Federal Reserve Bulletin, 1962-07

FEDERAL RESERVE LETIN July 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 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 Monetary Policy, Bank Credit, and Money 789 Seasonally Adjusted Series for Bank Credit 797 Revision of Monthly Department Store Indexes 803 Inventory Changes and Cyclical Movements 809 Interest-Rate Ceilings on Foreign Official Deposits 813 Law Department 814 Current Events and Announcements 840 National Summary of Business Conditions 841 Financial and Business Statistics, U. S. (Contents on p. 843) 844 International Financial Statistics (Contents on p. 905) 906 Board of Governors and Staff 922 Open Market Committee and Staff; Federal Advisory Council 923 Federal Reserve Banks and Branches 923 Federal Reserve Board Publications 925 Index to Statistical Tables 927 Map of Federal Reserve System Inside back cover Volume 48 • Number 7 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

Monetary Policy, Bank Credit, and Money DURING THE FIRST HALF of 1962 the Federal Reserve continued to promote a fi- AMPLE RESERVES at baiki nancial situation favorable to expansion in Billions of dollars domestic economic activity while taking 24 into account the international payments position of the United States. Bank reserves 20 TOTAL RESERVES were in ample supply. There was a surge of funds into time and savings deposits of NONBORROWED 16 commercial banks, and bank credit expanded rapidly. The comparative stability of short-term 12 interest rates at levels somewhat above svpport credit expansion those prevailing in 1961 helped to hold 240 down incentives to foreign outflows of liquid short-term funds. After having risen late - 200 last year, market yields on 3-month Treasury bills fluctuated within a range of 2.65 to 2.80 per cent. In late June and early July, - 160 however, they moved somewhat higher. The Treasury helped to offset downward I I i I I 120 pressures on the Treasury bill rate from sea- 1958 1960 1962 sonal and other demand forces by increas- NOTE.—Total reserves (seasonally adjusted) and nonboring its offerings of short-term issues. Fed- rowed reserves, monthly averages of daily figures. Nonborrowed reserves: total reserves less member bank borrowings at F. R. Banks. Loans (interbank excluded) and investments, eral Reserve open market operations also seasonally adjusted last-Wednesday-of-month data (except for June 30, Dec. 31 call dates) at all commercial banks. Latest served at times to moderate downward pres- figures shown, June (last Wednesday). sures on short-term rates. In the spring, stock prices broke sharply, While short-term rates were relatively accompanied by rising yields. The decline stable until midyear, rates on long-term in stock prices represented in part investor bonds generally declined and then rose reassessment of stock prices in relation to somewhat around midyear. The decline in earnings—in the light of less expectation of bond yields affected all types of issues— inflation and of some slowdown in the rate Federal, State, and local government, and of economic expansion. corporate—and reflected mainly an expan- Net short-term and long-term funds raised sion in the supply of funds channeled to in credit markets by domestic borrowers in long-term credit markets by commercial the first half of the year remained at relabanks and nonbank financial institutions. tively high levels. Net borrowing by for- 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN • JULY 1962 eigners from banks during the first 5 ment rate has remained relatively high. And months of 1962 was less than a year earlier, industrial capacity has been less fully utilbut total outflows of long- and short-term ized than in earlier cyclical upswings. U. S. capital and credit from all sources re- Under these circumstances the Federal mained fairly large. Reserve has supplied bank reserves to promote monetary and credit growth and to BANK RESERVE POSITIONS assure that domestic needs for credit to The reserve position of member banks as expand economic activity were satisfied. At indicated by their free reserves—excess the same time, reserves were not supplied so reserves less borrowings from Federal Re- liberally as to encourage banks to seek foreign outlets for their funds more actively and thereby add to balance of payments LITTLE NEED for bilk borrowing difficulties. Billions of dollori In June 1962, 16 months after the \ BORROWINGS ,- »—% EXCESS RESERVES -~ 1 trough, banks still held a substantial volume of free reserves—an average of $370 million, compared with $517 million in February 1961. By contrast, from the recession NETFREE RESERVES low in April 1958 to August 1959, banks Df / ^ ' had increased their borrowings markedly, and their reserve positions had shifted by NETBORROWED RESERVES about $1 billion—from substantial net free reserves to net borrowed reserves of $535 COSTS OF RESERVES relativaly steady ent 5 million. However, in using free reserves as a TREASURY BILLS basis for comparing the degree of ease or F. R. DISCOUNT RATE N[W TOIK restraint in monetary policy in different periods, allowance must be made for changed conditions. One important change in the period referred to above was the authorization for member banks to count vault cash as reserves in late 1960. 1962 The Federal Reserve discount rate has NOTE.—Excess reserves and borrowings of all member banks remained at the 3 per cent to which it was at F. R. Banks. Treasury bills, 3-month issues. Monthly averages of daily figures, except for discount rate. Latest reduced in the summer of 1960. Moderate figures shown, June. demand for bank loans and continuing addiserve Banks—has continued to be compara- tions to bank reserves have kept reserve detively easy since the recession trough of ficiencies from becoming widespread or February 1961. This is a much longer pe- cumulative. When banks have needed temriod of relative ease than in the expansions porary reserve funds, they have been able from the 1954 and 1958 recession lows. to obtain them by borrowing excess bal- During the current economic expansion ances of other banks in the Federal funds there have been no significant upward pres- market. But demand for Federal funds has sures on commodity prices. The unemploy- not generally been large enough to raise Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY, BANK CREDIT, AND MONEY 791 the Federal funds rate as high as the dis- Part of the increase this year may have count rate. come directly from demand deposits, par- With banks having little occasion to bor- ticularly in the first quarter when these derow from Federal Reserve Banks, nonbor- posits declined more than usual. Transfers rowed reserves have been the source of prac- of funds to time and savings deposits from tically all of the expansion in the reserve market instruments or other savings outlets base. During the first half of the year, gold may also have tended indirectly to reduce outflows and a decline in Federal Reserve demand deposits relative to total bank defloat absorbed more reserves than were sup- posits—for example, when a security is sold plied by the usual decline in currency in and the demand deposit received in paycirculation. With no net additions to reserves from other sources, the Federal Reserve supplied reserve funds by net pur- LITTLE CHANGE li HOity sipply ii rtceit aoiths, chases of about $800 million of U. S. growth !• tlae deposits rapid ROMO scale Billions of dollars Government securities. Holdings in the 160 l-to-5-year maturity range rose nearly $1.3 • billion, while holdings of Treasury bills <*" MONEY SUPPLY 140 and other issues maturing within 1 year 120 declined about $500 million. . — 100 EXPANSION IN DEPOSITS - — 80 Over the postwar period the public has in- TIME AND SAVINGS creased its holdings of time and savings de- DEPOSITS J - 60 posits at commercial banks more rapidly than its holdings of demand deposits. As a result, time and savings deposits have be- - 40 come an increasingly larger proportion of total deposits, although demand deposits ll t 1 1' I 11 I 1 1 still predominate. 19S8 Time and savings deposits. The net inflow of funds into time and savings accounts NOTE.—Money supply, seasonally adjusted semimonthly averages of daily figures. Money supply is currency and demand was large in 1961. But after the rise in in- deposits—deposits other than domestic commercial interbank and U. S. Govt., less cash items in the process of collection terest rates permitted by Federal Reserve and F. R. float. Time and savings deposits, seasonally adjusted monthly averages of daily figures. Latest figures shown, June. revision of Regulation Q effective at the beginning of 1962, the inflow became much ment is transferred to a time or savings larger. During the first 3 months of the account. year these deposits grew at an annual rate Emphasis on time deposits. An unusually of 25 per cent, faster than in any other post- large proportion of this year's increase in war period. time and savings deposits has been in time In the second quarter expansion slowed deposits rather than in passbook savings of somewhat to about the 13 per cent rate that individuals, which usually account for the had prevailed throughout 1961. This was bulk of the increase. Almost 60 per cent of still much faster than the postwar average. the increase at leading city banks has repre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN • JULY 1962 sented time deposits held mainly by cor- increase much more rapidly than they had porations, State and local governments, and in 1961. large individual investors. From April 1961 Small savers, as a group, are much less —when data for time deposits of individ- sensitive than holders of time deposits to uals, partnerships, and corporations sepa- differentials in interest rates. Moreover, rate from savings deposits first became banks had raised the rates for savings deavailable—to the end of 1961, the increase posits less than for time deposits. Where in time deposits was less than a third of the rates on savings deposits were raised, they total rise in time and savings deposits. still remained generally below rates paid by Two factors may help to explain this mutual savings banks and savings and loan change in deposit structure. First, accord- associations. These two kinds of institutions ing to data collected in mid-January 1962, are the chief competitors of commercial rate increases for time deposits were more banks for the fixed-value savings of the widespread than for savings deposits, and many comparatively small savers. at some banks which offered the new 4 per Net inflows of funds to mutual savings cent ceiling rate for funds left on deposit banks rose in the first quarter of 1962, seaa year or more, only holders of time de- sonally adjusted, while inflows to savings posits were made eligible to receive it. Thus, and loan associations were maintained at some individuals' funds that might otherwise their high fourth-quarter rate. Net inflows have been in savings accounts may have ap- tapered off some in April and May, howpeared in time deposits. ever. Secondly, investors in time deposits are Money supply and turnover. During the particularly sensitive to differences in yield first half of 1962 the money supply—debetween time and savings deposits and mar- fined as currency and demand deposits held ket instruments of comparable maturities. by the public—showed little net change, And since time deposit rates were raised at after allowance for usual seasonal variathe beginning of the year, yields at most tions. The rapid rise in time and savings banks on deposits maturing in 6 months to deposits contributed to this development, a year have been above yields on U. S. Gov- as did the drain on privately held deposits ernment issues of the same maturity. involved in the large build-up of U. S. Gov- The effect of these rate increases can be ernment deposits in the second quarter. seen in behavior of negotiable time certifi- The money supply had risen moderately cates of deposit. Amounts of such certificates in 1961, so that the annual rate of increase outstanding as reported by large banks in from February 1961 to June 1962 was 2.2 New York City and Chicago had risen per cent. This compares with 3.4 per cent sharply from February through the sum- over the comparable period of the 1958-59 mer of 1961 but had changed little during upswing. Growth in the money supply and the remainder of the year. In the first half in time and savings deposits combined has of 1962, however, they increased substan- been more rapid in the current period, howtially further. ever—6.7 per cent, compared with about Savings accounts. Savings deposits rose at 4.3 per cent earlier. a more moderate rate than other time de- Turnover of demand deposits rose in the posits in early 1962. Nevertheless, they did first half of 1962. With some idle demand Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY, BANK CREDIT, AND MONEY 793 deposit balances apparently transferred to rate of increase was about in line with eartime and savings deposits, and with the lier cyclical experience, but this year it has volume of transactions increasing, the exist- been much slower: in both the 1954-55 and ing supply of demand deposits was more 1958-59 upswings, there was a marked intensively utilized. At 343 centers outside pick-up in business loan demand about 10 New York, the turnover rate increased 5 months after the trough. per cent in January from its December 1961 The slower growth in business loans may level. After declining in February, it has reflect in part the less rapid rise in inventory since been at or above January levels. investment in the current upswing than in earlier ones. Plant and equipment outlays BANK CREDIT GROWTH also have increased more slowly. And with Total bank credit outstanding continued to expand rapidly during the first half of 1962, although the pace slowed somewhat in the BANK LOANS risa uw slowly spring. From the February 1961 recession than In earlier expansions low through June of this year, the annual rate of increase was 7.7 per cent, about 2 percentage points more than in comparable months of the two previous recoveries. In managing their loan and investment portfolios, banks have taken account of the changing character of their deposit liabilities. They invested heavily in tax-exempt State and local government issues and also became more interested in longer-term loans, such as real estate mortgages. Bank lending to foreigners, meanwhile, was less active than in 1960 and 1961, when such loans had increased sharply on balance. Loans. Demand for bank loans has re- 4 6 8 10 12 14 16 mained comparatively moderate. Outstand- Months altar cyclical low ing loans increased somewhat more rapidly during the first half of 1962, on a seasonally NOTE.—Indexes, based on seasonally adjusted data for last Wednesday of month (except for June 30, Dec. 31 call dates), adjusted basis, than they did in 1961, but of loans, excluding interbank, at all commercial banks. Cyclical lows—May 1954, Apr. 1958, Feb. 1961. the rate of expansion over the entire cyclical upswing has been slower than in previous the expansion in retained earnings and the upswings. These trends are brought out by continued growth in depreciation allownew statistics on seasonally adjusted bank ances, substantial amounts of internal funds credit described in the article on pages 797- have been available to cover financing re- 802 of this BULLETIN. quirements. Furthermore, with rates on fi- Growth in business loans slackened in nancing in capital markets more favorable the first half of 1962 after a relatively rapid than on bank loans, corporations have relied rise in the last half of 1961. Last year the to a considerable extent on long-term financ- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN • JULY 1962 ing, and some firms—particularly public ernment securities about 5 months after utilities—have funded bank debt. the trough. In the current upswing banks After growing quite slowly from the end have not had to reduce such holdings, and of 1959 through mid-1961, outstanding real they have continued to make large additions estate loans have been expanding at a fairly to their holdings of other securities. rapid pace. The rate of increase has not been so large as it was from the summer of IANKS •<qiirt large voliat of other issios 1958 to mid-1959, however, when the debit aokt littU chaigo ii U. S. Govoriaoits mand for mortgage financing was increas- Per cent 120 ing faster. Until recently, consumer loans of banks had shown little strength in the current upswing, but beginning in March, they rose appreciably on a seasonally adjusted basis, reflecting the general expansion in consumer demands for credit. Finance companies, however, have not increased their borrowing from banks. Instead, they have relied heavily on open market financing, as shortterm market rates have remained at comparatively low levels. Bank loans for purchasing or carrying securities rose during the winter months, 100 after allowance for the usual sharp January decline. During the spring, however, these 4 6 8 10 12 14 16 Months altar cyclical low loans declined, reflecting in part liquidation of loans for purchasing or carrying non- U. S. Government securities, to brokers and NOTE.—Indexes, based on seasonally adjusted data for last Wednesday of month (except for June 30, Dec. 31 call dates) dealers as well as to others. Stock market for all commercial banks. Cyclical lows—May 1954, Apr. 1958, Feb. 1961. credit from all sources declined substantially in late May and June; outstanding credit had During the recession and early in the rebeen at a high level since rising to a post- covery, banks invested heavily in short-term war peak in late 1961, when stock prices U. S. Government securities. Since midwere advancing. 1961, holdings of such securities have Investments. Moderate demand for bank changed little, notwithstanding the shift of loans in conjunction with continued avail- some issues in existing portfolios into the ability of bank reserves has enabled banks to short maturity range owing to the passage of add to their total security portfolios over a time. longer period in the current upswing than In market transactions during the first in previous ones. In earlier recovery periods, half of this year, banks in leading cities rewith loan demand rising more rapidly and duced their holdings of Treasury bills. They reserve positions becoming less easy, they added to their holdings of longer-term began to reduce their holdings of U. S. Gov- Treasury issues, in part by participating in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY, BANK CREDIT, AND MONEY 795 new financings, which contributed to down- recession, as it generally does, and then flucward pressures on the yields on longer-term tuated within a narrow range. It has risen Government securities. somewhat this year, but is still below its Bank emphasis on longer-term invest- postwar peak. ments—associated with the large increase Appraisal of bank liquidity must take into in time and savings deposits—was reflected account not only aggregate measures but mainly in unusually large purchases of State also shifts in the composition of bank liaand local government securities during the first half of this year. In past cyclical upswings, holdings of these securities increased BANK LIQUIDITY remains high Ratio in per cent in the early stages, then showed little change. This time they increased in the early stages of the upswing about as they had in the past, but the rate of increase subsequently LOAN/DEPOSIT accelerated. As bank demand for these securities expanded in early 1962, their yields declined sharply, falling about 35 basis points in 4 months to a low of 2.92 per cent on Aaa-rated issues in early May. Since then yields have moved up somewhat. BANK LIQUIDITY The moderateness of the demand for bank loans has helped keep bank liquidity high for this stage of the cycle. The relation of bank holdings of liquid assets—U. S. Gov- NOTE.—Loans exclude interbank loans. Liquid assets: U. S. Govt. securities maturing within 1 year and free reserves (excess ernment securities maturing within a year reserves less borrowings from F. R. Banks). Deposits, net of cash items in process of collection. Latest figures shown, and net free reserves—to demand deposit loan/deposit ratio, June; liquid asset/demand deposit, May. liabilities is one indication of bank capacity bilities and assets. Even though short-term to expand loans, even without additional assets remain high relative to demand dedeposit growth. This ratio reached a peak posit liabilities, the recent lengthening in in the summer of 1961, after a 1-year build- maturities of other earning assets has tended up in liquid assets, and has since fallen to reduce the liquidity of banks' total portsomewhat. It is above the peak reached in folios. Moreover, the importance of time the spring of 1958, when banks had invested deposits of businesses and large individual less heavily in short-term securities, but is investors in the growth of total time and lower than the level of early 1954. savings deposits increases the potential vola- Another gauge of bank liquidity is the tility of such deposits. If market rates of ratio of loans to deposits. This ratio has interest rise or business needs for working shown a rising trend during the postwar pe- capital increase, or if banks find they canriod. It reached a peak of 57.1 per cent in not continue to pay the higher interest rates, mid-1960, at about the onset of the 1960- inflows of time deposits may slow down 61 recession. The ratio declined during the and withdrawals may rise. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN • JULY 1962 LIQUID ASSETS HELD BY THE PUBLIC liquid assets in the hands of the nonbank With the large increase in savings accounts public rose somewhat more rapidly in the of various types and with the continued in- first half of 1962 than they had in late crease in U. S. Government short-term debt, 1961. At the same time the rate of increase in the gross national product declined, so that the public's liquidity, as measured by FIRST-HALF '62 INCREASE ii liquid assets the ratio of liquid assets to GNP, rose gnattr thin in 6NP RCMO scale somewhat. Over most of 1961 this liquidity Billions of dollars 600 ratio had declined, as it usually does in periods of expanding economic activity. From February 1961 through June 1962 total liquid assets increased more than in the 16-month period after the 1958 trough, 400 and the percentage increase also was somewhat larger. Reflecting the longer period of monetary ease in the current compared with the earlier recovery and the higher rates offered by banks on time and savings deposits, the combined growth of the money supply and of time and savings deposits represents a much larger share of the increase of total liquid assets. Holdings of short-term U. S. Government securities by the nonbank public have increased much 1954 1956 1958 1960 1962 less in both absolute and percentage terms this time, as banks increased their purchases NOTE.—GNP, quarterly data at seasonally adjusted annual sharply in the course of investing available rates. Liquid assets, seasonally adjusted monthly data for holdings by nonbank public on an end-of-period basis, are reserves. Thus, the increase in liquid assets currency; demand deposits; time and savings deposits in commercial banks, mutual savings banks, and the Postal Savings System; shares in savings and loan associations; savings bonds; has been accompanied by substantial shifts and U. S. Govt. securities maturing within 1 year. Ratios, quarterly averages, with liquid asset component an average of in the distribution of such holdings between each month of current quarter and last month of preceding quarter. Latest figures shown (estimates): GNP, second quar- banks and the nonbank public. ter; liquid assets, June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Seasonally Adjusted Series for Bank Credit BEGINNING with this issue of the BULLE- ease well into the current expansion has TIN, a seasonally adjusted series on bank been accompanied by a larger credit rise credit and its major components will be than in any other postwar period.1 published regularly. Included in the new Basic data. The basic data used for the series covering all commercial banks are new series are the end-of-month (last total loans and investments; loans; hold- Wednesday) estimates of major balance ings of U. S. Government securities; and sheet items for all commercial banks pubholdings of other securities, which consist lished regularly in the BULLETIN and in the mainly of State and municipal issues. Ad- Board's G.7 release, "Assets and Liabilities justed and unadjusted data, together with of All Banks in the United States." However, seasonal factors, for the period 1948 to date loans to other commercial banks have been appear in the tables at the end of this article. excluded from the data for both total loans A preliminary version of the new series and total loans and investments. These loans has been in use experimentally in the Sys- fluctuate widely, but they have little net effect on the volume of credit available to tem for nearly a year. On the basis of this the public. experience it has been found that by means of seasonal adjustment, the current trend in Methods. The procedures used in deriving bank credit and its components can be meas- the seasonally adjusted data are those inured with a reasonably high degree of ac- corporated in a new experimental computer curacy. Moreover, in view of the substantial program, known as the X-9, developed by the Bureau of the Census. This program seasonal and cyclical movements in bank applies the ratio-to-moving-average method credit, seasonal adjustment greatly faciliof seasonal correction, now widely used in tates historical analysis. various adaptations of Census Method II.2 The seasonally adjusted data indicate The X-9 program, however, incorporates much more clearly than unadjusted data the two important improvements. The weight banking system's responses to changes in given to data for terminal years, which was monetary policy. In periods of recession, too great in Method II, is reduced and so such as 1954, 1958, and 1960, when the also is the weight for data anywhere in the Federal Reserve was following a policy of series that fall substantially outside the usual monetary ease, total bank credit expanded rapidly, as shown in the chart on the follow- 1 For additional analysis using these data, see article ing page. In periods of high economic beginning on p. 789. activity accompanied by inflationary pres- 2 For a description of Census Method II, see Julius sures, such as 1955-57 and 1959, when the Shiskin, Electronic Computers and Business Indicators, Occasional Paper 57, National Bureau of Eco- Federal Reserve was restricting the avail- nomic Research, New York, 1957. For a summary ability of bank reserves, bank credit rose description of the X-9 version of Method II, see Business Cycle Developments, Department of Commerce, more slowly. The continuation of monetary Bureau of the Census, March 1962, p. 62. 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN • JULY 1962 range of fluctuation. In statistical series such previously excluded were added to the seaas bank credit and its components, in which sonally adjusted data. fairly substantial erratic movements can Relation of components to total. To deoccur, undue weighting of terminal-year velop seasonally adjusted data for individdata or extreme data can give rise to serious ual components that add to a seasonally distortion of computed seasonal factors. adjusted total, more than one approach is The seasonal factors derived from the possible. Ordinarily, the components are X-9 computer program were reviewed and separately adjusted and the total obtained some minor adjustments were made. These by addition, or the total and all but one were mainly to provide greater stability in of the components are adjusted and the rethe factors from year to year. A special admaining component derived by subtraction. justment was also made in order to avoid dis- For bank credit data, it appeared desiratortion of factors for total loans that would ble to derive one of the components—U. S. have resulted from bank purchases of a Government securities. Holdings of these large volume of consumer instalment resecurities are subject to considerable irreguceivables from a leading mail-order house lar movements and thus yield less satisfactory in early 1961. Before calculating seasonal factors, the total of these receivables was seasonally corrected results than either of the subtracted from the basic data in the month other components or total bank credit. This when the purchase was made. In subsequent procedure is consistent with the manner in months, as repayments were made, the which banks generally allocate funds, allowamount subtracted was reduced. After the ing holdings of Governments to be a residual basic data, exclusive of these receivables, use of available funds after meeting loan had been seasonally adjusted, the amounts demands and providing for acquisitions or BANK CREDIT GROWTH In cirrant economic upswing largest for any postwar expansion period Billions of dollars Billions of dollars 225 225 - 200 175 - 175 150 - - 150 - 125 100 100 1948 1950 1952 1954 1956 1958 1962 NOTE.—Shaded areas indicate recession periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONALLY ADJUSTED SERIES FOR BANK CREDIT 799 reductions of State, municipal, and other and investments, independently corrected securities. Accordingly, the seasonally ad- for seasonal variation. The implied seasonal justed data for U. S. Government securities factors for U. S. Government securities are residuals, derived by subtracting the sea- were obtained by dividing the unadjusted sonally adjusted totals for loans and for figure for each month by the seasonally adholdings of other securities from total loans justed figure so derived. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN • JULY 1962 LOANS AND INVESTMENTS AT COMMERCIAL BANKS: SEASONALLY ADJUSTED [In billions of dollars] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total loans and investments 1 1948 115.2 115.4 114.2 115.5 115.4 114.7 115.1 114.5 113.2 113.0 113.0 113 0 1949 113.4 113.1 113.0 113.4 114.1 114.6 115.1 117.2 118.2 118.4 118.4 118.7 1950 119.9 120.4 120.8 121.3 122.1 122.4 122.7 122.9 123.2 123.4 123.6 124.7 1951 123.8 124.7 126.0 126.3 126.1 126.5 126.2 126.7 128.1 128.9 129.4 130.2 1952 . . 131.1 131.8 132.9 133.4 134.1 135.0 137.1 136.3 136.5 137 8 139.3 139 1 1953 139.3 139.7 140.3 139.4 138.7 138.5 143.5 142.8 142.7 142.2 142.9 143.1 1954 143.8 144.4 143.8 145.1 146.1 146.9 147.3 149.2 150.3 152.2 153.1 153.1 1955 154.6 154.6 153.8 155.5 155.6 155.5 156.6 155.9 156.4 157.0 156.6 157.6 1956 158.0 158.2 159.9 159.2 159.2 159.8 159.1 160.1 160.7 160.3 161.4 161 6 1957 161.4 162.4 162.9 163.8 164.6 164.8 164.9 164.9 165.1 165.5 164.9 166.4 1958 166.0 168.4 171.4 174.0 174.7 178.7 176.9 178.7 177.9 179.0 181.6 181.0 1959 183.6 183.4 183.3 183.8 184.8 184.9 185.9 186.5 186.1 185.6 185.4 185.7 1960 185.4 185.8 185.8 186.2 186.8 187.6 188.6 189.6 190.8 192.6 193.1 194.5 1961 195.4 198.6 198.2 197.4 200.2 201.9 203.3 204.0 206.7 207.1 208.3 209.6 1962 210.7 213.3 215.2 214.9 216.1 218.9 Loans 1 1948 37.7 38.3 38.5 39.1 39.8 40.2 40.6 40.7 41.1 41.3 41.4 41.5 1949 42.0 41.6 41.9 41.4 41.1 41.3 41.0 41.3 41.3 41.5 41.8 42.0 1950 42.4 42.8 43.3 43.8 44.4 45.1 46.4 47.3 48.5 49.6 50.3 51 1 1951 52.1 53.0 53.7 54.2 54.6 55.0 54.9 55.1 55.5 55.9 55.8 56.5 1952 56.6 57.1 57.3 58.0 58.5 59.3 59.8 60.1 60.6 61.6 62.3 62.8 1953 63.3 63.7 64.3 65.0 65.1 64.9 65.6 66.0 66.0 66.2 66.0 66.1 1954 66.1 66.5 66.7 66.6 66.6 67.0 66.8 66.4 66.9 67.1 68.2 69.0 1955 70.0 70.8 71.2 72.1 73.2 74.3 75.6 76.7 11A 78.5 79.6 80.5 1956 81.4 82.1 83.4 84.2 85.1 85.4 85.9 86.6 87.0 87.7 87.8 88.0 1957 88.4 89.0 89.4 90.0 90.4 91.1 91.1 91.6 91.9 91.7 91.3 91.4 1958 91.4 91.7 92.0 92.2 91.8 92.7 92.2 92.1 92.3 93.5 94.6 95.6 1959 96.9 97.2 98.2 99.6 100.9 101.8 103.9 105.3 105.9 106.6 107.2 107.8 I960 108.5 109.4 110.1 110.8 111.1 111.6 111.9 112.5 112.9 113.1 113.3 114.2 1961 113.9 115.8 115.3 115.2 115.9 115.9 116.3 116.3 117.4 118.6 119.4 121.1 1962 120.8 122.6 123.8 124.4 124.5 125.5 U. S. Government securities 1948 68.5 68.0 66.4 67.1 66.4 65.3 65.3 64.5 62.9 62.5 62.5 62.3 1949 62.2 62.3 61.8 62.8 63.7 63.7 64.4 66.1 66.9 66.8 66.4 66.4 1950 67.1 67.1 66.7 66.5 66.6 66.1 64.9 63.9 62.8 61.8 61.1 61.2 1951 59.3 59.2 59.7 59.5 58.9 58.8 58.6 59.0 59.9 60.1 60.5 60.4 1952 . . .. 61.1 61.2 62.0 61.7 61.8 61.7 63.2 61.9 61.7 62.0 62.8 62.2 1953 61.7 61.8 61.7 60.1 59.2 59.4 63.6 62.4 62.3 61.4 62.3 62.3 1954 63.0 62.9 62.0 63.3 64.2 64.5 64.8 67.1 67.4 69.0 68.6 67.7 1955 67.8 66.9 65.7 66.5 65.6 64.4 64.3 62.4 62.2 61.7 60.3 60.4 1956 60.0 59.5 60.0 58.5 57.7 58.0 56.9 57.1 57.2 56.3 57.3 57.3 1957 56.7 57.0 57.1 57.2 57.5 56.9 57.0 56.4 56.2 56.2 56.1 57.0 1958 56.6 58.5 60.7 62.7 63.6 66.1 64.7 66.3 65.1 65.1 66.5 64.9 1959 66.2 65.7 64.6 63.4 63.2 62.6 61.3 60.6 59.7 58.4 57.7 57.6 1960 56.5 56.2 55.7 55.5 55.9 56.1 56.7 57.0 57.8 59.2 59.4 59.6 1961 60.5 61.4 61.2 60.6 62.4 63.8 64.7 65.1 66.1 65.3 65.3 64.7 1962 65.7 66.1 66.1 64.5 65.4 66.4 Other securities 1948 9.1 9.1 9.2 9.2 9.3 9.2 9.2 9.2 9.2 9.2 9.2 9.2 1949 9.2 9.2 9.2 9.2 9.4 9.6 9.7 9.8 10.0 10.1 10.2 10.2 1950 10.4 10.5 10.8 11.0 11.1 11.2 11.4 11.6 11.9 12.1 12.2 12.4 1951 .. . . 12.5 12.6 12.6 12.6 12.6 12.7 12.7 12.5 12.7 12.9 13.1 13.4 1952 13.4 13.5 13.6 13.7 13.9 14.0 14.1 14.2 14.2 14.2 14.3 14.2 1953 14.3 14.2 14.3 14.4 14.4 14.3 14.3 14.4 14.4 14.5 14.7 14.7 1954 14.8 15.0 15.0 15.1 15.3 15.5 15.7 15.7 15.9 16.1 16.3 16.4 1955 16.8 16.8 16.9 16.9 16.7 16.8 16.8 16.9 16.8 16.8 16.7 16.7 1956 16.6 16.6 16.5 16.5 16.4 16.5 16.3 16.4 16.5 16.3 16.4 16.3 1957 16.3 16.4 16.4 16.6 16.8 16.8 16.9 16.9 17.0 17.6 17.5 17.9 1958 18.0 18.3 18.8 19.2 19.4 20.0 20.0 20.2 20.5 20.5 20.5 20.5 1959 20.5 20.5 20.5 20.8 20.8 20.6 20.6 20.6 20.6 20.6 20.5 20.4 I960 20.4 20.2 20.0 19.9 19.8 19.9 20.0 20.1 20.1 20.4 20.5 20.7 1961 21.0 21.4 21.6 21.7 21.9 22.1 22.3 22.6 23.2 23.2 23.6 23.8 1962 24.2 24.6 25.3 26.0 26.2 27.0 1 Adjusted to exclude interbank loans. NOTE.—Data are for last Wednesday of the month (except for June 30 and December 31 call dates). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONALLY ADJUSTED SERIES FOR BANK CREDIT 801 LOANS AND INVESTMENTS AT COMMERCIAL BANKS: NOT SEASONALLY ADJUSTED [In billions of dollars] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total loans and investments * 1948 116.4 115.3 113.5 114.2 114.4 113.7 114.4 114.8 113.3 113.9 114.0 114.2 1949 114.4 113.0 112.3 112.2 113.1 113 7 114.4 117 6 118 3 119 3 119 5 120 1 1950 120.9 120.3 120.1 120.0 121.0 121.7 122.0 122.9 123 3 124 3 125 0 126 6 1951 124.7 124.5 125.2 124.9 124.7 125.9 125.6 126.4 128.1 129.8 131.2 132.5 1952 132.0 131.5 132.1 131.9 132.6 134.3 136.4 136.0 136.4 138.8 141.3 141.5 1953 140.3 139.4 139.2 137.9 137.2 137.8 142.8 142.5 142 6 143.2 144 9 145 5 1954 144.8 144.0 142.5 143.6 144.8 146.2 146.6 148.9 150.1 153.3 155.1 155.7 1955 155.5 153.8 152.4 154.4 154.5 154.8 155.8 155.6 156.4 158.1 158.2 160.3 1956 . . .. 158.3 157.1 158.5 158.7 158.4 159.3 158.3 159.8 160.7 161.4 162.7 164.5 1957 161.6 161.1 161.4 163.8 163.8 164.3 164.1 164.6 165.1 166.5 165 9 169 3 1958 166.2 167.1 169.9 174.0 173.8 178.2 176.2 178.3 177.9 180.1 182.7 184.4 1959 183.8 181.9 181.1 183.8 183.9 184.2 185.7 186.1 186.3 186.7 186.1 189.5 I960 185.6 184.3 183.4 186.2 185.9 186.7 188.6 189.0 191.4 193.8 193.9 198.5 1961 195.6 197.0 195.6 197.2 199.2 200.9 203.3 203.0 207.5 208.3 209.1 214 4 1962 210.9 211.6 212.4 214.7 215.0 217.8 Loans * 1948 38.0 38.4 38.7 38.7 39.3 39.7 39.8 40.3 41.4 41.4 42.1 42 4 1949 42.3 41.7 42.1 41.0 40.6 40.9 40.2 40.9 41.5 41.6 42.5 42.9 1950 42.6 42.8 43.5 43.5 43.9 44.7 45.7 46.9 48.6 49.7 51.1 52.2 1951 52.3 53.0 53.9 53.9 54.1 54.7 54.1 54.6 55.5 56.1 56.6 57.6 1952 56.7 56.9 57.4 57.8 58.0 59.1 59.3 59.6 60.5 61.8 63.0 64 0 1953 63.4 63.4 64.4 64.7 64.6 64.9 65.2 65.4 65.9 66.3 66.7 67.4 1954 66.0 66.0 66.8 66.3 66.2 67.2 66.6 65.9 66.8 67.0 68.9 70.4 1955 69.8 70.2 71.2 71.8 72.8 74.8 75.4 76.2 77.5 78.4 80.2 82.0 1956 . ... 80.9 81.2 83.3 83.9 84.7 86.2 85.8 86.3 87.2 87.6 88 2 89 7 1957 87.7 87.9 89.1 89.7 89.9 92.0 91.0 91.5 92.2 91.6 91.5 93.2 1958 90.5 90.6 91.5 91.9 91.3 93.6 92.2 92 A 92.6 93.4 94.7 97.5 1959 95.9 96.0 97.4 99.3 100.5 102.8 103.9 105.3 106.3 106.5 107.3 110.0 I960 107.4 108.1 109.1 110.4 110.9 112.6 111.9 112.5 113.5 113.0 113.4 116.7 1961 112.8 114.4 114.2 114.7 115.7 117.0 116.3 116.3 118.1 118.5 119.5 123.9 1962 . .. 119.6 121.1 122.6 123.9 124.5 126.6 U. S Government securities 1948 69.4 67.9 65.5 66.3 65.9 64.8 65.3 65.1 62.5 63.3 62.8 62.6 1949 63.0 62.2 60.9 62.0 63.2 63.2 64.4 66.7 66.7 67.6 66.9 67.0 1950 68.0 67.1 65.8 65.5 66.1 65.8 65.0 64.2 62.5 62.5 61.7 62.0 1951 60.0 59.1 58.8 58.5 58.1 58.5 58.7 59.1 59.7 60.9 61.6 61.5 1952 . . . 62.0 61.3 61.1 60.5 60.7 61.2 62.9 62.0 61.6 62.9 64.1 63.3 1953 62.8 61.9 60.5 58.9 58.3 58.6 63.2 62.6 62.2 62.3 63.7 63.4 1954 64.2 63.0 60.7 62.1 63.3 63.5 64.3 67.3 67.3 70.2 70.1 69.0 1955 69.0 66.8 64.2 65.6 65.0 63.3 63.7 62.5 62.0 62.9 61.4 61.6 1956 60.9 59.2 58.6 58.2 57.3 56.6 56.2 57.2 57.0 57.5 58.2 58.6 1957 57.7 56.8 55.7 57.5 57.1 55.5 56.3 56.2 55.9 57.3 56.9 58.2 1958 57.7 58.3 59.6 62.8 63.1 64.6 64.1 66.1 64.7 66.2 67.7 66.4 1959 67.5 65.5 63.2 63.6 62.6 60.9 61.1 60.3 59.2 59.6 58.5 58.9 I960 58.0 56.2 54.2 55.8 55.1 54.2 56.7 56.6 57.7 60.4 60.2 61.0 1961 61.9 61.3 59.7 60.7 61.5 61.8 64.2 64.1 66.1 66.6 66.2 66.6 1962 67.2 66.0 64.4 64.6 64.3 64.2 Other securities 1948 9.0 9.0 9.3 9.2 9.2 9.2 9.3 9.4 9.4 9.2 9.1 9.2 1949 9.1 9.1 9.3 9.2 9.3 9.5 9.8 10.0 10.2 10.1 10.1 10.2 1950 10.3 10.4 10.8 11.0 11.0 11.2 11.4 11.8 12.1 12.1 12.1 12.4 1951 12.4 12.4 12.6 12.6 12.5 12.7 12.8 12.7 12.9 12.9 13.0 13.3 1952 13.3 13.4 13.6 13.7 13.8 14.0 14.1 14.4 14.3 14.2 14.2 14.1 1953 14.2 14.1 14.3 14.4 14.4 14.3 14.3 14.5 14.5 14.5 14.6 14.7 1954 14.7 15.0 15.1 15.2 15.3 15.5 15.7 15.7 16.0 16.1 16.2 16.3 1955 16.7 16.8 17.0 17.0 16.7 16.8 16.7 16.9 16.9 16.8 16.6 16.7 1956 16.5 16.6 16.6 16.6 16.4 16.5 16.3 16.4 16.6 16.3 16.3 16.3 1957 16.2 16.3 16.5 16.7 16.8 16.8 16.8 16.9 17.1 17.6 17.4 17.9 1958 17.9 18.2 18.9 19.3 19.4 20.0 19.9 20.2 20.6 20.5 20.3 20.6 1959 20.4 20.4 20.6 20.9 20.8 20.6 20.6 20.5 20.7 20.6 20.3 20.5 I960 20.3 20.1 20.1 20.0 19.8 19.9 20.0 20.0 20.2 20.4 20.3 20.9 1961 20.9 21.3 21.7 21.8 21.9 22.1 22.3 22.5 23.3 23.2 23.4 23.9 1962 24.1 24.5 25.4 26.2 26.2 27.0 1 Adjusted to exclude interbank loans. NOTE.—Data are for last Wednesday of the month (except for June 30 and December 31 call dates). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN • JULY 1962 SEASONAL ADJUSTMENT FACTORS FOR LOANS AND INVESTMENTS AT COMMERCIAL BANKS [Per cent] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Loans and investments 1948 101.0 99.9 99.4 98.9 99.1 99.1 99.4 100.3 100.1 100.8 100.9 101.0 1949 100.9 99.9 99.4 98.9 99.1 99.2 99.4 100.3 100.1 100.8 100.9 101.2 1950 100.8 99.9 99.4 98.9 99.1 99.4 99.4 100.0 100.1 100.7 101.1 101.5 1951 . . 100.7 99.8 99.4 98.9 98.9 99.5 99.5 99.8 100.0 100.7 101.4 101.7 1952 100.7 99.8 99.4 98.9 98.9 99.5 99.5 99.8 99.9 100.7 101.4 101.7 1953 100.7 99.8 99.2 98.9 98.9 99.5 99.5 99.8 99.9 100.7 101.4 101.7 1954 100.7 99.7 99.1 99.0 99.1 99.5 99.5 99.8 99.9 100.7 101.3 101.7 1955 100.6 99.5 99.1 99.3 99.3 99.6 99.5 99.8 100.0 100.7 101.0 101.7 1956 100.2 99.3 99.1 99.7 99.5 99.7 99.5 99.8 100.0 100.7 100.8 101.8 1957 100.1 99.2 99.1 100.0 99.5 99.7 99.5 99.8 100.0 100.6 100.6 101.8 1958 100.1 99.2 99.1 100.0 99.5 99.7 99.6 99.8 100.0 100 6 100 6 101 9 1959 100.1 99.2 98.8 100.0 99.5 99.6 99.9 99.8 100.1 100.6 100.4 102.0 I960 100.1 99.2 98.7 100.0 99.5 99.5 100.0 99.7 100.3 100.6 100.4 102.1 1961 100.1 99.2 98.7 99.9 99.5 99.5 100.0 99.5 100.4 100.6 100.4 102.3 1962 100.1 99.2 98.7 99.9 99.5 99.5 100.0 99.4 100.5 100.6 100.4 102.4 Loans 1948 100.8 100.3 100.4 99.0 98.8 98.8 98.1 99.1 100.7 100.3 101.8 102.0 1949 100.7 100.2 100.4 99.1 98.8 99.0 98.1 99.1 100.6 100.3 101.6 102.0 1950 100.5 100.1 100.4 99.3 98.8 99.2 98.4 99.1 100.3 100.3 101.6 102.0 1951 100 4 100.0 100.4 99.5 99.0 99.4 98.6 99.1 100.0 100.3 101.4 102.0 1952 100.2 99.7 100.2 99.6 99.2 99.7 99.1 99.1 99.8 100.3 101.2 102.0 1953 100.1 99.5 100.1 99.6 99.3 100.0 99.4 99.1 99.8 100.1 101.1 102.0 1954 99.9 99.3 100.1 99.6 99.4 100.3 99.7 99.2 99.8 99.9 101.0 102.0 1955 99.7 99.1 100.0 99.6 99.4 100.6 99.8 99.4 100.1 99.9 100.7 101.9 1956 99.4 98.9 99.9 99.6 99.5 101.0 99.9 99.6 100.2 99.9 100.5 101.9 1957 99.2 98.8 99.7 99.7 99.5 101.0 99.9 99.9 100.3 99.9 100.2 101.9 1958 99.0 98.8 99.5 99.7 99.5 101.0 100.0 100.0 100.3 99.9 100.1 102.0 1959 99.0 98.8 99.2 99.7 99.6 101.0 100.0 100.0 100.4 99.9 100.1 102.1 I960 99.0 98.8 99.1 99.6 99.8 100.9 100.0 100.0 100.5 99.9 100.1 102.2 1961 99.0 98.8 99.0 99.6 99.9 100.9 100.0 100.0 100.6 99.9 100.1 102.3 1962 ... . 99.0 98.8 99.0 99.6 100.0 100.9 100.0 100.0 100.7 99.9 100. 102.4 U. S. Government securities (implied factors) 1948 101.4 99.9 98.6 98.8 99.3 99.2 100.0 100.9 99.4 101.2 100.6 100.5 1949 101.3 99.9 98.5 98.7 99.3 99.3 100.0 100.9 99.7 101.2 100.7 100.9 1950 101.3 100.0 98.6 98.5 99.3 99.5 100.1 100.4 99.5 101.1 100.9 101.4 1951 101.3 99.8 98.5 98.3 98.7 99.5 100.1 100.1 99.7 101.4 101.8 101.8 1952 101.4 100.2 98.5 98.1 98.3 99.2 99.6 100.2 99.8 101.5 102.0 101.8 1953 101.7 100.2 98.0 98.0 98.4 98.8 99.3 100.3 99.8 101.4 102.3 101.9 1954 102.0 100.1 97.9 98.0 98.6 98.5 99.2 100.3 99.8 101.7 102.1 101.9 1955 101.8 99.8 97.8 98.6 99.1 98.3 99.1 100.2 99.7 101.9 101.8 102.0 1956 101.5 99.5 97.6 99.6 99.4 97.7 98.8 100.2 99.7 102.1 101.7 102.2 1957 101.7 99.6 97.6 100.4 99.3 97.5 98.8 99.6 99.5 101.9 101.5 102.1 1958 101 9 99.7 98.3 100.2 99.3 97.8 99.0 99.7 99.4 101.8 101.8 102.2 1959 101.9 99.7 97.8 100.2 99.1 97.3 99.6 99.5 99.2 102.1 101.4 102.3 I960 102.6 100.0 97.3 100.6 98.5 96.6 100.1 99.4 99.8 102.1 101.4 102.4 1961 102 3 99.8 97.5 100.2 98.6 96.8 100.1 98.6 100.0 102 0 101 4 102 9 1962 .. . 102.3 99.8 97.4 100.2 98.3 96.7 Other securities 1948.. . . 99.0 98.5 100.8 99.5 99.1 99.5 100.7 101.7 102.0 100.3 99.2 99.8 1949 99.0 98.6 100.7 99.7 99.1 99.7 100.6 101.6 102.0 100.2 99.2 99.8 1950 99.0 98.7 100.4 99.9 99.1 99.9 100.4 101.5 101.8 100.1 99.2 99.8 1951 99.3 98.8 100.2 100.1 99.3 100. 100.4 101.3 101.4 99.9 99.4 99.8 1952 99.4 99.1 100.2 100.2 99.6 100. 100.2 101.1 100.7 99.8 99.6 99.8 1953 99.6 99.5 100.2 100.3 99.8 100.1 100.0 100.7 100.6 99.8 99.6 99.7 1954 99.6 99.8 100.4 100.4 99.8 100. 99.8 100.3 100.6 99.8 99.6 99.7 1955 99.6 99.8 100.4 100.6 99.8 100.1 99.7 100.1 100.6 100.0 99.6 99.7 1956 99.4 99.8 100.4 100.7 99.9 100. 99.7 100.0 100.6 100.0 99.4 99.9 1957 99.4 99.5 100.4 100.7 100.2 100.1 99.7 99.9 100.6 100.1 99.3 100.3 1958 99.4 99.5 100.4 100.7 100.2 100.1 99.7 99.8 100.6 100.1 99. 100.4 1959 99.4 99.5 100.4 100.7 100.2 100.0 99.8 99.6 100.6 100.1 99. 100.5 I960 99.6 99.5 100.5 100.6 100.0 99.9 99.8 99.5 100.6 100.1 99. 100 6 1961 99.6 99.5 100.5 100.6 100.0 99.9 99.8 99.5 100.6 100.1 99. 100.6 1962 99.6 99.5 100.5 100.6 100.0 99.9 99.8 99.5 100.6 100.1 99. 100.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of Monthly Department Store Indexes The Federal Reserve System's monthly revised series are shown in the chart. While indexes of department store sales and stocks the indexes have been raised by the benchhave been revised from 1947 to date. The mark adjustment, the revised series move principal features of the revision are: below the old in earlier years because of the • Indexes have been adjusted to 1958 shift in base period. Census of Business benchmarks. This adjustment has raised index levels for most Fed- REVISED INDEXES for department store trade eral Reserve districts and for the United show faster growth since 1954 1957-59-100 States. SALES • Indexes have been shifted to a 1957- 120 59 base. New weights for this period reflect the increased importance of trade in the San OLD 100 Francisco, Atlanta, and Dallas Districts. • Seasonal factors have been reviewed for the period from 1955 to date, but only 80 small changes were made in the seasonally adjusted indexes as a result. I 1 1 J L 60 The indexes for Federal Reserve districts STOCKS and local areas were revised by the research — 120 departments of the Reserve Banks. The re- - OLD vised national series were compiled by the 100 Board of Governors from district data. w ^/REVISED Seasonally adjusted and unadjusted in- — 80 dexes for the United States are shown for the period 1947 to date in the table on page 808. The differences between the old and .. 1 ] I 1 1 1 1 1 1 ^ 60 1954 1956 1958 1960 1962 NOTE.—Seasonally adjusted indexes. Sales, based on average NOTE.—The work on this revision of the national daily volume for month; stocks, end-of-month totals. Latest figures shown, May. series was organized and conducted by Orville K. Thompson and David R. Hull, Jr., of the Division of Data for 1919-46 for the United States Research and Statistics of the Board of Governors of are available from the Board. Revised disthe Federal Reserve System. The System Research Committee on Current Reporting Series was respon- trict data may be obtained from the Banks. sible for statistical procedures and general planning of the revision for the System as a whole. DEPARTMENT STORE CONCEPT Because the principal techniques used in construction of the indexes have changed little in recent years, The Federal Reserve System continues to these techniques are not described here. For this infollow the Standard Industrial Classification formation see the BULLETIN for December 1957, pp. 1323-52. Manual definition of a department store: 803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN • JULY 1962 "Retail stores carrying a general line of ap- Census cooperated with the System by proparel, such as suits, coats, dresses, furnish- viding tabulations of department store sales ings; home furnishings, such as furniture, for the Federal Reserve districts and the floor coverings, curtains, draperies, linens, various subdistricts and cities for which Fedmajor household appliances; and house- eral Reserve indexes are compiled but for wares, such as table and kitchen appliances, which Census data are not published. The dishes, and utensils. These and other mer- only adjustment that the Reserve Banks chandise lines are normally arranged in made in these data was to remove sales and separate sections or departments with the excise taxes, so the benchmark would conaccounting on a departmentalized basis. The form to the System's concept of department departments and functions are integrated store sales. under a single management. Establishments A further adjustment—the elimination of included in this industry normally employ differences arising from use of the new 25 or more persons."1 quantitative criteria in 1958—was not found Although the definition was not changed feasible. Such a refinement would have inbetween the 1949 and 1957 editions of the volved correction of Census totals to take manual, additional quantitative criteria were into account stores whose characteristics developed for the 1958 Census to permit were virtually unchanged between 1954 more precise interpretation of the definition and 1958 but which qualified as department and therefore more accurate classification stores only in the latter year. Although comof stores in such borderline areas as apparel paratively few stores were involved, some and general merchandise. The basic premise had a large enough sales volume so that the underlying the criteria was that even though benchmark corrections in the areas where sales of one line—apparel, for example— they are located were materially greater than constituted a very large portion of a store's they might otherwise have been. total sales, the store would qualify as a Information on the retail value of departdepartment store provided sales of dry goods ment store stocks at the end of 1958 was and home furnishings—the two other major not available from the Census Bureau. Accategories of department store merchandise cordingly, it was necessary for the Banks to —were large enough.2 develop estimates of stocks as they had in Census data. In the 1954 Census of Busi- prior Census years. ness there were 2,761 establishments with Reporting samples. The System's reporting aggregate sales of $10.6 billion classified as samples consist of establishments classified department stores. The 1958 Census re- as department stores in the 1958 Census of ported a total of 3,157 such stores with sales Business. These stores make their sales and of $13.4 billion—an increase of 396 stores stocks figures available to the System volunand $2.8 billion in sales volume. tarily. The samples have grown over the As in previous revisions, the Bureau of the years and represent practically all of the important department store trading areas 1 Standard Industrial Classification Manual, 1957 in the country. Reporters include retail units edition, Bureau of the Budget, p. 156. of the large national department store 2 For the detailed criteria, see p. 4 of Census of chains, local and regional chains, and inde- Business, Volume II, Part I, Retail Trade—Area Statistics, 1958. pendent department stores. More recently, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 805 reports have been obtained from some change indicated by Census of Business stores in the discount department store benchmarks. Adjustments of this type were group. previously made for the periods 1929 to In January 1962 the System received 1939, 1939 to 1948, and 1948 to 1954. In monthly sales reports from 1,862 depart- the present revision the indexes were adment stores, whose aggregate sales accounted justed to 1958 Census of Business data. for 82 per cent of the estimated total for all National indexes of sales and stocks are department stores in the country. End-of- obtained by combining the indexes for the month figures for stocks were reported by 12 Federal Reserve districts. Similarly, sev- 1,539 stores, accounting for 73 per cent of eral of the district indexes are built up from estimated total department store stocks. area and city series. In these situations The accompanying table indicates by benchmark adjustments were applied didistrict the number of department stores rectly to the component indexes. In a few reporting sales and stocks in January 1962, instances the level of the index was not significantly different from the 1958 bench- DEPARTMENT STORE REPORTING SAMPLES, mark, and adjustment was unnecessary. JANUARY 1962 Sales indexes. For each district and those Sales index Stock index subdistricts for which indexes are compiled, Federal Reserve the percentage change from 1954 to 1958 district Number Percentage Number Percentage of stores o u f n i d v o e l r l s a e r of stores o u f n i d v o e l r l s a e r for the unrevised sales index was compared with the change shown by Census data Boston 131 74 87 63 New York 165 80 165 80 to determine the amount of adjustment Philadelphia 88 85 82 84 Cleveland 124 78 100 75 necessary. In most instances the increases Richmond 139 80 116 76 shown by System indexes were less than Atlanta 135 81 88 56 Chicago 417 90 302 65 St. Louis 73 84 63 82 those based on Census data. It was assumed Minneapolis 109 88 90 82 that these differences resulted from down- Kansas City 121 77 112 73 Dallas 110 81 110 81 ward bias in the System's measures and that San Francisco.... 250 81 224 76 this bias had accumulated in equal monthly United States... 1,862 82 1,539 73 increments between benchmarks. Thus, the and the percentage of the estimated dollar usual straight-line adjustment technique was universe covered by the samples. Because a employed.3 The difference between the remonthly recapitulation of sales is more vised and unrevised index that was due to readily available from most stores than a the modification of the department store stocks figure, the sample coverage in most definition was treated as part of the net error districts and the United States is somewhat in the System's indexes. greater for sales. Stocks indexes. The adjustment of stocks indexes was accomplished indirectly by a BENCHMARK ADJUSTMENT method designed to tie the indexes to the sales data after their adjustment to bench- With the monthly sales and stocks indexes mark. Estimates of stocks for each month in based on samples, it is necessary periodically to check the levels of the series by comparing 8 For detailed formula, see BULLETIN for December the change in the sample series with the 1957, p. 1327. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN • JULY 1962 1958 were obtained by multiplying total series. Because Census sales data were sales for each month (derived from the re- not available for base period years other vised sales indexes) by stocks-sales ratios than 1958, estimates for 1957 and 1959 for the corresponding month. The ratios were calculated from the revised indexes and were obtained from data submitted by stores combined with data for 1958 to get the in the Federal Reserve sample that report 3-year total needed. both sales and stocks. The monthly estimates The estimates of total base period sales of stocks were then averaged to obtain a in the Federal Reserve districts were then benchmark figure for 1958. This method of used to compute the percentage each district deriving stocks benchmarks assumes that the represented in the national total. These relationship of stocks to sales at stores re- weights, shown in the accompanying table, porting both items to the System is typical of the department store universe. WEIGHTS FOR NATIONAL INDEXES The benchmark adjustment of the stocks indexes was then made in the same manner Federal Sales, 1957-59 St a o v c e k r s a g (e e n ), d - 1 o 9 f 5 - 7 m - o 5 n 9 th as that described above for the sales index. Reserve district Millions Percentage Millions Percentage The stocks index, too, was revised upward of dollars of total of dollars of total between 1954 and 1958. Boston 2,105 5.2 159 5.2 New York, 5,439 13.7 424 13.8 Philadelphia 2,260 5.6 172 5.6 Cleveland 3,995 10.0 299 9.8 NEW BASE PERIOD Richmond 3,129 7.9 236 7.7 Atlanta 3,006 7.5 230 7.5 Chicago 6,942 17.4 556 18.2 The comparison base for the sales and stocks St. Louis 1,660 4.2 119 3.9 indexes has been changed from 1947-49 to Minneapolis. . . . 1,126 2.8 97 3.0 Kansas City 1,939 4.8 146 4.7 1957-59, and indexes have been recalculated Dallas 2,249 5.7 175 5.8 San Francisco... 6,059 15.2 452 14.8 on the new base. This was done in accord- United States.. 39,909 100.0 3,065 100.0 ance with a recommendation by the Office of Statistical Standards of the Bureau of the were used to compute the revised sales index Budget to all Federal statistical agencies. and will be used to carry the index forward. The change to the new base will make the Essentially the same procedure was used to indexes reflect more clearly recent develop- derive new weights for the stocks indexes. ments in department store trade. It also will The estimates of end-of-month stocks for make it easier to compare these indexes with the three base period years were averaged other economic series that have been con- for each district, the averages were added to verted to the new base, or will be in the obtain a total for the United States, and near future. percentages of the total were then computed Revised weights. The indexes for the for each district. These percentages, shown United States are averages of district indexes in the table, were used as weights for the with each district weighted according to the stocks index. relation of department store sales or stocks It may be noted that the relative imporin that district to the total for the country as tance of the various districts has changed a whole in the base period. The same weight- somewhat from the 1947-49 period to the ing technique is followed where district in- 1957-59 period. Sales at department stores dexes are obtained by combining subdistrict in western and southern districts have grown Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 807 somewhat faster than sales elsewhere. For the volume of sales resulting from differexample, the San Francisco District now has ences in number of trading days are largely a weight of 15.2 per cent in the national sales eliminated. The daily average unadjusted index compared with its former weight of indexes are then adjusted for seasonal vari- 13.9. Similarly, the Atlanta weight has risen ation. to 7.5 from 5.9, and Dallas to 5.7 from 4.6. Computer programs for seasonal adjust- Weights for other districts have changed ment were employed during the current relittle or declined. As would be expected, view by a number of the Banks. In the weights used in the stocks index have main, these programs are adaptations of the changed in much the same manner. method that has been generally used in the System and described in the BULLETIN for SEASONAL FACTOR REVIEW June 1941, pages 518-28. In most cases the review of seasonal fac- The third major feature of the revision was tors covered the period from 1955 to date. a review of seasonal factors by the Federal Because the factors had been examined in Reserve Banks. This included a re-examina- 1960, only minor changes resulted from the tion of the special adjustments made in the current review. For example, the pattern of sales index for the months of March and U. S. sales as shown by the old and by the April to take account of the changing date revised series for the first half of 1962 is of Easter. The monthly sales indexes measure daily quite similar. The only change in direction average sales, rather than total sales in a of movement occurs in the March-April pegiven month or year. Through the use of riod. Instead of a slight rise, the new series daily average sales, obtained by dividing shows a decline in April. Moreover, the peak total sales for the period by the correspond- month is now shown to be March and not ing number of trading days, fluctuations in May. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN • JULY 1962 MONTHLY DEPARTMENT STORE INDEXES FOR THE UNITED STATES Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. A av n e n r u a a g l e Sales, 1957-59= 100 Not seasonally adjusted 1947 48 51 61 62 65 62 51 54 69 69 87 113 66 1948 52 55 66 67 70 68 57 60 74 76 83 115 70 1949 53 53 59 69 67 63 51 56 70 69 80 113 67 1950 51 53 61 68 68 67 68 67 79 74 85 127 72 1951 66 63 68 68 72 69 58 65 78 78 94 129 76 1952 58 59 65 73 76 74 59 69 79 84 95 138 78 1953 60 63 73 74 82 77 64 70 80 82 97 137 80 1954 59 61 64 79 76 76 64 71 81 85 99 145 80 1955 66 63 72 84 84 80 72 77 90 95 109 157 88 1956 . 70 68 83 84 90 89 76 85 99 96 119 169 94 1957 72 73 81 92 94 93 79 90 99 96 116 173 96 1958 72 68 84 89 94 91 82 94 100 102 121 184 99 1959. . 78 78 91 95 103 99 88 97 106 no 129 190 105 I960 81 78 85 109 101 100 90 97 106 125 192 106 1961 79 80 97 98 102 103 92 100 109 112 134 204 109 1962. 83 82 95 112 110 112 Seasonally adjusted 1947 63 64 64 65 66 65 65 65 67 67 71 69 1948 68 69 69 71 70 71 71 71 71 73 69 69 1949 69 67 68 68 68 67 64 65 67 66 67 67 1950. . 66 67 69 70 70 71 84 77 75 71 70 75 1951 86 79 74 74 73 73 73 74 75 76 77 76 1952 76 75 76 74 77 78 75 78 77 81 78 80 1953 79 80 82 80 83 81 80 79 78 78 80 79 1954 77 79 78 79 78 80 79 80 80 81 81 83 1955 . . 86 83 85 87 86 84 90 87 89 91 89 90 1956 91 90 92 92 92 94 93 94 98 93 98 95 1957... 94 97 97 94 96 98 97 99 98 94 96 97 1958 95 91 95 96 97 97 99 102 99 100 101 102 1959 103 105 102 105 106 105 106 105 106 107 107 106 1960... . 107 105 103 111 105 106 107 106 107 109 105 106 1961 105 106 108 107 107 109 110 no no 109 112 113 1962 109 110 117 113 115 Stocks, 1957-59=100 Not seasonally adjusted 1947 54 58 61 60 58 54 53 57 59 66 68 56 59 1948 58 64 70 71 69 64 63 66 70 73 76 60 67 1949 58 61 66 65 64 59 57 59 63 69 71 57 62 1950 57 62 67 68 67 62 59 66 75 85 87 69 69 1951 72 79 88 91 87 81 79 82 84 86 85 70 82 1952 69 72 78 78 76 70 70 73 79 86 88 70 76 1953 72 77 83 86 84 78 77 81 86 92 93 72 82 1954 71 75 83 83 81 75 74 78 84 90 92 74 80 1955 73 78 85 86 85 81 80 85 91 97 100 82 85 1956 83 88 95 96 94 88 88 94 99 109 110 88 94 1957 88 92 100 103 100 95 94 97 105 113 114 89 99 1958 87 91 96 98 96 92 91 95 104 113 115 90 97 1959. 91 95 101 105 102 98 99 104 111 117 121 97 103 I960 96 101 109 109 108 104 104 110 117 124 127 100 109 1961. 96 101 108 111 109 103 104 109 118 125 129 103 110 1962 101 107 116 118 116 Seasonally adjusted 1947. 60 60 59 58 58 57 56 57 57 59 61 63 1948 64 66 67 68 67 67 68 68 68 66 67 66 1949. 64 63 63 62 63 62 62 61 61 62 63 63 1950 64 64 64 65 66 66 65 69 73 76 77 78 1951 80 82 85 86 86 85 86 84 81 77 75 78 1952. 76 76 75 74 75 74 75 75 76 77 78 78 1953 80 81 80 82 82 83 83 83 83 83 82 81 1954 79 79 80 80 80 79 79 80 81 81 81 82 1955 81 82 82 83 84 86 86 86 87 87 88 90 1956 92 93 92 93 93 93 94 96 95 97 97 97 1957 98 97 99 100 100 100 100 99 100 100 100 98 1958 96 97 96 95 96 97 97 97 99 99 100 100 1959 102 101 101 102 102 103 1n0o4 105 1n0o5 104 105 107 1960. 107 107 109 107 108 109 no 111 110 111 109 1961 108 108 108 109 109 108 110 111 112 112 113 1962 114 114 116 115 116 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Inventory Changes and Cyclical Movements IN ITS CONTINUING ASSESSMENT of the ognize that inventory changes result not only business situation, the Federal Reserve pays from conscious management decisions but close attention to changes in inventory in- also from causes outside management convestment and to the circumstances which trol. And there is no present means of degive rise to those changes. It is important termining the relative importance of the volfor all of us to know as much as we can untary and involuntary changes. For these about these matters, and I am sure that our reasons, we must go behind the published analyses will benefit from the valuable back- statistics, indispensable as they are, to assess ground studies which have been prepared the underlying inventory and production defor this Committee and from the further cisions which help determine the strength impetus that these hearings have given to of consumption and investment demands. research in this field. Therefore, further research into the relation My own view is that inventory fluctuation of inventories to cyclical fluctuations should is symptomatic of rather than fundamental be directed not only to improving data on to the cyclical behavior of the economy. inventory holdings but also toward shedding From the evidence, inventory fluctuations some light on the decision-making procwould appear to be a major factor in inten- esses themselves. sifying cyclical swings once they get under From your Committee's invitation, I unway. But whether inventory changes are a derstand my major assignment today to be major factor in triggering cycles is more to comment on the influences of the cost questionable. In retrospective analyses of and availability of credit on inventory incyclical movements, the association between vestment. Necessarily, much of this discuschanges in inventory and in gross national sion must be imprecise, for, despite earnest product may seem impressive, yet it may efforts—which include the studies commiswell be that swings in business sales expec- sioned by this Committee—relatively little tations, placements of orders, and Federal is known about the effects of specific finanexpenditures exerted a more determinative cial conditions on inventory policy. influence. It is possible, at least in theory, While the cost and availability of credit for an economy to have stable investment in is one influence on the level of inventories both plant and equipment and in inventories which businessmen desire to hold, it seems and yet to experience cycles in output beobvious that this is not the predominant cause of fluctuations in these other factors. influence. Unless the availability of credit In this connection it is important to rec- is extremely limited, businessmen will give more weight in decision-making to expected NOTE.—Statement by William McChesney Martin, sales trends, the volume of incoming orders, Jr., Chairman, Board of Governors of the Federal Reserve System, before the Subcommittee on Economic backlogs of unfilled orders, the level of pro- Stabilization, Automation, and Energy Resources of duction, the presence or absence of materithe Joint Economic Committee, July 13, 1962. 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN • JULY 1962 als shortages, and expected price changes. and it is evident to them that a dissatisfied If inventories are insufficient, the result may business customer can be lost forever to be expensive interruptions in production and competing lenders. Additionally, bankers loss of customers. The resulting costs usu- have traditionally regarded inventory needs ally would be larger than the cost of funds as one of the most legitimate reasons for borrowed to carry larger inventory. More- borrowing, and they consider the meeting of over, interest is only a small part of over- such needs as one of the most appropriate all inventory expense. The total cost of forms of bank lending. carrying inventories has been estimated at Yet after all these considerations have between 10 and 25 per cent per year, while been taken into account, it seems to me that interest rates applicable to this type of credit credit conditions do at times significantly ingenerally fluctuate below 6 per cent. fluence inventory policies. Moreover, I Businesses ordinarily finance their inven- think it reasonable to believe that the potentories in a wide variety of ways. Besides tial influence of these conditions is greater bank or other short- or intermediate-term now than in earlier postwar years, because borrowing, they may do so by retaining interest costs are a larger proportion of total earnings, issuing securities, incurring greater inventory costs and because business firms trade debts to suppliers, and by drawing generally have become less liquid and theredown cash and other liquid assets. Even fore more dependent on credit. the reduction or postponement of plant and While much of the financing of inventory equipment outlays or the holding down of positions normally comes from internal and accounts receivable may provide inventory nonbank sources, the bank component can finance. In recent years, trade debt has be- be strategic at some times and for some come a prime vehicle with which financially borrowers. Inventories have several charstrong businesses help finance the inven- acteristics that make them more susceptible tories of customers who are unwilling or to changing credit conditions than are plant unable to resort to bank or other market and equipment outlays. The possible range borrowing. In the 12 months ending with of inventory mix and level is wide, while March 1962, for example, corporations in- fixed capital investment often requires all-orcreased their aggregate trade debt by more nothing decisions; some portion of inventhan $7 billion. The growth in corporate tories can be liquidated in case of need, short-term indebtedness to banks, however while fixed capital requires long pay-off pethis is measured, was far smaller. riods; inventory levels can be raised or low- Also, commercial banks usually exert ered rather quickly, while fixed capital inconsiderable effort to insure that their busi- stallations can require up to 2 or 3 years ness customers obtain the credit they need of lead time and are not halted easily once for purposes such as inventory investment. begun. Thus, the initial impact of a change Banks often elect to provide for such needs in credit policy on business investment outby reducing portfolios of liquid and even lays may fall on inventories even though long-term securities and, on occasion, by inventory financing requires only a small limiting mortgage, security, and other non- share of all funds raised. business lending. Business loans are the The potential impact of monetary policy bread-and-butter business of many banks, has probably been strengthened by the de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INVENTORY CHANGES AND CYCLICAL MOVEMENTS 811 cline of internal corporate liquidity since the gest that in future periods of credit restraint, early and mid-1950's and by the currently monetary policy may exert somewhat more spreading belief that price increases of the restraint on inventory accumulation than earlier postwar character are not apt to recur during most of the postwar period. in the near future. By whatever yardstick My invitation to appear today specifically corporate liquidity is measured—liquid as- requested comments regarding the feasibility sets taken as percentages of current liabili- of introducing some form of direct control ties, total liabilities, or transactions—the over bank lending for inventory purposes. ratios are now significantly lower than in On the basis of the Board's experience with comparable stages of other postwar business selective controls in the security, mortgage, recoveries. For example, liquid assets of and consumer credit areas, I am very skeptimanufacturing corporations were 58 per cal of the desirability or practicality of credit cent of their current liabilities in March controls directed specifically towards inven- 1959 but only 45 per cent of their current tory investment. One characteristic of credit liabilities in March this year. Thus, manu- —even of the most specialized type—stands facturing liquidity fell by 23 per cent be- out from our experience: that is, it is imtween about the same stages of the 1958-59 possible to trace, except by the business deand the current business recovery. Further- cision-maker. Who is to say whether bormore, the abatement of inflationary expecta- rowing to finance plant and equipment tions among businessmen means that the "really" finances that or a concomitant rise interest cost of borrowing is no longer offset in inventories? by the anticipation of higher prices. Aside from these general defects, a spe- Monetary policy also has indirect effects cific problem in any effort to exercise direct on business demand for inventories, as can control over inventory lending would arise be illustrated briefly. Through its effect on out of loans secured by or financing expanplant and equipment outlays, monetary pol- sion of the borrowers' accounts receivable. icy may indirectly influence new orders for Since the accounts receivable of a firm often producers' equipment and building mate- finance the inventories of its customers, rials and hence inventory investment in the much inventory financing actually appears industries producing these goods. Similar in balance sheets as accounts payable and influences spread out from changes in the accounts receivable. Accounts receivable of availability of loanable funds for the financ- nonfinancial corporations now stand at a ing of houses, autos, and other consumer higher level than inventories themselves, in durable goods. terms of book value. Thus, financially strong To sum up, demand and supply effects in businesses could obtain large amounts of credit markets undoubtedly influence inven- new bank credit secured by their existing tory investment contra-cyclically. On bal- receivables, which then could be used to exance, the magnitude of these effects would pand their receivables and thus to finance seem to be significant and pervasive although inventory expansion by their customers. And moderate. The gradual narrowing of the to the extent that other borrowers are denied spread between profits and interest rates, bank credit by selective controls on inventhe fall in corporate liquidity, and the higher tory credit, the ultimate effect might well be level of interest rates in recent years sug- to force additional financing along the ac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN • JULY 1962 counts receivable route. Such a development ment policies. Also helpful is the continuing does not seem desirable from the standpoint development of accurate, detailed and of maintaining and extending the competi- prompt statistics on inventories and related tiveness of the economy and curbing market factors. These will enable individual busipower of dominant suppliers. nessmen to assess more accurately the out- In short, there would be serious, and put and inventory investment decisions of probably insurmountable, problems in any their customers and suppliers and hence help attempt to ration one specific use of credit diminish destabilizing movements in their by business. It would also be very difficult to own output and inventories. The effort of avoid discrimination against those growing your associated subcommittee on economic businesses which must rely on bank credit statistics has contributed importantly to this to a greater extent than established firms. objective. I realize that this discussion of direct, But by far the most important influence selective controls on inventory credit has on inventory investment is the character of not included any suggestions on how the the economy and business expectations redifficulties mentioned might be overcome. garding the future course of events. Basi- But I seriously doubt that there is anything cally, our attention should be focused on constructive to offer with respect to adminis- means for shaping that character and these trative controls of this type. The problem expectations in ways that encourage vigorremains, of course, of inventory fluctuations ous, stable, and sustainable patterns of ecoand their effects on the business cycle. Effec- nomic growth. Continuing progress toward tive use of available tools of monetary policy this objective should do much to moderate can assist in moderating these swings, as cyclical swings in anticipations and hence in can appropriate fiscal and Federal procure- inventory investment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest-Rate Ceilings on Foreign Official Deposits H. R. 12080 WOULD EXEMPT foreign of- ings for foreign official deposits than for ficial time deposits from the interest ceilings other similar deposits, foreign or domestic. now imposed under the Federal Reserve Within this framework, it is not feasible, in Act and the Federal Deposit Insurance Act, my judgment, to set ceilings which achieve in order to give U. S. commercial banks the objectives of the underlying law with greater freedom to compete with banks in respect to deposits of domestic origin and, other countries for such deposits. As indi- at the same time, permit active competition cated by Mr. Roosa in his opening testi- by American banks for foreign accounts. mony in support of the bill, it is a limited It seems preferable to waive restrictions step toward reducing the pressures we have completely for these foreign official deposits, experienced on our gold reserves until more rather than to authorize the Board to fix basic measures can bring our international higher ceilings applicable only to them. The payments accounts into balance. It will not, number of banks involved is small, and only of course, reduce the balance of payments a small percentage of the deposits of these deficit that underlies these pressures. It can banks will be in the form of foreign official be tried without jeopardizing sound man- time deposits. I see no danger, therefore, in agement of the relatively few banks that are letting these banks determine for themselves in a position to compete for these deposits. the rates that they can prudently offer. Foreign central banks hold their inter- One additional point should be mennational reserves partly in gold and partly tioned. In a number of States, including in reserve currencies. In general, they do not New York, State banks are limited as to the decide on the distribution of their reserves rate of interest they may pay on time as between gold and currencies on the basis deposits, either by State statute or by reguof interest rates. But they may let internalations of the State banking authorities. tional interest-rate differentials influence Section 24 of the Federal Reserve Act protheir decision on the distribution of their hibits any national bank from paying incurrency reserves as between the dollar and terest on time or savings deposits at a rate other currencies. Therefore, the bill may in excess of that authorized by State law to add to the amount of reserves held by be paid upon such deposits by State banks foreign central banks in dollars, and corresin the State in which the national bank is pondingly reduce requests for redemption of located. Consequently, enactment of H. R. dollar holdings in gold. 12080 would not relieve member banks Under the present law the Board is not (either State or national) or insured nonauthorized to fix different interest-rate ceilmember banks from interest-rate limitations applicable under State law or regulations NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal unless appropriate action is taken by the Reserve System, before the House Committee on State authorities. Banking and Currency, on H. R. 12080 July 17, 1962. 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Margin Requirements ment" of a stock, whether or not registered on a national securities exchange, shall be 50 per cent of its current market value, as determined by any The Board of Governors, effective July 10, 1962, reasonable method. amended the Supplements to Regulation T and U so as to decrease the margin requirements from Compilation of State Laws Relating to 70 per cent to 50 per cent for credit extended by Bank Reserves brokers, dealers, and banks to finance purchases The Legal Division of the Board of Governors, of securities registered on a national securities with the assistance of the Bank Operations Diexchange. The decreased margins also apply to vision of the Board and counsel for the Federal short sales. The texts of the Supplements as thus Reserve Banks, has prepared a compilation of amended are as follows: provisions of State laws relating to reserves required to be maintained by State banks against SUPPLEMENT TO REGULATION T deposits. Copies of the compilation may be ob- § 220.8 SUPPLEMENT tained upon request. This compilation, prepared Effective July 10, 1962 as of February 1, 1962, supersedes a similar compilation of State laws relating to bank reserves (a) Maximum loan value for general accounts. which is dated January 1, 1959. The maximum loan value of a registered security (other than an exempted security) in a general account, subject to § 220.3, shall be 50 per cent of its Denial of Bank Holding Company Application current market value. Affirmed by U.S. Court of Appeals (b) Margin required for short sales in general accounts. The amount to be included in the adjusted On June 13, 1962, the United States Court of debit balance of a general account, pursuant to Appeals for the Eighth Circuit unanimously af- § 220.3 (d)(3), as margin required for short sales of securities (other than exempted securities) shall firmed the action of the Board of Governors in be 50 per cent of the current market value of each denying an application of Northwest Bancorporasuch security. tion, Minneapolis, Minnesota, a registered bank (c) Retention requirement for general accounts. holding company, for the Board's prior approval, In the case of a general account which would have an excess of the adjusted debit balance of the ac- under the Bank Holding Company Act of 1956, count over the maximum loan value of the securities of the acquisition by Northwest Bancorporation in the account following a withdrawal of cash or of 80 per cent or more of the outstanding shares securities from the account, the "retention requirement" of a registered security (other than an ex- of stock of The First National Bank of Pipestone, empted security), pursuant to § 220.3(Z>)(2), shall Minnesota. The Court's opinion is set forth below: be 50 per cent of its current market value. UNITED STATES COURT OF APPEALS SUPPLEMENT TO REGULATION U § 221.4 SUPPLEMENT FOR THE EIGHTH CIRCUIT Effective July 10, 1962 No. 16,774 (a) Maximum loan value of stocks. For the purpose of § 221.1, the maximum loan value of any NORTHWEST BANCORPORATION, stock, whether or not registered on a national securities exchange, shall be 50 per cent of its current mar- PETITIONER, ket value, as determined by any reasonable method. vs. (b) Retention requirement. For the purpose of § 221.1, in the case of a loan which would exceed Board of Governors of the Federal Reserve the maximum loan value of the collateral following a withdrawal of collateral, the "retention require- System, Respondent. 814 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 815 Petition for Review of An Order of the Board had taken place, and an offer of purchase made of Governors of the Federal Reserve System. subject to the approval of the Board of Governors. In accordance with the provisions of the Act, June 13, 1962 petitioner filed its application with the Board. Upon receipt thereof, the Board notified the Comp- Before VOGEL, BLACKMUN and RIDGE, Circuit troller of the Currency, as required by the Act.- Judges. By letter of June 29, 1960, to the Board the Comptroller of the Currency recommended approval of VOGEL, Circuit Judge. the application. Had the Comptroller disapproved This is a petition for review of an order of the the application, the petitioner would, in accordance Board of Governors of the Federal Reserve System with the Act, note 2, supra, have been entitled to (hereinafter the Board) dated March 23, 1961, a hearing as a matter of express right. At the condenying an application of Northwest Bancorpora- clusion thereof the Board would have been retion, petitioner, to secure prior approval of peti- quired to grant or deny the application "on the tioner's proposed acquisition of 80 per cent or basis of the record made at such hearing." Howmore of the 1500 outstanding shares of stock of ever, since the Comptroller approved the applicathe First National Bank of Pipestone, Minnesota tion, no hearing was had, although one was re- (hereinafter the bank). Petitioner is a bank hold- quested by petitioner. On September 15, 1960, the ing company as defined by the Bank Holding Com- Board issued a Tentative Statement proposing to pany Act of 1956, 12 U.S.C.A. §§ 1841, et seq. deny the application. The notice of the Board's (hereinafter the Act), such prior approval being retentative decision provided that any interested perquired by § 3 of the Act, 12 U.S.C.A. § 1842 (a).1 son could, not later than fifteen days after the Petitioner's application contained facts and fig- publication of such notice in the Federal Register, ures demonstrating petitioner's financial soundness file with the Board in writing any comments upon and ability to manage the bank, coupled with its or objections to the Board's proposed actions. Petiannounced intention of improving service to the tioner responded thereto, filing with the Board its public, among other things by the erection of a "Comments upon and Objections to Tentative new building. The application also stated addi- Statement and Proposed Action of Board of Govtional reasons why the petitioner believed the proernors." It requested reconsideration by the Board posed acquisition was in the public interest. It and "If our statements of fact are questioned, that disclosed that the bank is a family institution with we be permitted to prove them: if the Board a majority of its shares closely held by the Feldwishes, at a formal hearing before a trial exman family. Mr. E. J. Feldman, presently managaminer." ing the institution, is 80 years of age and desires to retire. The other members of the family and On October 12, 1960, the Board, by letter, inthe heirs of the present management are in no formed petitioner that it would consider any addiposition to take over control of the bank, the tional information or arguments petitioner cared logical successor being Mr. Feldman's son, a doc- to submit, including satistical material, affidavits tor who is living in Bronxville, New York, and who has never been actively associated with the 2§ 3 (b) of the Act, 12 U.S.C.A. § 1842 (b), provides: "Upon receiving from a company any application for bank. Plans to sell the bank to its employees approval under this section, the Board shall give notice to the Comptroller of the Currency, * * * and shall allow proved to be impractical. It was represented that thirty days within which the views and recommendations of the Comptroller of the Currency * * * may be subthe only apparent way to avoid liquidation and mitted. If the Comptroller of the Currency * * * disget the bank management into strong hands was approves the application in writing within said thirty days, the Board shall forthwith give written notice of that fact a sale to petitioner, and that the family had ap- to the applicant. Within three days after giving such notice to the applicant, the Board shall notify in writing the proached petitioner on the subject, discussions applicant and the disapproving authority of the date for commencement of a hearing by it on such application. Any such hearing shall be commenced not less than ten 1 12 U.S.C.A. § 1842 (a) provides: nor more than thirty days after the Board has given writ- "It shall be unlawful except with the prior approval of ten notice to the applicant of the action of the disapprovthe Board * * * (2) for any bank holding company to ing authority. The length of any such hearing shall be acquire direct or indirect ownership or control of any determined by the Board, but it shall afford all interested voting shares of any bank if, after such acquisition, such parties a reasonable opportunity to testify at such hearing. company will directly or indirectly own or control more At the conclusion thereof, the Board shall by order grant than 5 per centum of the voting shares of such bank: or deny the application on the basis of the record made at such hearing." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN • JULY 1962 and memordanda of law. Therein the Board In the enactment of the Bank Holding Company stated: Act of 1956 the Congress specifically provided that "Although the memorandum submitted appears before a bank holding company could directly or to present no material facts or arguments not indirectly acquire through ownership or control heretofore considered by the Board, it states that you are prepared to prove the contrary of asserted more than 5 per cent of the voting shares of a assumptions and conclusions contained in the bank it must obtain approval of the Board. Section Board's Tentative Statement. The Board will con- 3 (a) of the Act, 12 U.S.C.A. § 1842 (a), supra. sider any further information or arguments submitted in support of either the factual assertions It left the responsibility of approving or disapprovmade in the memorandum or the interpretation of ing such bank acquisitions by holding companies the statute urged therein, provided such informasquarely with the Board. In each instance the tion or arguments are submitted within a reasonable time not to exceed 30 days from the date of Board has the duty to make a judgment as to the this letter. effect a proposed acquisition would have upon the "There appears to be no basis at the present convenience, needs and welfare of the communitime for conducting a hearing on the instant application. However, as above indicated, the Board ties and the area concerned, sound and adequate will give consideration to any written material, banking, the public interest, and the preservation including satistical material, affidavits, or memoof competition in the field of banking. Congress randa of law, that you may care to submit within the time above specified in support of the asser- specifically set forth the factors which were to govtions of fact or law contained in the memoran- ern the Board in its determination to approve or dum of October 4." disapprove the application. Section 3 (c) of the In accordance therewith petitioner did submit Act, 12 U.S.C.A. § 1842 (c), provides: additional written material in the form of affi- "In determining whether or not to approve davits, an analysis of a statistical survey, and any acquisition or merger or consolidation under argument of its legal counsel. In submitting such this section, the Board shall take into consideramaterial to the Board, the petitioner stated: tion the following factors: (1) the financial history and condition of the company or companies "* * * w also again request a hearing in this and the banks concerned; (2) their prospects; e matter if the Board still feels inclined to reject (3) the character of their management; (4) the our application." convenience, needs, and welfare of the communities and the area concerned; and (5) whether or On March 23, 1961, the Board unanimously not the effect of such acquisition or merger or denied the application. It accompanied its order consolidation would be to expand the size or extent of the bank holding company system inwith a statement setting forth its findings and its volved beyond limits consistent with adequate reasons for the denial. On May 19, 1961, peti- and sound banking, the public interest, and the tioner, pursuant to the provisions of the Act,3 preservation of competition in the field of banking." sought review by the court of the Board's order. In asking for review by this court, it is the In consideration of the first two assignments of petitioner's contention (1) that the order is invalid error, one, attacking the findings as inadequate and, because of the Board's failure to make adequate two, charging that the order is arbitrary, an abuse findings to support its conclusions; (2) that the of discretion and unsupported, we believe it exorder is arbitrary, capricious and an abuse of dis- pedient that the main portion of the Board's statecretion, contrary to and unsupported by the ment accompanying its order of denial be set evidence; (3) that the order is predicated upon an forth in full.4 erroneous interpretation of § 3(c) of the Bank * Omitting introductory paragraphs, the Board's statement Holding Act of 1956; and (4) that the denial of a accompanying its order of denial follows: hearing was a violation of petitioner's constitu- "The first four factors.—The town of Pipestone, with a population of about 5,700, is located in southwestern tional rights. Minnesota in a well-diversified farming area. There are two banks in Pipestone, The First National Bank of Pipestone, the subject of this application, with deposits of 3 Section 9 of the Act, 12 U.S.C.A. § 1848, as amended, pro- about $7.5 million, and the Pipestone National Bank, with vides: deposits of about $3.2 million. The latter bank is a sub- "Any party aggrieved by an order of the Board under sidiary of First Bank Stock Corporation, which also is a this chapter may obtain a review of such order in the bank holding company. United States Court of Appeals * * * by filing * * * a "With respect to the first three statutory factors, it appetition praying that the order of the Board be set aside. pears that, as to both Northwest and Bank, their financial * * * Upon the filing of such petition the court shall have history and condition are satisfactory, their prospects are jurisdiction to affirm, set aside, or modify the order of the good, and their managements are competent. In connec- Board and to require the Board to take such action with tion with their prospects and managements, the Board has regard to the matter under review as the court deems considered (1) that the two senior officers of Bank, beproper. The findings of the Board as to the facts, if sup- cause of their age, are contemplating retirement or a less ported by substantial evidence, shall be conclusive." active role in Bank's management; and (2) that the larg- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 817 It must be conceded first that there is no dispute mercial banks in Minnesota. (2) If the acquisition between the Board and petitioner as to the basic of bank were approved, petitioner would control facts. The history and size of the petitioner, the 72 per cent of the IPC (individual, partnership number of banks it controls, the size of First Bank and corporation) deposits in Pipestone; it would Stock Corporation, its banks and the locations control 35 per cent of the IPC deposits of the thereof, the size and location of the First National Minnesota banks in the primary and secondary Bank of Pipestone, the number of banks in Pipe- areas served by bank; and 28 per cent of the stone and in its primary, secondary, and general IPC deposits of all banks (nine in Minnesota and areas—these are all basic facts about which there two in South Dakota) in the areas concerned. is no dispute, nor can there be. (3) There is only one other bank in Pipestone. Summarized, they present the following picture: It is a subsidiary of First Bank Stock Corpora- (1) That petitioner controls 77 banks in a seven- tion, a bank holding corporation which controls state area. Within Minnesota it controls 47 banks 86 banks in five states, 49 of which, with aggrewith aggregate deposits of over one billion dollars. gate deposits of about $1,202,550,000, are in It controls 26 per cent of the total deposits of com- Minnesota. If the proposed acquisition of bank est single stockholder of Bank, who may eventually be- the town of Luverne (population about 4,200), approxicome the majority stockholder, is a nonresident who is not mately 25 miles south of Pipestone and 13 miles beyond engaged in the banking business, and that this fact might the southern limit of Bank's secondary area as above deaffect the continuance of Bank in its present status. How- scribed. A survey of customers of Bank and of the Rock ever, these facts, in the Board's opinion, are not sufficient County Bank, submitted by Northwest, indicates that to impair the future prospects of Bank or to suggest that there is practically no overlapping of the service areas of it will not continue to be competently managed. the two banks and that competition between them is "With respect to the effect of the proposed acquisition negligible. upon the convenience, needs, and welfare of the area con- "It is necessary, however, in the light of the fifth statucerned, it appears that Bank has consistently been a lead- tory factor, to consider not only the extent to which ing bank in the area and has adequately met its customers' Northwest's acquisition of Bank would immediately lessen banking needs. Northwest has indicated that it is com- competition but also how it may affect the future committed to the construction of a more modern bank build- petitive position and growth of other banks in the areas ing and to other physical improvements if its acquisition involved. of Bank is approved; and it is recognized that Northwest's "If Bank were to be acquired by Northwest, the holding acquisition of control might result in some expansion of company would control one of the two banks in Pipestone Bank's services and facilities. However, these facts do not, and approximately 72 per cent of the IPC deposits held in the Board's judgment, provide strong ground in them- by those banks. Within the primary and secondary areas selves for approval of the application, since Bank already of Bank, as previously described, there are 11 banks—9 in is adequately contributing toward fulfilling the needs of its Minnesota and 2 in South Dakota. Bank is the largest of community for banking services. these banks. Its acquisition by Northwest would cause "The fifth factor.—As in nearly all cases arising under Northwest to control approximately 35 per cent of the the Bank Holding Company Act, the most difficult de- aggregate IPC deposits held by the 9 Minnesota banks in termination relates to whether the particular acquisition those areas and nearly 28 per cent of such deposits held would expand the holding company's system 'beyond limits by all 11 of the banks in those areas. consistent with adequate and sound banking, the public interest, and the preservation of competition in the field "In this connection, Northwest has urged that, in deof banking.' This is a determination that cannot be made termining the proportion of deposits that would be conin accordance with any formula but must be based upon trolled by it if the acquisition were approved, consideraconsideration of all the relevant facts in each case. In tion should be given to the deposits held by a large this case, the most relevant facts are the following. savings and loan association in Pipestone. However, for "Northwest controls 77 banks in Minnesota, Iowa, Mon- the reasons stated by the Board in its Statement regarding tana, Nebraska, North Dakota, South Dakota, and Wis- the application by First Bank Stock Corporation to acconsin. Within Minnesota, Northwest controls 47 banks quire stock of Eastern Heights State Bank (1960 Bulletin with aggregate deposits of over $1 billion. These banks 486, 492), it is the Board's opinion that, for purposes of account for 7.2 per cent of total commercial banking offi- the Bank Holding Company Act, 'competition in the field ces in the State and about 26 per cent of total deposits of banking' does not encompass whatever competition of commercial banks. may be afforded by savings and loan associations. "In appraising the effect of the proposed acquisition "The full effect of the proposed acquisition upon the upon banking competition, the Board has taken into con- public interest and preservation of competition cannot, in sideration Northwest's representations as to the areas in the Board's opinion, be fairly determined without taking which Bank's business originates. As indicated by a map into account the fact that the other bank in Pipestone is submitted with the application, Bank's 'primary area,' a subsidiary of First Bank Stock Corporation, a bank from which it obtains about 73.2 per cent of its deposits holding company which controls 86 banks in 5 States, 49 of individuals, partnerships, and corporations ('IPC de- of which, with aggregate deposits of about $1,202,550,000, posits'), comprises the town of Pipestone and an area are in Minnesota. within a radius of 7 miles from Pipestone; and Bank's "As indicated in the Board's Statement (1959 Bulletin 'secondary area,' from which it obtains the remainder of 134) regarding the application of Firstamerica Corporasuch deposits, consists of the area beyond the primary area tion to acquire stock of California Bank, the Board does but within a radius of somewhat less than 25 miles from not regard the Holding Company Act as meaning that Pipestone. However, additional information subsequently the mere size or extent of an applicant holding company's submitted by Northwest asserted that the Pipestone County system should itself be regarded as an adverse considera- —Rock County line, which runs east-to-west through the tion. Furthermore, the existence of a subsidiary bank of town of Jasper, is a natural southern boundary of Bank's another holding company in the area in which an applisecondary area even though it has a few customers be- cant holding company proposes to acquire a bank does yond that line. On this basis, Bank's secondary area would not, of course, compel an adverse decision. The law reconsist of the area beyond the primary area but within a quires the Board to consider whether a particular acquiradius of somewhat less than 25 miles from Pipestone to sition would expand the size or extent of 'the bank the west, north and east and approximately 12 miles to holding company system involved' beyond limits consistent the south. with the public interest and preservation of competition. "Northwest does not presently control any bank in However, the strength of another holding company in the Bank's primary and secondary service areas. Northwest's area concerned may, in circumstances like those in the nearest banking subsidiary is the Rock County Bank in present case, be directly relevant to the question whether Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN • JULY 1962 were approved, all of the banking resources prospects good and their managements competent. of Pipestone, Minnesota, would be controlled It gave consideration to the bank management by relatively large holding companies; and 38 situation, the fact that the one who would eventuper cent of all IPC deposits of all banks in the ally become the majority stockholder was a nonprimary and secondary areas concerned would be resident not engaged in the banking business, and controlled by holding companies. (4) The bank that this fact might affect the continuance of the proposed to be acquired is the largest bank in the bank in its present status. It concluded, however, area concerned. Its deposits are more than double that such facts were "not sufficient to impair the those of the other bank in Pipestone. (5) Thirteen future prospects of Bank or to suggest that it will miles beyond the bank's secondary area, in the not continue to be competently managed." With town of Luverne, Minnesota, there are two banks, respect to the fourth factor, the Board found that one of which is owned by petitioner and the other the Bank had consistently been a leading bank in by the First Bank Stock Corporation. (6) Within the area and had adequately met its customers' a radius of fifty miles of Pipestone are 40 Minne- banking needs, contributing toward the convensota banks, of which only 14 have deposits of over ience and welfare of the community and the area $3,000,000. Of these 14, 9 are controlled by the concerned. It considered petitioner's proposals two holding companies (petitioner and First Bank with reference to physical improvements, expan- Stock Corporation); and if the acquisition were sion of services and facilities, but found that in its approved 10 would be so controlled. judgment they did not provide sufficient ground As to the the first three statutory factors to be for approval of the application "since Bank already considered in passing on petitioner's application, is adequately contributing toward fulfilling the the Board found the financial history and condi- needs of its community for banking services." tion of petitioner and bank to be satisfactory, their With reference to the fifth factor, and after conthe proposed particular acquisition by the applicant hold- pete with banks controlled by another holding company ing company would expand its system in a manner that operating in the same area. To the extent that such comwould adversely affect potential banking competition in petition between banks in different holding company that area. groups exists and may be intensified, this is not, of "The Board has recognized the adverse effect upon the course, inconsistent with the preservation of banking public interest and preservation of competition that may competition as contemplated by the Act. But the fifth follow from control of a large proportion of the banking statutory factor is not limited to the preservation of resources of a community by relatively large bank holding competition between holding company banks; it requires companies. When Northwest sought to accmire a proposed the Board to consider the whole field of banking competinew bank in Rochester, Minnesota, the Board noted that tion, including the possible adverse effect of the expantwo of the three existing banks in Rochester were sub- sion of bank holding company groups upon the competisidiaries of Northwest and First Bank Stock Corporation, tive position of the banks in the area concerned that are and that, if Northwest should establish a fourth bank in not controlled by holding companies. Rochester, three of the four banks would be subsidiaries "Nor should any statements here made be construed as of these holding companies, and Northwest, controlling suggesting that the expansion of a bank holding company two of these four, 'presumably would be in a strong posi- in an area in which another holding company operates tion to increase its relative proportion of the banking would be regarded by the Board in all cases as having an business of the community.' (1958 Bulletin 11) equally adverse effect upon banking competition. As pre- "In the present case, the two holding companies would viously indicated, the Board's decision must depend upon control not only all of the deposits of banks in the town all the facts of each case. Thus, in an earlier case involvof Pipestone but also over 38 per cent of the aggregate ing Northwest (1959 Bulletin 147), the Board approved IPC deposits of all banks in Bank's primary and secondary an application to acquire a bank in Eveleth, Minnesota, areas. This fact assumes greater significance because the despite the fact that it caused Northwest and First Bank bank proposed to be acauired by Northwest is the largest Stock Corporation to control three of the five banks in bank in these areas. Although the town of Luverne is 13 the vicinity, since that adverse circumstance, in the miles beyond the limits of Bank's secondary area, it is Board's opinion, was outweighed by considerations favoralso significant that of the two banks in Luverne one is a able to the proposed acquisition. By contrast, in the pressubsidiary of Northwest and the other is a subsidiary of ent case it appears to the Board that the benefits that may First Bank Stock Corporation. Moreover, as indicative of result from the proposed acquisition are not sufficient to the strength of the two holding companies in the general offset its adverse effect upon the public interest and area, it may be noted that, while there are 40 Minnesota preservation of competition. banks within a radius of 50 miles of Pipestone, only 14 "Conclusion.—It was the Board's tentative decision, of these have deposits of more than $3 million. Of these notice of which was duly published in the Federal Reglarger banks, the two holding companies now control 9 ister on September 22, 1960 (25 FR 9129) that approval and, if the proposed acquisition were consummated, they of the proposed acquisition would not be consistent with would control 10 of the 14 larger banks in the general the public interest or the purposes of the Bank Holding area. Company Act and that the application should be denied. "It is recognized that there would remain within Bank's As contemplated by that notice, affidavits and arguments primary and secondary areas a number of alternative were submitted by Northwest and other comments were sources of banking services, including banks not con- submitted. All such affidavits, arguments and comments trolled by a holding company. However, all of these banks have been carefully considered by the Board and, to the are smaller than the bank proposed to be acquired by extent necessary, consideration thereof has been reflected Northwest. In these circumstances, it is the Board's judg- in this Statement. ment that Northwest's acquisition of the largest bank in "Viewing the relevant facts in the light of the general the areas involved would have an adverse effect upon the purposes of the Act and the factors enumerated in Secgeneral competitive situation. tion 3(c), it is the judgment of the Board that the pro- "What has been said here should not be construed, as posed acquisition would not be consistent with the statapplicant appears to construe it, as meaning that banks utory objectives and the public interest and that the controlled by one holding company do not actively com- application should be denied. March 23, 1961." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 819 sidering the undisputed basic facts, all of which your committee to the conviction that legislation such as that contained in this bill is needed. Unhad been presented in petitioner's application and der its provisions, the expansion of bank holding in its supporting data, and after weighing the argu- companies in the banking field would not be prohibited, but would be regulated in the public ments submitted by petitioner's counsel, it was the interest." (Emphasis supplied.) Board's judgment "that the benefits that may re- It could well be that the Board could find adesult from the proposed acquisition are not sufficient quate and sound basis for approval of an acquisito offset its adverse effect upon the public interest tion in order to strengthen an institution or for and preservation of competition" and "it is the other reasons. Note the Board's statement, supra. judgment of the Board that the proposed acquisi- Here, however, the Board found that the acquisition would not be consistent with the statutory obtion by petitioner of the largest and most active jectives and the public interest and that the applicabank in the Pipestone area would concentrate tion should be denied" (Emphasis supplied.) control and might reasonably be calculated to We think it may not be gainsaid that concentrareduce competition. In doing so, it considered tion of control has the natural and inherent effect the fact that the only other bank in Pipestone was of lessening competition. See Judge Dawson's owned by the First Bank Stock Corporation, observations in American Crystal Sugar Co. v. another bank holding company. Such fact did Cuban-American Sugar Co., D.C.S.D. N.Y., 1957, not, of course, force the conclusion that the 152 F.Supp. 387, 396, affirmed 2 Cir., 1958, 259 acquisition of bank by petitioner would have an F.2d 524. Control of all banks in one ownership adverse effect upon competition and the public would have the natural effect of lessening cominterest, nor did it foreclose such conclusion. It petition in the industry. This would likewise tend was a factor to be considered by the Board in to be true but to a lesser degree where the conmaking its judgment and weighing the probable centration of control of all banks is in the hands adverse effect upon competition against the sugof two ownerships. The ratio, of course, continues. gested improvements in physical plant, facilities This does not necessarily mean, however, that all and services or any other factor which might acquisitions are deleterious or that all acquisitions tend to make the acquisition beneficial from the must have the effect of lessening competition in the public standpoint. banking field. It does mean that under the fifth In contending that the Board reached the wrong factor the requested acquisition should be weighed conclusion, petitioner states in its brief: for its effect on "adequate and sound banking, the public interest, and the preservation of competi- "Between these admitted facts and the Board's ultimate conclusion—between the starting point tion." This is reflected in the legislative history of and the destination—there is no designated conthe Act. See Senate Report No. 1095 on S. 2577, necting highway. Petitioner explored this uncharted area and found that the road led to an 84th Congress, 2nd Session, 1956, U. S. Code, entirely different destination; that competition Congressional & Administrative News, pp. 2482, would be enhanced rather than adversely affected 2491-2492: by the proposed acquisition." Where either one of two inferences may reason- "It is upon the basis of these factors [the five factors set forth in Section 1842 (c)] that the ably be drawn from undisputed facts, the infer- Federal Reserve Board is to measure whether ence adopted by the agency or board whose duty each application should be granted or denied in it is to draw the inference from which it is to the public interest. It will be noted that these factors extend beyond the nature of those primary formulate its judgment may not be disturbed on in importance to bank supervisory authorities in appeal. Radio Officers' Union v. N.L.R.B., 1954, the exercise of their supervisory powers. In most instances, safety of the depositor's funds and ade- 347 U.S. 17, 48-49, 74 S.Ct. 323, 98 L.Ed. 455; quate banking service to the public in the area Corn Products Refining Co. v. F. T. C, 1945, where the bank operates are uppermost in the 324 U.S. 726, 739, 742, 65 S.Ct. 961, 89 L.Ed. consideration of such bank supervisory authorities. The factors required to be taken into con- 1320; N.L.R.B. v. Nevada Consolidated Copper sideration by the Federal Reserve Board under Corp., 1942, 316 U.S. 105, 106-107, 62 S.Ct. this bill also require contemplation of the pre- 960, 86 L.Ed. 1305; N.L.R.B. v. Des Moines vention of undue concentration of control in the banking field to the detriment of public interest Foods, Inc., 8 Cir., 1961, 296 F.2d 285, 289. See and the encouragement of competition in bankdiscussion in 4 Davis, Administrative Law Treaing. It is the lack of any effective requirement of this nature in present Federal laws which has led tise, § 29.05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN • JULY 1962 The drawing of an inference and the making it applies to review of the actions of an adminisof a judgment based thereon, particularly in this trative agency: kind of case where the question is whether the "The Commission's conclusion here rests acquisition of bank by petitioner will, in the fu- squarely in that area where administrative judgture, adversely affect the public interest and lessen ments are entitled to the greatest amount of weight by appellate courts. It is the product of competition in the field of banking, necessarily administrative experience, appreciation of the requires the making of a prophecy. Here that complexities of the problem, realization of the prophecy has been made. The Board, upon whose statutory policies, and responsible treatment of the uncontested facts. It is the type of judgment special competency Congress relied in delegating which administrative agencies are best equipped the authority to approve or disapprove bank to make and which justifies the use of the administrative process. See Republic Aviation Corp. acquisitions by holding companies, concluded v. Labor Board, 324 U.S. 793, 800. Whether we that in the overall picture the public interest agree or disagree with the result reached, it is an would be adversely affected and competition allowable judgment which we cannot disturb." (Emphasis supplied.) would be lessened by the acquisition. Through use of the same facts petitioner finds that by the See Gray v. Powell, 1941, 314 U.S. 402, 412, 62 acquisition competition would be enhanced and S.Ct. 326, 86 L.Ed. 301; Fahey v. O'Melveny & the public welfare unimpaired. This is no more Myers, 9 Cir., 1952, 200 F.2d 420, 472-474, than a disagreement with the Board's conclusion. certiorari denied 345 U.S. 952, 73 S.Ct. 863, 97 The responsibility of making the determination L.Ed. 1374. was vested by Congress with the Board and its The argument, made orally by counsel for the conclusion must prevail. petitioner, to the effect that the present decision This court, no matter what its economic views of the Board results in giving a competitor holdmight be, no matter what it might determine to ing company "a vested interest in a town" is not be good or bad banking, or what it might think persuasive. It may well be that in this particular the effect such acquisition might have on sound instance the Board's decision has that effect. If banking, the public interest or competition in the so, however, it is merely happenstance. There is field of banking, may not substitute its findings indicated no policy of the Board to that effect nor and its judgment for the findings and judgment do we find one. The argument, if carried further, of the Board, provided, of course, the findings of could be used by a third holding company dethe Board as to the facts are supported by sub- manding equal ownerships in size or number in stantial evidence. Section 9 of the Act, 12 U.S.C.A. this or other towns or cities. § 1848, as amended. Where basic facts are not in A careful consideration of the Board's decision dispute, it is then particularly true that the Board and the record convinces us that the findings are here, or a like governmental agency under similar not inadequate, that they are supported by subsituations, brings to bear its experience and its stantial and undisputed evidence, are not arbiparticular expert judgment. Radio Officers' Union trary, capricious or an abuse of discretion, as conv. N.L.R.B., supra, 347 U.S. at 49; Securities & tended by petition, and are therefore conclusive. Exchange Commission v. Chenery Corp., 1947, Under its third assignment of error, petitioner 332 U.S. 194, 207-209, 67 S.Ct. 1575, 1760, 91 contends that "the order is to a large degree L.Ed. 1995; Board of Governors v. Agnew, 1947, predicated upon an erroneous interpretation of 329 U.S. 441 (concurring opinion by Mr. Justice § 3 (c) of the Act [12 U.S.C.A. § 1842 (c)]." It Rutledge at 449-451), 67 S.Ct. 411, 91 L.Ed. argues, first, that under § 3 (c) (5), 12 U.S.C.A. 408; Republic Aviation Corp. v. N.L.R.B., 1945, § 1842 (c) (5), there are three separate factors 324 U.S. 793, 800, 65 S.Ct. 982, 89 L.Ed. 1372; for consideration, "adequate and sound banking, N.L.R.B. v. Link-Belt Co., 1941, 311 U.S. 584, the public interest, and preservation of competi- 597, 61 S.Ct. 358, 85 L.Ed. 368; cf. I.C.C. v. tion." It claims the Board ignored the first factor, J-T Transfer Co., Inc., 1961, 368 U.S. 81, 93, overlooking "the obvious question whether it is 82 S.Ct. 204, 212, 216, 7 L.Ed.2d 147. The consistent with adequate and sound banking to statement of the Supreme Court in Securities & let the First National Bank of Pipestone be liqui- Exchange Commission v. Chenery, supra, 332 dated or fall into weak hands." It further claims U.S. at 209, is a guide to the judicial function as that the Board sought to define "public interest" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 821 as synonymous with "preservation of competition" not be maintained. To exclude from consideration and in doing so overlooked the fact that it would the existence of other holding companies and their not be in the public interest for the bank to be banks doing business in the area would be to liquidated or fall into weak hands. As to each con- force the Board to act more or less in a vacuum. tention, it is a mere matter of disagreement with Realities must be recognized. Petitioner's interthe Board's conclusion. We are convinced from pretation would leave the statutory direction withthe Board's statement that it gave adequate con- out substantial meaning and prevent the Board sideration to petitioner's contentions but did not from the consideration of vital facts in making agree with petitioner's conclusions. its judgment. We hold that the order was not Petitioner further finds two "misinterpreta- predicated upon an erroneous interpretation of tions" inherent in the Board's reasoning. It claims the Act. the "misinterpretations" to be first, that mere big- Petitioner's final contention is that Board's ness by itself is ground for denial and, second, denial of a hearing is a denial of due process. It that other holding companies doing business in directs attention to the Administrative Procedure the area should be considered. It contends such Act, 5 U.S.C.A. § 1004. It should be noted, howinterpretations to be erroneous and to require ever, that such section providing for procedural this court's setting aside the Board's order. rules relative to hearings says, "In every case of The Board makes no assertion that mere big- adjudication required by statute to be determined ness by itself justifies denial of the application. It on the record after opportunity for an agency expressly repudiates such view. Note Board's hearing, * * *." (Emphasis supplied.) As has alstatement, supra. Nevertheless, size and concen- ready been noted, the statute does not require a tration of bank control in the area is indeed a hearing unless the Comptroller of the Currency factor which was and should have been consid- "disapproves the application in writing." Section 3 ered by the Board in weighing the advisability of (b) of the Act, 12 U.S.C.A. § 1842 (b). Here the approving the acquisition and its effect upon ade- Comptroller approved and accordingly no statquate and sound banking, the public interest and utory provision for a hearing exists. Had the Conthe preservation of competition. Certainly the size gress desired a hearing under these circumstances, of petitioner as well as that of bank are factors we think it would have so provided. We may not which contribute to the whole picture from which read into the omission thereof legislative desire the Board had to make its determination. or intent for a hearing. As stated in Fahey v. As to the second alleged misinterpretation, we O'Melveny & Myers, supra, 200 F.2d at 477: think the Board was on sound ground in considering holding company strength in the area and the "* * * it is sufficient to point out that Congress has carefully refrained from writing into the Act fact that if the acquisition here should be ap- [Federal Home Loan Bank Act, 12 U.S.C.A. §§ proved, then the only two banks in Pipestone 1421 et seq.] a provision requiring the holding of Board hearings on final administrative orders would be controlled by holding companies, petieven when such a hearing may be demanded or tioner herein and First Bank Stock Corporation. requested, and this omission is too significant to be overlooked or disregarded. For this court to In making its determination with reference to now hold that a requirement for such hearings "the convenience, needs, and welfare of the com- on orders of the character here involved must munities and the area concerned" and the effect be read into the Act 'as an integral part' of the legislation because such orders are charged with of such acquisition on "adequate and sound bank- being the product of arbitrary and capricious ing, the public interest, and the preservation of impulses and motivated by malice, we would be inserting a requirement in that Act which is not competition * * *," the Board had to view the only conspicuous by its absence but the insertion structure of the entire industry of banking and of which would amount to judicial amendment could not limit its consideration to the petitioner of language which speaks the continued legislative will and policy of Congress in a manner too and bank alone. Cf. American Crystal Sugar Co. plain to be misunderstood." v. Cuban-American Sugar Co., supra, 152 F.Supp. at 396. Petitioner's contention that because Additionally, it may be pointed out that the § 3 (c), 12 U.S.C.A. § 1842 (c), refers to "the legislative history regarding the particular probank holding system involved," the Board's con- visions of the Act with which we are here consideration must be limited to petitioner alone can- cerned indicates that Congress intended no hear- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 FEDERAL RESERVE BULLETIN • JULY 1962 ing if the Comptroller (or State Bank supervisory facts not presented to the Board or overlooked authority) expressed no written disapproval. See by it. Apparently petitioner presented everything Senate Rep. No. 1095 on S. 2577, 84th Congress, it had. We conclude that the Board gave full con- 2nd Session, 1956, U. S. Code, Congressional and sideration thereto. Under such circumstances, the Administrative News, pp. 2482, 2490. holding of a hearing would have been an unnecessary proceeding and would obviously have availed "* * * It affords the bank supervisory authorities an opportunity to file with the Federal Re- nothing. See Dyestuffs & Chem., Inc. v. Flemserve Board a formal recommendation that the ming, 8 Cir., 1959, 271 F.2d 281, 286-287, and application be denied. But it also provides that if cases discussed therein. We conclude that there such a recommendation is made, the Federal Reserve Board must provide a hearing of record was no error in denial of petitioner's request for after due notice at which the testimony of all formal hearing. interested parties may be received, including, of course, the applicant and the disapproving bank The Board's action is in all things affirmed. supervisory authority. * * * "This procedure, it appears to your committee, A true copy. should afford opportunity for developing the true merits of an application upon due consideration Attest: of the facts, in instances where the bank supervisory authority involved expresses written dis- Clerk, U. S. Court of Appeals, Eighth approval of the application. It also assures ade- Circuit. quate recourse to court proceedings for an aggrieved party. "At the same time, it leaves the Federal Reserve Board free to proceed in a more informal Orders Under Bank Merger Act manner in handling an application as to which the appropriate bank supervisory authority ex- The Board of Governors of the Federal Represses no written disapproval." (Emphasis supplied.) serve System has issued the following Orders and Statements with respect to applications for Professor Davis, in his most comprehensive approval of the merger, consolidation, or acquisiwork, 1 Davis, Administrative Law Treatise, § tion of assets of certain banks: 4.04, pp. 247-248, states: "Probably the outstanding example in the fed- THE BANK OF WOOD COUNTY COMPANY, eral government of regulation of an entire industry through methods of supervision, and al- BOWLING GREEN, OHIO most entirely without formal adjudication, is the regulation of national banks. * * * The system In the matter of the application of The Bank may be one of the most successful, if not the most of Wood County Company for approval of consuccessful. solidation with The Perrysburg Banking Company. "The striking fact is that whereas the nonbanking agencies administer their systems of ORDER APPROVING CONSOLIDATION OF BANKS requiring licenses and approvals by conducting formal adjudications in most cases involving There has come before the Board of Governors, controversies, the banking agencies use methods pursuant to the "Bank Merger Act of 1960" (12 of informal supervision, almost always without formal adjudication, even for the determination U.S.C. 1828(c)), an application for the Board's of controversies. The contrast is a striking one prior approval of the consolidation of The Bank with respect to each parallel problem; for instance, the problem of the extent of community of Wood County Company, Bowling Green, Ohio, need is about the same whether the application a member Bank of the Federal Reserve System, is for establishment of a bank, a television stawith The Perrysburg Banking Company, Perrystion, or an airline, and yet the problem is handled in the banking field by the methods of the burg, Ohio, under the charter and title of the business man and in the other fields by the meth- former, the office of The Perrysburg Banking Comods of the judge in his courtroom." pany to be operated as a branch of The Bank of In connection with the request for hearing, it Wood County Company. should also be noted that following the filing of Pursuant to said Act, notice of the proposed the original application petitioner was given every consolidation, in form approved by the Board of opportunity to submit to the Board whatever facts, Governors, has been published and reports on data, theory or argument it desired. Petitioner the competitive factors involved in the proposed failed in this proceeding to direct attention to any transaction have been furnished by the Comp- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 823 troller of the Currency, the Federal Deposit In- posed transaction would also have the effect of surance Corporation, and the Department of Jus- adding management strength and a basis for imtice and have been considered by the Board. proved earning power to what had been the op- IT IS ORDERED, for the reasons set forth in the eration of the Perrysburg Bank. There is no indi- Board's Statement of this date, that said applica- cation that the powers exercised by the banks intion be, and hereby is approved, provided that volved are or would be inconsistent with the pursaid consolidation shall not be consummated (a) poses of 12 U.S.C, Ch. 16. sooner than seven calendar days after the date Convenience and needs of the communities. of this Order or (b) later than three months after Bowling Green (population around 13,600), said date. which lies in one of the best farming areas in Dated at Washington, D. C, this 8th day of Ohio, is the seat of Wood County. Perrysburg, June, 1962. Ohio (population over 5,500), is situated 13 miles north of Bowling Green and about 10 miles south By order of the Board of Governors. of Toledo. It is an expanding residential suburb Voting for this action: Chairman Martin, and Gov- for persons who work in Toledo, the urban center ernors Balderston, Mills, Robertson, and Shepardson. of northwestern Ohio. Absent and not voting: Governors King and Mitchell. The consolidation of the two banks would re- (Signed) MERRITT SHERMAN, sult in a lending limit of this banking facility in Secretary. Perrysburg of about $110,000, as compared to the [SEAL] lending limit of Perrysburg Bank of some $ 11,900. The more aggressive management of the resulting STATEMENT bank plans to make available in Perrysburg ex- The Bank of Wood County Company, Bowling panded bank services and to liberalize lending Green, Ohio ("Wood County Bank"), with depos- policies, thus enabling it to serve more completely its of about $15 million, has applied, pursuant to the banking needs of the Perrysburg community the "Bank Merger Act of 1960" (12 U.S.C. 1828 and surrounding area. Thus, the proposed replace- (c)), for the Board's prior approval of consolida- ment of Perrysburg Bank by a branch of the retion with The Perrysburg Banking Company, sulting bank would benefit the banking public in Perrysburg, Ohio ("Perrysburg Bank"), with de- Perrysburg. posits of about $1.8 million, under the charter Competition. Competition between Wood and title of Wood County Bank. The proposal County Bank and Perrysburg Bank is insignificant. contemplates that the sole office of Perrysburg The prime competition of Perrysburg Bank is Bank would be operated as a branch of the re- provided by three banks, one located in Perryssulting bank, thus increasing the offices presently burg, one in Rossford (five miles north of Perrysoperated by Wood County Bank from one to two. burg), and one in Stony Ridge (eight miles south- Under the Act the Board is required to con- east of Perrysburg). Five other banks located in sider (1) the financial history and condition of Toledo are also somewhat competitive with Perryseach of the banks involved, (2) the adequacy of burg Bank. Wood County Bank's chief competiits capital structure, (3) its future earnings pros- tion is from the other bank in Bowling Green. pects, (4) the general character of its manage- Most of the competitive impact of this proposed ment, (5) whether its corporate powers are con- consolidation would fall on the one other bank sistent with the purposes of 12 U.S.C, Ch. 16, (6) in Perrysburg. That bank is well established and, the convenience and needs of the communities while it would be subjected to more intensive to be served, and (7) the effect of the transaction competition, the effect on it would not be adverse. on competition (including any tendency toward Summary and conclusion. The proposed consolimonopoly). The Board may not approve the trans- dation would eliminate little competition, if any, action unless, after considering all of these factors, since competition between the two banks involved it finds the transaction to be in the public interest. is only nominal. Consolidation of the two institu- Banking factors. The capital structure and fi- tions would not adversely affect other banks in nancial condition of both banks are satisfactory, the area. The banking factors support approval as would be true of the resulting bank. The pro- of the proposed consolidation, and customers of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BULLETIN • JULY 1962 Perrysburg Bank would be provided with a more STATEMENT complete range of banking services than those Southern Bank and Trust Company, Richmond, presently at their disposal. Virginia ("Southern"), with deposits of about $41 Accordingly, the Board finds that the proposed million, has applied, pursuant to the Bank Merger consolidation would be in the public interest. Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval of the merger of that bank and SOUTHERN BANK AND TRUST COMPANY, Citizens Bank of Chesterfield, Bon Air, Virginia RICHMOND, VIRGINIA ("Citizens"), as yet not open for business. Under the Agreement of Merger the banks would merge In the matter of the application of Southern under the charter and title of Southern, and the Bank and Trust Company for approval of merger Agreement and application contemplate that the with Citizens Bank of Chesterfield. office of Citizens would become a branch of Southern (pursuant to amendments to the statutes ORDER APPROVING MERGER OF BANKS of Virginia enacted effective June 29, 1962), increasing from 3 to 4 the offices operated by that There has come before the Board of Governors, bank. pursuant to the Bank Merger Act of 1960 (12 Under the Act, the Board is required to con- U.S.C. 1828(c)), an application by Southern Bank sider (1) the financial history and condition of each and Trust Company, Richmond, Virginia, a memof the banks involved, (2) the adequacy of its ber bank of the Federal Reserve System, for the capital structure, (3) its future earnings prospects, Board's prior approval of the merger of Citizens (4) the general character of its management, (5) Bank of Chesterfield, Chesterfield County, Bon whether its corporate powers are consistent with Air, Virginia, with and into Southern Bank and the purposes of the Federal Deposit Insurance Act Trust Company, under the charter and title of (12 U.S.C, Ch. 16), (6), the convenience and the latter, the office of Citizens Bank of Chesterneeds of the communities to be served, and (7) the field to be operated as a branch of Southern Bank effect of the transaction on competition (includand Trust Company. ing any tendency toward monopoly). The Board Pursuant to said Act, notice of the proposed may not approve the transaction unless, after conmerger, in form approved by the Board of Govsidering all these factors, it finds the transaction to ernors, has been published and reports on the be in the public interest. competitive factors involved in the proposed Banking factors. The financial history and contransaction have been received from the Compdition of Southern are satisfactory. The bank's troller of the Currency, the Federal Deposit Incapital structure is adequate, its future earnings surance Corporation, and the Department of Jusprospects are favorable, and its management is tice and have been considered by the Board. competent. These attributes would also character- IT IS ORDERED, for the reasons set forth in the ize the resulting bank, which would be under Board's Statement of this date, that said applica- Southern's management. tion be and hereby is approved, provided that Citizens has not yet opened for business, as said merger shall not be consummated (a) prior previously noted. The bank was organized in 1958 to June 29, 1962, or (b) later than three months as an affiliate of Southern. The two banks have after said date. the same president, a majority of the board of Dated at Washington, D. C, this 13th day of directors of Citizens are also directors of South- June, 1962. ern, and a majority of the shares of each bank is By order of the Board of Governors. held by common owners. Citizens was organized with the expectation of its merger with, and opera- Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, and Shepardson. tion as a branch by, Southern at the end of five Absent and not voting: Governors King and Mitchell. years of actual operations by Citizens as a unit bank in accordance with State law which, how- (Signed) MERRITT SHERMAN, ever, was recently amended, effective June 29, Secretary. 1962, so as to eliminate the necessity for this wait- [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 825 ing period in the circumstances of the present Consummation of the proposed merger would not case. Operation of Citizens as a branch of South- adversely affect any banks serving the area. ern, rather than as an affiliated bank, would effect Summary and conclusion. The proposed transeconomies in staff and equipment. action would unite two banks, one of which is not No inconsistency with the purposes of 12 yet open for business, affiliated through common U.S.C., Ch. 16 is indicated. ownership and management and between which no Convenience and needs of the communities. significant competition would be expected. The only effect of consequence on banking competi- Richmond (population around 220,000) is the tion might be to provide more effective competicapital of Virginia and serves an extensive trade tion with the other banking institutions now serving area having a diversified economy. Bon Air Bon Air. The need and convenience of that area (population about 6,000), an unincorporated comwould be more adequately and efficiently served munity in Chesterfield County, Virginia, which is by consummation of the proposal. contiguous to Richmond, lies about 10 miles west Accordingly, the Board finds that the proposed of downtown Richmond and less than 5 miles from transaction would be in the public interest. the Richmond city limits. Bon Air is located in one of the largest and most rapidly expanding sections of the Richmond metropolitan area, the THE HILLSBORO BANK AND SAVINGS credit needs of which are increasing proportion- COMPANY, HILLSBORO, OHIO ately. In the matter of the application of The Hills- Approval of the proposed transaction would boro Bank and Savings Company for approval of have virtually no effect on the convenience and acquisition of assets of The Citizens Bank and needs of the city of Richmond. However, if the Savings Company of Leesburg. proposal were to be consummated, there would be available in Bon Air—in which there is now ORDER APPROVING ACQUISITION OF BANK'S ASSETS no operating banking office—the office of a bank There has come before the Board of Governors, with a loan limit of about $567,000, rather than an pursuant to the Bank Merger Act of 1960 (12 office of a much smaller bank which, if now open U.S.C. 1828(c)), an application by The Hillsboro for business, would have a loan limit of around Bank and Savings Company, Hillsboro, Ohio, a $43,000. member bank of the Federal Reserve System, for Competition. If Citizens were to open for busithe Board's prior consent to its acquisition of the ness, there would be little likelihood of any comassets and assumption of the liabilities of The petition between that bank and Southern in view Citizens Bank and Savings Company of Leesburg, of the close relationships between the two, as Leesburg, Ohio, and, as an incident thereto, The described above. Hillsboro Bank and Savings Company has applied, Southern ranks fifth in size among eight comunder Section 9 of the Federal Reserve Act, for mercial banks in Richmond, and this would not the Board's prior approval of the establishment be changed by consummation of the proposal. of a branch by that bank at the location of The Each of the four larger banks is more than twice Citizens Bank and Savings Company of Leesburg. the size of Southern. The proposed transaction Pursuant to the Bank Merger Act, notice of would have no effect of consequence on the the proposed acquisition of assets and assumption present competitive situation in Richmond. of liabilities, in form approved by the Board of The closest banking offices to Citizens are two Governors, has been published, and reports on branches of The Bank of Virginia, Richmond, with the competitive factors involved in the proposed IPC (individuals, partnerships, and corporations) transaction have been furnished by the Compdeposits of around $113 million, which are 3 miles troller of the Currency, the Federal Deposit Inand 8 miles from Citizens. These branches, and a surance Corporation, and the Department of branch of The First and Merchants National Justice and have been considered by the Board. Bank, Richmond (IPC deposits of about $198 IT IS ORDERED, for the reasons set forth in the million), located nine miles from Citizens, report- Board's Statement of this date, that said applicaedly derive considerable business from Bon Air. tions be, and hereby are approved, provided that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN • JULY 1962 the capital stock of The Hillsboro Bank and Sav- nancial condition of both banks are satisfactory, ings Company is increased as required by law although in the event the transaction is consumbefore the date of the establishment of said branch, mated, the resulting bank must increase its capital and provided further that said acquisition of assets as required by law prior to the establishment of and assumption of liabilities and establishment of the proposed Leesburg branch. The proposed said branch shall not be consummated (a) sooner transaction would have the effect of adding manthan seven calendar days after the date of this agement strength and a basis for improved earning Order or (b) later than three months after said power to what has been the operation of the date. Leesburg Bank, whose earnings have been below Dated at Washington, D. C, this 18th day of the average of similar size banks in the Fourth June, 1962. Federal Reserve District. There is no indication that the powers exercised by the banks involved By order of the Board of Governors. are or would be inconsistent with the purposes of Voting for this action: Chairman Martin, and Gov- 12 U.S.C, Ch. 16. ernors Balderston, Mills, Robertson, and Shepardson. Convenience and needs of the communities. Absent and not voting: Governors King and Mitchell. Hillsboro, Ohio (population about 5,500), the seat (Signed) MERRITT SHERMAN, of Highland County, is situated in Southwestern Secretary. Ohio about 55 miles northeast of Cincinnati in a [SEAL] predominantly agricultural area, although some small industries provide employment for a sub- STATEMENT stantial number of people. Leesburg, Ohio (pop- The Hillsboro Bank and Savings Company, ulation over 900), is located 11 miles north of Hillsboro, Ohio ("Hillsboro Bank"), with deposits Hillsboro and is the shopping center for people of approximately $2.8 million as of December 31, in the immediate area. 1961, has applied, pursuant to the Bank Merger Although as a result of the proposed transac- Act of 1960 (12 U.S.C. 1828(c)), for the Board's tion no new services would be offered by the prior approval of its acquisition of the assets and continuing institution, the general loan limit of assumption of the liabilities of The Citizens Bank Hillsboro Bank would be increased from $25,000 and Savings Company of Leesburg, Leesburg, to $40,000. This increase would provide more Ohio ("Leesburg Bank"), with deposits of apadequate accommodations for certain business conproximately $2.25 million as of December 31, cerns in Hillsboro and for many cattle feeders in 1961. As an incident to the foregoing, Hillsboro the area. Likewise, the present customers of Lees- Bank has made application, under Section 9 of burg Bank would benefit by the increased lending the Federal Reserve Act, for the Board's prior limit of the resulting institution (Leesburg Bank's approval for the establishment of a branch at the present limit is $15,000). In addition, the prolocation of Leesburg Bank. posed transaction would result in providing the Under the Bank Merger Act, the Board is reresidents of Leesburg and the nearby area with a quired to consider (1) the financial history and banking facility under the management of Hillscondition of each of the banks involved, (2) the boro Bank which could serve their credit needs adequacy of its capital structure, (3) its future more adequately than has Leesburg Bank. earnings prospects, (4) the general character of Competition. There is only limited competition its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, between the two banks involved. There may be Ch. 16 (the Federal Deposit Insurance Act), (6) some slight competition between Leesburg Bank the convenience and needs of the communities to and two larger banks in Washington Courthouse, be served, and (7) the effect of the transaction situated 16 miles north of Leesburg. Hillsboro on competition (including any tendency toward Bank's chief competition is with two larger banks monopoly). The Board may not approve the trans- in Hillsboro; in the event the proposed transaction action unless, after considering all of these factors, is consummated, the three banks in Hillsboro it finds the transaction to be in the public interest. would be approximately the same size. There is Banking factors. The capital structure and fi- also limited competition between the Hillsboro Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 827 Bank and a bank in Lynchburg, Ohio (12 miles with and into United California Bank, under northwest of Hillsboro). the charter and title of the latter. Notice of the A bank located at Greenfield, Ohio, nine miles proposed merger, in form approved by the Board, east of Leesburg (deposits about $4.4 million), was published pursuant to said Act. and a branch of a Wilmington, Ohio, bank (de- Upon consideration of all relevant materials in posits about $11.3 million) located in New Vienna, the light of the factors set forth in said Act, innine miles west of Leesburg, are in competition cluding reports furnished by the Comptroller of with Leesburg Bank. To some extent, the establish- the Currency, the Federal Deposit Insurance Corment of a branch of Hillsboro Bank in Leesburg, poration, and the Department of Justice on the in lieu of Leesburg Bank, would tend to stimulate competitive factors involved in the proposed this competition. merger and the information received at and in The acquisition of the assets of Leesburg Bank connection with the public proceeding which was by Hillsboro Bank should not adversely affect any ordered in this matter (27 Federal Register 4601) of the banks in the service area of the resulting pursuant to the Board's Rules of Procedure (12 bank, and in certain sections of the service area C.F.R. 262.2(f)(3)), of the continuing institution competition should be IT IS HEREBY ORDERED, for the reasons set forth stimulated. in the Board's Statement of this date, that the said Summary and conclusion. The proposed acquisi- application be and hereby is denied. tion would eliminate little competition, since com- Dated at Washington, D. C, this 20th day of petition between the two banks involved is nom- June, 1962. inal. The proposed acquisition should not adversely By order of the Board of Governors. affect any of the banks that compete in the service area of the resulting bank, and in certain sections Voting for this action: Governors Balderston, Mills, and Robertson. Voting against this action: Chairman of such service area competition should be stim- Martin and Governor Shepardson. Absent and not ulated. The banking factors support approval of voting: Governors King and Mitchell. the proposed acquisition, and customers of both (Signed) MERRITT SHERMAN, Hillsboro Bank and Leesburg Bank would benefit Secretary. from the increased lending limit of the continuing [SEAL] institution. Customers in Leesburg would be pro- STATEMENT vided with a banking facility that could serve their credit needs more adequately than is being done United California Bank, Los Angeles, Califorat the present time. nia ("United"), with deposits of about $2,150 Accordingly, the Board finds the proposed trans- million, has applied, pursuant to the Bank Merger action to be in the public interest. Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval of the merger of that bank and The First National Bank of Vista, Vista, California UNITED CALIFORNIA BANK, ("First National"), with deposits of about $12.3 LOS ANGELES, CALIFORNIA million. Under the Agreement and Plan of Merger In the matter of the application of United the banks would merge under the charter and California Bank for approval of merger with The title of United. The application and Agreement First National Bank of Vista. contemplate that the two offices of First National would become branches of United, increasing from ORDER DENYING APPLICATION FOR APPROVAL 139 to 141 the total offices operated by that bank. OF MERGER OF BANKS To assist the Board in its consideration of the There has come before the Board of Governors, matter, a public proceeding in the form of an oral pursuant to the Bank Merger Act of 1960 (12 presentation before members of the Board pur- U.S.C. 1828(c)), an application by United Cali- suant to Section 262.2(f)(3) of its Rules of Profornia Bank, Los Angeles, California, a member cedure was ordered and conducted on the applibank of the Federal Reserve System, for the cation (27 Federal Register 4601), at which repre- Board's prior approval of the merger of The sentatives of United and First National appeared First National Bank of Vista, Vista, California, and presented views and other data in support of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN • JULY 1962 the application. There were no other appearances turing firms operating in the area. Future growth or requests to appear at the proceeding. prospects of the Vista area are favorable, and Under the law, the Board is required to con- further residential and industrial development is sider (1) the financial history and condition of anticipated. each of the banks involved, (2) the adequacy of With the exception of trust services, First Naits capital structure, (3) its future earnings pros- tional offers the normal complement of banking pects, (4) the general character of its management, services typical of banks of its size. The bank's (5) whether its corporate powers are consistent one branch is also in Vista. The other banking with the purposes of 12 U.S. Code, Ch. 16 (Fed- office located in First National's primary service eral Deposit Insurance Act), (6) the convenience area is the Vista branch of Security First National and needs of the community to be served, and (7) Bank, Los Angeles (total deposits about $3.7 bilthe effect of the transaction on competition (in- lion). Between 1954 and the end of 1961, First cluding any tendency toward monopoly). The National's deposits increased $5 million and Board may not approve the transaction unless, deposits of Security First National Bank's Vista after considering all these factors, it finds the trans- branch (established in 1954) increased $7 million. action to be in the public interest. Trust services and credits in excess of First Banking factors. The financial history and con- National's lending limit of about $88,500 are dition of both banks are satisfactory. The actual available to the residents of the Vista area at the or planned capital structure of each bank is rea- Vista Branch of Security First National Bank and sonably adequate. Both banks have favorable at a number of offices of other banks competing future earnings prospects. The same should hold within but located outside of First National's pritrue for the resulting bank, which would be under mary service area. The offices of these other banks, the satisfactory management of United. The man- all within a radius of 14 miles of Vista, include agement of First National also is satisfactory, the Carlsbad, Escondido, and Oceanside Branches although it is urged in support of the proposal of Security First National Bank; the Escondido, that the bank is facing a need for management Fallbrook, and Oceanside Branches of Bank of caliber personnel which would be met by consum- America N.T. & S.A. (deposits about $11,475 mation of the merger. However, it has not been million); the Escondido and Oceanside Branches established to the Board's satisfaction that qualified of The First National Trust and Savings Bank, management personnel that may be needed cannot San Diego (deposits about $258 million); and the be obtained from the bank's present personnel or Bank of Fallbrook, Fallbrook (deposits about $1.3 from outside sources. There is no indication that million). the corporate powers of the banks are or would The Board is not satisfied that the banking be inconsistent with the purposes of 12 U.S.C., needs of the area are not now being adequately Ch. 16. met, or will not be met in the future, by the banks Convenience and needs of the communities. operating in or serving the area, except possibly Vista, California (population about 15,000), is an in isolated instances. Nor is it clear that First unincorporated community about 43 miles north National, as a unit bank, will not be able to grow of the city of San Diego and 10 miles inland from and expand its facilities commensurate with the the coastal city of Oceanside. First National's future growth and needs of the area. To meet the primary service area—the area from which it growth of the area First National has increased derives 75 per cent or more of its deposits of indi- its capital from time to time, and the bank's viduals, partnerships, and corporations ("IPC branch was established in 1961. The continuance deposits")—has a population of about 35,000, lies of First National as a sound and profitable alternawithin the northwestern portion of San Diego tive source of banking service should not be County, and extends approximately IVi miles obstructed seriously by its relatively low loan limit. north, HV2 miles northeast, 7 miles southeast, Such demands as may arise for credit in excess of 5Vi miles south, and 3 miles west of Vista. This the bank's lending limit can be met, as indicated area includes no incorporated towns and no major above, by other banks or through participations shopping points, other than Vista. The economy with banks that are correspondents of First Nais chiefly agricultural with several light manufac- tional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 829 Competition. United (a subsidiary of Western services than those now provided by that bank, Bancorporation, a registered bank holding com- it is not clear that First National, as a unit bank, pany) is the fourth largest commercial bank in cannot remedy its problem of management succes- California, holding about 8 per cent of the deposits sion and expand its services in a manner commenof all such banks in the State. It is one of three surate with the growth of its area, or that the area banks operating extensive branch systems in Cali- lacks adequate banking facilities. While the profornia, having offices in half of the State's 58 coun- posed merger might intensify competition, it would ties. United's offices nearest to First National are eliminate the only unit bank in the Vista com- 32 miles northwest at San Clemente and in down- munity. Thus, it would have an adverse effect on town San Diego, 43 miles to the south. There potential banking competition in that community appears to be virtually no competition between the as well as in the surrounding area. These consideratwo banks. Consummation of the merger would tions outweight any benefits that might be expected have no significant effect on United's competitive to result from the merger. position in the State as a whole, and it would Accordingly, the Board is unable to find that increase United's percentage of IPC deposits in San the proposed merger would be in the public Diego County from a nominal amount to only interest. about 2 per cent. In support of the application it is urged that the DISSENTING STATEMENT OF CHAIRMAN MARTIN proposal would provide through a branch of AND GOVERNOR SHEPARDSON United in Vista more effective competition, especi- In our judgment—and we recognize that in ally with the Vista branch of Security First Namatters of this kind judgments may reasonably tional Bank. However, in view of First National's growth record and its preponderance of local loan differ—a balancing of the considerations relevant volume, it appears that First National has been to the statutory factors leads to the conclusion able to compete effectively with that branch of that this application should be approved. Security First National Bank. It is conceded by the majority of the Board that Furthermore, aside from First National, the the proposed merged would not significantly lesonly other unit bank in San Diego County is the sen banking competition in the area concerned. Bank of Fallbrook, Fallbrook, 14 miles north of It would, of course, eliminate a unit bank and Vista. This bank, established in 1961, is the might therefore be regarded as lending impetus to smallest of the five banks located outside of but the trend toward concentration of banking recompeting in the primary service area of First sources in a few large branch banking systems in National, holding 1.7 per cent of the deposits and the State of California. We would not wish to 2.4 per cent of loans of banks in that area. As the encourage that trend. Nevertheless, we think that only other banking office in First National's pri- this rather general assumption of a potentially mary service area is the Vista branch of Security adverse effect upon competition is outweighed by First National Bank, consummation of the pro- what appear to us to be favorable considerations posed merger would, in large measure, deprive in the particular circumstances here presented. customers of First National and other residents of The record on this application, including the the area of the opportunity of choosing between a oral presentation before the Board, indicates that local unit bank and a branch of a large branch The First National Bank of Vista, while a sound banking organization. institution, is faced with a real problem of obtain- If approved, the transaction also would continue ing competent personnel at the senior management or give impetus to a trend of concentration in the level. The President of the Bank, who is over 80, State through mergers of banking resources in has indicated his intention to retire. There appears large branch systems, tending adversely to affect to be no question as to the ability of his son, who potential competition in the field of banking. is now Executive Vice President, to head the Summary and conclusion. While the proposed Bank. However, efforts to obtain additional manmerger would be a means of solving such problem agement personnel have proved unsuccessful so of management succession as First National may far, apparently because experienced officers of have and of providing a broader range of banking larger banks are reluctant to accept employment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN • JULY 1962 with a smaller bank in view of the limited oppor- tion of liabilities has been published pursuant to tunities for advancement and the loss of retire- said Bank Merger Act. ment benefits. Upon consideration of all relevant materials The record also indicates that the Vista area in in the light of the factors set forth in said Bank which First National is located is a developing Merger Act, including reports furnished by the area in which further residential and industrial Comptroller of the Currency, the Federal Deposit growth can reasonably be anticipated; that, because Insurance Corporation, and the Department of of its relatively low lending limit, First National Justice on the competitive factors involved in the has been unable on a number of occasions to meet proposed transaction, credit needs of its customers; and that, because IT IS HEREBY ORDERED, for the reasons set forth it has not been considered profitable to establish in the Board's Statement of this date, that said apa trust department, the Bank has not been able to plications be and hereby are approved, provided meet a substantial demand for fiduciary services. that said acquisition of assets and assumption of liabilities and establishment of said branch shall At the oral presentation before the Board, the not be consummated (a) sooner than seven calen- President of the Bank expressed his belief that it dar days after the date of this Order or (b) later could no longer grow as an independent bank. than three months after said date. Acquisition of the Bank by United California Bank Dated at Washington, D. C, this 21st day of would not appear to affect adversely the competi- June, 1962. tive position of the remaining unit bank competing in the Vista area; whereas the transaction would By order of the Board of Governors. tend to increase competition, through broader Voting for this action: Chairman Martin, and Govbanking services, with the second largest bank in ernors Balderston, Mills, Robertson, and Shepardson. the State, which has a branch in the area. Absent and not voting: Governors King and Mitchell. For these reasons, we believe that the proposed (Signed) MERRITT SHERMAN, merger would be in the public interest and should Secretary. be approved. [SEAL] STATEMENT WILMINGTON TRUST COMPANY, Wilmington Trust Company, Wilmington, Dela- WILMINGTON, DELAWARE ware ("Wilmington Trust"), with deposits of approximately $317 million, has applied, pursuant In the matter of the application of Wilmington Trust Company for approval of acquisition of to the Bank Merger Act of 1960 (12 U.S.C. 1828 assets of Townsend Trust Company. (c)), for the Board's prior approval of its acquisition of the assets and assumption of the liabilities of Townsend Trust Company, Towsend, Delaware ORDER APPROVING ACQUISITION OF BANK'S ASSETS ("Townsend Trust"), with deposits of approxi- There has come before the Board of Gover- mately $383,000. As an incident to the foregoing, nors, pursuant to the Bank Merger Act of 1960 Wilmington Trust has applied, under Section 9 (12 U.S.C. 1828(c)), an application by Wilming- of the Federal Reserve Act (12 U.S.C. 321), for ton Trust Company, Wilmington, Delaware, a the Board's prior approval of the establishment of member bank of the Federal Reserve System, for a branch at the location of Townsend Trust. This the Board's prior consent to its acquisition of the would increase the offices operated by Wilmington assets and assumption of the liabilities of Town- Trust from 14 to 15. send Trust Company, Townsend, Delaware, and, Under the Bank Merger Act, the Board is as an incident thereto, Wilmington Trust Company required to consider (1) the financial history and has applied, under Section 9 of the Federal Re- condition of each of the banks involved, (2) the serve Act, for the Board's prior approval of the adequacy of its capital structure, (3) its future establishment of a branch by that bank at the earnings prospects, (4) the general character of location of Townsend Trust Company. Notice of its management, (5) whether its corporate powers the proposed acquisition of the assets and assump- are consistent with the purposes of 12 U.S.C, Ch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 831 16 (the Federal Deposit Insurance Act), (6) the ware's four largest commercial banks all of which convenience and needs of the community to be operate branches within a seven-mile radius of served, and (7) the effect of the transaction on Townsend. The proposed acquisition would incompetition (including any tendency toward crease this competition. A bank with deposits of monopoly). less than $2 million, located about eight miles Banking factors. The capital position of Town- southeast of Townsend Trust, is already in comsend Trust is relatively not as strong as that of petition with branches of two large banks, and it Wilmington Trust. However, the proposed acquisi- appears that consummation of the transaction tion would add only about .1 per cent to the would not significantly affect the prospects of this deposits of Wilmington Trust, so that the capital bank. structure of the continuing bank would continue Summary and conclusion. The proposed acquisito be adequate. The earnings prospects of Wilming- tion would increase competition among Delaware's ton Trust are good and, while those of Townsend larger banks without having a significant adverse Trust are not encouraging for the immediate effect on any small banks, and residents of the future, the long-range prospects are favorable. Townsend area would be provided with broader The Townsend area, principally agricultural, has banking services. experienced some industrial growth and further Accordingly, the Board finds the proposed expansion is expected. In the event the transaction acquisition to be in the public interest. is consummated, Wilmington Trust, because of its relatively large size, could readily absorb small WINDBER BANK AND TRUST COMPANY, operating losses at a Townsend branch during the WINDBER, PENNSYLVANIA next few years. Following the acquisition, Wilmington Trust's management, which is satisfactory, In the matter of the application of Windber would operate the continuing bank, thus eliminat- Bank and Trust Company for approval of acquisiing the current management succession problem of tion of assets of Central City National Bank. Townsend Trust. There is no indication that the powers exercised by the banks involved are or ORDER APPROVING ACQUISITION OF BANK ASSETS would be inconsistent with the purposes of 12 There has come before the Board of Governors, U.S.C., Ch. 16. pursuant to the Bank Merger Act of 1960 (12 Convenience and needs of the communities. U.S.C. 1828(c)), an application by Windber Bank Wilmington (population around 100,000) is the and Trust Company, Windber, Pennsylvania, a State's most highly industrialized area. Townsend State member bank of the Federal Reserve Sys- (population around 500, with an estimated 2,500 tem, for the Board's prior approval of the acquisiin the trade area) is located 27 miles south of tion by that bank of the assets, and assumption of Wilmington and 16 miles south of Wilmington the liabilities, of Central City National Bank, Cen- Trust's nearest branch. tral City, Pennsylvania, and, as an incident thereto, Because of Townsend Trust's relatively small Windber Bank and Trust Company has applied, size and the distances between the offices of the under Section 9 of the Federal Reserve Act, for banks involved, the proposed acquisition would the Board's prior approval of the establishment of have practically no effect on the convenience and a branch by that bank at the location occupied by needs of Wilmington or other communities presthe office of Central City National Bank. Notice ently served by Wilmington Trust. The proposed of the proposed acquisition of assets and assumptransaction would make available, at a local banktion of liabilities, in form approved by the Board, ing facility in the Townsend area, a much larger was published pursuant to said Bank Merger Act source of bank credit as well as the services of a of 1960. large trust department. Upon consideration of all relevant materials in Competition. There is now little or no competi- the light of the factors set forth in said Act, includtion between Wilmington Trust and Townsend ing reports furnished by the Comptroller of the Trust. Wilmington Trust competes in Wilmington Currency, the Federal Deposit Insurance Corporaand in other areas with the other three of Dela- tion, and the Department of Justice on the com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN • JULY 1962 petitive factors involved in the proposed trans- Banking factors. The financial condition and actions, capital structure of both banks are satisfactory, as IT IS HEREBY ORDERED, for the reasons set forth would be true of the continuing bank, which in the Board's Statement of this date, that said ap- would be under the present management of Windplications be, and hereby are approved, provided ber Bank. Consummation of the proposal would that said acquisition of assets, assumption of liabil- have the effect of providing improved earning ities, and establishment of a branch approved power and strengthened management to what had herein shall not be consummated (a) sooner than been the operation of Central National. There is seven calendar days after the date of this Order or no indication that the powers exercised by the (b) later than three months after said date. banks involved are or would be inconsistent with Dated at Washington, D. C, this 21st day of the purposes of 12 U.S.C, Ch. 16. June, 1962. Convenience and needs of the communities. Both Windber (population about 7,000) and Cen- By order of the Board of Governors. tral City (population about 1,600) are located in Voting for this action: Chairman Martin, and Gov- Somerset County in south central Pennsylvania. ernors Balderston, Mills, Robertson, and Shepardson. Absent and not voting: Governors King and Mitchell. Ten miles to the north of Windber, in adjoining Cambria County, is Johnstown (population about (Signed) MERRITT SHERMAN, 54,000), the largest city and the most influential Secretary. economically and financially in the area. Central [SEAL] City is 10 miles south of Windber, the territory STATEMENT between the two being hilly and sparsely popu- Windber Bank and Trust Company, Windber, lated. Windber is served by two banks, Windber Pennsylvania ("Windber Bank"), with deposits of Bank and a national bank with one out-of-town approximately $9.4 million, has applied, pursuant branch. Central National is the only bank in Cento the Bank Merger Act of 1960 (12 U.S.C. 1828 tral City. (c)), for the Board's prior approval of the acquisi- The effect of the proposal on the convenience tion of the assets and assumption of deposit liabili- and needs of the communities to be served would ties of Central City National Bank, Central City, be limited almost entirely to Central National's Pennsylvania ("Central National"), with deposits present service area. Consummation of the proof approximately $1.9 million. As an incident to posal would assure continuance of good banking the foregoing, Windber Bank has also applied, facilities in Central City. under Section 9 of the Federal Reserve Act (12 Competition. There is little competition between U.S.C. 321), for the Board's prior approval of the Windber Bank and Central National. Windber establishment of a branch by that bank at the Bank draws 6 per cent of its loan volume and 7.7 location now occupied by the office of Central per cent of its time deposits from the service area National. This would increase the offices operated of Central National; and only about 2 per cent of by Windber Bank from 2 to 3. the dollar amount of the outstanding loans of Cen- Under the law, the Board is required to consider tral National and less than .3 per cent of its total (1) the financial history and condition of each of deposits are from the service area of Windber the banks involved, (2) the adequacy of its capital Bank. structure, (3) its future earnings prospects, (4) As to the effect of the proposal upon other the general character of its management, (5) financial institutions in the area, the continuing whether its corporate powers are consistent with bank would derive no noticeable advantage over the purposes of 12 U.S.C, Ch. 16 (Federal Deposit its local competitor in the town of Windber. The Insurance Act), (6) the convenience and needs of managements of two small national banks, about the community to be served, and (7) the effect of 10 miles west from Central City, which would the transaction on competition (including any appear to be more likely than any others to be tendency toward monopoly). The Board may not affected competitively by the proposal, have exapprove the transaction unless, after considering pressed the opinion that there would be no percepall these factors, it finds the transaction to be in tible increase in the competition they encounter. the public interest. Taking into consideration the banks in Johnstown Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 833 (where there are two much larger banks and two this Order or (b) later than three months after other banks of about $10 million of deposits each), said date. the applicant would move from fifth to third Dated at Washington, D. C, this 25th day of largest among the commercial banks in the area. June, 1962. It would hold less than 9 per cent of the aggregate By order of the Board of Governors. deposits of individuals, partnerships, and corporations and about 10 per cent of the loans in the Voting for this action: Chairman Martin, and Goverover-all service area. nors Balderston, Mills, Shepardson, and King. Voting against this action: Governor Robertson. Absent and Summary and conclusion. Consummation of not voting: Governor Mitchell. the proposed transaction would assure the residents (Signed) MERRITT SHERMAN, of Central City of good banking services. It would Secretary. not so affect competition as to be detrimental to [SEAL] any other bank. STATEMENT Accordingly, the Board finds the proposed transaction to be in the public interest. Union Trust Company of Maryland, Baltimore, Maryland ("Union Trust"), with deposits UNION TRUST COMPANY OF MARYLAND, of about $245 million, has applied, pursuant to BALTIMORE, MARYLAND the Bank Merger Act of 1960 (12 U.S.C. 1828 (c)), for the Board's prior approval of the merger In the matter of the application of Union Trust of that bank with Farmers and Merchants' Bank, Company of Maryland for approval of merger Salisbury, Maryland ("Farmers Bank"), with with Farmers and Merchants* Bank. deposits of about $17 million. Under the Agreement of Merger the banks would merge under ORDER APPROVING MERGER OF BANKS the charter and title of Union Trust, and the There has come before the Board of Governors, Agreement and application contemplate that the pursuant to the Bank Merger Act of 1960 (12 two offices of Farmers Bank would become U.S.C. 1828(c)), an application by Union Trust branches of Union Trust, increasing from 33 to Company of Maryland, Baltimore, Maryland, a 35 the offices operated by that bank. member bank of the Federal Reserve System, for Under the Act, the Board is required to conthe Board's prior approval of the merger of Farm- sider (1) the financial history and condition of ers and Merchants' Bank, Salisbury, Maryland, each of the banks involved, (2) the adequacy of also a member bank of the Federal Reserve Sys- its capital structure, (3) its future earnings prostem, with and into Union Trust Company of pects, (4) the general character of its management, Maryland, under the charter and title of the latter, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16 (the Fedthe offices of Farmers and Merchants' Bank to be eral Deposit Insurance Act), (6) the convenience operated as branches of Union Trust Company of and needs of the community to be served, and (7) Maryland. Notice of the proposed merger, in the effect of the transaction on competition (inform approved by the Board, has been published cluding any tendency toward monopoly). pursuant to said Act. Banking factors. The capital structure and Upon consideration of all relevant material in financial condition of both banks are satisfactory. the light of the factors set forth in said Act, includ- The same would be true of the resulting bank, ing reports furnished by the Comptroller of the which would be under the competent manage- Currency, the Federal Deposit Insurance Corporament of Union Trust. The earnings prospects of tion, and the Department of Justice on the com- Union Trust are favorable, and consummation petitive factors involved in the proposed merger, of the transaction would have the effect of adding IT IS HEREBY ORDERED, for the reasons set forth management strength and a basis for improved in the Board's Statement of this date, that said earning power to what has been the operation of application be and hereby is approved, provided Farmers Bank. No inconsistency with the purposes that said merger shall not be consummated (a) of 12 U.S.C, Ch. 16 is indicated. sooner than seven calendar days after the date of Convenience and needs of the communities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN • JULY 1962 Baltimore, Maryland (population about 940,000), only minor business in the service area of the the largest city in the Fifth Federal Reserve Dis- other. trict, is a commercial and industrial center, a Union Trust is the third largest bank in the major seaport, and one of the major eastern finan- State, a position that would not be altered by cial centers. The Baltimore metropolitan area consummation of the merger. Union Trust would comprises Anne Arundel, Baltimore, Carroll, and become a competitor in Salisbury of Maryland Howard Counties and Baltimore City, and has an National Bank, the largest bank in the State, which aggregate population of approximately 1.75 mil- operates 61 banking offices with deposits of about lion. Union Trust's offices are located either in $550 million. By consummation of the transaction, Baltimore City, or within 20 miles of the city Union Trust would be able to compete more limits. strongly with Maryland National Bank in servic- The two offices of Farmers Bank are in Salis- ing all sizes of business accounts and by offering bury (population over 16,000), the seat of Wico- a more complete line of banking services, includmico County (population about 50,000). Salis- ing a large trust department. The proposed merger bury and Wicomico County are in the geographi- would also bring Union Trust into competition cal center of the Eastern Shore peninsula and with Salisbury National Bank (deposits about $19 thus separated from the rest of the State by the million), but the effects on the latter bank should Chesapeake Bay. The population of the Farmers not be of serious consequence. The six small banks Bank's trade area, which includes all the southern located in Wicomico County outside of Salisbury portion of the Eastern Shore, is approximately serve principally the needs of their immediate 225,000. Salisbury is supported by several sub- communities, and the proposed merger should stantial industries, by truck farming, and by poul- not seriously affect their competitive positions. try production and processing, and also serves as Summary and conclusion. The Salisbury, Marythe largest retail and wholesale distribution center land, area is experiencing substantial industrial in the area. Nearly 80 per cent of the 24 per cent growth and increasing business activity. The proincrease in the population of Wicomico County posed merger would provide the business concerns during the past ten years is concentrated in and and residents of this area with another bank posaround Salisbury. The growth and economic pros- sessing capable, experienced management which pects of the area are favorable and will be en- could service all sizes of business accounts and hanced by completion of construction of the offer a more complete line of banking services, bridge-tunnel, which will connect Norfolk, Vir- including those of a strong trust department. The ginia, with the southern tip of the Eastern Shore, service areas of the two banks involved overlap and by the relocation of U.S. Route 50 through only slightly and the elimination of the competithe Salisbury business district, which was pre- tion between them would not be significant. Comviously bypassed. petition would be increased in the Salisbury serv- Approval of the proposed merger would have ice area, since Union Trust would become a comvirtually no effect on the convenience and needs petitor in that area of Maryland's largest bank. of the Baltimore metropolitan area. However, in The proposed merger should have no serious effect the Salisbury area, Farmers Banks has been unable on the small banks located in the service area of to handle credit requirements of the size requested Salisbury. by some local industries; and it may be expected, Accordingly, the Board finds the proposed due to the expanding industrialization, that re- merger to be in the public interest. quests for credit beyond the capacity of Farmers Bank will increase. Union Trust, as a result of the DISSENTING STATEMENT OF merger, would be in a position to meet such credit GOVERNOR ROBERTSON demands. This proposed merger involves two banks be- Competition. The primary service areas of tween which there is practically no competition. Union Trust and Farmers Bank are entirely sepa- Furthermore, one can easily appreciate the desire rate. Salisbury is about 100 miles from the nearest of the large Baltimore bank to expand into the office of Union Trust, which has no offices on the economically inviting Salisbury area, and to do so Eastern Shore peninsula. Each bank generates by merging with a sound, well-operated, moderate- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 835 sized bank, rather than by a de novo branch, even for another—that is the way by which subtle and at the expense of a sizable premium (the stock- twisting roads toward oligopoly are traversed. holders of the Salisbury bank will be exchanging I would disapprove the application. stock worth $66 per share for stock of the resulting bank worth $89). THE PEOPLES BANK AND TRUST On the other hand, it is difficult to find any COMPANY, GRAND HAVEN, MICHIGAN public benefits flowing from the merger. The In the matter of the application of The Peoples existing Farmers and Merchants' Bank—the de- Bank and Trust Company for approval of consoliposits of which increased in excess of 50 per cent over the past ten years—is meeting the public dation with the Spring Lake State Bank. needs, competing effectively with other banks in ORDER APPROVING CONSOLIDATION OF BANK the area, and prospering. There is nothing to indi- There has come before the Board of Governors, cate this cannot continue. The application cites six instances during 1960 in which Farmers and pursuant to the Bank Merger Act of 1960 (12 Merchants' Bank participated credits with other U.S.C. 1828(c)), an application by The Peoples institutions because the particular loans or the Bank and Trust Company, Grand Haven, Michiborrowers' total borrowings would have exceeded gan, a member bank of the Federal Reserve Systhe bank's loan limit. However, this occurs even tem, for the Board's prior approval of the consoliamong banks with the largest volume of banking dation of The Spring Lake State Bank, Spring funds and the highest loan limitations. The elimina- Lake, Michigan, with The Peoples Bank and Trust tion of Farmers and Merchants' Bank and the Company, under the charter and title of the latter, substitution therefor of a branch of a Baltimore the one office of The Spring Lake State Bank to bank of larger size does not mean that the public be operated as a branch of The Peoples Bank and will necessarily be served better than, or even as Trust Company. Notice of the proposed merger, well as, it is by the locally owned and operated in form approved by the Board, has been pubbank. lished pursuant to said Act. Five banks at present have over 43 per cent of Upon consideration of all relevant materials in the offices and over 59 per cent of the deposits of the light of the factors set forth in said Act, includall commercial banks in Maryland. Four of these ing reports furnished by the Comptroller of the have their main offices in Baltimore. Consumma- Currency, the Federal Deposit Insurance Corporation of the proposed merger would add to the tion, and the Department of Justice on the comaggregate deposit of these five banks over 29 per petitive factors involved in the proposed consolidacent of the commercial bank deposits of Wicomico tion, County, and increase the total commercial bank IT IS HEREBY ORDERED, for the reasons set forth deposits of the County held by Baltimore banks in the Board's Statement of this date, that said from 14 per cent to over 43 per cent. The Salis- application be, and hereby is approved, provided bury National Bank, only slightly larger than that said consolidation shall not be consummated Farmers and Merchants', would be left as the only (a) sooner than seven calendar days after the date local bank in the town. of this Order or (b) later than three months after There has been a trend toward the concentra- said date. tion of Maryland banking resources in a few large Dated at Washington, D. C, this 25th day of banks—a trend to which this Board has directed June, 1962. the attention of another federal banking agency in a closely comparable merger case. The approval By order of the Board of Governors. of the proposed merger represents one more step Voting for this action: Chairman Martin, and Goverin that direction—a step which I do not believe nors Balderston, Mills, Shepardson, and King. Voting is in the public interest. The approval is surely not against this action: Governor Robertson. Absent and not voting: Governor Mitchell. justified by the fact that another agency of the federal government has recently authorized the (Signed) MERRITT SHERMAN, largest Baltimore bank to establish (by merger) Secretary. branches in Salisbury. One misstep does not call [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN • JULY 1962 STATEMENT Haven and Spring Lake are 31 miles west of Grand Rapids and halfway between Muskegon to the The Peoples Bank and Trust Company, Grand north and Holland to the south. Grand Haven is Haven, Michigan ("Peoples"), with deposits of served chiefly by the applicant and Security First approximately $12.3 million, has applied, pur- Bank and Trust Company ("Security First"). suant to the Bank Merger Act of 1960 (12 U.S.C. Spring Lake Bank is the only bank in Spring Lake. 1828(c)), for the Board's prior approval of the Consummation of the transaction would benefit consolidation of that bank and The Spring Lake principally the residents of Spring Lake. The re- State Bank, Spring Lake, Michigan ("Spring Lake sulting bank would offer services that have not Bank"), with deposits of approximately $5.1 milbeen available to these residents from a banking lion. Under the Consolidation Agreement, the facility in their immediate locality, such as a trust banks would consolidate under the charter and department, a secondary mortgage market, and a title of Peoples, and the Agreement and applicahigher lending limit. tion contemplate that the office of Spring Lake Competition. Spring Lake is considered to be Bank would become a branch of Peoples, increaswithin the service area of both Peoples and Secuing from 1 to 2 the offices operated by that bank. rity First. Because Peoples already offers residents Under the Act, the Board is required to consider of Spring Lake the banking services which would (1) the financial history and condition of each be more convenient if the proposal were conof the banks involved, (2) the adequacy of its summated, that bank is able to compete effectively capital structure, (3) its future earnings prospects, in Spring Lake with the Spring Lake Bank, which (4) the general character of its management, (5) is unable to compete effectively with Peoples in whether its corporate powers are consistent with Grand Haven. It is unlikely that more industry the purposes of 12 U.S.C, Ch. 16 (Federal Dewill be located in the essentially residential area posit Insurance Act), (6) the convenience and of Spring Lake. Because of this and the prospecneeds of the community to be served, and (7) the tive growth of the environs south of Grand Haven effect of the transaction on competition (including —an area which Spring Lake Bank cannot service any tendency toward monopoly). The Board may —it is probable that such competition as Spring not approve the transaction unless, after consider- Lake Bank has been able to offer Peoples will ing all these factors, it finds the transaction to be progressively decrease. in the public interest. Besides Peoples, Spring Lake Bank, and Se- The first five of these factors may be considered curity First, the nearest other banks are the three together as "banking factors." The sixth and in Muskegon, about .11 or 12 miles north of Spring seventh factors are considered separately. Lake and Grand Haven. The smallest of these Banking factors. The capital structure and finanthree would be larger than the resulting bank, and cial condition of both banks are good, and the there appears to be relatively little overlapping of capital structure of the resulting bank will be the service areas of the Muskegon banks and the satisfactory. The future earnings prospects of banks in Grand Haven and Spring Lake. The bank Peoples are good, and consummation of the transmost likely to be affected competitively is Secuaction would have the effect of providing a basis rity First, the other bank in Grand Haven. Howfor improved earnings relative to those of Spring ever, Security First will have about $1.7 million Lake Bank. The managing officers of both banks more in deposits of individuals, partnerships, and are competent and they will serve as the managecorporations ("IPC deposits"), and about $1.9 ment of the resulting bank. There is no indication million more in outstanding loans than the resultthat the powers exercised by the banks involved ing bank. are or would be inconsistent with the purposes of Summary and conclusion. Spring Lake Bank's 12 U.S.C, Ch. 16. prospects are limited by its geographical position Convenience and needs of the communities. and competition from larger banks nearby. The Grand Haven (population about 11,000) is situ- benefits that would flow from the proposal would ated on the shore of Lake Michigan two miles more than offset the diminution in competition. south across the mouth of the Grand River from The resulting bank would be able to offer ex- Spring Lake (population about 2,000). Grand panded services to residents of Spring Lake and to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 837 compete more effectively with Security First and the public as would offset the reduction in comother financial institutions in the general area. petition that would necessarily follow from the Accordingly, the Board finds the proposed elimination of one of the three competing banks transaction to be in the public interest. in the Grand Haven—Spring Lake area. Therefore, in my judgment the application should be DISSENTING STATEMENT OF denied. GOVERNOR ROBERTSON From the record in this case, it is obvious that ASBURY PARK AND OCEAN GROVE BANK, considerable competition exists between The Peo- ASBURY PARK, NEW JERSEY ples Bank and Trust Company and The Spring In the matter of the application of Asbury Park Lake State Bank. The trade area of Peoples Bank includes the trade area of Spring Lake Bank, and and Ocean Grove Bank for approval of merger the two banks serve the same basic types of cus- with the Central Jersey Bank and Trust Company tomers in much the same manner. Peoples Bank ORDER DENYING APPLICATION FOR APPROVAL OF has around 780 deposits and 375 loans totaling, MERGER OF BANKS respectively, about $735,000 and over $1 million, that originate in the Spring Lake area. Similarly, There has come before the Board of Governors, Spring Lake Bank has some 330 deposits and well pursuant to the Bank Merger Act of 1960 (12 over 100 loans totaling, respectively, around U.S.C. 1828(c)), an application by Asbury Park $262,000 and more than $492,000, that originate and Ocean Grove Bank, Asbury Park, New Jersey, in the Grand Haven area. The deposits of Peoples a member bank of the Federal Reserve System, Bank originating in the Spring Lake area are for the Board's prior approval of the merger of equivalent to over 16 per cent of Spring Lake The Central Jersey Bank and Trust Company, Bank's total IPC deposits, and the loans made by Freehold, New Jersey, with and into Asbury Park Peoples Bank originating in the Spring Lake area and Ocean Grove Bank, under the charter of the are equivalent to over 39 per cent of Spring Lake latter and title of The Central Jersey Bank and Bank's total loans. Trust Company. Notice of the proposed merger, in form approved by the Board, was published Since competition between the two banks would pursuant to said Act. be eliminated by consummation of the proposed consolidation, obviously the application should not Upon consideration of all relevant materials in be approved in the absence of offsetting public the light of the factors set forth in said Act, inbenefits. What are they? cluding reports furnished by the Comptroller of Spring Lake Bank is a sound and well managed the Currency, the Federal Deposit Insurance Corinstitution. It has had a satisfactory growth over poration, and the Department of Justice on the the past ten years, and there is no reason to be- competitive factors involved in the proposed merlieve that it cannot continue its profitable opera- ger and the information received at and in contion. The bank is serving its community well. nection with the public proceeding which was While Spring Lake Bank does not exercise trust ordered in this matter (27 Federal Register 4575) powers, it has not been established that the bank pursuant to the Board's Rules of Procedure (12 could not do so if it were necessary to meet the C.F.R. 262.2(f)(3)), needs of its customers; trust services are available IT IS HEREBY ORDERED, for the reasons set forth at other banking institutions in nearby Grand in the Board's Statement of this date, that the said Haven. These other institutions also are readily application be and hereby is denied. accessible to those members of the public who, Dated at Washington, D. C, this 29th day of for any other reason, prefer or find it necessary to June, 1962. do business with the larger banks. By order of the Board of Governors. Although consummation of the transaction Voting for this action: Chairman Martin, and Govermight aid Peoples Bank in competing with Secu- nors Balderston, Mills, Robertson, and Shepardson. Absent and not voting: Governors King and Mitchell. rity First Bank and Trust Company, the record before the Board does not convince me that there (Signed) MERRITT SHERMAN, would ensue from the proposal such benefits to [SEAL] Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FEDERAL RESERVE BULLETIN • JULY 1962 STATEMENT considerations relating to the remaining statutory factors. Asbury Park and Ocean Grove Bank, Asbury Convenience and needs of the communities to Park, New Jersey ("Asbury Bank"), with deposits be served. Asbury Park (population about 17,400) of $33.7 million, has applied, pursuant to the Bank is located on the Atlantic Ocean, some 55 miles Merger Act (12 U.S.C. 1828(c)), for the Board's from New York City. It is the leading shore resort prior approval of the merger of that bank and of Monmouth County, New Jersey, and is an im- The Central Jersey Bank and Trust Company, portant retail center. Although the city will prob- Freehold, New Jersey ("Central Jersey"), with ably continue to be an important residential and deposits of $75 million. Under the Agreement of commercial community, it is already well devel- Merger, the banks would merge under the charter oped and its growth prospects are therefore limof Asbury Bank and the title of Central Jersey. ited. Freehold, New Jersey (population 9,200), The resulting bank's facilities would consist of the the seat of Monmouth County, is about 15 miles five offices of Asbury Bank and the ten offices of west of Asbury Park. Central Jersey, the main office of which would be Monmouth County (population about 335,the main office of the resulting bank. 000), with some 40 to 50 miles of Atlantic Ocean To assist the Board in its consideration of the shore line, has had an increase of almost 50 per matter, a public proceeding in the form of an oral cent in population since 1950, and the prospects presentation before members of the Board, pur- for continued residential and industrial growth of suant to Section 262.2(f) (3) of its Rules of Proce- the County are favorable. Virtually all the Coundure, was ordered (27 Federal Register 4575) and ty's recent development has taken place in the conducted on the application, and views and other eastern part of the County, which includes Freedata urging both approval and disapproval of the hold and Asbury Park. application were submitted at such proceeding. Asbury Park proper is served by the main of- Under the law, the Board is required to con- fice and a branch of Asbury Bank and by the main sider (1) the financial history and condition of office and a branch of the County's third largest each of the banks involved, (2) the adequacy of bank. Within a radius of two miles from downits capital structure, (3) its future earnings pros- town, however, are seven other offices of compects, (4) the general character of its management, mercial banks, three of Asbury Bank and four of (5) whether its corporate powers are consistent Central Jersey. These three offices of Asbury Bank with the purposes of 12 U.S.C, Ch. 16 (the Fed- are located at Ocean Grove, Ocean Township, and eral Deposit Insurance Act), (6) the convenience Neptune Township. Two of the four Central Jerand needs of the community to be served, and (7) sey offices are located at Allenhurst (considered the effect of the transaction on competition (in- by the bank as one office), and the other two are cluding any tendency toward monopoly). The located at Bradley Beach and Neptune City. All of Board may not approve the transaction unless, the banking offices within the area just described after considering all these factors, it finds the trans- are in close and convenient proximity. action to be in the public interest. The contention is made that the merger would serve the County's needs and convenience by in- Banking factors. While none of the first five creasing from some $538,000 to about $888,000 factors enumerated above—the "banking factors" the lending limit of Central Jersey, already the —has been urged as a basis for the approval of highest in Monmouth County. However, although the application, both Asbury Bank and Central industry has moved into the County at a sizeable Jersey are in satisfactory condition. The earnings rate, and the dollar amount of loans held by comprospects of each bank are favorable. They are mercial banks has increased, there is little eviboth well-managed. There is nothing to suggest dence of any substantial need for a larger lending any inconsistency with the purposes of 12 U.S.C, limit than that now available in the County. From Ch. 16. Although consideration relating to the the record it appears that Central Jersey, although banking factors are not inconsistent with approval having the highest loan limit in the County, has of the proposal, they are not necessarily deter- had no more than isolated instances of demands minative of the matter but must be balanced with for credit in excess of such limit. Participations by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 839 Central Jersey do not indicate that such transac- tributed among 14 offices of other commercial tions were necessary because of the bank's loan banks. In any event, use of the enlarged area tends limit. Thus, although there may be some advan- to obscure the significance of the dominant positage in increasing Central Jersey's lending limit, tion which would be acquired by the resulting there has not been shown a substantial public need bank in the Asbury Park area. for such an increase. In terms of total deposits, Asbury Bank is the It is also claimed that the Asbury Park com- fourth largest and Central Jersey the second largest munity would be benefited by the extension of bank in the County. The resulting bank would be Central Jersey's specialized services to Asbury the largest. Consummation of the merger, there- Bank's offices. However, such services would ap- fore, would increase substantially the already large pear to be already available at the Central Jersey concentration of banking resources in the three offices located near Asbury Park. largest banks. These banks then would hold ap- Competition. As already indicated, four offices proximately 70 per cent of the deposits, 72 per of Central Jersey and all five offices of Asbury cent of the loans, and 63 per cent of the offices Bank are located within a two-mile radius of of the County's commercial banks. The remaining downtown Asbury Park. The nearest offices of ten smaller banks have few branches and, unlike each bank are within a few blocks of one another. the three largest banks, do not compete signifi- The four offices of Central Jersey, which were cantly on a county-wide basis. recently acquired by merger, represent about 36 Summary and conclusion. The proposed merger per cent of Central Jersey's total deposits. This is would eliminate the substantial competition bean amount almost equal to Asbury Bank's total tween Asbury Bank and Central Jersey. The redeposits. Thus, the evidence suggests considerable sulting bank would obtain a dominant position in competition between the two banks. Furthermore, the Asbury Park area where it would operate nine even greater competition may be expected as of the eleven banking offices and facilities and Asbury Bank continues its progress in changing would hold almost two-thirds of the area's compast conservative policies, and as Central Jersey mercial bank deposits. On a county-wide basis, the resolves the problems of meshing operations of its merger would eliminate the fourth largest bank newly acquired offices in the Asbury Park vicinity. and increase the concentration of resources in the At present, the three commercial banks in the three largest banks. Asbury Park area almost equally divide the area's Although some benefit to the County might commercial bank deposits. Approval of the pro- accrue through the increased loan limit of the reposed merger would leave the resulting bank with sulting bank, there is no substantial evidence that close to two-thirds of these deposits. Perhaps even such an increase in the limit is needed. Moreover, more important in terms of competition, the re- the specialized services of Central Jersey which sulting bank would then operate nine of the eleven would become available at Asbury Bank offices banking offices and facilities in the Asbury Park are already conveniently accessible to the Asbury area. Park community. Any benefits that might accrue In support of the application, proponents urged to the public as a result of the merger would be that the situation be considered on the basis of the more than offset by the substantial diminution of area within a six-mile radius of downtown Asbury competition and the elimination of one of the Park. But even on this basis, the resulting bank three banks serving the Asbury Park area. would hold over 42 per cent of the area's commer- Accordingly, the Board is unable to find that the cial bank deposits. The remainder would be dis- proposed merger would be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REDUCTION IN MARGIN REQUIREMENTS Reserve Bank of Atlanta since January 1962, re- On July 9 the Board of Governors of the Federal signed effective July 1. Dr. Stanford was for- Reserve System amended Regulations T and merly President of Birmingham Southern College, U, relating respectively to margin requirements Birmingham, Alabama. for stock market credit extended by brokers and banks, by reducing margin requirements from 70 ERRATA to 50 per cent, effective July 10, 1962. The table "Income Ratios of Reserve City Mem- In general terms, the Board's margin regulaber Banks, by Federal Reserve Districts" on page tions require credit buyers of stocks to put up a 650 of BULLETIN for May 1962 contains an minimum equity when the purchase is made. error. The signs on the line "Return on loans: Under the new amendment, that equity must be Net losses (or recoveries +)" should be deleted. at least 50 per cent, beginning July 10. Margin requirements were established initially in October 1934, under authority Congress ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM granted to the Board of Governors in the Securities Exchange Act of 1934, "for the purpose of The following bank was admitted to Memberpreventing excessive use of credit for the purchase ship in the Federal Reserve System during the or carrying of securities." Period June 16, 1962 to July 15, 1962: The requirements have ranged between 40 and New Jersey 100 per cent, except in the earliest period of regu- Colonia First Bank of Colonia lation. The change ordered July 9 was the first since July 28, 1960, when the requirements were reduced from 90 to 70 per cent. TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR In making this change, the Board took into QUARTERLY account a sharp reduction in stock market credit in recent weeks and the abatement in speculative Latest BULLETIN Reference psychology. Annually Issue Page Bank holding companies: Bank loans to customers for the purpose of pur- List of, Dec. 31, 1961 June 1962 762 chasing or carrying registered stocks declined Banking offices and deposits of group banks, Dec. 31, 1960 June 1961 722 more than 5 per cent in June to a level of $1.3 Feb. 1962 238-44 Banking and monetary statistics, 1961.. Mar.1962 362-63 billion. Furthermore, preliminary data indicate May 1962 652-55 Banks and branches, number of, by class a $600 million drop in borrowing by stock ex- and State Apr. 1962 482-83 Income and expenses: change member firms from banks on customer Federal Reserve Banks Feb. 1962 234-35 Member banks: collateral, the largest monthly decline recorded in May 1962 644-51 Calendar year. July 1962 902 the postwar period. On the basis of these data, a Operating ratios Apr.1962 484-86 Insured commercial banks July 1962 903 substantial decline will be shown in customer Stock Exchange firms, detailed debit and debit balances and in total stock market customer credit balances Sept.1961 1106 credit, when final figures are available for June. Semiannually Banking offices: The reduced requirements apply to both pur- Analysis of changes in number of Feb. 1962 236 On, and not on, Federal Reserve Par chases and short sales. No other changes were List, number of FFeebb.. 1962 237 made in the regulations. Quarterly Cash receipts from and payments to the RESIGNATION OF DIRECTOR public May 1962 656 Dr. Henry King Stanford, who had served as a F Se lo le w c te o d f f a u s n s d e s ts and liabilities of Federal Apr. 1962 472-81 director of the Birmingham Branch of the Federal business-type activities July 1962 904 840 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication July 16 Most measures of business activity changed tion of consumer staples. Among business equiplittle in June. Industrial production and nonagri- ment, output of commercial and farm machinery cultural employment remained at the May levels continued to advance and output of other equipwhile construction activity increased and retail ment was maintained. sales declined. Commercial bank credit rose fur- Production of iron and steel, which had been ther. While the money supply changed little, time curtailed 14 per cent from April to May, declined deposits at commercial banks continued to expand. 8 per cent further in June. However, output of Between mid-June and mid-July bond yields in- construction materials and of most nondurable creased. Common stock prices declined further materials rose further. to a low in late June but then advanced moderately. Commodity prices generally were stable. EMPLOYMENT Seasonally adjusted employment in nonfarm INDUSTRIAL PRODUCTION establishments remained at 55.4 million in June. Industrial production was maintained in June Manufacturing employment was unchanged as at 118 per cent of the 1957 average. Output of small additional increases in the machinery and iron and steel declined further, as inventory liqui- equipment industries were offset by a substantial dation accelerated, and production of autos was further decline at steel mills. Among nonmanucurtailed by a strike. Output of most other mate- facturing industries, employment rose in the servrials and consumer goods expanded, however, and ice sector and in State and local government, but production of business equipment continued to declined somewhat in construction. The average increase. factory workweek again declined a little. The Auto assemblies in June were 8 per cent below unemployment rate, at 5.5 per cent, was up the advanced May rate but, with the strike ended, slightly. current schedules for July indicate recovery in CONSTRUCTION output. In June, meanwhile, there were further increases in production of television sets, furni- The value of new construction activity, which ture, and some other home goods, and in produc- had advanced sharply in May, increased further in June to a seasonally adjusted annual rate of $63.0 billion. Most private and public types of INDUSTRIAL PRODUCTION 1957 - 100 activity continued to rise, with residential construction and highways showing the largest gains. DISTRIBUTION Retail sales declined 2 per cent in June as decreases were reported for most types of stores. The number of new cars sold fell 7 per cent from the advanced level in May and sales of used cars also declined. In the second quarter as a whole, retail sales were up 2 per cent from the first quarter and 8 per cent from the spring quarter of 1961. COMMODITY PRICES The wholesale commodity price index was un- Federal Reserve indexes, seasonally adjusted. Monthly fig- changed between early June and early July and ures, latest shown are for June. 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN • JULY 1962 was close to the level of a year earlier. Average serves declined and member bank borrowings from prices of industrial commodities remained stable the Federal Reserve rose. Reserves were absorbed in the recent period and changes among foodstuffs principally through currency outflows and were were generally small and were offsetting. Steel supplied through increases in float and in Federal scrap prices advanced somewhat, following a sub- Reserve holdings of U. S. Government securities. stantial decline through the spring, but prices of other sensitive industrial materials continued to SECURITY MARKETS change little. Yields on both corporate and State and local government bonds increased somewhat from mid- BANK CREDIT AND RESERVES June through early July. Yields on all maturities Total commercial bank credit rose substantially of U. S. Government securities also rose. The in June. Loans and holdings of non-Government market rate of 3-month Treasury bills increased securities increased and holdings of U. S. Govern- to about 2.95 per cent and the average yield on ment securities declined less than usually. The long-term bonds rose to slightly over 4 per cent. seasonally adjusted money supply changed little. Average prices of common stock declined fur- Time deposits and U. S. Government deposits at ther to a low on June 26 that was 28 per cent commercial banks rose further. below the record high established last December. Total reserves and required reserves of member Since late June prices have recovered about onebanks continued to expand in June. Excess re- fourth of the decrease. INTEREST RATES RETAIL TRADE 1957-59 = 100 RETAIL SALES DEPARTMENT STORES GOVERNMENT SECURITIES TOTAL LESS AUTOMOTIVE GROUP 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 May, for other series, June. figures shown are for week ending July 13. 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 844 Reserve Bank discount rates; margin requirements; reserve requirements. . 848 Federal Reserve Banks 849 Currency in circulation; money supply; bank debits 852 All banks: consolidated statement of monetary system; deposits and currency. . 854 All banks, by classes 855 Commercial banks, by classes 858 Weekly reporting member banks. 860 Business loans 863 Interest rates 864 Security prices; stock market credit; open market paper. 865 Savings institutions 866 Federal finance . 868 Security issues ... 873 Business finance . . 875 Real estate credit 877 Short- and intermediate-term consumer credit. 880 Industrial production 884 Selected indexes on business activity. . 890 Construction 890 Employment and earnings. . 892 Department stores 894 Foreign trade 895 Wholesale and consumer prices 896 National product and income series 898 Flow of funds, saving, and investment. 900 Member bank income, 1961. 902 Insured commercial bank income, 1961 . .. 903 Selected assets and liabilities of Federal business-type activities. 904 Tables not published each month—list with latest BULLETIN reference 840 Index to statistical tables. 927 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. 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] I 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 al . G B o o r o v i u g u t g . h t - h t s t ecu u r c a H r e n h g it p e a d r i l e u 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 To- s G to o c ld k T r s c o e t u i r a u n n u e r n r g 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 n r a e r l g s y d a h s s - - Tre w a i s t - h r F es F . e e i o R g r r v n . - e B s, a O n t k h s er i c O F o a . t u c h - R n e t r . s B F W a . i n t R k h . s re r s C c a e e u o n n r i r v d c n - e y s3 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 23,708 381 652 24,744 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 1,375 25,446 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 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24.888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,633 27,15621,942 5,064 31,775 772 463 372 247 998 19,535 19.535 1957—Dec 23,982 23,615 367 716 ,443 26.18622,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,41220,563 5,230 32.371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 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 ,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961 June. 26,935 26,927 66 ,265 28,30417,475 5,432 32,246 411 515 205 250 1,038 16,547 2,495 19,042 July.. 27,024 27.014 52 ,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 68 145 28,661 17,575 5,547 32,569 420 489 241 294 1,068 16.701 2,522 19,223 Sept.. 27,563 27,558 38 ;445 29,080 17,446 5,556 32.719 411 473 285 313 1,071 16,811 2,556 19,367 Oct.. 28,044 27,997 67 ,358 29,50417,328 5,569 32,864 415 469 254 305 1,014 17,082 2,578 19,660 Nov.. 28,616 28,532 107 ,377 30,14217,180 5,583 33,255 414 483 258 244 1,068 17,183 2,657 19,840 Dec.. 29,098 29,061 152 ,92131,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962 Jan... 28,519 28,478 41 93 1,807 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 7 118 1,290 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 1,293 30,063 16,707 5,588 32,996 439 448 215 272 1,049 16,939 2,608 19.547 Apr.. 29,143 29,015 128 134 1,317 30,634 16,564 5,588 33,235 428 485 220 350 985 17,083 2,640 19,723 May. 29,503 29,457 46 128 1,326 30,991 16,456 5,594 33,327 '419 551 221 351 1,048 17,122 2,695 19,817 June. 29,568 29,510 58 154 1,50831,265 16,434 5,601 33,625 403 514 269 322 971 17,196^2,726^19,922 Week ending— 1961 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 27,91417,390 5,422 31,968 420 396 204 304 961 16,474 2.280 18,754 17 26.725 26,683 179 ,237 28.18017.395 5.424 32.081 424 550 206 304 984 16,451 2,458 18.909 24 26,653 26,598 71 ,308 28,07017.403 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 66 ,010 28,175 17,410 5,429 32,198 425 473 198 239 1,071 16,410 2,394 18,804 14. 26,946 26,946 75 .118 28,17717.449 5.433 32,299 410 480 203 242 1,043 16.382 2,462 18,844 21. 26,848 26,845 44 556 28,486 17,487 5.433 32,247 410 481 193 233 1,021 16,820 2,476 19,296 28. 26,820 26,817 84 ,37928,319 17,533 5,434 32,201 404 624 221 259 1,023 16,553 2,567 19,120 27,283 27,27'4 49 202 28,568 17,550 5,435 32,484 388 434 233 317 1,007 16,689 2,397 19,086 JuIy 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 28,575 17,547 5.437 32.634 392 605 218 274 946 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 2,587 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 ,109 28,67617,601 5,545 32,664 422 498 257 275 1,039 16,667 2,530 19,197 23 27,197 27,191 6 39 ,41028,681 17,602 5.548 32,594 423 488 243 292 1,108 16.682 2,520 19,202 30 27,276 27,276 37 ,10128,447 17,579 5,552 32,474 416 498 230 298 1,109 16,554 2,606 19,160 27,840 27,840 5 999 28,931 17,451 5,553 32,664 406 469 270 303 1,111 16,712 2,402 19,114 27,803 27,803 28 ,186 29,052 17,451 5,553 32,836 414 469 275 319 1,088 16,655 2,543 19,198 20. 27,330 27,320 45 ,843 29,251 17,451 5,554 32,775 413 566 282 313 1,048 16,861 2,612 19,473 27. 27,200 27,197 29 ,72328,986 17,451 5,560 32,612 414 436 296 320 1,049 16,871 2,648 19,519 Oct. 4. 27,834 27,823 11 36 ,33:29,237 17,380 5,563 32,678 408 422 300 281 1,054 17,036 2,569 19,605 11. 28,195 28,143 5: 31 ,25729,517 17,350 5,565 32,886 41 450 261 363 1,052 17,005 2,421 19,426 18. 28,250 28,130 120 14' ,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 5' ,63029,544 17,302 5,572 32,849 414 486 249 268 991 17,162 2,663 19,825 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 845 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 r a i r t o e d T U o . t S al . G B o o r o v i u g u t g . h t - h s t e t cu 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 d is c d n - - e ts s Float i T ta o P - s G to o c ld k T r s o c e t u i r a n u 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 e i o R g rv r n . - e B s, a O n t k h s er i 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 a e o n n u i c d r n - y Total ment Averages of daily figures Week ending— 1961 ! Nov. 1 28,052 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 93 130 29,760 17,291 5,579 32,967 423 475 272 258 992 17,241 2.430 19,671 15 28.466 28.380 86 125 186 29,817 17,276 5,583 33,222 402 476 247 253 992 17,084 2,657 19,741 22 28.588 28,461 127 92 743 30,465 17,190 5,585 33,350 414 506 309 251 1,144 17,265 2,629 19,894 29 , 28,874 28,760 114 103 492 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 36 279 30.631 16,975 5,588 33,579 416 501 216 258 1,143 17,082 2,682 19,764 13 29,334 29,334 40 363 30.780 16,961 5,590 33.937 423 460 247 228 1,131 16,906 2,836 19,742 20 29,007 29.007 109 240 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 48 218 526 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 2,355 31,695 16,889 5,586 33,919 429 441 290 297 1,053 17,740 3,062 20,802 10 28.784 28,717 67 79 2,05930.972 16.883 5.587 33,661 434 380 240 261 ,043 17,421 2,871 20,292 17 28,520 28,501 19 89 1,870 30,529 16,839 5,586 33.386 440 435 232 292 ,040 17,130 2,926 20,056 24 28,279 28,279 72 786 30,185 16,839 5,589 33,070 442 439 220 305 ,043 17,094 2,878 19,972 31 28,310 28,310 94 227 29,678 16,832 5,590 32,792 451 424 213 296 1,042 16,882 2,876 19,758 Feb. 7 28,588 28,588 122 ,117 29,873 16,804 5,584 32,776 460 359 223 277 ,042 17,125 2,573 19,698 14 28.575 28,575 120 ,050 29,791 16.789 5.585 32.888 448 444 197 252 ,022 16,914 2,606 19,520 21 ... 28,090 28,062 28 122 ,655 29,913 16,790 5,586 32,870 447 433 197 274 1,163 16,904 2,676 19,580 28 28,285 28,285 108 ,340 29,778 16,790 5,588 32,857 439 470 227 285 1,156 16,721 2,764 19,485 Mar. 7 28,433 28.419 14 156 339 29,974 16,772 5,587 32,908 440 401 214 283 1,100 16,987 2,497 19,484 14 28,502 28.463 39 118 ,252 29,917 16 724 5,590 33,066 441 461 224 234 ,053 16,751 2,597 19,348 21 28.487 28.415 72 198 ,446 30,176 16,709 5,586 33,048 446 460 219 224 ,027 17,048 2,617 19,665 28 28,679 28,651 28 151 ,24830,121 16,666 5,587 32,951 433 481 197 318 ,028 16,966 2,682 19,648 Apr. 4 29,150 28,996 154 140 ,029 30,361 16,609 5,591 33,050 433 400 220 351 ,025 17,080 2,583 19,663 11 29,281 29,134 147 125 ,156 30,603 16.609 5,589 33,274 432 458 252 327 ,030 17,027 2,477 19,504 18 29,030 28,957 73 140 ,412 30,622 16,585 5,584 33,356 425 480 204 364 960 17,002 2,684 19,686 25 29,033 28,882 151 150 ,500 30,722 16,523 5,586 33,244 428 518 209 354 963 17,115 2,763 19,878 May 2 29,188 29,093 95 128 ,35130,704 16,494 5,590 33,133 419 607 213 366 958 17,091 2,777 19,868 9 29,634 29,467 167 112 ,245 31,.025 16,490 5,594 33,267 419 502 224 372 956 17,369 2,482 19,851 16 29,532 29,511 21 129 ,276 30,970 16,456 5,595 33,406 423 537 219 342 996 17,098 2,717 19,815 23 29,341 29,341 112 ,667 31,153 16,434 5,593 33,327 419 599 237 327 1,132 17,138 2,693 19,831 30 29,560 29,560 151 ,19130,935 16,434 5,594 33,331 418 524 208 344 1,130 17,007 2,802 19,809 June 6 29,837 29,837 117 ,211 31,.198 16,434 5,597 33,534 413 474 209 367 1,077 17,155 2,646 19,801 13 29,672 29,672 107 ,304 31,115 16,435 5,602 33,663 402 503 211 339 1,056 16,976 2,662 19,638 20 29,433 29,356 180 ,779 31,423 16,434 5,604 33,654 400 509 274 337 996 17,291P2,7482*20,039 27 29,320 29,233 216 ,668 31,236 16,433 5,600 33,584 396 550 343 266 886 17,244^2,818^20,062 End of month 1962 Apr 29,182 29,108 74 120 303 30,641 16,495 5,592 33,159 404 569 230 373 955 17,035 2,540 19,575 May 29,622 29,622 131 919 30,705 16,434 5,596 33,518 398 526 223 376 1,080 16,614 3,009 19,623 June 29,663 29,493 170 76 462 31,261^16,435*>5,602*>33,759 3 612 334 293 700 17,206*2,550P19,756 Wednesday 1962 May 2 29,355 29,282 153 1,15130,695 16,495 5,592 33,173 429 667 194 400 959 16,960 2,871 19,831 9 29,454 29,389 113 999777999 30,579 16,465 5,594 33,366 422 388 221 337 955 16,948 2,798 19,746 16 29,454 29,454 280 1,45131,218 16,435 5,597 33,378 430 627 211 361 1,135 17,108 2,944 20,052 23 29,211 29,211 138 1,224455 30,626 16,435 5,593 33,291 420 619 268 288 1,127 16,640 2,982 19,622 30 29,570 29,570 173 95130,725 16,435 5,595 33,478 416 568 214 362 ,130 16,587 2,996 19,583 June 6 29,949 29,949 106 1,175 31,261 16,435 5,600 33,615 412 450 202 344 ,074 17,198 2,805 20,003 13 29,628 29,628 172 1,301 31,131 16,435 5,603 33,672 408 458 225 328 1,005 17,073 3,012 20,085 20 29,574 29,397 177 487 1,637 31,728 16,435 5,604 33,615 404 572 330 327 '954 17,564^3,012*>20,576 27 29,383 29,235 148 393 1,242131,062 16,435 5,600 33,629 411 578 342 233 712 17,191 3114 "20,305 p Preliminary. r Revised. 3 Beginning with Nov. 24, 1960, all currency and coin held by member 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 holdin gs for currency and coin are estimated except for weekly averages. of acceptances on Wednesday and end-of-month dates, see subseque nt tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) Sec also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 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 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 r e - e e - s d 2 s E e x r r c v e e - e s s s 3 F r in o . a w g R t 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 c v e e - e s s s 3 F r in o . 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 c v e e - e s s s 3 F r in . o a w g t R s - . se F r r r v e e - e e s3 Banks* Banks 4 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. ,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. ,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 ,074 1,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1.191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5 275 5 231 44 151 — 107 ,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 ,795 ,795 1 37 -36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 -1 15 — 16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 ,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 1,077 1,070 7 39 -31 1959 Dec 18 932 18 450 482 906 —424 3 920 3 930 -10 99 -109 .018 .018 104 — 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 June 19,042 18,430 612 63 549 3,698 3,658 40 40 970 964 6 1 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 SeDt 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 19,723 19,213 510 69 441 3,752 3 692 60 10 50 940 953 -13 7 -20 May 19,817 19,320 497 63 434 3,724 3,713 11 1 10 990 983 7 4 3 June *>19,922"19,452 H10 100 ^370 353,781 ^3,774 VI 19 v-\2 ^976 *>977 2 p-3 Week ending— 1961—June 7 18,804 18,233 571 62 509 3,597 3,573 24 24 955 950 5 2 2 14 18,844 18,215 629 71 558 3,638 3,582 55 55 948 942 6 1 5 21 19,296 18,750 546 42 504 3,785 3,767 18 18 993 995 -2 -2 28.... 19,120 18,493 627 81 546 3,725 3,687 37 37 984 969 16 16 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 2 973 976 -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 -1 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 3 962 953 9 8 28.... 19,485 18,965 520 56 464 3,685 3,649 36 4 32 945 949 -4 -4 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 —4 1 — 5 21 19,665 19,181 484 133 351 3,754 3,759 -5 -18 959 952 7 69 -62 28 19,648 19,189 459 86 373 3,748 3,735 13 23 -9 960 958 2 17 -15 Apr. 4.... 19,663 19,146 517 75 442 3,728 3,709 19 9 10 939 938 1 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 -19 947 949 -3 10 -13 25.... 19,878 19,328 550 85 465 3,753 3,732 21 9 12 972 966 6 5 1 May 2.... 19,868 19,410 458 63 395 3,828 3,792 36 36 985 987 -2 9 -11 9 19,852 19,393 459 46 413 3,757 3,743 14 14 995 988 6 3 3 16.... 19,815 19,328 487 64 423 3,695 3,680 15 5 10 978 982 -4 5 -9 23.... 19,831 19,299 532 47 485 3,727 3,707 20 20 989 980 9 1 8 30.... 19,809 19,202 607 86 521 3,765 3,683 82 82 1,006 974 32 1 31 June 6.... 19,801 19,289 512 55 457 3,740 3,733 7 7 962 970 -7 -7 13 19,638 19,245 393 47 346 3,691 3,689 2 963 959 4 4 20 *>20,039P19,568 124 3,831 3,807 24 36 -12 982 986 -4 7 -12 27.... ^20,062*>19,569 168 3,827 3,813 14 35 -22 993 986 7 1 6 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 847 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 held* 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—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 Aug 7,940 7,883 57 13 44 6,668 6,141 527 43 484 Sept 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 8,195 8,158 37 28 9 6,836 6,410 425 24 401 May 8,231 8,174 57 21 36 6,872 6,449 422 37 385 June ^8,269 P8,229 45 P-5 ^6,895 2-6,471 34 ^390 Week ending— 1961—June 7.. 7,711 7,659 53 20 32 6,541 6 051 490 40 450 14 7,755 7,649 106 21 85 6,503 6,042 461 49 411 21 7,907 7,873 33 17 16 6,610 6,114 496 25 471 28 .. 7,881 7,769 112 13 99 6,530 6,068 462 68 394 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 6,363 403 22 381 ADr 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 8,223 8,182 41 53 -12 6,929 6 448 481 18 463 May 2 . 8,233 8,199 34 19 14 6,822 6,432 390 35 355 9 8,249 8,214 35 18 17 6,851 6,448 403 25 377 16 8,220 8,192 28 20 8 6,921 6,473 447 34 414 23 8,194 8,155 39 20 19 6,921 6,457 464 26 438 30 . . 8,230 8,119 110 24 86 6,809 6,427 382 61 321 June 6 8,201 8,152 49 26 23 6,897 6,434 463 29 433 13 8,174 8,139 36 13 23 6,810 6,458 352 33 318 20 8,307 8,274 33 64 -31 17 27 8,325 8,288 38 69 -31 *"6'917 *434 63 n.a. Not available. v Preliminary. 2 Based on deposits as of opening of business each day. Monthly i Based or figire* 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 vuth Nov. 24, 1960, all currency 3 Monthly averages for all classes of banks beginning with January and coin held by member barks allowed as reserves; during the period 1962 are estimated. Dec 1, 1959-Nov. 23, 1960, onlv 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

