18,054 7,642 2,524 8,616 38,741 32,225 4,211 167 1,380 19,832 6,635 121 3,634 15 July 26 28,732 18,100 8,090 2,542 7,820 38,619 31,717 4,027 169 1,203 19,532 6,786 392 3,626 15 Aug. 30 28,505 17,643 8,186 2,676 7,350 37,795 30,352 3,735 166 888 18,639 6,924 902 3,656 15 Sept. 27 29,453 18,183 8,402 2,868 8,066 39,540 31,890 3,905 173 1,485 19,317 7,009 1,106 3,670 14 Oct. 25 28,746 18,022 7,942 2,782 8,168 38,857 31,455 3,903 178 967 19,323 7,084 860 3,692 14 Nov. 29 29,066 18,398 7,908 2,760 8,044 39,058 31,847 4,042 176 831 19,693 7,105 602 3,702 14 Dec. 30 30,297 19,535 7,862 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30..... 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 3 174 4,604 ,103 490 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,286 11 222 5,165 ,327 3 628 13 1957—Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 15 195 4,904 ,345 4 689 14 1958—Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 34 249 5,136 ,438 3 733 14 1959—Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 23 272 5,070 ,468 40 762 14 I960—June 29 6,598 4,342 1,620 636 1,854 8,546 7,474 1,151 48 407 4,442 ,426 161 769 11 Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 61 327 4,899 ,530 35 822 10 1961—Jan. 25 6,875 4,195 1,989 691 1,814 8,809 7,733 1,254 63 141 4,743 ,532 88 821 10 Mar. If.... 7,094 4,534 1,886 674 1,894 9,118 7,950 1,221 64 285 4,665 ,715 138 826 10 Mar. 29 7,049 4,403 1,939 707 1,635 8,826 7,436 1,188 79 232 4,256 ,681 362 827 10 Apr. 26 6,847 4,401 1,682 764 1,730 8,718 7,643 1,162 82 57 4,625 ,717 54 831 10 May 31 7,051 4,291 1,994 766 1,897 9,091 7,978 1,186 10 219 4,704 ,859 73 841 10 June 30 7,020 4,249 2,058 714 1,899 9,068 8,037 1,125 10 380 4,602 ,920 10 848 10 July 26 7,211 4,151 2,301 759 1,954 9,307 8,227 1,205 10 385 4,700 ,927 56 841 10 Aug. 30 7,165 4,191 2,227 747 1,769 9,073 7,901 1,190 10 281 4,494 ,926 131 852 10 Sept. 27 7,278 4,212 2,229 838 1,864 9,296 8,153 1,211 9 476 4,527 ,931 94 856 9 Oct. 25 7,562 4,359 2,364 839 1,841 9,561 8,250 1,255 14 304 4,728 ,949 254 855 9 Nov. 29 7,329 4,341 2,111 877 2,019 9,502 8,284 1,271 15 251 4,790 ,957 137 866 9 Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 1,624 14 369 5,268 2,008 35 870 9 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 655 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] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i i n c a t t i d i - - t a e a l s l Total 2 D In e t - erba T n i k m 2 e Dema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s counts 3 U. S. Other Govt. Reserve City member banks: 6 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1 828 346 1941_Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 111,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 \ 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,391 57 976 32,36611,647 3,322 336 1955—Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,207 239 1,288 39,83516,164 82 4,641 292 1957—Dec. 31 55,259 32,805 17,352 5,102 1177,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 1,429 42,259 2211,074 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,66821,555 238 6,106 265 1960—June 29 59,563 39,421 14,846 5,29615,786 77,090 68,028 6,062 241 2,591 37,966 "2,1168 1,064 6,257 223 Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,r~ 326 1,960 42:,,267 22,525 73 6,423 217 1961—Jan. 25 61,879 38,763 17,568 5,54815,789 79,543 70,958 7,020 326 1,085 39,88322,644 237 6,422 214 Mar. 1| 63,470 40,282 17,521 5,66716,243 81,632 72,418 6,836 329 2,130 39,4 '8"8" 23,635 577 6,573 213 Mar. 29 62,559 39,928 16,947 5,68414,891 79,359 70,197 6,316 311 1,474 38,474 23,622 694 6,589 206 Apr. 26 63,418 39,916 17,805 5,69715,529 80,838 71,556 6,554 341 617 40,077 23,967 879 6,588 205 May 31 1 63,706 40,015 17,876 5,815 15,920 81,549 72,113 6,343 60 1,608 3.9,290 24,812 885 6,640 205 June 30 63,670 39,747 18,053 5,87016,529 82,141 73,557 6,335 62 2,241 39,72125,199 131 6,684 205 July 26 65,089 39,910 19,171 6,008 15,733 82,777 73,695 6,443 59 1,999 39,"8 6"6 2'5 ,328 535 6,685 204 Aug. 30 65,112 40,401 18,650 6,061 15,109 82,161 72.926 6,456 57 1,925 38,890 25,598 552 6,744 205 Sept. 27 66,473 41,021 19,291 6,161 16,041 84,480 74;956 6,786 64 2,909 39,409 25,789 844 6,775 205 Oct. 25 66,833 40,961 19,642 6,230 16,469 85,283 75,960 7,183 64 1,930 40,778 26,005 616 6,794 206 Nov. 29 67,038 41,259 19,509 6,270 16,779 85,805 75,950 7,404 60 1,875 40,694 25,917 905 6,867 206 Dec. 30 68,565 42,379 19,748 6,438 2"0",216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 Country member banks: 6 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 154 7,158 5,852 3 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 40,558 14, S" 21,377 4,193 11,571 52,689 48,897 1,121 922 31,97714,865 9 3,532 6,501 1955—Dec. 31 52,775 24,379 22,570 5,82613,342 66,988 61,636 1,505 ,061 39,68119,372 52 4,769 6,220 1957—Dec. 31. 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 ,181 40,,772244 "2"2,429 30 5,359 6,083 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 ,175 42,349 25,137 37 5,685 6,006 1959—Dec. 31 64,082 33,766 22,535 7,781 14,122 79,567 72,323 1,602 ,508 42,832 26,356 71 6,035 5,938 I960—June 29 65,112 36,075 21,241 7,796 12,564 79,007 71,044 1,223 ,947 40,00327,847 371 6,369 5,962 Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 1,778 ,783 43,,"3"9"5 29,011 23 6,599 5,932 1961—Jan. 25 67,665 36,428 23,187 8,050 13,010 82,107 73,933 1,530 ,099 42,107 29,171 139 6,652 5,925 Mar. If 67,762 36,601 23,056 8,105 13,123 82,290 74,003 1,436 ,772 41,240 29,529 219 6,646 5,922 Mar. 29 67,897 36,864 22,786 8,24712,479 81,821 73,480 1,361 ,197 40,837 30,048 294 6,660 5,920 Apr. 26 68,408 37,149 22,945 8,314 12,711 82,513 74,197 1,400 828 41,722 30,210 194 6,672 5,917 May 31 68,937 37,655 22,831 8,451 12,774 83,129 74,624 1,346 ,617 41,13130,493 291 6,754 5,917 June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 1,406 ,730 41,413 30,820 121 6,861 5,911 July 26 69,861 37,937 23,345 8,57912,484 83,673 75,277 1,395 ,440 41,48130,924 195 6,829 5,909 Aug. 30 70,068 38,144 23,295 8,62912,712 84,206 75,637 1,406 ,644 41,404 31,146 237 6,889 5,907 Sept. 27 71,732 38,938 23,941 8,85312,610 85,971 77,306 1,424 2,423 42,05931,364 84 7,085 5,904 O N c o t v . . 2 2 9 5 7 7 1 2 , , 9 3 4 9 3 4 3 3 9 8 , , 1 7 3 6 1 5 2 2 4 4 , , 3 3 4 4 2 6 8 8 ; . 9 8 1 3 7 61 1 3 3 . ^ 2 5 4 2 3 8 8 6 7 , , 7 3 1 5 3 0 7 7 8 8 , , 1 58 9 5 8 1 1 , , 5 57 7 7 2 ', , 8 8 1 3 9 6 4 43 3 , , 7 2 1 3 7 4 3 3 3 1 11 , , 4 5 1 3 8 6 1 7 5 8 1 7 6 , , 0 95 4 2 3 5 5},8 8 8 9 7 3 Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1,925 ,641 46,21131,832 40 7,088 5,885 f This date used instead of last Wednesday of February. cities and individual banks, and by mergers, etc. 1 All banks in the United States. Beginning with January 1959, 2 Reciprocal balances excluded beginning with 1942. Reclassification all banks in Alaska with total deposits of $172 million were included of deposits of foreign central banks in May 1961 reduced interbank in the series (a national member bank has been included since April deposits by a total of $1,900 million ($1,500 million time to other time 1954); beginning with August 1959, all banks in Hawaii with total deposits and $400 million demand to other demand). of $365 million were included in the series (a national member bank 3 Includes other assets and liabilities not shown separately. with total deposits of $220 million has been included in the series since 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- April 1959). nounced in November 1947 by the Federal bank supervisory agencies. All banks comprise all commercial banks and all mutual savings banks. At that time a net of 155 noninsured nonmember commercial banks All commercial banks comprise (1) all nonmember commercial and with total loans and investments of about $110 million was added, and (2) all member commercial banks. Member banks include (1) a national 8 banks with total loans and investments of $34 million were transferred bank in the Virgin Islands that became a member on May 31, 1957, (2) from noninsured mutual savings to nonmember commercial banks. a noninsured nondeposit trust company, and (3) one mutual savings 5 Less than $5 million. Because estimated data are rounded to the bank (2 before July 1961 and 3 before 1960) that became members in nearest $10 million no amount is shown except on call dates. 1941 (these banks are excluded from all commercial banks). 6 Beginning with February 1960 reserve city banks with total loans and Stock savings banks and nondeposit trust companies are included with investments of $950 million and total deposits of $1,070 million were commercial banks. Number of banks includes a few noninsured banks reclassified as country banks. for which asset and liability data are not available. Comparability of NOTE.—For revisions in series before June 30, 1947, see BULLETIN for figures for classes of banks is affected somewhat by changes in Federal July 1947, pp. 870-71. Reserve membership, insurance status, and the reserve classifications of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL FINANCE CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [U. S. Treasury Department and Bureau of the Budget. In billions of dollars.] Seasonally adjusted r Unadjusted Excess of C q a u le a n rt d e a r r Excess of Excess of Year Receipts Payments pa re y c m ei e p n t t s s , ( o — r ) Receipts Payments receipts^, or Receipts Payments receipts, or payments (—) payments (—) 1960—1.. 23.8 23.4 .4 25.8 21.9 3.8 Calendar—1958 81.7 89.0 -7.3 2.. 24.8 23.4 1.4 28.5 24.1 4.5 1959.... 87.6 95.6 -8.0 3.. 24.9 23.6 1.3 23.4 24.2 -.8 I960.... 98.3 94.7 3.6 4.. 24.6 24.3 .3 20.6 24.5 -3.9 1961.... 97.9 104.7 -6.8 1961—1.. 23.3 25.1 -1.8 24.8 23.4 1.4 Fiscal—1958 81.9 83.4 -1.5 2.. 24.6 26.5 -1.9 28.5 27.4 1.1 1959 81.7 94.8 -13.1 3.. 24.9 26.2 -1.4 23.4 26.7 -3.3 1960 95.1 94.3 .8 4.. 25.3 26.9 -1.6 21.3 27.2 -5.9 1961 97.2 99.5 -2.3 1962—1. . 24.6 27.8 -3.2 26.2 26.0 .3 r Revised. TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY Latest BULLETIN Reference Annually Issue Page Annually—cont. Issue Page Bank holding companies: Stock Exchange firms, detailed debit and credit List of, Dec. 31, 1960 June 1961 723 Banking offices and deposits of group banks, balances Sept. 1961 1106 Dec. 31, 1960 June 1961 722 Semiannually (Feb. 1962 238^4 Banking and monetary statistics, 1961 \ Mar. 1962 362-63 Banking offices: (May 1962 652-55 Analysis of changes in number of Feb. 1962 236 Banks and branches, number of, by class and On, and not on, Federal Reserve Par List, State Apr. 1962 482-83 number of Feb. 1962 237 Income and expenses: Quarterly Federal Reserve Banks Feb. 1962 234-35 Member banks: Cash receipts from and payments to the public.. May 1962 656 Calendar year May 1962 644-51 Operating ratios Apr. 1962 484-86 Flow of funds Apr. 1962 472-81 Insured commercial banks * May 1961 616 Selected assets and liabilities of Federal business-type activities Apr. 1962 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. . 658 Gold production 659 Net gold purchases and gold stock of the United States. . 660 Estimated foreign gold reserves and dollar holdings. . 661 International capital transactions of the United States. . 662 U. S. balance of payments. . 671 Money rates in foreign countries. . 671 Foreign exchange rates . 673 Index to statistical tables. 