848 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct 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 June 30 beginning— rate June 30 beginning— rate June 30 beginning— rate Boston Aug. 23, 1960 Aug. 23,1960 Aug. 23,1960 New York... Aug. 12, 1960 Aug. 12,1960 June 10,1960 Philadelphia.. Aug. 19, I960 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 June 10,1960 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 i 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 arc 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] Oct. 16, July 28, Effec- Range F. R. Range F. R. Prescribed in accordance with 1958- 1960- tive Date (or level)— Bank Date (or level)— Bank Securities Exchange Act of 1934 July 27, July 9, July 10, effective all F. R. of effective all F. R. of 1960 1962 1962 Banks N. Y. Banks N. Y. Regulation T: 1948 1957 For extensions of credit by brokers and Jan. 12. Aug. 9. dealers on listed securities 90 70 50 19. 23., 3 f For short sales 90 70 50 Nov. 15. Regulation U: Dec. 2. For loans by banks on stocks 90 70 50 1950 1958 Aug. 21. Jan. 22., NOTE.—Regulations T and U limit the amount of credit that may be 24. extended on a security by prescribing a maximum loan value, which *s a Mar. 7., specified percentage of its market value at the time of extension: margin 1953 13., requirements are the difference between the market value (100%) and the Jan. 16. 21., maximum loan value. 23. Apr. 18., May 9. MAXIMUM INTEREST RATES PAYABLE ON TIME AND 1954 Aug. 15., SAVINGS DEPOSITS Feb. 5. Sept. 12., 15. 23., [Per cent per annum] Apr. 14. Oct 24., 16. Nov. 7., 2% May 21. Jan. 1, Jan. 1, Effec- 1955 Ma 1 r. 9 59 6. 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. U. 16. 1956 1961 1962 May 29. May 2. June 12., Aug. 4. Sept. 11. Savings deposits held for: 12! 18. L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 2% 3 ( 4 * *> 1960 June 3. Postal savings deposits held for: Nov. 2 1 3 8 . . 1 1 0 4 . . f L 1 e y ss e a t r h a o n r m 1 o y r e e ar } 2Vi 3 { k Aug. 12. 1956 Sept. 9. Other time deposits payable in: Ap, ,3. 1962 6 months-1 year 3 AUg. 24. I J n u n e e f f 3 ec 0 t ., 9 L 0 e s d s a t y h s a n 6 9 m 0 o d n a th y s s 1 1 1 i 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_47t 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 ma> 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, 2Vi per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 849 RESERVE REQUIREMENTS OF MEMBER BANKS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS [Per cent of deposits] [Averages of daily figures; in millions of dollars] Net demand deposits1 Time deposits Central reserve All city banks Reserve Coun- Ef o fe f c t c i 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 - C r r e e e a c s s n e i n e t t r r d y r v v a e e l C ba o tr n u y k n s - m b e a m nk b s er Y N o e r w k c C a h g i o - b c a i n ty ks ba tr n y ks banks Four weeks ending May 16, 1962 Gross demand: In effect Dec. 31, 1948.. 26 22 16 7% 7% Total 126,624 24,633 6,076 49,599 46,316 Interbank 13,634 4,245 1,195 6,692 1,501 1949—May 1, 5* 24 21 15 7 U. S. Government. 4,756 1,207 257 1,848 1,444 June 30, July 1*. 20 14 6 6 Other 108,234 19,182 4,623 41,059 43,371 Aug. 1,11*.... 19% 13 5 Net demandi 105,981 20,262 5,211 40,905 39,603 Aug. 16, 18*.... 19 12 5 Time 73,206 7,871 2,423 28,952 33,961 Aug. 25 18% Demand balances due Sept. 1 18 from domestic banks. 6,807 107 82 2,002 4,617 1951—Jan. 11, 16*.... 23 19 J3 6 6 Currency and coin 2,685 200 34 841 1,610 Jan. 25,Feb. 1*. 24 20 14 Balances with F.R. 1953—July 1 9* 22 19 13 Banks 17,168 3,558 949 7,390 5,271 1954—June 16,24*.... 21 5 5 Total reserves held 19,853 3,758 983 8,231 6,881 July 29, Aug. 1* 20 18 12 Required 19,365 3,737 981 8,197 6,450 Excess 488 21 2 34 431 1958—Feb. 27, Mar. 1* Mar. 20, Apr. 1* A Apr. 17........ \t Four weeks ending June 13, 1962 Apr. 24 16% I960—Sept. 1 Gross demand: Nov 24 17% 12 Total 125,665 24,609 6,017 49,025 46,014 Dec. 1 16% Interbank 13,183 4,035 1,178 6,535 1,436 U. S. Government. 6,307 1,378 349 2,610 1,970 In effect June 1, 1962.. 16% 16% 12 5 5 Other 106,175 19,195 4,491 39,881 42,608 Net demand 2 104,979 19,979 5,126 40,459 39,416 Time 74,215 8,127 2,494 29,309 34,286 Present legal require- Demand balances due ment: from domestic banks. 6,718 109 86 2,002 4,520 Minimum 2 10 10 7 3 3 Currency and coin 2,701 202 34 847 1,617 Maximum 2 22 2 22 14 6 6 Balances with F.R. Banks 17,069 3,529 946 7,353 5,242 Total reserves held 19,770 3,731 980 8,200 6,859 • First-of-month or midmonth dates record changes at country banks, Required 19,259 3,703 971 8,141 6,444 and other dates (usually Thurs.) record changes at central reserve or Excess 511 28 9 59 415 reserve c ity banks. 1 Demand deposits subject to reserve requirements are total demand deposits minus cash items in process of collection and demand balances i Demand deposits subject to reserve requirements, i.e., gross demand due from domestic banks. deposits minus cash items reported as in process of collection and demand 2 Before July 28, 1959, the minimum and maximum legal requirements balances due from domestic banks. for central reserve city banks were 13 and 26 per cent, respectively, and NOTE.—Balances with F.R. Banks are as of close of business; figures the maximum for reserve city banks was 20 per cent. for all other reported items (that is, excluding total reserves held and NOTE.—All required reserves were held on deposit with Federal Reserve excess reserves) are as of opening of business. Banks, June 21, 1917, until late 1959. Since then, member banks have 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 Type of holding 1962 1962 1961 June 27 June 20 June 13 June 6 May 30 June May June Discounts and advances—Total 393 487 172 106 173 16 131 36 Within 15 days 356 447 125 45 106 40 66 32 16 days to 90 days 37 40 47 61 67 36 65 4 91 days to 1 year.. ....... (*) (*) (*) (*) (*) (*) (*) (*) Acceptances—Total. 44 30 30 31 31 60 33 36 Within 15 daysi 21 6 8 10 10 33 9 8 16 days to 90 days 23 24 22 21 21 27 24 28 U. S. Government securities—Total 29,383 29,574 29,628 29,949 29,570 29,663 29,622 27,253 Within 15daysi 483 883 626 542 397 641 254 341 16 days to 90 days 5,108 4,829 5,023 5,355 5,372 5,163 5,420 6,503 91 days to 1 year 11,352 11,440 11,558 11,631 11,467 11,395 11,614 7,834 Over 1 year to 5 years 10,007 9,989 9,908 9,908 9,821 10,031 9,821 10,268 Over 5 years to 10 years 2,219 2,219 2,247 2,247 2,247 2,219 2,247 2,141 Over 10 years 214 214 266 266 266 214 266 166 " Less than $500,000. *Any holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION [In millions of dollars] Wednesday End of monttl Item 1962 1962 1961 June 27 June 20 June 13 June 6 May 30 June May June Assets Gold certificate account .. 14,990 14,991 15,003 15,018 15,005 14,990 15,005 16,213 Redemption fund for F. R. notes 1,168 1,172 1,163 1,155 1,153 1,168 1,153 1,043 16,158 16,163 16,166 16,173 16,158 16,158 16,158 17,256 Cash 372 373 355 334 357 384 356 378 Discounts and advances: For member banks 359 434 113 46 108 43 68 35 34 53 59 60 65 33 63 1 Acceptances—Bought outright 30 30 30 31 31 34 33 36 Held under repurchase agreement 14 26 U. S. Government securities: Bought outright: Bills 2,634 2,830 2,991 3,312 3,114 2,827 3,166 2,840 Certificates—Special Other 5,578 5,568 5,617 5,617 5,563 5,619 5,563 6 511 Notes 17,190 17,168 17,182 17,182 17,101 17,202 17,101 14,634 Bonds 3,833 3,831 3,838 3,838 3,792 3,845 3,792 3,268 Total boueht outrieht 29,235 29,397 29,628 29,949 29,570 29,493 29,622 27,253 Held under repurchase agreement 148 177 170 Total U. S. Government securities 29,383 29,574 29,628 29,949 29,570 29,663 29,622 27,253 29,820 30,091 29,830 30,086 29,114 29,799 29,786 27,325 5,076 6,570 5,396 4,703 4,287 4,707 4,412 4,000 107 107 107 106 106 107 106 111 Other assets: Denominated in foreign currencies 439 233 134 134 84 439 134 All other 253 194 229 211 189 258 190 260 Total assets 52,225 53,731 52,217 51,747 50,955 51,852 51,142 49,330 Liabilities F R notes 28,536 28,517 28,563 28,500 28,379 28,658 28,400 27,432 Deposits: 17,191 17,564 17,073 17,198 16,587 17,206 16,614 16,716 U § Treasurer General account 578 572 458 450 568 612 526 408 342 330 225 202 214 334 223 220 Other 233 327 328 344 426 293 376 350 18,344 18,793 18.084 18,194 17,795 18,445 17,739 17,694 Deferred availability cash items 3,834 4,933 4,095 3,528 3,272 3,245 3,493 2,829 Other liabilities and accrued dividendsl 80 74 76 76 74 65 75 39 Total liabilities 50,794 52,317 50,818 50,298 49,520 50,413 49,707 47,994 Capital Accounts Cacital Daid in 457 456 456 455 455 458 455 425 888 888 888 888 888 888 888 817 86 70 55 106 92 93 92 94 Total liabilities and capital accounts 52,225 53,731 52,217 51,747 50,955 51,852 51,142 49,330 Contingent liability on acceptances purchased for 102 109 110 112 112 85 112 156 U. S. Government securities held in custody for 6,306 5,880 5,721 5,731 5,734 6,228 C5,734 5,723 Federal Reserre Notes—Federal Reserve Agents* Accounts F. R. notes outstanding (issued to Bank).. 30,115 30,083 30,039 29,971 29,865 30,160 29,902 28,960 Collateral held against notes outstanding: Gold certificate account 7,745 7,725 7,725 7,700 7,700 7,745 7,700 8,975 Eligible paper 49 49 29 7 22 7 18 7 U. S. Government securities 23,410 23,410 23,410 23,390 23,390 23,410 23,390 21,235 Total collateral. 31,204 31,184 31,164 31,097 31,112 31,162 31,108 30,217 c Corrected. 1 No accrued dividends at end-of-June dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 851 STATEMENT OF CONDITION OF EACH BANK ON JUNE 30, 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 14,990 797 3,609 886 1,200 946 842 2,585 583 308 652 627 1 955 Redemption fund for F. R. notes 1,168 70 278 70 102 97 65 203 49 27 48 37 122 Total gold certificate reserves 16,158 867 3,887 956 1,302 1,043 907 2,788 632 335 700 664 2,077 F R notes of other Banks 363 16 108 22 25 20 52 20 11 21 14 18 36 Other cash 384 24 72 19 34 22 31 70 19 11 13 14 55 Discounts and advances: Secured by U. S. Govt. securities.. 30 1 2 2 1 5 1 12 <? 5 (0 Other 46 2 9 2 3 1 15 5 1 1 Acceptances: Bought outright 34 34 Held under repurchase agreement.. 26 26 U. S. Govt. securities: Bought outright 29,493 1,529 7,302 1,676 2,498 1,945 1,566 4,945 1,176 640 1,296 1,192 3,728 Held under repurchase agreement.. 170 170 Total loans and securities 29,799 1,532 7,543 1,680 2,502 1,951 1,582 4,962 1,177 642 1,302 1,194 3,732 Cash items in process of collection... 5,888 463 1,285 348 455 418 414 944 246 163 276 243 633 Bank premises 107 3 9 3 8 5 14 24 6 4 7 13 11 Other assets: Denominated in foreign currencies. 439 2\ 2 120 25 41 20 23 61 15 10 18 25 60 All other 258 13 63 15 22 18 14 42 11 6 12 10 32 Total assets 53,396 2,939 13,087 3,068 4,389 3,497 3,037 8,911 2,117 1,192 2,342 2,181 6,636 Liabilities F R notes 29,021 1,735 6,729 1,827 2,544 2,346 1,663 5,283 1,234 584 1,197 852 3,027 Deposits: Member bank reserves 17,206 709 4,626 826 1,262 704 918 2,579 598 410 822 997 2 755 U. S. Treasurer—General account.. 612 29 181 36 43 41 31 53 32 23 34 34 75 Foreign 334 16 3 87 20 32 15 18 47 12 8 14 19 46 Other 293 (l) 241 1 1 2 2 0) 0) 1 1 43 Total deposits 18,445 754 5,135 883 1,338 762 968 2,681 642 441 871 1,051 2,919 Deferred availability cash items 4,426 379 817 273 368 317 326 732 188 133 210 194 489 Other liabilities and accrued dividends. 65 3 17 3 6 4 3 11 3 1 3 3 8 Total liabilities 51,957 2,871 12,698 2,986 4,256 3,429 2,960 8,707 2,067 1,159 2,281 2,100 6 443 Capital Accounts 458 22 124 26 43 21 25 64 16 11 19 26 61 888 42 243 51 83 40 47 124 31 20 37 50 120 93 4 22 5 7 7 5 16 3 2 5 5 12 Total liabilities and capital accounts.. 53,396 2,939 13,087 3,068 4,389 3,497 3,037 8,911 2,117 1,192 2,342 2,181 6,636 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): June 30 1962 34.0 34.8 32.8 35.3 33.5 33.6 34.5 35.0 33.7 32.7 33.8 34 9 34 9 Mav 31 1962 34.8 36.2 36.7 34.7 34.7 34.4 31.0 33.8 34.7 35.4 33.7 33.2 34.1 June 30, 1961 37.9 36.0 38.6 38.5 37.9 36.7 34.0 38.6 38.3 32.3 38.0 37.6 39.5 Contingent liability on acceptances purchased for foreign correspond- 85 4 11 6 10 5 14 3 2 4 6 14 Federal Resenre Notes—Federal Reserre Agent's Accounts F. R. notes outstanding (issued to Bank) 30,16C 1,784 7,009 1,883 2,701 2,423 1,724 5,385 1,290 667 1,224 912 Collateral held against notes outstanding : Gold certificate account 7,745 470 1,600 530 720 650 450 1,400 340 160 310 215 900 Eligible paper 7 5 U. S. Govt. securities 23,410 1,365 5,600 1,500 2,100 1,800 1,300 4,i66 1,010 '530 950 755 2,400 Total collateral. 31,162 1,835 7,200 2,032 2,820 2,450 1,750 5,500 1,350 690 1,265 970 3,300 1 Less than $500,000. 3 After deducting $247 million participations of other F. R. Banks. 2 After deducting $319 million participations of other F. R. Banks. 4 After deducting $74 million participations of other F. R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [Condensed frcm Circulation Stateirent 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 * Total Coin $1 2 $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 M 193 22 856 2 182 I 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 I960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961—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 I 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 [,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 ,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 ,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 ,484 91 2,188 6,686 10,622 9,367 2,795 6,032 238 294 3 5 Apr 33,159 23,742 2,612 ,497 92 2,190 6,680 10,670 9,418 2,812 6,066 238 294 3 5 Ml ay 33,518 24,057 2,637 ,515 93 2,225 6,789 10,798 9,461 2,831 6,089 238 295 3 5 1 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 l Total out- Held by standing As security For F. R. Kind of currency May 31, against F. R. Banks 1962 gold and Treasury Banks and May 31, Apr. 30, May 31, silver cash and agents 1962 1962 1961 certificates agents Gold 16 434 (16 158) 2277 Gold certificates . . . . (16 158) 313,342 2,816 30 Federal Reserve notes 29 901 77 1 502 28 322 27 997 27 157 Treasury currency—Total 5,596 (2,277) 44 '356 5,196 5,163 5'010 Standard silver dollars 487 90 30 12 356 353 326 Silver bullion 2,187 2,187 Silver certificates (2,277) 272 2,005 2,000 42,101 Subsidiary silver coin .. 1 707 9 43 1,655 1,638 1,538 Minor coin 634 2 6 626 621 581 United States notes 347 4 23 320 316 317 In process of retirement5 235 (6) (6) 234 235 7147 Total—May 31 1962 851,931 (18,434) 398 13,342 4,675 33,518 Apr 30 1962 851,931 (18,525) 404 13,406 4,962 33,159 May 31 1961 851,643 (19,501) 408 14,279 4,759 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. 845. 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 * 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 853 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)1 Week adjusted) i ending— Total r C en u c r y - D p e o d m s e i - t a s n 1 d Total r C en u c r y - D p e o d m s e i - t a s n i d Time G U o .S v . t. Total r C en u c r y - D p e o d m s e i - t a s n i 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 May 3 141.6 28.6 113.1 77.5 3,2 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 10 140 8 28 9 112.0 78.0 3.9 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 17 140 3 28-8 111.5 77.9 4.5 1959—Dec. 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 24 139 0 28.7 110.3 78.3 5.8 I960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 31 139.2 28.6 110.6 78.5 5.0 1961—Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 June 7 140.2 29.0 111 3 78.7 4.0 14 141.9 29.0 112.9 78.8 2.2 1961—June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 21 141.4 28 9 112.5 79.0 5.7 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 28 139 6 28 8 110.8 79.2 5.7 141 8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 July 5 139.9 29.2 110.7 79.6 6.1 Sept 143 0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 12 140.8 29.4 111.4 79.8 4.5 Oct 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 19. 141.2 29.2 112.0 79.9 3.2 Nov 144.1 29.4 114.6 145.3 29.7 115.6 82.0 5.8 26 141.3 29.0 112.3 80.2 2.8 Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 1962 1962—J F a e n b 1 1 4 4 4 4 .6 4 2 2 9 9 . . 6 6 1 1 1 1 5 4 . . 1 7 1 1 4 4 4 7 . . 0 8 2 29 9 . . 3 4 1 1 1 1 8 4. . 8 3 8 8 3 5 . . 9 8 4 3 . . 7 9 Apr-,f 142.8 29.6 113.2 88.7 6.1 Mar 144.7 29 9 114.8 143.2 29.5 113.7 87.7 5.1 144 6 29 9 114.7 89.1 3.7 Apr 145.7 30.0 115.7 145.4 29.7 115 7 89.2 3.9 18 146.7 29.8 116.9 89.2 2.6 J M un ay e2' 1 14 4 5 5 . . 3 4 3 30 0 .0 0 1 1 1 1 5 5 . . 5 3 1 1 4 4 3 3 . . 9 4 2 3 9 0 . . 7 0 1 1 1 13 3 . . 7 9 9 91 0 . . 4 2 7 7 . . 0 3 May 2 2 5 1 14 4 5 6 .3 6 2 2 9 9 . . 6 4 1 1 1 1 6 6 . . 1 7 8 89 9 . . 5 3 4 3 . . 8 5 9 144.8 29.9 114.9 89.7 6.3 Semimonthly 16 144.4 29.8 114.6 90.1 6.5 23 141.9 29.7 112.2 90.4 8.1 1962—Apr. I.... 145.3 30.0 115.3 144.4 29.8 114.6 89.0 4.0 30 142.1 29.6 112.5 90.7 7.6 146 1 30.0 116.1 146.4 29.6 116.8 89.3 3.8 June 6 143.3 30.0 113.3 91.0 7.2 May 1.'!.'.' 146.0 30.0 116.0 144.8 29.8 115.0 89.8 6.2 13 144.7 30.1 114.6 91.3 5.3 144.9 29.9 115.0 142.2 29.6 112.5 90.5 7.7 20 144.9 30.0 115.0 91.4 6.9 June 1.... 145.5 30.0 115.5 144.2 30.0 114.1 91.2 6.3 27 142.7 29.8 112.9 91.7 S.7 2*>... 145.1 30.1 115.1 143.6 30.0 113.6 91.7 8.3 v 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.—For description of series and for figures beginning with January August 1961, p. 1001. 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 others i 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 te o r t s hers* 3 r c e 3 e p 7 n o t o r e t t r i h s n e 2 g r 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 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 Nov 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 61.5 109.4 115.1 70.9 71.6 40.6 40.3 27.8 27.6 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 27.7 27.7 Apr 281.7 118.1 117.2 59.1 58.0 111.4 106.5 78.4 76.9 41.7 42.6 28.2 27 4 May 295.6 119.1 122.1 57.6 59.8 110.5 113.8 78 8 79 0 40.8 41.5 28.0 28.5 June 292.5 119.9 122.6 59.6 59.4 112.1 110.5 80.1 86.0 *42.5 *44.2 P28.6 ?29.6 * Preliminary. * 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