679 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 November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and the balance of payments of the ments and official statistical bulletins. Back fig- United States. The figures on international cap- ures for 1941 and 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, and publication, Banking and Monetary Statistics. 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- Congo, E m n o d n t o h f w m t o o a r t t a l e d l d ! M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia o R f e t p h . e 1955—Dec 37,620 1,808 21,753 14,060 372 144 71 928 323 1,134 44 86 116 1956 Dec 38,105 1,692 22,058 14,355 224 107 71 925 324 1,103 46 57 122 1957—Dec 38,810 1,180 22,857 14,775 126 126 103 915 324 1,100 40 62 81 1958—Dec 39,490 1,332 20,582 17,575 60 162 194 1,270 325 1,078 40 72 83 1959—Dec 40,185 2,407 19,507 18,270 56 154 292 1,134 327 960 43 71 42 1960 Dec 40,525 2,439 17,804 20,280 104 147 293 1,170 287 885 45 78 1961 Mar . 40,655 2,476 17,433 20,745 188 150 293 1,132 287 884 44 80 Apr 2,476 17,435 193 153 293 1,086 288 891 46 81 May 2,479 17,451 192 153 293 1,069 288 899 46 82 June 40,910 2,482 17,603 20,825 192 155 293 1,074 288 906 47 83 July 2,508 17,590 192 153 293 1,083 288 912 48 84 Aug 2,042 17,530 192 153 293 1,151 288 920 48 84 Sept 41,060 2,046 17,457 21,555 191 152 298 1,165 288 927 48 85 Oct . 2,055 17,331 190 155 302 1,203 289 932 48 86 Nov 2,059 17,021 190 159 302 1,234 285 941 49 87 Dec 41 115 2 077 16 947 22 090 190 162 303 1 248 285 946 48 88 1962 Jan 2 079 16 847 190 164 303 1 277 285 950 48 89 Feb 2,096 16,795 164 304 1,291 285 962 47 Ml, 235 2,098 16,643 ^22,495 167 344 1,297 964 46 Ger- E m n o d n t o h f Cuba m D a e r n k - D R i o e c p m a u n i b n - - E d c o u r a- E v l a d S o a r l- l F a i n n d - France R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d si o a - Iran lic of 1955—Dec 136 31 12 23 28 35 942 920 11 27 247 81 138 1956 Dec 136 31 11 22 28 35 924 1,494 10 27 247 45 138 1957_Dec. 136 31 11 22 31 35 581 2 542 13 27 247 39 138 1958—Dec 80 31 11 22 31 35 750 2,639 17 27 247 37 141 1959—Dec 50 31 10 20 30 38 1,290 2,637 26 24 247 33 140 I960—Dec 1 31 10 20 30 41 1,641 2 971 76 24 247 58 130 1961—Mar 31 20 30 41 1 883 3 242 76 24 247 57 130 Apr . 31 20 26 41 1,952 3,296 77 24 247 57 130 May 31 20 25 41 1,994 3,433 80 24 247 57 130 31 20 22 45 2,020 3,513 77 24 247 57 130 July 31 20 17 45 2,037 3,525 77 24 247 130 Aug 31 20 17 45 2 124 3 644 77 24 247 130 Sept 31 20 17 45 2,124 3,644 77 24 247 130 Oct 31 1 19 17 45 2 125 3 648 77 24 247 no Nov 31 3 19 17 45 2,122 3,648 82 24 247 130 Dec 31 3 19 18 47 2,121 3,664 87 24 247 130 1962—Jan 31 3 19 18 47 2,120 3,664 87 247 130 Feb . 31 3 19 18 46 2 144 3 664 87 247 130 Mar 31 3 19 18 61 2,171 3,666 247 129 Ire- E m n o d n t o h f Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A So fr u ic th a lic of 1955 Dec 8 18 352 74 142 865 33 45 48 35 16 428 212 1956—Dec 14 18 338 77 167 844 33 50 49 35 22 448 224 1957—Dec 20 18 452 91 180 744 33 45 49 28 6 461 217 1958 Dec 34 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959_Dec 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 I960—Dec. 98 18 2,203 119 137 1 4S1 35 30 52 42 15 552 178 1961—Mar 9* 18 2,128 119 136 1,451 35 30 53 47 19 539 196 Apr 84 18 2,128 119 137 1,458 35 30 53 47 20 510 172 May 84 18 2,128 119 136 1,458 35 30 53 47 20 496 149 June 84 18 2,134 119 117 1,464 35 30 53 47 21 473 153 July 84 18 2,157 130 118 1,541 35 30 53 47 21 452 159 Aug .... 84 18 2,225 130 116 1,581 1 30 53 47 22 448 179 Sept 84 18 2,226 140 116 I 581 1 30 53 47 22 437 205 Oct 84 18 2,226 140 116 1,581 1 30 53 47 25 438 218 Nov 84 18 2,226 140 115 1,581 1 30 53 47 26 439 256 Dec 18 2,225 140 112 1,581 1 30 53 47 27 443 298 1962—Jan 18 2,228 140 111 I 581 1 30 S3 47 27 444 343 Feb .. 18 140 I 581 30 53 47 28 444 361 Mar IS 140 I 581 1 30 53 47 446 379 v Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 659 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank E m n o d n t o h f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n o i i n m t g e 2 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o t t t r ' l l e, E E P F U 4 ments^ 1955—Dec 132 276 1,597 19 112 144 174 2,120 216 403 16 121 244 1956—Dec 132 266 15664 19 112 144 188 2 133 186 603 18 59 268 1957 Dec 101 219 1,706 24 112 144 188 2,273 180 719 14 24 254 1958 Dec 57 204 1,925 24 112 144 174 3,069 180 719 17 -42 126 1959—Dec 68 191 1,934 19 104 133 174 2,736 180 652 10 -134 40 1960—Dec 178 170 2,185 19 104 134 174 3,231 180 398 4 -19 55 1961—Mar 205 170 2,165 19 104 134 174 3,021 180 398 5 48 78 Apr . . 205 170 2,239 19 104 134 174 2,948 180 398 5 111 May 205 170 2,247 19 104 134 174 2,903 180 398 5 44 217 170 2,271 19 104 134 174 2,772 180 398 5 -17 65 July 244 170 2,322 19 104 134 174 2,453 180 398 6 — 19 A112 272 180 2 428 19 104 139 174 3 486 180 398 5 91 Sent 277 180 2,472 19 104 139 174 3,553 180 398 5 164 50 Oct 291 180 2,525 104 139 174 3,531 180 398 5 164 Nov 301 180 2,505 104 139 174 3,556 180 398 6 183 Dec 316 180 2,560 104 139 174 3,318 180 398 115 56 1962-—Jan 331 181 2,505 140 174 3,410 180 398 176 Feb 341 181 2,481 140 174 3,424 398 176 Mar 351 181 2,444 140 174 3,452 398 171 1 Excludes U.S.S.R., other Eastern European countries., and China gold deposited with the B.I.S. is included in the gold reserves of individual Mainland. countries. Represents reported gold holdings of central banks and governments 2 Beginning with December 1958, represents Exchange Equalization and international organizations, unpublished holdings of various central Account gold and convertible currency reserves, as reported by the U.K. banks and governments, estimated holdings of the U.K. Exchange Treasury; before that time represents reserves of gold and U. S. and Equalization Account, and estimated official holdings of countries from Canadian dollars. which no reports are received. 3 Represents net gold assets of B.I.S., i.e., gold in bars and coins and The figures included for the Bank for International Settlements repre- other gold assets minus gold deposit liabilities. sent the Bank's gold assets net of gold deposit liabilities. This procedure 4 European Payments Union through December 1958 and European avoids the overstatement of total world gold reserves since most of the Fund thereafter. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Productionreported monthly Estimated Africa North and South America Other Year or month world production i Total2 A So fr u ic th a d R e h s o ia - Ghana C o R f o e n t p h g . e o, U S n ta it t e e d s C a a d n a - M ic e o x- r N ag ic u a a - 3 Brazil 'Co b l i o a m- t A ra u l s i - a India 1955 940 0 873 5 510 7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3 9 13.3 36 7 7 4 1956 975.0 911 6 556.2 18.8 21.9 13.1 65.3 153,4 12.3 7.6 4.3 15.3 36.1 7.3 1957 1 015 0 952 8 596.2 18 8 27.7 13 1 63.0 155.2 12.1 6.9 4 2 11 4 37 9 6 3 1958 ......... 1,050 0 980.1 618 0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6 0 1959 1 125 0 1 060 3 702.2 19.8 32.0 12.3 57.2 156.9 11.0 7.3 3 8 13 9 38 1 5 8 1960 1 170 0 1 099 4 748 4 19 6 31 0 58 8 161 1 10 5 7 0 4 1 15 2 18 0 5 7 1961 803.1 20.1 155.5 4 4 14.0 17 5 1961 Feb 8S.4 62.7 1.5 2.5 2.9 12.6 .8 .6 .4 .0 2.9 .5 Mar 65 7 1.9 2.5 3.7 13.7 1.1 .4 ? 2.9 5 Apr 6*5 3 1.8 3.2 13.1 .7 .4 .0 3.4 .4 May 67 5 1 7 3 3 13 4 7 A 0 2 9 4 June . . , 67.3 1.8 3.8 12.8 .6 4 2 9 5 July 67 7 1 7 3.8 12.6 1.0 .4 .0 3.1 .5 AUE 68 8 1 6 3 8 12 5 1 0 2 1 3 4 5 Sept 68.5 1.6 4.5 12.1 6 .3 4 3 2 5 Oct 68.9 1.6 3.9 12.7 .6 .4 .4 3.5 .4 Nov 69.2 1.6 4.1 13.0 .9 .4 1 3 1 Dec 67.8 1.6 3.4 12.9 .4 1 3.3 1962—Jan 70.6 1.6 3.5 12.6 Feb 67 4 3.2 11.4 * Excludes U.S.S.R., other Eastern European countries, China Main- Bureau of Mines. Production reported monthly: reports from individual land, and North Korea. countries except Ghana, Republic of the Congo and Brazil, data for 2 Beginning with 1960 excludes Republic of the Congo. which are from American Bureau of Metal Statistics. For the United 3 Gold exports representing about 90 per cent of total production. States, annual figures are from the U. S. Bureau of the Mint and monthly SOURCE.—Estimated world production; based on reports of the U. S. figures are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fin® troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1960 1961 1954 1955 1956 1957 1958 1959 1960 1961 4 1 2 3 4 Western Europe: -6 -84 -83 -1 3 3 -329 -39 -141 -144 -83 -63 -81 France -68 -34 -266 -173 — 117 —226 — 10 —34 —23 —23 Italy....*. —349 100 100 25 -261 -30 -249 -25 -105 —25 —55 —5 -20 -10 31 32 -114 -156 -81 -58 -58 -40 — 16 —8 -215 20 -324 -125 -165 -55 -451 -5 -50 100 -900 -350 -550 -306 -350 -150 225 -55 -326 —20 -178 -32 -36 -23 -36 -23 Other *.. -6 4 18 8 -21 -38 -96 -53 -83 -35 -3 0) -14 Total -378 -78 80 68-2,326 -827 -1,718 -754 -1,053 -244 202 -246 -466 Latin America: 115 75 67 -50 -90 -20 -90 80 —30 —20 20 -30 -200 65 Other 12 14 56 6 2 -16 -30 -19 -22 -12 5 -9 4 Total 62 14 -28 SI 69 19 -100 -109 -62 -102 5 -9 -4 Asia: -30 -157 -15 Other -10 -5 C1) 18 -4 -28 -97 2-101 -67 -20 -27 -34 -20 Total -10 -5 0) 18 -34 -186 -113 -101 -67 -20 -27 -34 -20 All other 3 -1 1 29 5 -3 -5 -3S -6 -29 <*) -1 <*) -4 Total foreign countries... -327 -68 80 172-2,294 -998 -1,969 -970 -1,212 -366 179 -288 -494 200 600 5-44 300 150 300 150 Grand total -327 -68 280 772-2,294 5-1,041 -1,669 -820 -912 -366 179 -138 -494 1 Less than $500,000. 4 Figures represent purchases of gold from, or sales to (—), the Inter- 2 Includes sales of $21 million to Lebanon and $48 million to Saudi national Monetary Fund. Arabia. 5 Includes payment of $344 million in June 1959 as increase in U. S. 3 Includes Canada, countries in Africa, Oceania, and Eastern Europe, gold subscription to the International Monetary Fund, and all Western European dependencies located outside Europe and Asia. ANALYSIS OF CHANGES IN U. S. GOLD STOCK, AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U. S. MONETARY AUTHORITIES [In millions of dollars] Gold Gold Foreign Foreign Year T ( r u e e r n a y d s S - t o o f c T k y o ea ta r) l* in s o c T c t r ( r o r o e - e d c a t ) a a s k e s l e - : e, i e m N x ( o p p e - r o ) t o r r t t , d m e c o a E c r ( r e r r - a e k a i ) r a n s e - s e - d e : , c h ( u o e y r l n e r d d e a i n n r o ) c g f y s Month ( T e r u n e r d a y s S o - t f o c m T k o o n ta th l* ) in s c o T c t r ( r o r o e - e d c a t ) a a s k e s l e - : e, i e m x N p o p e o r o t r r t t ,, d m e c o a E c r ( r r e r - a e k a ) i r n a e s - s e - d e : , h c m o ( u e l r d n o r i d n e n n t g h o c s ) y f 2 1950....... 22,706 22,820 -1.743 -371 -1,353 1161—Apr.... 17,390 17,435 2 -88 92 175 1951....... 22,695 22,873 53 -549 618 May... 17,403 17,451 16 -131 152 165 1952 23,187 23,252 379 684 -305 June... 17,550 17,603 152 -96 254 186 1953....... 22,030 22,091 -1,161 2 -1,171 July.... 17,527 17,590 13 2 -3 105 1954 21,713 21,793 -298 16 -325 Aug.... 17,451 17,530 -60 -33 -23 106 Sept.... 17,376 17,457 -73 -58 4 62 1955 21,690 21,753 -40 97 -132 Oct 17,300 17,331 -126 -66 -43 112 1956 21,949 22,058 305 106 318 Nov.... 16,975 17,021 -310 -3 -272 127 1957. 22,781 22,857 799 104 600 Dec... 16,889 16,947 -74 -42 -65 116 1 19 9 5 5 9 8 . . . . . . . . . . . . . . 2 1 0 9 , , 5 4 3 5 4 6 2 1 0 9 s , 5 5 8 0 2 7 3 - - 2 1 , , 2 07 7 5 5 2 3 6 0 0 2 - - 2 1 , , 5 3 1 2 5 3 1962—Jan.... 16,815 16,847 -100 -26 -64 116 Feb.... 16,790 16,795 -52 -11 -37 153 1960 17,767 17,804 -1,703 333 -1,982 Mar.... 16,608 16,643 -152 (4) -142 230 1961 16,889 16,947 -857 -719 -62 116 Apr ^16,495»16,519 »-124 (4) 5-82 v Preliminary. 3 Includes payment of $344 million as increase in U. S. gold subscrip- 1 Includes gold in Exchange Stabilization Fund, which is not included tion to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 4 Not available. statement "Member Bank Reserves, Reserve Bank Credit, and Related 5 Gold held under earmark at the Federal Reserve Banks for foreign Items" or in the Treasury statement, "Circulation Statement of United and international accounts amounted to $12,230 million on Apr. 30, 1962. States Money.'* Gold under earmark is not included in the gold stock of the United States. 2 For holdings of Federal Reserve Banks only see p. 592. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 661 GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS [In millions of dollars] Dec. 31, 1959 Dec. 31, 1960 Mar. 31, 1961 June 30, 1961 Sept 30, 1961 Dec. 31, 1961* U.S. Govt. Area and country Gold& U.S. Gold& bonds & notes1 Goldic U.S. Gold& U.S. Gold& U.S. Go!d& U.S. short- Govt. short- short- Govt. short- Govt. short- Govt short- Govt. term b&ads term term bonds term bonds term bonds term bonds dollars & notes dollars Old New dollars & notes dollars & notes dollars & notes dollars & notes series series Western Europe: 623 7 536 7 3 491 3 480 3 526 3 558 3 1,272 7 1,312 6 2 1,279' 2 1,307 1 1,476 1 1,574 168 64 85 28 31 89 31 81 31 79 30 83 109 1 87 1 (2) 85 112 2 134 2 138 2 1,945 35 2,160 16 5 2,474 2,862 4 3.014 5 3 110 4 Germany Fed Rep of. 4,624 16 6,447 16 6,752 6,588 i 6,394 i 6,505 i 212 139 8 ft 143 136 120 154 Italy 3,119 3,080 2,912 & 3,059 3,377 3,459 1,617 17 1,779 4 1,731 1,735 1,804 1 797 3 125 141 112 143 148 115 141 134 132 135 128 135 126 686 1 636 1 1 615 1 546 1 523 1 542 1 154 3 327 3 1 316 1 352 1 405 1 469 1 Sweden 404 101 397 77 82 438 93 574 51 566 71 586 93 2,903 88 2,863 57 94 2,721 91 2,850 87 3,177 86 3,434 83 Turkey 164 £ 152 158 150 158 (2) 165 M 3,490 4,467 4,379 4,109 r4,719 483 4,526 Other4 591 529 39 44 593 45 609 47 r788 47 670 51 48 Total.. i 22,206 855 25,108 819 838 25,291 868 25,684 801r27,395 864 27,905 832 3,158 452 3,324 416 446 3,313 464 3,565 463 r3,576 465 3,704 459 Latin America: 393 (2) 419 (2) 1 501 1 475 1 454 1 425 1 Brazil 478 481 2 480 2 474 2 551 1 513 1 228 0") 180 (2) <*) 177 171 (2) 178 153 288 f2) 236 (2\ 240 | 202 j 222 1 235 1 214 82 78 39 1 64 (1) 59 (2\ 46 (%) 44 (%} 61 (is 68 1 (2) 77 (2) 83 (1) 70 70 (%{ 584 534 2 7 472 6 450 529 X 618 J 129 3 123 2 95 1 78 79 1 87 1 Peru i 110 1 114 c? (?) 112 118 1 131 1 242 231 j 227 1 230 | 229 1 237 1 929 3 796 3 1 892 1 826 1 846 1 815 1 Other* 253 12 370 9 317 28 303 57 r297 77 278 192 Total 3,909 105 3,630 59 15 3,654 41 3,469 69 r3,624 89 3,606 204 Asia: 361 301 40 41 295 6 288 6 333 6 325 6 172 j 236 (2) 1 158 142 1 120 1 119 1 187 152 (2) 173 (2) 178 167 161 Philippines 1,5 1 6 8 4 1 3 2,1 2 6 1 6 8 2 2 2 3 2,3 2 0 1 6 4 i 3 2,2 1 6 8 2 4 i 3 1,9 1 5 7 3 4 1,8 2 9 1 4 2 3 1 245 1 290 318 331 344 S 368 (2) Other 1,245 46 991 43 45 989 1,019 1,116 1,140 45 Total 3,955 53 4,354 87 92 4,453 57 4,404 57 4,207 57 4,219 56 All other: 264 235 233 (2) 238 238 260 8 287 a 207 j (2) 227 192 (2) 251 330 U A R fEgvot) 194 196 S 195 190 189 189 Other6 526 600 35 596 38 618 37 579 635 39 Total 1,271 42 1,238 28 35 1,251 38 1,238 37 1,257 38 1,414 39 Total foreign countries 7 34,499 1,507 37,654 1,409 1,426 37,962 1,468 38,360 1,427 r40,059 1,513 40,848 1,590 5,565 660 6,394 884 900 6,353 1,064 6,451 1,011 5,480 1,127 5,881 1,240 Grand total 7 40,064 2,167 44,048 2,293 2,326 44,315 2,532 44,811 2,438 r455539 2,640 46,729 2,830 Memorandum item: 4,730 407 5,558 512 536 5,488 531 5,179 518 r5,863 567 5,841 520 P Preliminary. r Revised. 5 Includes other Latin American republics and the Inter-American 1 Of the 2 sets of figures shown, the first continues the series based Development Bank. on a 1955 survey and reported securities transactions; the second is 6 Includes unspecified countries in Africa, Oceania, and Eastern based on a survey as of Nov. 30,1960, and reported securities transactions Europe, and all Western European dependencies located outside Europe in December. Data are not available to reconcile the 2 series or to revise and Asia. figures for earlier dates. i Excludes gold reserves of the U. S. S. R., other Eastern European 2 Less than $500,000. countries, and China Mainland. 3 Gold reserves of the United Kingdom are estimated. NOTE.—Gold and short-term dollars include reported and estimated 4 This category includes—in addition to other Western European official gold reserves, and total dollar holdings as shown in "Short-term countries—unpublished gold reserves of certain Western European Liabilities to Foreigners Reported by Banks in the United States by countries; gold to be distributed by the Tripartite Commission for the Countries" (Tables 1 and la-lc of the following section). U. S. Govt. Restitution of Monetary Gold; European Fund; and the Bank for bonds and notes are holdings with original maturities of more than 1 International Settlements (the figures for the gold reserves of the B.I.S. year. represent the Bank's net gold assets; see note 1 to table on reported gold reserves). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding; in millions of dollars] Foreign countries Europe In- End of month G to ra ta n l d t t i e o r n n a a l - 2 Total Official Private m F G a e e n d r y . - , U K n in it g e - d Other Total Canada A L m a e ti r n ica Asia o A th l e l r Rep. of dom 1957 Dec .... 15,158 1,517 13,641 7,917 5,724 1.557 1,275 4,310 7,142 1,623 2,575 1,946 355 1958—Dec 16,159 1 544 14,615 8,665 5,950 1 755 873 5,081 7 708 2 019 2 403 2 205 279 1959—-Dec 19,389 43.158 16.231 9,154 7.076 1,987 990 5,496 8^473 2 198 2,408 2,780 373 I960 Dec 21,329 3 955 17,374 10,327 7,047 3 476 1,667 3,903 9,046 2 439 2 422 3 115 352 1961 Mar 21,095 3 877 17,218 10,312 6,906 3,510 1,754 3,614 8,878 2 429 2 372 3 190 348 Apr 20,862 3,917 16,945 9,896 7,049 3,184 1,619 3,766 8,569 2 437 2 344 3,202 393 May 21,079 3 920 17,160 9 929 7,231 3 086 1,642 3,980 8,708 2 620 2 294 3 185 352 June 21,504 3,970 17,535 10,070 7,464 3,075 1,709 4,368 9,151 2 659 2,216 3,142 367 July 21,770 3.983 17,786 10,096 '7,690 2,970 1,691 '4,639 '9,300 2,712 2,307 3,105 362 Aug . r21,626 3 404 18,222 10.537 '7,685 2 791 2,431 '4,636 r9,857 2 701 2 277 3 038 349 Sept » '21,940 3.434 18,506 10,924 r7,58l 2,750 '2,619 '4,845 10,214 '2,649 '2,372 2,896 375 N Oc o t v . ... ' ' 2 2 2 2 ,4 2 1 ^ 7 5 3 3 ,8 7 3 1 6 5 1 1 8 8 , , 5 58 2 1 0 1 1 0 0 , , 6 5 9 9 2 4 ' r 7 7. , 9 8 8 2 7 7 2 2 ,5 5 3 4 1 4 ' ' 2 2 , , 6 5 7 0 6 5 4 4 , , 8 9 9 6 4 9 r 1 1 0 0 , 0 1 0 1 4 3 ' r 2 3 9 0 0 2 7 9 '2 2 , , 3 3 4 1 3 2 2 2 8 8 0 1 7 9 3 38 8 5 2 Dec 22,562 3,804 18,758 10,974 7,784 2,841 2,226 5,248 10,316 2,758 2,405 2,892 387 1962—Jan 22,494 3,815 18,679 10,261 8,417 2,299 2,501 5,281 10,081 2,909 2,348 2,926 415 Feb 2» 22,803 4,126 18,677 10,096 8,581 2,399 2,566 5,215 10,181 2 763 2 366 2 990 377 Mar P 23,215 4.405 18,810 10,495 8,315 2,534 2,486 5,354 10,374 2,490 2,463 3,086 396 Table la. Other Europe End of month Total A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P ug o a r- l Spain S d w en e- S l w a e n r i - t d z- T k u ey r- Others 1957 Dec 4 310 349 130 112 64 354 154 1,079 203 93 142 24 260 967 18 360 1958 Dec 5,081 411 115 169 69 532 126 1,121 339 130 163 36 303 852 20 694 1959 Dec 5.496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 31 590 I960 Dec 3,903 243 142 54 46 519 63 877 328 82 84 149 227 678 18 393 1961 -Mar 3,614 198 147 58 44 591 67 784 280 -85 76 111 268 556 24 326 3,766 194 183 57 44 633 68 823 265 84 80 118 282 538 17 380 M^ay .. 3,980 189 220 47 51 723 62 858 250 99 82 125 339 522 13 399 June 4,368 187 233 50 67 842 59 925 271 104 73 135 404 579 16 422 July '4,639 195 310 36 77 1,012 59 1,008 252 101 80 134 423 552 13 '388 Aug r4,636 212 300 38 87 871 55 1,098 200 105 84 133 387 661 17 '388 Sept '4,845 228 '311 48 89 890 43 1,151 223 105 86 128 386 705 19 433 Oct .... 4,894 228 '311 56 92 QOO 43 1,191 227 110 88 133 391 689 21 '427 Nov 4,969 241 330 49 89 957 50 1,203 231 99 90 134 379 712 28 376 Dec 5,248 255 326 52 91 989 67 1,234 216 105 99 153 406 874 26 354 1962 Jan 5,281 256 357 52 90 1,083 76 1,248 218 93 93 159 392 111 34 359 F M eb ar .P p 5 5 , , 2 3 1 5 5 4 2 2 6 50 2 3 3 2 19 8 4 5 9 5 9 77 0 1 1 , , 0 18 9 9 8 9 8 8 5 1 1 , , 1 1 0 8 0 7 2 24 6 1 3 1 11 0 2 3 9 86 1 1 16 5 5 2 4 3 0 9 3 4 8 8 1 1 6 5 2 3 0 7 3 3 4 4 2 5 Table lb. Latin America Neth- Do- ermin- lands Pan- End of month Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p i R c u a e b n - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- t A a il n l n e d - s a p R m u e b a - - , Peru U gu r a u y - V zu e e n l e a - Other « lic Suri- lic of nam 1957 Dec 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958—Dec 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959 Dec .... 2 408 337 24 151 185 217 164 37 28 37 442 88 129 82 62 in 148 I960—Dec 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961 Mar 2 372 313 23 193 133 160 63 31 28 53 336 77 95 65 47 494 260 Apr 2.344 326 21 185 128 149 62 29 29 58 358 84 89 66 49 458 252 May 2.294 308 21 220 119 132 61 32 28 58 332 83 80 64 46 454 255 June 2,216 283 21 186 124 119 58 31 27 59 333 90 78 71 50 428 259 July 2,307 278 23 231 116 150 53 32 31 55 339 87 77 83 50 439 264 Aug .... 2 277 275 24 218 125 134 49 30 27 49 430 84 78 86 52 367 250 Sept '2,372 263 23 263 130 137 45 29 26 46 413 87 79 76 49 448 '259 Oct 2.312 246 23 254 96 137 46 27 28 43 403 88 84 73 50 406 307 Nov '2,343 240 25 260 96 130 45 23 23 43 '439 87 85 77 53 416 300 Dec 2,405 235 26 228 105 147 43 23 22 46 506 89 87 84 57 417 292 1962—Jan 2,348 228 23 252 99 119 41 26 24 48 473 86 79 79 68 395 308 Feb.P 2,366 217 23 241 95 139 41 28 29 54 486 87 83 80 80 379 306 Mar.? 2,463 243 24 207 112 137 39 34 28 58 518 92 82 90 75 398 327 Preliminary. ' Revised. For other notes see following page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 663 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 —Continued [Amounts outstanding; in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Con- End of month Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e i e a c b - , - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a J R o e ° f p ' . A S f o r u ic t a h U (E . g A y . p R t) .Other of the 1957—Dec 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 38 40 153 1958—Dec 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 30 16 125 1959—Dec 2,780 60 114 139 47 87 1,285 148 172 94 141 494 373 110 31 49 20 167 I960—Dec 3,115 57 54 178 22 75 1,887 152 203 84 186 217 352 88 32 29 22 181 1961—Mar 3,190 53 48 101 43 62 2,027 155 195 76 214 216 348 83 31 31 21 182 Apr 3,202 51 40 89 41 50 2,096 154 172 77 215 219 393 124 32 30 21 187 May .... 3 185 51 43 86 41 42 2,036 163 173 77 223 251 352 76 22 40 22 192 3,142 52 41 85 48 47 1,983 168 163 81 227 247 367 83 30 39 16 199 Julv . . 