854 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 Bank credit Total assets, net— Date Gold T s r t c o e r u i a e u n n u r n a y r g c t d - - s y - - Total Lo n a e n t s, Tot U al .S. G m o C v e a o r n e c m d r i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a a n p t o n i b e i e t d t i t a s a l l - l, c d u e T r a p o r n o e t d s n a i l c ts y C c m o a a n a u p i n c e s n i - d t c t t a . s l , 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 1 19 9 3 3 9 3 D jUn e e c . 3 3 0 0 1 4 7 , , 0 6 3 4 1 4 2 2 , , 2 9 8 6 6 3 4 5 2 4 , , 1 5 4 6 8 4 T> , , 9 1 5 5 7 7 2 1 3 0 , , 1 32 0 8 5 1 8 9 , , 1 4 9 1 9 7 2 1 , ,9 4 9 8 8 4 1,2 1 0 3 4 1 9 9 , , 8 3 6 0 3 2 4 7 8 5 , ,1 4 7 6 1 5 4 6 2 8 , , 0 3 2 5 9 9 6 6 , ,8 4 1 3 2 6 1941—Dec. 31 22,737 3,247 64,653 2(3.605 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 4:$.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 13!5.867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 I960 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 June 30 17 550 5,437 269,828 14.5.784 96,121 68,104 27,253 764 292,816 265,604 27,212 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 14.5.200 98,500 70,500 27,300 800 28,400 295,100 266,400 28,700 Sept 27 17,500 5,600 276,600 147,200 100,200 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 5,600 287,200 154,800 100,600 70,700 29,000 700 31,800 309,300 280,600 28,700 May 30 P 16,400 5,600 288,600 155,900 100,900 70,600 29,600 700 31,800 310,700 281,400 29 300 June 27* ..... 16,400 5,600 291,300 158,100 100,500 70,500 29,400 700 32,700 313,300 284,700 28,600 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasorlally adjusted series6 For- Date p b n e o d a i e s e g n i - t n t k 2 s, T h c i r o n a e l g s a d h s s - - * , n . b a c e a 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 i e a m o r n c m e k i a s - d l ep M s b o a a s v u n i i t t k n u s s g a 3 4 s l 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 - - ts 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 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 m p u D o d a s a e e d s t n - - i e - t d d s b r C o s e a i u n u n d t c r k e * - y s 1929 June 29 365 204 381 36 54,790 28,611 19,557 8 905 149 22 S40 3, 1933 June 30 50 264 852 40, *??8 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 ,793 6,401 1941 Dec 31 1 498 2 215 1,895 867 76,1H6 27,729 15,884 10,532 1 313 38 992 Q 615 1945 Dec 31 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 76,490 1947 Dec. 31 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87 171 76 476 110, SOO 84,40026,100 1950 Dec 30 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 q? 75, 398 114, (SOO 90,000 24 600 1959—Dec. 31 3,203 391 5,319 504 246, (S03101,779 65,884 34,947 948 115 40? 79 47? 140, 700 112,00028,200 I960 Dec 31 3,184 377 6,193 i.85 252,926 108,468 71,380 36,318 770 115,10? 79,356 139, ?00 111,00028,200 1961 June 30 1,250 379 6,638 408 256,929 117,280 79,092 37,486 702 110 788 79 361 140, 900 112,70028,200 July 26 1,300 400 5,800 500 259, 00 117,700 79,500 37,500 700 m,000 400 141, 113,20028,300 Aug 30 ... 1,300 400 5,600 500 258,!500118,600 80,200 37,600 700 111,500 28 500 141 100 113 00028 300 Sept. 27 1,400 400 8,400 t?00 260,' too119,400 80,800 37,900 700 n? 400 ?8J(SOO 141, 900 113,40028,500 Oct 25 1,300 400 6,000 400 264,' too120,100 81,400 37,900 700 115,700 78,700 143, 800 115,00028,800 Nov 29 . . 1,200 400 5,700 i500 265, 00 119,800 81,200 38,000 700 116^00 100 143 400 114 80028 600 Dec 30 1,497 422 6,219 tt6S 271,'794121,216 82,145 38,420 651 ,575 30, 144 800 116 10028 700 1962 Jan 31 .... 1,300 500 5,200 itoo 269, ()00 123,400 84,200 38,600 600 117,000 700 143 700 114 60029 100 Feb. 28 1,300 400 5,400 itoo 268,<WO125,200 85,800 38,800 600 114,800 78,900 144, 400 115 10029 300 Mar. 28 1,300 400 6,500 500 269,' too127,600 87,700 39,200 600113,000 28,900 144, 000 114,80029,200 M Ap a r y 3 25 0 * * 1 1 , , 3 3 0 0 0 0 4 40 0 0 0 4 7 , , 2 5 0 0 0 0 ( ( S S O O O O 2 2 7 7 4 1 , ,'70000 1 1 2 2 8 9 , , 4 9 0 0 0 0 9 8 0 8 , , 0 6 0 0 0 0 3 3 9 9 , , 2 30 0 0 0 6 60 0 0 0 I 1 P 16,8 5 0 00 0 79, 9 30 0 0 0 1 1 4 4 3 5 , 7 40 0 0 0 1 1 1 1 6 4 2 5 0 0 0 02 2 9 9 2 2 0 0 0 0 June 27* 1,400 400 9,400 (500 272, ?00 131,300 91,000 39,700 600 112,200 29,300 143, 400 114,10029,300 P Preliminary. * Revised preliminary. 6 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 4 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 855 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 t a e nk 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 c b T o a i a l l a u o p i i n c a t n i t - d i t - a t e a s l s l 3 Total2 m D In a e n t - e d rba T n i k m 2 e U. D S e . ma O nd ther Time4 r B o o w r- - 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 f m r ks - Govt. Other All banks: 1941—Dec. 31 61,126 25 ;,999 27,344 90,908 ,816 10,982 44,355 26,479 23 414 14,826 1945—Dec. 31 140,227 101 ,577 35;415177,332165,612 14,065 105,935 45,613 22710542 14,553 1947—Dec. 315 134,924 81,19910,72338;388175,091161,86512,793 240 1,346 94,381 53,105 66 1194814,714 1960—Dec. 31 238,623 67242 26.617 53022 298 126 266.19617,080 1,800 5,949133,408107.959 167 24;53913,986 1961—June 30 242,192 68,104 27,923 46.457 295567 262.54713633 462 6,368 125,219116,865 452 2540513.977 Aug. 30 245,880 70,490 28.360 43.170 295.760 260.560 13340 460 5,3401123,250118,170 1,880 25,57013,968 Sept. 27 250,870 72,420 29.150 44;950 302980 267.050 13930 470 8,160125,480119,010 2,230 25980 13,965 Oct. 25 251,150 72,820 28.960 46;140 304230 269.030? 14530 480 5.680128,700119,640 1,830 2576013,951 Nov. 29 252,260 72,420 29.100 46,970 306000 270,120 14920 470 5,460129,790119,480 1,830 26030 13.947 Dec. 30 256,700 72,715 29.667 57;368 321.394 287.176 17914 482 5,952141,979120.848 482 26,22713,946 1962—Jan. 31 255,320 73,470 29.820 47740 310.470 274,22014190 480 4,910131,560123,080 2,200 26,28013,943 Feb. 28 256,100 72,340 30;180 48,,540 311910 275.170 14110 510 5,090130,570124.890 2,31026 390 13:941 Mar. 28 257,520 70,960 31.100 45,560 310,230 273.720 13750 510 6,260125,980127.220 2,420 26,47013,930 Apr. 25* 259,550 70,910 31.840 46190 312,810 276.310 13730 520 3,920130,120128.020 2,360 26560 13,920 May 30? 260,250 70 620 31840 46210 313470 276.770 200 520 7,170126,270129,610 2,070 26;760 13,926 June 27*> 263,150 70,480 32,670 47,220 317,470 280,620 ,580 530 9,150126,370130,990 2,360 26;84013,927 All commercial banks: 1941—Dec. 31 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15.952 23 7,,17314,278 1945—Dec. 31 26,083 90,606 7 33134,806160,312 150 14,065 105,921 30.241 219 8,950 14,011 1947—Dec. 315 38,057 69,221 9 006 37;502155,377144,10312,792 240 1,343 94,367 35.360 6510,05914,181 1960—Dec. 31 117,642 61,003 20864 52150 257552 229 84317,079 1,799 5,945133,379 71.641 163 20,986 13,472 1961—June 30 117,953 61,824 2207145595 253,749 224, 13633 461 6,362125,161 79,380 44321,745 13,463 Aug. 30 118,450 64,160 22510 42370 253580 222,870 13340 460 5,340123,190 80,540 1,880 2i;,87013,454 Sept. 27 120,520 66,130 23 260 44 130 260560 229, 930 470 8,160 125,420 81,100 2,230 22:,,2:5013,451 Oct. 25 120,470 66,630 23 190 45320 261910 23L ,530 480 5,680128,640 81,720 1,830 22,,006600 13,437 Nov. 29 121,670 66,210 23 370 46 130 263,510 232, ,920 470 5,460129,730 81,490 1,830 22,,29013,433 Dec. 30 124,925 66,57823937 56432 278561248,689 ,914 481 5,946141,920 82.429 471 2222,,4.59 13.432 1962—Jan. 31 122,420 67,240 24070 46910 267400 235560 ,190 480 4,910 131,500 84.480 2,200 "222,,500 13,430 Feb. 28 123,780 66,030 24450 47670 268;,540 236,350 ,110 510 5,090 130,510 86,130 2,310222,,57013,428 Mar. 28 125,380 64,440 25 360 44680 266,340 234,,430 13,750 510 6,260125,920 87,990 2,420 222,,613013,417 Apr. 25? 126,490 64,610 26,160 45 390 269050 237,070 13,730 520 3,920 130,060 88,840 2,360 22:,,775500 13,407 May 30*> 127,220 64,340 26,150 45 390 269;440 237,380 13,200 520 7,170 126,210 90,280 2,070 22,,9r 10•1"3,414 June 27*> 129,170 64,210 26,980 46,370 273 160 240,900 ,580 530 9,150126,310 91,330 2,360 221,',95013,415 All memb er banks: 1941—Dec. 31 18,021 19,539 5,96123,123 68,121 61,71710,385 140 709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 22,775 78,338 ,070 29 138,304129,67013,576 64 22 179 69,640 24,210 208 7.589 6,884 1947—Dec. 31 32,628 57,914 ,304 32. 132,060122,52812,353 50 176 80,609 28,340 54 8,464 6,923 1960—Dec. 31 99,933 49,106 ,579 45;756 216577193,02916,436 1,639 ,287112,393 57,272 13017,398 6,174 1961—June 30 99,992 50,361 ,696 40;084 213719189,22613,077 276 ,731105,568 64,574 38218,027 6,141 Aug. 30 100,379 52,358 ,113 36940 213235186,81612,787 270 ,738103,427 65,594 1,82218,141 6,137 Sept. 27 102,355 53,863 ,719 38.582 219,287192,30513,325 282 293105,312 66.093 2,12818,386 6,132 Oct. 25 102,107 54,290 ,687 39;721220,414193,86313,913 293 ,020108,063 66,574 1,80818,293 6,122 Nov. 29 103,129 53,874 ,824 40.394 221715 194,66614,294 288 ,793108,894 66.397 1,79518,478 6,116 Dec. 30 106,232 54,058 ,308 49;579 235112 209,63017,195 303 381119,595 67,157 43818,638 6,113 1962—Jan. 31 103,983 54,5/3 ,410 40.997 1222,4,99661 197,,480 13,623 305 376110,287 68,889 2,13818,683 6,107 Feb. 28 105,144 53,467 ,778 41.894 226,210 198,380 13,560 332 4,525109,671 70.292 2.26418,749 6,099 Mar. 28 106,600 52,036 20,618 39.091224,114196,59513,209 335 5,631105,552 71,868 2,38018.785 6,085 Apr. 25*> 107,424 52,103 21 345 39;662 226. 198,67413,178 340 3,506109.048 72,602 2,31918,877 6,074 May 30? 107,980 51,913 21287 39.702 226; 198,97812,689 345 6,463105,629 73,852 2,00219,015 6,073 June 27*> 109,585 51,942 2206140,686230,003 202,23213,048 355 8,309105,829 74,691 2,29319,049 6,070 All mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 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—June 30 40,344 28,211 6,281 ,852 862 41,818 37,551 37.487 3,660 514 Aug. 30 40,760 28,580 6,330 850 800 42,180 37,690 37,630 8' 3,700 514 Sept. 27 40,960 28,780 6,290 ,890 820 42,420 37,970 37,910 3,730 514 Oct. 25 40,860 28,900 6,190 ,770 820 42,320 37,980 37,920 3,700 514 Nov. 29 41,010 29,070 6,210 ,730 840 42,490 38,050 37,990 (6)3,740 514 Dec. 30 41,259 29,393 6,136 ,730 936 42,833 38,487 38,420 3,768 514 1962—Jan. 31 41,590 29,610 6,230 ,750 830 43,070 38,660 38,600 3,780 513 A F J M M u e p b a n a r . y r e . . 2 2 2 2 3 8 8 5 7 0 * P *\... 4 4 4 4 4 1 2 2 2 2 , , , , , 8 3 7 2 5 4 9 4 9 4 0 0 0 0 0 2 3 3 3 3 9 0 0 0 0 , , , , , 8 8 0 3 5 0 3 8 1 7 0 0 0 0 0 6 6 6 6 6 , , , , , 3 2 2 5 3 1 7 8 2 0 0 0 0 0 0 5 5 5 5 5, , , , , 6 7 7 6 6 9 3 4 8 9 0 0 0 0 0 8 8 8 8 8 5 7 8 0 2 0 0 0 0 0 4 4 4 4 4 3 6 3 3 4 , , , , , 3 3 8 7 0 7 1 9 6 3 0 0 0 0 0 3 3 3 3 3 8 9 9 9 9 , , , , , 8 2 2 3 7 2 9 4 9 2 0 0 0 0 0 ( ( ( 6 6 ) ) ) 3 3 3 3 3 9 8 9 9 9 , , , , . 2 7 1 6 3 3 6 8 6 3 0 0 0 0 0 8 (6) 3 3 3 3 3 , , , , , 8 8 8 8 8 1 2 4 5 9 0 0 0 0 0 5 5 5 5 5 1 1 1 1 1 3 3 3 2 2 P Preliminary. * Revised preliminary. for which asset and liability data are not available. Comparability of 1 All banks in the United States (including all banks in Alaska and figures for classes of banks is affected somewhat by changes in Federal Hawaii, beginning with January and August 1959, respectively). Reserve membership, insurance status, and the reserve classifications of All banks comprise all commercial banks and all mutual savings banks. cities and individual banks and by mergers, etc. All commercial banks comprise (1) all nonmember commercial and 2 Reciprocal balances excluded beginning with 1942. Reclassification (2) all member corrrrercial banks. Member banks include (1) a national of deposits of foreign central banks in May 1961 reduced interbank bank in the Virgin Islands that became a member on May 31, 1957, (2) deposits by a total of $1,900 million ($1,500 million time to other time a noninsured nondeposit trust ccirpany, and (3) 1 mutual savings bank and $400 million demand to other demand). (2 before July 1961 and 3 before 1960) that became members in 1941 3 Includes other assets and liabilities not shown separately. (these banks are excluded frcrr all ccrr mercial barks). 4 See note 4 on the preceding page. Stock savings banks ard nordepcsit trust companies are included with For other notes see following 2 pages. commercial banks. Number of banks includes a few noninsured banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 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— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g . 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 T a i a l l o p i n i a t i t d i t a - e a l s l Total 2 D In e t - erbank2 Dema O n t d her 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 u b o n m e f r k - s tions ac- mand Time Time counts 3 U.S. Other Govt. 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 1960—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—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 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 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 May 30* 29,534 19,223 7,167 3,144 8,292 39,746 32,586 3,902 211 1,373 19,178 7,922 606 3,741! 13 June 27* 30,253 19,246 7,561 3,446 8,883 41,054 33,620 3,962 216 1,790 19,581 8,071 963 3,735 13 Chicago: 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 6,8(6 6,402 1,217 72 4,201 913 426 14 I960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—June 30 7,020 4,249 2,058 714 ,899 9,068 8,037 380 4,602 1,920 10 848 10 Aug. 30 7,165 4,191 2,227 747 ,769 9,073 7,901 J90 281 4,494 1,926 131 852 10 Sept. 27 7,278 4,212 2,229 838 ,864 9,296 8,153 476 4,527 1,931 94 856 9 Oct. 25 7,562 4,359 2,364 839 ,841 9,561 8,250 ]255 304 4,728 1,949 254 855 9 Nov. 29 7,329 4,341 2,111 877 ,019 9,502 8,284 251 4,790 1,957 137 866 9 Dec. 30 7,606 4,626 2,041 940 ,603 10,383 9,283 ^624 369 5,268 2,008 35 870 9 1962—Jan. 31 7,292 4,353 2,038 901 ,873 9,333 8,201 ,154 229 4,713 2,089 65 873 9 Feb. 28 7,508 4,509 2,078 921 ,896 9,576 8,285 ,183 222 4,673 2,190 209 874 9 Mar. 28 7,652 4,503 2,183 966 ,788 9,613 8,208 ,194 323 4,383 2,292 329 870 9 Apr. 25* 7,504 4,557 1,880 1,067 ,912 9,592 8,421 ,177 158 4,676 2,392 73 877 9 May 30* 7,631 4,592 1,926 1,113 9,720 8,524 ,118 356 4,548 2,483 75 884 9 June 27* 7,866 4,632 1,912 1,322 1892 9,923 8,674 ,149 522 4,443 2,540 83 882 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 2,396 13,066 49,659 46,467 5,627 22 405 28,"990 11,423 1 2,844 353 1960—Dec. 31 62,953 40,002 17,396 5,554 18,668 83,464 75,067 7,989 326 1,960 42,267 22,525 73 6,423 217 1961—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 Aug. 30 65,112 40,401 18,650 6,06115,109 82,161 72,926 6,456 57 1,925 38."890 "2"5,598 552 6,744 205 Sept. 27 66,473 41,021 19,291 6,16116,041 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 76,866 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 40,787 27,678 796 7,071 206 Mar. 28 68,635 42,713 18,840 7,08216,089 86,762 77,084 6,678 73 2,213 39,743 28,377 836 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 May 30* 69,433 43.304 18.585 7,54416.523 88,089 77.911 6,314 78 2,688 39,61129,220 1,058 7.162 206 June 27* 70,354 44,110 18,547 7,69716,926 89,390 79,373 6.517 82 3,542 39,760 29,472 970 7,195 207 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 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 >56 432 28,37814,560 23 2,934 6,519 I960—Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 ,778 1,783 43,395 29,011 23 6,599 5,932 1961—June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 ,406 1,730 41,413 30,820 121 6,861 5,911 Aug. 30 70,068 38,144 23,295 8,62912,712 84,206 75,637 ,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 ,424 2,423 42,059 31,364 84 7,085 5,904 Oct. 25 71,943 38,765 24,342 8,83613,243 86,713 78,198 ,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 ,577 1,836 43,717 31,418 151 7,043 5,887 Dec. 30 73,131 39,693 24.407 9,03115,595 90,376 81,646 ,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 1,548 43,"8 1"6 "3"2,438 239 7,090 5,879 Feb. 28 73,180 39,582 24,490 9,10813,236 87,905 79,162 ^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 ,452 1,840 41,94533,533 142 7.139 5,857 A M p a r y . 2 3 5 0 * * 7 7 4 4 , , 2 5 7 8 5 2 4 4 0 0. , 8 5 6 0 1 3 2 2 4 4, , 2 3 3 8 5 4 9 9 , . 3 4 8 8 8 6 1 1 3 2 , . 0 9 4 5 6 9 8 8 8 9 , ,0 8 0 4 1 6 7 7 9 9 , , 9 9 9 5 7 7 1, , 3 4 5 6 5 7 2 1 . , 0 20 4 8 6 4432, . 4 2 • 3 • 9 " 9 2 3 3 "3 4 , . 8 2 4 2 6 7 2 1 6 6 3 8 7 7 , , 1 2 8 2 0 8 5 5 , , 8 8 4 4 6 5 June 27* 75,115 41,597 23,922 9,59612,985 89,636 80,565 1,420 2,455 42,04534,608 277 7,237 5,841 5 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 6 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 reclassified 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 857 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 i o l o . i v n 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 l a o p i i n c a t t i d i - - a t e a l s l Total 2 m D In a e n t - e d rba 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 b N a b u o n e f m k r s counts 3 U.S. Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,-411 10,654 1,762 41,29815,699 10 84413,426 1945—Dec. 31 21,809 25,765 88,912 7,13134,292 157^44 147J75 13,883 23,740 80,276 29.876 215 67113,297 1947—Dec. 31 14,274 37,583 67,941 750 36.926152,733141,851 54 1,325 92,975 34,882 61 73413,398 1958—Dec. 31 83,596 97,730 65,669 20 19848 689 236,724 214,485 2,209 4,241129,214 63,168 67 15413,101 1959—Dec. 31 88,790 110',299 58,348 20 14349 158 242,828218,474 1,358 5,037130,720 65.858 602 19,20613,107 I960—Dec. 31 198,011 117,092 60,468 20 45151 8361255,669 228, 1,667 5,932132,533 71,348 149 2062813,119 1961—June 30 200,353 117,400 61,297 21 655 45 329 251,910 223 305 6,352124,403 79,068 433 2137713,129 Dec. 30 213,904124,348 66,026 23 53156086 276,600 247,176 333 5,934 141,050 82,122 462 22 089)13,108 National member banks: 1941—Dec. 31 27,571 11,725 12,039 806 14,977 43,433 39,458 6,786 23,262 8,322 5,117 1945—Dec. 31 69,312 13,925 51,250 137 20;114 90,220 84,939 9,229 14,013 45,47316,224 4,664 5.017 1947_Dec. 31 65,280 21,428 3.8..,6.7..4 ,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 3355,,771144 10,936 26,781128,397116,714 9,035 767 2,292 69,80834,812 9,643 4,578 1959—Dec. 31......... 102.615 59,96: 3-'1 ,7—61 "89227, 464132,636119,638 8,947 514 2,742 71,01536,421 340 10,302 4,542 1960—Dec. 31 107,546 63,694 32,712 140 28 675139,261124,911 9,829 611 3,265 71,660 39.546 11111,098 4.530 1961—June 30 108,843 63,440 33,522 881 25,274137,299122,485 7,749 99 3,541 67,60143,494 35511,439 4,524 T>ec. 30 116,402 67,309 36,088 13,006 31,,078150,809135,51110,359 104 3,315 76,,292 45,441 22511,87514,513 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 2,2461 1,502 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 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 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 5,817 1,734 1959—Dec. 31 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,974 16,406 240 5,962 1,691 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 1,644 1961—June 30 59,207 36,553 16,839 5,815 14,809 76,420 66,741 5,328 177 2,190 37,967 21,080 27 6,588 1,617 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 1,600 Insured nonmember 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,' 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1958_Dec. 31 28,759 13,682 11,381 3,696 5,504 34.737 31,696 426 419 18,76612,063 2,696 6,793 1959—Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33.795 451 533 19,73213.059 2,944 6,878 1960—Dec. 31 32,411 17,169 11,368 3,874 6,082 39,114 35.391 484 645 20.14014,095 3,232 6,948 1961—June 30 32,318 17,416 10,941 3,961 4,247 38,206 34,391 398 621 18,83514,509 3,351 6,990 Dec. 30 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 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 47- 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 9 890 325 332 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 13 873 311 350 366 I960—Dec. 31 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 358 352 1961—June 30 1,495 553 526 416 266 1,839 1,394 158 156 10 758 311 368 333 Dec. 30.... 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 370 323 All 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 33.227 572 185 428 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 20.60513.370 3,294 7,244 1960—Dec. 31 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20.98614.388 3.590 7,300 1961—June 30 33,813 17,968 11,467 4,377 5,513 40,045 35,785 556 185 631 19,59314,820 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 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 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 27.243 2.473 241 1959—Dec. 31 30,580 20,942 5,016 4,622 686 31,743 28,577 28 28.544 2.654 268 1960—Dec. 31 33,794 23,852 4,787 5,155 766 35.092 31.502 29 31.468 2.998 325 1961—June 30 34,764 24,775 4,741 5,248 756 36,074 32,530 257 32,267 3,090 325 Dec. 30 35,660 25,812 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 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5.022 5.020 558 350 1947_Dec. 315 , 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6.763 6,762 746 278 1959— Dec. 31 6,981 4,18- 1,848 949 143 7,200 6.405 6.404 705 249 I960—Dec. 31 5,320 3,270 1,453 597 107 5,481 4.850 4,850 555 189 1961—June 30 , 5,580 3,436 1,540 604 106 5,744 5,020 5,019 570 189 Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 5,083 577 184 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