3 105 52 37 74 32 51 1,913 178 182 80 231 273 362 81 29 40 16 196 Aue 3,038 53 78 78 39 64 1,766 186 174 89 237 275 349 79 27 40 21 181 Sept 2,896 55 86 77 37 62 1,649 194 152 90 240 255 375 86 43 46 15 185 Oct 2,807 59 88 92 34 65 1,535 195 134 92 240 273 382 90 39 46 15 192 Nov 2,819 59 90 82 31 62 1,532 198 150 90 248 276 385 91 38 44 12 199 Dec 2,892 55 78 76 31 63 1,590 199 185 92 264 258 387 98 34 32 15 209 1962 Jan 2,926 59 75 86 34 63 1,599 188 202 98 276 246 415 127 31 32 21 204 Feb P 2 990 57 74 100 35 87 1,628 187 171 103 293 255 377 95 28 36 14 204 Mar p 3,086 57 74 94 36 71 1,744 183 165 92 306 262 396 101 27 40 16 213 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1958 1959 1960 1961 1958 1959 1960 1961 Other Europe: Other Asia (Cont.): Bulgaria .3 1.2 .5 1.2 Ceylon 44.1 34.4 6.9 n.a. Cyprus .2 .3 .5 .7 China Mainland8 36.0 35.8 34.8 34.6 Czechoslovakia8. .6 .7 1.0 .9 Goa 2.5 2.3 1.4 .9 Hungary .9 1.3 1.0 1.0 Iraq 18.0 63.1 13.8 n.a. Iceland 3.5 2.7 5.1 3.1 Jordan 2.8 2.5 1.8 1.6 Ireland, Republic of 10.0 5.4 2.7 3.2 Kuwait 10.3 9.4 9.6 27.1 Luxembourg 16.1 7.2 12.6 16.1 Laos 20.9 21.0 5.0 n.a. Monaco 5.9 5.3 4.1 3.4 Lebanon. 37.9 38.0 36.2 n.a. Poland* 4.9 4.0 6.1 7.2 Malaya 1.2 1.4 6.3 4.4 Rumania8 .9 .9 1.1 1.5 Nepal, 1.2 1.8 1.2 n.a. Soviet Zone of Germany 1.4 1.5 1.3 1.3 Pakistan 5.6 23.5 10.6 10.1 U.S.S.R.8 2.2 2.6 12.1 4.8 Ryukyu Islands 15.2 14.8 14.2 n.a. Yugoslavia8 , 9.5 6.2 10.0 11.6 Saudi Arabia 60.2 111.6 18.4 24.9 Singapore 2.5 3.5 1.9 3.2 Ot B he a r h a L m at a in s9 America: 47.2 77.5 V Sy ie ri t a -Nam 4 4 8 . . 7 8 6 5 8 . . 0 3 1 4 4 . . 2 6 7 2 . . 9 6 H T C B E H N P F a r h c o e o i a e r c u e r s i n a n m a t t a i d g a W c r d u a u u h o R g d e a r r W a u a s y ic t s a a . e In st d i I e n s d i f e e s d e a r n a d ti o F n r 9 ench Guiana.. 2 3 1 1 7 6 6 3 1 4 1 7 . . . . . . . . . 7 8 3 4 6 5 5 3 4 2 3 1 1 1 1 1 6 2 1 8 2 0 2 4 . . . . . . . . . 7 6 7 5 9 5 5 8 3 2 2 1 1 1 1 1 4 7 1 1 9 1 0 5 . . . . . . . . . 6 3 7 9 4 8 3 7 0 W 2 3 1 1 1 1 9 4 3 3 4 3 7 4 . i . . . . . 9 9 . 6 5 8 3 3 0 Al E L A F L M l G M r i t i o l h b h b o e a g t a n d y i e r h e o n o r e c a r e i p i a c h i r a a r i c : a a o S o I a ( s n m i l n d a a c n l l E d i . l s r a T i n t a r d n e g a ier) 4 2 1 6 3 7 1 1 3 . . . . . . . . 4 0 0 5 8 7 5 0 5 2 1 1 2 7 0 7 8 . . . . . . . . 8 6 0 6 3 6 4 7 6 1 9 5 4 6 . . . . . . . . 6 3 3 9 9 4 9 8 9 2 1 5 3 1 1 1 . . . . . . . . 4 1 0 7 9 5 8 1 Mozambique 2.9 2.0 2.2 1.6 Other Asia: New Caledonia 1.4 1.3 1.4 n.a. Aden 1.7 2.2 2.3 n.a. New Zealand 6.9 6.8 35.1 4.0 Afghanistan. 4.5 11.0 9.8 3.6 Rhodesia and Nyasaland, Federation of. .2 .3 3.9 n.a. Bahrain .9 .9 .5 Somali Republic 1.3 .8 3.5 1.7 Burma 5.9 4.3 .9 n.a. Sudan 5.2 1.6 1.9 n.a. Cambodia 24.9 19.7 10.9 15.3 Tunisia .3 8.4 2.8 1.2 n.a. Not available. P Preliminary. partial breakdown of the amounts shown in the '"other" categories in 1 Does not include banking liabilities to foreigners maturing in more Tables la-lc. than 1 year; such liabilities amounted to $2 million on Mar. 31, 1962. 8 Based on reports by banks in all Federal Reserve districts. 2 Represents principally the International Bank for Reconstruction and 9 Before 1960 data for the Bahamas included with The West Indies Development, International Monetary Fund, International Finance federation. Corporation, and the International Development Association. 1 ° Excludes Jamaica. 3 Represents liabilities to foreign central banks and foreign central NOTE.—Statistics on international capital transactions of the United governments and their agencies (including official purchasing missions, States are based on reports by U. S. banks (including the Federal Reserve trade and shipping missions, diplomatic and consular establishments, etc.). Banks), bankers, brokers, and dealers, by branches or agencies of foreign 4 Includes $1,031 million representing increase in U. S. dollar sub- banks, by certain domestic institutions not classified as banks that mainscription to the International Monetary Fund paid in June 1959. tain deposit or custody accounts for foreigners, and by the U. S. Treasury. 5 Includes Bank for International Settlements. The term "foreigner" is used to designate foreign governments, central • Beginning with 1960 includes Inter-American Development Bank. banks, and other official institutions, as well as banks, organizations, and 7 Except where noted, these data are based on reports by banks in individuals domiciled abroad and the foreign subsidiaries and offices of the Second (New York) Federal Reserve District. They represent a U. S. banks and commercial firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 INT*L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable End of month, or area Total in foreign and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other2 Total Deposits T bi r l e ls a s a u n r d y Other* certificates^ certificates Total amounts outstanding 1957__Dec 15,158 12,847 5,875 5,840 1.132 2,252 1.766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 ,075 2,430 1,951 306 174 59 1959—Dec 19,389 16,913 6,341 9,245 1,328 2,398 1,833 295 270 77 I960—Dec 21,329 18,986 7,568 10,018 ,401 2,230 1,849 143 233 113 1961 Mar 21,095 18,875 7,719 9,909 1,247 2,109 1,794 102 213 111 Apr 20,862 18,617 7,756 9,594 ,268 2,133 1.810 103 220 112 21,079 18,760 7,971 9,503 ,287 2,185 1,844 129 212 134 June 21,504 19,140 8,234 9,585 1,321 2,208 1,851 133 223 157 July 21,770 19,419 8,492 9,620 1,307 2,206 1,880 109 217 145 r21,626 19,310 8,631 9,343 ,336 2,209 1,871 109 229 108 Sept r21,940 19,613 r8,691 9,543 rl .379 2,226 r1,891 117 219 100 Oct r22,235 19,783 r8,899 9,485 1,398 r2,293 r1,918 151 r224 159 Nov r22,417 19,942 r8,843 9,654 1,445 r2,333 r1,930 147 256 142 Dec 22,562 20,051 8,664 9,891 1,496 2,362 1,974 149 238 149 1962 Jan 22,494 19,960 9,148 9,372 1,439 2,374 1,966 151 257 160 Feb P 22,803 20,204 9,144 9,635 1,425 2,447 1.972 166 308 152 Mar v 23,215 20,562 8,775 10,352 1,435 2,471 2,005 156 310 182 Area and country detail, Jan. 31, 1962 Europe: Austria 256 254 249 5 2 2 P) (3) Belgium 357 317 254 23 40 39 30 (3) 9 M 52 44 21 23 1 8 8 (3) (3) (3) Finland 90 89 50 38 1 1 France •.. 1,083 1,032 302 689 41 48 42 3 2 Germany, Fed. Rep. of 2,299 2,247 384 1,468 394 50 43 2 5 2 Greece 76 61 39 23 (3) 15 15 Italy 1,248 1,188 153 857 178 32 29 3 (3) 27 218 192 111 71 10 26 22 3 (3) Norway • 93 59 51 9 33 32 Portugal 93 56 52 4 37 35 C3) 2 Spain 159 137 136 22 21 (3) 1 (3) 392 382 99 264 18 10 9 1 (3) 1 Switzerland 771 627 294 140 193 110 70 14 26 34 Turkey 34 32 32 2 2 09 United Kingdom 2,501 2,084 1,081 943 60 361 151 74 137 56 Yugoslavia 13 13 11 1 1 1 Other 346 315 74 80 160 11 11 (3) 20 Total 10,081 9,129 3,393 4,619 1,117 807 523 98 186 144 Canada 2,909 2,645 2,049 583 14 255 185 40 30 9 Latin America: Argentina 228 144 135 8 1 84 81 (3) 3 Bolivia 23 7 7 16 16 (3) Brazil 252 118 105 (3) 13 134 128 (3) (3) Chile 99 49 49 (3) 49 49 (3) 119 48 45 (3) 3 71 70 (3) 1 Cuba 41 2 2 39 39 D E G l o u S m at a i e l n m v i a c a d a l o n a r Republic 2 4 2 8 6 4 3 1 0 9 0 20 7 6 2 3 7 3 1 1 1 1 6 5 8 1 1 18 6 5 ( ( 3 3 ) ) 0 (3 ) ) (3) 473 296 232 27 37 111 172 -} (3) Neth. Antilles and Surinam 86 49 26 12 10 38 31 1 5 79 11 10 1 69 64 1 4 Peru 79 30 30 49 46 2 (3) Uruguay 68 37 33 32 27 1 4 (3) Venezuela 395 186 185 1 209 206 1 2 Other 308 188 127 431 31 119 106 6 7 (3) Total . . 2,348 1,213 1,0.18 84 111 1,134 1,084 12 38 2 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 665 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Coatiaued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners Payable in foreign country U.S. U. S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates certificates Area and country detail, Jan. 31, 1962—Cont. Asia: Hong Kong 59 33 28 5 26 25 1 75 69 25 39 5 5 5 Indonesia 86 83 69 14 3 3 34 27 20 7 7 7 (3) Israel 63 58 35 3 20 5 5 Korea, Rep. of. 1,5 1 9 8 9 8 1,5 1 7 8 7 6 1,1 1 5 8 4 3 331 9 3 2 2 2 2 2 2 2 P) (3) (3) T Ph ai i w lip a p n ines 20 9 2 8 1 9 8 1 2 1 8 7 8 2 (3) 1 3 0 1 7 9 1 7 9 1 (3) (3) Thailand 276 273 70 197 6 3 3 Other 246 206 157 26 22 40 39 (3) 1 1 Total 2,926 1,802 1,018 610 174 140 137 1 2 1 All other: 127 123 78 40 4 3 3 2 Congo, Rep. of tk& 31 30 22 8 1 1 1 South Africa. 32 28 28 3 3 (3) 1 U.A.R. (Egypt) 21 20 13 5 Other 204 173 144 24 4 30 29 (3) Total 415 373 286 69 18 38 36 (3) 2 4 Total foreign countries. 18,679 16,145 8,746 5,965 1,434 2,374 1,966 151 257 160 3,815 3,815 402 5 3,408 6 Grand total. 22,494 19,960 9,148 6 9,372 1,439 2,374 1,966 151 257 160 1 Includes nonnegotiable, non-interest-bearing special U. S. notes held 4 Includes $25 million of nonnegotiable, non-interest-bearing special by th© Inter-American Development Bank and international organizations, U. S. notes held by the Inter-American Development Bank. which amounted to $2,760 million on Mar. 31, 1962. 5 Includes $2,505 million of nonnegotiable, non-interest-bearing special 2 Represents principally bankers' acceptances and commercial paper. U. S. notes held by international organizations. 3 Less than $500,000. 6 Includes amounts shown in notes 4 and 5. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES ' [Amounts outstanding; in millions of dollars] End of month Total France R m G F e a e p e n d . r y - . o , f Italy S l z a w e n r i d - t- U K d n i o n i m t g ed - E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1957—Dec 2,199 114 140 56 34 98 211 654 154 956 386 50 1958—Dec 2,542 102 77 36 42 124 315 696 243 1,099 435 69 l959__Dec . 2,623 57 54 30 38 121 234 534 272 1,175 586 56 1960—Dec 3,614 32 82 34 60 245 264 717 421 1,356 1,052 69 1961— Mar 3,967 46 108 36 74 167 246 678 489 1,374 1S349 76 4,150 46 135 46 70 173 in 697 532 1,394 1,450 76 ]ty£ ay . .. 4,124 44 145 42 65 171 228 695 520 1,336 1,497 75 4,123 48 148 33 64 165 233 691 514 1,243 1,598 76 July . . 4,189 50 141 35 64 187 209 688 492 1,245 1,674 90 Allg „ . 4,122 42 136 37 60 134 178 586 517 1,295 1,626 98 Sept.. r4,156 34 146 34 67 185 186 '652 491 1,347 1,581 r84 Oct .. . 4,347 37 140 34 72 169 182 634 618 1,412 1,597 86 Nov 4,384 40 147 34 67 189 181 658 577 1,450 1,620 79 Dec 4,700 42 165 35 105 181 239 767 - 537 1,504 1,807 85 1962—Jan 4,577 43 157 37 68 163 214 682 483 1,430 1,890 92 Feb.*> ., 4,697 47 155 40 71 165 215 693 496 1,464 1,959 85 Mar.**. 4,872 52 144 38 76 162 222 694 540 1,507 2,036 94 v Preliminary. r Revised. by banks and bankers for their own account or for account of their i Short-term claims reported in these statistics represent principally customers in the United States; and foreign currency balances held th@ following it©ms payable on demand or with a contractual maturity abroad by banks and bankers and their customers in the United States. of not more than 1 year: loans made to and acceptances made for Excludes convertible currencies held by U. S. monetary authorities. foreigners; drafts drawn against foreigners where collection is being made Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANES IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding; in millions of dollars] Table 3a. Other Europe End of month Total A tr u i s a - g B iu el m - m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u e r y - Y sl u av g i o a - Other 1957—Dec 211 6 25 11 4 6 29 23 2 8 10 76 (2) 10 1958 Dec 315 7 65 14 6 7 56 22 2 30 24 72 1 9 1959 Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960 Dec 264 2 65 13 9 6 33 17 4 8 28 49 11 19 1961—Mar 246 3 58 12 10 6 47 10 3 7 26 35 12 16 Apr 227 2 56 11 11 7 38 10 2 7 24 24 16 19 May 228 3 58 11 11 7 42 10 3 8 25 15 16 21 233 3 43 9 14 7 45 11 3 11 25 24 16 22 JUly 209 3 43 9 14 8 47 11 2 8 17 13 15 19 Aug 178 3 13 11 14 6 43 11 2 7 16 22 14 17 Sept r186 3 10 10 16 7 45 13 2 7 15 31 8 18 Oct 182 3 11 12 19 6 41 17 3 6 15 23 8 16 Nov 181 4 10 11 20 6 46 23 3 5 18 9 9 17 Dec 239 5 20 11 23 6 54 27 5 11 35 16 9 17 1962—Jan 214 4 18 13 23 5 60 26 2 14 17 7 7 19 Feb» 215 5 19 9 23 4 61 22 3 17 18 7 7 21 Mar.** 222 4 17 8 24 4 66 20 5 15 18 11 4 23 Table 3b. Latin America Neth- Do- er- End of month Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o bi m o a - - Cuba m p i R c u i a e b n - n - - v S a E d a l l o - r G m u a a l t a e- M ic e o x- l t a A a il n n l n e d d - s s a p P R m u a e b n a - - - , Peru U gu r a u y - V zu e e n l e a - Other lic Suri- lic of nam 1957 Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959—Dec 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960—Dec 1 356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961 Mar 1,374 128 4 241 88 78 21 13 19 15 306 5 26 48 44 274 63 Apr 1,394 127 5 213 118 79 21 13 17 12 323 5 29 50 40 281 61 M^ay 1,336 133 5 202 111 81 20 14 15 14 321 7 38 55 43 215 63 June 1,243 143 5 182 114 91 20 13 12 13 327 6 26 61 46 121 63 July 1,245 148 5 160 120 91 20 12 14 14 336 8 25 63 38 119 71 Aug . ... 1 295 158 8 147 119 91 20 13 17 17 375 8 28 67 39 121 68 Sent '"1,347 160 5 180 117 90 19 12 15 16 r385 6 30 68 39 r134 72 Oct 1,412 171 5 233 116 87 19 12 14 17 385 8 30 71 45 124 74 Nov 1,450 179 5 230 119 99 19 14 14 19 395 6 32 69 53 125 73 Dec 1,504 192 6 186 127 125 19 13 17 20 423 13 32 73 55 129 74 1962 Jan 1,430 179 5 132 126 134 18 12 14 19 412 9 43 71 61 122 71 Febp 1,464 184 6 133 125 159 19 11 16 19 398 6 41 70 62 141 73 Mar p 1,507 205 5 140 120 161 18 10 14 18 439 9 41 71 60 127 69 Table 3c. Asia and All Other Asia All other End of month Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C o R o f e n t p g h . o e , A So fr u ic th a ( U E . g A y . p R t) . Other 1957—Dec. . 386 7 6 22 24 146 53 6 14 110 50 13 5 12 1 19 1958—Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 21 3 29 1959—Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 12 2 21 1960—Dec 1,052 9 9 33 24 806 19 7 24 121 69 28 3 11 3 24 1961—Mar 1,349 10 11 48 33 1,069 19 11 23 126 76 26 4 13 7 26 Apr 1,450 10 11 52 30 1,159 23 11 23 130 76 27 4 13 8 24 May 1,497 10 12 47 33 1,196 26 34 25 134 75 25 3 13 10 24 June 1,598 9 41 47 33 1,272 24 15 27 131 76 25 3 15 10 23 July 1,674 9 40 36 34 1,341 42 13 30 129 90 26 3 24 13 23 Aug 1,626 10 10 36 31 1,335 37 12 29 128 98 32 3 24 13 25 Sept '1,581 10 8 35 31 1,288 38 10 32 129 '84 27 3 19 13 '22 Oct 1,597 9 8 33 34 1,281 58 11 28 134 86 28 4 16 12 26 Nov 1,620 9 8 33 34 1,292 86 10 31 115 79 27 6 11 12 24 Dec 1,807 9 8 31 36 1,445 114 10 34 119 85 29 6 10 13 27 1962—Jan 1,890 10 10 30 36 1,511 135 11 34 114 92 31 6 11 14 31 Feb.*3 1,959 9 10 28 37 1,598 120 11 33 113 85 31 3 11 13 27 Mar.** 2,036 10 11 28 41 1,681 116 9 33 108 94 32 3 11 16 32 v Preliminary. ' Revised. 2 Less than $500,000. 1 See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EVFL CAPITAL TRANSACTIONS OF THE U. S. 667 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- End o a f n m d o c n o t u h n , t o ry r area t t e o r t m al — i Loans to: Total Collec- Total Banks and t o io u n t- s Other Total De w p i o th sits Other i o n f s fi t c it ia u l - Others standing foreigners tions Total amounts outstanding 1957 Dec 1,174 2,199 2,052 627 303 423 699 147 132 15 1958 Dec 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 Dec 1,545 2,623 2,406 848 460 516 582 217 203 15 1960 Dec 1,698 3,614 3,135 815 482 605 1,233 480 242 238 1961—Mar 1,616 3,967 3,471 844 494 679 1,453 496 249 247 Apr 1,639 4,150 3,619 907 523 716 1,473 531 245 286 May 4,124 3,616 870 520 710 1,517 507 235 272 rl]850 4,123 3,672 810 506 711 1,645 451 249 202 July 4,189 3,777 843 525 718 1,691 412 229 183 Aug . 1,836 4,122 3,712 756 537 719 1,700 410 232 178 Sept rl,864 r4,156 r3,708 r776 r564 697 1,671 448 266 182 Oct '1,847 4,347 3,799 780 600 683 1,736 548 337 211 Nov 1,880 4,384 3,835 828 625 682 1,700 549 329 220 Dec 2,020 4,700 4,115 1,014 618 694 1,789 586 385 200 1962 Jan . . ., 2,035 4,577 4,119 1,008 618 708 1,784 458 287 171 Feb P 2,078 4,697 4,254 1,090 629 714 1,822 443 288 154 Mar P 2,115 4,872 4,404 1,208 650 732 1,814 468 302 166 Area and country detail, Jan. 31, 1962 Europe: 43 4 4 1 1 1 . (2) Belgium 39 18 13 2 7 3 5 (2) 8 13 12 (2) 2 6 5 1 1 3 23 23 1 (2) 2 21 (2) 11 43 39 4 7 12 16 4 4 n\ Germany, Fed. Rep. of.... 74 157 141 30 55 23 32 17 13 4 7 5 5 4 Italy 24 37 33 6 6 16 5 4 4 (2) Netherlands 45 60 50 6 29 n 2 10 10 168 26 25 1 1 2 21 1 1 1 Portugal 4 2 2 2 1 Spain 1 14 13 3 1 5 4 1 1 (2) S S w w e it d z e e n rland 4 1 9 0 6 1 8 7 3 1 7 5 8 1 (129) 6 6 8 5 3 2 2 1 2 5 16 7 7 4 3 United Kingdom 9 163 64 20 4 27 98 75 24 2 7 7 4 1 14 2 3 19 18 1 6 7 1 1 4 Total 501 682 507 93 132 124 158 175 130 46 275 483 298 12 191 8 86 186 67 119 Latin America: Argentina 78 179 170 23 18 46 82 9 8 1 5 5 (2) (2) 5 262 132 96 28 30 28 11 35 35 (2) 25 126 126 45 26 19 36 (2) (2) 30 134 134 29 12 66 Cuba 1 18 18 1 ll (2) (2) Dominican Republic 12 12 5 1 5 1 (2) El Salvador (2) 14 13 1 6 6 (2) 1 12 19 19 4 1 7 7 (2) (2) 160 412 407 162 88 36 121 5 4 1 Netherlands Antilles and 8 9 9 2 5 2 19 43 43 5 25 6 6 11 71 71 5 9 25 32 (2) (2) UruEuav 1 61 61 5 4 7 45 (2) (2) 231 122 121 14 22 67 18 1 1 (2) 72 71 71 6 17 30 18 Total 910 1,430 1,378 333 261 331 452 52 49 4 B Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 INTL CAPITAL imANSACTTONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANES IN THE UNITED STATES, BY TYPES—CentiBMed [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Area and Longcountry term— Loans to: total i Total Collec- Total Banks and t o io u n t- s Other Total De w p i o th sits Other official Others standing foreigners institutions Area and country detai, Jan. 31, 1962—Cont. Asia: Hong Kong (2) 10 10 2 3 3 1 ladia . 18 10 10 2 6 1 1 Indonesia 51 12 12 12 Si Iran . . 12 30 29 2 2 1 l Israel 19 36 36 3 4 4 25 Japan 24 1 511 1 474 330 10 134 1 000 37 37 5 5 5 Philippines 55 135 135 123 1 1 10 (2) (2) 1 11 11 2 2 7 Thailand 5 34 34 14 1 3 16 Other 3 97 96 64 8 21 3 (2) (2) (2) Total 187 1,890 1,851 554 27 204 1,066 39 39 (2) All other: Australia 19 31 28 1 2 13 12 3 1 2 Congo Rep of the 39 6 6 4 1 South Africa 58 11 9 H 8 1 2 i (2) U A R. CEsYDi) . ... 3 14 14 2 Other 43 31 30 4 16 (2) Total 163 92 87 16 8 40 23 5 3 2 Total foreign countries 2,035 4,577 4,119 1,008 618 708 1,784 458 287 171 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. 1 year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES* [In millions of dollars} U. .5. Govt. bonds & notes U. S. corporate securities 2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s r e - s Sales To or ta s l ale c s F o ( o u — r n e t ) i r g ie n s c P ha u s r e - s Sales c s N a h l a e e s t i e p s ( u , ~ o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r r } - ch P a u s r- es Sales c s N a h l a e e t s s e p s ( u , ~ o r ) r - 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 —l s 026 467 804 —336 1 I9 9 6 5 0 9..... 1 1 , , 2 7 1 3 7 0 1,6 5 0 2 3 8 6 1 8 2 9 7 - 5 9 2 8 7 2 2 S ,4 5 1 9 9 3 2 2 , , 1 1 5 6 8 7 4 2 3 5 5 2 9 8 4 8 6 3 1 1 , , 4 4 5 4 8 5 — -5 6 5 2 12 5 5 0 6 9 6 8 5 0 9 4 2 — — 23 8 8 3 1961 1,736 1,231 504 164 '3,384 '3,161 223 802 1,261 '-459 594 '959 '-365 1961—Mar 63 86 '-24 -17 371 329 42 43 91 -48 58 91 -33 Apr ........Co 91 101 -10 32 348 308 40 44 101 ' 58 50 96 -46 May 155 206 -50 -40 344 '300 45 59 126 -67 57 96 -39 41 74 -33 -33 303 276 27 63 r97 '—34 53 72 -19 July......»«... 170 127 43 43 194 212 — 18 50 120 r 70 35 55 —20 340 177 163 48 246 254 -8 37 36 I 40 64 —24 Sept 22 26 -4 -5 '217 216 1 225 228 -3 41 58 -17 Oct 120 56 65 64 245 232 14 52 77 -26 53 '79 '-26 Nov 259 181 79 19 310 290 20 62 105 --42 55 94 — 39 Dec 78 32 46 -7 286 273 14 64 106 -41 59 139 -80 1962—Jan 30 58 -28 -19 257 220 37 93 91 2 58 80 -22 Feb » 144 269 -125 -62 238 208 30 106 160 -53 51 87 -36 Mar.** 130 249 -118 -38 268 234 34 95 145 -50 58 90 -32 v Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 669 TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-);in millions of dollars] Type of security Country or area Year or month Total2 Stocks Bonds Belgium France N la e e n r t - d h s - S l w a e n r i - t d z- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- ot A h l e l r2 1958 -39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1959 „ 435 363 73 5 40 31 254 15 35 379 -30 40 46 I960 252 202 50 5 38 1 171 -48 66 234 -45 36 28 1961 223 r323 -99 4 21 20 166 -17 38 232 -112 44 58 1961 Mar . 42 32 10 2 3 -3 18 5 5 30 6 2 8 A J M u p a n r y e.. . . 4 4 2 5 7 0 5 5 3 6 8 3 - - 1 1 -6 6 3 ( ( 3 3 ) ) (3 5 i ) 5 3 3 2 2 1 1 9 9 1 9 1 1 -1 r r 9 3 3 5 3 2 0 4 - - 1 1 -9 9 4 9 9 4 9 2 4 July -18 — 5 -13 — 1 — 1 -2 -6 -1 -12 -13 2 5 Aug... Q 2 -10 2 (3) 6 -7 4 1 -14 2 3 Sept 1 r16 — 15 1 2 2 2 3 r12 -17 5 1 Oct 14 28 -15 (3) 2 1 24 -10 2 19 1 1 Nov.. 20 25 -5 4 5 25 -20 3 18 -8 2 8 Dec 14 15 i 1 1 1 21 -25 5 3 4 7 1962—Jan 37 54 17 (3) 5 -2 46 10 -3 55 -19 4 -3 30 36 -6 1 5 34 2 37 -9 -1 3 Mar p. 34 20 14 -1 2 1 16 16 17 -1 3 p Preliminary. r Revised. 2 Includes transactions of international organizations. * Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-); in millions of dollars] [In millions of dollars] Y m e o a n r t o h r na In ti t o e n r- al f c T o t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L i a m c t a e in r- Asia o A th ll er End of month Deposits U. S A . s G s o et v s t . in cus M to i d sc y elsecurities2 laneous3 1958 — 558 — 805 —72 543 5 —45 150 1959 — 157 — 593 50 —443 11 —97 — 15 1960—Dec... 217 5,726 756 I960 — 147 —498 -117 — 196 107 41 — 36 1961 1 r-825 r-260 r-318 -60 -114 -73 1961—Apr... 230 5,634 672 May.. 210 5,637 687 1961—Mar... -78 -24 -42 0) -11 -2 June.. 220 5,723 688 Apr...'. 3 '-106 -9 '-59 -20 -19 0) July... 226 5,660 667 May.. 1 -107 -26 -52 -6 -22 -1 Aug... 270 5,903 660 June.. -15 »--37 -17 r-23 3 9 -10 Sept... 312 6,036 662 J A u u l g y . . . . . . 6 3 '- - 9 29 3 -1 1 0 2 r_ - 7 1 ( 7 ) 1 1 - - 5 3 -30 1 O N c o t v . . . . . . . 2 1 4 9 9 8 5 5 , , 9 7 8 9 8 3 6 6 5 3 2 4 Sept... 4 -24 -3 6 2 -7 -22 Dec... 279 6,006 669 Oct.. . c r — 47 r-17 —7 1 -25 1 Nov...] 1 -82 -26 -15 -9 -14 -18 1962—Jan.... 229 5,403 663 Dec... r-7 -114 -84 -28 1 -9 6 Feb... 204 5,432 637 Mar... 221 5,762 621 1962—Jan.... 0) -19 n 22 -1 -8 -23 Apr.. . 230 5,551 616 Feb.*>. -96 6 -22 2 4 -10 33 Mar.23. -28 -54 -57 8 0) -5 1 1 Excludes assets held for international organizations, and earmarked gold. See note 4 at bottom of p. 660 for total gold under earmark at P Preliminary. " Revised. Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds; includes certificates of indebtedness payable in foreign currencies. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of quarter; in millions of dollars] Liabilities to foreigners 1st. revised ser. Area and country 1960 1960 1961 4 4 1 Europe: 1 11 2< 29 29 3 Germany, Fed. Rep. of.. 4 4 4 Italy 15 16 19 Netherlands 4: 4 62 •portucal Sweden i 26 2] Turkey United Kingdom 6 65 79 Other Total 271 277 327 53 57 37 Latin America: Bolivia 1 Brazil 16 17 19 Chile Cuba 1 1 El Salvador 8 Guatemala (2) $ (2) Neth. Antilles and Surinam. 