858 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES * [In millions of dollars] Loans 2 Investments Com- Loans for Loans Oblic b o c C m a a n l l a m l k s d e s a r a o n c t i e f d al i l m T n o a v o a e n e n t n d a s t s t l s 2 - Total* c o m m c p i k l i p n u n i a a e e a e g d - r r t - n l - - - A c tu a u g r l l r - - i- p o s r u e r c c c u a h r r o a r it t s y T i h i e i n n e o s g r g s b i a T n n f s o i k t n i s t a t u o n t o c io i t T a h n o l e s rs l R o ta a e t n a e l s O l u o v d i t t a i n a f d o i i n l - - 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 a m i e f t i e r e - n s - t N ob o l t i e g s atio B n o s nds S p t d s a i i t g o u c o o a i n a v l a b n f t i d - i e t l - s - - s O S r e t it h c ie u e s r - . per sions Total:3 1947—Dec. 31 . 116,28438,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,2212.193 7,789 6,034 53,205 5,276 3.729- I960—Dec. 31.. 199,509117,642 43,125 5,676 3,284 1,833 966 7,106 28,71326,396 2,901 61,0038,072 2,920 19,013 10,998 17J570 3,294 1961—June 30.. 201.848117,953 42,759 6,044 2,933 1,994 993 6,001 29,26527,283 3,102 61.824 7379 3,310 20,528 10 587 728 3144 Dec. 30.. 215,441124,925 45,172 6,248 4,056 2,134 1,033 7,31130,320 2"7",847 3,412 66,57811,488 2,114 26,336 26,641 345 3,592 All insured: 1941—Dec. 31.. 49,29021,259 9,214 1,450 614 662 40 4,773 4,-505 21,046 988 3,15916,899 3,651 3,333 1945—Dec. 31..121,8092255.776655 99,446611 11,,331144 3,164 3,606 49 4,677 2,361 1,132 88,9122,455 19,071 ; 51.342 3,873 3,25* 1947 -Dec. 31. 114,27437,583 18,012 1,610" 8-2"3 1,190 114 .... 9,,2_6..6 5.654 914 67,9412 124 7.552 5.918 52 3475 129 3.621 I960—Dec. 31..198,011117,092 42.957 5,628 1,2471,811 965 7,090 28,602 26,263 883 60,4687,994 2,884 18,868 30.72217,300 3,150 1961—June 30. 200,353117,400 42,569 6,005 2•,9091,970 993 5,981 29.159 27,147 085 61,2977,299 33,2299^^2"0 ',366 10 31718.454 3,201 Dec. 30..213,904124,348 44,965 6,2114,030 2,107 1,027 7,296 30,21127,708 396 66,02611,356 2,098 26,145 26,426 20,068 3,462 Member, total: 1941—Dec. 31.. 43,52118,021 8,671 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,18322.775 8,949 3,133 3,378 47 3,455 1,900 1,057 78,3382,27516,985 14,271 44.807 3,254 2,815 1947-Dec. 31.. 97.84632.628 16.962 1,046 811 1,065 113 7.130 4 662 839 57,914 1,9875,816 4,815 45 295 4.199 3 105 I960—Dec. 31.. 165,61999,933 39,288 3,550099 3,124 1,564 947 6,726 22,51821,622 2,694 49,1066,402 2,296 15,072.25,31514,1412,439 1961—June 30.. 168,04999,992 38,872 3,7212,780 1.709 970 5.644 21.086 22.421 2,900 503615,962 2.o«1 16.476!24 972 15 220 22 475 Dec. 30.. 179,599106.232 40,931 3,9"3'4 "3,877 1,827 1,014 6.893 23,987 22,852 3,198 54,0589,229 1,842 21.390 21,598 16.6912,617 1962—Mar. 26.. 179,272106,765 40,638 4,078 3,550 1,777 2,510 6,060 24,271 22,769 3,424 51,9247,262 3,184 20,123 21,354 17,"9"94 "2,589 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 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 27217,574 477 3,433 3,325 10,339 606 629 1947—Dec. 31. 20,393 7,179 5.361 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1960~-Dec. 31.. 27,72618,46510,876 101,574 399 500 1,799 868 1,930 940 6,9801,422 578 1,708 3.272 1,964 317 1961—June 30. 28 22018.054 10,578 31.629 429 476 1 448 841 2.074 1,025 7.6421.512 887 1 882 3,362 2,196 328 Dec. 30.. 30,29T19.535 11,278 231.956 467 376 1,711 914 2,072 1,220 7,862 2.117 442 2,496 2,806 2,635 265 1962—Mar. 26.. 29,93019,795 11,064 12 2,031 456 798 1,463 992 2,035 1,452 6,8051,471 603 2,410 2,320 3,045 285 Chicago:* 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 I960—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 1962—Mar. 26.. 7,687 4,494 2,677 202 130 575 235 447 270 2,223 681 202 647 693 886 8$ Reserve city: 1941 -Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1.5-08 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1.503 17 1,459 855 387 29.552 ,034 6,982 5,653 15,883 1,126 916 1947—Dec. 31.. 36 04013 4497.088 225 170 484 15 3,147 1,969 35120 196 373 2,358 1.901 15,563 1.342 .053 1960—Dec. 31.. 62,95340,00216,223 887 719 739 351 3,216 9,005 8,721 909 17,396 2,031 794 5,461 9,111 4,817 738 1961—June 30.. 63 670 ,747! 15 862963 610 749 344 2,751 9,256 8,954 1,028 18,053 1.784 1,175 6.292 8,803 5,174 696 Dec. 30.. 68.56542,379 16,8791.076 976 784 470 3,261 9.590 9.172 99819,7748 3,020 741 8,605 7.382 5.710 728" 1962—Mar. 26.. 68,37342,588 16,6 "9"0 1,116 912 749 1,179 2,872 9,748 9,177 98018,7779 2,038 1,333 7,872 7,535 6,278 728 Country: 1941—Dec. 31.. 12,518 5.890 1,676 20 183 2 1,823 1,5.28 110 481 3,787 1,222 1,028 1 19 9 4 4 7 5 — - D D e ec c . . 3 3 1 1 . . . . 3 3 5 6 , , 0 32 0 4 2 1 5 0 , 5 1 9 9 6 9 , 1 3 . . 4 0 8 9 4 6 4 2 2 3 4 2 7 2 1 7 4 3 1 , ,8 8 8 2 1 7 1, 7 97 0 9 7 2 3 2 5 4 9 2 2 2 6 , , 4 6 8 3 0 0 5 2, , 5 1 8 0 3 2 4 2 , .1 5 0 4 8 41 1 6 7 , . 7 6 2 8 2 7 2 1 . . 0 3 0 4 6 2 1 1 . 0 2 6 6 T 2 1960—Dec. 31.. 67,89036,981 9,499 2,589 508 293 29 1,147 12.449 10,550 647 22,848 2,817 888 7,240 11,903 6,752 1,308 1961—June 30.. 69 11937 942 9,877 2 737 337 400 59 986 12 788 10.855 659 22608 2.228 737 7 70611 9377,220 1,168 Dec. 30.. 73.13139.693 10.165 2,811 591 438 116 1,251 13,242 11,132 751 407 3,614 566 9.560 10.667 7,510 1,500 1962—Mar. 26.. 73,28239,888 10,207 2,928 405 442 448 1,149 13,297 11,110 721 117 3,071 1,047 9,193 10,806 7,785 1,495 Nonmember:* 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 1960—Dec. 31.. 33.91017.719 3,838 2,167 161 269 379 6,205 4,774 207 11,9041,670 624 3,941 5,668 3,431 857 1961—June 30.. 33 81317 968 1,886 2,123 153 285 357 6 187 4,862 20211.467 1.417 380 4.0*2 5 618 3.508 Dec. 30.. 35,85618,700 4,241 2,314 179 306 418 6,341 4,995 21412,525 2,,259 272 4,947 5,046 3,655 976- 1 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 banks During by mergerSj etc 1941 three mutual savings bank" 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 rreirber 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 859 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits K.©» Bal- Deco b c C m a a l n l m a l k s d e s a r a o n c t f e i d al F s B s e w e R e a r d r i n e v t e v - h k e r e s a s l C va a u s l h t b m a a w d n e n i o c s t k - t e h s i s c 5 ju p m d a s o a t d e s e n - i - d t d s 6 m D e I o n d st - t e i e c p r s o b s a i e n F t i s g k o n r- 7 G U o .S v . t. p v s S o i u a t s li a b n i t o t d i d e c n i s a - s l c C c h o f a e e e i f e t n e f r c r c i d d . s t - k i ' - s, a p v n s a p i t I d h i r d n o o u t i r d p n n c a a i e s o s l - - , r s r , - - I b n a t n er k - G P U S i a n o a o . n s g S v v d t . s - t a . l v S s p i u a i t s o c a n i b a l o t i d d e l n t- i s s - p a v n s a p i I t h d r i n d o o t i u r d p n n c a a i e s o s - l - , r r s - , - B in o g r s - c C o a t a u a c p n - l i t - s Total: 3 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 65 10,059 1960—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 t 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 76,680 471 22,459 All insured: 1941—Dec. 31.... 12,396 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 1,829 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 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 1960-Dec. 31... 16,720 2,518 8,582 94,594 14,875 1,561 5,287 9,016 4,244 99,134 1,639 237 3,559 53,477 13017,398 1961—June 30... 16,488 2 142 6,897 92,750 12,061 1,016 5,731 9,241 3,441 92.886 276 263 4,203 60 108 382 18 027 Dec. 30.... 16.918 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 1962—Mar. 26.... 16,519 2,866 6,833 94,164 12,203 i; 108 6,125 8,616 3,258 93,661 332 261 4,866 66,6552,063 18,884 New York City:* 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 1,206 195 2.120 1947—Dec. 31... 4,639 151 70 16,653 3,236 i:217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 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 1962—Mar. 26..., 3,271 231 68 16,005 3,215 824 1,379 243 1,830 17,271 198 43 220 7,387 829 3,707 Chicago:* 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 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 1962—Mar. 26.... 981 34 94 3,782 1,090 39 369 222 85 4,022 16 5 8 2,280 357 870 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 ""2 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 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 1962—Mar. 26..., 7,445 897 2,137 34,119 6,460 231 2,436 3,057 773 35,939 73 110 2,512 25,684 752 7,070 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 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.... 4,828 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 1,678 5,881 43,575 1,910 15 1,641 5,320 796 40,095 37 108 1,891 29,834 40 7,088 1962—Mar. 26.... 4,822 1,705 4,535 40,240 i;438 14 1,940 5,093 570 36,429 45 103 2,125 31,304 126 7,237 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 1960—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 19,280 507 49 611 2,609 318 16 666 185 25 1,063 13 732 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. 7 Beginning with June 1961, reclassiflcation of deposits of foreign 4 Central reserve city banks. central banks reduced foreign interbank demand deposits by about $400 5 Beginning with 1942, excludes reciprocal bank balances. million and interbank time deposits by about $1,500 million. These *Through 1960, demand deposits other than interbank and U. S. amounts are now included in demand and time deposits of individuals, Government, less cash items reported as in process of collection; beginning partnerships, and corporations. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 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 Loans To brokers Nonbank T lo o a t n a s l and Com- and dealers To others Banks institutions Wednesday m in a e v n n e d s ts t- 1 j i m u n s a v e t d e n e - s t d t s - 2 j L u a s o t d a e - n d s 2 in m t a c r d n i i e 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 S n v a - - s . t. O c t s u t i e e h r - s i e - r G U t l i o i o o g . b n S v a - - s . t. O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i i e e o m a c s r - l - - - n s c s P a o a o a f n e n n i l m - e r d c a - s - e l ! j ' < 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 o e l v u - n e a s panies etc. Total- Leading Cities 1961 June 7 , 112,912 111,406 69,047 31,161 1,149 163 1,996 103 1,326 558 1,506 3,257 1,663 12,832 16,402 1,563 14 114,744 113,807 69,848 31,519 1,148 360 2,098 103 ,332 551 937 3,314 1,703 12,863 16,420 1,563 21 115,512 114,190 70,350 31,702 1,147 729 2,036 105 ,340 564 ,322 3,360 1,672 12,904 16,354 1,563 28 114,343 113,106 70,171 31,769 1,155 380 2,061 104 ,343 579 ,237 3,332 1,693 12,896 16,418 1,559 1962 May 2 123,697 121,909 75,930 32,937 1,372 1,371 2,541 121 ,416 704 ,788 3,472 2,288 13,874 17,558 ,724 9 122,038 120,379 75,073 32,910 1,377 929 2,357 106 ,418 701 ,659 3,267 2,272 13,923 17,536 ,723 16 123,080 121,312 75,429 33,123 1,377 1,102 2,160 96 ,416 681 ,768 3,334 2,312 13,990 17,557 ,719 23 122,548 120,832 74,719 32,978 1,384 546 2,154 93 ,398 702 ,716 3,262 2,308 14,041 17,570 ,717 30 122,354 120,660 74,647 32,854 1,378 487 2,123 91 ,408 693 ,694 3,316 2,320 14,068 17,625 ,716 June 6 122,496 120,816 74,677 32,791 1,381 499 2,022 92 ,381 690 ,680 3,436 2,334 14,084 17,685 ,718 13 123,547 121,640 75,075 32,894 1,389 713 1,940 93 ,354 707 ,907 3,430 2,385 14,161 17,728 ,719 20 124,238 122,872 76,025 33,328 1,387 789 1,939 91 ,339 741 ,366 3,670 2,448 14,227 17,784 ,718 124,345 122,806 75,902 33,354 1,383 597 1,936 92 ,333 749 ,539 3,549 2,490 14,268 17,872 ,721 27 New York City 1961 27,324 26,589 16,975 10,243 87 ,294 405 278 735 ,031 309 757 2,985 435 June 7 28,264 27,815 17,474 10,417 254 ,396 409 274 449 ,099 312 759 2,966 434 14 28,333 27,986 17,754 10,499 492 ,316 410 287 347 ,111 313 775 2,963 434 21 28,060 27,607 17,686 10,571 265 ,345 414 299 453 ,110 319 755 3,019 433 28 1962 May 2 30,360 29,802 19,617 10,865 1,014 ,480 447 340 558 ,201 498 932 3,293 496 9 29,346 28,663 18,830 10,812 611 ,343 444 348 683 ,032 488 941 3,280 496 16 29,664 29,130 19,016 10,877 733 ,271 440 336 534 ,087 486 952 3,298 490 23 29,435 28,756 18,398 10,794 380 ,151 429 347 679 ,043 481 963 3,274 490 30 29,332 28,514 18,261 10,742 297 ,133 432 336 818 ,080 480 955 3,270 490 June 6 29,431 28,764 18,321 10,730 339 1,016 421 339 667 ,197 487 949 3,310 492 13 29,857 29,117 18,449 10,735 514 954 409 357 740 ,163 512 960 3,312 492 20 30,060 29,759 18,858 10,984 500 986 404 372 301 ,281 521 974 3,305 491 27 30,029 29,654 18,707 11,018 373 988 403 380 375 ,188 526 980 3,320 491 Outside New York City 1961 June 7 85,588 84,817 52,072 20,918 1,144 76 702 921 280 771 2,226 ,354 12,075 13,417 1,128 14 86,480 85,992 52,374 21,102 1,143 106 702 923 277 488 2,215 ,391 12,104 13,454 1,129 21 87,179 86,204 52,596 21,203 1,143 237 720 930 277 975 2,249 ,359 12,129 13,391 1,129 28 86,283 85,499 52,485 21,198 1,152 115 716 929 280 784 2,222 ,374 12,141 13,399 1,126 1962 May 2 93,337 92,107 56,313 22,072 ,362 357 1,061 969 364 1,230 2,271 ,790 12,942 14,265 1,228 9 92,692 91,716 56,243 22,098 ,368 318 1,014 974 353 976 2,235 ,784 12,982 14,256 1,227 16 93,416 92,182 56,413 22,246 ,368 369 889 976 345 1,234 2,247 ,826 13,038 14,259 1,229 23 93,113 92,076 56,321 22,184 ,375 166 1,003 969 355 1,037 2,219 ,827 13,078 14,296 1,227 30 93,022 92,146 56,386 22,112 ,369 190 990 976 357 876 2,236 ,840 13,113 14,355 1,226 June 6 93,065 92,052 56,356 22,061 ,372 160 1,006 960 351 1,013 2,239 ,847 13,135 14,375 1,226 13 93,690 92,523 56,626 22,159 ,380 199 986 945 350 1,167 2,267 ,873 13.201 14,416 1,227 20 94,178 93,113 57,167 22,344 ,378 289 953 935 369 1,065 2,389 ,927 13,253 14,479 1,227 27 94,316 93,152 57,195 22,336 ,374 224 948 930 369 1,164 2,361 ,964 13,288 14,552 1,230 1 After deduction of valuation reserves. 2 Exclusive of loans to domestic comrne rcial banks and after deduction of valuation reserves; individual loan item s are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 861 A SSETS 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 Total Bills C ti e fi r - - No m te a s t u a r n i d n g b — onds O s ri e t t c h ie u e s - r Total d a o w B n t m i a i c c t l e e h - s s- a w e B f n o i i a c g r t l e n h - - s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e R th k - e . s s a o s t s h e e t r s a c l c i a c a a t p i b o n e i i u d s t l a n i- l ts cates With- lto After banks banks ly i e n ar 5 years 5 years Total- Leading Cities 1961 June 7 31,431 3,494 2,302 5,180 15,941 4,514 10,928 16,334 2,702 112 1,320 12,200 4,277 144,489 14 33,124 5,177 2,330 5,164 15,945 4,508 10,835 17,279 3,373 114 1,423 12,369 4,227 149,890 21... 32,935 4,894 2,379 6,163 14,983 4,516 10,905 16,792 2,834 129 1,394 12,435 4,226 148,139 28 31,976 3,923 2,386 6,223 14,948 4,496 10,959 16,988 3,172 120 1,469 12,227 4,303 146,974 1962 May 2 32,069 3,874 2,370 6,455 14,805 4,565 13,910 17,241 2,968 137 1,443 12,693 4,701 159,588 9 31,667 3,432 2,371 6,501 14,798 4,565 13,639 16,853 2,667 153 1,478 12,555 4,600 155,410 16 32,125 3,831 2,171 6,536 14,584 5,003 13,758 17,393 2,922 136 1,489 12,846 4,478 159,508 23 32,320 3,970 2,147 6,635 14,525 5,043 13,793 16,825 2,640 153 1,540 12,492 4,489 155,769 30 32,256 3,962 2,121 6,608 14,535 5,030 13,757 17,132 2,887 164 1,581 12,500 4,572 156,349 June 6 32,266 3,980 2,141 6,651 14,476 5,018 13,873 17,208 2,850 139 1,446 12,773 4,582 156,780 13.... 32,255 4,065 2,138 6,718 14,406 4,928 14,310 17,459 2,945 151 1,583 12,780 4,521 159,476 20 32,526 4,184 2,210 6,694 14,645 4,793 14,321 17,783 2,866 141 1,538 13,238 4,508 159,739 32,418 3,997 2,215 6,749 14,687 4,770 14,486 17,665 2,805 172 1,620 13,068 4,551 159,214 27 New York City 1961 June 7......... 7 7 , ,0 8 9 3 1 7 , , 0 8 9 3 5 1 8 83 5 3 2 1 1 , , 1 1 0 4 6 0 3 3 , , 2 2 5 3 6 3 7 7 9 9 0 2 2 2 , , 5 5 2 0 3 4 4 3 , , 0 6 0 0 1 2 1 5 1 2 6 1 1 8 8 8 8 3 3 , ,3 6 1 4 3 6 1 1 , ,8 8 5 1 1 6 3 3 9 6, , 5 1 6 3 1 5 14 7,693 ,665 875 1,440 2,927 786 2,539 3,897 71 186 3,575 1,821 38,045 21 7,364 ,344 869 1,446 2,918 787 2,557 3,986 107 193 3,629 1,858 38,114 28 1962 May 2 6,766 ,210 669 1,567 2,382 938 3,419 3,896 122 210 3,494 2,012 41,413 9 6,705 ,135 665 1,556 2,402 947 3,128 3,563 77 222 3,186 ',938 39,030 16 6,945 ,413 451 1,406 2,511 1,164 3,169 4,158 69 209 3,814 ,873 40,788 23 7,207 ,603 451 1,458 2,515 ,180 3,151 3,805 63 220 3,440 ,901 39,404 30 7,111 ,562 437 1,429 2,516 ,167 3,142 3,705 69 221 3,328 ,888 39,479 June 6 7,223 ,687 438 1,430 2,510 ,158 3,220 3,742 79 220 3,373 ,919 39,393 13 7,232 ,776 432 1,429 2,508 ,087 3,436 3,990 80 226 3,606 ,868 40,352 20 7,509 ,905 512 1,441 2,558 ,093 3,392 4,181 75 218 3,820 ,863 40,669 27 7,502 ,866 521 1,475 2,581 ,059 3,445 4,207 76 225 3,807 1,886 40,758 Outside New York City 1961 June 7 24,340 2,399 1,469 4,040 12,708 3,724 8,405 12,732 2,650 ,132 8,887 2,426 107,928 14 25,287 3,346 1,478 4,058 12,689 3,716 8,331 13,278 3,257 ,235 8,723 2,411 110,755 21 25,242 3,229 1,504 4,723 12,056 3,730 8,366 12,895 2,763 ,208 8,860 2,405 110,094 24,612 2,579 1,517 4,777 12,030 3,709 8,40r 13,002 3,065 ,276 8,598 2,445 108,860 1962 May 2 25,303 2,664 ,701 4,! 12,423 3,627 10,491 13,345 2,846 ,233 9,199 2,689 118,175 9 24,962 2,297 ,706 4,945 12,396 3,618 10,511 13,290 2,590 ,256 9,369 2,662 116,380 16 25,180 2,418 ,720 5,130 12,073 3,839 10,589 13,235 2,853 ,280 9,032 2,605 118,720 23 25,113 2,367 ,696 5,177 12,010 3,863 10,642 13,020 2,577 ,320 9,052 2,588 116,365 30......... 25,145 2,400 ,684 5,179 12,019 3,863 10,615 13,427 2,818 ,360 9,172 2,684 116,870 June 6 25,043 2,293 ,703 5,221 11,966 3,860 10,653 13,466 2,771 ,226 9,400 2,663 117,387 13 25,023 2,289 ,706 5,289 11,898 3,841 10,874 13,469 2,865 ,357 9,174 2,653 119,126 20 25,017 2,279 ,698 5,253 12,087 3,700 10,929 13,602 2,791 ,320 9,418 2,645 119,074 27 24,916 2,131 ,694 5,274 12,106 3,711 11,041 13,458 2,729 ,395 9,261 2,665 118,45C Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time De- Indi- States Do- Other time O lia t b h i e l r - C i a t p a - l Wednesday Total mand viduals, and mes- From From ities ju un st a e d d - 1 po de s - its Total* pa sh rt i n p e s r , - p i o c l a i l t- For- U.S. co ti m c - Totals Sav- S a ta n t d es B F a n R ks others ad- and sub- cign* Gov't. mer- ings polit- Forjusted2 corpo- divi- cial ical eign* rations sions banks subdivisions Total- Leading Cities 1961 June 7... 124,919 62,210 85,628 63,391 5,210 ,523 1,56510,887 39,29128,408 5,858 2,809 1,705 5,33512,503 14... 131,072 63,433 91,610 66,811 4,891 ,592 2,78811,749 39,462 2288,449 5,974 2,822 1,906 882 5,42812,491 21... 128,916 62,600 89,480 64,512 4,737 ,712 4,75010,52139',436 28,509 5,933 2,817 1,866 1,507 5,188 12,484 28... 127,967 62,156 88,255 63,750 4,932 ,626 3,83410,925 39J12 28,627 6,102 2,799 1,874 1,221 5,"2"44 12,522 1962 May 2... 138,73163,071 93,061 65,458 5,771 ,731 4,74411,297 455,670 31,757 7,879 3,426 2,245 36 2,098 5,49813,225 9... 134,859 6-1',842 88,959 63,380 5,366 ,684 4,201 10,997 455,900 31,871 7,984 3,420 2,256 36 1,948 5,33013,237 16... 138,450 60,657 92,378 64,770 5,179 ,685 5,72511,439 466,072 31.955 8,082 3,394 2,267 174 2,186 5,47813,220 23... 134,954 60,857 88,675 62,589 5,404 ,622 5,521 10,390 466,279 32,045 8,190 3,404 2,264 44 2,120 5,43413,217 30... 135,78161,621 89,297 63,705 5,404 ,601 5,02810,357 46',484 32j094 8,344 3,403 2,265 38 1,804 5,47313,253 June 6... 135,996 61 89,341 63,718 5,181 1,658 3,907 436 46,65532,171 8,422 3,422 2,264 26 1,979 5,50513,274 13... 138,317 62; 91,487 66,761 4,878 1,654 3,314 445555 4466 ,8"3"0 3322,226633 8,530 3,411 2,244 73 2,297 5,52413,265 20... 139,016 62; 92,150 65,457 4,688 1,723 5,486 ,228 46,866 32,360 8,475 3,401 2,247 410 1,723 5,34313,247 27... 138,468 61 91,391 64,022 4,829 1,716 6,59410,672 47;07732,514 8,536 3,402 2,241 291 1,825 5,35613,274 New York City 1961 June 7... 29,63016,329 23,310 16,886 250 1,165 398 2,799 6,320 2,590 1,878 259 ,463 563 2,782 3,586 14... 32,44416,994 26,033 18,098 258 1,2^0 759 3,226 6,411 2,601 1,942 272 ,461 261 2,842 3,588 21... 31,10316,667 24,696 17,170 247 1,284 1,311 2,724 6,407 2,608 1,937 270 ,455 660 2,696 3,586 28... 31,36116,406 24,841 17,198 220 1,217 1,083 3,142 6,520 2,632 2,027 259 ,466 457 2,715 3,581 1962 May 2... 33,73416,289 26,096 17,075 439 1,318 1,633 3,029 7,638 3,355 2,323 189 ,601 1,072 2,866 3,741 9... 31,72115,575 24,007 16,109 316 1,280 1,349 2,900 7,714 3,377 2,364 191 ,607 815 2,750 3,744 16... 33,04315,345 25,268 16,592 293 ,281 1,657 3,173 7,775 3,395 2,391 188 ,624 37 1,269 2,700 3,739 23... 31,93115,377 24,086 16,078 365 ,218 1,562 2,884 7,845 3,422 2,436 185 ,624 968 2,769 3,736 30... 32,34115,650 24,411 16,666 330 ,203 1,378 2,829 7,930 3,429 2,505 193 ,623 615 2,786 3,737 June 6... 32,11315,787 24,139 16,440 334 ,251 1,078 2,973 7,974 3,460 2,508 205 ,621 758 2,781 3,741 13... 32,82116,313 24,746 17,434 260 ,241 881 2,915 8,075 3,484 2,599 206 ,604 10 1,056 2,723 3,742 20... 33,25316,233 25,212 17,006 276 ,295 1,447 2,967 8,041 3,505 2,541 206 ,605 101 946 2,630 3,739 27... 33,35615,961 25,278 16,751 252 ,290 1,797 2,884 8,078 3,524 2,570 201 ,599 9' 870 2,705 3,730 Outside New York City 1961 June 7... 95,289 45,881 62,318 46,505 4,960 358 1,167 8,08832,97125,818 3,980 2,550 445 1,142 2,553 8,917 14... 98,628 46,439 65,577 48,713 4,633 352 2,029 8,52333 05125 848 4 032 2 550 445 621 2,586 8,903 21... 97,813 45,933 64,784 47,342 4,490 428 3,439 7,797 33,029 25,901 3,996 2,547 411 847 2,492 8,898 28 96,606 45,750 63,414 46,552 4,712 409 2,751 7,78333; 192 25,995 4,075 2,540 408 764 2,529 8,941 1962 May 2... 104,997 46782 66,965 48,383 5,332 413 3,111 8,26838,032 28,402 5,556 3,237 644 36 1,026 2,632 9,484 9... 103,138 46;267 64,952 47,271 5,050 404 2,852 8,097 "38 ', 118866 2288,494 5,620 3,229 649 36 1,133 2,580 9,493 16... 105,407 45 312 67,110 48,178 4,886 404 4,068 8, 297 28,560 5,691 3,206 643 137 917 2,778 9,481 23... 103,023 45!480 64,589 46,511 5,039 404 3,959 7,506 38434 28,623 5,754 3,219 640 44 1,152 2,665 9,481 30... 103,440 45;971 64,886 47,039 5,074 398 3,650 7,,528 38554 28,665 5,839 3,210 64: 38 1,189 2,687 9,516 June 6 103,883 45,717 65,202 47,278 4,847 407 2,829 8,46338,68128,711 5,914 3,217 643 26 1,221 2,724 9,533 13... 105,496 46;456 66,741 49,327 4,618 413 2,433 8,54038,755 2288,779 5,931 3,205 640 63 1,241 2,801 9,523 20... 105,763 45;993 66,938 48,451 4,412 428 4,039 8,26138,82528,855 5,934 3,195 64: 309 777 2,713 9,508 27... 105,112 45;511 66 113 47,271 4,577 426 4,797 7,78838,,9—99 2"8",990 5,966 3,201 64: 194 955 2,651 9,544 1 Total demand and total time deposits. 4 Comprises deposits of foreign governments and official institutions, 2 Demand deposits other than domestic commercial interbank and centra] banks, international institutions, banks in foreign countries, and U. S. Government, less cash items reported as in process of collection. foreign branches of U. S. banks other than reporting bank. 3 Includes certified and officers' checks and deposits of mutual savings 5 includes U. S. Government, postal savings, domestic commercial banks, not shown separately. interbank, and mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 863 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKSl [Net change in millions of dollars2] Week Month Quarter Half year Industry3 1962 1962 1962 1961 1962 1961 Ju 2 n 7 e Ju 2 n 0 e Ju 1 n 3 e Ju 6 ne M 3 a 0 y June May Apr. 2 1 4 1 1 Classification basis New Old Durable goods manufacturing: 6 3 8 -9 16 8 -91 -37 -119 -12 68 -131 Machinery -3 43 -10 -5 -7 25 15 -90 -50 138 -75 89 -100 Transportation equipment 6 70 -14 -7 -9 55 2 -30 27 69 26 96 Other fabricated metal products... 12 22 7 1 1 41 28 -19 50 76 -41 126 -2 26 13 14 4 51 54 6 112 16 -103 128 n.a. Nondurable goods manufacturing: Food, liquor, and tobacco 51 44 -39 -24 15 31 -37 -146 -152 -345 397 -497 -498 Textiles, apparel, and leather 3 9 10 14 -19 35 7 42 247 -290 289 177 Petroleum refining 4 3 -8 -10 -4 -12 -10 8 -14 -53 60 -67 Chemicals and rubber -33 39 16 -7 -10 14 9 14 37 39 -25 76J Other nondurable goods 8 14 17 30 2 68 86 10 164 10 -64 174 n.a. Mining, including crude petroleum and natural gas -6 -1 8 -10 -15 -10 -8 25 8 17© 380 178 249 Trade: Commodity dealers -12 -4 -17 -14 -34 -102 -25 -161 -77 357 -237 -325 Other wholesale 9 12 9 3 -3 32 -7 28 52 -18 51 34 Retail -15 8 9 1 -16 2 12 38 52 10 10 61f 175 Transportation, communication, and 63 8 -47 -49 24 -104 -143 -223 -288 233 -510 -330 Construction. -3 16 17 -2 -2 28 90 45 164 18 9 182 53 All other types of business, mainly services 2 30 25 5 -7 62 70 -6 127 79 297 205 406 Net change in classified loans 28 394 74 -73 -117 424 7 -315 116 80 1,292 196 -463 Commercial and industrial change— all weekly reporting banks 26 434 103 -63 -124 500 76 -236 340 94 1,115 434 -387 n.a. Not available. not strictly comparable with prior data; for example, new "Mining'* 1 Data for sample of about 200 banks reporting changes in their larger includes a part of old "Other manufacturing and mining," with which loans; these banks hold about 95 per cent of total commercial and in- it is compared; a part of "Metals and metal products"; and coal, crude dustrial loans of all weekly reporting member banks and about 70 per petroleum, and natural gas from old "Petroleum, coal, chemicals, and cent of those of all commercial banks. rubber." "Other durable" and "Other nondurable" were in old "Other 2 Figures for periods other than weekly are based on weekly changes. manufacturing and mining." 3 Because of reclassifications as of Sept. 27, 1961, many categories are • Reflects new coverage; see BULLETIN for June 1961, p. 654. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages; per cent per annum] Size of loan Size of loan p A e a r r n i e o d a d lo A a l n l s 1— (tho 1 u 0 s — ands of 1 0 d 0 o — llars) 200 p A e a r r n i e d o a d lo A a l n l s 1— (tho 1 u 0 s — ands of 1 0 d 0 o — llars) 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly—cont.:2 19 large cities: New York City: 1961—June 4.75 5.63 5.39 5.06 4.63 1953 3.7 5.0 4.4 3.9 3.5 Sept 4.75 5.65 5.36 5.06 4.64 1954 3.6 5.0 4.3 3.9 3.4 Dec 4.77 5.66 5.37 5 04 4.66 1955 3.7 5.0 4.4 4.0 3.5 1962—Mar 4.78 5.65 5.36 5.04 4.68 June 4.78 5.66 5.36 5.09 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—June 4.95 5.84 5.45 5.15 4.82 I960 5.2 6.0 5.7 5.4 5.0 Sept 5.05 5.86 5.53 5.18 4.93 1961 5.0 5.9 5.5 5.2 4.8 Dec 4.96 5.82 5.51 5.22 4.81 1962—Mar 4.97 5.85 5.53 5.17 4.83 June 5.00 5.83 5.52 5.21 4.86 Quarterly: 2 19 large cities: 11 Southern and Western cities: 1961—June 4.97 5.89 5.53 5.18 4.80 1961—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 June 5.01 5.89 5.53 5.25 4.83 June 5.33 6.01 5.65 5.39 5.12 1 For description see BULLETIN for March 1949, pp. 228-37. per cent): 1953—Apr. 27, 3V4; 1954—Mar. 17, 3; 1955—Aug. 4, 3»4; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21, 4; t957—Aug. 6, 4^2,' 1958— Jan. 22, 4; Apr. 21, 3^1 Sept. 11, 4; 1959—May 18, 4Vi; Sept. 1, 5; and NOTE.—Bank prime rate was 3 per cent Jan. 1, 1953-Apr. 26, 1953. 1960—Aug. 23, 4i/i. Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 INTEREST RATES MONEY MARKET RATES [Per cent per annum] . S. Government Securities (taxable)4 Finance Prime company Prime com- paper bankers' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week mercial placed acceptpaper, directly, ances, 3- to 5- 4- to 6- 3- to 6- 90 days3 Rate Rate Bills year months1 months2 on new Market on new Market (market Others issues6 issue yield issue yield yield) 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 1961 average 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1961—June 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 Aug . . 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 Sept 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 3.20 3.09 3.00 2.735 2.73 2.838 2.83 2.90 2.94 3.48 May 3.16 2.95 2.91 2.694 2.68 2.789 2.78 2.91 2.98 3.53 June 3.25 3.02 2.90 2.719 2.73 2.804 2.80 2.89 3.02 3.51 Week endinc— 1962—June" 2 . . . 3.25 2.88 2.88 2.656 2.68 2.743 2.76 2.88 3.00 3.53 9 3.25 2.99 2.88 2.691 2.65 2.787 2.74 2.86 2.97 3.50 16 3.25 3.00 2.88 2.671 2.69 2.758 2.76 2.86 2.97 3.46 23 3.25 3 03 2.88 2 721 2.73 2.800 2.80 2 88 3.03 3.50 30 3.25 3.11 2.98 2.792 2.84 2.872 2.90 2.97 3.12 3.60 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 i [Per cent per annum] Government bonds Corporate bonds3 Stocks5 State By selected By Dividend/ Earnings/ Year, month, or week U S n ta i t t e e s d and local3 Total4 ratings groups price ratio price ratio (longterm) 2 Indus- Rail- Public Pre- Corn- Com- Total4 Aaa Baa Aaa Baa trial road utility ferred mon Number of issues 4-9 20 120 30 30 40 40 40 14 500 500 1959 average 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 1 19 9 6 6 1 0 a a v v e er r a a g ge e .... 4 3 . . 0 9 1 0 3 3 . . 6 6 9 0 3 3 . . 2 2 6 7 4 4 . . 2 0 2 1 4 4. . 6 7 6 3 4 4. . 3 4 5 1 5 5 . . 0 1 8 9 4 4 . . 5 5 9 4 4 4 . . 8 9 2 2 4 4 . . 5 6 7 9 4 4 . . 6 7 6 5 2 3 . . 9 4 7 6 r4 5 . . 7 9 7 1 1961—June 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 Aug 4.00 3.62 3.33 3.96 4.73 4.45 4.60 4.92 4.67 4.69 2.91 Sept 4.02 3.64 3.33 4.02 4.74 4.45 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 4.60 4.92 4.66 4.62 2.91 Nov 3.98 3.57 3.27 3.96 4.70 4.39 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 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 May 3.88 3.21 2.98 3.55 4.58 4.28 5.00 4.42 4.83 4.50 4.45 3.32 June 3.90 3.31 3.06 3.65 4.59 4.28 5.02 4.45 4.86 4.47 4.52 3.78 Week ending— 1962—June 2.. 3.89 3.27 3.04 3.60 4.57 4.28 4.98 4.42 4.81 4.48 4.54 3.57 9.. 3.88 3.30 3.05 3.64 4.58 4.28 5.00 4.43 4.83 4.48 4.53 3.57 16.. 3.87 3.31 3.06 3.65 4.58 4.28 5.01 4.44 4.86 4.46 4.50 3.76 23.. 3.90 3.29 3.05 3.62 4.59 4.29 5.02 4.45 4.86 4.46 4.50 3.81 30.. 3.95 3.32 3.08 3.67 4.61 4.29 5.03 4.48 4.88 4.46 4.54 3.97 p Preliminary. r Revised. 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 3 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 865 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Ye o a r r , w m e o ek nth, t ( G U e lo r o . m n S v g ) t . . - 2 n g ( i r M h c a i i d g u p h e - a ) - l 3 g ( C r h r p a a i o o d g t r - e e h - ) - 3 Total 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 Tot M al anu r D f a a b u c l - t e urin N r g a d o b u n l - e - 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 i f n c a n r i e v d d - c - e e , , M in i g n- s s t h i h a a ( n o n o i r g f n d u e 4 s s - ) 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—June.. 87.83 106.8 95.0 65.62 69.48 32.41 58.43 132.8 126.0 128.0 124.2 105.1 164.0 156.0 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 62.69 140.4 130.8 133.6 128.1 108.5 181.4 175.2 104.1 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 63.86 138.0 128.2 128.0 128.5 103.1 180.3 172.0 103.9 3,263 May., 87.87 113.5 95.9 62.99 66.32 30.71 58.84 128.3 119.0 117.5 120.6 98.5 167.1 161.6 97.5 5,045 June.. 87.61 111.2 95.7 55.63 58.32 28.05 53.32 114.3 105.7 103.2 108.1 90.2 151.1 141.3 88.3 4,770 Week ending— 1962—June 2 87.74 111.6 95.8 58.15 61.19 29.03 54.31 120.8 111.9 109.9 113.8 94.6 158.3 150.6 92.4 10,141 9 87.86 111.3 95.9 58.02 60.88 28.95 55.29 118.7 109.9 107.8 111.8 92.7 156.0 148.6 91. 4,208 16 87.96 111.1 95.8 55.98 58.65 28.19 53.83 113.9 105.3 102.9 107.7 90.2 150.3 141.1 87.1 5,354 23 87.63 111.1 95.7 54.47 57.07 27.67 52.31 107.0 98.6 95.2 101.8 85.5 143.0 131.4 83.8 4,162 30 86.95 111.1 95.5 53.31 55.85 27.08 51.26 111.3 103.0 100.3 105.6 88.1 148. 134.7 86.9 5,155 i 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. * Average daily volume of trading in stocks on the New York Stock Exchange for a S^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Net debit balances with Bank loans to others (than 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 New York f S ir t m oc s k 2 Exchange c b ha ro si k n e g r s a n an d d c a d r e r a y l i e n r g s ) s f e o c r u r p it u i r e - s3 Money borrowed Cust n o e m t ers' U. S. Govt. free ob (c c l o i o g l l . a . t 3 5 io + ) 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 i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G 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 June 5,367 51 4,024 104 1,343 67 2,748 July 5,355 50 3,991 106 1,364 69 2,728 [,207 Aue 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 r3,O15 1.110 May 5,408 35 4,000 91 I 408 44 2,845 1,205 June 4,938 32 3,605 92 1.333 46 2,194 1,374 r Corrected. 3 Figures are for weekly reporting member banks. Before July 1959, 2 1 L D e a d t g a e f r o b r a c l o an ls c . e 4 s - 7 o f a m re e f m or b e la r s f t i r W m e s d o n f e s t d h a e y N o e f w m Y o o n r t k h . Stock Exchange p lo o a r n te s d fo se r p p a u ra r t c e h* ly a s i o *n n g l y o b r y c a N r e ry w i"n Y g o UU rk .. a SS n .. d GG C oov h ve i e c rr a nn g mm o ee nn b tt a n ss k ee s cc . uu rriitt A iiee c ss c o ww rd ee i rr n ee g r l r y ee- , 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 puroose) 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 borrowu^ from banks and * 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

866 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 Accepting banks F. R. Goods stored in or T7\ta1 Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direCt- into from exdealers i To- Own Bills Own For- United United change tal bills bought acct. eign States States United Foreign corr. States countries 1956 r2,183 506 Tl 677 967 227 155 72 69 50 621 261 329 2 227 148 1957 '2,672 551 '2 121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 '32,751 840 r3l,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 r3,202 677 r2 525 1.151 319 282 36 75 82 675 357 309 74 162 249 I960 »-4,497 1,358 '3 139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—May r4,936 1,478 '3 458 2,203 808 645 163 37 166 1,192 379 864 74 235 651 '4,936 1,460 '3,476 2,271 913 697 216 36 156 1,166 395 896 70 207 703 July '4,991 1,534 '3 457 2,301 915 727 188 32 144 1,210 415 926 45 186 729 '4,946 1,617 '3,329 2,400 970 753 217 34 137 1,259 429 964 49 192 765 Sept. '4,875 1,730 '3,145 2,422 946 740 207 35 123 1,318 452 964 59 191 757 Oct. '5,119 1,818 '3 301 2,491 1,035 829 206 38 117 1,301 457 949 91 225 769 Nov '5,349 1,868 '3,481 2,555 1,122 871 251 43 110 1,280 461 939 98 287 770 Dec '4,686 1,711 '2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962—Jan '5,556 1 762 '3 794 2,621 1,163 804 359 45 120 1,294 477 946 74 271 853 Feb '5,520 1,762 '3,758 2,559 1,093 788 305 44 113 1,309 472 915 106 223 844 Mar . ... '5,713 1,876 '3,837 2,498 1,072 774 298 42 100 1,284 474 889 86 182 867 Apr '5,640 1,883 r3 757 2,392 981 763 218 36 94 1,281 479 826 74 158 855 May 5,917 1,869 4,048 2,345 949 733 216 33 112 1,251 462 787 96 145 855 ' Revised. 3 Beginning with November 1958, series includes all paper with maturity 1 As reported by dealers; includes finance company paper as well as of 270 days and over. Figures on old basis for December were (in other commercial paper sold in the open market. millions of dollars): Total 2,739; placed directly, 1,899. 2 As reported by finance companies that place their paper directly with investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted; amounts in millions of dollars] Loans Securities Total assets— 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 t e p d e r o 1 - a C s a se s t h s O as t s h e e ts r s l a T u ia a t c r o i b n p c e t i d t l s a l s u i l . - s De it p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s N M c u o m o m r b m t e g r i a t g m e A e l m n o t a o s n 3 unt 1941 4,787 89 3,592 1,786 829 689 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 < 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 L200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1961—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 ,674 July 27,972 385 6,314 685 5,160 835 620 41,970 37,450 852 3,668 66,544 ,792 AUK 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 ,526 Oct 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 ,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 Mar 29,563 508 6,531 633 5,090 896 676 43,897 39,083 973 3,840 69,223 1,698 Apr 29,833 468 6,315 607 5,055 817 671 43,766 39,032 923 3,811 73,401 1,817 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. 854. 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 867 LIFE INSURANCE COMPANIES * [Institute of Life Insurance data; in millions of dollars] Government securities Business securities Period a T s o s t e a t l s Total TUT ni . t ed , 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 ts r States (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 ],240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 ,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 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 ,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 ,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 End of month:* 1959—Dec... 113,650 11,599 6,858 3,221 ,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 ,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Apr.... 121,921 11,982 6,488 3,769 ,725 51,812 47,563 4,249 42,553 3,827 5,461 6,286 May... 122,462 12,063 6,551 3,774 ,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 June... 122,751 11,881 6,369 3,761 ,751 52,308 47,966 4,342 42,945 3,851 5,509 6,257 July... 123,381 11,972 6,440 3,786 1,745 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 1,822 53,292 48,767 4,525 43,580 3,936 5,652 6,511 Nov.... 125,706 12,133 6,360 3,904 1,869 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 1,883 54,329 49,506 4,823 44,378 3,973 5,768 6 708 Feb.... 127,731 12,196 6,335 3,960 1,901 54,519 49,657 4,862 44,494 3,992 5,792 6,738 Mar.... 128,108 12,248 6,257 4,078 [,913 54,704 49,814 4,890 44,637 3,989 5,834 6,696 Apr 128,569 12,341 6,351 4,064 1,926 54,965 50,039 4,926 44,751 4,010 5,880 6,622 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 Internationa] 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 assets." SAVINGS AND LOAN ASSOCIATIONS i (Federal Savings and Loan Insurance Corporation data; in millions of dollars] Assets Liabilities Total Mortgage E p n er d i o o d f M ga o g r e t s - o G U b o l . i v S g t a . . - Cash Other2 a li 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 r a o n 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 t36 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 1,244 n.a. 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1.484 862 1958.. 45 627 3 819 2,585 3,108 35,139 47,976 3,845 1,444 [ 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 I960 60 070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 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—Apr . . . 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 1,416 2,014 2,115 June 64,058 4,997 2,951 4,491 76,497 66,570 5,288 2,029 [,538 1,072 2,120 July 64 795 4,989 2,724 4,341 76,849 66,681 5,282 2,028 1,554 1,304 2 144 Aug 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 1,579 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 ,547 1,114 1,908 1962 Jan 69 368 5 408 2 933 4,628 82,337 71,342 5,745 2,480 488 1,282 1 988 Feb 69,968 5,503 3,031 4,668 83,170 71,920 5,748 2,384 ,539 1,579 2,150 Mar 70,769 5,539 3,162 4,761 84,231 72,854 5,751 2,301 ,657 1,668 2,335 Apr 71,616 5,493 3,084 4,851 85,044 73,240 5,747 2,427 ,795 1,835 2,474 n.a. Not available. 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

868 FEDERAL FINANCE FEDERAL FISCAL OPERATIONS: SUMMARY [In millions of dollars] Derivition of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net Les5— r b e u c N d e e i g p t e t t s re T P f c u l r e u n u i s d s p : t ts ac I t L g t r n i e o a o t s n v r n s a s t : s . - - 1,2 E r T e q c u o t a t s a l . s l 3 : B p t u e u e n d x re d - g s i e - t p T P t f e u u e l r n u x r n u e d - s d s s : i t - m A L e d e n j s u t s s s 1 t : - ,4 E p T q a u o y a t t a l s s l . : p re a o c y r t t s s . . & C (d d h a i i e a g r n b n e e t c g n t e .) a i g n N e v b n e e y . s t t & , O d n c e o a th b s n e h t - s r E N qu e a t ls trusts Cal year 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, 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 1960 77,763 120,534 3,167 95,078 76,539 120, 891 3,129 94,301 111 3,371 953 597 1,821 1961 77,659 23,583 3,946 97,242 81,515 23,•>W 5,226 99,528 -2 286 2,102 870 536 698 Half year: 1960—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 i 10,219 1,526 43,993 40,217 no,561 2,090 48,688 -4,695 3,410 -184 468 3,124 1961—Jan.-June 42,330 13,588 2,643 53,249 41,298 678 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 12, Month: 1961—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 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 Sect 8,945 1,478 180 10.236 6,771 2,703 708 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 7J60 1,*34 518 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 3.567 6,858 2,i077 -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 Apr 5,754 1,587 279 7,060 7,289 1,867 82 9,074 -2,014 784 -737 39 1,482 May 7,024 4,053 222 10,850 7,229 1,591 -340 9,160 1,690 2,386 2,168 85 133 Effects of operations on Treasurer's account Net operating transactions Net financing transactions Change in Treasurer's account cash balances (end of period) Govt. agencies Operating bal. Period and trusts in— Change s B d u u e r o f p d i r l g c u i e t s t , f T u r n u d s s t a C c l c e o a u ri n n t g s i M ssu a o r a f k n e c t e i I n G n o v U e v . s 't S t . , . p d g u i r i r b o n e l s c i s c t T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u ' s s n - t Balance F. R. T an a d x O as n t s h e e t e t r s agency sec. by debt banks loan secu- agen. accts. rities 6 & trusts 6 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 Half year: 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 Month: 1961—May -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 Apr -1 535 -279 10 -43 455 864 395 -924 5,995 569 4,150 1,276 May -205 2,461 -449 -21 -2,182 2,222 -319 2,145 8,140 526 6,623 991 n.a. Not available. 4 Primarily (1) intragovt. transactions, (2) net accruals over payments 1 Adjusted to exclude certain interfund transactions. of interest on savings bonds and Treasury bills, (3) budget expenditures 2 Primarily interest payments by Treasury to trust accounts and involving issuance of Govt. securities, (4) cash transactions between accumulations to U. S. employees trust funds. International Monetary Fund and Treasury, (5) clearing accounts, and 3 Includes small adjustments not shown separately. 1 ( .1 6 1 ) t n v e i t l iu o u p u e i r L a a t i i n l g v i t u r i a i n vi s a a i c y t io 1 n u s u u o f~ a ggu oouvt. sponsored enterprises, For other notes, see opposite ppaagge. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 869 FEDERAL FISCAL OPERATIONS: DETAILS [In millions of dollars] Budget receipts Selected excise taxes (IRS data) Adjustments from total Income taxes Period Net 3 Transfers to trusts Re- Total Individual Corpo- t c a E i x x s e e - s p m t E a l x o e m n e y - s t - O ce r t i e h p - e ts r Liquor b T ac o c - o a M t n a d i f l r e s r r e . s - O ag ld e - H w ig ay h- R t r i . r e e - R . . funds W he i l t d h- Other ration Fiscal year—1958.. 58,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959.. 77,915 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 1960.. 7,763 10,211 2,642 607 5,045 96,962 31,675 13,271 22,179 11,865 11,159 6,813 3,194 1,932 5,114 1961.. 7,659 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 Half year: 1960—Jan.-June. 44,188 6,396 1,361 300 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 1,576 297 793 43,070 16,616 3,185 8,838 6,238 5,063 3,130 1,685 1,088 2,724 1961—Jan.-June. 42,330 6,824 1,347 274 4,932 56,421 16,362 9,990 12,927 5,826 7,439 3,877 1,528 983 2,570 July-Dec.. "5,826 4,742 1,612 278 806 43,575 17,652 3,189 8,259 6,394 5,024 3,057 1,754 1,035 2,656 Month: 1961—May 6,467 1,941 237 77 1,036 9,767 4,743 956 411 1,072 2,020 565 285 176 June 0,831 1,127 238 45 239 12,728 2,459 1,938 5,246 1,062 1,173 850 327 190 1,167 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 Sept 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 1,266 351 343 184 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 Feb 6,729 1,620 207 81 743 9,773 5,124 786 400 967 2,080 416 189 116 1,524 Mar 9,104 1,119 248 50 1,813 12,354 2,896 832 5,879 1,140 1,188 419 313 215 A M p a r y 7 5 , , 0 7 2 5 4 4 2,1 7 8 2 1 9 2 2 6 3 4 0 8 1 2 3 1 1 , , 1 4 0 1 1 7 1 8 0 , , 1 6 5 5 3 8 5 1 , ,0 2 1 8 7 7 4, 9 3 5 3 5 0 4 4 6 4 9 5 1, 9 1 5 5 9 7 2,2 74 6 5 6 6 5 5 2 7 4 n 2 . 4 a 5 . n 1 . 5 a 8 . n.a. Budget expenditures ' Period Total t f i e N d o n e n a s - e - a l 8 a I ff n a t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u r u r e a r a - t c l - es C m t p r a o a o e n n m r r d c t s . - e - & m H d e u i o c n v n u o g e i s m t l - y . - l H w ab e e o l a f r l a , t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- g G e o r e v a n l t - . I t g r d n D o a u t v n e e c r t s - t . - . Fiscal year—1958 71,369 44,234 2,231 4,419 1,544 1,631 30 3,059 541 5,184 7,689 1,284 567 1959 80,342 46,491 3,780 145 6,590 1,670 2,017 970 3,877 732 5,287 7,671 1,466 355 1960 76,539 45,691 1,832 401 4,882 1,714 1,963 122 3,690 866 5,266 9,266 1,542 694 1961 . 81,515 47,494 2,500 744 5,173 2,006 2,573 320 4,244 943 5,414 9,050 1,709 654 Half year: 1960—Jan.-June 37,348 22,539 1,183 241 1,899 772 733 -290 1,891 457 2,714 4,772 792 355 July-Dec 40,217 23,225 1,166 332 2,863 1,058 1,214 208 1,955 408 2,659 4,587 852 310 1961—Jan.-June 41,298 24,269 1,334 412 2,310 948 1,359 112 2,289 535 2,755 4,463 856 344 July-Dec 43,165 23,982 1,651 481 3,543 1,178 1,262 345 2,396 455 2,724 4,502 953 307 Month: 1961—May 7,169 4,149 182 70 589 144 205 23 403 97 449 723 140 6 June......... 7,961 4,577 229 88 700 191 277 15 630 102 449 770 165 245 July 6,322 3,459 238 68 471 151 152 109 344 66 423 773 127 59 Aug 7,631 4,048 264 89 703 235 273 33 421 132 493 739 250 49 Sept 6,771 3,861 288 72 421 218 236 6 350 66 422 740 94 3 Oct 796 4,067 363 75 912 220 219 113 413 69 449 718 187 9 D N e o c v 7, 4 1 8 6 5 0 4 4 , , 2 2 6 8 1 6 3 1 2 7 6 2 9 8 7 0 4 5 8 5 6 0 1 1 8 6 8 6 2 1 0 7 6 6 - 1 2 0 1 5 4 40 5 9 9 5 6 4 8 4 48 5 5 2 7 7 8 4 8 4 1 1 3 5 8 7 186 1 1962—Jan 7,395 4,290 237 96 394 154 190 41 467 113 503 186 84 Feb 6,858 4,099 236 101 371 167 258 72 123 108 457 764 118 16 Mar 7,749 4,598 233 140 504 134 311 19 367 102 449 733 161 2 Apr 7,289 4,314 273 141 363 143 214 -10 381 84 438 780 175 7 May 7,229 4,786 -110 155 300 161 231 -29 297 98 434 780 129 5 5 Primarily adjustments 2, 3, and 4, described in note 4. 8Primarily military defense, military assistance, atomic energy, stock- 6 Excludes net transactions of govt. sponsored enterprises included in piling and defense production expansion. the corresponding columns above. For other notes, see opposite page. 7 For more details see the Treasury Bulletin and the 1963 Budget NOTE.—Based on Treasury statements and Treasury Bulletin unless Document. Half year and month data derived by Federal Reserve and otherwise noted. subject to minor revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury; in billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s l d d T g i e r o r o b e t s t a c s 2 l t Total Total Bills c C i e n a d e t d e n r e t s e i b f s o i t s - - f Notes B e b l a l i e g n i 4 k - Bon s d t B s r r i a c e n - te k d b C v i o b e o n l r n d e t- - s Totals b S i o n a n g v d s - s n i s T a o n a n a t g v d e x s - s S is p s e u c e ia s l 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 I960 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 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 Apr 297.4 297.0 251.2 198.1 43.4 12.4 64.5 77.8 4.3 48.8 47.6 42.1 May 299 6 299 2 251 2 198 2 43 7 13 5 65 4 75 5 4 3 48 7 47 6 44.3 June 298.6 298.2 249.5 196.1 42.0 13.5 65.5 75.0 4.3 49.2 47.6 44.9 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $433 million on June 30, 1962), and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave 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 $11,619 million on May 31, 1962. 6 Less than $50 million. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] ]field 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 su ce r- c O o t r h p e o r - S a ta n t 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 1960—Dec 290.4 44.3 10.7 27.4 207.9 62 A 6.3 11.9 19.7 18.2 45.7 20.0 24.2 1961—May 290.4 44.5 11.0 26.9 208.0 62.1 6.3 11.6 '21.4 18.5 46.0 18.4 23.5 June 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 19.7 18.7 46.1 '18 0 23.2 July 292.6 44.2 11.0 27.4 210.0 65.5 6.3 11.5 '19.8 18.7 46.1 '18.4 23.7 Auc 294.0 45.6 10.9 27.7 209.8 65.1 6.3 11.5 '20.0 18.6 46.2 18.7 23.2 SeDt 294.0 45.0 10.9 27.8 210.3 66.6 6.3 11.5 '18.6 18.5 46 3 '18 8 23 7 Oct 296.0 43.9 11.1 28.3 212.9 67.3 6.2 11.6 19.5 18.4 46.4 '18 9 24.5 Nov 297.3 44.2 11.2 29.2 212.7 66.9 6.2 11.5 '20.3 18.2 46.5 19.0 24 A Dec 296.5 43.5 11.0 28.9 213.1 67.2 6.1 11.4 '19.4 18.3 46.4 '19.2 25.0 1962—Jan 296.9 42.3 11.5 28.5 214.6 67.8 6.2 11.6 '20 4 18 6 46 5 '19 2 24 1 Feb 297.4 42.8 11.4 28.4 214.8 66.6 6.3 11.5 '21.4 18.8 46.6 19 2 24.5 Mar 296.5 42.8 11.7 29 A 213.0 64.0 6.6 11.5 '20.2 19.1 46.6 19.4 24.6 Apr 297.4 42.1 11.6 29.2 214.4 65.3 6.3 11.5 '20 4 19.2 46.6 '19 2 25 9 May 299.6 44.3 11.6 29.6 214.1 65.2 6.3 11.5 20.9 19.2 46.7 18.9 25.4 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 $70 million on Dec. 31, 1961. 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 871 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 y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 rs 0 20 O y v e e a r rs Bills Other All holders: 1959—Dec. 31 188,269 39,643 38,813 61,609 23,625 16,494 8,085 I960 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—Mar. 31 196,524 43,043 42,680 61,165 23,720 10,677 15,239 Apr. 30 198,138 43,441 43,128 60,691 24,976 10,670 15,232 U. S. Govt. agencies and trust funds: 1959—Dec. 31 7,394 260 777 1,909 1,882 1,917 650 I960 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—Mar. 31 9,138 1 090 670 1,265 2,118 1,506 2,490 Apr 30 9,107 971 654 1,272 2,217 1,503 2,490 Federal Reserve banks: 1959—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—Mar 31 29,061 3,105 13,015 10,437 2,237 204 63 Apr. 30 29,182 3,152 13,029 10,487 2,247 204 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—Mar 31 158,325 38,848 28,995 49,463 19,365 8,967 12,686 Apr. 30 159,849 39,318 29,445 48,932 20,512 8,963 12,679 Commercial banks: 1959 Dec 31 51,841 5,011 6,187 28,778 9,235 2,173 457 I960—Dec. 31 54,260 6,976 7,721 31,596 5,654 1,775 538 1961—Dec. 31 59,073 9,962 11,187 30,751 5,043 1,724 407 1962—Mar 31 55,965 7,095 13,373 26,505 6,974 1,547 471 Apr. 30 57,209 7,480 13,895 26,132 7,707 1,523 472 Mutual savings banks: 1959—Dec. 31 6,129 191 295 1,401 2,254 1,427 560 I960—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—Mar. 31 6,285 495 536 1,491 1,801 611 1,352 Apr 30 6,029 292 515 1,454 1,822 610 1,336 Insurance companies: 1959—Dec. 31 9,175 416 608 2 279 2,422 2,396 1,054 I960 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—Mar. 31 9,127 528 873 2 023 1,740 1,159 2,803 Apr 30 9,195 538 884 2,011 1,777 1,175 2,811 Nonfinancial corporations:2 1959—Dec. 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1960—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—Mar 31 10,040 5 257 3,268 1 378 100 29 8 Apr 30 10,355 5,698 3,194 1,284 144 21 14 Savings and loan assns.:2 1959—Dec. 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. I960—Dec. 31 2,454 163 159 858 473 396 406 1961—Dec. 31 2,760 155 291 895 617 371 431 1962—Mar 31 2,879 198 332 792 744 328 485 Apr 30 2,869 201 340 763 755 322 488 State and local govts.:3 1959—Dec. 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1960—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—Mar. 31 11,560 3,163 1,307 1,254 914 1,056 3,865 Apr 30 11,834 3,546 1,203 1,245 925 1,057 3,857 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—Mar 31 62,467 22,111 9,306 16,019 7,094 4,236 3,701 Apr 30 62,357 21,563 9,414 16,043 7,381 4,255 3,701 n.a. Not available. Holdings of "all others," a residual throughout, include holdings of i 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 6,211 commercial banks, 510 mutual savings 3 Holdings first reported separately in the Treasury Survey for December banks, and 815 insurance companies combined; (2) about 50 per cent 1961. Monthly figures for December 1960-September 1961 shown in the by the 475 nonfinancial corporations and 488 savings and ]oan associa- Treasury Bulletin for February 1962, pp. 59-60. tions; and (3) about 60 per cent by 485 State and local governrrents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 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 te e r ars 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 Mav 1,519 1,092 299 92 36 481 23 626 389 79 1 383 1,143 175 42 23 411 19 579 374 81 July 1,783 1,441 281 49 13 555 33 708 487 69 Aug 1,395 1,173 162 41 19 423 32 519 421 56 Sept 1 442 1,185 177 47 34 406 25 608 403 99 Oct 1,690 1,389 254 27 20 547 38 695 410 61 Nov 1,686 1,295 309 41 43 514 33 691 448 90 Dec 1,653 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 Apr 1,689 .350 180 114 45 541 42 653 453 90 M^av 1,694 1,338 218 114 24 564 35 662 433 90 Week ending— 1962 May 2 2 204 1,671 317 181 35 586 61 909 649 91 9 ,687 1,324 221 121 22 617 31 643 397 136 16 r ,611 1,262 215 113 20 '575 38 634 364 91 23 ,465 1,183 175 80 28 476 26 552 411 77 30 ,707 1,366 r208 100 34 556 40 681 430 58 June 6 ,757 1,474 157 91 36 598 27 675 458 140 13 ,578 1,273 150 122 32 508 27 598 445 68 20 ,618 1,271 230 85 32 510 29 644 435 63 27^ 651 1,299 209 94 33 571 33 629 418 87 P Preliminary. 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 i c ti y es Period sou A r l c l es Y N C o e it r w y 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 1961—May 2,808 2,227 484 98 158 June 2,253 1,973 300 -20 81 1961—May 2,573 627 548 1,199 199 July 2,610 2,247 323 40 125 June 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 ,341 320 Mar 3,056 2,721 228 106 168 Feb 2,296 426 449 1,218 203 Apr 3,771 3,388 252 131 193 Mar 3,025 855 637 1,299 235 May 3,642 2,985 403 255 196 Apr 3,621 976 835 1,354 456 May 3,738 978 769 ,612 379 Week ending— Week ending— 1962—Apr. 4.. 3,328 3,026 227 75 198 3,479 3,150 252 77 188 1962—Apr. 4. . . 3,268 866 760 ,259 383 18*.'. 4,010 3,564 255 191 185 3,260 845 720 ,214 480 25.. 3,997 3,562 269 169 202 18*.'.'. 3,564 ,030 805 1,300 429 25... 3,967 ,018 939 1,517 492 May 2.. 4,079 3,630 290 158 203 9. . 3,747 2,897 516 335 199 May 2... 4,079 ,279 957 1,418 425 16. . 3,749 2,968 487 295 184 9. .. 3,962 ,088 894 1,433 547 23.. 3,602 3,026 353 223 196 16... 4,007 ,094 911 1,574 429 30. . 3,262 2,791 288 184 200 23... 3,603 898 645 1,746 313 30... 3,299 662 586 1,796 256 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract 1 The figures are based on the number of calendar days in the period. is matched by a reverse repurchase (resale) agreement or delayed delivery Both bank and nonbank dealers are included. See also note 1 of the sale with the same maturity and involving the same amount of securities. opposite table on this page. Included in the repurchase contracts are some that more nearly represent 2 All business corporations except commercial banks and insurance investments by the holders of the securities rather than dealer trading companies. positions. NOTE.—Details may not add to totals because of rounding. 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 873 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OUTSTANDING JUNE 30, 19621 [On basis of daily statements of 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. J J u u l l y y 1 5 2 , , 1 1 9 9 6 6 2 2 1 1 , , 8 8 0 0 1 0 D D e e c c . . 2 2 7 0 , , 1 1 9 9 6 6 2 2 7 7 0 0 1 0 M M a a y y 1 1 5 5 , , 1 1 9 9 6 6 4 4 3 4 % y4 4 3 , , 9 89 3 3 3 M M a a y r. 1 1 5 5 , , 1 19 9 6 6 6 5-70... 2 3 , , 4 5 2 9 6 7 July 15,1962 2,004 Jan. 15, 1963 2,001 Aug. 15, 1964 5 2,316 Aug. 15, 1966 3 1,484 J Ju u l l y y 2 1 6 9 , , 1 1 9 9 6 6 2 2 1 1 , , 8 8 0 0 1 1 Apr. 15, 1963 2,001 A O u ct g . . 1 1 5 , , 1 19 9 6 6 4 4 3 IV V 2 4 5,0 4 1 9 9 0 N M o a v r. . 1 1 5 5 , , 1 1 9 9 6 6 6 6 -71. 3# 2 1 , , 4 41 3 6 8 Aug. 2,1962 1,802 Nov. 15,1964 478 4,195 June 15, 1967-72. 1,335 Aug. 9,1962 1,804 Apr. 1,1965 \Vi 466 Sept. 15, 1967-72. 1,952 Aug. 16,1962 1,801 Certificates May 15, 1965 4% 2,113 Nov. 15, 1967.... 3,604 Aug. 23, 1962 1,901 Feb. 15, 1963 3 V 6,862 Oct. 1, 1965 \ 315 Dec. 15, 1967-72. 2,834 Aug. 30, 1962 1,901 May 15, 1963 3\ 6,685 Feb. 15, 1966 3 3,113 May 15, 1968 3' 2,460 Sept. 6,1962 1,902 Apr. 1,1966 675 Aug. 15, 1968 3% 1,258 Sept. 13, 1962 1,901 Aug. 15, 1966 4,454 Oct. 1,1969 4 2,538 Sept. 20, 1962 1,901 Oct. 1,1966 I 357 Aug. 15, 1971 4 2,806 Sept. 21, 1962* 1,802 Treasury notes Apr. 1,1967 n 48 Nov. 15, 1971 3% 1,204 Sept. 27, 1962 1,901 Aug. 15,1962 4 158 Nov. 15, 1974 3% 1,171 O O O c c c t t t . . . 1 1 4 1 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2 2,0 6 6 0 0 0 3 0 1 A O N u c o t g v . . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2 3 3 l 1 i % / , 2 4 7 1 , , 3 1 5 2 4 9 5 3 0 Treasury bonds J F M u e n a b y e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 7 7 0 8 5 - - 8 8 3 5 . . . . . . 3 4 V V 4 4 4 1 1 , , 4 5 4 4 9 7 6 4 0 O O N N N c c o o o t t v v v . . . . . 2 1 1 5 8 1 5 8 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 2 2 2 2 2 6 6 6 6 6 0 0 0 0 0 0 2 0 0 0 N F A F M e e o p a b b r v y . . . . 1 1 1 1 1 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 3 3 3 2 3 2 3 W V Y V S 4 2 4 4 6 2 3 1 , , , , 8 7 0 5 6 4 3 3 8 4 3 3 9 2 2 D D J D A u e e e u n c c c g e . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 9 9 9 9 1 6 6 5 6 9 3 0 9 3 6 - - - 2 6 6 6 - 5 2 6 8 2 7 . . . . . . . . . . . 2 2 2 2 2 1 % % y ^ 4 2 4 2 1 1 1 , , , , , 3 2 8 4 4 1 8 6 1 7 7 5 3 7 0 N M F F N e e o o a b b v v y . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 9 8 9 8 9 0 0 8 5 5 3 3 3 1 3 V % / $ 2 3 i 4 4 2 1 1 , , , , , 9 9 1 4 6 1 3 4 1 6 5 1 9 5 2 N N De o o c v v . . . 2 2 9 3 6 , , , 1 1 1 9 9 9 6 6 6 2 2 2 6 6 7 0 0 0 1 0 2 O N M c o a t v y . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 3 4 W V % 2 4 5 3, , 0 5 0 1 0 4 1 6 7 J D F u e e n b c . e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 4 4 - - 6 6 9 9 . . . . . . 2 2 % % 3 2 2 2 , , , 6 5 7 3 5 0 5 2 0 Co I n n v v e e r s ti t b m le e n b t o S n e d r s ies B Dec. 13, 1962 700 Apr. 1,1964 n/2 457 Feb. 15, 1965 2% 4,682 Apr. 1, 1975-80... 2% 4,270 * Tax anticipation series. 2 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 issue Use of proceeds4 Total Period Special a d m e o li u v n - t 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 ered 6 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 d i t o n e e i u g a n s l s i 7 - - - V a a e n i t s d e ' r- O p p o t u 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 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 88T 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 ,399 258 110 1,464 1957 86,925 4,792 1,967 66 99 1,489 1,272 4,163 6,568 6,874 2,524 1,036 ,516 113 333 1,352 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 ,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 ,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 ,318 425 201 1,894 1961 '8,562 '5,721 r2,406 315 120 1,928 '2,164 '4,470 '8,298 r8,460 '2,821 1,167 700 '385 478 909 1961—Feb 691 383 295 9 4 62 231 397 r713 689 234 96 207 9 13 131 Mar 767 '612 '139 16 252 '76 439 711 764 '227 '52 '169 5 100 '213 Apr 727 551 119 51 6 273 97 '357 721 723 208 67 66 55 170 156 May.... 643 414 217 12 18 209 417 672 641 290 33 161 6 150 June 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 '965 485 160 69 93 52 110 Aug.. . . 605 423 112 60 10 134 163 309 517 604 281 55 86 61 121 Sept '742 570 '168 4 289 124 328 578 '734 '282 49 147 4 100 152 Oct '680 '516 150 15 225 76 378 716 '678 r193 58 '125 30 65 208 Nov '793 r376 '326 79 12 103 r402 '288 r614 '789 150 284 101 80 '175 Dec r675 r371 '297 1 6 39 '325 r311 r877 r606 '194 112 '162 9 '128 1962—Jan 868 490 338 33 7 218 335 315 701 864 323 253 89 33 166 Feb 1,124 747 291 80 7 191 294 639 791 1,078 352 264 144 87 25 206 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 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

874 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates; in millions of dollars] Proposed use of net proceeds, Gross proceed.5, all issuers2 all corporate issuers* Noncorporate Corporate New capital v ear or Renaonth Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - S n m a t i n a c u d t i - e - Others Total Total B P l o i u c n l b d y - s 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 e e w y 7 O p p o t u h s r e e - s r m s r t e i i o t r e c i e f e n u s t pal offered placed 1954. ?9,765 1? 53? 458 6,969 289 9,516 7,488 4,003 484 816 1,213 9 365 7,490 6,780 709 1,875 1955. 26,77? 9, 746 5,977 182 10 ?40 7,4?0 4,119 3 301 635 2,185 10 049 * 8?1 7 957 864 1,227 1956. 0? 405 517 169 5,446 334 10,939 8,007 4,225 3 777 636 2,301 10 749 10,384 9,663 364 1957. 601 572 6,958 557 1?,884 9,957 6,118 3 839 411 2,516 1? 661 12,447 11 784 663 214 1958 34>43 12!063 2,321 7,449 1,052 11,558 9,653 6,332 3 320 571 1,334 11372 10,823 9,907 915 549 1959. ,074 1?,3?? 707 7,681 616 9.748 7,190 3,557 3 63? 531 2,027 9 5?7 9.392 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 9,425 4,706 4 720 449 3,273 12874 l'1,979 10,829 1,150 895 1961—-Apr.. 393 348 100 710 4 1061 713 348 60 1,111 2,118 9 055 63 85 May. 4,432 2,244 149 625 72 1J,342 1,021 666 355 92 228 1314 1,259 1,090 169 55 June. 3494 369 278 1,035 33 1,779 1,495 924 57? 40 244 1.744 1,318 191 426 July. 1,901 342 463 20 1,075 817 424 392 20 239 1,049 1,028 846 182 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 5 678 460 123 336 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 1071 1,000 930 70 71 1962--Jan.. 3 506 1,589 246 866 159 647 504 273 2 141 63? 592 507 85 39 Feb.. ,537 361 156 1,123 13 884 7?8 497 232 9 146 866 859 79? 67 7 Mar. 860 604 38 847 638 386 253 5 204 807 709 97 16 Apr 4,078 1,506 461 877 12 1,222 890 652 238 116 217 1 191 1,120 1,043 77 71 Proposed uses of netproceeds,major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retireca N p e i w tal8 m s e e n c t u o f ca N p e it w al8 ]m s e e n cu t of ca N p e it w al m s e e n c t u o i* ca N p e it w al8 m s e e n c t u o f ca N p e it w al8 m s e e n c t u o f ca N p e it w al8 m s e e n c t u o f rities rities rities rities rities rities 1954. 2,044 190 831 93 501 ?70 ?,675 990 651 60 788 273 1955. 2,397 533 769 51 544 m ,254 174 1,045 77 1,812 56 1956. 3,336 243 682 51 694 ?o <1,474 14 1,384 21 1,815 17 1957. 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959. 1,941 70 812 28 942 15 3,189 15 707 1,801 6 1960. 1 997 79 794 30 672 39 0,754 51 1,036 2,401 71 1961 3,708 306 1,095 46 680 26 2,892 104 1,427 378 2,176 36 1961-—Apr.. 574 16 78 1 33 1 254 21 994 45 186 (9) May 447 22 110 2 67 c) 439 17 85 12 111 June. 446 128 120 23 115 389 13 16 251 231 5 July 428 12 98 2 11 269 3 16 206 4 Aug. 255 25 83 69 215 2 n 127 2 Sept. 252 8 76 1 28 111 75 105 1 Oct 271 28 146 1 60 (9) 306 *>* 281 2 Nov. 215 10 61 (9) 56 362 8C 174 2 Dec. 306 18 151 32 1 168 40 42 302 6 1962-—Jan.. 205 14 99 1 23 1 89 24 73 102 1 Feb.. 131 2 52 45 148 4 36" 122 Mar. 318 2 75 2 74 193 1 126 10 Apr 378 66 103 2 32 (•) 376 8(> 146 2 1 Estimates of new issues maturing in more than 1 year sold for cash 5 Represents foreign governments. International Bank for Reconstrucin the United States. tion and Development, and domestic eleemosynary and other nonprofit 2 Gross proceeds are derived by multiplying principal amounts or num- organizations. ber of units by offering price. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 3 Includes guaranteed issues. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Issues not guaranteed. 7 Represents proceeds for plant and equipment and working capital. * 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 875 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1960 1961 1962 1957 1958 1959 1960 1961 3 4 1 2 3 4 i Manufacturing Total (180 corps.): Sales 114,229 105,134118,423 123,126 122,632 28,736 30,526 28,651 31,233 29,541 33,207 33,368 Profits before taxes 13,349 10,466 14,090 13,463 13,293 2,741 3,083 2,693 3,478 2,961 4,161 3 924 Profits after taxes 7,177 5,714 7,440 7,121 7,180 1,499 1,703 1,436 1,838 1,618 2,288 2 027 Dividends . .. .... 4,192 4,078 4,342 4,464 4,710 1,092 1,201 1,103 1 111 1 117 1 380 1 153 Nondurable goods industries (79 corps.):1 Sales 41,704 41,541 45,442 47,277 49,226 11,778 11,971 11,831 12,133 12,205 13,056 12,912 Profits before taxes 5,010 4,402 5,648 5,570 5,659 1,425 1,302 1,324 1,385 1,406 1,545 1 480 Profits after taxes 2,944 2,574 3,210 3,210 3,246 819 764 757 772 796 921 812 Dividends ... 1,776 1,785 1,912 1,953 2,036 473 528 486 486 488 577 510 Durable goods industries (101 corps.):2 Sales 72,525 63,593 72,981 75,849 73,406 16,959 18,556 16,820 19,100 17,336 20,151 20 456 Profits before taxes . ... 8,339 6,065 8,442 7,893 7,634 1,316 1,781 1 368 2 094 1 555 2 616 2 444 4,233 3,140 4,231 3,911 3,935 679 910 679 1,066 822 1,367 1 215 Dividends .. .... 2,416 2,294 2,430 2,510 2,674 619 673 618 625 629 803 642 Selected industries: Foods and kindred products (25 corps.): Sales 9,987 10,707 11,303 11,901 12 578 2,987 3,090 3,021 3,154 3 233 3,169 3 391 Profits before taxes .. .... 1,024 1,152 1,274 1,328 1,424 348 334 319 360 379 365 '338 Profits after taxes 497 555 604 631 672 164 162 150 170 179 174 160 289 312 344 367 392 91 95 95 96 99 101 103 Chemicals and allied products (21 corps.): Sales 10,669 10,390 11,979 12,411 12 788 3,131 2,981 2,979 3 250 3 210 3 348 3 372 Profits before taxes 1,823 1,538 2,187 2,010 2,015 499 423 438 514 499 564 '552 Profits after taxes 948 829 1,131 1,061 1,063 261 238 229 267 260 306 281 Dividends 737 717 799 795 843 187 230 193 189 191 270 201 Petroleum refining (16 corps.): Sales 13,463 12,838 13,372 13,815 14 409 3,396 3,694 3 488 3 398 3 424 4 100 3 755 Profits before taxes 1,325 919 1,187 1,267 1 255 358 325 354 270 292 339 354 Profits after taxes 1,075 791 969 1,026 1,011 284 248 272 214 243 283 257 Dividends 512 516 518 521 528 128 133 129 134 131 133 135 Primary metals and products (35 corps.): Sales . . 22,468 19,226 21,035 20,898 20,155 4,945 4,500 4,396 5,189 5,235 5,335 5,733 Profits before taxes 2,977 2,182 2,331 2,215 2 020 411 343 309 560 550 602 621 Profits after taxes . . . 1,540 1,154 1,222 1,170 1,090 223 182 166 295 299 329 320 Dividends 873 802 831 840 844 208 219 207 208 208 221 209 Machinery (25 corps.): Sales 15,115 14,685 17,095 16,826 17,531 4,126 4,297 4,137 4,367 4,295 4,732 4,511 Profits before taxes 1,457 1,463 1,890 1,499 1 675 370 323 362 398 384 530 455 Profits after taxes 729 734 934 763 837 189 167 178 202 191 267 225 Dividends 416 422 448 482 497 120 123 121 125 124 128 129 Automobiles and equipment (14 corps.): Sales . 23,453 18,469 22,731 25,738 22,781 4,862 6,521 5,293 6,309 4,604 6,577 6,904 Profits before taxes 2,701 1,332 2,985 3,185 2,788 284 832 478 840 319 1 151 1 096 Profits after taxes 1,354 706 1,479 1,527 1,408 149 400 223 417 173 596 '531 805 758 807 833 967 207 228 205 207 207 348 215 Public Utility Railroad: Operating revenue 10,491 9,565 9,825 9,514 9,189 2,322 2,303 2,129 2,290 2,355 2,414 2,296 Profits before taxes .... 1,058 843 845 648 625 103 168 r27 137 184 278 133 Profits after taxes 737 602 578 445 382 65 142 r-12 74 122 200 66 Dividends 438 419 406 385 356 73 125 86 91 67 112 84 Electric Power: Operating revenue 9,670 10,195 11,129 11,906 12,594 2,879 3,015 3,314 3,007 3,050 3,223 3,412 Profits before taxes 2,579 2,704 2,983 3,163 3,316 757 761 918 767 802 828 1,019 Profits after taxes 1,413 1,519 1,655 1,793 1,894 417 452 523 447 447 477 585 1,069 1,134 1,219 1,307 1,375 322 337 343 344 335 353 366 Telephone: Oneratins revenue 6,467 6,939 7,572 8,111 8,615 2,042 2,077 2,090 2,139 2,156 2,230 2,245 Profits before taxes 1,562 1,860 2,153 2,326 2,478 589 594 587 614 620 657 648 Profits after taxes 788 921 1,073 1,155 1,233 294 294 290 307 310 326 320 613 674 743 806 867 203 207 210 214 218 225 231 r Revised. Telephone. Revenues and profits are for telephone operations of the 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for 2 affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the 2 affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric Power. Figures are for Class A and B electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see BULLETIN for June 1949, pp. 662-66 obtained from reports of the Federal Power Commission, except that (manufacturing); BULLETIN for March 1942, pp. 215-17 (public utilities); quarterly figures on operating revenue and profits before taxes are partly and BULLETIN for September 1944, p. 908 (electric power). For back estimated by the Federal Reserve to include affiliated nonelectric opera- data for manufacturing, see BULLETIN for July 1959, pp. 792-93; back tions. 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