4 Panama Rep. of 4 4 1 1 2 Venezuela 13 14 16 Other 4 4 Total 73 76 83 Asia: Hong Kong 3 3 6 j 6 Indonesia 3 3 11 4 6 Israel 5 5 4 27 29 57 Korea Rep of 5 7 Taiwan 3 3 2 Thailand 3 3 Other 6 9 Total 65 73 All other: Australia • 14 14 Congo Rep. of th© 1 2 South Africa 1 1 U A R (Egypt) 2 2 Other 5 7 Total 23 25 International (2) Grand total 485 507 CO 00 Claims on foreigners 2d revised ser.1 3d. revised ser.1 1st. revised ser. 2d revised ser.1 1960 1961 1961 1960 1961 1961 1 2 2 3 4 4 1 1 2 2i 21 2: i: 1 l: 37 3: 40 3 39 44 4 40 49 4( 4( 4( 39 37 4( 20 23 23 30 26 30 3 32 35 62 6: 68 4 16 17 17 2: i i l: 10 26 2 26 26 19 2( 4' 3< V, li 25 19 2: 79 107 109 639 642 27i 279 225 331 385 388 370 862 880 516 526 506 40 43 49 45 160 187 295 327 422 8 10 10 20 20 25 26 29 1 1 20 20 20 24 76 78 60 6 73 4 e 11 12 14 15 18 e 11 12 13 h 13 8 8 6 1 1 1 1 1 6 6 6 (25 36 39 45 47 42 4 6 6 3 6 7 13 9 9 6 8 9 9 10 11 2 2 3 4 4 4 23 23 23 21 33 34 36 38 35 7 10 10 10 19 19 22 22 25 92 102 102 106 245 254 257 265 278 3 3 3 3 3 3 6 c 5 6 12 15 10 11 11 11 10 10 7 1 1 4 4 3 5 5 5 5 8 8 9 9 7 4 2 2 3 11 11 7 8 8 58 67 68 71 45 54 51 52 55 (2) (2) 1 1 1 1 1 7 7 9 8 9 7 2 1 1 1 3 3 2 3 3 4 4 3 3 9 11 11 15 18 20 17 18 107 109 114 114 122 111 128 118 120 15 15 15 15 11 21 22 19 20 1 1 P) P) 3 3 2 2 2 2 6 7 9 9 2 2 1 4 6 7 7 9 9 11 11 13 13 15 12 13 29 29 31 31 29 49 52 50 51 C2) (2) (2) (2) (2) 1 583 600 673 684 672 1,428 1,501 1,235 1,292 CO 00 117 ovot — 3d. revised ser.J 1961 2 3i 4 a 7 16 56 C2) 1,378 cots 10 19 19 226 511 440 3( 74 18 13 6 44 12 4 36 26 285 11 8 56 1 7 2 CO 00 3 4 17 6 2 36 74 2 34 23 7 6 9 18 15 4 169 2 5 433 488 31 3 91 16 14 7 3 3 5 47 2 6 18 4 57 43 349 3 13 3 7 8 63 1 7 2 3 18 118 127 19 21 2 2 11 11 7 10 16 19 56 62 1 1,410 1,460 » Preliminary. NOTE.—Reported by exporters, importers, and industrial and com- 1 Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through Dec. 31,1960 (first revised series), on Mar. 31, 1961 (second revised series), U. S. banks, and intercompany accounts between U. S. companies and and on June 30, 1961 (third revised series). their foreign affiliates. 2 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 671 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1958 1959 1960 1961 Item Exports of goods and services, total1.. 6,142 5,463 5,848 5,950 6,448 6,353 6,962 6,659 7,326 6,898 7,021 6,734 7,663 Merchandise 4,196 3,807 4,074 4,058 4,343 4,607 4,994 4,676 5,132 5,009 4,912 4,680 5,315 Services 2 1,946 1,656 1,774 1,892 2,105 1,746 1,968 1,983 2,194 1,889 2,109 2,054 2,348 Imports of goodg and services, total... 5,446 5,401 5,964 6,228 5,944 5,769 6,074 6,057 5,427 5,322 5,610 6,108 6,039 Merchandise 3.522 3.594 3.879 3.847 3.974 3.830 3.857 3.550 3.485 3.407 3.458 3,684 3,975 Services 1,095 1,027 1,296 1,595 1,216 1,172 1,461 1,709 1,215 1,156 1,391 1,719 1,333 Military expenditures 829 780 789 786 754 767 756 798 727 759 761 705 731 Balance on goods and services1 696 62 -116 -278 504 584 888 602 1,899 1,576 1,411 626 1,624 Unilateral transfers (net)3 -633 -621 -581 -547 -675 -579 -631 -618 -661 -700 -709 -636 -702 Private remittances and pensions... -196 -184 -187 -214 -206 -198 -213 -207 -230 -210 -221 -212 -227 Government nonmilitary grants.... -437 -437 -394 -333 -469 -381 -418 -411 -431 -490 -488 -424 -475 U.S. long- and short-term capital (net)3 -893 -494 4-1,032 -607 -595 -875 -1,110 -1,075 -1,905 -1,400 -513 -1,064 -1,928 Private, total -726 -412 -738 -387 -838 -651 -724 -924 -1,557 -980 -926 -595 -1,450 Direct investment -372 -287 -442 -224 -419 -303 -331 -327 -733 -464 -380 -379 -378 Portfolio and short-term investment -354 -125 -296 -163 -419 -348 -393 -597 -824 -516 -546 -216 -1,072 Government -167 -82 4-294 -220 243 -224 -386 -151 -348 -420 413 -469 -478 Foreign capital and gold (net) 901 953 4 1,439 1,440 620 821 981 1,208 1,119 533 206 915 1,377 Increase in foreign short-term assets and Government securities.. 502 785 4 847 1,109 425 584 737 548 261 63 345 621 825 Increase in other foreign assets.... 52 73 195 164 123 187 150 23 -63 124 191 24 96 Gold sales by United States 5 347 95 4 397 167 72 50 94 637 921 346 -330 270 456 Errors and omissions -71 100 290 146 49 -128 -117 -452 -395 159 -371 » Preliminary. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 1 Excluding military transfers under grants. of which $344 million was transferred in gold and $1,031 million in 2 Including military transactions. non-interest-bearing U.S. Government securities. 3 Minus sign indicates net outflow. 5 Beginning with the first quarter of 1961, net of change in convertible currencies held by Exchange Stabilization Fund. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l s n ls u t , h ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w k o n e s a i r n t s c s " e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1959_Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 1960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 .51 1.13 2.00 1961—Mar 3.21 2.98 4.61 4.48 3.74 3.00 3.70 2.50 3.38 1.03 .75 2.00 Apr 3.30 3.03 4.63 4.45 3.65 3.00 3.70 2.38 2.94 .77 .75 2.00 May 3.18 2.92 4.55 4.38 3.81 3.00 3.91 2.25 2.63 .83 .75 2.00 2.69 2.45 4.64 4.50 3.67 3.00 3.76 2.25 2.56 .88 .75 2.00 July 2.61 2.55 4.72 5.10 3.98 3.38 3.65 2.25 2.63 .88 .75 2.00 2.48 2.29 6.91 6.71 5.64 5.00 3.52 2.25 2.44 .84 .75 2.00 Sept 2.42 2.17 6.84 6.60 5.71 5.00 3.57 2.25 2.94 1.00 .95 2.00 Oct 2.53 2.20 6.31 5.94 5.42 4.56 3.60 2.00 2.44 1.68 1.50 2.00 Nov 2.42 2.24 5.67 5.41 4.89 4.02 3.52 2.00 2.81 L.74 1.33 2.00 Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 [.32 1.11 2.00 1962—Jan 3.08 2.69 5.65 5.35 4.78 4.00 3.51 1.88 2.00 1.31 1.35 2.00 Feb 3.11 2.63 5.65 5.41 4.72 4.00 3.56 1.88 2.06 .02 .80 2.00 Mar........ 3.10 2.81 5.13 4.86 4.32 3.46 3.65 2.00 3.13 1.81 1.59 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Apr. 30, 1961 Rat© Country 1961 1962 A a p s r . o 3 f 0, Per Month 1962 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Argentina ^ 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 5.0 Belzium 5.0 Aug. 1960 4.75 4.5 4.25 4 0 4.0 Brazil2 10.0 Apr. 1958 10.0 3.0 Nov. 1957 4.0 4.0 3.53 Apr. 1961 3.42 2.82 2.80 2.51 2.84 2.75 2.75 3.24 3.35 3.42 3.37 3.32 3.32 Ceylon • • 4.0 Aug. 1960 4.0 Chile4 16.74 Jan. 1961 15.88 15.27 15.27 Colombia 2 5.0 Aug. 1959 5.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 6.0 Jan. 1960 6.0 Denmark 5.5 Jan. 1960 6.5 6.5 5.0 Nov 1956 5.0 3.0 Nov. 1952 3.0 El Salvador 5.5 Jan. 1960 6.0 6.0 Finland 6.75 Mar. 1959 8.0 7.0 7.0 France 3.5 Oct. 1960 3.5 Germanv 3.5 Jan. 1961 3.0 3.0 Greece 6.0 Nov. 1960 6.0 Honduras 3 2.0 Jan. 1953 2.0 Iceland 9.0 Dec. 1960 9.0 India6 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran • 6.0 Nov. 1960 6.0 Ireland 4.75 Mar. 1961 4.62 4.78 6.88 6.75 5.94 5.56 5.44 5.75 5.75 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan2 6.57 Jan. 1961 6.94 7.3 7.3 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 4.0 4.0 New Zealand 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 9.5 Nov. 1959 9.5 Philippine Republic 5.0 Nov. 1960 3.0 6.0 6.0 Portusal 2.0 Jan. 1944 2.0 South Africa 4.5 Aug. 1960 5.0 4.5 4.5 Spain • 4.6 Apr. 1960 4.0 4.0 Sweden 5.0 Jan. 1960 4.5 4.5 S witzerland 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 9.0 Nov. 1960 7.5 7.5 United Kingdom 5.0 Dec. 1960 7.0 6.5 6.0 75.0 4.5 4.5 Venezuela2 4.5 Dec. 1960 4.5 1 Rates shown represent mainly those at which the central bank either Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and/or modity involved, etc.; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which it is understood the central bank trans- Peru—8 per cent for agricultural, industrial and mining paper; and acts the largest proportion of its credit operations. In certain cases Venezuela—4 per cent for rediscounts of certain agricultural paper and other rates for these countries are given in note 2. for advances against government bonds or gold and 5 per cent on ad- 2 Discounts or advances at other rates include: vances against securities of Venezuelan companies. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 3 Beginning with Nov. 1, 1956, the discount rate has been set each pending on type of transaction; week at .25 of 1 per cent above the latest average tender rate for Treasury Brazil—8 per cent for secured paper and 4 per cent for certain agricultural bills; end-of-month rate shown. paper; 4 Beginning with Apr. 1, 1959, new rediscounts have been granted at Colombia—3.5 per cent for agricultural and industrial development the average rate charged by banks in the previous half year. Old redispaper of up to 150 days, 3 per cent for economic development paper counts remain subject to old rates provided their amount is reduced by of up to 5 years, and 2 per cent for specific small business, cooperative one-eighth each month beginning May 1, 1959, but the rates are raised and employee paper; by 1.5 per cent for each month in which the reduction does not occur. Costa Rica—5 per cent for paper related to commercial transactions 5 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); • Beginning with May 16, 1957, this rate applies to advances against Cuba—5.5. per cent for sugar loans and 5 per cent for loans secured by commercial paper as well as against government securities and other national public securities; eligible paper. Ecuador—-6 per cent for bank acceptances for commercial purposes; 7 On Mar. 8, 1962 the discount rate had been reduced to 5.5 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 673 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1956 5.556 2.835 222.76 3.8580 2.0030 101.600 20.946 .43540 1957... 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 .39946 .2376 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 .31181 2.2374 1959 .2730 223.81 3.8619 2.0012 104.267 21.055 .31149 .2038 I960 .2026 223.71 3.8461 2.0053 103.122 21.048 .31118 3 20.389 1961 .2076 223.28 3.8481 2.0052 98.760 21.023 .31098 20.384 1961—Apr .2075 222.95 3.8306 1.9985 101.110 20.992 .31108 20 400 May .2071 222.63 3.8308 1.9983 101.255 20.988 .31100 20.404 June .2096 222.30 3.8368 2.0018 99.471 20.984 .31100 20.405 July .2113 222.10 3.8554 2.0081 96.701 20.951 .31090 20.405 .2104 223.34 3.8592 2.0080 96.933 21.012 .31089 20.352 Sept .2061 224.08 3.8634 2.0084 97.003 21.076 .31088 20.331 Oct .2056 224.33 3.8660 2.0085 97.039 21.094 .31085 20.337 Nov .2057 224.30 3.8648 2.0085 96.532 21.089 .31085 20.364 Dec. .2080 223.88 3.8671 2.0086 95.885 21.058 .31084 20.399 1962—Jan . . .. .2056 223.98 3.8647 2.0086 95.678 21.051 .31085 20.403 Feb .2054 224.27 3.8643 2.0086 95.335 21.039 .31072 20.402 Mar 41.2081 224.32 3.8659 2.0086 95.277 21.058 .31074 20.405 Apr 5 1.0444 224.22 3.8690 2.0080 95.232 21.059 .31070 20.405 Year or month ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) 1956 23.786 20.934 279.57 .16003 .27791 32.582 8.0056 26.113 276.80 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26.170 276.56 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277 98 1961. 6 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 727.555 277.45 1961—Apr 25.185 20.940 279.81 .16089 .27717 32.600 8.0056 27.820 277.03 May 25.184 20.919 279.40 .16106 .27628 32.518 8.0056 27 826 276 63 25.166 20.889 278.98 .16107 .27629 32.489 8.0056 27.828 276.22 July i 25.127 20.886 278.74 .16108 .27624 32.488 8.0056 27 827 275 98 25.046 20.998 280.29 .16109 .27623 32.604 8.0056 27.771 277 52 Sept. 25.019 21.067 281.22 .16108 .27622 32.716 8.0056 27.676 278.44 Oct 25.016 21.089 281.54 .16108 .27623 32.752 8.0056 27.731 278 75 Nov 24.987 21.076 281.49 .16108 .27624 32.742 8.0056 27.766 278.71 Dec 25.004 21.038 280.96 .16111 .27624 32.734 8.0056 27.776 278.18 1962 Jan 25.028 21.045 281.10 .16108 .27624 32.777 8.0056 27 730 278 31 Feb 25.011 21.078 281.46 .16100 .27627 32.810 8.0056 27.631 278.67 25 012 21.093 281.53 .16100 .27640 32 800 8.0056 27 687 278 74 Apr 25.006 21.075 281.40 .16107 .27623 32.766 8.0056 27.772 278.61 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1956 14.008 49.676 3.4900 278.52 19.333 23.334 279 57 1957 14 008 49.693 3.4900 278 28 19 331 23 330 279 32 1958 14 008 49 695 3 4900 279 93 2 3810 19 328 23 328 280 98 1959 .„ 14.028 49.721 3.4967 279.83 20570 19 324 23 142 280 88 1960 14 018 49 770 3.4937 279 71 I 6635 19 349 23 152 280 76 1961 14.000 3.4909 8 279.48 »139.57 L6643 19.353 23.151 280.22 1961 Apr 13 989 3 4920 139 38 1 6643 19 354 23 122 279 81 May..... 13.964 3.4851 139.18 L6644 19.378 23.101 279.40 June » . . . .. 13 952 3.4815 138 97 I.6644 19 365 23 144 ^78 98 July.... 13.947 3.4797 138.85 1.6644 19.357 23.169 278.74 Aug 14.004 3.4875 139.62 1.6644 19.366 23.163 280.29 Sept. 14.041 3.4941 140.09 6644 19.329 23.167 281.22 Oct 14 051 3 5013 140 24 1 6644 19 351 23 133 281 54 14.048 3.4990 140.22 1.6644 19.347 23.133 281.49 Dec .. 14 039 3.5020 139.96 1.6649 19.346 23.169 280.96 1962—Jan 14.027 3.5000 140.02 1.6650 19.348 23.158 281.10 Feb , 14.037 3.4995 140.20 1.6650 19.388 23.111 281.46 Mar 14.037 3.5014 140.24 1.6651 19.408 23.042 281.53 Apr . . ... 14 033 3.5032 140.17 1.6651 19.424 23.011 281.40 1 Effective Jan. 12, 1959, the Argentine Government established a 5 Based on quotations beginning with Apr. 4, 1962. single exchange rate for the peso in place of the former official and free 6 Effective Mar. 5,1961, the par value of the deutsche mark was changed fates. from 4.20 to 4.00 marks per U. S. dollar. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 7 Effective Mar. 7, 1961, the par value of the guilder was changed from was extended to all foreign exchange transactions on Oct. 28, 1957, and 3.80 to 3.62 guilders per U. S. dollar. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 8 Based on quotations through Feb. 10, 1961. was further devalued to 493.706 francs per U. S. dollar. 9 Effective Feb. 14, 1961, South Africa adopted the decimal system. 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. The new currency unit, the rand, replaces the pound and consists of 4 Based on quotations through Mar. 19, 1962. 100 cents; it is equivalent to 10 shillings or one-half the former pound. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON G. H. KING, JR. J. L. ROBERTSON GEORGE W. MITCHELL WOODLIEF THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secretaiy GLENN M. GOODMAN, Assistant Director LEGAL DIVISION HENRY BENNER, Assistant Director HOWARD H. HACKLEY, General Counsel JAMES C. SMITH, Assistant Director DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director THOMAS J. O'CONNELL, Assistant General ANDREW N. THOMPSON, Assistant Director Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve JEROME W. SHAY, Assistant General Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION GUY E. NOYES, Director FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ROBERT C. HOLLAND, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ALBERT R. KOCH, Adviser KENNETH B. WILLIAMS, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF INTERNATIONAL FINANCE JOSEPH E. KELLEHER, Director RALPH A. YOUNG, Director HARRY E. KERN, Assistant Director J. HERBERT FURTH, Adviser A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF THE CONTROLLER SAMUEL I. KATZ, Associate Adviser RALPH C. WOOD, Associate Adviser J. J. CONNELL, Controller SAMPSON H. BASS, Assistant Controller DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 674 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 675 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON GEORGE H. ELLIS GEORGE W. MITCHELL MALCOLM BRYAN W. D. FULTON J. L. ROBERTSON FREDERICK L. DEMING G. H. KING, JR. CHAS. N. SHEPARDSON A. L. MILLS, JR. RALPH A. YOUNG, Secretary MERRITT SHERMAN, Assistant Secretary J. HERBERT FURTH, Associate Economist KENNETH A. KENYON, Assistant Secretary GEORGE GARVY, Associate Economist HOWARD H. HACKLEY, General Counsel ROBERT C. HOLLAND, Associate Economist DAVID B. HEXTER, Assistant General Counsel L. MERLE HOSTETLER, Associate Economist GUY E. NOYES, Economist ALBERT R. KOCH, Associate Economist HARRY BRANDT, Associate Economist FRANKLIN L. PARSONS, Associate Economist DANIEL H. BRILL, Associate Economist PARKER B. WILLIS, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON KENNETH V. ZWIENER, CHICAGO GEORGE A. MURPHY, NEW YORK, President SIDNEY MAESTRE, ST. LOUIS HOWARD C PETERSEN, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND, Vice President M. L. BREIDENTHAL, KANSAS CITY ROBERT B. HOBBS, RICHMOND I. F. BETTS, DALLAS J. FlNLEY McRAE, ATLANTA ELLIOTT MCALLISTER, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON NILS Y. WESSELL ERWIN D. CANHAM NEW YORK PHILIP D. REED JAMES DECAMP WISE PHILADELPHIA WALTER E. HOADLEY DAVID C. BEVAN CLEVELAND JOSEPH B. HALL JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. EDWIN HYDE ATLANTA JACK TARVER HENRY G. CHALKLEY, JR. CHICAGO ROBERT P. BRIGGS JAMES H. HILTON ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS ATHERTON BEAN JUDSON BEMIS KANSAS CITY HOMER A. SCOTT OLIVER S. WILLHAM DALLAS ROBERT O. ANDERSON LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN JOHN D. FREDERICKS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN • MAY 1962 Presidents and Vice Presidents Federal Vice Presidents Reserve President (Vice Presidents in charge of branches are Bank of First Vice President listed in lower section of this page) Boston George H. Ellis D. Harry Angney Benjamin F. Groot O. A. Schlaikjer E. O. Latham Ansgar R. Berge Dana D. Sawyer Charles E. Turner New York Alfred Hayes Harold A. Bilby Marcus A. Harris H. L. Sanford William F. Treiber Charles A. Coombs Herbert H. Kimball Robert W. Stone Howard D. Crosse Robert G. Rouse Todd G. Tiebout Walter H. RozeU, Jr. Philadelphia Karl R. Bopp Joseph R. Campbell Norman G. Dash James V. Vergari Robert N. Hilkert Wallace M. Catanach David P. Eastburn Richard G. Wilgus Murdoch K. Goodwin Cleveland W. D. Fulton Roger R. Clouse W. Braddock Hickman John E. Orin Donald S. Thompson E. A. Fink L. Merle Hostetler Paul C. Stetzelberger Martin Morrison Richmond Edward A. Wayne J. G. Dickerson, Jr. John L. Nosker Joseph M. Nowlan Aubrey N. Heflin Upton S. Martin Benjamin U. Ratchford Atlanta Malcolm Bryan J. E. Denmark L. B. Raisty Brown R. Rawlings Harold T. Patterson J. E. McCorvey Charles T. Taylor Chicago C. J. Scanlon Ernest T. Baughman L. H. Jones H. J. Newman Hugh J. Helmer A. M. Gustavson C. T. Laibly Leland M. Ross Paul C. Hodge Richard A. Moffatt Harry S. Schultz St. Louis (Vacancy) Marvin L. Bennett Dale M. Lewis Joseph C. Wotawa Darryl R. Francis Homer Jones Howard H. Weigel Orville O. Wyrick Minneapolis Frederick L. Deming Kyle K. Fossum M. B. Holmgren F. L. Parsons A. W. Mills C. W. Groth A. W. Johnson M. H. Strothman, Jr. H. G. McConnell Kansas City George H. Clay John T. Boysen F. H. Larson Clarence W. Tow Henry O. Koppang C. A. Cravens L. F. Mills J. T. White J. R. Euans E. U. Sherman Dallas Watrous H. Irons Howard Carrithers Thomas A. Hardin Thomas W. Plant Harry A. Shuford James L. Cauthen G. R. Murff L. G, Pondrom P. E. Coldwell James A. Parker W. M. Pritchett San Francisco... Eliot J. Swan J. L. Barbonchielli E. H. Galvin A. B. Merritt H. E. Hemmings R. S. Einzig John A. O'Kane Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis.... Helena C. A. Van Nice Cleveland Cincinnati F. O. Kiel Kansas City.... Denver Cecil Puckett Pittsburgh Clyde Harrell Oklahoma City H. W. Pritz Omaha P. A. Debus Richmond Baltimore D. F. Hagner Charlotte E. F, MacDonald Atlanta Birmingham H, C. Frazer Dallas El Paso Roy E. Bohne Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City A. L. Price Memphis E. Francis DeVos Seattle E. R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may he obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D, C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1499-1502 of the December 1961 Bulletin. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND 1959. 108 pages. Part II. February 1960 FUNCTIONS. February 1961. 238 pages. 159 pages. Part III. February 1960. 112 pages. Individual books $1.00 each; set of 3 ANNUAL REPORT OF THE BOARD OF GOVERNORS books $2.50. OF THE FEDERAL RESERVE SYSTEM. INDUSTRIAL PRODUCTION—1959 REVISION. July FEDERAL RESERVE BULLETIN. Monthly. Sub- 1960. 229 pages. $1.00 per copy; in quantiscription price in the United States and its posties of 10 or more for single shipment, 85 cents sessions, Bolivia, Canada, Chile, Colombia, each. Costa Rica, Cuba, Dominican Republic, Ecua- THE FEDERAL FUNDS MARKET—A Study by a dor, Guatemala, Haiti, Republic of Honduras, Federal Reserve System Committee. May Mexico, Nicaragua, Panama, Paraguay, Peru, 1959. Ill pages. $1.00 per copy; in quanti- El Salvador, Uruguay, and Venezuela is $6.00 ties of 10 or more for single shipment, 85 per annum or 60 cents per copy; elsewhere cents each. $7.00 per annum or 70 cents per copy. (Group DEBITS AND CLEARINGS STATISTICS AND THEIR subscriptions in the United States for 10 or USE (rev. ed.). May 1959. 144 pages. $1.00 more copies to one address, 50 cents per copy per copy; in quantities of 10 or more for single per month, or $5.00 for 12 months.) shipment, 85 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL ALL-BANK STATISTICS, 1896-1955. Part I, U. S. AND BUSINESS STATISTICS. Monthly. Annual Summary. Part II, Summaries by States and subscription includes one issue of Historical other areas. April 1959. 1,229 pages. $4.00. Chart Book. Subscription price in the United THE FEDERAL RESERVE ACT, as amended through States and the countries listed above is $6.00 October 1, 1961, with an Appendix containing per annum or 60 cents per copy; elsewhere provisions of certain other statutes affecting $7.00 per annum or 70 cents each. (Group the Reserve System. 386 pages. $1.25. rate of 50 cents each for 10 or more of same FLOW OF FUNDS IN THE UNITED STATES, 1939-53 issue for single shipment.) December 1955. 390 pages. $2.75. HISTORICAL CHART BOOK. Issued annually in BANKING AND MONETARY STATISTICS. November September. Annual subscription to monthly 1943. 979 pages. $1.50. chart book includes one issue of the Historical. SUPPLEMENT TO BANKING AND MONETARY STA- In the United States and countries listed above TISTICS. SECTION 10. Member Bank Reserves under Federal Reserve Bulletin, single copies and Related Items. January 1962. 64 pages. 60 cents each, elsewhere 70 cents each. (Group $.50. Section 15. International Finance. March rate in quantities of 10 or more for single 1962. 92 pages. $.65. shipment 50 cents each.) REGULATIONS OF THE BOARD OF GOVERNORS OF INDUSTRIAL PRODUCTION CHART BOOK. February THE FEDERAL RESERVE SYSTEM. 1961. 210 pages. $1.75 per copy; in quanti- RULES OF ORGANIZATION AND PROCEDURE— ties of 10 or more for single shipment, $1.50 BOARD OF GOVERNORS OF THE FEDERAL REeach. SERVE SYSTEM. February 1962. 40 pages. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- PUBLISHED INTERPRETATIONS of the Board, as of ERNMENT SECURITIES MARKET. Part I. July January 1, 1961. $2.50 each. 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN • MAY 1962 REPRINTS STATISTICS ON THE GOVERNMENT SECURITIES (From Federal Reserve Bulletin unless preceded MARKET. April 1961. 8 pages. by an asterisk) OWNERSHIP OF DEMAND DEPOSITS. April 1961. 3 pages. THE MONETARY SYSTEM OF THE UNITED STATES. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER February 1953. 