876 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [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 r 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 1955 44.9 21.8 23.0 11.2 11.8 1956 44.7 21.2 23.5 12.1 11.3 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1957 43.2 20.9 22.3 12.6 9.7 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1958 37.4 18.6 18.8 12.4 6.4 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1959r 47.7 23.2 24.5 13.7 10.8 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1960r 45.4 22.4 23.0 14.4 8.6 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1961' 45.6 22.3 23.3 15.0 8.3 1959 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 I960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 I960''—1 46.9 22.8 24.1 13.1 11.0 1961 16,745 6,967 9,778 9,205 4,090 5,114 7,540 2,876 4,664 2 51.9 25.2 26.6 13.4 13.3 3 46.5 22.6 23.9 14.1 9.8 1961—1 3,247 1,417 1,830 1,488 770 718 1,759 647 1,112 4 45.3 22.0 23.3 14.2 9.0 2 5,566 1,808 3,758 3,273 1,255 2,018 2,293 553 1,740 3 3,594 1,750 1,844 2,011 1,213 798 1,582 537 1,046 1961r—1 39.8 19.4 20.3 14.7 5.6 4.. . 4,338 1,991 2,347 2,432 852 1,581 1,908 1,140 766 2 44.8 21.9 22.9 14.8 8.1 3 46.3 22.6 23.7 14.9 8.7 1962—1 3,226 1,406 1,820 1,668 730 938 1,558 676 882 4 51.4 25.1 26.3 15.5 10.8 1962—1 50.1 24.4 25.6 15.8 9.8 i Reflects cash transactions only. As contrasted with data shown on p. 874 new issues exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock r Revised. 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. 874. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [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- G N U o o . v t r S 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 S v e p . s t2 a a y n a d b O le a t c h c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 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 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 1960 129.0 286.0 36.1 19.9 3.1 125.1 9.1.6 10.2 157.0 1.8 103.1 13.5 38.6 1961—1 131.1 285.4 33.9 19.7 3.2 124.2 93.3 11.1 154.3 1.8 101.4 11.8 39.3 2 134.7 290.2 35.2 19.7 3.1 127.9 92.6 11.7 155.5 1.7 102.8 11.4 39.5 3. . . 136.0 294.9 36.0 18.6 3.2 131.5 93.5 12.1 159.0 1.8 104.5 12.4 40.3 4 137.4 303.0 39.0 19.4 3.4 134.5 95.2 11.5 165.6 1.8 109.5 14.1 40.3 1962—1.. 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 1.8 109.5 13.6 41.8 l Excludes banks, savings and loan associations, and insurance compa- 2 Receivables from, and payables to, the U. S. Government exclude nies. amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1 [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- Other2 Quarter Total and porta- utili- others justed ing Rail- ties cations min- tion ties road Other ing rate) 1954 26.8 11.0 10 .9 1.5 4.2 1.7 6.5 1961—1 7.6 3.2 .6 1.1 2.7 33 9 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 2... 8.6 3.7 .7 .4 2.9 33.5 1956 35.1 15.0 L.2 1.2 1.7 4.9 2.7 8.4 3.. 8.7 3.6 .6 .5 2.9 34.7 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 4 . 9.5 4.1 .7 .5 3.2 35 4 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 L.O .9 2.0 5.7 2.7 8.2 1962—1.. 8.0 3.4 .6 l.l 2.9 35.7 1960 35.7 14.5 L.O 1.0 1.9 5.7 3.1 8.4 24. 9.5 4.0 .8 1.3 3.3 37.0 1961 34.4 13.7 I 0 .7 1.9 5.5 3.2 8.5 3*. 9.5 3.9 .6 L.5 3.4 37.7 19624 37.2 14.7 l.l .8 1.9 5.5 3.7 9.5 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 877 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties 1Slonfarm Farm Other Multifamily and holders 1- to 4-family houses commercial properties1 E o n r d q o u f a r y t e e a r r h A o er 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 35.4 178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4.5 7.7 I960 207.1 1*57 6 11 2 38 3 194 0 141.3 117.9 23.4 52 7 35.0 17.7 13 1 4 7 8 4 1961? 225.3 172.6 11.8 40.9 211.1 153.4 129.1 24.3 57.7 38.5 19.2 14.2 5 0 9.2 I960—Mar 194.7 148.0 10 2 36.3 182.1 133.1 110.9 22.2 49 0 12.6 16.4 12 5 4 5 8 0 June 198.9 151.3 10.6 37.0 186.1 135.9 113.3 22.5 50.2 33.4 16.9 12.8 4.6 8.2 Sept 203.2 154 6 11 0 37 7 190 3 138 8 115.8 23.1 51 5 34 2 17 3 13 0 4 6 8 3 Dec 207.1 157.6 11.2 38.3 194.0 141.3 117.9 23.4 52.7 35.0 17.7 13 1 4 7 8 4 1961—Mar.p 210.3 160.2 11.3 38.8 197.0 143.3 119.8 23.5 53.7 35.7 18.0 13.3 4 7 8 6 June^ 215.0 164.3 11.2 39.5 201.3 146.5 123.0 23.5 54.8 36.5 18.3 13.7 4.8 8.9 Sept.? 219.9 168.4 11.4 40.1 205.9 149.9 126.1 23.8 56.0 37.3 18.7 14.0 4.9 9.1 Dec.*> 225.3 172.6 11.8 40.9 211.1 153.4 129.1 24.3 57.7 38.5 19.2 14.2 5.0 9.2 1962—Mar.*5 229.8 176.0 12.1 41.6 215.3 156.0 131.3 24.7 59.3 39.6 19.7 14.5 5.1 9.4 P 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 savings 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 holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a 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 4,823 367 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 ,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 6,796 648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 ,747 29,145 26,341 8,045 9,267 9,028 2,753 51 I960—Mar 28,228 20,292 6,053 3,124 11,115 6,345 ,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 6,484 646 25,849 23,293 6,571 8,879 7,843 2,503 53 Sept «28,693 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 ,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 Mar 28,864 20,281 5,793 2,776 11,712 6,906 ,677 27,447 24,800 7,353 9,111 8,336 2,597 50 29,383 20,595 5,820 2,726 12,049 7,072 ,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 30,442 21,225 5,975 2,627 12,623 7,470 1.747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962—Mar 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,781 26,909 8,340 9,384 9,185 2,822 51 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. banking statistics. March and September figures are Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm 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 r44,203 r41,013 r95665 r6 553 r24 815 '3,170 1961 May 511 461 105 12 344 50 42,723 39,670 9,364 6,770 23,536 3,053 June . 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 Aug 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 Apr 481 425 86 28 311 56 44,751 41,516 9,821 6,478 25,217 3,235 May 591 535 99 39 397 56 44,946 41,683 9,853 6,461 25,369 3,263 r Revised. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled SOURCE.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] I Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) T m ea o r n t o h r Total 1 s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 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 s i u n a t g v u s - al justed ! ment2 assns. panies banks banks 9941 1 379 AM 581 578 1945 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 3 984 5,155 31,408 1,404 5,883 24, 121 1 1 9 9 5 5 6 7 1 1 0 0 , , 3 1 2 6 5 0 4 6 8 9 4 9 4 4.6 5 2 91 0 4 3 0 5, 0 7 0 2 7 9 1 11 4 6 8 4 6 3 6 7 ,6 01 4 1 3 2 3 7 1, ,6 3 0 5 0 3 1 1 9 9 5 5 5 6 . . 2 27 8 , , 0 4 8 8 8 4 1 9 0 , , 5 4 3 5 2 2 1 1 , , 7 9 9 3 9 2 5 5 , , 4 6 5 1 8 7 1 1 , , 8 85 2 8 4 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 1!>. 151 5 ?01 6 613 141 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 r',364 5 081 7 207 68,833 4, 167 7,152 57,514 1960. 29,341 12,158 1,318 4,520 1,557 1961. 31,157 13,662 1,160 4,997 1,741 1961 1961 May 1 S11 460 603 63,061 3,770 7,213 52,078 June 1,721 532 712 64,058 3,836 7,195 53,027 Apr 2,476 2,358 1,038 89 386 114 July 1,48?, 4?7 659 64,795 3,890 7,195 53,710 May 2,561 2,700 1,199 100 444 138 Aug 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 464 696 67,317 4,061 7,152 56,104 Aug 2,652 3,004 ,346 111 482 179 Nov 579 436 645 68,069 4, 125 7,176 56,768 Sept 2.723 2,777 ,248 101 441 174 Dec ,500 417 598 68 833 4 167 7,152 57,514 Oct 2,775 2,961 ,304 109 468 174 Nov 2,779 2,754 ,209 97 440 173 1962 Dec 2,763 2,579 96 399 156 Jan 353 550 69 368 4 204 7,161 58,003 1962 Feb 36? 509 69 968 4 241 7,160 58,567 Mar 611 464 633 70 769 4 276 7,170 59,323 Jan.. 2,696 2,459 1,041 400 138 Apr 1,661 51? 615 71 616 4 312 7,122 60 182 Feb.. 2,682 2,238 971 374 114 May* 1,869 596 742 72 545 4 335 7,110 61 100 Mar.. 2,670 2,627 1,172 442 120 1 Apr.. 2,704 1,210 482 131 P 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 879 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 e o i w e p o s - rtga p i g e s E r r e t t o i s x i n e p - g s - g m P t a y e r g o o c p e r t j e t - s - 1 p l P m o r e i r o a m r e o t n v n y p - e s t - 2 - Total 3 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 s x 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 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1945 18.6 4.3 4.1 .2 14.3 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1958 117.7 50.1 19.7 30.4 67.6 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1959 c130.9 53.8 23.8 30.0 77.0 I960 141.3 56.4 26.7 29.7 84.8 1961—May 501 130 219 84 68 123 83 41 1961*3 153.4 59.1 29.5 29.6 94.3 June 563 132 254 90 87 137 89 48 July 543 134 252 80 76 144 90 54 1960—Mar 133.1 54.5 24.6 29.9 78.6 Aug 647 164 299 96 88 182 113 68 June 135.9 55.0 25.2 29.8 80.9 Sept 569 147 276 73 74 168 98 70 Sept 138.8 55.7 26.0 29.7 83.2 Oct 599 148 285 83 83 201 114 86 Dec 141.3 56.4 26.7 29.7 84. g Nov 622 174 310 65 73 206 118 87 Dec 553 153 273 62 65 197 112 84 1961—Mar.'.... 143.3 57.1 27.4 29.7 86.2 June35.... 146.5 57.8 28.0 29.8 88.7 1962—Jan 617 179 301 74 63 227 127 99 Sept^.... 149.9 58.7 28.8 29.9 91.2 F M e a b r 4 5 7 4 4 1 1 1 5 5 0 7 2 26 4 1 8 2 7 6 0 5 5 0 3 2 1 0 7 5 5 1 9 1 5 5 9 8 0 0 Dec? 153.4 59.1 29.5 29.6 94.3 Apr 515 132 240 88 56 182 99 83 1962—Mar.P. . .. 156.0 59.9 30.3 29.6 96.1 May 560 140 263 87 70 184 96 1 Monthly figures do not reflect mortgage amendments included in annual totals. c Corrected. 2 These loans are not ordinarily secured by mortgages. * Preliminary. 3 Includes a small amount of alteration and repair loans, not shown separately; only such NOTE.—For total debt outstanding, figures for first loans in amounts of more than $1,000 need be secured. three quarters of year are Federal Reserve estimates. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed For conventional, figures are derived. loans, gross amount of loans clos«d. Figures do not take account of principal repayments SOURCE.—Federal Home Loan Bank Board, Federal on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type Housing Administration, Veterans Administration, and are derived from data on number and average amount of loans closed. Federal Reserve. 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 s o f o p u e ts ri t o an d d ) ing Members' (during mit- Year or month Ad- Repay- demand End of year period) ments vances ments and time or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m r t i - L te o rm ng 2 - deposits 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 1960 1,943 2,097 1,981 1,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1961 May 5,772 3,188 2,584 42 101 523 1961—June 367 122 1,869 975 894 1,154 June 5,763 3,191 2,572 38 18 544 July 271 270 1,871 1,062 809 1,048 July 5,765 3,204 2,561 35 6 579 Aug 245 115 2,001 1,147 854 1,019 Aus .... 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 1,029 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 1,007 Feb 6,248 3.618 2,630 102 7 605 Mar 204 281 2,151 1,170 981 1,109 M!ar ...»• 6.231 3.653 2.578 97 80 613 Apr 382 209 2,323 1,244 1,079 1,096 Apr 6 1^1 3,616 2,535 60 106 562 May 295 189 2,429 1,319 1,110 1,107 May 6.120 3.627 2,493 82 76 527 June 503 165 2,767 1,569 1,198 1,192 i Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 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- I 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

880 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 m p A a o u p b t e o i r l - e i co p g O n a o s t p o u h e d m e r r s 1 er e a r n R l n o d i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i o y n a m g n l e e s n - t a C cc h o a u r n ge 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 1960 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 May 54,196 41,584 16,933 10,929 3,100 10,622 12,612 4,717 4,380 3,515 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 Sept 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 Apr 56 650 43,285 17,343 11,333 3,094 11,515 13,365 5,111 4 451 3 803 May 57,593 43,893 17,683 11,423 3,131 11,656 13,700 5,238 4,683 3,779 i 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 put 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] Financial institution5 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 n a i l t t - Total m b C e a o r n m c k ia - s l f p i c S n a o a a n m l n i e e - s c s e u C n r i e o d n i s t p f s i c C a u n o n m o a m i n n e e - - c s r 1 e Other1 Total D s m t e o p e r a n e r s t t 2 - F st t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l d e e i e s - - d m A ea o u l b t e o i r l - e s3 Other 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 ,129 4,743 1,408 ,187 377 502 ,269 1957 33,745 29,078 12,843 9,487 2,429 3,124 ,195 4,668 1,393 ,210 361 478 ,226 1958 33,497 28,514 12,780 8,699 2,668 3,085 ,282 4,983 1,882 ,128 292 506 ,175 1959* 39,034 33,359 15,227 10,108 3,280 3,337 1,407 5,676 2,292 ,225 310 481 ,368 I960 42,588 36,974 16,672 11,228 3,923 3,670 ,481 5,615 2,414 ,107 333 359 ,402 1961 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 ,080 322 359 ,401 1961—May 41,584 37,056 17,079 10,859 4,019 3,607 1,492 4,527 1,650 997 307 360 1,213 41,888 37,249 17,113 10,915 4,107 3,622 ,492 4,639 1,748 ,001 310 359 1,221 July 41,909 37,226 17,066 10,903 4,144 3,633 ,480 4,682 1,811 993 312 359 1,207 42,090 37,320 17,065 10,886 4,207 3,659 1,503 4,769 1,896 ,001 314 359 1,199 Sent 42,039 37,188 16,909 10,882 4,233 3,650 1,514 4,850 1,979 ,009 315 360 1,187 Oct 42,181 37,191 16,877 10,866 4,269 3,671 1,508 4,990 2,097 ,014 315 359 11,205 Nov 42,419 37,240 16,836 10,878 4,317 3,684 1,525 5,179 2,213 ,034 314 360 1,258 Dec 43,163 37,580 16,843 11,052 4,352 3,798 L.535 5,583 2,421 ,080 322 359 1,401 1962 Jan 42,846 37,551 16,759 11,190 4,306 3,782 1,514 5,295 2,212 ,057 315 359 1,352 Feb 42,632 37,469 16,726 11,133 4,311 3,783 1,516 5,163 2,167 ,039 311 358 ,288 Mar 42,704 37,509 16,779 11,049 4,355 3,795 1,531 5,195 2,227 ,018 305 356 1,289 Apr 43,285 37,965 17,042 11,121 4,449 3,826 1,527 5,320 2,339 ,011 303 351 I 316 May 43,893 38,453 17,316 11,199 4,543 3,836 1,559 5,440 2,430 1,011 301 345 1,353 1 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 881 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, 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 m l r t o a e n i o a n p o iz n d d a n a s i - r - s l P o o a e n n r 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 i o l r - e s g O p c u o a t o m p o h n e d e e - r r s r m R iz 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 e a n r n 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 1,715 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—May, 10,859 6,819 2,824 146 ,070 1961—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 ,142 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 16,836 5,314 2,852 2,700 2,195 3,775 Dec. 11,052 6,590 3,100 161 ,20? 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 ,214 Mar 16,779 5,364 2,918 2,549 2,100 3,848 Apr. 11,121 6,642 3,078 165 ,236 Apr 17,042 5,472 2,993 2,535 2,106 3,936 May 11,199 6,766 3,021 167 ,245 May 17,316 5,590 3,063 2,551 2,123 3,989 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 . c m re e d n i t ! t b C m c a o i n e a m r k l - s - t f O u i i n c t n t i i s h a o a t n e l i n - r - s s m t p D o a e r e r e n - t s - t i 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 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 I960 13,169 3,884 623 941 3,952 436 3 333 1961—May 9,118 1,702 736 799 5,882 1961 13,976 4,224 731 948 4,027 463 3*583 June 9,221 1,737 743 803 5,938 July 9,257 1,748 744 802 5,963 1961—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 9,602 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 Apr 9 802 1 885 751 823 6,343 Feb.. .. 12,960 4,220 711 635 3,188 471 3,735 May 9,938 1,919 756 841 6,422 Mar.... 12,976 4,279 111 594 3,139 458 3,729 Apr.... 13,365 4,390 721 620 3,367 464 3,803 May... 13,700 4,421 817 636 3,571 476 3,779 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

882 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 rn ep iz a a ir ti o a n n d loans Personal loans 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 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 2,222 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—May 3,907 4,203 1.270 1.449 1.173 1.221 181 200 1.283 1.333 June 3,962 4,347 1,296 1,515 1,175 1,236 177 196 1,314 1,400 July 3,909 3,905 t,300 1,365 1,184 1,113 167 175 1,258 1,252 AUK 4,038 4,234 1,302 ,395 1,212 1,229 186 206 1,338 1,404 Sept 3,942 3,789 1,271 ,168 1,199 1,200 175 184 1.297 1,237 Oct 4,209 4,244 1,405 1,452 1,254 1,300 173 186 1,377 1,306 Nov 4,317 4,275 1,511 1,402 1,249 1,327 174 177 1,383 1,369 Dec 4,315 4,754 1,471 ,289 1,316 1,750 159 145 1,369 1,570 1962—Jan 4,194 3,756 1.474 1,320 1,185 .039 157 120 1,378 .277 Feb 4,302 3,566 1,496 1,284 1,281 L'972 168 122 1,357 1*188 Mar 4,363 4,301 1,526 1,574 1,257 1,161 172 154 1,408 1,412 Apr 4,625 4,658 1,606 ,688 [.382 1,287 169 175 1,468 1,508 May 4,593 4,858 1,604 ,787 1,312 1,346 185 210 1,492 1,515 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—May 3,895 4,043 1.336 1.394 1,166 1.207 169 173 1.224 1.269 June ... . . 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 ,361 ,289 1,233 [,194 168 160 [,289 ,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 Apr 4,108 4,077 1,403 1,384 1,217 1,210 166 165 1.322 1.318 May 4,180 4,250 1,418 1,447 1,234 1,256 170 173 1,358 1,374 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—May 12 160 -66 55 7 14 12 27 59 64 0 305 -58 128 -13 37 6 22 65 118 July -28 20 -64 3 1 -32 2 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 3 109 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 Apr 517 581 203 304 165 77 3 10 146 190 May 413 608 186 340 78 90 15 37 134 141 1 Extensions and repayments include data for Alaska and 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 883 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 i n es ce Ot i h n e st r i t f u i t n i 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—May 3,907 4,203 1.431 1.608 829 891 1.017 1,060 630 644 3,962 4,347 ,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 4,038 4,234 1,476 1,559 853 927 1,049 1,100 660 648 Sect. 3,942 3,789 1,438 1,371 828 809 1,023 958 653 651 Oct. 4,209 4,244 ,533 1,536 913 951 1,078 1,034 685 723 Nov 4,317 4,275 ,557 ,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 1,515 ,441 907 821 1,058 944 714 550 Feb 4,302 3,566 [,557 1,359 975 797 1,064 918 706 492 Mar 4,363 4,301 1,580 1,593 928 917 1,122 1,118 733 673 Apr 4,625 4,658 1,646 1,747 994 997 1,148 1,158 837 756 May 4,593 4,858 ,642 ,807 991 1,046 1,176 1,209 784 796 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 W.Y.Y.'.Y. 14,360 Y.Y.WWY. 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 I960 45,759 16,832 10,229 11,022 7,676 1961 47,412 18,261 10,733 11,666 6,752 1961—May 3,895 4,043 1.521 1.600 887 915 961 991 526 537 June 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 AUK .. . 3,994 4,053 1,535 1,560 906 933 988 999 565 561 Scot 3,956 3,839 1,521 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 1,486 1,525 874 867 1,022 1,027 597 654 Feb 4,066 3,780 1,469 1,392 971 904 996 910 630 574 Mar 4,094 4,229 1,517 1,540 950 1,001 1,020 1,047 607 641 Apr 4,108 4,077 1.472 1,475 935 934 1,043 1,037 658 631 May 4,180 4,250 I',492 1,533 961 968 1,061 1,073 666 676 Net increase or decrease ( —) in credit outstanding2 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 19591 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 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 Scot. -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 54 -57 68 8 26 -132 Mar 269 72 63 53 -22 -84 102 71 126 32 Apr 517 581 165 263 68 72 105 121 179 125 May 413 608 150 274 30 78 115 136 118 120 1 Extensions and repayments include data for Alaska and Hawaii For a further discussion of the composition and characteristics of beginning with January and August 1959, respectively. The differences the data and the description of the methods used to derive the estimates between extensions and repayments do not equal the changes in out- see BULLETIN for January 1954, pp. 9-17. Estimates of extensions standing credit for 1959 because the differences do not reflect the effect and repayments are based on information from accounting records of of the introduction of outstanding balances for these 2 States. retail outlets and financial institutions and often include charges incurred 2 Obtained by subtracting credit repaid from credit extended, except as under the instalment contract. Renewals and refinancing of loans, indicated elsewhere in notes. repurchases and resales of instalment paper, and certain other trans- NOTE.—Data on extensions and repayments have been adjusted, where actions may increase the amount of both credit extended and credit necessary, to avoid duplication resulting from large transfers of paper. repaid without adding to the amount of credit outstanding. As a result, the differences between extensions and repayments for some Monthly figures for 1940-54 are shown on pp. 1049-54 of BULLETIN types of holders do not equal the changes in outstanding credit. Such for October 1956; for 1955-60. on pp. 1393-96 of BULLETIN for December transfers do not affect total instalment credit outstanding. 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average 1961 1962 Grouping 1960 1961* May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May INDUSTRY GROUPINGS Total index. 164 165 164 168 170 172 168 171 173 174 172 174 '176 -•177 178 Manufacturing, total., 163 164 163 166 169 170 167 170 172 173 171 173 174 176 777 Durable 169 167 167 171 175 175 171 174 177 179 176 179 182 r184 185 Nondurable 160 164 162 165 167 169 167 171 171 171 169 171 171 172 174 Mining 128 129 128 128 129 130 128 131 132 133 130 130 131 133 131 Utilities 287 304 307 307 314 316 317 315 314 318 319 321 '319 326 Durable Manufactures Primary and fabricated metals. 727 125 126 129 132 136 133 133 135 137 137 141 r141 139 133 Primary metals 115 112 115 118 121 125 126 122 123 126 128 133 '133 r128 116 Iron and steel 110 105 108 111 114 115 116 113 113 120 123 129 '129 123 105 Fabricated metal products 145 143 143 146 148 151 144 150 153 153 151 151 153 154 157 Structural metal parts 155 154 152 158 160 164 157 161 161 159 155 157 158 r163 168 Machinery and related products. .. 205 202 201 206 210 210 203 208 214 217 213 215 220 r224 229 Machinery 174 174 171 176 181 178 177 178 180 184 183 185 r190 '193 196 Nonelectrical machinery 145 142 141 144 147 145 145 145 147 148 147 149 154 -157 161 Electrical machinery 222 226 221 229 237 232 229 231 235 243 243 245 249 252 254 Transportation equipment 238 227 231 235 239 240 221 235 248 252 242 244 249 '256 263 Motor vehicles and parts 168 151 157 165 167 169 139 157 169 175 166 166 171 '181 186 Aircraft and other equipment. . 368 376 373 366 376 375 385 388 399 400 388 393 398 '394 404 Instruments and related products. 221 220 215 220 222 227 225 225 229 228 226 223 224 '227 230 Ordnance and accessories Clay, glass, and lumber 139 138 138 144 145 144 142 139 139 136 130 138 737 '742 747 Clay, glass, and stone products. 158 156 155 162 165 165 162 160 159 152 147 151 151 '158 167 Lumber and products 118 116 118 122 123 120 119 114 116 118 112 126 122 '124 124 Furniture and miscellaneous. 153 154 152 156 156 157 158 160 164 163 158 159 164 169 772 Furniture and fixtures 171 171 167 173 172 176 176 177 183 183 175 179 184 '188 191 Misc. manufactures 138 140 139 142 142 142 142 145 148 146 143 143 '148 '154 157 Nondurable Manufactures Textile, apparel, and leather products. 136 137 134 137 140 142 140 144 144 145 142 143 145 144 Textile mill products 121 124 122 125 127 129 131 132 131 132 130 132 '136 '134 135 Apparel products 158 158 153 156 162 165 159 166 165 167 161 164 163 165 163 Leather and products 113 113 112 116 113 116 112 117 119 123 117 117 114 118 Paper and printing 160 164 163 164 164 169 168 168 169 770 169 777 770 169 777 Paper and products 172 182 179 182 179 189 187 188 187 192 189 193 191 189 191 Printing and publishing. 151 153 151 153 154 155 155 155 157 156 156 157 156 156 157 Newspapers , 140 139 137 138 139 140 140 140 142 142 142 140 140 141 Chemical, petroleum, and rubber products. 224 234 232 237 243 243 239 245 245 247 243 247 r246 249 256 Chemicals and products 255 269 266 272 277 277 276 280 282 285 281 288 r284 r288 294 Industrial chemicals 319 345 339 347 356 358 361 367 370 370 369 378 ''373 377 Petroleum products 162 166 167 166 174 172 164 172 169 162 168 165 169 '167 Rubber and plastics products 200 201 199 211 215 215 210 217 217 225 208 217 216 223 Foods, beverages, and tobacco. 131 136 135 136 137 137 137 139 139 138 138 138 141 140 140 Foods and beverages 132 136 135 137 138 138 137 140 140 138 140 139 141 140 140 Food manufactures 135 139 139 139 140 140 140 142 142 142 142 142 144 '144 143 Beverages 119 124 117 123 129 127 126 128 127 122 727 124 127 123 Tobacco products 130 134 132 132 125 135 133 140 140 136 130 132 139 139 Mining Coal, oil, and gas 122 123 123 123 123 125 122 125 127 727 125 725 725 727 Coal 68 65 66 64 64 67 68 69 70 70 70 68 69 71 70 Crude oil and natural gas. 147 150 149 150 150 152 147 151 152 153 151 151 151 '154 152 Oil and gas extraction.. 147 150 149 151 151 152 147 151 150 151 149 150 150 '153 152 Crude oil 135 138 138 139 139 141 137 139 138 138 137 138 137 140 140 Gas and gas liquids.. 228 233 234 Oil and gas drilling.... 145 147 143 142 143 141 141 147 161 165 159 150 155 '156 151 Metal, stone, and earth minerals. 164 164 157 161 163 160 752 168 170 169 757 164 755 r168 163 Metal mining 134 134 119 123 124 124 130 137 146 155 155 155 154 '143 124 Stone and earth minerals 195 194 197 201 204 198 196 199 193 181 166 173 177 192 203 Utilities Electric. 289 308 307 309 309 317 319 320 316 316 321 320 322 319 Gas 284 299 301 SUMMARY MARKET GROUPINGS Final products, total 168 170 168 171 174 174 172 175 178 176 177 180 181 183 Consumer goods 161 164 163 166 169 169 164 168 170 172 170 170 172 '173 175 Equipment, including defense. 195 196 192 194 197 198 201 203 207 208 204 208 210 '211 215 Materials 160 161 161 164 166 16S 165 168 168 170 168 171 172 174 174 P Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 885 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Without seasonal adjustment] Annual average 1961 1962 Grouping 1960 1961P May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May INDUSTRY GROUPING Total index 164 168 160 169 171 176 174 172 170 175 178 178 178 Manufacturing, total 163 167 158 167 169 176 173 770 168 174 777 777 777 Durable 169 172 163 165 172 178 179 179 177 182 185 187 186 Nondurable 160 166 158 173 171 178 171 164 163 169 172 172 172 Mining 128 129 125 130 130 133 132 132 130 131 130 132 132 Utilities 287 Durable manufactures Primary and fabricated metals 127 130 720 750 133 136 134 135 138 143 145 142 734 Primary metals 117 120 105 115 122 123 122 123 132 139 141 134 118 Iron and steel 110 113 99 108 116 116 114 117 127 134 135 126 106 Fabricated metal products 145 143 140 146 143 153 150 154 153 153 148 148 151 154 157 Structural metal parts 155 154 150 157 154 161 159 165 165 164 155 156 158 162 166 Machinery and related products. .. 205 202 201 205 795 190 207 212 218 221 216 221 225 •227 229 Machinery 174 174 172 176 167 170 178 181 182 185 183 189 193 '195 196 Nonelectrical machinery 145 142 143 145 140 138 142 143 144 149 149 154 160 162 163 Electrical machinery 222 226 217 226 211 224 238 245 245 243 238 245 248 247 247 Transportation equipment 238 227 231 236 219 196 215 241 260 262 253 255 259 »"263 265 Motor vehicles and parts 168 151 159 167 146 114 133 166 187 187 178 177 180 •189 191 Aircraft and other equipment. . 368 365 362 366 380 386 398 402 396 402 407 '398 398 Instruments and related products . 215 219 216 223 226 226 231 230 226 225 226 230 230 Ordnance and accessories Clay, glass, and lumber 139 138 141 750 743 752 750 148 739 727 720 737 732 757 Clay, glass, and stone products. . 158 156 158 166 164 171 167 167 160 148 138 143 147 170 Lumber and products 118 116 121 132 119 131 131 126 115 103 98 118 115 128 Furniture and miscellaneous 153 154 146 753 750 757 165 769 765 753 755 762 766 Furniture and fixtures 171 171 161 168 168 180 1S2 186 185 186 172 178 181 184 Misc. manufactures 138 140 134 140 134 145 151 155 155 148 138 140 '146 151 Nondurable manufactures Textile, apparel, and leather products.... 136 737 136 735 124 149 753 148 141 735 737 750 752 744 Textile mill products 121 124 126 125 111 130 127 136 131 127 128 134 137 132 137 Apparel products 158 158 156 154 145 176 148 171 160 152 155 174 177 171 163 Leather and products 113 113 106 113 102 120 112 118 116 113 115 125 124 119 Paper and printing 160 164 164 166 753 166 169 776 773 763 164 770 774 773 772 Paper and products 172 182 180 187 162 192 189 200 190 173 183 194 197 195 191 Printing and publishing 151 153 153 152 147 150 157 161 162 157 152 155 159 160 159 Newspapers 140 139 146 139 122 126 140 152 155 140 131 137 145 149 150 Chemical, petroleum, and rubber products. 224 234 232 238 226 241 239 247 246 242 243 250 '252 254 256 Chemicals and products 255 269 269 275 260 275 274 281 282 278 277 287 '291 295 296 Industrial chemicals 319 345 342 345 335 352 353 365 372 370 367 380 '383 385 Petroleum products 162 166 164 166 173 177 168 171 167 166 168 167 167 162 i66* Rubber and plastic products 200 201 194 205 181 207 213 228 223 215 219 229 227 230 Foods, beverages, and tobacco 131 136 132 739 737 148 757 752 141 730 727 725 '732 735 Foods and beverages 132 136 131 139 139 148 152 152 141 132 127 128 130 132 134 Food manufactures 135 139 132 138 139 151 157 157 147 137 133 132 132 134 135 Beverages 119 124 129 145 138 137 127 132 114 110 101 108 121 124 Tobacco products 130 134 136 144 115 145 138 150 140 110 130 134 139 133 Mining Coal, oil, and gas 123 122 720 777 723 722 725 727 729 729 729 727 725 Coal 65 64 61 54 70 72 75 73 70 69 69 70 69 68 Crude oil and natural gas 150 148 147 145 147 145 149 152 156 156 157 155 154 151 Oil and gas extraction 150 148 147 144 147 145 148 150 155 155 157 155 154 151 Crude oil 138 137 136 133 136 134 137 137 140 141 143 142 142 139 Gas and gas liquids 225 220 Oil and gas drilling i-47 140 143 147 146 144 148 159 163 149 146 148 148 Metal, stone, and earth minerals. 164 169 180 776 776 779 180 164 736 743 746 '762 775 Metal mining 134 137 151 143 143 150 151 133 122 127 126 '135 143 Stone and earth minerals 194 201 210 212 210 209 210 195 150 158 166 188 208 Utilities Electric. 308 291 298 306 325 327 310 304 320 342 332 328 313 Gas SUMMARY MARKET GROUPINGS Final products, total 168 170 167 172 165 172 176 182 179 176 174 178 181 181 181 Consumer goods 161 164 160 166 158 167 170 178 172 167 166 170 172 172 171 Equipment, including defense. 195 196 193 196 192 194 199 201 204 208 206 210 214 '215 216 Materials 160 161 161 165 156 166 166 171 170 168 167 172 174 175 175 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 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* May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index 100.00 108 109 108 110 112 113 Ill 113 114 115 114 115 116 117 118 Manufacturing total 86.49 705 709 705 777 772 775 777 775 114 775 114 775 776 777 775 Durable 49.66 104 103 103 105 107 108 105 107 109 110 108 110 112 114 Nondurable 36.83 113 117 116 117 119 120 119 121 121 122 120 122 122 '123 123 Mining 8.55 97 98 97 98 98 99 97 100 101 101 99 99 99 101 100 4.96 123 130 131 132 135 135 135 135 135 137 137 138 140 Durable Manufactures Primarv and fabricated metals . 13.15 97 95 96 99 700 104 707 702 705 104 705 707 707 106 707 Primary metals 7.73 90 88 90 92 95 98 99 96 96 99 101 105 r104 r100 91 Iron and steel 6.21 88 84 86 89 91 92 93 90 90 96 98 104 '103 '98 84 5.42 106 105 105 107 108 111 105 110 112 112 110 111 112 113 115 2.91 104 103 102 106 107 110 105 108 107 106 104 105 106 112 28.98 706 704 104 706 705 108 705 707 770 772 770 777 775 776 775 15.31 106 106 104 107 110 109 108 108 110 112 111 113 116 118 120 Nonelectrical machinery 8.92 102 100 99 101 103 102 102 102 103 104 103 105 108 113 6.39 112 114 112 116 120 118 116 117 119 123 123 124 126 128 128 Transportation equipment 10.76 102 97 99 101 102 103 95 101 106 108 104 105 107 110 113 5.04 115 103 108 113 114 116 95 107 116 119 114 114 117 '124 127 Aircraft and other eouiDment 5.50 89 91 90 88 91 90 93 93 96 96 93 95 96 '95 97 Instruments and related products 1.66 119 118 116 119 119 122 121 121 123 123 121 120 '120 '122 124 1.25 4.57 709 707 707 772 775 772 777 705 705 706 702 705 707 770 775 Clav class and stone products 2.92 110 108 107 112 114 114 112 111 110 106 102 104 105 109 116 Lumber and products 1.65 107 105 107 111 111 109 107 103 105 107 101 114 111 112 113 Furniture and miscellaneous ... 2.96 776 777 775 779 779 720 720 727 124 124 720 727 725 r129 757 Furniture and fixtures 1.48 120 120 117 121 121 123 123 124 128 128 123 125 128 131 134 Misc manufactures 1.48 113 114 114 117 117 116 116 119 121 120 117 117 121 126 128 Nondurable Manufactures 7.32 775 776 775 776 775 720 775 722 722 725 720 727 722 122 722 Textile mill oroducts 2.78 109 111 110 112 114 116 117 118 118 118 117 118 122 121 122 Apparel products 3.44 124 124 120 123 127 130 125 130 130 131 127 129 128 129 128 Leather and products 1.10 100 101 100 104 101 103 100 104 106 109 105 105 101 105 7.93 772 775 114 775 775 775 777 777 775 119 775 119 119 118 779 Paper and products 3.27 112 118 117 118 117 123 122 122 122 125 123 125 124 123 124 Printinc and oublishins 4.66 111 113 111 113 114 114 114 114 115 114 114 115 115 115 116 Newspapers 1.53 107 106 105 106 107 107 107 107 108 108 109 108 107 107 108 Chemical petroleum and rubber products.... 10.95 775 725 722 725 727 727 726 725 729 750 727 750 7?9 757 134 7.10 121 128 127 129 132 132 132 133 134 136 134 137 135 137 140 3.61 127 137 135 138 141 142 143 146 147 147 146 150 r148 150 Petroleum products 1.93 108 110 111 111 116 115 110 114 113 108 112 110 112 111 113 Rubber and plastics products 1.91 114 115 114 121 123 123 120 124 124 129 119 124 124 128 Foods beverages and tobacco 10.64 709 775 772 775 774 114 114 776 776 775 775 775 777 116 116 Foods and beverages 9.87 109 113 112 113 114 114 114 116 116 114 115 115 117 116 116 Food manufactures 8.31 109 113 113 113 114 114 114 116 116 115 116 116 117 117 117 Beverages . 1.56 108 112 107 112 117 115 114 116 116 110 115 112 115 111 .77 114 118 116 116 110 119 116 123 123 120 114 116 122 122 Mining Coat oil and sas . 7.05 96 97 96 96 96 98 96 95 99 99 95 95 95 700 99 Coal 1.30 83 80 81 11 11 81 82 84 86 86 86 83 84 86 86 Crude oil and natural gas 5.75 98 100 100 101 101 102 99 101 102 103 101 101 101 103 102 4.98 100 103 102 103 103 105 101 104 104 103 102 103 103 105 104 4.33 98 100 100 101 101 103 99 101 100 100 99 100 100 102 102 Gas and gas liquids .65 116 .77 85 86 84 83 84 82 83 86 95 97 93 88 91 92 88 7.50 705 705 707 705 705 705 104 707 709 705 705 705 106 r108 104 .70 97 97 86 89 90 90 94 99 106 112 112 112 112 r104 90 .80 112 112 114 116 118 114 113 115 111 104 96 100 102 '111 117 Utilities 3.76 123 131 131 132 132 135 136 137 135 135 137 137 137 136 Gas 1.20 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 887 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] p 19 ro 5 - 7 A A v n e n r u ag al e 1961 1962 Grouping portion 1960 1961 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index. 00.00 108 110 112 113 111 113 114 114 115 116 117 118 Final products, total 46.75 777 113 114 115 113 115 117 116 777 118 779 727 Consumer goods 31.13 115 118 120 120 116 119 121 121 120 122 123 124 Equipment, including defense. 15.62 102 102 104 105 106 107 109 108 110 111 112 114 Materials 53.25 106 109 110 111 109 111 111 111 113 114 115 115 Consumer goods Automotive products 5.35 117 108 113 115 117 96 110 121 119 775 775 124 727 Autos 2.03 117 101 109 110 110 82 102 117 114 109 110 119 126 Auto parts and allied products. 1.32 117 118 120 125 126 118 123 127 126 126 125 131 129 Home goods and apparel 9.60 116 116 120 123 122 120 121 121 121 123 725 727 727 Home goods 4.40 115 117 122 124 120 121 120 122 123 124 127 130 131 Appliances, TV, and radios 1.75 112 116 123 127 116 119 116 117 120 122 126 129 128 Appliances 1.26 118 118 122 126 121 126 124 124 126 126 129 132 133 TV and home radios , .49 96 110 126 128 102 100 98 101 104 113 118 123 117 Furniture and rugs , 1.18 118 117 122 119 122 126 124 128 124 124 126 131 134 Misc. home goods , 1.47 117 118 122 123 124 120 122 123 127 126 128 130 133 Apparel, incl. knit goods and shoes. 5.20 117 115 118 122 124 118 121 121 119 121 124 124 124 Consumer staples 18.18 113 117 118 119 119 119 120 720 120 720 727 727 722 Processed foods 8.11 109 113 114 114 114 114 115 115 114 114 115 116 115 Beverages and tobaccos 2.32 110 110 113 115 116 115 118 118 115 113 118 115 Drugs, soap, and toiletries 2.73 118 123 124 126 126 124 127 127 126 128 127 128 Newspapers, magazines, and books. 1.44 113 116 117 119 117 119 118 118 119 118 118 118 119 Consumer fuel and lighting 3.45 119 125 125 128 130 127 129 129 132 132 132 132 Fuel oil and gasoline 1.19 106 105 105 112 111 104 109 112 112 113 113 111 iii Residential utilities 2.26 126 135 134 135 139 140 141 140 143 143 143 142 Electricity 1.57 127 136 135 136 140 141 141 139 144 143 143 142 Gas .69 124 Equipment Business equipment 12.16 103 104 105 106 107 108 110 108 770 772 113 775 Industrial equipment 7.29 99 99 101 102 101 102 104 104 106 106 107 109 Commercial equipment 2.46 120 123 125 127 128 129 131 131 133 135 138 140 Freight and passenger equipment. 1.83 95 95 96 98 105 106 111 101 103 107 105 107 Farm equipment .58 104 106 98 78 97 87 95 91 100 105 110 Defense equipment. 3.46 Materials Durable goods materials. 27.81 102 100 101 104 104 106 104 105 705 705 705 707 109 777 770 Consumer durable 3.67 109 100 107 109 109 115 99 101 106 112 112 111 115 120 127 Equipment 8.10 101 102 99 101 104 105 102 107 108 108 108 110 112 116 116 Construction 9.05 107 106 107 110 111 112 110 108 107 105 100 106 107 111 115 Metal materials n.e.c 6.99 92 91 92 93 94 96 97 96 97 102 105 107 106 '103 92 Nondurable materials 25.44 110 114 112 114 775 777 775 777 775 77P 777 119 779 779 720 Business supplies 8.87 110 113 110 113 114 116 113 114 116 118 115 117 117 116 118 Containers 2.91 109 115 110 115 116 121 118 116 119 122 122 121 124 117 117 General business supplies. 5.96 111 111 110 112 114 113 111 112 115 115 112 114 113 115 118 Nondurable materials n.e.c.. 7.05 119 126 124 128 130 132 130 132 132 135 132 135 137 136 139 Business fuel and power 9.52 103 105 105 106 106 108 106 108 108 108 107 108 108 109 108 Mineral fuels 6.29 97 98 98 98 98 100 97 100 100 100 99 99 99 101 100 No E n l r e e c s t i r d ic e i n ty tial utilities 2 2 . .1 7 9 0 1 1 2 2 1 0 i28 1 1 2 2 6 7 1 1 2 3 9 0 1 1 2 2 9 9 1 1 3 3 1 2 1 13 3 3 2 1 1 3 3 3 2 1 1 3 3 1 2 1 1 3 3 1 2 1 1 3 3 2 2 1 1 3 3 2 2 1 1 3 3 3 3 1 1 3 3 3 3 General industrial .99 115 118 117 120 120 122 122 121 120 122 126 128 128 125 Commercial and other. 1.12 127 139 138 141 139 143 146 147 146 144 141 140 141 142 Gas .51 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 116 112 113 118 120 118 110 116 122 128 121 120 122 130 Apparel and staples 23.38 114 117 116 118 119 120 118 120 120 120 120 120 122 122 v Preliminary. f 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—7959 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

888 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 portion 1960 1961P May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr May Total index 100.00 108 109 108 111 106 111 113 116 115 113 112 115 117 '117 117 Manufacturing, total 86.49 108 109 108 111 105 HI 113 117 775 773 772 116 775 118 775 Durable 49.66 104 103 103 106 100 102 106 110 111 110 109 112 114 115 114 Nondurable 36.83 113 117 115 118 112 123 121 126 122 116 116 120 122 122 122 Mining 8.55 97 98 97 98 95 99 99 101 101 100 99 99 99 100 100 Utilities 4.96 123 Durable Manufactures Primary and fabricated metals 13.15 97 95 97 100 92 99 702 104 702 705 705 709 ••777 r108 702 Pri I m ro a n r y a n m d e t s a te ls el 7 6. . 2 7 1 3 9 8 0 8 8 8 8 4 9 8 2 8 9 9 4 1 8 8 2 0 9 8 1 7 9 9 6 3 9 9 7 3 9 9 6 1 9 9 7 4 1 10 0 1 4 1 10 1 7 0 -• 1 1 1 0 0 8 nos 9 8 3 5 Fabricated metal products 5.42 106 105 103 107 105 112 110 113 112 112 108 109 111 101 115 Structural metal parts 2.91 104 103 101 105 103 108 106 110 110 110 104 104 106 113 111 108 Machinery and related products.... 28.98 106 104 104 106 101 98 704 709 775 114 772 114 775 775 775 Machinery 15.31 106 106 105 107 102 104 109 111 111 113 112 115 118 119 119 Nonelectrical machinery 8.92 102 100 101 102 98 97 100 101 101 105 105 109 112 '114 115 Electrical machinery 6.39 112 114 110 115 107 113 121 124 124 123 121 124 126 125 125 Transportation equipment 10.76 102 97 99 101 94 84 92 103 111 112 108 109 111 113 114 Motor vehicles and parts 5.04 115 103 109 114 100 78 91 113 128 128 122 121 123 '129 131 Aircraft and other equipment 5.50 89 91 89 88 87 88 92 93 96 97 95 97 98 r96 96 Instruments and related products 1.66 119 118 116 118 116 120 121 122 124 124 122 121 122 124 124 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 109 707 770 777 772 775 777 775 705 99 93 702 705 777 777 Clay, glass, and stone products 2.92 110 108 110 115 114 118 116 116 111 102 96 99 102 '112 118 Lumber and products 1.65 107 105 110 120 108 119 118 114 104 93 89 107 104 110 116 Furniture and miscellaneous 2.96 116 777 777 776 114 722 726 729 725 726 777 720 725 725 726 Furniture and fixtures 1.48 120 120 112 118 118 126 128 130 130 130 120 125 127 128 129 Misc. manufactures 1.48 113 114 110 115 110 119 123 127 127 121 113 115 119 122 124 Nondurable Manufacturers Textile, apparel, and leather products.... 7.32 115 776 775 774 705 726 775 725 779 775 776 727 729 r124 722 Textile mill products 2.78 109 111 113 112 100 117 114 122 118 114 115 121 123 r118 123 Apparel products 3.44 124 124 123 121 114 139 116 134 126 119 122 137 139 135 128 Leather and products 1.10 100 101 94 100 90 107 100 105 103 100 102 111 110 106 Paper and printing 7.93 112 775 114 776 707 776 775 725 727 114 114 779 722 727 720 Paper and products 3.27 112 118 117 122 105 125 123 130 124 113 119 126 128 127 124 Printing and publishing 4.66 111 113 113 112 108 110 115 118 119 115 111 114 117 117 117 Newspapers 1.53 107 106 112 106 94 96 107 116 118 107 100 105 111 114 115 Chemical, petroleum, and rubber products 10.94 118 723 722 725 779 726 726 730 729 727 727 757 752 755 754 Chemicals and products 7.10 121 128 128 131 124 131 131 134 134 133 132 137 138 r141 141 Pe I t n ro d l u e s u t m ri a p l r c o h d e u m ct i s cals 3 1 . . 6 9 1 3 1 10 2 8 7 1 1 3 1 7 0 1 1 0 3 9 6 1 1 1 3 1 7 1 1 3 1 3 5 1 11 4 8 0 1 1 4 1 0 2 1 1 4 1 5 4 1 11 4 1 8 1 11 4 1 7 1 14 1 6 2 1 1 1 5 1 1 r1 1 5 1 2 2 1 1 5 0 3 8 "ill* Rubber and plastics products 1.91 114 115 117 104 118 122 131 128 123 125 131 130 132 Foods, beverages, and tobacco 10.64 709 775 770 776 114 725 725 726 777 705 706 706 709 770 772 Foods and beverages 9.87 109 113 109 115 115 123 126 126 117 109 105 106 108 110 111 Food manufactures 8.31 109 113 107 112 113 123 128 127 119 111 108 107 108 109 110 Beverages 1.56 108 112 117 132 125 124 115 119 103 99 92 98 110 113 Tobacco products .77 114 118 120 126 101 128 121 131 123 97 114 117 122 117 Mining Coal, oil, and gas 7.05 96 97 95 94 96 95 700 707 707 707 700 700 95 Coal 1.30 83 80 78 75 85 91 89 85 84 84 85 84 83 Crude oil and natural gas 5.75 98 100 99 99 99 100 102 105 105 105 104 103 101 Oil and gas extraction 4.98 100 103 102 101 101 102 103 106 106 108 106 106 103 Crude oil 4.33 98 100 100 99 99 99 100 102 103 104 103 103 101 Gas and gas liquids .65 116 114 112 Oil and gas drilling .77 85 '86* 82 84 86 86 84 87 93 98 87 Metal, stone, and earth minerals 1.50 105 705 705 776 775 775 775 776 705 96 r104 772 Metal mining .70 97 97 99 110 103 103 109 109 96 90 r98 103 Stone and earth minerals 112 112 116 121 122 121 120 121 113 101 '109 120 Utilities Electric 3.76 123 131 124 127 131 139 140 133 130 137 146 142 140 134 Gas 1.20 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 889 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] Annual Grouping 1 p 9 ro 5 - 7 average 1961 1962 portion 1960 1961^ May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index 100.00 108 109 108 111 106 Ill 113 116 115 113 112 115 117 r117 117 Finol products total 46.75 111 112 110 113 709 113 775 779 775 115 114 777 779 r779 119 Consumer soods 31.13 114 116 114 118 112 119 121 126 122 118 117 120 122 122 122 Equipment including defense . . . 15.62 103 104 102 103 102 102 105 106 108 110 109 111 113 113 114 Materials 53.25 106 106 107 109 103 110 110 113 113 111 110 114 115 116 115 Consumer Goods Automotive woducts 3.35 117 106 112 118 99 73 96 727 729 737 725 124 725 132 132 Autos 2.03 117 97 107 116 87 39 77 115 134 136 124 122 125 134 133 Auto parts and allied products 1.32 117 121 119 123 119 125 126 129 123 123 126 126 126 129 130 Home goods and apparel 9.60 116 117 114 117 108 123 720 729 124 775 775 725 r729 727 725 4.40 115 117 114 119 108 116 127 130 128 123 116 124 129 127 125 Appliances TV and radios 1.75 112 113 114 119 98 103 125 127 124 113 111 124 131 124 121 Appliances 1.26 118 118 122 124 104 100 126 124 123 118 116 128 140 133 128 TV and home radios . . .49 96 103 96 106 83 111 125 136 128 102 99 113 107 103 102 Furniture and rugs 1.18 118 119 111 117 113 123 129 131 130 132 120 127 128 129 127 1.47 117 119 116 120 114 126 129 133 130 128 120 123 127 128 130 Apparel incl knit goods and shoes . ... 5.20 117 118 115 116 109 130 113 127 121 113 116 128 130 126 121 Consumer staples 18.18 113 117 114 118 117 125 725 725 720 775 777 777 775 r777 779 Processed foods 8.11 109 113 107 112 113 123 128 127 118 111 107 106 107 109 110 Beverages and tobacco 2.32 110 114 118 130 117 125 117 123 109 99 99 104 114 114 Drugs soap and toiletries 2.73 118 123 122 125 118 127 125 129 127 126 125 128 128 129 130 Newspapers magazines, and books 1.44 113 117 115 116 116 118 121 120 118 117 118 118 120 118 117 Consumer fuel and lighting . 3.45 119 126 119 119 124 129 128 124 125 133 144 140 136 130 Fuel oil and gasoline 1.19 106 108 103 104 112 113 106 108 111 114 116 114 110 106 109 2.26 126 Electricity 1.57 127 136 125 124 128 137 139 131 130 146 166 159 153 142 fine 69 124 Equipment Business eauipment •. 12.16 105 105 103 105 103 103 705 707 70S 777 709 772 114 775 116 Industrial equipment 7.29 102 100 99 100 100 101 102 102 103 106 104 105 107 108 109 Commercial equipment 2.46 118 124 120 122 121 126 128 130 132 134 132 135 137 138 139 Freight and passenger equipment . . .... 1.83 101 99 98 100 95 94 99 102 106 102 100 106 112 111 111 Farm equipment .58 92 98 110 108 87 71 87 85 85 90 93 110 120 126 3.46 Materials Durable soods materials . 27.81 102 100 101 105 99 103 704 707 707 705 705 705 7/0 772 777 Consumer durable 3.67 109 100 102 104 94 98 96 108 118 121 119 118 119 119 121 8.10 101 102 99 101 99 101 102 106 109 111 111 112 114 116 115 Construction ... 9.05 107 106 108 115 110 115 114 114 108 101 95 101 104 110 115 Metal materials n e.c 6.99 92 91 95 97 86 93 98 100 98 98 103 108 108 104 95 Nondurable materials 25.44 no 114 113 114 108 117 775 720 779 775 117 720 727 727 727 Business supplies .. . 8.87 110 113 112 114 105 116 117 120 117 111 111 116 119 119 120 Containers 2.91 109 115 114 121 110 130 125 124 115 105 113 118 124 120 121 General business supplies 5.96 111 111 112 111 103 109 113 118 118 114 111 114 116 119 119 Nondurable materials nee 7.05 119 126 126 126 118 129 128 136 136 133 134 139 140 139 140 Business fuel and power 9.52 103 105 103 104 102 108 107 108 108 109 109 110 109 108 107 Mineral fuels 6.29 97 98 97 95 92 98 97 100 100 101 102 103 102 101 99 Nonresidential utilities 2.70 121 Electricity 2.19 120 128 i24 130 133 140 140 134 130 130 132 129 131 128 General industrial .99 115 118 118 119 116 123 123 124 122 122 127 125 128 126 Commercial and other 1.12 127 139 131 142 150 158 158 146 139 141 140 136 136 133 fine 51 121 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 116 112 113 119 104 97 114 126 129 126 120 124 127 129 128 Apparel and staples 23.38 114 117 114 117 115 126 123 126 120 116 117 119 121 120 119 * 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

890 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Manu- Industrial production facturing4 Prices2 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 M fa a c n - u- Min- Util- Con- M ria a l t s e-tractsi,2 total 3 ment rolls value) 2 sumer m co o m di - ty 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 70 83.8 87.9 1949 98 98 94 108 99 101 94 96 44 99.1 93.8 97.2 108.2 67 83.0 83.5 1950 113 114 105 123 112 115 102 114 61 102.4 99.7 111.7 117.1 72 83.8 86.8 1951 123 123 115 140 121 114 142 124 63 108.3 106.4 130.1 121.5 76 90.5 96.7 1952 127 127 114 152 130 116 170 125 67 110.5 106.3 137.0 115.0 78 92.5 94.0 1953 138 139 117 166 138 124 182 137 70 113.7 111.9 151.7 116.6 80 93.2 92.7 1954 130 129 113 178 132 123 161 128 76 111.0 102.0 138.4 104.6 80 93.6 92.9 1955 146 145 125 199 144 136 172 147 91 114.7 105.8 153.6 115.3 88 93.3 93.2 1956 151 150 132 218 150 139 188 151 92 118.6 106.9 162.4 115.9 94 94.7 96.2 1957 152 150 132 233 152 141 189 151 93 119.7 105.0 164.3 108.2 96 98.0 99.0 1958 141 139 120 244 145 140 165 138 102 116.4 95.5 151.5 93.8 99 100.7 100.4 1959 159 158 125 268 162 155 188 157 105 120.8 100.3 170.3 97.9 105 101.5 100.6 I960 164 163 128 287 168 161 195 160 105 123.0 100.0 172.8 95.3 106 103.1 100.7 1961 "165 "164 "129 "170 "164 "196 "161 108 122.4 95.9 170.5 91.2 109 104.2 100.3 1961—May 164 163 128 303 168 163 192 161 102 122.0 96.0 166.9 91.5 109 103.8 100.0 June 168 166 129 306 171 166 194 164 111 122.6 96.7 172.4 91.5 109 104.0 99.5 July 170 169 129 307 174 169 197 166 110 123.0 96.8 171.3 91.1 110 104.4 99.9 Aue........... 172 170 130 314 174 169 198 168 116 123.0 96.8 174.4 91.8 110 104.3 100.1 Sept. 168 167 128 316 172 164 201 165 103 122.9 96.3 175.9 90.1 110 104.6 100.0 Oct. 171 170 131 317 175 168 203 168 114 123.1 96.5 179.1 94.4 109 104.6 100.0 Nov 173 172 132 315 178 170 207 168 116 123.4 97.3 182.0 95.3 112 104.6 100.0 Dec 174 173 133 314 179 172 208 170 119 123.3 97.6 182.0 95.6 113 104.5 100.4 1962—Jan 172 171 130 318 176 170 204 168 115 123.2 97.1 175.9 93.9 109 104.5 100.8 Feb 174 173 130 319 177 170 208 171 119 124.0 97.9 177.5 96.8 110 104.8 100.7 Mar r176 174 131 321 180 172 210 172 131 124.3 98.6 179.7 96.6 117 105.0 100.7 Apr ''177 176 133 '319 181 r173 '211 174 121 '125.1 '99.8 '182.5 96.1 113 105.2 100.4 May 178 177 131 326 183 175 215 174 117 125.3 100.1 183.6 94.0 "115 105.2 100.2 June P179 *>178 *134 *>328 *>184 ^175 pin P174 H25A*>100.2^186.1 93.2 «112 100.1 • Estimated. » Preliminary. ' Revised. 3 Employees only, excluding personnel in the armed forces. Adj.= adjusted for seasonal variation. Unadj. = without seasonal * 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total construction 36,318 37,135 3,501 3,602 3,529 3,543 3,004 3,291 3,008 2,712 2,658 2,749 3,986 3,860 4,009 By type of ownership: Public 12,587 12,547 1,127 1,?35 1,765 1,158 954 1.071 94? 1,091 0?? 877 1 475 1211 Private 23,731 24,588 2,374 2,367 2,263 2,384 2,050 2,270 2,066 1,621 1,736 1,871 2,511 2,650 By type of construction: Residential 15,105 16,123 1,553 1 558 1, 50? 1,589 1,381 1,498 1,106 1,125 1.190 1,19? 1 552 t 816 t 819 12,240 12,115 1,105 1 1.154 1,087 987 1,005 1,095 883 853 893 1 325 I 102 t ->75 Public works and utilities 8,973 8,897 843 823 873 866 637 787 607 704 615 664 1,108 943 915 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 891 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 Non- Business Other Total d f e r a e n r s t m i i - al Total In tr d i u al s- m C e o r m cia - l P u u ti b li l t i y c n d r t e o e i s a n n i l - - - 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 1,287 3,861 J 085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 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 1,287 4 954 I 344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 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 1,488 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 1,368 5,818 1,581 8,267 1961—June 57 206 40 328 22,271 12,642 2 750 4,510 5 382 5 415 16 878 I 382 5,527 I 594 8,375 July 57,039 41,176 23,118 12,707 2,672 4,578 5,457 5,351 15,863 1,140 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 1,404 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 1,248 5,414 1.666 8,574 Mar 57,861 40,553 22,507 C12,897 2,653 4,795 5,449 C5,149 17,308 1,409 5,771 1,715 8.413 Apr 58,315 41,747 23,484 12,973 2,792 4,793 5,388 5,290 16,568 .442 5,057 1,775 8,294 May*3 60,747 43,456 24,999 13,091 2,886 4,752 5,453 5,366 17,291 11418 5,830 1,805 8,238 62,981 45,050 26,368 13,301 2,950 4,865 5,486 5,381 17,931 1,375 6,379 1,780 8,397 c Corrected. » Preliminary. 2 Beginning with 1959, series includes Alaska and Hawaii. i 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 unitsj Seasonally Private Memorandum item: an a n d u ju a s l te r d ate Metro- Non- Government-underwritten 2 Year or month (private only) Total politan politan Public areasi areasi 1- 2- Multi- Total Nonfarm Total family family family Total FHA VA 1953 1 104 804 300 J 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 ,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 1,077 477 517 1,234 56 227 37 458 349 109 1960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,355 938 418 .304 966 44 294 52 328 244 83 1961 May 1,291 1,268 131 90 41 127 96 4 26 4 32 24 8 June 1 381 1,351 138 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 1,383 J 365 128 91 37 122 91 4 28 6 28 21 7 Oct 1,434 ,404 129 88 41 124 92 4 27 5 33 23 9 Nov 1,351 ,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 ,247 83 60 23 81 54 3 23 2 23 18 4 Feb 1,152 ,134 78 56 22 76 54 3 20 1 20 15 5 Mar 1,431 ,407 118 84 34 115 80 5 31 3 27 21 6 Apr V ,538 V ,517 P151 110 41 P147 102 5 40 33 25 8 M^ay. . V[ 587 P] 573 ^157 113 45 »155 n.a. n.a. n.a. 34 26 8 n.a. Not available. p 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

892 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment; in thousands of persons unless otherwise indicated] Civilian labor force Yc,ar or month i p T n o s o t p t i a t u u l l t a n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total Total I E n m c u n p l o l t o n u y a ra g e l d ri - i In U pl n o e y m ed - 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 n t o t y )2 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 1960. 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—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 Aug . .. 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 55,889 5.5 Apr 129,587 73,654 70,769 66,824 61,863 4,961 3,946 55,933 5.5 May 129,752 74,797 71,922 68,203 62,775 5,428 3,719 54,956 5.4 June 129,930 76,857 74,001 69,539 63,249 6,290 4,463 53,072 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 and total 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—June 54,182 16,373 669 2,795 3,914 11,392 2,747 7,471 8,821 July 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 Mar 54,901 16,682 654 2,648 3,927 11,460 2 776 7,681 9,073 Apr . ... 55,260 16,848 656 2,734 3,935 11,546 2,778 7,675 9,088 May*5 55,371 16,899 659 2,717 3,934 11 575 2 788 7 677 9 122 June?5 55,414 16,904 653 ^,687 3,929 11,573 2,795 7,689 9,184 WITHOUT SEASONAL ADJUSTMENT 1961—June 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 Aufi 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 54,056 16,525 640 2,328 3,880 11,223 2,754 7,573 9,133 Apr.. . .. 54,849 16,636 647 2,589 3,904 11,470 2,770 7,690 9,143 Mav» 55,177 16,689 657 2,750 3 922 11 456 2 782 7 7*?4 9 167 JuneP 55,654 16,849 662 2,856 3,960 11,534 2,815 7,820 9,158 » Preliminary. during, or received pay for, the pay period ending nearest the 15th of i 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 893 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES 1 [Bureau of Labor Statistics; in thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1961 1962 1961 1962 June Apr. June? June Apr. Junep Total. 12,145 12,541 12,575 12,584 12,090 12,338 12,383 12,521 Durable goods 6,682 7,000 7,039 7,033 6,678 6,931 6,979 7,024 Ordnance and accessories 93 98 98 98 93 98 98 98 Lumber and wood products 540 547 547 546 565 527 549 571 Furniture and fixtures 305 318 321 324 301 313 314 320 Stone, clay, and glass products 461 460 467 467 470 455 467 476 Primary metal industries 924 995 975 944 926 991 968 946 Fabricated metal products 828 864 872 874 825 851 860 871 Machinery except electrical 959 1,012 1,019 1,023 967 1,025 1,028 1,031 Electrical machinery 968 1,040 1,051 1,055 950 1,019 1,025 1,036 Transportation equipment 1,072 1,122 1,140 1,158 1,050 1,118 1,131 1,134 Instruments and related products 222 227 229 225 221 226 226 223 Miscellaneous manufacturing industries 310 317 320 319 310 308 314 319 Nondurable goods 5,463 5,541 5,536 5,551 5,412 5,407 5,404 5,497 Food and kindred products 1,188 1,193 1,182 1,183 1,184 1,111 1,119 1,179 Tobacco manufactures 78 77 77 77 67 66 66 66 Textile-mill products 800 802 803 804 800 796 797 804 Apparel and other finished textiles 1,076 1,121 1,116 1,115 1,050 1,096 1,085 1, Paper and allied products 473 479 481 481 474 475 477 482 Printing, publishing and allied industries 597 598 599 599 594 596 595 596 Chemicals and allied products 510 518 522 529 507 527 526 526 Products of petroleum and coal 132 129 129 129 134 128 129 131 Rubber products 286 297 303 308 279 294 297 300 Leather and leather products 323 327 324 326 322 318 314 325 v Preliminary. part-time) who worked during, or received pay for, the pay period ending 1 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 INDUSTRIESi [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 June Apr. May? June** June Apr. June*5 June Apr. Junep Total. 39.9 40.8 40.6 40.4 93.03 96.56 96.80 97.03 2.32 2.39 2.39 2.39 Durable goods 40.4 41.3 41.1 40.9 101.09 105.22 105.22 104.81 2.49 2.56 2.56 2.55 Ordnance and accessories 40.7 41.8 41.3 41.7 112.19 118.43 117.16 117.86 2.77 2.84 2.83 2.84 Lumber and wood products 39.7 39.7 40.3 39.8 79.79 77.82 80.60 82.01 1.97 1.97 1.99 2.02 Furniture and fixtures 40.1 41.5 41.3 41.0 76.02 1Z.16 78.38 79.37 1.91 1.94 1.94 1.95 Stone, clay, and glass products 40.9 41.1 41.1 41.0 97.29 98.16 99.36 100.43 2.35 2.40 2.40 2.42 Primary metal industries 39.7 40.9 39.9 39.4 116.58 123.11 118.50 118.10 2.90 3.01 2.97 2.96 Fabricated metal products 40.7 41.5 41.3 41.4 102.09 104.39 105.32 106.75 2.49 2.54 2.55 2.56 Machinery except electrical 40.8 42.0 41.9 41.9 107.68 113.67 113.67 114.36 2.62 2.70 2.70 2.71 Electrical machinery 40.1 41.1 40.7 40.4 94.71 97.44 97.68 97.03 2.35 2.40 2.40 2.39 Transportation equipment 40.6 42.1 42.1 41.5 112.87 119.97 121.67 119.11 2.78 2.87 2.89 2.87 Instruments and related products 40.7 41.2 41.1 40.8 97.10 100.04 99.80 99.80 2.38 2.44 2.44 2.44 Miscellaneous manufacturing industries.. 39.7 40.3 40.1 39.9 76.22 78.80 78.60 78.60 1.92 1.97 1.97 1.97 Nondurable goods 39.5 40.2 40.0 40.0 83.56 85.54 86.15 87.02 2.11 2.16 2.17 2.17 Food and kindred products. 41.3 41.2 41.0 40.9 90.25 91.13 92.21 92.66 2.18 2.25 2.26 2.26 Tobacco manufactures 38.9 39.6 38.7 37.3 74.07 74.10 75.46 74.27 1.88 1.95 1.96 1.97 Textile-mill products 40.1 41.5 41.3 41.1 65.12 68.38 69.12 69.22 1.62 1.68 1.69 1.68 Apparel and other finished textiles 35.4 37.1 36.6 36.7 56.64 60.96 60.59 60.92 1.60 1.67 1.66 1.66 Paper and allied products 42.8 42.7 42.6 42.8 100.39 101.10 101.34 102.96 2.34 2.39 2.39 2.40 Printing, publishing and allied industries. 38.3 38.6 38.3 38.4 104.67 107.90 107.62 107.62 2.74 2.81 2.81 2.81 Chemicals and allied products 41.5 41.7 41.7 41.7 108.00 108.84 109.52 111.04 2.59 2.61 2.62 2.65 Products of petroleum and coal 41.6 41.3 41.5 42.1 126.24 125.55 125.75 129.32 3.02 3.04 3.03 3.05 Rubber products 40.1 41.8 41.5 41.8 97.03 99.63 101.19 104.90 2.39 2.43 2.45 2.48 Leather and leather products 37.6 38.6 38.1 38.2 63.29 63.81 64.16 66.22 1.67 1.72 1.72 1.72 p Preliminary. NOTE.—Data are for production and related workers. 1 Data include Alaska and Hawaii beginning with 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

894 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICT [1957-59= 100] Federal Reserve district United Period States Boston Y N ' e or w k P a p h d h i e i l l a - - C l l a e n ve d - 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 a sc n n o - SALES 1954 80 84 76 86 83 81 72 87 83 80 80 75 74 1955 88 91 80 93 92 89 81 95 90 85 88 84 82 1956 94 96 89 97 96 95 90 99 96 93 93 92 91 1957 96 96 95 98 98 97 94 100 97 97 94 96 93 1958 99 99 100 99 98 98 99 97 98 99 99 99 98 1959 105 104 105 104 104 105 107 104 104 104 107 105 109 I960 106 106 108 104 108 104 107 104 103 106 108 100 110 1961 109 112 112 107 110 107 109 105 103 108 111 102 115 SEASONALLY ADJUSTED 1961—May 107 111 109 105 108 105 107 103 100 109 109 99 111 June 109 112 112 106 110 107 109 106 103 108 111 98 114 July . 110 112 112 105 112 108 109 107 104 107 112 102 115 Aug 110 112 114 107 111 108 108 108 104 107 111 106 113 Sept 110 111 110 105 110 107 112 107 106 108 115 102 118 Oct 109 116 113 108 109 107 108 105 103 106 108 101 115 Nov 112 119 115 111 115 111 111 108 107 109 112 104 118 Dec . 113 116 116 111 114 111 112 108 106 108 112 106 120 1962—Jan 109 113 112 110 112 108 110 104 98 104 105 101 119 Feb 110 101 112 104 109 110 118 103 108 103 114 110 120 Mar 117 122 119 110 118 114 126 112 112 109 118 106 123 Apr 113 113 119 111 112 108 108 108 108 116 115 104 118 May 115 110 113 115 117 114 119 112 110 108 116 108 121 NOT SEASONALLY ADJUSTED 1961—May 102 109 105 101 102 101 101 102 100 103 106 95 102 June 103 107 109 101 103 99 98 102 96 108 105 88 109 July 92 85 85 81 94 91 97 88 87 85 100 93 104 Aug 100 92 91 88 102 96 101 98 99 103 111 106 109 Sept 109 112 110 105 109 107 105 108 106 116 117 98 116 Oct 112 121 121 113 110 114 110 109 108 115 111 103 112 Nov 134 146 146 145 140 133 129 129 128 125 128 120 134 Dec 204 224 213 202 210 206 201 191 186 190 195 184 217 1962 Jan 83 86 90 80 84 76 85 77 75 74 79 79 90 Feb 82 72 87 75 81 77 91 75 78 78 82 80 95 Mar 95 94 99 95 93 92 105 93 90 87 97 91 99 Apr 112 115 113 112 114 112 115 108 106 112 111 103 116 May 110 108 109 110 111 110 112 111 109 103 113 104 110 STOCKS 1954 80 82 75 82 90 79 77 84 86 83 82 70 76 1955 85 OO 78 87 86 90 86 89 93 88 90 76 81 1956 94 96 89 95 93 99 98 97 102 98 99 84 92 1957 99 97 97 99 102 100 102 100 103 102 100 99 96 1958 98 99 99 98 97 96 97 97 98 97 98 98 97 1959 .. . .... 103 104 104 103 101 104 101 103 99 101 103 104 107 I960 109 108 110 105 113 108 107 108 103 108 109 106 114 1961 .. . 110 112 110 106 112 109 108 109 104 108 111 104 116 SEASONALLY ADJUSTED 1961 May 109 111 109 104 111 107 108 108 104 108 112 102 115 June 108 112 109 105 111 107 108 107 103 108 112 101 114 July 110 111 110 105 110 108 107 111 103 109 113 103 114 Aug 110 111 110 105 111 107 109 110 104 107 113 103 116 Sent 111 113 111 107 112 108 110 114 105 108 112 104 116 Oct 112 113 111 107 114 110 110 113 106 109 110 105 117 Nov 112 114 113 109 113 113 110 113 107 108 110 106 118 Dec 113 116 112 109 115 113 109 113 109 110 111 106 118 1962—Jan 114 114 112 110 114 115 112 114 102 111 111 111 121 Feb 114 115 114 110 114 116 111 114 104 113 113 113 122 Mar 116 117 113 112 114 117 114 116 105 113 114 114 124 Apr 115 116 112 111 115 117 114 113 107 114 114 111 124 May 116 115 113 112 115 115 115 116 105 112 115 115 127 NOT SEASONALLY ADJUSTED 1961—May 109 112 110 106 111 108 107 110 103 106 111 100 114 June 103 105 102 99 106 101 100 103 98 99 107 95 110 July 104 102 99 96 106 101 99 109 99 106 107 99 111 Aug 109 109 108 102 110 108 108 109 105 107 111 105 116 Sept 118 121 116 113 119 116 116 121 112 114 116 111 122 Oct 125 131 126 124 130 125 123 123 120 123 123 118 130 Nov 129 135 131 127 133 129 129 126 121 126 127 121 134 Dec 103 108 105 100 105 104 98 101 97 104 103 98 108 1962—Jan 101 100 102 96 98 100 101 102 90 99 101 96 109 Feb 107 106 106 103 106 107 108 106 96 106 107 106 115 Mar 116 115 114 112 114 118 116 116 106 111 114 115 125 Apr 118 117 116 116 116 120 117 118 110 112 116 115 125 May . . 116 116 115 114 115 117 113 119 108 111 114 112 125 NOTE.—Based on retail value figures; sales are average per trading day; The series has been revised. For a description of the revisions and stocks are as of end of month or averages of monthly data. revised monthly data beginning with 1947, see p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 895 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t o a f o o l n e t r t a s h l 1 ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t o n d i a n u d n e n g r t t d - s h o - ) f * m c ( e t R o f i o o n p e t r t a t - h s l 2 ) m o ( r N t o f d o o e n e t w r t a r h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n l u n u c e g t d k s r - s - s ce R i e p - ts Annual average: 1953 . . . 406 ,163 421 408 401 3.0 1.1 4.1 .0 1954 409 ,140 388 410 412 3.0 1.0 4.0 .0 1955 437 ,195 446 444 449 2.9 1.1 4.0 0 1956 454 ,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 ,338 461 461 458 3.1 1.1 4.1 0 1958 462 ,323 437 462 464 3.0 1.0 4.1 1.0 1959 488 391 510 495 498 3.0 1.1 4.1 1 1960... 494 ,474 518 496 493 3.1 1.1 4.3 1.0 1961 503 ,485 530 508 512 3.1 1.1 4.3 n Month: 1961—May '480 ,475 '418 r458 r490 3.1 .9 '3.9 '1.0 467 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 L.O 466 ,470 650 560 521 3.2 1.4 4.5 ? Sent .. . .. 475 1,576 654 581 585 3.3 1.4 4.7 L.2 Oct 529 L 708 645 661 652 3.2 1.2 4.4 ? Nov 630 1,776 555 698 608 2.8 .9 3.7 1 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 360 1,466 532 418 474 4.1 1.5 5.6 ? Mar . . 472 1,576 498 582 548 3.3 1.1 4.4 1.2 A M p a r y 23 . . . . . 5 50 0 8 2 1 1, 5 5 7 8 3 9 4 49 5 8 7 4 5 9 1 2 5 4 5 7 33 4 3 3 . . 1 2 1.0 9 4 4. 1 1 1.0 0 9 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 dep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h le e s . reported figures on sales and stocks. BULLETIN for October 1952,pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census; in millions of dollars] Merchandise exports * 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 1,484 1,536 1,592 1,174 1,150 1,373 Feb 1,579 1,671 1,775 1,500 1,606 1,712 1,329 L 068 1,224 Mar 1,753 1,933 1,845 1,636 1,888 1,783 1,410 1,255 1,386 Apr L817 1,707 1,881 1,703 1,648 1,799 1,294 I 063 1,333 May .... . . .. 1,814 1,749 1,973 1,720 1,677 1,892 1,289 1,223 1,454 June •. I 742 I 699 I 642 I 644 1,332 I 232 July 1,702 1,637 1,632 1,558 1,183 1,285 A.U0...... 1,619 1 669 1,556 1,598 1,259 I 252 Sept I 612 I 631 I 559 5^7 1,193 I 197 Oct 1,746 1,890 1,692 1,817 1,184 1,364 Nov I 799 1 818 I 726 1 759 1,197 342 Dec .806 .827 .752 1,777 1,175 295 Jan -M^ay 8,524 8,704 9,116 8,043 8,355 8,778 6,496 5,759 6,770 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

896 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 G an a d s S a o n l d id H f o u u r s - e- H h o o u l s d 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 a c in n r g e d a- g s a o e n o rv d d - s Total Rent elec- petro- nish- opera- tion ices tricity leum ings tion fuels 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—May 103.8 102.3 103.7 104.3 108.2 100.1 99.4 105.8 102.2 104.0 111.0 104.4 107.0 104.5 104.0 102.5 103.8 104.4 108.3 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 Aug 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 Sent 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 Apr 105.2 103.4 104.6 105.4 107.8 102.4 99.3 107.1 102.7 107.2 113.9 106.3 109.4 105.1 May 105.2 103.2 104.7 105.5 107.7 100.1 99.0 107.4 102.7 107.3 114.1 106.4 109.5 105.1 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 i o e m l d s l i - - F p 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 n c o p l r x t e d - d e s - l - l H s p e u k a a r i c d n o i t n h t d e d s s e s - , , r, r p p e u F o a a r l c u w n n a o t t e d d d s e e l , - r d C p a i u a l h c r l c n o a e i t e d l d 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 l a r u l c n o p i l t e 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 r e h i c n o r v i o a y t d n d e s - - - - h F d o h t b o a u u t u o n l h u r r e r l d n e s a e d s e r - i- - p N t m m u e a r o r l c o i e l a n t n i d - s l c - - - b e b p o b r u T a a r a t e n c o c o t g v l t c d 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 92.9 869 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. 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 ^ 100.6 103.8 97.2 97.8 92.1 96 9 95. 95.1 98.1 1957. 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98. 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. 102.2 100.4 101.2 102.2 101.9 1960. 100.7 96.9 99.9 101.3 101. 105.2 99.6 100. 99.9 100.4 101.8 101. 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. 101.8 103.2 103.9 1961—Mav 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 June 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 1016 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 1017 103.1 103.0 AUK 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. 1019 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—Tan 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 1019 103.8 106.7 Feb . . 100.7 98.2 101.7 100.8 100.4 107.7 100.4 98 1 93.3 95.2 99.9 100.6 102.3 99.1 102 1 103.8 105.6 Mar 100.7 98.4 101.4 100.8 100.5 107.4 98.9 98 0 93.8 96 101.0 1004 102.3 99 0 102 104.0 105.6 Apr 100.4 96.9 noo.o 100.9 1005 r106.9 r100.2 97 9 r92.9 96 8 101.3 100 3 102.3 r98.9 1024 104.0H06.0 May 100.2 96.2 99.5 100.8 1006 107.2 99.7 97 8 93.0 96 g 100.9 1002 102.3 98.8 102 104.1 105.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 897 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index; 1957-59=» 100] 1961 1962 1961 1962 Subgroup Subgroup May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper, and Allied Products—Cont.: Fresh and dried produce 95.6 105.7 99.3 107.5 Paperboard 94.7 93.0 93.9 94.0 Grains 93.2 97.4 98.5 101.0 Converted paper and paperboard 95.1 102.3 102.8 102.3 Livestock and poultry 90.9 95.7 94.1 91.4 Building paper and board 100.6 98.2 97.9 97.6 Plant and animal fibers 94.0 98.5 98.9 98.9 Fluid milk 100.6 102.7 r98.8 96.5 Metals and Metal Products: Eggs 84.6 90.8 91.7 75.3 Hay and seeds 117.3 105.5 107.4 107.6 Iron and steel 100.7 99.8 r99.6 99.2 Other farm products 93.0 93.6 93.2 93.4 Nonferrous metals 100.5 100.1 r99.8 99.9 Metal containers 102.0 103.7 103.7 103.7 Processed Foods: Hardware. 104.0 104.4 104.1 104.1 Plumbing equipment 102.6 104.1 r103.7 103.8 Cereal and bakery products 104.7 107.4 108.0 107.6 Heating equipment 94.9 94.0 94.0 93.2 Meats, poultry, and fish 92.8 98.4 95.6 95.4 Fabricated structural metal products. 99.0 98.1 r98.1 98.1 Dairy products and ice cream 105.8 108.0 106.0 104.5 Fabricated nonstructural metal Canned, frozen fruits, and vegetables. 101.3 99.0 98.9 98.6 products 103.1 104.1 104.4 104.4 Sugar and confectionery 101.0 100.4 100.9 100.8 Packaged beverage materials 84.2 82.4 82.6 82.6 Machinery and Motive Products: Miscellaneous processed foods 106.6 102.7 101.2 100.7 Agricultural machinery and equip- Textile Products and Apparel: ment 107.2 109.4 109.2 109.3 Construction machinery and equip- Cotton products 99.6 102.4 102.4 102.0 ment 107.6 107.6 107.7 107.7 Wool products 97.0 98.3 98.6 98.9 Metalworking machinery 106.5 109.2 109.4 109.5 Synthetic textiles 93.0 93.5 93.7 94.2 General purpose machinery and Silk products 113.0 116.3 121.6 126.4 equipment 103.3 103.9 r103.9 104.0 Apparel 100.7 101.3 101.3 101,4 Miscellaneous machinery 102.6 103.4 103.2 103.1 Miscellaneous textile Droducts 121.9 122.5 118.7 119.5 Special industry machinery and equipment (Jan. 1961= 100) 100.4 101.5 101.7 101.8 Hides, Skins, Leather, and Products: Electrical machinery and equipment 99.9 98.9 r98.9 99.0 Hides and skins 104.7 103.8 103.3 105.4 Motor vehicles 100.7 100.1 100.1 100.1 Leather 106.1 109.6 109.5 110.6 Transportation equip., R. R. rolling Footwear 106.9 108.7 108.7 108.7 stock (Jan. 1961= 100) 100.0 100.5 100.5 100.5 Other leather products , 103.0 104.5 102.3 102.1 Furniture and Other Household Dura- Fuel and Related Products and Power: bles: Coal 95.2 98.7 r95.3 94.6 Household furniture 102.6 103.4 103.4 103.4 Coke 103.6 103.6 103.6 103.6 Commercial furniture 101.6 102.2 102.2 102.2 Gas fuels (Jan. 1958= 100) 118.7 119.4 115.3 115.8 Floor coverings 99.1 97.2 r97.0 97.0 Electric power (Jan. 1958= 100) 102.4 103.1 103.0 102.9 Household appliances 95.2 94.9 94.7 94.2 Crude petroleum and natural gasoline 98.0 98.2 98.2 98.2 Television, radios, phonographs 95.7 91.4 91.2 91.1 Petroleum products, refined 97.2 95.3 98.9 97.9 Other household durable goods 103.0 103.2 r103.2 103.2 Chemicals and Allied Products: Nonmetallic Mineral Product*: Industrial chemicals 99.3 96.6 96.5 96.4 Flat glass 97.7 96.2 97.9 97.9 Prepared paint 103.7 103.7 103.7 103.7 Concrete ingredients 103.0 103.1 103.1 103.2 Paint materials 99.5 96.5 96.6 96.6 Concrete products 102.5 102.8 102.8 102.7 Drugs and Pharmaceuticals 98.8 97.1 97.0 97.0 Structural clay products 102.9 103.6 103.6 103.6 Fats and oils, inedible 102.0 81.3 79.3 77.1 Gypsum products 102.9 105.0 105.0 105.0 Mixed fertilizers , 102.0 104.3 104.3 103.9 Prepared asphalt roofing.... 96.4 101.4 101.4 99.0 Fertilizer materials , 104.7 103.7 103.7 103.6 Other nonmetallic minerals. 102.4 102.8 102.8 102.0 Other chemicals and products 99.5 99.3 99.3 99.4 Tobacco Products and Bottled Bev- Rubber and Products: erages: Crude rubber 98.9 94.3 94.1 94.9 Cigarettes 101.4 101.4 101.4 101.4 Tires and tubes 93.0 88.0 r86.1 86.2 Cigars 100.4 100.4 100.4 100.4 Miscellaneous rubber products 99.8 99.5 99.1 99.1 Other tobacco products 109.6 110.6 110.6 110.6 Alcoholic beverages 100.6 100.8 100.8 101.1 Lumber and Wood Products: Nonalcoholic beverages 110.5 116.7 116.7 116.7 Lumber 96.1 95.8 96.8 97.0 Miscellaneous: Millwork 102.0 101.1 101.3 102.0 Plywood 98.9 94.6 r94.6 93.0 Toys, sporting goods, small arms. .. 100.7 100.5 100.5 100.5 Manufactured animal feeds 111.1 107.5 108.3 108.1 Pulp, Paper, and Allied Products Notions and accessories 98.7 98.7 98.7 Jewelry, watches, photo equipment.. 103.0 103.7 104.1 104.1 Woodpulp 95.0 95.0 95.0 93.6 Other miscellaneous 100.7 101.6 101.3 100.9 Wastepaper 67.0 103.2 98.0 96.2 Paper 102.0 102.7 103.1 103.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 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 prodact 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 42.3 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, nonfarm 3.6 .5 3.5 14.1 17.0 18.0 22.3 21.1 21.2 19.3 20.6 22.1 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 25.7 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 Nonfarm only 1.8 -1.4 4.0 6.0 .8 -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 -.7 3.0 4.0 5.3 3.9 2.6 4.0 3.5 Exports 7.0 2.4 6.0 13.1 26.2 22.7 23.1 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 1.3 2.0 16.9 19.3 49.7 52.6 53.5 52.9 57.3 54.7 56.6 57.4 60.0 61.5 National defense f 13.8 14.3 AAA 44.8 46.2 45.5 49.2 47.2 48.8 49.0 51.7 52.8 Other 2.0 l 5.2 5.7 8.3 7.8 8.0 8.6 8.0 8.3 8.9 9.0 9.4 Less: Government sales .0 .0 .4 .5 .6 .6 .5 .5 .6 .7 .7 State and local 7.2 6.0 7.8 19^7 36.8 43.6 47 2 51.4 50.3 50.6 51.6 53.2 54.3 Gross national product in constant (1954) dollars 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] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1961 1962 1929 1933 1941 1950 1957 1958 1959 1960 1961 National income 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 412.2 426.0 434.3 447.9 452.8 Compensation of employees 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 Wages and salaries 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 Private 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 Government civilian 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 22.4 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 Other labor income .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 Proprietors' income 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 Business and professional 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 Farm 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 Rental income of persons 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 51.5 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 51,3 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 25.4 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 25.9 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 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 10.9 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.5 -.3 -.5 .0 .1 .4 .3 -.2 -.3 .2 Net interest 6.4 5.0 4.5 5.5 13.4 14.8 16.6 18.4 20.0 lf.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 899 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 1961 1962 1929 1933 1941 1950 1957 1958 1959 1960 1961 ! 3 4 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. 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 B St u a s t i i n s e ti s c s a l t r d an is s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 -.7 .8 - 1 .6 .8 -1 1 . . 5 8 -1 1 . . 7 -2 1 . . 6 8 -1 1 . . 5 8 -2 1 . . 6 -1 1 . . 8 8 -1 1 . . 5 8 1.8 1.8 2 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 1.0 1.1 .4 .5 1.4 .5 1.4 1.8 1.9 1.9 Equals: National income 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 412.2 426.0 434.3 447.9 452.8 Less: Corporate profits and inventory valuation adjustment 10.1 -2 14.5 35.7 41.7 37.2 46.4 45.1 46.2 40.0 45.5 47.0 52.1 51.5 Contributions for social insurance. .. .2 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 Plus: Government transfer payments .9 2.6 14.3 20.1 24.5 25.4 27.3 31.0 30. 31.0 31.6 31.4 31.4 Net interest paid by government 1.0 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 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 .5 1.8 1.8 1.8 1. 1.8 1. 1.8 Equals: Personal income 85.8 47 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. 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 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 1.3 2.6 5.3 6.4 7.2 8.0 7.7 7.8 8.0 8.3 8.7 State and local 5.7 83.1 45 93.0 207.7 308.8 337.3 351.8 364.9 354.3 361.8 367.7 375.6 378.2 Equals: Disposable personal income 317.9 79.0 46. 81.9 195.0 285.2 314.0 328.9 339.0 330.7 336.1 341.0 348.4 352.0 Less: Personal consumption expenditures .. 293.2 4.2 11.1 12.6 23.6 23.4 22.9 25.8 23.7 25.8 26.8 27.1 26.2 Equals: Personal saving 24.7 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 PERSONAL INCOME [Department of Commerce estimates; in billions of dollars] 1961 1962 Item* 1960 1961 May June July Aug. Sept. Oct. Nov. Dec Jan Feb. Mar. Apr. MayV Total personal income 402.2 416.7 413.2 417.3 421.2 419.4 421.1 425 2 429. 3 431 8 430 1 433.3 435.9 438.9 440 0 Wage and salary disbursements 271.3 279.7 277.2 280.7 282.3 282.8 284.0 286.4 289.4 290 7 290 2 295.7 294.7 297 298 2 Commodity-producing industries... 110.4 111.2 110.5 112.7 113.2 112.9 112.9 114.1 115.8 115 6 114 3 116.2 116.9 119 119 3 Manufacturing onlv 87.4 87.8 87.6 88.9 89.3 89.0 88.5 89.9 91.3 91 4 90 6 92.0 92.9 94 94 6 Distributive industries 71.8 73.4 72.9 73.5 74.0 74.2 74.7 74.8 1A.1 75 4 75.7 76.1 76.4 76 6 76 7 Service industries 40.7 43.1 42.5 42.9 43.3 43.6 44.0 44.4 AA.l 45. 45.2 45.4 45.7 45 9 46. 1 Government 48.4 51.9 51 3 51 6 51.8 52 1 524 53,1 54.5 54 6 550 55 4 55 7 55q 56 Other labor income 10 9 11 1 10 8 11 0 11 i 11 *>11 11 /j 11 5 11 7 11 R 12 0 12 1 12 ^ Proprietors' income 48.2 49.6 49.1 49.4 49.5 49.4 49.5 50 5 57.7 50.9 50.5 50.5 50.7 50 5 50.7 Business and professional 36.2 36.5 36.3 36.4 36.6 36.6 36.8 370 37.3 37.4 37.4 37.6 37.8 379 38.0 Farm 12 0 13 1 12 9 13 o 12 9 12R 127 13 13R 13 13 1 12 9 12 9 127 127 11.7 11.5 11 5 11 5 11.5 11 11 11 s 11. 11.5 11. 11.5 11.5 11 5 11. Dividends 14 1 14.4 14 2 14 3 14 3 14 14 4 14 S 14.R 15 14.q 14.9 15.2 15 15 1 Personal interest income 26 2 27 3 27 0 27 1 27 2 27 4 27 27 7 27.q 28. 28 28.7 1 29 Transfer payments . 29 1 32 9 33 0 33 0 35 2 32 32 7 33 1 33 33 4 33 1 33 2 33 5 33 6 33 7 Less: Personal contributions for social insurance 9 3 9 7 9 7 9 8 9 8 9 R 9 R 10 0 10 1 10 1 10 10 5 10 6 10 7 10 7 Nonagricultural income 386 2 399.4 396 4 400 2 404 0 402 4 404 1 407 ") 410. Q 413 6 412. 415.8 418.2 422 Agricultural income 16.0 17.3 16.8 17.1 17.2 17.0 17.0 18 0 18.5 18.2 17.7 17.6 17.7 17.6 17.7 v Preliminary. NOTE.—For explanation of series see U. S. Income and Output (a supple- 1 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

900 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 A Net national saving * 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 Consumer and nonprofit 28.6 26.4 30.2 27.8 27.1 5.8 8.1 5.7 8.4 5.7 7.1 5.2 8.7 6.1 B C Farm and noncorp. business2.... * * * -.1 -.1 3.9 -1.2 -.7 2.0 -.8 -2.2 -1.9 4.9 C E G F D C F S F e t i o a n d r t a e p e n r o a c a r l i n a a d t G l e o s lo n e v c c o e a t n r o l n f r i m g s n o a e v n • n c e t i r a * n l m b e u n s tl i . n . . es .. s.. -3 5 3 3 . . . . 6 5 3 6 - - 4 8 2 3 . . . . 9 2 8 1 - - 1 4 5 3 1 . . . 1 0 . 5 4 -5 4 6 3 . . . . 0 2 1 8 - - 6 6 4 8 . . . . 6 2 1 8 - - 5 2 . . 8 . 0 9 - 4 1 .6 . . . 0 7 2 -1 4 l. . * . 2 . 7 6 4 - - 1 2 1 . . 6 . . 6 9 6 - -1 4 2 . . . 6 3 0 * - - 1 1 1 1 . . . . 2 2 5 1 -1 1 . . 8 . . 9 7 2 - - 1 2 3 1 . . . . 0 0 9 4 - -1 6 4 . . . 7 6 . 7 1 D E G F H Capital consumption3 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 I Consumer and nonprofit 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 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 L M^ Farm business 3.9 4.0 4.2 4.1 4.2 1.1 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 <•> j 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 saving * 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 5.2 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 8.3 5.1 8.4 9.9 11.4 S T Federal Governmentl 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 government! -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 investment ... .. 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 5.7 4.7 4.6 5.2 5.7 Z a Nonfarm residen. constr.*.... 75.5 75.5 19.2 18.4 75.5 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 .9 .9 b 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 8.0 8.2 6.1 8.1 8.0 9.3 e .8 .7 .8 .8 .8 .2 .2 .2 .2 .2 .2 .2 .2 .2 f g Change in inventories' 1.6 -2.0 6.3 4.2 2.2 .7 4.6 .5 .2 .8 .3 .9 •• I h Farm business .8 .9 .1 .3 .3 * .1 .1 A .1 .1 i Noncorp. nonfinan. business... .2 -.2 .9 .9 * -.5 1.3 .1 * -.6 .3 * .1 -.4 i j Corp nonfinan. business . .6 -2.6 5.3 3.1 1.8 1.2 3.2 .4 .1 -.6 .4 .2 .6 .6 j k Net financial investment6 4.2 .3 -1.7 .8 1.8 * .1 .1 .8 .8 .3 .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 57.5 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 -1.1 -3.6 -3.3 4.4 o q r p Co N N rp e e t . t n a in o c c n q r f u e i i n a s a s . n e o f i f n b i n u l a i s a n i b n i e l a s it s s i s e e s . ts -8 3 . . 6 . 1 8 -3 3 1 . . . 6 3 1 - — 3 3 . . 4 3 .7 - - 7 3 . . 2 . 6 3 -4 4 . . . 4 3 8 - - 4 1 .0 .7 -4 2 . . 0 3 -2 1 . . . 4 6 2 - - 1 1 . . 2 . 1 4 -1.9 .5 • - — 3. 3 . . 7 4 5. . 8 5 * - 3 . . 3 2 * -3.5 . 9 g p q r s Net acquis. offinan. assets... 4.5 77.5 75.7 3.3 12.4 4.4 -2.2 7.7 1.8 2.6 -2.2 5.0 5.7 6.6 s t Net increase in liabilities 13.1 75.0 77.0 10.9 16.8 6.1 1.8 3.6 2.9 2.6 1.1 5.0 3.4 7.4 t 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 u v Net acquis. offinan. assets... 3.2 7.5 6.3 3.7 3.4 -.8 -.5 4.2 .7 -7.0 -7.5 2.3 3.7 -7.7 v w Net increase in liabilities 9.7 11.2 -.7 9.6 4.2 -4.3 -.4 7.5 3.3 -2.7 2.1 4.7 5.5 w x State and local governments... -5.2 -4.0 -3.4 -5.0 .3 -1.0 -2.2 .3 -1.3 -.2 -3.2 -.4 x y Net acquis. offinan. assets... 3.3 2.5 3.0 2.6 5.7 7.5 1.1 .4 2 7.5 .8 1.5 -.5 1.4 y z Net increase in liabilities 6.4 7.7 7.0 6.0 8.1 7.0 1.6 1.4 2.0 7.0 2.1 1.6 2.7 1.8 z aa Financial sectors 3.0 4.5 4.5 5.8 5.9 — .5 2.1 1.6 1.9 .1 1.5 .2 4.5 - .2 aa bb Net acquis. of Jinan, assets... 24.1 36.3 30.0 34.3 44.5 70.4 -2.6 72.5 70.0 14.4 14.9 74.0 75.5 bb cc Net increase in liabilities 21.1 31.8 25.5 28.5 38.6 70.9 -4.7 10.9 8.0 14.3 -1.4 14.8 9.5 75.7 cc -2.4 -3.8 -1.0 .1 .9 .5 -1.2 .3 -.1 1.1 -.7 1.2 -1.7 2.1 dd 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 incluoe, 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 7 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/SAVING 901 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transaction category or sector 1959 1960 1961 1957 1958 1959 1960 1961- 4 1 2 3 4 1 2 3 I. Demand deposits and currency A Net increase in commercial bkg. system liability ^ -.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 B Net increase in assets, by sector .7 6.5 1.6 1.0 4.1 3.1 -7.5 2.6 1.8 4.0 -7.1 3.4 3.4 4.4 B C Federal Government .2 .1 .7 .9 .3 -1.2 -.4 2.8 .2 -1.7 -1.7 2.0 2.4 -2.3 C D Other domestic sectors . . . .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 bu^ .7 1.2 -.8 -.3 .3 — .2 i 1 1 1 1 F G Corporate nonfinancial bus..... 1.7 -.7 1.3 1.8 — 3.4 7 .1 2.0 — 3 2 g 3 4 G H State and local government.... .2 .2 .5 .2 .3 .6 -.4 -.2 .8 c -1.0 1.1 H I Financial sectors .3 .7 .1 .6 .8 .6 — 4 5 <•> 7 6 I J Rest of the world .2 .1 .2 — .4 * .3 * — .1 .1 2 J K Discrepancy (A —B) -1.4 -.7 -.5 -.9 .8 -1.3 -.1 -.3 .9 1.0 .5 1.0 1.6 K II. Fixed-value redeemable claims A Net increase, by type 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 A B Time deposits.. ... 6.8 10.2 2.2 7.0 10.8 -.1 .2 1.7 2.6 2.5 3.5 3.9 2.3 1.2 B C Savings shares ... 5.2 6.6 7.2 8.1 9.4 2.3 1.6 2 4 1.4 2.8 2.0 2 7 1.5 3 3 C D US. savings bonds^ -1.9 -.5 -1.8 -.3 .8 — .6 — 2 j * 1 3 1 2 "> D 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 6.7 3.9 4.6 E H F G F C S e a o v d m i e n m r g a e s l r G c in i o a s l t v i e t b u r a n t n i m o k n i e n s n g t -2 5 6 . . . 2 5 9 _ % n .9 -2 8 1 . . . 0 4 2 9^ A 5 1 9 1 . . . 0 3 7 - - 2 . . 2 6 .4 - 1 .2 .9 * - 2 1 .2 . . 6 5 - 2 1 .1 . . 2 8 2 3 . . 1 3 3 3 . . . 1 5 1 1 1. . . 9 8 2 3. . . 7 2 8 G H F 1 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 K . C O o th n e s r u m do e m r e a s n t d ic n s o e n c p to ro rs f 3 it 9. . 8 4 1 1 3 . . 7 6 - 9 .9 .3 1 1 2 . . 7 8 1 2 8 . . 3 0 - 2 .2 .0 1. . 6 2 3.4 3. . 2 5 4. . 6 7 4 1 . . 5 2 5 1 . 6 0 3.5 — 4. 4 .1 J K L Rest of the world (time deposits).. * .9 -.9 .3 .8 -.3 -.2 .2 3 .3 .1 * .1 .3 2 .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 B Life insurance. 2.8 3.4 3.7 3.6 3.6 .9 .8 1.0 1.0 .9 .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 1.9 2.6 1.9 2.2 C D Net increase in liab., by sector4 9.2 10.4 11.7 11. 12.2 3.1 2.8 3.1 2.4 3.0 2.9 3.4 2.8 3.1 D E Federal Government .6 1.0 1.0 1.0 .9 .1 .1 .7 .1 .1 .8 * E F State and local government . 1.6 1.7 1.9 2.1 2.4 .5 .5 .5 .5 .5 .6 .6 .6 .6 F G Life insurance companies 4.2 4.7 5.5 4.7 5.1 1.6 1.0 1 0 1.2 1.4 1.3 1.2 1.3 1.4 G H Private noninsured pension plans. 2.8 2.9 3.2 3.4 3.8 .9 .8 .5 1.0 .9 .8 .9 1.1 H 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 1.1 9.0 11.3 -2.2 6.6 4.0 -4.1 -1.4 1.2 2.2 -3.3 .6 5.8 3.5 B C Short-term direct* 5.5 -1.2 5.5 -5.1 10.8 4.7 — 7.4 "* 1 5.3 — .8 .9 4 8 6 4 6 C D Other -4.4 10.2 5.8 2.9 -4.2 -.7 3.3 6 — 4.1 3.0 -4.2 — 4.2 5.2 -1.1 D E State and local obligations. 4.6 5.7 4.9 3.6 5.3 .4 1.0 .7 1.4 .5 1.4 .9 1.8 1.2 E F Corporate and foreign bonds .... 7.5 6.8 4.5 5.6 5.6 1.5 1.2 1.2 1.3 1.9 .8 2.2 .9 1.7 F G Corporate stock 4.0 4.2 4.4 3.5 5.1 1.2 1.0 .9 .9 .7 1.2 1.7 1.1 1.0 G H 1- 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 1 Other mortgages 3.5 5.2 6.0 4.5 5.4 1.5 1.0 1.3 1.2 1.1 1.2 1.5 1.5 1.2 1 J Consumer credit . . 2.8 .3 6.4 3.9 1.4 2.7 -.8 2 4 .6 1.8 -2.1 1.0 .2 2.4 J K Security credit -.3 1.7 .1 .4 2.2 .6 — 1.6 5 6 .9 — .4 1 3 1.2 K L Bank loans n.e.c. . . .... 2.3 1.3 7.5 3.2 2.1 1.8 .3 2 1 — .6 1.4 -2.3 1.3 1.0 2.0 L M Other loans . 2.6 2.0 2.9 5.9 4.9 .6 2.3 1.5 .6 1.5 1.5 .5 1.1 1.8 M N Funds raised, by sector 36.9 46.2 61.2 39.4 51.3 17.2 2.5 12 0 10.3 14.6 14.2 17.1 20.0 N O Consumer and nonprofit 11.9 12.0 20.5 16.2 16.1 6.3 2.0 5.2 3.8 5.1 1.0 4.6 3.5 7.0 O P Q F N a o r n m c o b r u p s o i r n a e t s e s nonfinancial . bus... 1 1 . . 1 2 2 1 . . 2 5 4 1 . . 6 9 3.4 2 1 . . 9 8 — 1. 2 .2 .3 5 1.3 g -.1 2 — 1. 8 4 -1.6 6 1.6 9 1.5 3 1.4 * Q P 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 S Federal Government 1.0 9.3 10.7 1 H 6.8 4.1 -4.1 — 1 5 1.4 2.5 -3.1 .3 5.5 4.1 S T State and local government 4.8 5.9 5.1 3.8 5.7 .5 1.0 g 1.5 .5 1.4 1.1 2.1 1.2 T U Financial sectors 2.4 1.1 5.7 4.1 4.5 2.3 -.3 1 7 .7 2.0 -1.1 1.6 1.0 3.0 U V Rest of the world 1.4 2.3 .9 2.0 2.7 .1 3 5 4 7 7 1 7 1 2 V W Funds advanced, by sector 36.6 46.2 61.2 39.5 51.3 17.2 2.5 12.0 10.3 14.6 * 14.2 17.1 20.0 W X Consumer and nonprofit 7.7 4.3 15.5 2.4 1.6 3.3 4.0 -.7 1.2 -2.0 .6 -1.0 1.3 .8 X Y Farm and noncorp. business .1 -.1 .1 .5 .3 -.4 .2 .4 -.4 .2 -.1 .8 Y Z Corporate nonfinancial business.. .6 1.5 4.7 -.4 1.9 -.2 -1.2 -l'.S 1.1 -1.6 .5 -1.0 1.7 Z a Federal Government 2.4 1.7 3.8 2!3 2.8 .5 • 1 3 .4 .6 .2 .3 1.3 1.1 a b State and local government 2.7 1.5 2.9 1.0 2.1 .8 .9 .4 3 * .9 .4 .5 .3 b c Commercial banking system 4.3 17.0 5.6 10.0 16.2 3.5 -7.8 5.1 7.5 -4.8 6.8 7.2 6.9 c d Monetary authorities -.8 .3 .7 1.5 .1 -1.4 1.2 !5 .4 -.7 .5 .5 1.1 d e Commercial banks 5.1 U.9 5.3 9.3 14.8 3.4 -6.4 3.9 4.5 7.2 -4.0 6.3 6.7 5.8 e f Securities. 1.3 10.4 -7.2 2.4 8.5 -.4 -5.6 .3 3.7 4.0 -1.6 3.7 5./ 1.3 f g Loans*' 3.8 4.5 12.5 6.9 6.3 3.8 — .8 3 7 9 3.2 -2.4 2.6 1.6 4.5 g h Savings institutions 7.2 9.3 10.6 9.4 11.9 1.7 2.3 2.3 2.6 2.2 2.8 3.0 3.2 2.8 h i Insurance sector 8.4 9.0 10.1 10.3 11.1 2.6 2.8 2.4 2.4 2.7 2.8 2.4 2.8 3.1 i j Finance n.e.c 2.5 2.0 4.6 5.1 4.6 2.0 .4 2 2 1.8 -.6 1.8 1.0 2.3 j k Rest of the world .6 -.1 3.1 1.1 .9 .7 .5 • . 3 .3 .1 -.2 .7 .2 k * Less than $50 million. » Preliminary. sector transactions 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

902 MEMBER BANK INCOME, 1961 INCOME OF ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total* Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 or more Revenue 9,164,881 48,578 291,851 459,744 795,764 622,736 637,125 1,971,804 4,337,279 Interest and dividends on securities: U. S. Govt 1.529,192 11,759 65,716 96,673 157,900 119,648 120,198 329,440 627,858 Other . 511 865 2 5S9 19 347 33 504 53,007 37,698 39,436 103,935 222,349 Interest and discount on loans 5,744,759 29,821 179,908 281,364 481,203 378,442 381,527 1,245,011 2,767,483 Other charges on loans 95,753 171 1,018 2.761 6,771 6,143 5,777 21,571 51,541 Service charges on deposits 492,182 2,526 16,947 30,703 62,662 46,461 40,897 109.763 182,223 Other charges, fees, etc 163 783 1,201 5,854 8,729 14,602 11,092 9,619 29,238 83,448 Trust department 474 065 82 529 2 046 11,734 17,582 34,265 112,359 295 468 Other current revenue 153 282 429 2,532 3,964 7,885 5,670 5,406 20,487 106,909 Expenses 6,039,215 34,846 211,365 332,518 581,203 448,029 450,802 1,300,925 ?,679,527 Salaries—Officers 774,027 11,002 49,963 61,641 90,664 63,617 59,176 161,422 276,542 Salaries and wages—Others 1 576 181 4 694 33 823 62 393 124,321 103,839 106,224 359,281 781 606 Officer and employee benefits 328,527 948 6,587 11,797 23,724 20,199 22,553 72,579 170,140 Directors' fees etc 38'682 1 044 5 627 6 374 7 692 3,951 3,099 6 298 4 597 Interest on time deposits 1 711 567 8 237 61 188 102,838 175,971 134,530 129,764 333,840 765,199 Interest on borrowed money 36,295 38 174 261 596 624 992 5,483 28,127 Net occupancy expense 421,216 2,117 12,615 21,032 39,625 30,693 29,233 88,147 197,754 Furniture and equipment 180 110 893 6.511 10,181 19,135 14,319 14,285 42,075 72,711 Other current expenses 972,610 5,873 34,877 56,001 99,475 76,257 85,476 231,800 382,851 Net current earnings before income taxes... 3,125,666 13,732 80,486 127,226 214,561 174,707 186,323 670,879 1,657,752 Recoveries, transfers from reserves, and profits . . 625,175 1,885 9,134 17,935 36,377 32,978 42,100 137,313 347,453 On securities: Profits ... 402 408 349 4 413 11 593 26,321 25,116 33,236 79,655 221 725 Recoveries 7,131 104 394 533 1,392 277 783 2,550 1,098 Transfers from reserves 79,592 43 245 886 2,080 2,578 3,062 18,766 51,932 On loans: Recoveries 10,191 894 2,783 2,001 1,954 802 216 622 919 Transfers from reserves 46 168 141 434 955 1,428 1,837 2,952 6,581 31 840 All other 79 685 354 865 1,967 3,202 2,368 1,851 29,139 39,939 Losses, charge-offs, and transfers to reserves 807,090 3,021 17,877 28,256 52,326 40,048 45,795 148,270 471,497 On securities: Sold 31 737 197 1 254 2,466 3,654 2,590 2,697 10,493 8,386 Charge-offs before sale 18,179 119 722 1,392 1,597 637 631 1,343 11,738 Transfers to reserves 211 121 13 581 2,184 7,351 5,766 9,863 45,299 140,064 On loans: Losses and charge-offs 19,020 1,455 4,969 3,012 3,053 1,148 1,226 307 3,850 Transfers to reserves 415,958 676 7,248 13,413 28,307 23,774 24,272 71,752 246,516 All other 111,075 561 3,103 5,789 8,364 6,133 7,106 19,076 60,943 Net income before related taxes 2,943,751 12,596 71,743 116,905 198,612 167,637 182,628 659,922 1,533,708 Taxes on net income 1,245,914 3,572 22,382 39,114 74,404 66,031 72,455 283,656 684,300 F St e a d t e e ral 1,16 7 6 9 ,9 0 1 0 0 4 3,4 1 2 4 9 3 21 1 , ,1 2 2 5 3 9 37 1, , 6 4 6 5 4 0 7 3 1 , , 2 12 7 7 7 6 2 3 , , 3 7 0 3 0 1 6 2 9 , , 5 8 7 7 9 6 26 1 9 3 , , 7 9 1 4 4 2 6 5 2 4 9, , 4 8 1 8 8 2 Net income 1,697,837 9,024 49,361 77,791 124,208 101,606 110,173 376,266 849,408 Cash dividends declared 789,572 3,659 18,922 29,014 48,298 39,200 44,394 161,400 444,685 On preferred stock2 1,025 11 16 86 154 10 111 31 On common stock 788,547 3,659 18,911 28,998 48,212 39,046 44,384 160,683 444,654 Memoranda items: Recoveries credited to reserves:3 On securities 9,213 64 116 118 77 190 4,433 4,215 On loans 62 096 359 2 594 4 990 8,180 5,504 5,051 11,935 23 483 Losses charged to reserves:4 On securities 18,327 60 231 579 267 1,304 4,369 11,517 On loans 212,675 572 5,748 10,759 19,759 15,159 16,361 44,617 99,700 Assets, deposits, and capital accounts: Loans 106,006,234 473,472 2,911,556 4,604,835 8,019,503 6,476,386 6,756,353 23,189,705 53,574,424 U. S. Govt. securities 53,945,261 376 644 2 138 365 234 610 5,385,681 4,223,637 4,216,383 11,667,861 99 702 080 Other securities 19,287,229 87,060 701,278 1,240,573 2,004,990 1,420,553 1,526,110 ,851,407 8,455,258 Cash assets 49,516,711 239,143 1,288,629 1,979,480 3,273,027 2,591,018 2,922,126 11,200,856 26,022,432 Other assets 5,923,339 10,726 94,259 169,433 336,628 290,439 296,993 1,001,890 ,722,971 Total assets 234,678,774 1,187,045 7,134,087 11,228,931 19,019,829 15,002,033 15,717,96550,911,719 114,477,165 Time deposits 67,235,381 338,046 2,479,378 4,142.446 7,041,801 5,347,050 5,160,991 13,381,017 29,344,652 Total deposits 209 254 270 1 051 116 6 414 77310 167 89717,233,353 13,610,286 14,205.75846,023 234100 547 853 Total capital accounts 18,591,940 130,894 674,496 954,683 1,501,501 1,128,596 1,196,853 3,846,761 9,158,156 Number of officers 74,495 2,075 7,221 7,706 9,685 5,993 5,362 13,740 22,713 Number of employees 408,444 1,894 11,589 19,747 37,873 30,417 30,696 96,467 179,761 Number of banks 6,075 749 1,891 1,440 1,130 390 200 214 61 1 Total are for banks operating during the entire year, except 2 trust See note on page 646 of May 1962 BULLETIN regarding the composition companies having no deposits. of cash assets and total capital accounts. 2 Includes interest on capital notes and debentures. The schedule for reporting current operating expenses has been revised 3 Not included in recoveries above. and certain items are not directly comparable with data for previous 4 Not included in losses above. years. For detailed summary of these changes, see pages 526-27 of May NOTE.—The figures for assets, deposits, capital accounts, number of 1962 BULLETIN. officers and employees, and number of banks are as of the end of the year. See page 840 for announcement of errata on page 650 of May 1962 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSURED COMMERCIAL BANK INCOME 903 INCOME OF INSURED COMMERCIAL BANKS [Amounts in thousands of dollars] All insured commercial banks Banks not members of FRS Item 1958 1959 1960 1961 1958 1959 1960 1961 Revenue 8,500,949 9,669,352 10,723,545 11,069,604 1,375,467 1,595,680 1,796,553 1,850,932 Interest and dividends on securities: U. S. Govt 1,544,023 1,732,174 1,790,341 1,901,732 278,143 333,645 376,205 363,426 Other 501,978 546,253 578,783 629,134 90,656 101,689 111,501 115,287 Interest and discount on loans 5,046,782 5,856,688 6,698,655 6,891,442 802,024 931,548 1,058,716 1,118,074 Other charges on loans 94,674 111,991 108,655 117,259 13,780 16,605 19,194 20,830 Service charges on deposits 486,507 531,916 589,954 630,458 98,007 110,227 126,288 135,632 Other charges, fees, etc 191,408 205,935 218,566 223,283 51,729 56,550 56,438 58,881 Trust department 379,395 426,016 460,251 502,871 15,094 17,574 18,223 19,385 Other current revenue 256,183 258,381 278,340 173,425 26,035 27,844 29,988 19,417 Expenses 5,612,723 6,264,207 6,932,820 7,440,492 996,746 1,125,626 1,278,924 1,363,507 Salaries—Officers 827,142 892,657 966,643 1,028,869 195,174 212,689 235,234 249,831 Salaries and wages—Others 1,573,330 1,684,159 1,831,323 1,869,961 224,244 245,985 274,188 284,042 Officer and employee benefits 377,494 47,010 Directors' fees, etc 48,271 51,866 56,292 59,794 15,793 17,288 19,41 20,875 Interest on time deposits 1,380,575 1,580,250 1,785,086 2,106,645 257,762 301,185 351,346 385,372 Interest on borrowed money 24,161 78,350 87,385 37,997 978 2,452 3,165 1,589 Net occupancy expense 510,691 86,691 Furniture and equipment 224,852 43,991 Other current expenses 1,759,247 1,976,926 2,206,091 302,798 346,028 395,579 244,106 1,224,189 Net current earnings before income taxes 2,888,223 3,405,145 3,790,725 378,718 470,054 517,629 487,425 3,629,112 Recoveries, transfers from reserves, and profits. 868,115 328,889 574,826 90,738 32,712 71,119 81,066 On securities: 708,171 Profits 681,554 47,277 329,322 70,046 5,585 45,334 49,922 Recoveries 9,646 27,946 12,927 453,730 1,489 2,498 2,590 2,794 Transfers from reserves 111,447 55,568 9,934 2,884 5,212 4,281 6,980 On loans: 57,145 86,574 Al T R lo r e a t c h n o s e v f r e e r r i s e s from reserves 2 4 5 2 2 5 , , , 4 1 1 3 5 7 9 8 6 2 5 6 0 7 4 , , , 5 6 0 5 0 6 1 7 2 2 7 8 0 5 1 , , , 2 1 6 1 1 8 1 4 4 8 5 1 9 1 6 , , , 2 8 8 9 2 1 1 5 7 2 7 6 ; . , 4 5 2 7 9 4 9 5 8 4 8 6 , , , 4 3 6 3 2 6 4 4 0 9 5 3 , , , 4 8 6 4 0 6 6 2 6 9 6 5 , , , 6 2 5 4 2 0 1 5 4 Losses, charge-offs, and transfers to reserves... 783,213 1,361,515 978,422 935,461 101,767 161,615 130,971 124,400 On securities: S C o h l a d rge-offs before sale 93,657 745,081 219,767 i 2 4 1 4 , , 3 2 5 9 4 0 18,793 78,590 24,254 1 3 1 , , 0 7 6 46 2 Transfers to reserves 268,159 168,003 156,232 224,678 14,877 10,006 13,797 13,414 On loans: Losses and charge-offs 25,053 25,459 35,760 31,194 9,946 10,078 12,947 11,664 Transfers to reserves 282,227 318,965 451,667 481,200 41,414 45,897 61,811 64,076 Allother 114,117 104,006 114,996 132,745 16,737 17,043 18,162 20,438 Net income before related taxes. 2,973,128 2,372,519 3,387,129 3,401,822 367,692 341,151 457,777 444,091 Taxes on net income. 1,271,459 884,458 1,384,397 1,406,102 123,059 109,842 143,737 153,445 Federal 1,198,890 832,797 1,300,940 1,317,292 117,401 104,385 135,408 144,928 State 72,570 51,661 83,457 88,810 5,659 5,457 8,329 8,517 Net income 1,701,667 1,488,061 2,002,732 1,995,720 244,631 231,309 314,040 290,646 Cash dividends declared. 725,866 776,386 831,546 895,053 79,708 86,686 96,736 101,903 On preferred stock 1.. 2,365 2,219 2,024 1,823 800 758 851 704 On common stock 723,500 774,167 829,522 893,230 78,908 85,928 95,885 101,199 Memoranda items: Recoveries credited to reserves: 2 On securities 10,410 5,585 18,294 9,911 1,491 2,737 1,818 699 On loans 69,073 73,790 68,232 73,844 7,941 7,740 10,180 11,623 Losses charged to reserves: 3 On securities 19,741 207,061 47,716 22,463 918 12,017 4,064 4,124 On loans 127,515 122,315 264,405 249,500 18,346 20,326 30,623 36,284 Assets, deposits, and capital accounts: Loans 95,666,835103,872,351114,275,450117,969,98513,293,80814,795,537 16,601,34117,532,857 U. S. Govt. securities 62,355,819 61,878,548 57,773,429 61,792,13510,852,50211,443,907 11,300,08811,382,348 Other securities 19,237,561 20,284,525 20,092,632 21,660,321 3,538,456 3,812,538 3,877,146 4,002,947 Cash assets 46,766,041 46,881,654 49,317,003 46,613,211 5,294,095 5,366,751 5,605,810 5,546,688 Other assets 4,333,431 4,660,311 5,318,208 6,162,547 460,770 519,632 593,275 654,205 Total assets 228,359,687 237,577,389 246,776,722 254,198,199 33,439,631 35,938,36537,977,660 39,119,045 Time deposits 62,382,540 66,829,234 69,647,547 77,658,52811,737,021 12,765,115 13,696,612 14,575,635 Total deposits 206,196,015 21133,428,979 22200,099,028 212255,214,70330,436,883300 32,678,186 3"44,369,352 35,247,356 Total capital accounts 17,723,575 18,738,160 19,965,172 21,288,987 2,661,655 2,859,940 3,137,209 3,374,058 Number of officers 95,308 98,934 103,211 107,060 29,630 30,249 31,527 32,355 Number of employees. 457,023 481,666 506.596 496,040 75,964 82,404 88,276 86,339 Number of banks 13,124 13,114 13,126 13,115 6,816 6,885 6,955 7,004 1 Includes interest on capital notes and debentures. The figures of assets, deposits, and capital accounts are averages of 2 Not included in recoveries above. the amounts reported for call dates at the beginning, middle, and end of 3 Not included in losses above. each year. The number of officers, employees, and banks are as of the NOTE.—Includes all insured commercial banks in the United States end of each year. and possessions. Excludes 1 mutual savings bank (2 before July 1961 The schedule for reporting current operating expenses has been reand 3 before 1960) and a noninsured nondeposit trust company; these vised and certain items are not directly comparable with data for previous are State member banks of the FRS and are included in member bank years. For detailed summary of these changes, see pages 526-27 of figures in May 1962 BULLETIN. May 1962 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

904 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department; in millions of dollars] End of year End of quarter Asset or liability, and activityl 1961 1962 1955 1956 1957 1958 1959 1960 1 2 3 4 1 Loans, by purpose and agency: To aid agriculture total 6,715 6,752 6,681 8,672 7,762 8,299 8,817 8,428 8,781 9,453 10,254 375 457 454 511 623 650 661 597 646 697 729 Federal intermediate credit banks 2 689 734 935 1,169 1,396 1,502 1,626 1,831 1,844 1,651 1,766 Farmers Home Administration 681 724 832 819 916 984 1,081 1,111 1,152 1,140 1,289 Rural Electrification Administration 2,348 2,488 2,688 2,874 3,083 3,287 3,329 3,367 3,409 3,458 3,489 Commodity Credit Corporation. 2,621 2,349 1,778 3,298 1,745 1,877 2,114 1,523 1,730 2,506 2,981 Other agencies 3,205 3,680 4,769 4,860 6,735 8,032 7,948 7,763 7,904 8,248 8,457 ToF aedide rhaolm Nea otwionnearls ,M tootratlgage Association 2,641 3,072 3,998 3,924 5,568 6,342 6,196 5,938 6,013 6,261 6,394 Veterans Administration .... 480 464 770 936 1,167 1,498 1,556 1,617 1,668 1,746 1,801 Other agencies 84 145 1 1 193 197 208 223 241 262 To industry total 678 619 674 680 733 748 737 728 748 783 831 306 209 251 216 185 178 175 137 128 136 134 Commerce Department ... / 261 219 217 187 166 151 139 137 133 128 124 \ 112 191 206 278 382 418 424 454 486 519 573 To financing institutions. 1,419 1,233 1,270 1,298 2,136 2,027 1,525 1,916 2,170 2,708 2,197 To aid States, territories, etc., total 245 246 264 293 319 333 337 350 383 370 413 Public Housing Administration 90 106 105 106 87 98 95 97 110 95 102 155 140 159 187 231 234 242 253 273 276 311 Foreign total 7,988 8,223 8,754 9,510 9,840 10,394 10,674 10,915 11,262 11,596 11,887 Export-Import Bank 2,702 2,701 3,040 3,362 3,235 3,313 3,390 3,430 3,640 3,837 3,942 Treasury Department 3,519 3,470 3,470 3,419 3,373 3,320 3,320 3,320 3,320 3,266 3,266 1,767 1,995 2,195 2,682 3,043 3,363 3,511 3,636 3,717 4,415 4,668 57 49 46 189 399 452 529 585 78 11 256 213 344 548 752 1,003 1,052 1,118 1,169 1,239 1,289 Housing and Home Finance Agency 209 156 283 458 691 855 902 966 1,013 1,063 1,109 47 57 62 89 62 148 150 153 156 175 180 Less' Reserves for losses -255 -309 -367 -368 —413 -503 —517 -633 —520 -493 -466 Total loans receivable (net) 20,238 20,657 22,395 25,493 27,865 30,333 30,574 30,585 31,898 33,905 34,863 Investments: U S Government securities total . 3,236 3,739 3,804 4,198 4,670 5,096 5,484 5,482 5,460 5,256 5,924 745 1,018 896 995 1,092 1,230 1,498 1,447 1,373 1,153 1,691 241 256 274 288 332 331 346 363 378 394 409 Federal Housing Administration 381 458 471 567 649 698 725 748 727 744 709 Federal Deposit Insurance Corporation 1,720 1,825 1,937 2,049 2,178 2,310 2,403 2,425 2,432 2,456 2,553 Other agencies .... . .. 149 181 226 300 419 525 512 500 550 508 562 Investment in international institutions 3,385 3,420 3,420 3,420 4,795 4,949 4,949 4,949 4,949 5,120 5,120 Other securities * 179 249 298 283 323 345 340 351 343 352 363 Inventories, total 4,356 21,375 21,628 20,810 11,416 20,527 20,099 19,773 19,443 19,249 20,487 Commodity Credit Corporation 3,747 3,651 3,025 3,036 4,493 4,279 3,867 4,035 4,012 3,768 3,341 Defense Department . 11,004 11,136 9,681 8,422 7,527 7,471 6,917 6,572 6,570 8,164 /6,517 7,282 7,919 8,370 8,513 8,557 8,628 8,661 8,701 8,770 Other agencies 609 \ 201 185 174 194 208 204 192 198 209 212 La C n o d m , s m tr e u r c c t e u r D es e , p a t. n ( d p e r q im u a ip r m ily e n m t, a t r o it t i a m l e activities) 74,,882222 9 4 , , 9 5 8 0 5 2 9 4, , 5 9 3 6 5 2 1 4 0 , , 7 6 2 7 1 0 9 2 , , 1 8 2 8 4 0 9 2 , , 4 9 1 1 1 7 9 2 , , 5 9 1 4 4 2 1 3 0 , , 6 4 8 3 9 7 1 3 0 , , 6 4 1 4 4 2 1 3 0 , , 5 4 9 9 1 8 1 3 0 , , 5 5 8 2 5 8 421 398 398 396 411 417 417 430 429 462 464 1,829 1,762 1,801 1,777 1,924 1,903 1,961 1,984 1,971 1,972 1 963 Housing and Home Finance Agency 450 236 88 25 9 9 9 7 7 7 7 276 283 285 310 462 479 518 520 553 568 Bonneville Power Administration.. 311 342 372 352 351 348 366 361 360 358 1,298 1,308 1,322 1,221 1,283 1,287 1,337 1,348 1,349 1,371 Post Office Department . .... 590 599 637 640 559 558 592 608 618 625 300 613 608 1,134 1,376 1,511 1,514 1,514 1,584 1,585 1,587 Bonds, notes, & debentures payable (not guar.), total... 2,379 2,711 4,662 4,038 5,974 5,707 5,271 5,423 5,933 6,176 6,559 185 257 247 303 404 438 456 386 421 464 507 Federal intermediate credit banks . ... ... 665 721 902 1,124 1,359 1,460 1,554 1,744 1,793 1,592 1,681 958 963 825 714 1,774 1,266 824 1,055 1,335 1,571 1,567 Federal National Mortgage Association 570 770 2,688 1,898 2,437 2,542 2,436 2,238 2,384 2,550 2.804 1 Figures exclude interagency items. Before 1956, data for trust revolving NOTE.—Coverage has changed in some of the periods shown. Befunds included such items. ginning with 1956, changes reflect the expended coverage and the new 2 Effective Jan. 1, 1957, the production credit corporations were merged classification of activities by type of fund now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. Classifications by supervisory authorities are those in existence Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations currently. Where current Treasury compilations do not provide a deof the banks are classified as trust revolving transactions. tailed breakdown of loans, these items have been classified by Federal 3 Less than $500,000. Reserve on basis of information about the type of lending activity involved. * Includes investment of the Agricultural Marketing revolving fund in the banks for cooperatives; Treasury compilations before 1956 classified this item as an interagency asset. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 906 Gold production 907 Net gold purchases and gold stock of the United States 908 Estimated foreign gold reserves and dollar holdings 909 International capital transactions of the United States 910 U. S. balance of payments 919 Money rates in foreign countries 919 Foreign exchange rates 921 Index to statistical tables 927 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. 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f w m t E o o a s r t t t l a e i d l - d i M F I ta u n o r n t n y 'l d e- U S n ta i t t e e s d r m w e E s a o s t t r t e i 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 C o R o f n e t g p h . o 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 I960 Dec ... . 40,525 2,439 17,804 20,280 104 147 293 1,170 287 885 45 78 1961—May 2,479 i7,451 192 153 293 1,069 288 899 46 82 June "46; 925* 2,482 17,603 20^840' 192 155 293 1,074 288 906 47 83 July 2,508 17,590 192 153 293 1,083 288 912 48 84 Au$? 2 042 17 530 192 153 293 L 151 288 920 48 84 Sept 41,070 2,046 17,457 21,565 191 152 298 1,165 288 927 48 85 Oct 2 055 17 331 190 155 302 I 203 289 932 48 86 Nov 2,059 17,021 190 159 302 1*234 285 941 49 87 Dec 41,130 2,077 16,947 22,105 190 162 303 1,248 285 946 48 88 1962—Jan 2,079 16,847 190 164 303 1,277 285 950 48 89 Feb 2 096 16 795 165 164 304 I 291 285 962 47 89 Mar ^41,250 2,098 16,643 ^22,510 164 167 344 1,297 285 964 46 91 Apr 2,099 16,519 170 363 1,315 285 963 46 Mav 2,106 16,458 363 1,318 913 45 Ger- E m n o d n t o h f Cuba m D a e r n k - D R o i e c m p 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 31 10 20 30 41 1,641 2,971 76 24 247 58 130 1961—May 31 20 25 41 1,994 3 433 80 24 247 57 130 June 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 19 17 45 2,125 3,648 77 24 247 130 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 91 247 129 Apr 31 3 19 18 62 2,207 3,666 247 129 May 31 3 19 18 62 2,235 3,667 247 129 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 TdA 33 45 49 28 6 461 217 1958—Dec 34 18 1,086 91 143 [ 050 33 43 49 19 10 493 211 1959—Dec 84 18 1 749 102 142 I 132 34 30 50 28 9 548 238 1960—Dec 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961—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 I 541 35 30 53 47 21 452 159 Aug 84 18 2,225 130 116 1,581 30 53 47 22 448 179 Sept 84 18 2,226 140 116 1,581 30 53 47 22 437 205 Oct 84 18 2 226 140 116 1 581 30 53 47 25 438 218 Nov . 84 18 2,226 140 115 1,581 30 53 47 26 439 256 Dec 84 18 2,225 140 112 1,581 30 53 47 27 443 298 1962—Jan . 98 18 2,228 140 111 1,581 1 30 53 47 27 444 343 Feb 18 2 228 140 110 1 581 1 30 53 47 28 444 361 M^ar 18 2 229 140 109 1 581 1 30 53 47 446 379 Apr 18 2,234 140 1 581 1 30 53 47 446 386 May.. . . 18 2,240 140 1,581 30 53 47 447 407 p 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 907 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 t o t t r l 'l e- E I P F U * ments3 1955—Dec 132 276 1,597 19 112 144 174 2,120 216 403 16 121 244 1956—Dec 132 266 1,664 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 May 205 170 2,247 19 104 134 174 2 903 180 398 5 44 June 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 Aus 272 180 2,428 19 104 139 174 3,486 180 398 5 91 Sept 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 6 115 56 1962 Jan 331 181 2 505 104 140 174 3 410 180 198 6 176 Feb 341 181 2 481 104 140 174 3 424 180 398 6 176 Mar 351 181 2,444 140 174 3,452 180 398 6 171 61 Apr 376 181 2 424 140 174 3 472 398 6 162 May 400 181 2,409 140 174 3,525 165 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] Production reported monthly Estimated Africa North and South America Other Year or month world production i Total2 A So fr u i t c h a R de 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 ia - 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 I960 1,170.0 1,099.4 748.4 19 6 31.0 58.8 161.1 10.5 7.0 4.1 15.2 38.0 5 7 1961 803.1 20.1 155.5 4.4 14.0 37.5 5.7 1961 Apr 65 3 1 K 3 2 13 1 7 4 1 0 3 4 4 May 67.5 7 3.3 13 4 .7 4 1.0 2 9 4 June 67 3 ft 3.8 12 8 6 4 1 2 2 9 5 Julv 67.7 7 3.8 12.6 1.0 .4 1.0 3.1 .5 Aus 68.8 6 3.8 12 5 1 0 2 J 1 3 4 5 Sept 68 5 6 4.5 12 1 6 3 3 2 5 Oct . 68.9 6 3.9 12.7 .6 .4 4 3 5 4 Nov 69.2 6 4.1 n o 9 4 1 3 1 5 Dec 67.8 6 3.4 12.9 .4 1 3.3 5 1962 Jan 70.6 6 3.5 12.6 4 2 9 Feb 67.4 1 6 3.2 11.4 .4 4 2 9 Mar 72.9 1 7 3.S 12 8 4 Apr 72.3 3.0 12.4 .3 1 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

908 U. S. GOLD NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce.] Quarterly totals Annual totals Area and country 1961 1962 1954 1955 1956 1957 1958 1959 1960 1961 i 2 3 4 1 Western Europe: — 6 -84 -83 — 1 39 Belgium 3 3 -329 -39 -141 -144 -63 -81 -28 France -68 -34 -266 -173 — 45 Germanv Fed Reo of -226 -10 -34 -23 -23 Italy -349 100 100 Neth erland s 25 -^61 -30 -249 —25 — 25 -55 -5 -20 -10 31 32 — 114 — 156 — 58 — 58 40 47 -16 -8 -215 20 -324 -125 — 55 — 20 — 45 — 5 62 — 50 100 -900 -350 -550 -306 -150 225 -55 -326 -181 Bank for Int'l Settlements -20 -178 -32 -36 — 23 —23 Other ... -6 4 18 8 -21 -38 -96 -53 -35 -3 0) -14 -11 Total -378 -78 80 68 -2,326 -827 -1,718 -754 -244 202 -246 -466 -290 Latin America: Argentina . • 115 75 67 -50 -90 -90 25 80 — 30 — 20 -30 -200 65 Other 12 56 6 2 -16 -30 -19 -12 5 -9 A -1 Total... 62 14 -28 81 69 19 -100 -109 -102 5 -9 -4 24 Asia: — 30 — 157 — 15 Other -10 -5 0) 18 -4 -28 -97 2-101 -20 -27 -34 -20 -24 Total.... -10 c 0) 18 -34 -186 -113 -101 -20 -27 -34 -20 -24 All other 3 1 29 5 -3 -5 -38 -6 C1) 0) -4 -1 Total foreign countries . .. -327 -68 80 172 -2,294 -998 -1,969 -970 -366 179 -288 _494 -291 International 4 200 600 5 _44 300 150 150 Grand total -327 -68 280 772 -2,294 5-1,041-1,669 -820 -366 179 -138 - 494 -291 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 'ear 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 ) i in s o c T c t r r ( r o o e e - d c t a ) a a s k e s l e : - e, i e m x N ( p o c - e r o ) o t r r t t , d m e c o a E c r ( r r e r - a k e a i ) r a n e s - s d e - 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 u r n e r d a y s S o - t f o c m T k o o n ta t l h i ) in s o c T c t r ( r r o o e - e d a ) c t a a s k e s l e - : e, i e m x N o p p e r o o t r r t t , d m e c o a c E r ( r r e r a - k e a i ) r a n e s - s d e - e : , h c m ( o u e l r o n d r n d e in n t o h g c ) f s y 2 1950 22,706 22,820 -1,743 -371 -1,353 1961—June... 17,550 17,603 152 -96 254 186 1951 22,695 22,873 53 -549 618 July.... 17,527 17,590 -13 2 --3 105 1952 23,187 23,252 379 684 -305 Aug.... 17,451 17,530 -60 -33 -23 106 1953 22,030 22,091 -1,161 2 -1,171 Sept.... 17,376 17,457 -73 -58 4 62 1954 21,713 21,793 -298 16 -325 Oct 17,300 17,331 -126 -66 -43 112 Nov.... 16,975 17,021 -310 -3 -272 127 1955 21,690 21,753 -40 97 -132 Dec... . 16,889 16,947 -74 -42 -65 116 1956 21,949 22,058 305 106 318 1957 22.781 22,857 799 104 600 1962—Jan.... 16,815 16,847 -100 -26 -64 116 1958 20,534 20,582 -2,275 260 -2,515 Feb.... 16,790 16,795 -52 -11 -37 153 1959 19,456 19,507 3-1,075 302 -1,323 Mar.... 16,608 16,643 -152 -42 -142 230 Apr 16,495 16,519 -124 -12 -82 '243 1960 17,767 17,804 -1,703 333 -1,982 May... 16,434 16,458 -61 (4) -78 260 1961 16,889 16,947 -857 -719 -62 116 June... "16,435*>16,527 *69 (4) 5-60 (4) P Preliminary. r Revised. 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 $12,368 million on June 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. 850. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 909 GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS [In millions of dollars] Dec. 31, 1960 Mar, 31, 1961 June 30, 1961 Sept. 30, 1961 Dec. 31, 1961 Mar. 3 , 1962" U.S. Govt. Area and country Gold& bonds & notesl Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term term bonds term bonds term bonds term bonds term bonds dollars Old New dollars & notes dollars & notes dollars &n©tes dollars & notes dollars & notes series series Western Europe: Austria 536 7 3 491 3 480 3 526 3 558 3 594 (2) Belgium 1,312 6 2 1,279 2 1,307 1 1,476 1 1,574 8 1,616 8 D F F i r e n a n l n a m c n e d ark... . 2,16 8 8 0 7 5 2 1 8 1 6 1 31 2,47 8 8 4 5 9 1 31 2,8 1 6 8 1 2 1 2 3 2 4 1 3,0 1 1 7 3 4 9 4 i 3 2 0 3,1 1 1 3 8 0 8 3 3 2 4 0 3,3 1 6 8 3 0 8 0 29 2 3 Germany Fed Rep of 6,447 16 6,752 6,588 3 6,394 6,505 3 6,200 3 Greece 139 143 136 120 154 189 Italv . . .. 3,080 2,912 3,059 3,377 3,459 3,416 •2\ Netherlands 1,779 1,731 3 1,735 3 1,804 1,797 1 822 2 Norway 112 143 148 115 141 134 132 135 128 135 126 142 93 Portugal 636 1 1 615 1 546 523 1 542 1 532 1 Spain 327 3 316 1 352 405 1 469 1 516 1 Sweden 397 77 82 438 93 574 51 566 71 586 93 584 92 Switzerland 2,863 57 94 2,721 91 2,850 87 3,177 86 3,434 83 3,262 83 Turkey 152 158 150 158 165 160 United Kingdom ^ 4,467 412 4,379 449 4,109 435 4,719 483 4,526 435 4,933 388 Other4 529 39 44 593 45 609 47 788 47 670 48 719 46 Total 25,108 819 838 25,291 868 25,684 801 27,395 864 27,905 840 28,263 751 Canada 3,324 416 446 3,313 464 3,565 463 3,576 465 3,704 459 3,454 423 Latin America: Argentina.. .... .... 419 (2) 1 501 1 475 1 454 1 425 1 407 1 Brazil 481 2 480 2 474 2 551 1 513 1 492 I Chile 180 (2) 177 171 (2) 178 153 160 (2) C Cu o b lo a mbia... 23 7 6 8 39 24 6 0 4 ? 20 5 2 9 2 4 2 6 2 1 2 4 3 4 5 1 2 4 2 0 8 (2) Guatemala . . . . 68 1 P) 77 83 (2) 70 70 82 Mexico 534 2 472 450 (2 529 5 618 5 615 6 Panama. Republic of 123 95 78 S 79 1 87 82 Peru ... .... ... 114 P> P> 112 118 123 1 131 137 Uruguay 231 227 230 229 1 237 1 2*55 1 Venezuela 796 3 1 892 826 1 846 1 815 1 796 Others 370 9 317 28 303 57 297 77 278 192 328 188 Total... 3,630 59 15 3,654 41 3,469 69 3,624 89 3,606 204 3,622 200 Asia: India •. 301 40 41 295 6 288 6 333 6 325 6 321 6 Indonesia 236 158 142 120 1 119 137 I Iran 152 173 178 167 161 165 Japan 2,166 2 2,306 2,262 1,953 3 1,894 2 048 3 Ph ilippines 218 2 2 214 2 184 2 174 2 212 1 193 Thailand ... 290 318 331 344 368 410 Other 991 43 45 989 45 1,033 45 1,130 45 1,154 45 1,185 41 Total... 4,354 87 92 4,453 57 4,418 57 4,221 57 4,233 56 4,459 52 Al A l u o s th tr e a r l : ia 235 8 233 238 1 238 260 268 U So A ut h R A ( f E ri g c y a p . t . ) 2 1 0 9 7 6 8 2 1 2 9 7 5 1 1 9 9 2 0 2 1 5 8 1 9 3 1 3 8 0 9 4 1 1 9 5 0 •2\ Others 600 596 38 618 579 38 635 39 632 42 37 Total 1,238 28 35 1,251 38 1,238 37 1,257 38 1,414 39 1,505 42 Total foreign countries ^ 37 ..654 1,409 1,426 37,962 1,468 38,374 1,427 40,073 1,513 40,862 1,598 41,303 1,468 International 6,394 884 900 6,353 1,064 6,451 1,011 5,480 1,127 5,881 1,240 6,503 1,087 Grand total7 44,048 2,293 2,326 44,315 2,532 44,825 2,438 45,553 2,640 46,743 2,838 47,806 2,555 Memorandum item: Sterling area 5,558 512 536 5,488 531 5,179 518 5,863 567 5,841 520 6,349 474 p Preliminary. 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. 7 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. renresent 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

910 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES* [Amounts outstanding; in millions of dollars} 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 3 Private m G F a e e n d r y . - , U K n i i n t 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—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 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 21,626 3,404 18,222 10,537 7,685 2,791 2,431 4,636 9 857 2'701 2 277 3 038 349 Sept .. . 21,940 3,434 18,506 10,924 7,581 2,750 2,619 4,845 10,214 2,649 2,372 2,896 375 Oct 22,235 3,715 18,520 10,692 7,827 2,544 2,676 4,894 10 113 2 907 2 312 2 807 382 Nov 22,417 3,836 18,581 10,594 7,987 2,531 2,505 4,969 10,004 3,029 2 343 2 819 385 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 22,804 4,126 18.678 10.105 8,574 2.401 2,566 5,216 10,183 2,761 2,366 2 990 378 Mar 23,199 4,405 18,794 10,503 8,291 2,534 2,483 5,355 10,373 2,490 2,453 3,086 392 Apr.*5 23,351 4,503 18,847 10,291 8,557 2,518 2,431 5,377 10,325 2,503 2,563 3,064 392 Mayp 23,495 4,594 18,902 10,508 8,393 2,516 2,334 5,564 10,413 2,514 2,454 3,085 437 Table la. Other Europe End of month Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Franco Greece Italy N la e e n r t d - h s - N w o a r y - t P u o ga r- l Spain S d w en e- S l w a e n r i - t d z- T k u e r y - Other' 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 May 3,980 189 220 47 51 723 62 858 250 99 82 125 339 522 13 399 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 4,636 212 300 38 87 871 55 1,098 200 105 84 133 387 661 17 388 SeDt 4,845 228 311 48 89 890 43 1,151 223 105 86 128 386 705 19 433 Oct 4,894 228 311 56 92 888 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 93 159 392 771 34 359 Feb 5,216 262 328 55 90 1,097 85 1,100 263 103 91 152 394 816 37 345 Mar 5,355 250 319 49 77 1,189 98 1,187 241 112 86 165 403 818 20 342 Apr.p 5,377 229 293 49 74 1,261 104 1,185 247 141 98 160 391 806 19 321 Mayp 5,564 238 294 60 70 1,445 103 1,147 259 123 106 153 415 828 16 307 Table lb. Latin America Neth- End of month Total A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m D i R c l u i a i o e c b n 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- l S t a A a i e u l n n r l n r e d d - i - s - s l a P p i R c m u a e b n o a - - - f , Peru g U u r a u y - V zu e e n l e a - Others 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 62 277 148 1960—Dec 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961—May 2,294 308 21 220 119 132 61 32 28 58 332 83 80 64 46 454 255 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 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 2,366 217 23 241 95 139 40 28 29 54 486 88 83 80 80 379 306 Mar 2,453 243 24 207 114 137 39 34 28 58 506 92 82 90 75 398 327 Aprp 2,563 224 24 254 109 140 38 42 29 57 516 97 90 92 75 443 332 MayP 2,454 209 24 235 108 142 37 43 34 55 490 91 91 90 72 377 356 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 911 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1—Continued [Amounts outstanding; in millions of dollars] Table lc. Asia and All Other Asia All other Ko- End of month Total K H o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i i h p n i - e l- s Tai- T la h n a d i- Other Total A tra u l s i - a C R g o e o o f p n , . - 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 52 586 117 175 86 157 417 355 85 39 38 40 153 1958—Dec 2,205 62 77 108 56 935 145 176 99 133 371 279 79 30 30 16 125 1959—Dec 2,780 60 114 139 87 1,285 148 172 94 141 494 373 110 31 49 20 162 1960—Dec 3,115 57 54 178 75 1,887 152 203 84 186 217 352 32 29 22 181 1961—May 185 51 43 86 42 2,036 163 173 77 223 251 352 22 40 22 192 June 142 52 41 85 47 1,983 168 163 81 227 247 367 30 39 16 199 July 105 52 37 74 51 1,913 178 182 80 231 273 362 29 40 16 196 Aug 038 53 78 78 64 1,766 186 174 89 237 275 349 27 40 21 181 Sept 896 55 86 77 62 1,649 194 152 90 240 255 375 43 46 15 185 Oct 807 59 88 92 65 1,535 195 134 92 240 273 382 39 46 15 192 Nov 819 59 90 82 62 1,532 198 150 90 248 276 385 38 44 12 199 Dec 2,892 55 78 76 63 1,590 199 185 92 264 258 387 34 32 15 209 1962—Jan 2,926 59 75 86 63 ,599 188 202 98 276 246 415 127 31 32 21 204 Feb 2,990 57 74 100 87 ,628 187 171 103 293 255 378 95 28 36 14 205 Mar 3,086 57 74 94 71 ,744 183 165 92 306 262 392 101 27 36 16 213 Apr.p 3,064 58 70 88 79 ,702 181 173 90 314 287 392 96 27 43 17 210 May?3 3,085 61 54 80 76 ,746 174 184 85 323 283 437 97 40 42 25 232 Table Id. Supplementary Areas and Countries 7 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 1.2 .5 1.2 Ceylon 44.1 34.4 6.9 n.a. C Cz y e p c r h u o s slovakia 8 .3 1. . 0 5 .7 C G h o i a n . a Mainland : 3 2 6 . . 5 0 3 2 5 . . 3 8 34 1 . . 8 4 34 . . 9 6 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 8 4.9 4.0 6.1 7.2 Malaya 1.2 1.4 6.3 4.4 Rumania 8 .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. Yugoslavia 8 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 i s n 9 America: 47.2 77.5 V Sy ie ri t a -Nam 48 4 . . 8 7 68 5 . . 3 0 1 4 4 . . 2 6 7 2 . . 9 6 P H T C H N E B F a h r c o e o i a e r c e u r s i n a n a t m t a d i g a W c r d u u a u h o R g d r e a r a s W u y a i s t c 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 e 9 nch Guiana. . 2 3 1 1 6 7 3 1 4 1 7 . . . . . . . . 3 7 4 6 5 3 5 4 2 3 1 1 1 1 1 6 2 1 2 2 0 8 4 . . . . . . . . . 6 7 7 5 8 5 9 5 3 2 2 1 1 1 1 1 4 1 7 1 1 5 0 9 . . . . . . . . . 6 9 3 7 3 0 7 8 4 ° 2 3 1 1 1 1 9 4 3 3 4 7 3 4 . . . . . . . . . 9 9 6 5 8 3 3 0 5 Al A E L l F L G M M r i t i o l h b b h o e a g t a n d e y i r e h o n o r r c a e e i i p a c h i r a a r i c : a a o S o I a ( s m n i l n d a a c n l h E i d l s a r T i n t a d r n e g a ier) 4 2 1 3 6 7 1 1 3 . . . . . . . . 5 4 8 0 0 0 5 7 2 5 1 1 2 7 0 8 7 . . . . . . . . 8 0 3 7 6 4 6 6 6 1 5 9 4 6 . . . . . . . . 6 3 3 9 9 9 8 4 2 9 1 5 1 3 1 1 . . . . . . . . 4 1 9 0 7 8 5 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 .6 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 $1 million on May 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 6 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

912 INTX CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE [In millions of dollars] Payable in dollars End of month, or area Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other* Total Deposits T bi r l e ls a s a u n r d y Other* certificates1 certificates Total amounts outstanding 1957 Dec 15,158 12,847 5,875 5,840 J .132 2,252 1.766 278 209 59 195g 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 1,401 2,230 1.849 148 233 113 1961 May 21,079 18,760 7,971 9,503 1,287 2,185 1,844 129 212 134 21,504 19,140 8^34 9,585 1,321 2,208 1,851 133 223 157 July 21,770 19,419 8,492 9,620 1L.307 2,206 L.88O 109 217 145 21,626 19,310 8,631 9,343 1,336 2,209 1,871 109 229 108 Sept 21,940 19,613 8,691 9,543 ,379 2,226 1,891 117 219 100 Oct 22,235 19,783 8,899 9,485 ,398 2,293 1,918 151 224 159 Nov 22,417 19,942 8,843 9,654 ,445 2,333 1,930 147 256 142 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 22,804 20,213 9,146 9,635 ,432 2,440 1,971 166 302 152 Mar 23,199 20,554 8,760 10,352 [,442 2,461 2,002 156 303 184 Apr p 23,351 20,691 9,081 10,146 1,465 2,479 2,034 140 305 181 Mayj" 23,495 20,823 8,762 10,574 .487 2,498 2,045 100 353 174 Area and country detail, Mar. 31, 1962 Europe: Austria . •. 250 249 241 3 5 2 2 (3) (3) Belgium 319 283 208 27 47 34 27 (3) 7 2 49 42 24 18 1 7 6 (3) (3) (3) Finland 77 75 47 28 (3) h) 1,189 1,134 231 860 43 50 44 3 3 5 Germany, Fed. Rep. of 2,534 2,493 343 1,776 374 36 30 1 6 4 Greece 98 82 52 30 1 16 16 (3) Italy . ... 1,187 1,081 165 721 195 31 27 3 (3) 75 Netherlands 241 217 120 85 12 23 18 2 Norway •. 112 79 54 20 6 33 32 (3) Portugal •. 86 53 47 6 34 32 2 Spain 165 140 127 7 6 25 23 (3) 1 (3) Sweden 403 394 98 286 10 10 9 (3) Switzerland 818 701 286 211 204 106 64 14 27 12 Turkey 20 19 19 2 2 United Kingdom 2,483 2,023 1,021 950 53 418 164 83 171 42 Yugoslavia . 15 14 13 1 1 1 Other 326 286 83 63 140 13 12 (3) (3) 28 Total 10,373 9,365 3,179 5,082 1,104 839 511 108 220 168 Canada • • 2,490 2,232 1 847 377 8 250 186 35 28 8 Latin America: Argentina 243 155 124 27 3 88 83 1 5 Bolivia 24 7 7 17 17 (3) (3) (3) Brazil 207 78 61 (3) 17 129 125 3 Chile 114 50 50 (3) 64 63 (3) 1 Colombia 137 64 62 (3) 2 72 72 1 Cuba 39 2 2 37 37 Dominican Republic 34 18 16 2 16 16 El Salvador 28 14 6 5 3 13 13 (') Guatemala 58 39 21 10 8 18 18 (3) (3) Mexico 506 315 262 14 39 190 187 (3) 3 (3) Neth. Antilles and Surinam 92 46 28 11 6 46 33 I 13 Panama Rep. of 82 13 10 3 69 62 1 6 Peru 90 35 35 55 53 2 (3^ Uruguay . ... 75 39 36 36 31 J 4 (3^ Venezuela 398 186 186 (3) 212 209 2 P) Other 327 209 143 435 31 115 101 7 7 2 Xotal 2,453 1,270 1,048 103 119 1,180 1,119 12 48 3 P Preliminary. 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. 913 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total 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, Mar. 31, 1962—Cont. Asia: Hong Kong 57 30 24 5 28 27 8 8 India 74 68 27 34 6 6 6 Indonesia ... 94 92 70 21 3 3 Iran 36 29 29 2 7 7 Israel 71 63 30 9 8 6 3 2 () Japan 1,744 1,725 1,172 450 102 20 19 Korea, Rep. of 183 181 178 3 2 2 Philippines 165 139 124 16 26 25 ( 3 ) (3) Taiwan 92 85 82 2 8 8 Thailand 306 304 69 228 6 3 3 Other 262 218 163 32 23 43 42 ( 3 > 1 (3) Total 3,086 2,932 1,969 776 187 153 148 i 4 1 All other: Australia 101 97 50 42 4 3 3 1 C So o u n t g h o A , R fr e ic p a . of the 2 3 7 6 2 3 5 3 2 3 5 3 i2 2 U.A.R. (Egypt) 16 15 13 Other 213 180 148 8 31 (3) 1 Total 392 350 269 66 14 39 38 1 4 Total foreign countries. 18,794 16,149 8,312 6,405 1,432 2,461 2,002 156 303 184 International • 4,405 4,405 448 53,948 10 Grand total 23,199 20,554 8,760 610,352 1,442 2,461 2,002 156 303 184 1 Includes nonnegotiable, non-interest-bearing special U. S. notes held * Includes $25 million of nonnegotiable, non-interest-bearing special by the Inter-American Development Bank and international organizations, U. S. notes held by the Inter-American Development Bank. which amounted to $2,818 million on May 31, 1962. 5 Includes $2,735 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. • Includes amounts shown in notes 4 and 5. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding; in millions of dollars] End of month Total 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 e - d 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 m i a c t a e in r- Asia ot A h 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 1959 Dec 2,623 57 54 30 38 121 234 534 272 1,175 516 56 I960 Dec 3,614 32 82 34 60 245 264 717 421 1,356 1,052 #9 1961 —May 4,124 44 145 42 65 171 228 695 520 1,336 1.497 75 June 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 Aug 4,122 42 136 37 60 134 178 586 517 1,295 1,626 98 Sept 4,156 34 146 34 67 185 186 652 491 1,347 1,581 84 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 [,620 79 Dec 4,700 42 165 35 105 181 239 767 537 1,504 .807 85 1962 Jan 4,577 43 157 37 68 163 214 682 483 1,430 1,890 92 Feb 4,692 47 155 40 71 160 215 688 496 1,460 1,958 89 ]yiar 4,866 49 144 37 76 157 222 685 540 1,496 2,051 94 4.839 47 161 43 68 140 207 666 517 1,530 2,025 101 May'7 4.819 52 139 37 68 156 233 685 436 1,565 2,029 103 P Preliminary. 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 the following items 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. oreigners; drafts drawn against foreigners where collection is being made Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding; in millions of dollars] Table 3a. Other Europe End of month Total A tr u ia s- g B iu e m l- m D a en 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 1957 Dec 211 6 25 11 4 6 29 23 2 8 1958—Dec 315 7 65 14 6 7 56 22 2 30 1959 Dec 234 4 56 18 8 5 38 7 2 1960 Dec 264 2 65 13 9 6 33 17 4 1961 May 228 3 58 11 11 7 42 10 3 June 233 3 43 9 14 7 45 11 3 July 209 3 43 9 14 8 47 11 2 178 3 13 11 14 6 43 11 2 Sept 186 3 10 10 16 7 45 13 2 Oct 182 3 11 12 19 6 41 17 3 Nov 181 4 10 11 20 6 46 23 3 Dec 239 5 20 11 23 6 54 27 5 1962 Jan 214 4 18 13 23 5 60 26 2 Feb 215 5 19 9 23 4 61 22 3 Mar 222 4 17 8 24 4 66 20 5 Apr p 207 5 15 7 24 4 58 21 5 May33 233 6 18 9 26 4 62 23 5 0000 00 — Swe- Tur- Yugo- den key slavia Other 10 76 (2) 10 24 72 9 19 47 3 18 28 49 11 19 25 15 16 21 25 24 16 22 8 17 13 15 19 7 16 22 14 17 7 15 31 8 18 6 15 23 8 16 5 18 9 9 17 11 35 16 9 17 14 17 7 7 19 17 18 7 7 21 15 18 11 4 23 13 17 13 5 21 16 19 13 5 27 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 b m i o a - - Cuba m p i R c u i a e b n 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- l t a A a il n n l n e d d - s s a P p R m u a e n 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 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 May 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 Sept 1,347 160 5 180 117 90 19 12 15 16 385 6 30 68 39 134 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 Feb 1,460 184 6 133 125 160 19 11 16 19 398 6 41 70 62 141 68 Mar 1,496 205 5 137 120 160 18 10 14 18 432 9 41 71 60 127 69 Aprv 1,530 203 5 164 120 156 18 12 15 18 439 9 52 74 61 117 68 Mayp 1,565 204 5 173 139 163 17 14 9 17 427 9 59 80 61 117 71 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 w Ta a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f n e 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 May 1.497 10 12 47 33 1,196 26 14 25 134 75 25 3 13 10 24 June .. I 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 1,626 10 10 36 31 1,335 37 12 29 128 98 32 3 24 13 25 Sept I 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 1.958 9 10 28 37 1,598 120 11 33 113 89 31 3 11 13 31 Mar 2,051 10 11 28 41 1,698 114 9 33 108 94 32 3 11 16 2 Apr.P 2,025 12 13 30 39 1,664 110 9 33 114 101 33 4 11 21 32 MayP 2,029 11 12 32 43 1,678 107 6 30 110 103 33 4 11 22 33 v Preliminary. 2 Less than $500,000. i 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. 915 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies End of month, or area Longand country term— Loans to— total i Total Total Ba i o n n f s f k i t c i s t i a u a l n - d Others s C ta t o o i n o u l d l n t e i - s c n - g Other Total f D or e w e p i i g o t n h s e it r s s Other 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—May.. 1,636 4,124 3,616 870 520 710 1,517 507 235 272 June.. 1,850 4,123 3,672 810 506 711 1,645 451 249 202 July.. 1,906 4,189 3,777 843 525 718 1,691 412 229 183 Aug... 1,836 4,122 3,712 756 537 719 ',700 410 232 178 Sept... 1,864 4,156 3,708 776 564 697 ,671 448 266 182 Oct.. . 1,847 4,347 3,799 780 600 683 ,736 548 337 211 Nov... 1,880 4,384 3,835 828 625 682 ,700 549 329 220 Dec... 2,020 4,700 4,115 1,014 618 694 ,789 586 385 200 1962—Jan.. . 2,035 4,577 4,119 1,008 618 708 ,784 458 287 171 Feb... 2,077 4,692 4,249 1,090 625 715 ,819 443 288 154 Mar... 2,134 4,866 4,399 1,214 644 732 ,809 468 302 166 Apr.?. 2,062 4,839 4,386 1,217 686 728 ,755 453 269 184 Mayp. 2,080 4,819 4,328 1,306 571 711 ,740 490 288 202 Area and country detail, Mar. 31, 1962 Europe: 1 1 Austria... 44 4 4 1 1 Belgium.. 39 17 14 6 3 Denmark. 7 8 8 2 2 3 Finland.. 4 24 24 2 21 France... 14 49 44 7 13 \9 Germany, Fed. Rep. of.. 74 144 126 38 26 30 18 14 Greece 7 4 4 4 Italy 28 37 34 17 Netherlands 46 66 61 17 30 14 1 5 Norway 172 20 19 1 1 2 15 Portugal.... 5 4 1 2 2 Spain 15 14 4 4 4 Sweden.... 48 18 17 2 6 9 1 1 () Switzerland. 10 76 39 10 16 7 7 37 20 17 Turkey 11 11 8 3 (2) United Kingdom. 12 157 69 36 14 6 77 12 Yugoslavia 4 4 2 1 Other 23 23 3 11 Total. 515 685 521 130 126 127 138 164 130 34 Canada 290 540 330 16 199 107 210 83 128 Latin America: Argentina 73 205 197 s42 19 48 7 Bolivia 5 5 4 () Brazil 273 137 101 24 22 "35' Chile 25 120 120 29 24 22 44 Colombia 38 160 160 46 34 28 52 Cuba 18 18 1 16 Dominican Republic.. 10 10 1 4 El Salvador ( 14 14 1 5 Guatemala 12 18 18 1 7 7 Mexico 164 432 427 182 77 37 131 Netherlands Antilles and Surinam 1 Panama, Rep. of. 20 41 41 2 27 7 6 Peru 11 71 71 4 10 24 33 Uruguay () 60 60 7 4 7 42 Venezuela 237 127 126 13 22 64 27 Other 82 69 69 19 29 13 Total. 952 1,496 1,445 367 276 328 474 50 48 P Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d term— Loans to— total i Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, Mar. 31, 1962—Cont. Asia: Hong ICong .. 2 10 10 3 3 3 1 8 India 18 11 10 3 6 4 Indonesia 51 12 12 12 Iran .. 12 28 27 3 21 l 1 Israel 22 41 41 4 4 (2) 29 Japan 31 1,698 1,661 490 12 165 36 36 Korea Rep. of 5 5 5 994 Philippines... 62 114 113 100 3 10 Taiwan 9 9 2 1 6 (2) Thailand 3 33 33 13 3 16 Other 2 91 91 60 8 20 3 (2) c2) (2) Total... 205 2,051 2,013 690 30 229 1,064 38 38 Allother: Australia 38 32 29 1 2 14 12 3 1 2 Congo, Rep. of the 39 3 3 2 2 South Africa 48 11 9 (2)" 9 2 2 U.A.R. (Egypt) 3 16 16 3 1 (2) Other 46 32 31 4 10 15 1 Total... 173 94 89 10 12 41 26 5 3 3 Total foreign countries 2,134 4,866 4,399 1,214 644 732 1,809 468 302 166 1 Represents mainly loans with an original maturity of more than 1 year. 2 Less than $500,000. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE i [In millions of dollars] U. I5. 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 o t r a s l ale c s F o ( o u — r n e t ) i r g ie n s ch P a 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 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 e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2,158 435 946 1,458 -512 566 804 -238 1960 1,730 1,603 127 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 1961 1,744 1,231 512 172 3,384 3,161 223 802 1,261 -459 594 959 -365 1961—May 155 206 -50 -40 344 300 45 59 126 -67 57 96 -39 June 41 74 -33 -33 303 276 27 63 97 -34 53 72 |Q July 170 127 43 43 194 212 -18 50 120 -70 35 55 -20 Aug 340 177 163 48 246 254 -8 37 36 1 40 64 -24 Sept 22 26 -4 -5 217 216 225 228 -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 86 32 54 1 286 273 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 142 272 -129 -49 268 234 34 95 145 -50 58 90 -32 Apr* 92 140 -48 -36 232 211 21 79 114 -36 57 67 -10 May* 122 299 -176 -113 286 260 26 114 301 -187 79 79 * Preliminary. 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

INT'L CAPITAL TRANSACTIONS OF THE U. S. 917 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 Neth- Switz- United Other Total Latin All Stocks Bonds Belgium France er- er- King- Europe Europe Canada Amer- other 2 lands land dom ica 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 46 252 202 50 5 38 171 -48 66 234 -45 36 28 1961 '. 223 323 -99 4 21 20 166 -17 38 232 -112 44 58 1961—May 45 58 -13 5 5 29 1 9 50 -19 9 4 June 27 33 -6 -1 3 19 11 3 34 -14 4 2 July -18 -5 -13 -1 -1 -2 -6 -1 -1 -12 -13 2 5 Aug Q 2 -10 -2 6 -7 4 1 -14 2 3 Sept 16 -15 1 2 2 2 3 12 -17 5 1 Oct 14 28 -15 (3) 2 1 24 -10 2 19 -i 1 Nov 20 25 -5 4 5 25 -20 3 18 -8 8 Dec 14 15 -1 1 1 21 -25 5 3 4 7 1Q62 Jan 37 54 -17 (3) 5 -2 46 10 55 -19 4 -3 Feb 30 36 -6 5 -1 34 -2 37 -9 3 Mar 34 20 14 -1 2 1 16 -1 -1 16 17 3 Apr '' 21 21 18 15 -1 33 -6 2 -8 Maw 26 28 1 2 4 21 13 2 43 -10 -8 ~2 p Preliminary. 2 Includes transactions of international organizations. 1 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 B ANKS FOR FOREIGN CORRESPONDENTS 1 [Net sales, (—); in millions of dollars] [Tn millions of dollars] Total Assets in custody Y m e o a n r t o h r na In ti t o e n r- al f c o o re u i n g - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r End of month Deposits tries ica U. S. Govt. Miscelsecurities2 laneous 3 1958 . .. -558 -805 -72 -543 5 -45 -150 1959 -157 -593 -50 -443 11 -97 -15 I960—Dec 217 5,726 756 I960 -147 -498 -117 -196 -107 -41 -36 1961 1 -825 -260 -318 -60 -114 -73 1961—June 220 5,723 688 July 226 5,660 667 1961—May... 1 -107 -26 -52 -6 -22 -1 Aug 270 5,903 660 June... -15 -37 -17 -23 3 9 -10 Sept 312 6,036 662 July.... 3 -93 12 -70 1 -5 -30 Oct 249 5,988 652 Aug 6 -29 -10 -17 1 -3 1 Nov 198 5,793 634 Sept 4 -24 -3 6 2 -7 -22 Dec 279 6,006 669 Oct -5 -47 -17 -7 1 -25 1 Nov.... -82 -26 -15 -9 -14 -18 1962—Jan 229 5,403 663 Dec... . -7 -114 -84 -28 1 -9 6 Feb 204 5,432 637 Mar 221 5,762 621 1962—Jan 0) -19 -9 22 i o -23 Apr 230 5,551 616 Feb.. .. -96 6 -22 2 4 -11 33 May 223 5,754 627 Mar.... -28 -54 -57 8 C1) -5 1 June 334 6,228 604 Apr/.. -22 -24 -23 2 -3 1 May". . -13 -174 -31 -91 3 -26 -23 1 Excludes assets held for international organizations, and earmarked gold. See note 4 at bottom of p. 908 for total gold under earmark at p Preliminary. Federal Reserve Banks for foreign and international accounts. 1 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

918 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFTNANCIAL CONCERNS [End of quarter; in millions of dollars] Liabilities to foreigners Claims on foreigners 2d revised ser.1 3d revised ser.1 4th revised ser.1 2d revised ser.1 3d revised str.i 4th revised set Area ana country 1961 1961 1961 1961 1961 1961 Europe: Austria. . 4 Belgium.. 25 25 Denmark. 7 Finland.. 2 France 41 32 46 Germany, Fed. Rep. of. 40 34 78 Greece 3 Italy 30 31 47 Netherlands 4! 44 28 Norway < 10 10 Portugal. . . 1 1 5 Spain 8 12 Sweden.... 6 6 19 Switzerland. 39 39 16 18 Turkey 4 4 4 6 United Kingdom. 107 109 110 110 111 279 225 226 '189 190 200 Yugoslavia 1 2 Other 1 4 6 Total. 331 385 388 370 371 366 526 506 511 '45 461 519 Canada 40 43 49 45 45 49 327 '506 '524 '617 619 576 Latin America: Argentina 7 26 30 36 Bolivia 2 3 Brazil 24 61 74 64 Chile 15 18 19 Colombia 14 13 13 Cuba 6 5 Dominican Republic 2 3 El Salvador 3 3 Guatemala 5 5 Mexico 44 41 Neth. Antilles and Surinam. 2 2 Panama, Rep. of. 7 9 Peru 12 16 Uruguay 4 5 Venezuela 36 46 Other 26 24 Total. 92 102 102 106 109 105 '267 278 285 349 355 294 Asia: Hong Kong. 4 India 12 Indonesia. . . 2 Iran 8 Israel 10 Japan 79 Korea, Rep. of.. 1 Philippines 8 Taiwan 7 Thailand 3 Other 20 Total. 109 114 114 122 122 114 120 117 118 127 129 154 All other: Australia 25 Congo, Rep. of the. 2 South Africa 10 U.A.R. (Egypt).... 10 Other 18 Total 64 International 1 Grand total. 600 673 684 672 676 680 292 '1,463 rl,495 '1,610 ,629 1,608 *> Preliminary. ' Revised. 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 Mar. 31, 1961 (second revised series), on June 30, 1961 (third revised U. S. banks, and intercompany accounts between U. S. companies and series), and on Sept. 30, 1961 (fourth 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 919 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1959 1960 r 1961' 1962* Item Exports of goods and services, total1. . 5,463 5,848 5,950 6,448 6,280 6,882 6,581 7,270 6,820 6,952 6,656 7,638 7,002 Merchandise 3,807 4,074 4,058 4,343 4,615 5,008 4,691 5,145 5,012 4,992 4,673 5,308 5,019 Services2 1,656 1,774 1,892 2,105 1,665 1,874 1,890 2,125 1,808 2,030 1,983 2,330 1,983 Imports of goods and services, total... 5,401 5,964 6,228 5,944 5,740 6,045 6,018 5,385 5,276 5,595 6,078 5,974 5,873 Merchandise 3,594 3,879 3,847 3,974 3,830 3,858 3,551 3,484 3,400 3,458 3,682 3,974 3,945 Services 1,027 1,296 1,595 1,216 1,139 1,429 1,670 1,179 1,106 1,381 1,697 1,278 1,173 Military expenditures 780 789 786 754 771 758 797 722 770 756 699 722 755 Balance on goods and servicesl 62 -116 -278 504 540 837 563 1,885 1,544 1,357 578 1,664 1,129 Unilateral transfers (net)3 -621 -581 -547 -675 -582 -620 -624 -680 -694 -706 -633 -696 -714 Private remittances and pensions... -184 -187 -214 -206 -201 -202 -207 -232 -216 -218 -213 -231 -213 Government nonmilitary grants.... -437 -394 -333 -469 -381 -418 -417 -448 -478 -488 -420 -465 -501 U.S. long- and short-term capital (net)3 -494 4-l,032 -607 -595 -883 -1,131 -1,088 -1,885 -1,372 -540 -1,104 -1,863 1,422 Private, total -412 -738 -387 -838 -653 -741 -943 -1,545 -989 -955 -637 -1,372 -981 Direct investment -287 -442 -224 -419 -303 -331 -327 -733 -441 -324 -341 -369 -315 Portfolio and short-term investment -125 -296 -163 -419 -350 -410 -616 -812 -548 -631 -296 -1,003 -666 Government -82 4-294 -220 243 -230 -390 -145 -340 -383 415 -467 -491 -441 Foreign capital and gold (net) 953 41,439 1,440 620 851 1,014 1,239 1,156 506 185 916 1,460 745 Increase in foreign short-term assets and Government securities. . 785 4847 1,109 425 586 740 548 254 38 314 626 881 402 Increase in other foreign assets 73 195 164 123 215 180 54 -19 122 201 20 123 153 Gold sales by United States 5 95 4397 167 72 50 94 637 921 346 -330 270 456 190 Errors and omissions 100 290 146 74 -100 -90 -476 16 -296 243 -565 262 P Preliminary. r Revised. of which $344 million was transferred in gold and $1,031 million in 1 Excluding military transfers under grants. non-interest-bearing U.S. Government securities. 2 Including military transactions. 5 Beginning with the first quarter of 1961, net of change in convertible 3 Minus sign indicates net outflow. currencies held by Exchange Stabilization Fund. 4 Excluding additional U.S. subscription to IMF of $1,375 million, OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - e y 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 o k n a s e i n r t s c s ' e D m a o d y n a - e y 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 - e y 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 c i 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 >.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—May 3.18 2.92 4.55 4.38 3.81 3.00 3.91 2.25 2.63 .83 .75 2.00 June 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 Aug 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 .00 .95 2.00 Oct 2.53 2.20 6.31 5.94 5.42 4.56 3.60 2.00 2.44 .68 1.50 2.00 Nov 2.42 2.24 5.67 5.41 4.89 4.02 3.52 2.00 2.81 .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 .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 .81 1.59 2.00 Apr 3.08 3.12 4.50 4.26 3.70 2.93 3.93 2.13 2.75 >.13 1.75 2.00 May 3.36 3.00 4.14 3.94 3.24 2.50 2.13 2.56 ..46 1.75 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

920 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS1 [Per cent per annum] Rate as of Changes during the last 12 months June 30, 1961 Rate Country 1961 1962 as of June 30, Per Month 1962 cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Argentina2 • • 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 5.0 Belgium 5.0 Aug. 1960 4.75 4.5 4.25 4 0 4.0 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Nov. 1957 4 0 4.0 Canada' 2.82 June 1961 2.80 2.51 2.84 2.75 2.75 3.24 3.35 3.42 3.37 3.32 3.77 36.0 6.0 Ceylon 4.0 Aug. 1960 4.0 Chile* 16.74 Jan. 1961 15.88 15.27 15.27 Colombia2 5.0 Aug. 1959 5.0 Costa Rica2 .. 3.0 Apr. 1939 3.0 Cuba2 . 6.0 Jan. 1960 6.0 Denmark 6.5 May 1961 6.5 5 0 Nov. 1956 5.0 Egypt 3.0 Nov. 1952 5 0 5.0 PI Salvador 6.0 June 1961 6.0 Finland 6.75 Mar. 1959 8 0 7 0 7.0 Prance 3.5 Oct. 1960 3.5 3.0 May 1961 3.0 Greece 6.0 Nov. 1960 6.0 Honduras' .. .. 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 4.62 May 1961 4.78 6.88 6.75 5.94 5.56 5.44 74.70 4.31 4.06 4.06 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 Mexico . 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 4 0 4.0 New Zealand 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 Norway •. 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 9.5 Nov. 1959 9.5 Philippine Republics 3.0 May 1961 6 0 6.0 Portugal 2.0 Jan. 1944 2.0 South Africa 5.0 May 1961 4.5 4.0 4.0 Spain 4.0 June 1961 4.0 Sweden 5.0 Jan. 1960 4.5 4.0 4.0 Switzerland 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 7.5 May 1961 7.5 United Kingdom 5.0 Dec. 1960 7.0 6.5 6.0 95.0 4.5 4.5 4.5 Dec. 1960 4.5 1 Rates shown represent mainly those at which the central bank either Japan—penalty rates (exceeding the basic rate shown) for borrowings discounts or makes advances against eligible commercial paper and/or from the Central bank in excess of an individual bank's quota; government securities for commercial banks or brokers. For countries Peru—8 per cent for agricultural industrial and mining paper; and with more than one rate applicable to such discounts or advances, the Venezue a—4 per cent for rediscounts of certain agricultural paper and rate shown is the one at which it is understood the central bank trans- for advances against government bonds or gold and 5 per cent on adacts the largest proportion of its credit operations. In certain cases vances against securities of Venezuelan companies. other rates for these countries are given in note 2. 3 On June 24, 1962, the bank rate on advances to chartered banks 2 Discounts or advances at other rates include: was fixed at 6 per cent. Rates on loans to money market dealers will Argentina—3 and 5 per cent for certain rural and industrial paper, de- continue to be .25 of 1 per cent above latest weekly Treasury bill tender pending on type of transaction; average rate but will not be more than the bank rate. Brazil—8 per cent for secured paper and 4 per cent for certain agricultural * Beginning with Apr. 1, 1959, new rediscounts have been granted at paper; the average rate charged by banks in the previous half year. Old redis- Colombia—3.5 per cent for agricultural and industrial development counts remain subject to old rates provided their amount is reduced by paper of up to 150 days, 3 per cent for economic development paper one-eighth each month beginning May 1, 1959, but the rates are raised of up to 5 years, and 2 per cent for specific small business, cooperative by 1.5 per cent for each, month in which the reduction does not occur. and employee paper; 5 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions 6 Rate applies to advances against commercial paper as well as against (rate shown is for agricultural and industrial paper); government securities and other eligible paper. Cuba—5.5. per cent for sugar ioans and 5 per cent for loans secured by 7 Effective Mar. 30, 1962; from Mar. 2 to Mar. 29 the rate was 5.75. national public securities; 8 Beginning with June 1, 1962, the rediscount rate for commercial Ecuador—6 per cent for bank acceptances for commercial purposes; bank loans financing the purchase of surplus agricultural commodities Indonesia—various rates depending on type of paper, collateral, com- under U. S. Law 480 was reduced from 6 to 3 per cent. modity involved, etc.; 9 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 921 FOREIGNEXCHANGE 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 tralia Austria Belgium Canada Ceylon Denmark Finland France (pound) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) Official Free 1956 5.556 2.835 222.76 3.8580 2.0030 101.600 20.946 14.482 .43540 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 14.482 .39946 .2376 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .31181 i.2374 1959 .2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .31149 .2038 1960 .2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .31118 3 20.389 1961 .2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .31098 20.384 1961—June .2096 222.30 3.8368 2.0018 99.471 20.984 14.430 .31100 20.405 July .2113 222.10 3.8554 2.0081 96.701 20.951 14.429 .31090 20.405 Aug .2104 223.34 3.8592 2.0080 96.933 21.012 14.484 .31089 20.352 Sept. .2061 224.08 3.8634 2.0084 97.003 21.076 14.515 .31088 20.331 Oct .2056 224.33 3.8660 2.0085 97.039 21.094 14.521 .31085 20.337 Nov .2057 224.30 3.8648 2.0085 96.532 21.089 14.520 .31085 20.364 Dec .2080 223.88 3.8671 2.0086 95.885 21.058 14.541 .31084 20.399 1962—Jan 1.2056 223.98 3.8647 2.0086 95.678 21.051 14.527 .31085 20.403 Feb 1.2054 224.27 3.8643 2.0086 95.335 21.039 14.522 .31072 20.402 Mar 4 1.2081 224.32 3.8659 2.0086 95.277 21.058 14.534 .31074 20.405 Apr 5 1.0444 224.22 3.8690 2.0080 95.232 21.059 14.510 .31070 20.405 May .9600 224.07 3.9698 2.0089 6 92.394 21.057 14.496 .31070 20.405 June .8601 223.77 3.8700 2.0098 91.911 21.039 14.511 .31066 20.405 Year or month ( G d m e e r u a m t r s k a c ) n h y c (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., 7 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 * 27.555 277.45 1961—June 25.166 20 889 278.98 .16107 .27629 32.489 8.0056 27.828 276.22 July 25.127 20.886 278.74 .16108 .27624 32.488 8.0056 27.827 275.98 Aug 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 Mar.. 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 May. 25.009 21.066 281.21 .16108 .27625 32.759 8.0056 27.821 278.43 June. 25.039 21.030 280.83 .16109 .27628 32.691 8.0056 27.806 278.05 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 S fr 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 2.0579 19.324 23.142 280.88 1960. 14.018 49.770 3.4937 279.71 .6635 19.349 23.152 280.76 1961., 14.000 3.4909 9 279.48 10139.57 .6643 19.353 23.151 280.22 1961—June 13.952 3.4815 138.97 .6644 19.365 23.144 278.98 July.... 13.947 3.4797 138.85 .6644 19.357 23.169 278.74 Aug 14.004 3.4875 139.62 .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 .6644 19.351 23.133 281.54 Nov 14.048 3.4990 140.22 .6644 19.347 23.133 281.49 Dec 14.039 3.5020 139.96 .6649 19.346 23.169 280.96 1962—Jan 14.027 3.5000 140.02 .6650 19.348 23.158 281.10 Feb 14.037 3.4995 140.20 .6650 19 388 23.111 281.46 Mar 14.037 3.5014 140.24 .6651 19.408 23.042 281.53 Apr 14.033 3.5032 140.17 .6651 19.424 23.011 281.40 May 14.022 3.5050 140.08 .6651 19.428 23.098 281.21 June 14.013 3.5011 139.89 .6651 19.436 23.172 280.83 1 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957, 6 Effective May 2,1962, the par value of the Canadian dollar was set at was extended to all foreign exchange transactions on Oct. 28, 1957, and 92.5 U. S. cents. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 7 Effective Mar. 5,1961, the par value of the deutsche mark was changed was further devalued to 493.706 francs per U. S. dollar. from 4.20 to 4.00 marks per U. S. dollar. 2 Effective Jan. 12, 1959, the Argentine Government established a 8 Effective Mar. 7, 1961, the par value of the guilder was changed from single exchange rate for the peso in place of the former official and free 3.80 to 3.62 guilders per U. S. dollar. rates. 9 Based on quotations through Feb. 10, 1961. 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. io Effective Feb. 14, 1961, South Africa adopted the decimal system. 4 Based on quotations through Mar. 19, 1962. The new currency unit, the rand, replaces the pound and consists of 5 Based on quotations beginning with Apr. 4, 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 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 Secretary 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 BRENTON C. LEAVITT, Assistant Director G. HOWLAND CHASE, Assistant General Counsel ANDREW N. THOMPSON, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION GUY E. NOYES, Director EDWIN J. JOHNSON, Director FRANK R. GARFIELD, Adviser 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 HARRY E. KERN, Assistant Director RALPH A. YOUNG, 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 922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 923 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 W. BRADDOCK HICKMAN, Associate Economist DAVID B. HEXTER, Assistant General Counsel ROBERT C. HOLLAND, 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

924 FEDERAL RESERVE BULLETIN • JULY 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. Rozell, 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 Martin Morrison Paul C. Stetzelberger Richmond Edward A. Wayne Robert P. Black Upton S. Martin Benjamin U. Ratchfc Aubrey N. Heflin J. G. Dickerson, Jr. John L. Nosker R. E. Sanders, Jr. Joseph M. Nowlan 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 E. U. Sherman Henry O. Koppang C. A. Cravens L. F. Mills Clarence W. Tow J. R. Euans J. T. White Dallas Watrous H. Irons Howard Carrithers Thomas A. Hardin Thomas W. Plant Harry A. Shuford James L. Cauthen G. R. Murff W. M. Pritchett P. E. Coldwell James A. Parker Thomas R. Sullivan San Francisco.. . Eliot J. Swan J. L. Barbonchielli R. S. Einzig A. B. Merritt H. E. Hemmings Paul W. Cavan E. H. Galvin 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

Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 783-86 of the June 1962 Bulletin. {Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND 159 pages. Part III. February 1960. 112 FUNCTIONS. April 1961. 238 pages. pages. Individual books $1.00 each; set of 3 books $2.50. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. INDUSTRIAL PRODUCTION—1959 REVISION. July 1960. 229 pages. $1.00 per copy; in quanti- FEDERAL RESERVE BULLETIN. Monthly. Subties of 10 or more for single shipment, 85 cents scription prices: (1) $6.00 per annum or 60 each. cents a copy in the United States and its posses- THE FEDERAL FUNDS MARKET—A Study by a sions, Bolivia, Canada, Chile, Colombia, Costa Federal Reserve System Committee. May Rica, Cuba, Dominican Republic, Ecuador, 1959. Ill pages. $1.00 per copy; in quanti- Guatemala, Haiti, Republic of Honduras, ties of 10 or more for single shipment, 85 Mexico, Nicaragua, Panama, Paraguay, Peru, cents each. El Salvador, Uruguay, and Venezuela. (2) Elsewhere, $7.00 per annum or 70 cents per copy. DEBITS AND CLEARINGS STATISTICS AND THEIR (3) In quantities of 10 or more copies sent to USE (rev. ed.). May 1959. 144 pages. $1.00 one address in the United States, $5.00 per per copy; in quantities of 10 or more for single annum or 50 cents per copy per month. shipment, 85 cents each. ALL-BANK STATISTICS, 18964955. Part I, U. S. FEDERAL RESERVE CHART BOOK ON FINANCIAL Summary. Part II, Summaries by States and AND BUSINESS STATISTICS. Monthly. Annual other areas. April 1959. 1,229 pages. $4.00. subscription includes one issue of Historical Chart Book. Subscription prices: (1) $6.00 THE FEDERAL RESERVE ACT, as amended through per annum or 60 cents per copy in the United October 1, 1961, with an Appendix containing States and the countries listed above. (2) Else- provisions of certain other statutes affecting where, $7.00 per annum or 70 cents per copy. the Reserve System. 386 pages. $1.25. (3) In quantities of 10 or more of same issue FLOW OF FUNDS IN THE UNITED STATES, 1939-53 for single shipment, 50 cents each. 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- Prices: (1) 60 cents each in the United States TISTICS. SECTION 10. Member Bank Reserves and the countries listed above. (2) Elsewhere, and Related Items. January 1962. 64 pages. 70 cents each. (3) In quantities of 10 or more $.50. SECTION 15. International Finance. of same issue for single shipment, 50 cents each. March 1962. 92 pages. $.65. INDUSTRIAL PRODUCTION CHART BOOK. February REGULATIONS OF THE BOARD OF GOVERNORS OF 1961. 210 pages. $1.75 per copy; in quanti- THE FEDERAL RESERVE SYSTEM. ties of 10 or more for single shipment, $1.50 RULES OF ORGANIZATION AND PROCEDURE— each. BOARD OF GOVERNORS OF THE FEDERAL RE- TREASURY-FEDERAL RESERVE STUDY OF THE GOV- SERVE SYSTEM. February 1962. 40 pages. ERNMENT SECURITIES MARKET. Part I. July PUBLISHED INTERPRETATIONS of the Board, as of 1959. 108 pages. Part II. February 1960 January 1, 1961. $2.50 each. 925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Index to Statistical Tables Acceptances, bankers', 864, 866 Deposits {See also specific types of deposits): Agricultural loans of commercial banks, 858, 860 Adjusted, and currency, 854 Assets and liabilities {See also Foreign liabilities and Banks, by classes, 849, 855, 859, 862, 866 claims): Federal Reserve Banks, 850, 917 Banks and the monetary system, consoli- Postal savings, 848, 854 dated, 854 Discount rates, 848, 920 Corporate, current, 876 Discounts and advances by Federal Reserve Domestic banks, by classes, 855, 858, 860, 866 Banks, 844, 849, 850 Federal business-type activities, Dividends, corporate, 875, 876 by fund or activity, 904 Dollar assets, foreign, 909, 917 Federal Reserve Banks, 850 Automobiles: Earnings and hours, manufacturing indus- Consumer instalment credit, 880, 881, 882 tries, 890, 893 Production index, 884, 887 Employment, 890, 892, 893 Bankers' balances, 859, 861 Farm mortgage loans, 877, 878, 904 {See also Foreign liabilities and claims) Federal business-type activities, assets and liabilities, Banks and the monetary system, consolidated state- by fund or activity, 904 ment, 854 Federal finance: Bonds {See also U. S. Govt. securities): Cash transactions, 868 New issues, 873, 874, 876 Receipts and expenditures, 869 Prices and yields, 864, 865 Treasurer's balance, 868 Brokers and dealers in securities, bank Federal home loan banks, loans, etc., 879, 904 loans to, 858, 860 Federal Housing Administration, loans, etc., 877, Business expenditures on new plant and equip- 878, 879, 904 ment, 876 Federal National Mortgage Association, Business indexes, 890 loans, etc., 879, 904 Business loans {See Commercial and industrial loans) Federal Reserve Banks: Condition statement, 850 Capital accounts: U. S. Govt. securities held by, 844, 849, 850, Banks, by classes, 855, 859, 862 870, 871 Federal Reserve Banks, 850 Federal Reserve credit, 844, 849, 850 Carloadings, 890 Federal Reserve notes, 850, 852 Central banks, foreign, 906, 920 Finance company paper, 864, 866 Coins, circulation of, 852 Financial institutions, loans to, 858, 860 Commercial banks: Float, 844 Assets and liabilities, 855, 858 Flow of funds, saving and financial flows, 900 Consumer loans held, by type, 881 Foreign central banks, 906, 920 Number, by classes, 855 Foreign currencies, convertible, holdings by U. S. Real estate mortgages held, by type, 877 monetary authorities, 850, 908 Commercial and industrial loans: Foreign deposits in U. S. banks, 844, 850, 854, 859, Commercial banks, 858 862, 917 Weekly reporting member banks, 860, 863 Foreign exchange rates, 921 Commercial paper, 864, 866 Foreign liabilities and claims: Condition statements {See Assets and liabilities) Banks, 910, 912, 915,917 Construction, 890, 891 Nonfinancial concerns, 918 Consumer credit: Foreign trade, 895 Instalment credit, 880, 881, 882, 883 Major parts, 880, 882 Gold: Noninstalment credit, by holder, 881 Earmarked, 908 Consumer price indexes, 890, 896 Net purchases by U. S., 908 Consumption expenditures, 898, 899 Production, 907 Corporate sales, profits, taxes, and divi- Reserves of central banks and governments, 906 dends, 875, 876 Reserves of foreign countries and international Corporate security issues, 874, 876 institutions, 909 Corporate security prices and yields, 864, 865 Stock, 844, 854, 908 Cost of living (See Consumer price indexes) Gold certificates, 850, 852 Currency in circulation, 844, 852, 853 Govt. debt {See U. S. Govt. securities) Customer credit, stock market, 865 Gross national product, 898, 899 Debits to deposit accounts, 853 Hours and earnings, manufacturing indus- Demand deposits: tries, 890, 893 Adjusted, banks and the monetary system, 854 Housing starts, 891 Adjusted, commercial banks, by classes, 853, 859 Banks, by classes, 849, 855, 862 Income and expenses: Turnover of, 853 Insured commercial banks, 903 Type of holder, at commercial banks, 859 Member banks, 902 Department stores: Industrial production index, 884, 890 Merchandising data, 895 Instalment loans, 880, 881, 882, 883 Sales and stocks, 890, 894 Insurance companies, 867, 870, 871, 878 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 FEDERAL RESERVE BULLETIN • JULY 1962 Insured commercial banks, 857, 858, 903 Reserves: Interbank deposits, 849, 855, 859 Commercial banks, 859 Interest rates: Federal Reserve Banks, 850 Bond yields, 864 Foreign central banks and governments, 906 Business loans by banks, 863 Foreign countries and international institu- Federal Reserve Bank discount rates, 848 tions, 909 Foreign countries, 919, 920 Member banks, 844, 846, 849, 859, 861 Open market, 864, 919 Residential mortgage loans, 877, 878, 879 Stock yields, 864 Time deposits, maximum rates, 848 Sales finance companies, consumer loans of, 880. International capital transactions of the U. S., 910 881, 883 International institutions, 906, 908, 909 Saving: Inventories, 898 Flow-of-funds series, 900 Investments (See also specific types of investments): National income series, 899 Banks, by classes, 855, 858, 861, 866 Savings deposits (See Time deposits) Federal Reserve Banks, 849, 850 Savings institutions, principal assets, 866, 867 Govt. agencies, etc., 904 Savings and loan associations, 867, 871, 878 Life insurance companies, 867 Securities, international transactions, 916, 917 Savings and loan associations, 867 Security issues, 873, 874, 876 Silver coin and silver certificates, 852 Labor force, 892 State member banks, 857 Loans (See also specific types of loans): State and municipal securities: Banks, by classes, 855, 858, 860, 866 New issues, 873, 874 Federal Reserve Banks, 844, 849, 850 Prices and yields, 864, 865 Govt. agencies, etc., 904 States and political subdivisions: Insurance companies, 867, 878 Deposits of, 859, 862 Savings and loan associations, 867, 878 Holdings of U. S. Govt. securities, 870 Loans insured or guaranteed, 877, 878, 879 Ownership of obligations of, 858, 866, 867 Stock market credit, 865 Stocks: Manufacturers, production index, 884, 890 Margin requirements, 848 New issues, 874 Member banks: Prices and yields, 864, 865 Assets and liabilities, by classes, 855, 858 Borrowings at Federal Reserve Tax receipts, Federal, 869 Banks, 846, 850, 862 Time deposits, 848, 849, 854, 855, 859, 862 Deposits, by classes, 849 Treasurer's account balance, 868 Income and expenses, 902 Treasury cash, 844, 852, 854 Number, by classes, 856 Treasury currency, 844, 852, 854 Reserve requirements, by classes, 849 Treasury deposits, 844, 850, 868 Reserves and related items, 844 Weekly reporting series, 860 Unemployment, 892 Mining, production index, 884, 890 U. S. balance of payments, 919 Money rates (See Interest rates) U. S. Govt. balances: Money supply and related data, 853 Commercial bank holdings, by classes, 859, 862 Mortgages (See Real estate loans) Consolidated monetary statement, 854 Mutual savings banks, 854, 855, 857, 866, 870, Treasury deposits at Federal Reserve 871, 877 Banks, 844, 850, 868 U. S. Govt. securities: Bank holdings, 854, 855, 858, 861, 866, 870, 871 National banks, 857 Dealer transactions, positions and financing, 872 National income, 898, 899 Federal Reserve Bank holdings, 844, 849, 850, National security expenditures, 869, 898 870, 871 Nonmember banks, 850, 857, 858, 859, 903 Foreign and international holdings, 850, 909 International transactions, 916 Payrolls, manufacturing, index, 890 New issues, gross proceeds, 874 Personal income, 899 Outstanding, by type of security, 870, 871, 873 Postal Savings System, 848, 854 Ownership of, 870, 871 Prices: Prices and yields, 864, 865 Consumer, 890, 896 United States notes, outstanding and in circula- Security, 865 tion, 852 Wholesale commodity, 890, 896 Utilities, production index, 884, 890 Production, 884, 890 Profits, corporate, 875, 876 Vault cash, 844, 849, 859 Veterans Administration, loans, etc., 877, 878, Real estate loans: 879, 904 Banks, by classes, 858, 860, 866, 877 Type of mortgage holder, 877, 878, 879 Weekly reporting member banks, 860 Type of property mortgaged, 877, 878, 879 Reserve requirements, member banks, 849 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 (P THE FEDERAL RESERVE SYSTEM g) C? Q, HAWAII Legend 1 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