16 pages. TIME DEPOSITS. May 1961. 2 pages. (Also, INFLUENCE OF CREDIT AND MONETARY MEASURES similar reprint from July 1960 BULLETIN.) ON ECONOMIC STABILITY. March 1953. 16 BANK CREDIT AND MONEY IN RECOVERY. June pages. 1961. 8 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC INTEREST RATES IN LEADING COUNTRIES. August STABILITY. May 1953. 7 pages. 1961. 8 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- THE BALANCE SHEET OF AGRICULTURE, 1961. COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- August 1961. 9 pages. ber 1955. 40 pages. CAPITAL MARKETS IN 1961. September 1961. 7 SURVEYS OF BANK LOANS FOR COMMERCIAL AND pages. INDUSTRIAL PURPOSES. Business Loans of U. S. BALANCE OF PAYMENTS IN 1961. October Member Banks. April 1956. 14 pages. Credit 1961. 7 pages. Lines and Minimum Balance Requirements. SURVEY OF FINANCE COMPANIES, MID-1960. Oc- June 1956. 7 pages. Member Bank Lending tober 1961. 21 pages. (Also, similar reprint to Small Business, 1955-57. April 1958. 19 from April 1957 BULLETIN.) pages. Member Bank Term Lending to Busi- LIQUIDITY AND PUBLIC POLICY. October 1961. ness, 1955-57. April 1959. 16 pages. Security 17 pages. Pledged on Business Loans at Member Banks. REVISION OF CONSUMER CREDIT STATISTICS. September 1959. 16 pages. December 1961. 15 pages. (Also, similar REVISION OF MONTHLY DEPARTMENT STORE IN- reprints from BULLETINS for April 1953 and DEXES. December 1957. 30 pages. October 1956.) OPEN MARKET OPERATIONS IN LONG-TERM SE- REVISED INDEXES OF FREIGHT CARLOADINGS. De- CURITIES. NOVEMBER 1958. 15 pages. cember 1961. 3 pages. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- THE MEANS OF ECONOMIC PROGRESS. February print of the U. S. Summary containing a de- 1962. 9 pages. scription of revised statistics for all banks in MONETARY EXPANSION DURING 1961. February the United States, by class of bank, together 1962. 7 pages. with revised statistics. April 1959. 94 pages. INTEREST RATES ON TIME DEPOSITS, MID-January A QUARTERLY PRESENTATION OF FLOW OF FUNDS, 1962. February 1962. 5 pages. SAVING, AND INVESTMENT. August 1959. 49 CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. pages. March 1962. 8 pages. THE GOVERNMENT SECURITIES MARKET. August MONETARY FUND RESOURCES AND THE INTER- 1959. 22 pages. NATIONAL PAYMENTS SYSTEM. March 1962. 4 pages. REVISED INDUSTRIAL PRODUCTION INDEX. December 1959. 24 pages. BANKING AND MONETARY STATISTICS, 1961. Selected series of banking and monetary statistics REVISED SERIES FOR SEASONALLY ADJUSTED for 1961 only. February, March, and May MONEY SUPPLY. February 1960. 4 pages. 1962. 14 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. QUARTERLY SURVEY OF CONSUMER BUYING IN- Combined reprint. September 1960. 31 pages. TENTIONS. May 1962. 6 pages. (Also, similar A NEW MEASURE OF THE MONEY SUPPLY. Octo- reprints from BULLETINS for December 1960 ber 1960. 22 pages. and March, May, August, and November 1961 IMPLEMENTATION OF THE 1959 ACT ON RESERVE and March 1962.) REQUIREMENTS. December 1960. 6 pages GROWTH IN INSTITUTIONAL SAVINGS. May 1962. SMALL BUSINESS FINANCING: CORPORATE MANU- 9 pages. FACTURERS. January 1961. 15 pages. SURVEY OF COMMON TRUST FUNDS, 1961. May FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. 1962. 7 pages. (Also, similar reprint from March 1961. 10 pages. May 1961 BULLETIN.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 606, 608 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 600, 602 Adjusted, and currency, 596, 652 Assets and liabilities (See also Foreign liabilities and Banks, by classes, 591, 597, 601, 604, 608, 653 claims): Federal Reserve Banks, 592, 669 Banks and the monetary system, consoli- Postal savings, 590, 596, 652 dated, 596, 652 Discount rates, 590, 672 Corporate, current, 618 Discounts and advances by Federal Reserve Domestic banks, by classes, 597, 600, 602, Banks, 586, 591, 592 608, 653 Dividends, corporate, 617, 618 Federal Reserve Banks, 592 Dollar assets, foreign, 661, 669 Automobiles: Consumer instalment credit, 622, 623, 624 Earnings and hours, manufacturing indus- Production index, 626, 629 tries, 632, 635 Employment, 632, 634, 635 Bankers' balances, 601, 603 (See also Foreign liabilities and claims) Farm mortgage loans, 619, 620 Banking and monetary statistics for 1961, 652 Federal finance: Banks and the monetary system, consolidated state- Cash transactions, 610 ment, 596, 652 Receipts and expenditures, 611, 656 Bonds (See also U. S. Govt. securities): Treasurer's balance, 610 New issues, 615, 616, 618 Federal home loan banks, loans, etc., 621 Prices and yields, 606* 607 Federal Housing Administration, loans, etc., 619, Brokers and dealers in securities, bank 620, 621 loans to, 600, 602 Federal National Mortgage Association, Business expenditures on new plant and equip- loans, etc., 621 ment, 618 Federal Reserve Banks: Business indexes, 632 Condition statement, 592 Business loans (See Commercial and industrial loans) U. S. Govt. securities held by, 586, 591, 592, 612, 613 Capital accounts: Federal Reserve credit, 586, 591, 592 Banks, by classes, 597, 601, 604, 653 Federal Reserve notes, 592, 594 Federal Reserve Banks, 592 Finance company paper, 606, 608 Carloadings, 632 Financial institutions, loans to, 600, 602 Central banks, foreign, 658, 672 Float, 586 Coins, circulation of, 594 Flow of funds, saving and financial flows, 642 Commercial banks: Foreign central banks, 658, 672 Assets and liabilities, 597, 600, 653 Foreign currencies, convertible, holdings by U. S. Consumer loans held, by type, 623 monetary authorities, 592, 660 Number, by classes, 597, 653 Foreign deposits in U. S. banks, 586, 592, 596, 601, Real estate mortgages held, by type, 619 604, 652, 669 Commercial and industrial loans: Foreign exchange rates, 673 Commercial banks, 600 Foreign liabilities and claims: Weekly reporting member banks, 602, 605 Banks, 662, 664, 667, 669 Commercial paper, 606, 608 Nonfinancial concerns, 670 Condition statements (See Assets and liabilities) Foreign trade, 637 Construction, 632, 633 Consumer credit: Gold: Instalment credit, 622, 623, 624, 625 Earmarked, 660 Major parts, 622, 624 Net purchases by U. S., 660 Noninstalment credit, by holder, 623 Production, 659 Consumer price indexes, 632, 638 Reserves of central banks and governments, 658 Consumption expenditures, 640, 641 Reserves of foreign countries and international Corporate sales, profits, taxes, and dividends, 617, 618 institutions, 661 Corporate security issues, 616, 618 Stock, 586, 596, 652, 660 Corporate security prices and yields, 606, 607 Gold certificates, 592, 594 Cost of living (See Consumer price indexes) Govt. debt (See U. S. Govt. securities) Currency in circulation, 586, 594, 595 Gross national product, 640, 641 Customer credit, stock market, 607 Hours and earnings, manufacturing indus- Debits to deposit accounts, 595 tries, 632, 635 Demand deposits: Housing starts, 633 Adjusted, banks and the monetary system, 596, 652 Adjusted, commercial banks, by classes, 595, 601 Income and expenses: Banks, by classes, 591, 597, 604, 653 Member banks, 644 Turnover of, 595 Industrial production index, 626, 632 Type of holder, at commercial banks, 601 Instalment loans, 622, 623, 624, 625 Department stores: Insurance companies, 609, 612, 613, 620 Merchandising data, 637 Insured commercial banks, 599, 600 Sales and stocks, 632, 636 Interbank deposits, 591, 597, 601, 653 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN • MAY 1962 Interest rates: Reserves: Bond yields, 606 Commercial banks, 601 Business loans by banks, 605 Federal Reserve Banks, 592 Federal Reserve Bank discount rates, 590 Foreign central banks and governments, 658 Foreign countries, 671, 672 Foreign countries and international institu- Open market, 606, 671 tions, 661 Stock yields, 606 Member banks, 586, 588, 591, 601, 603 Time deposits, maximum rates, 590 Residential mortgage loans, 619, 620, 621 International capital transactions of the U. S., 662 Sales finance companies, consumer International institutions, 658, 660, 661 loans of, 622, 623, 625 Inventories, 640 Saving: Investments (See also specific types of investments): Flow-of-funds series, 642 Banks, by classes, 597, 600, 603, 608, 653 National income series, 641 Federal Reserve Banks, 591, 592 Savings deposits (See Time deposits) Life insurance companies, 609 Savings institutions, principal assets, 608, 609 Savings and loan associations, 609 Savings and loan associations, 609, 613, 620 Securities, international transactions, 668, 669 Labor force, 634 Security issues, 615, 616, 618 Loans (See also specific types of loans): Silver coin and silver certificates, 594 Banks, by classes, 597, 600, 602, 608, 653 State member banks, 599, 644 Federal Reserve Banks, 586, 591, 592 State and municipal securities: Insurance companies, 609, 620 New issues, 615, 616 Savings and loan associations, 609, 620 Prices and yields, 606, 607 Loans insured or guaranteed, 619, 620, 621 States and political subdivisions: Deposits of, 601, 604 Holdings of U. S. Govt. securities, 612 Manufactures, production index, 626, 632 Ownership of obligations of, 600, 608, 609 Margin requirements, 590 Stock market credit, 607 Member banks: Stocks: Assets and liabilities, by classes, 597, 600, 653 New issues, 616 Borrowings at Federal Reserve Prices and yields, 606, 607 Banks, 588, 592, 604 Deposits, by classes, 591 Tax receipts, Federal, 611 Income and expenses, 644 Time deposits, 590, 591, 596, 597, 601, 604, 652, 653 Number, by classes, 598, 653 Treasurer's account balance, 610 Reserve requirements, by classes, 591 Treasury cash, 586, 594, 596, 652 Reserves and related items, 586 Treasury currency, 586, 594, 596, 652 Weekly reporting series, 602 Treasury deposits, 586, 592, 610 Mining, production index, 626, 632 Unemployment, 634 Money rates (See Interest rates) U. S. balance of payments, 671 Money supply and related data, 595 U. S. Govt. balances: Mortgages (See Real estate loans) Commercial bank holdings, by classes, 601, 604 Mutual savings banks, 596, 597, 599, 608, 612, 613, Consolidated monetary statement, 596, 652 619, 652, 654 Treasury deposits at Federal Reserve Banks, 586, 592, 610 National banks, 599, 644 U. S. Govt. securities: National income, 640, 641 Bank holdings, 596, 597, 600, 603, 608, 612, National security expenditures, 611, 640 613, 652, 653 Nonmember banks, 592, 599, 600, 601 Dealer transactions, positions, and financing, 614 Federal Reserve Bank holdings, 586, 591, 592, Payrolls, manufacturing, index, 632 612, 613 Foreign and international holdings, 592, 661 Personal income, 641 International transactions, 668 Postal Savings System, 590, 596, 652 New issues, gross proceeds, 616 Prices: Outstanding, by type of security, 612, 613, 615 Consumer, 632, 638 Ownership of, 612, 613 Security, 607 Prices and yields, 606, 607 Wholesale commodity, 632, 638 United States notes, outstanding and in circulation, 594 Production, 626, 632 Utilities, production index, 626, 632 Profits, corporate, 617, 618 Real estate loans: Vault cash, 586, 591, 601 Banks, by classes, 600, 602, 608, 619 Veterans Administration, loans, etc., 619, 620, 621 Type of mortgage holder, 619, 620, 621 Type of property mortgaged, 619, 620, 621 Weekly reporting member banks, 602 Reserve requirements, member banks, 591 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES (c THE FEDERAL RESERVE SYSTEM g) Legend ! Boundaries of Federal Reserve Districts -—Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis