Federal Reserve Bulletin, 1962-08

FEDERAL RESERVE •<< J P- I if 4 ^ August 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 Recent Patterns of Demand 929 Economic and Credit Conditions 936 ; Revision of Money Supply Series 941 | Revision of Weekly Department Store Sales Index 952 Quarterly Survey of Consumer Buying Intentions 955 ! Proposed Banking Legislation 961 1 The Balance Sheet of Agriculture, 1962 965 1 Law Department 975 ; Announcements 993 ; National Summary of Business Conditions 994 .| Guide to Tabular Presentation 996 Financial and Business Statistics, U. S. (Contents on p. 997) 998 International Financial Statistics (Contents on p. 1077) 1078 Board of Governors and Staff 1094 ; Open Market Committee and Staff; Federal Advisory Council 1095 Federal Reserve Banks and Branches 1095 Federal Reserve Board Publications 1097 Index to Statistical Tables 1099 Map of Federal Reserve System Inside back cover Volume 48 *• Number 8 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

Recent Patterns of Demand CYCLICAL RECOVERY and expansion have proceeded at an uneven pace since early SIOWING CYCLICAL EXPANSION rcfUtts Mainly leveling off ii fivtstmtil outlays 1961, with periods of rapid advance in pro- Billions of 195J dollars 480 duction, employment, and incomes alternating with intervals of slow rise. After a period 440 of slack at the beginning of this year, eco- 400 nomic activity showed a strong rise during the spring. In recent months the rate of expansion has been moderate. Expansion this year has been slower than CONSUME! AND lUSINtSS INVESTMENT 100 during 1961. Such a development is not unusual at about this stage of a cycle. Gross 60 national product in constant prices increased FEDEIAL GOVT. PURCHASES 60 at an annual rate of 3.2 per cent from the 20 fourth quarter of 1961 to the second quarter of 1962. This compares with a 9 per cent OTHIt IgPINDITUtfS 300 rate in the first three quarters of cyclical recovery. 260 The slower rate this year has reflected primarily a leveling off in the total of business investment expenditures and of con- 1954 1956 195* 1962 sumer investment-type outlays. In the sec- NOTE.—Department or Commerce quarterly figures, at anond quarter consumer purchases of durable nual rates, adjusted for seasonal variation. Consumer and business investment, as used here, represents personal consumption expenditures on durable goods; residential construction; goods, residential construction activity, and other private construction: producers' durable equipment; and change in inventories. Other expenditures represent personal business outlays for fixed capital were only consumption expenditures on nondurable goods and services and State and local government purchases of goods and serva little above the levels reached in late 1961, ices. Latest figures shown, second quarter. while the rate of inventory accumulation was durable goods and services have continued down considerably. Throughout this article the steady growth characteristic of the post- GNP and its components are stated in conwar period. So too have State and local stant (1954) dollars unless otherwise noted. government outlays. Such outlays are largely Following a sharp increase in the precedto provide public services for consumers. ing five quarters, Federal government pur- Among monthly measures of business acchases of goods and services increased only tivity, industrial production has risen 3.5 slightly during the second quarter of 1962, per cent since December, compared with an and new commitments for defense spending expansion of 12 per cent from its low in declined. February 1961 to the end of the year. Non- However, consumer expenditures for non- agricultural employment and personal in- 929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

930 FEDERAL RESERVE BULLETIN • AUGUST 1962 come have shown smaller increases in recent months than they had earlier. Unemploy- CONSUMER durable goods and housing up only a little from late 1961 ment showed little change between February and June, averaging 5.5 per cent of the AUTOS AND civilian labor force, but declined to 5.3 per cent in July. Average wholesale prices of industrial commodities have remained almost stable, as they have since early 1959. Indeed prices RESIDENTIAL CONSTRUCTION .» of some industrial materials have declined. Consumer prices have continued to drift up, mainly because of advances in prices of BUSINESS fixed capital up; investment in services. inventories down Among the influences contributing to continued stability of prices of goods are the following: Available resources of manpower and industrial capacity have been ample for further expansion, even though growth in the labor force over the past year has been far less than that expected. Output per manhour has continued to rise. In manufac- 1954 1°56 1958 1960 1962 turing, labor costs per unit of output have shown relatively little change in recent years. NOTE.—Department of Commerce quarterly figures, at annual rates, adjusted for seasonal variation. Business fixed capi- In many lines domestic producers have been tal represents producers' durable equipment and private nonresidential construction. Latest figures shown, second quarter. facing keen competition from abroad. partly to supply problems in the industry, CONSUMER DURABLE GOODS partly to general developments in the economy. The slow-down last winter was asso- Consumer purchases of durable goods deciated with a widespread pause in the econclined in the first quarter of 1962, after a omy. But it also may have represented some substantial increase from early 1961 to the reaction to the sharp increase in auto sales fourth quarter. In the second quarter of this in late 1961 after strikes had limited supyear such outlays expanded again, to levels plies of new models in the third quarter. only a little higher than in the fourth quarter In the second quarter of this year sales of 1961. The monthly pattern has been more of new domestic autos rose to a seasonally irregular than the quarterly one; after deadjusted annual rate of 6.9 million units. If clines in May and June there was a sizable sales of imported cars are included, total increase in such purchases in July, when renew car sales were at a rate of 7.2 million, tail sales of consumer durable goods were compared with 6.8 million in the fourth above the second-quarter average. quarter of 1961 and 5.3 million at the reces- The jagged contour of the expansion since sion low in early 1961. early 1961 has reflected mainly alternating Although total sales of new cars in increases and decreases in auto sales, due June were moderately below the April-May Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

931 RECENT PATTERNS OF DEMAND level, they rose to a rate of 7.4 million to early 1962; since then they have shown a in July. It appears likely that auto sales this small but irregular decline. year will be second only to the 1955 total One feature of the housing market in of 7.5 million units. Sales of used cars have this upswing has been the further shift also been strong, and used car prices have to multifamily units. In the first 5 months risen 9 per cent over the past year to a new of this year apartments accounted for 27 high. per cent of all private nonfarm housing An upturn in spending on furniture, ap- starts, compared with 23 per cent in 1961 pliances, and other household equipment be- and 15 per cent in 1959. gan early in 1961 and coincided with the Mortgage credit has generally remained recovery in residential construction activity. in ample supply, and mortgage interest rates In the fourth quarter such spending was have tended to edge down this year. In addimoderately above the earlier high reached tion, mortgage loans have had somewhat in 1959. But in the first quarter of 1962 more liberal terms with respect to downpayit weakened and remained soft through the ments and contract maturities. second quarter. Sales of radio and television sets appear to have been stronger in BUSINESS INVESTMENT recent months than sales of appliances and Expansion in business outlays for plant furniture. and equipment and for inventories slowed in the first quarter of 1962. In the second RESIDENTIAL CONSTRUCTION quarter, outlays for plant and equipment resumed a faster rate of increase, but invest- During the past year and a half residential ment in inventories dropped sharply after construction activity has passed through a the steel settlement; and total business investperiod of moderate expansion, from early ment was not quite up to its level in the 1961 through the fourth quarter; of profourth quarter of 1961. nounced weakness in the first quarter of The internal cash flow to corporations 1962; and of strong recovery in the second tended to level off in the first half of this quarter, to new high levels for this expanyear following a sharp rise during 1961. sion period. Residential building was off a Depreciation allowances continued their little in July, but remained well above the steady rise, but profits and retained earnings second-quarter average. As may be seen in apparently declined somewhat from their the chart, such activity has not quite attained late 1961 highs. the record level of the spring of 1959. Plant and equipment. After a small decline Housing starts have shown unusually wide in the 1960-61 recession, business expendifluctuations, and this has led to considerable tures for fixed capital have increased fairly uncertainty about prospects for housing outsteadily—though at a moderate pace—since lays in the current upswing. Private nonf arm the second quarter of 1961 as the chart on housing starts were at a near-record seasonpage 930 shows. In the second quarter ally adjusted annual rate of more than 1.5 of this year they were 3 per cent above million units in April and May, but declined their 1960 cyclical high but some 3 per to 1.4 million in June. In contrast to housing cent below the record level reached in starts, building permits showed a steady rise 1957. The latest Commerce-SEC survey of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 FEDERAL RESERVE BULLETIN • AUGUST 1962 nonfarm business plans for expenditures on has not generated strong pressure for exnew plant and equipment indicates a further pansion. In the second quarter of 1962, the advance for the last half of this year. If these rate of capacity utilization was a little above plans are realized, such outlays, after adjust- 85 per cent. The level of manufacturers' ment for price changes, would be back by spending for plant and equipment now indithe end of 1962 to the high established in cated for the end of the year—shown in early 1957. current dollars in the preceding chart— Thus far in the current upswing, as well is below the 1957 high, mainly because of as in the 1958-60 expansion, utilization of less spending by durable goods industries. industrial capacity has been lower than it Unutilized capacity has also contributed to was through much of the postwar period. the pronounced lag in spending on plant and This reduced pressure on industrial capac- equipment by mining, transportation, and ity has been primarily responsible for the utility companies. moderate nature of the expansion in busi- Firms in the commercial and other cateness outlays for fixed capital. Since 1957 gory, however, have been expanding their emphasis in manufacturing investment has fixed capital outlays at a substantial rate—in been on replacement and modernization of keeping with the large further expansion in facilities rather than expansion. recent years in demands for services, broadly Since last fall manufacturing industries defined. The upward trend has reflected the have been operating at an average rate of large volume of construction of office buildabout 85 per cent of capacity, a rate that ings, shopping centers, communication facilities, and other commercial and service facilities. FIXED CAPITAL OUTLAYS for Most lid»tr!«s still htlow tirlitr highs; ctMtrciil at nw highs The Federal government has taken steps Billions of dollon to strengthen financial incentives for busi- 18 ness spending on fixed capital. In July new depreciation schedules were established for tax purposes, permitting a faster write-off of machinery and other equipment. In addition, Congress is considering legislation giving businesses a tax credit for specified equipment purchases. These measures would substantially increase the cash flow to corporations. Inventories. Businesses shifted unusually early from net decumulation to net accumu- MINING, TRANSPORTATION, AND UTILITIES lation of inventories at the time of the cyclical turn-around in early 1961. During the remainder of the year they added to 1954 1956 1958 1960 1962 their inventories at an increasing rate. As is typical of early cyclical recovery, the book NOTE.—Department of Commerce and Securities and Exchange Commission quarterly estimates of expenditures on new value of inventories increased at a pace plant and equipment by nonfarm business, at annual rates, adjusted for seasonal variation. Figures for last three quarters somewhat slower than sales. The magnitude of 1962 represent anticipated spending. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PATTERNS OF DEMAND 933 CHANGES IN DURABLE GOODS INVENTORIES doaiiote tho total; l»i qoartor 1962 dowi ••lily bocaoso of stool Bllliont o 4 3 - 2 - 1 - < 1 — lK W dollor$ Billions of dollo TOTAL • • IKIMMI n u P hi • «—t J L u U - 1 1 1958 19S9 1960 1961 1962 NOTE.—Quarterly changes in book value of business inven- ment of Commerce monthly figures adjusted for seasonal tories, for manufacturers and distributors, based on Depart- variation. Latest figures shown, second quarter. of changes in inventory investment com- of business inventories increased at an anpared with changes in business fixed capital nual rate of $3 billion in the second quarter, outlays and consumer investment-type out- or half of the first-quarter rate. lays is suggested in the chart on page 930. Fluctuations in dealers' stocks of autos Accumulation of inventories by manufac- have at times strongly affected the changes turers of durable goods was beginning to shown for durable goods. Auto stocks slow around the turn of this year, at a time were down sharply in the first quarter of when steel consumers were faced with the 1961, and this decline accounted for more threat of a possible midyear strike in the than half of the decline shown for total steel industry. Demands for steel expanded business inventories. In recent months sharply, and in the first quarter of 1962 the dealers' inventories have changed little, rebook value of business inventories increased maining at a level somewhat below that at at an annual rate of $6 billion, the highest the beginning of the year. rate of this expansion period. About half of On the whole, stock-sales ratios in June this represented accumulation of stocks by were little changed from the year-end level. steel producers, consumers, and warehouses. Business stock-sales ratios have tended to be Accumulation of steel, however, was sub- somewhat lower in recent years, as a result stantially smaller than in the first half of of generally ample supplies, prompt deliv- 1959. Stocks of other durable goods showed eries, improved inventory management, and little further rise in the first quarter of 1962. stable prices. Early agreement on a labor contract in late March was followed by an abrupt ORDERS AND SALES IN DURABLE drop in demand for steel. Steel stocks were GOODS INDUSTRIES reduced beginning in the second quarter, as The durable goods sector of manufacturing output was curtailed sharply while consump- absorbs much of the impact of changes in tion was on the whole maintained. The rate investment outlays and in Federal defense of accumulation of nondurable goods stocks expenditures. The following chart comalso declined. As a result, the book value pares recent fluctuations in sales and orders Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN • AUGUST 1962 Outside the steel industry cyclical expansion was resumed in late winter, and new STEEL ORDERS and salts dowa sharply orders and sales expanded through May— Billions of dollar although not so rapidly as during most of 1961. Following a dip in June, new orders and sales recovered in July to about the May level. OTHER durable goods Industries CYCLICAL COMPARISONS rise through May Postwar cycles in economic activity have been characterized by large fluctuations in consumer and business investment outlays and in purchases of goods and services by the Federal government. These fluctuations have taken place against a backdrop of relatively steady growth in other expenditures 1961 1962 1961 1962 —consumer expenditures for nondurable goods and services and outlays of State and NOTE.—Department of Commerce monthly figures for durable goods manufacturing industries. New orders and sales, local governments. The generally sustained adjusted for seasonal variation; unfilled orders, not adjusted for seasonal variation. Latest figures shown, July (partly increase in such expenditures has been a estimated by Federal Reserve). major influence limiting cyclical declines. in the steel industry, which has been subject The timing and amplitude of declines and to abrupt shifts in inventory demands, with expansions in investment outlays and in Fedthose in other durable goods industries. Al- eral government purchases have differed though the data are in current dollars, they considerably, and these differences have led are an approximate measure of fluctuations to variations in the timing and amplitude of in physical volume because price changes recessions and expansions in GNP. Patterns have been small in recent years. of cyclical change in the recent recession New orders and sales generally showed and current upswing and in the two precedstrong cyclical recovery from early 1961 to ing cycles, measured from peak to peak, are last autumn. Then, around the turn of the shown in the accompanying chart. year, there was a deluge of new orders in In the 1960-61 and 1957-58 recessions, the steel industry although activity was consumer investment declined more than in slackening elsewhere. That bulge in orders 1953-54. The recovery thus far in the curfor steel brought total new orders for rent upswing has been smaller than in the durable goods to a peak in January 1962; corresponding period of the 1958-60 upthen a sharp decline in new orders for steel swing, and both recent expansions have been led to a decline in total new orders for smaller than the 1954-55 rise. durable goods. The corresponding large rise Business investment turned up sooner in and fall in unfilled orders for steel domi- the current upswing than in either of the nated changes in the order backlog for two preceding cycles. But the increase to durable goods. Most recently, new orders date has not come up to that of earlier exfor steel have moved up from their low. pansions. As was true of consumer invest- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PATTERNS OF DEMAND 935 ment, however, the main contrast is between growth in the 1954-57 upswing and GNP as aith ibovt irectdiig cyclical peak as la two tft*i\u§ expaitiois in the two most recent expansions. On the other hand, Federal government purchases have expanded more in the cur- Q 1 '61 rent cycle than in 1958-60, and this increase is in marked contrast to the decline in 1953bit KEY COMPONENTS txpaid at dHter>at ratts 55 after the Korean War. Federal govern- CONSUMER INVESTMENT ment purchases currently represent about 10.5 per cent of GNP. Mainly because of the leveling off in consumer and business investment in the first half of 1962, the rise in GNP from the early 1961 recession low to the second quarter •USINESS INVESTMENT of 1962 was smaller than in the comparable phase of the two preceding cyclical upswings. Nevertheless, because the 1960-61 recession was unusually mild, GNP in the fifth quarter of recovery was as far above the preceding cyclical peak as it was in the fifth quarter after the 1958 and 1954 troughs. The slackening in recent years in the growth of consumer investment and business investment, particularly the latter, has 80 been a major influence making for smaller and less sustained cyclical advance in over- 2 Llt.ilMil 2 10 12 all activity. Most of the economic growth from cycle to cycle has stemmed from ex- NOTE.—Indexes based on preceding GNP cyclical peaks as pansion in the broad noncyclical area—that 100, calculated by Federal Reserve from Department of Comis, in other expenditures, shown in the chart merce quarterly figures, in 1954 dollars, adjusted for seasonal variation. Indexes (for 19S3-S7 cycle shown as green dashed on page 929. These expenditures have in- line; for 1957-60, as green solid; for 1960-62, as black solid) centered at troughs in GNP. Consumer investment, as used creased from 63 per cent of GNP in 1955 here, represents personal consumption expenditures on durable goods and residential construction. Business investment repreto 67 per cent currently. sents other private construction, producers' durable equipment, and change in business inventories. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic and Credit Conditions IT MAY BE that just about everything that told some recessions, they have also on occacan be said about matters of interest to the sions given portents of recession that did Members of this Committee has already been not occur. said by other witnesses, but I should like In June our economic data were subject nevertheless to be as helpful as possible in to certain special influences and, if allowdiscussing economic and credit conditions ance is made for these, the situation does today. not appear so persuasively discouraging as Much in the recent flow of statistical in- appeared at first sight. Thus, using up the formation has indicated a definite loss of inventory accumulated in anticipation of a momentum in the pace of economic expan- steel strike that did not occur affected not sion. This was particularly true of the June only new orders for steel but also employreports. In that month there were declines ment and hours of work in the steel industry in durable goods orders, average hours of and unemployment claims in steel centers. work at factories, retail sales, and housing The steel industry is so large that declines starts, and only small gains in industrial pro- in that one industry can at times result in duction, employment, and personal income. declines in over-all manufacturing orders, Altogether, the impression of slowdown employment, hours of work, and many other seemed to be confirmed. measures of economic activity. Observers There has been a popular tendency to who simply count the pluses and minuses view the various signs of slowdown as fore- among the cyclical indicators run the risk shadowing an imminent upper turning point of being overly influenced by the reflections in the economic cycle. Judged from the per- of a decline in one industry, not of cyclical spective of cyclical indicators, which in the origin, showing up several times in their lists past have shown a tendency to run ahead of of unfavorable omens. In addition to the the over-all data, this view has perhaps been steel situation, though of less importance, a reasonable. strike at some auto plants affected produc- I sometimes wonder though if we have tion and sales in June. The adverse effect of not become overly sensitive to cyclical indithis on the June data should not be intercators—we read, watch, study, and talk preted as being of cyclical significance. about them so much that we may have be- Nevertheless, the June showing as a whole come like medical students who acquire each was not strong. And it certainly made clear disease as they read about its symptoms in that the economy was moving ahead more their textbooks. We ought to remember that, slowly than the optimistic goals widely diswhile leading indicators have correctly forecussed at the turn of the year. From data now available for July, the NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal economic situation appears improved. The Reserve System, before the Joint Economic Commitunemployment rate was down slightly, nontee, Aug. 16, 1962. 936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

937 ECONOMIC AND CREDIT CONDITIONS agricultural employment rose somewhat fur- have also been large, in many instances conther, and labor market data were definitely siderably in excess of current needs for reencouraging in another respect: they showed placement and expansion. This form of a fairly large decline in the number of long- saving has been used in providing an additime unemployed. tional flow of funds into credit markets and Among other information on July, retail into extensions of trade credit as well. Meansales rose briskly, with new domestic auto while, business demand for bank loans has sales and department store sales both mak- been less vigorous than in this stage of preing a strong showing. Private construction vious upswings. Banks, therefore, have activity, seasonally adjusted, held its ad- sought other outlets for their funds and have vanced level. The Board's index of indus- increased other loans and investments, espetrial production, which was released early cially their holdings of State and local secuthis week, gained almost a full point, advanc- rities and real estate loans. Demand deposits ing to a new record high approximately one- have changed little so far this year, while fifth above the 1957 level. time and savings deposits grew very rapidly Preliminary indications from production in the first quarter and then continued to schedules and weekly sales reports suggest expand substantially but at a lesser rate. that the general improvement of the econ- Over the first half of the year, short-term omy carried forward in early August. interest rates fluctuated within a narrow The information on consumers' purchase range around a 2.75 per cent level. Since plans obtained in July by the survey con- late June the level has been a little higher, ducted for the Board each quarter by the with the range on 3-month Treasury bills Census Bureau gave two important indica- running between 2.80 and 3 per cent. Yields tions. First, consumer buying plans had not on longer-term U. S. Government, State and been adversely affected over-all by the re- local government, and corporate issues cent stock market decline and the mixed meanwhile declined through midspring and economic tendencies shown for June. Sec- subsequently moved moderately upward, but ond, as you may recall from earlier testi- they remain below the earlier highs for the mony by a member ©f our staff, the data year. Throughout the year mortgage yields show some strengthening of consumer pur- have moved downward. chase plans since early this year, especially The decline that has taken place in longfor household durable goods. term interest rates has reflected in large part Consumers are in a good financial posi- the increased availability of funds in longtion. Their incomes rose further in July to term sectors of the market, as the rapid a new record high, and so did their savings. increase in time and savings deposits at The payments on debt that consumers are commercial banks was accompanied by conobligated to make each month have risen tinued large inflows of funds to mutual less rapidly than their incomes. Furthermore, savings banks and savings and loan associadefaults on instalment credit have declined tions. Demand for long-term funds in recent sharply over the past 18 months to levels at months has been generally moderate. or close to the lows for recent years. My comments would be incomplete if I Business concerns' retained earnings and neglected to mention the persistent problem depreciation allowances in recent months of restoring balance in our international Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 FEDERAL RESERVE BULLETIN • AUGUST 1962 accounts. The problem of domestic expan- to reduce the balance of payments burden sion is interrelated with our international of our foreign aid and military programs. problems, and all of them must be thought That is why we have had to pay close attenabout at the same time. tion to the possible effects that monetary The United States has been making prog- and credit policies may have on international ress in reducing its over-all deficit in inter- movements of capital. national transactions. The deficit came down Taken together, domestic economic and from nearly $4 billion in 1960 to about $2.5 balance of payments developments have billion last year, and to an annual rate of posed a problem for monetary policy, but just under $1.5 billion in the first half of in my judgment that problem has not yet 1962. Even so, we have no grounds for com- constituted as clear-cut a dilemma as some placency. We must move further towards observers suggest. While it has been necesinternational balance next year, and we must sary to formulate policy in the light both of also achieve and maintain equilibrium in the credit needs of the domestic economy the accounts in future years. and the potential effects on international U. S. foreign trade has developed in an capital movements, up to the present time it encouraging way this year. Total exports has not been a matter of choosing between have been rising, with exports to Western domestic and international goals. European countries especially strong. While With the rare exception of an internal imports also have risen, they have not liquidity crisis, such as that experienced in spurted ahead as they did in the preceding the early 1930's, it is never helpful to sound period of cyclical expansion and so have recovery or economic expansion to flood remained lower in relation to the gross na- credit markets with redundant funds. When tional product. Both our export and our resources are not fully employed, credit import performances would indicate that we should be readily available to meet the have been competing effectively in interna- legitimate needs of commerce, industry and tional trade, and international price trends agriculture—as it is now—but no construcsupport this interpretation. The level of tive purpose is served by expanding the wholesale prices has been stable in this coun- credit stream to the point where it overflows try for some time, while prices in industrial its banks. So far, we have been able to purcountries abroad have risen. sue policies which have not interfered with The merchandise trade surplus, at an an- the ready availability of credit in the domesnual rate of $5 billion in the first half of tic markets at rates generally about even 1962, is large but not large enough to match with those prevailing in early 1961, and in our large net payments for aid, for military some critical areas substantially lower. expenditures, and for net private U. S. lend- Fortunately, we have been free from ining and investment abroad. And it would flation and the expectation of imminent probably be unrealistic to expect the whole inflation. This has made possible a more of the remaining adjustment to come through liberal policy with respect to reserve availayet further expansion of the trade surplus. bility, a greater growth in bank credit, and That is why the Government has been work- less upward movement of interest rates than ing, both from the procurement side and in any other recovery and expansion in through negotiations with our allies abroad, recent history. In the last 12 months alone, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC AND CREDIT CONDITIONS 939 we have added almost a billion dollars to be traced to the creation of money and bank reserves, bank credit has expanded by credit. The loans and investments of com- $17 billion, and yields on high-grade long- mercial banks in the United States can grow term corporate bonds and State and munici- in two ways: (1) through people placing pal securities are about XA of 1 percentage more savings in banks in the form of time point below their year-ago levels. and savings deposits; or (2) through the At the same time, we have generally creation of demand deposits. Hence, bank maintained short-term rate relationships credit can expand substantially without any with other major financial markets such as significant money creation, as it has done in to avoid encouraging outflows of short-term some periods. Alternatively, growth in bank funds. The fact that we have done and are assets can be—as at times it has been—assocontinuing to do this, as we strive to im- ciated almost entirely with money creation. prove our basic balance of payments situa- Analysis of these processes would be simtion, is bound to strengthen confidence in pler if we had an institutional structure in the dollar at home and abroad. In my judg- this country in which the money creation ment, this enhanced confidence is essential function was entirely separate from what is if we are to solve our balance of payments called the savings intermediary function— problem and promote domestic prosperity. the collection of small savings and their This leads me to the matter of deficit investment for the benefit of depositors, of financing. It now seems most likely that we shareholders, and of policyholders—but that shall experience some deficit in our budget is not the case. To the extent that individfor fiscal 1963. That deficit would, of uals place their savings with banks and that course, be increased if taxes are reduced banks, in turn, invest these savings in Govduring the current fiscal year. ernment securities, the deficit which led to I have stated quite explicitly my belief the issuance of the securities is being fithat such deficits as we may experience, nanced by real savings just as surely as if whether they are due to a shortfall of receipts the individuals had purchased savings bonds under the existing tax structure, an increase in the first instance. in expenditures, or a reduction in tax rates, Moreover, a certain amount of money should be met by borrowing from the real creation to meet the legitimate needs of a savings of businesses and individuals, not growing economy is a necessary and normal through the creation of money through the function of the banking system, and it is banking system. expected reserves will be provided for ex- This does not mean that we will experi- pansion to meet such needs. Some part of ence less easy conditions in credit markets. the normal growth in banks' assets which What happens will depend on many things accompanies this money supply expansion —most importantly on the rate of activity must, as a simple matter of banking pruin the economy: credit conditions may be dence, take the form of additions to the tighter, or easier, or the same. secondary reserves of the banking system, It is also helpful to recognize that in the which consist largely of Government securi- American banking system there is an im- ties. Additions to banks' holdings of Govportant distinction between total bank credit ernment securities due to additional flows expansion and that portion of it which can of savings through this particular intermedi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN • AUGUST 1962 ary or to normal growth in the money supply bank credit created solely for that purpose. do not represent the financing of Govern- In closing, let me summarize as specifiment deficits with bank-created or "printing cally as I can my view with respect to the press" money. Such additions are not infla- economic situation today. tionary and do not pose any threat to the All in all, the performance of the econsoundness of the dollar. omy has been disappointing in that it thus What would be damaging to the strength far has failed to reach the goals set for it by of the dollar would be the deliberate expan- some and predicted for it by others. Yet the sion of the credit base, above and beyond economy has withstood some rather severe the needs of the economy, in order to pro- shocks—last fall an auto strike, this year a vide a ready market for the Government's major steel inventory adjustment and the borrowing. This was done in the United sharpest stock market break since the 1930's States during World War II, and in other —and still it has moved forward. On the countries both at that time and during the one side, it has not achieved the levels of economic chaos that followed. It it still being manpower or physical resource utilization done in some unfortunate countries today. we would all like to see; on the other, the The results have invariably been bad, and latest data do not, in our judgment, confirm have ranged from damaging, as they were that we have reached or passed a turning here, to nearly disastrous, as they have been point in the cycle at this time. The most in some other countries. The process of likely possibility in the period immediately withdrawal and correction is always painful ahead seems to be for a continuation of and difficult. mixed movements in the more sensitive indi- The only sure safeguard against the fi- cators and some further growth in the broad nancing of deficits through bank credit aggregate measures of economic activities. creation lies in careful control over the Now a final word, about monetary policy process by which bank credit and money and credit conditions. The one factor over are created. As I have said, the Federal which the Federal Reserve has anything like Reserve is determined to provide, on the complete control is the volume of reserves one hand, the reserves needed to support the available to the banking system. In my judgnecessary and healthy expansion of bank ment we have supplied—and are now supcredit and money required to meet the needs plying—all the reserves the banking system of a growing economy, and on the other, requires to meet the American economy's not to again become entangled in the vicious needs for credit today and to foster its furcircle of financing Government deficits with ther economic progress. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of Money Supply Series The daily average money supply series, pattern of the money supply series stemming first published in I960, has been revised. from the revisions is small, as the chart The following are the major features of shows. The largest differences—$1.3 billion the revision: —appear in 1950, and represent about 1 • The factors for leveling out the statis- per cent of the level at that time. The smalltical influence of seasonal fluctuations have est differences are those for the last few been recomputed, as is planned about every years. In two periods they are as little as two years, to take account of recent experi- $100 million, and the average for the last ence. 7 years is $500 million. • The basic series has been adjusted Semimonthly series on the active money to take account of new benchmark data and supply and on time deposits, adjusted for to use improved data that have become seasonal variation and unadjusted, and available for recent years. seasonal factors appear in the tables on • Small conceptual additions have been pages 946-49. Unadjusted weekly figures made to the groupings of deposits regarded appear on pages 950-51. A detailed presenas constituting a part of the money supply. tation of components of the unadjusted data • In addition to these revisions in the shown in these tables is available from the money supply series, the related series on Board's Division of Research and Statistics commercial bank time deposits has been on request. revised to be consistent in coverage with the Seasonal adjustment. In periodic revisions demand deposit component of the money of seasonal factors, it is usually necessary supply. This series has also been seasonally to revise data only for recent years. In this adjusted, and current estimates will be re- revision, however, it has been necessary to leased hereafter along with the daily aver- recompute the factors for the entire series, age money supply series. because unadjusted data for both compo- The chief merit of the revisions in the nents of the money supply have been revised money supply lies in the early recognition back to 1947, as indicated in later sections. of changes in seasonal patterns and in the The revised seasonal factors were derived greater consistency of coverage and concept by the ratio-to-moving-average method, the with related series. The net alteration in the same method used in adjusting the original daily average money supply series. As in the NOTE.—This revision of the money supply series old series, it seemed desirable to calculate was planned and executed by William J. Abbott, Adviser, Federal Reserve Bank of St. Louis, who was semimonthly factors in order to provide the also chiefly responsible for constructing the original earliest practicable indications of changes daily average series presented in 1960. Basic data in the money supply. The procedure differed and techniques employed in the original series have since been little changed, except as indicated in this somewhat from that employed in adjusting article. For further information on the series, see the original series, however. In the revision "New Measure of the Money Supply" in the BULLETIN for October 1960, pp. 1102-21. seasonal patterns for monthly periods rather 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN • AUGUST 1962 CHANGES raise level of money supply only a little Billions of dollars 150 - 140 - 130 110 1950 1952 1954 1956 than for semimonthly periods were first component, monthly factors were derived by measured. This procedure took advantage Census Method II. of the greater stability of monthly move- After the monthly factors were estabments and also made it easier to compare lished, semimonthly seasonal factors were alternative computer methods for seasonal computed by a procedure adapted from the adjustment of raw data. Census Method II program.2 These factors Monthly seasonal movements in the de- were then forced to equal the monthly facposit component were isolated by a method tors. long used by the Federal Reserve, in which Benchmark adjustments. In 1961, insured judgment as well as mechanical computation nonmember banks began to file condition is employed.1 This procedure was chosen reports four times each year, as member because of the sharply changing seasonal banks were already doing. Since deposit patterns and irregular fluctuations characterliabilities of insured banks constitute the istic of the deposit series. For the currency largest proportion of total nonmember de- 1 See "Adjustment for Seasonal Variation" in the BULLETIN for June 1941, pp. 518-28. Shiskin, Electronic Computers and Business Indica- Results of three computer methods also were ob- tors, Occasional Paper 57, National Bureau of Ecotained for comparison—Census Method II, the Bureau nomic Research, New York, 1957. For a summary of Labor Statistics Seasonal Method, and the X-9 description of the X-9 version of Census Method II, variant of Census Method II. Principal differences in see Business Cycle Developments, Department of the results of these methods appeared to be in deter- Commerce, March 1962, p. 62. minations of seasonal factors for terminal years. 2 For a description of this semimonthly program, For a description of Census Method II, see Julius see the BULLETIN for October 1960, p. 1112. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 943 posits, four nonmember benchmarks can averages for demand deposits, previously now be constructed each year. Thus, deposit derived by averaging weekly data. The new figures for 1961 have been adjusted to procedure eliminates distortions due to intrabenchmarks dated April 12, June 30, Sep- weekly fluctuations, distortions which were tember 27, and December 30. Previously occasionally sizable. Also, tabulations of figures for nonmember banks had been daily figures for 1959 provide an additional available only from semiannual calls. The year of weekly data in the money supply and semimonthly estimates for these banks con- time deposit series. tinue to be based on movements at country Another change was introduced on April member banks adjusted to the condition 26, 1961, when weekly reporting member report benchmarks.3 banks began reporting separate figures for Changes in current reporting. Several demand deposits due to domestic commerchanges in current reporting practices have cial banks, mutual savings banks, and provided a basis for more accurate estima- foreign banks. This change permitted more tion of the money supply totals. Most im- accurate estimating of weekly balances due portant has been the introduction of daily to mutual savings and foreign banks, which reporting and tabulation of various deposit are included in the deposit component of and cash items for member banks. the money supply. Estimates of balances due Such daily figures are now available for to mutual savings banks were particularly the period 1959 to date. The totals of vault improved, because reported figures had precash holdings of all member banks provide viously been available only from call reports a reliable basis for estimating the daily levels for four dates a year at most. of vault cash holdings for all commercial A refinement has been made in the deducbanks, and a better guide for estimating tion for Federal Reserve float. Since Februsemimonthly movements for earlier years. ary 1961, published figures for float have These new estimates of bank vault cash have excluded collected funds that could not be correspondingly altered the estimates for remitted to other Federal Reserve Banks currency outside banks from 1947 to date because of holidays that are not observed and are the principal reason for differences nationally.4 The amount of collected funds between the new seasonal factors and those is small, but it tends to have a similar effect published previously; before this revision on monthly levels of float every year. For semimonthly estimates had been based this reason, collected funds have been delargely on Wednesday figures from weekly ducted from float back through 1952 to prereporting member banks, with daily aver- serve comparability of seasonal factors and ages available after 1958. to be consistent with the published figures. Daily deposit figures for member banks Changes in coverage. The coverage of the are now being used to derive semimonthly money supply series has been expanded slightly to bring the series into closer con- 3 Current information on changes in the banking ceptual agreement with comparable data in structure which alter relationships of nonmember to member banks between condition reports also is used the flow of funds/savings accounts. Foreign in preparing the estimates. A description of proceddemand balances with Federal Reserve ures for estimating components for which current data are not reported may be obtained from the Division of Administrative Services, Board of Gover- 4 For a description of Federal Reserve float and nors of the Federal Reserve System, Washington 25, the reason for its deduction from the money supply, D. C. see the BULLETIN for October 1960, p. 1105. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN • AUGUST 1962 Banks and demand deposits that banks in banks in territories and possessions adds U. S. territories and possessions have at minor amounts to the money supply. Based U. S. commercial banks have been added on semiannual reports of condition, the reto the deposit component of the money sup- vision adds $75 million to $100 million over ply. The table opposite shows the deposit the 1947-58 period. After admission of and currency liabilities included in the Alaska and Hawaii as States, the adjustment daily average money supply series, the flow amounts to only $25 million. of funds/savings accounts, and the consoli- New series on time deposits adjusted. The dated condition statement. time deposits series, now revised to exclude Foreign demand balances at Federal Re- time deposits due to domestic commercial serve Banks—including those due to foreign banks and to the U. S. Government, corregovernments, central banks, and interna- sponds in coverage to that for the demand tional institutions—may be used for invest- deposit component of the money supply. ments or other expenditures in much the The revised series—time deposits adjusted same way as foreign demand balances with —is lower than the original series—gross commercial banks. Hence, they have been time deposits. Differences in level of the added to the money supply series. With their two series gradually increase from 1947 to addition the daily average series includes all 1962 and range from $150 million in the demand deposit and currency liabilities to early years to $500 million currently. foreigners. The sources of the basic data are the This change in coverage raises the deposit same as those for demand deposits—that is, component by amounts ranging from $1.2 daily reports of member bank deposits, billion in mid-1950 to around $300 million Wednesday data from weekly reporting since 1957. Over the 1950-57 period for- member banks, and call reports. Procedures eign balances at Federal Reserve Banks for estimating nonmember bank time deshowed a fairly steady decline. However, posits are similar to those used in estimating estimates indicate that roughly offsetting demand deposits, in that nonmember bank increases occurred in foreign balances at time deposits are based on reported figures commercial banks. Consequently, the esti- for country member banks and on benchmated total of foreign demand balances was marks derived from call reports for nonrelatively stable and has not shared in the member banks. growth of the total money supply since The time deposits series has been sea- 1947 5 TJ^ jjjj f foreign balances at sonally adjusted by the same method acc ton o Federal Reserve Banks to the demand de- described above for the currency component posit component has had no observable of the money supply. Seasonal factors deeffect on seasonal factors for this series. rived from the new series show that seasonal The inclusion of demand deposit liabilities movements are relatively small. The greatof commercial banks in the United States to est seasonal movement is the decline of 1 percentage point in the second half of No- 5 Estimates for flow of funds/savings accounts in- vember. The factors then increase gradually dicate that total demand deposit and currency liabili- to their peak in the middle of the summer ties to foreigners averaged close to $4.7 billion, 1947- 50; $4.3 billion, 1951-55; and $4.7 billion, 1956-60. and begin to decline again in October. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 945 COMPARISON OF COVERAGE AND TREATMENT OF SELECTED DATA Money Supply Series: Consolidated Condition Statement Flow of Funds/Saving Accounts: Commercial bank demand deposits for Banks and the Monetary Commercial banking and monetary Sector or data and currency in circulation outside System (CCS): authorities sector; demand deposits, the Treasury, Federal Reserve Demand deposits adjusted and net, and currency liabilities (exclud- Banks, and commercial banks. currency outside banks. ing "due to U.S. Government"). 1. Type of data Average of daily figures for semi- Last Wednesday of the month Values on last day in year or monthly (and weekly) periods. except in December and most June quarter and change between dates. dates when call report dates are used. 2. Timing of data Opening of day. Close of day. Close of day. 3. Geographic coverage of data United States. United States. United States. Banks in Alaska and Hawaii (and All banks in Alaska included be- Same as CCS. member banks in U.S. territories ginning 1959. (A national bank and possessions) are included when had been included beginning April reporting on deposits as member 1954.) All banks in Hawaii inbanks or when brought into the cluded beginning August 1959 (a CCS. national member bank had been included beginning April 1959). 4. Banks in territories and possessions A. Demand balances with Included in demand deposit liabili- Excluded; since the counterpart Included in demand deposit liabili- U.S. banks (an asset of ties. (Not deducted as an inter- (due to banks in territories and ties. (Not deducted as an interbanks in territories and bank item.) possessions by U.S. banks) is sub- bank item.) possessions) tracted from "gross demand deposits." B. Currency and coin held Included in circulation outside Excluded. Included in currency liabilities of (an asset of banks in banks. consolidated banking system. territories and possessions) C. Demand deposit liability Excluded (except for member Excluded (except for member Excluded from demand deposit (a liability item of banks banks in Alaska and Hawaii re- banks in Alaska and Hawaii re- liabilities (except for member banks in territories and posses- porting deposits and related items porting deposits and related items in Alaska and Hawaii reporting sions) before statehood; see Item 3, CCS) before statehood; see Item 3 in this deposits and related items before column). statehood; see Item 3, CCS). 5. Mutual savings banks Excluded. Series covers only com- Included in banking sector. Excluded from commercial banking mercial banks. sector. A. Demand balances with Included in deposit liability of Excluded; netted out when "de- Included. U.S. banks (an asset of commercial banks and thus in posits due to banks" are subtracted the mutual banks) money supply figure. from "gross demand deposits." B. Currency and coin held Included as currency in circulation. Excluded. Included. (an asset of the mutual banks) C. Demand deposits (a lia- Excluded from commercial bank- Included with demand deposits Excluded. bility item of mutual ing deposit liability. adjusted. banks) 6. Foreign demand deposits Included in deposit component of Included in demand deposits ad- Included in demand deposits and of individuals, partnerships, money supply series (not identified justed (not identified separately). currency; a liability to "the rest and corporations with separately). of the world." U.S. commercial banks 7. Foreign bank demand Included in deposit component Part of "foreign bank deposits, Included in demand deposits and balances with U.S. of money supply series (not net." The CCS nets "due from" currency; a liability to "the rest commercial banks separately identified). foreign banks against "due to" of the world." foreign banks. 8. Foreign balances with Included as part of deposit com- Part of "foreign bank deposits, Included as part of demand deposits Federal Reserve Banks ponent. net," except deposits of inter- and currency; a liability to "the national agencies. rest of the world." 9. Federal Reserve float Deducted from gross demand de- Entered as a negative item in Netted against gross demand deposits; therefore lessens the de- "capital and miscellaneous ac- posits; therefore lessens the series mand deposit component. counts, net"; does not reduce on "demand deposits, net." demand deposits adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 FEDERAL RESERVE BULLETIN • AUGUST 1962 MONEY SUPPLY: SEASONALLY ADJUSTED [In billions of dollars] Period 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 Total Jan. - 109.4 113.3 111.2 111.3 116.7 123.0 127.3 129.0 132.7 135.5 136.9 135.7 141.4 142.0 141.3 146.6 109.5 113.4 111.2 111.7 116.7 123.3 127.2 129.0 133.2 135.6 136.9 135.5 141.8 141.6 141.6 145.3 Feb. - 109.6 113.3 111.2 111.8 117.0 123.6 127.3 129.1 133.5 135.4 136.9 136.2 141.9 141.4 141.8 145.5 109.8 113.1 111.2 112.3 117.3 123.5 127.5 129.2 134.0 135.5 137.1 136.3 142.1 141.3 141.8 145.5 Mar.- 109.8 112.8 111.2 112.4 117.6 123.6 127.9 129.2 133.6 135.8 137.0 136.6 142.4 141.3 142.0 145.9 110.9 112.5 111.3 112.7 117.6 124.0 128.1 129.2 133.7 135.9 137.2 136.3 142.7 140.8 142.4 145.5 Apr. - 111.0 112.4 111.2 113.1 117.7 124.2 128.2 128.5 134.0 136.3 136.7 136.9 142.8 140.6 142.6 146.2 111 1 112.2 111.5 113.4 117.9 124.0 128.5 128.7 134.2 136.0 137.1 137.1 142.5 141.1 142.3 145.9 May - 111.6 112.1 111.5 113.6 118.2 124.4 128.4 129.8 134.2 135.9 137.0 137.4 142.9 140.6 142.9 146.2 111.8 112.0 111.5 113.9 118.2 124.6 128.5 129.7 134.6 135.6 137.0 137.7 143.5 140.2 142.8 145.3 June - 111.9 112.0 111.4 113.9 118.5 124.8 128.6 129.8 134.3 135.9 137.0 138.8 143.2 139.9 143.0 145.6 112.3 112.0 111.2 114.3 118.6 125.3 128.3 129.9 134.5 136.2 136.8 138.1 143.6 140.2 142.6 145.5 July - 112.2 112.2 111.1 114.6 118.9 125.2 128.7 129.9 134.8 136.0 137.1 138.2 144.2 140.2 142.9 145.7 112.3 112.2 111.3 114.7 119.2 125.5 128.5 130.6 134.8 135.8 137.0 138.5 143.8 140.5 143.0 145.7 Aug. - 112.4 112.3 111.0 115.1 119.5 125.5 128.6 130.6 134.9 135.6 136.9 138.9 143.6 140.8 142.9 112.7 112.3 111.1 114.9 119.7 125.9 128.7 130.7 134.8 136.0 137.0 139.2 143.4 140.9 142.9 Sept. - 112.8 112.2 111.0 115.1 120.2 126.3 128.6 130.7 134.8 136.0 136.9 139.4 143.2 140.9 143.4 113.2 112.1 110.8 115.4 120.5 126.5 128.6 131.1 135.3 136.2 136.5 139.5 143.2 141.0 143.7 Oct - 112.9 112.2 111.0 115.6 120.7 126.7 128.5 131.4 135.3 136.0 136.4 139.9 143.3 140.9 144.0 113.0 112.1 110.8 115.7 121.3 126.7 128.8 131.6 135.0 136.4 136.4 140.2 142.4 141.2 144.3 Nov.- 113.3 111.9 111.0 115.9 121.8 126.9 128.7 131.9 134.9 136.5 136.2 140.7 142.6 140.8 144.9 113.3 111.7 111.0 115.9 122.2 127.2 128.6 132.3 134.9 136.7 136.1 140.9 142.8 140.8 145.0 Dec. - 113.1 111.6 111.2 116.0 122.5 127.4 128.9 132.1 135.2 136.8 135.9 141.1 142.3 141.2 145.4 113.1 111.5 111.2 116.4 122.8 127.5 128.8 132.6 135.3 137.0 135.9 141.2 141.8 141.2 146.0 Demand deposits Jan. - 82.8 87.0 85.5 86.2 91.7 96.7 100.0 101.3 105.3 107.6 108.6 107.4 112.8 113.0 112.3 116.9 82 8 87.0 85.4 86.5 91.7 97.0 99.8 101.3 105.7 107.7 108.8 107.3 113.1 112.6 112.6 115.7 Feb. - 83.0 86.9 85.5 86.7 91.8 97.3 99.8 101.4 106.1 107.6 108.7 108.0 113.1 112.4 112.8 115.9 83.1 86.8 85.5 87.1 92.1 97.2 100.0 101.5 106.5 107.7 108.9 108.0 113.4 112.3 112.9 115.7 Mar.- 83.1 86.6 85.5 87.2 92.4 97.3 100.4 101.6 106.1 107.9 108.8 108.4 113.6 112.3 113.0 116.0 84.2 86.3 85.6 87.5 92.4 97.6 100.5 101.6 106.1 108.0 109.0 108.1 113.9 111.8 113.5 115.6 Apr. - 84.3 86.4 85.5 87.9 92.5 97.7 100.6 100.9 106.4 108.4 108.5 108.7 114.0 111.5 113.7 116.1 84.7 86.2 85.8 88.1 92.6 97.5 100.8 101.1 106.7 108.1 108.9 108.9 113.7 112.1 113.4 115.9 May - 85.0 86.1 85.8 88.3 92.8 97.9 100.7 102.2 106.7 108.0 108.8 109.1 114.0 111.6 113.9 116.2 85.2 86.0 85.8 88.7 92.9 98.1 100.8 102.1 107.1 107.7 108.8 109.3 114.5 111.2 113.9 115.3 June - 85.3 86.0 85.8 88.8 93.1 98.2 100.9 102.2 106.8 108.0 108.7 110.4 114.2 110.9 114.1 115.5 85.7 86.0 85.7 89.3 93.2 98.6 100.6 102.4 106.9 108.2 108.5 109.8 114.5 111.2 113.7 115.3 July - 85.7 86.2 85.6 89.6 93.3 98.5 101.0 102.4 107.1 108.0 108.8 109.9 115.2 111.2 113.9 115.5 85.8 86.2 85.8 89.7 93.5 98.7 100.7 103.1 107.2 107.8 108.7 110.2 114.8 111.5 113.9 115.5 Aug. - 86.0 86.2 85.5 90.1 93.8 98.8 100.9 103.1 107.2 107.6 108.6 110.5 114.6 111.8 113.8 86.2 86.2 85.6 90.0 93.9 99.0 100.9 103.3 107.1 108.0 108.7 110.7 114.3 112.0 113.9 Sept. - 86.2 86.2 85.6 90.1 94.4 99.4 100.8 103.3 107.1 108.0 108.5 111.0 114.2 112.0 114.2 86.5 86.1 85.5 90.5 94.7 99.5 100.8 103.7 107.5 108.2 108.2 111.0 114.2 112.0 114.5 Oct. - 86.3 86.2 85.7 90.7 94.7 99.7 100.7 103.9 107.5 108.0 108.1 111.5 114.4 111.9 114.7 86.5 86.1 85.5 90.8 95.3 99.6 101.1 104.2 107.2 108.3 108.1 111.7 113.5 112.2 115.0 Nov. - 86.8 85.9 85.7 90.9 95.8 99.8 101.0 104.5 107.1 108.4 107.9 112.2 113.7 111.8 115.5 86.9 85.8 85.9 91.0 96.2 100.0 100.8 104.9 107.0 108.5 107.8 112.3 113.8 111.8 115.5 Dec. - 86.7 85.8 86.0 91.0 96.4 100.1 101.1 104.7 107.4 108.6 107.5 112.5 113.3 112.2 115.9 86.6 85.7 86.0 91.4 96.6 100.1 101.1 105.2 107.5 108.7 107.6 112.7 113.0 112.2 116.4 Currency outside banks Jan. - 26.6 26.4 25.7 25.1 25.0 26.3 27.4 27.7 27.4 27.9 28.3 28.3 28.6 29.0 29.0 29.7 26.7 26.4 25.7 25.1 25.1 26.2 27.4 27.7 27.4 27.9 28.2 28.2 28.7 29.0 28.9 29.6 Feb. - 26.7 26.4 25.7 25.1 25.1 26.3 27.5 27.7 27.4 27.9 28.2 28.2 28.7 28.9 28.9 29.7 26.7 26.3 25.7 25.2 25.1 26.3 27.5 27.7 27.5 27.9 28.2 28.2 28.8 29.0 28.9 29.8 Mar. - 26.6 26.2 25.7 25.2 25.2 26.3 27.6 27.7 27.5 27.9 28.2 28.2 28.8 29.0 28.9 29.8 26.7 26.2 25.7 25.2 25.2 26.4 27.6 27.6 27.5 27.9 28.2 28.2 28.8 29.0 28.9 29.9 Apr. - 26.6 26.1 25.7 25.3 25.2 26.4 27.6 27.6 27.6 27.9 28.2 28.2 28.7 29.0 28.9 30.0 26.6 26.1 25.7 25.2 25.3 26.4 27.7 27.6 27.5 27.9 28.3 28.2 28.8 29.0 28.9 30.0 May - 26.6 26.0 25.7 25.2 25.3 26.5 27.7 27.6 27.5 27.9 28.2 28.3 28.9 29.0 29.0 30.0 26.6 26.0 25.7 25.2 25.3 26.5 27.7 27.6 27.6 27.9 28.2 28.4 29.0 29.0 28.9 30.0 June - 26.6 26.0 25.6 25.1 25.4 26.6 27.7 27.6 27.6 27.9 28.3 28.4 29.0 29.0 29.0 30.1 26.6 26.0 25.6 25.0 25.5 26.7 27.8 27.5 27.6 28.0 28.3 28.4 29.0 29.0 29.0 30.2 26.5 26.0 25.5 25.0 25.6 26.7 27.7 27.5 27.6 28.0 28.3 28.4 29.0 29.0 29.0 30.2 26.5 26.0 25.5 25.0 25.6 26.7 27.8 27.5 27.7 28.0 28.3 28.4 29.0 29.0 29.1 30.2 26.4 26.0 25.5 25.0 25.7 26.8 27.8 27.5 27.7 27.9 28.3 28.4 29.0 29.0 29.1 26.5 26.1 25.4 24.9 25.8 26.8 27.8 27.4 27.7 28.0 28.3 28.5 29.0 28.9 29.1 26.7 26.0 25.4 24.9 25.8 26.9 27.8 27.4 27.7 28.0 28.3 28.4 29.0 28.9 29.2 26.6 26.0 25.3 24.9 25.9 27.0 27.8 27.4 27.8 28.0 28.3 28.4 28.9 29.0 29.2 26.5 26.0 25.3 24.9 25.9 27.0 27.8 27.4 27.8 28.0 28.3 28.4 28.9 29.0 29.3 26.5 25.9 25.3 24.9 26.0 27.1 27.8 27.4 27.8 28.0 28.3 28.5 28.9 29.0 29.3 26.5 26.0 25.2 25.0 26.0 27.2 27.8 27.4 27.8 28.1 28.3 28.5 28.9 29.0 29.4 26.4 25.9 25.2 24.9 26.1 27.2 27.8 27.4 27.8 28.2 28.3 28.5 29.0 29.0 29.5 26.4 25.8 25.2 25.0 26.1 27.3 27.7 27.4 27.8 28.2 28.4 28.6 28.9 29.0 29.5 26.4 25.7 25.1 25.0 26.2 27.3 27.7 27.4 27.8 28.2 28.3 28.6 28.8 28.9 29.6 NOTE.—Averages of daily figures for semimonthly periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 947 MONEY SUPPLY: NOT SEASONALLY ADJUSTED [In billions of dollars] Period 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 Total Jan. 112.1 116.2 114.0 114.1 119.7 126.2 130.8 132.6 136.4 139.5 140.9 139.6 145.4 145.8 144.8 150.1 111.7 115.6 113.3 113.9 119.3 126.3 130.3 132.1 136.4 138.7 139.8 138.0 144.4 144.2 144.2 148.0 Feb. 110.3 114.1 112.1 112.8 118.0 125.0 128.9 130.7 135.1 136.9 138.0 137.2 142.8 142.3 142.7 146.6 109.2 112.6 110.7 112.0 117.0 123.3 127.2 128.9 133.8 135.1 136.4 135.4 141.0 140.1 140.4 143.8 Mar. 109.6 112.7 111.2 112.4 118.0 124.1 128.3 129.6 133.7 135.6 136.4 135.9 141.6 140.3 141.0 144.7 109.3 110.9 109.8 111.3 116.8 123.2 127.2 128.2 132.6 134.9 135.8 134.8 141.0 139.0 140.7 143.7 Apr. 108.9 110.3 109.2 111.1 115.6 122.1 126.2 126.7 132.2 134.8 135.4 135.8 141.8 139.7 141.9 145.5 109.4 110.5 109.8 111.8 116.4 122.5 127.1 127.6 133.3 135.4 136.8 137.0 142.8 141.6 143.1 146.9 May 109.9 110.5 109.9 112.1 116.7 122.8 127.0 128.5 133.0 134.6 135.7 136.1 141.6 139.4 141.7 145.0 109.7 110.0 109.5 111.8 116.1 122.5 126.4 127.6 132.5 133.3 134.6 135.2 140.8 137.4 139.9 142.3 June 110.8 111.0 110.5 113.0 117.8 124.2 128.0 129.2 133.4 134.9 135.9 137.8 142.0 138.6 141.7 144.3 111.0 110.7 109.8 112.9 117.5 124.2 127.3 128.9 133.7 135.4 135.8 136.9 141.8 138.5 140.8 143.6 July 111.3 111.2 109.9 113.3 117.1 123.3 127.0 128.4 133.2 134.5 135.4 136.5 142.4 138.5 141.2 144.0 111 5 111.3 110.4 113.6 117.8 123.9 126.9 129.3 133.6 134.6 135.9 137.5 142.9 139.5 142.0 144.7 Aug. 111.8 111.6 110.4 114.4 118.7 124.3 127.4 129.4 133.5 134.2 136.2 138.3 143.1 140.3 142.4 112.0 111.6 110.3 114.1 118.2 124.0 126.6 128.6 132.6 133.8 135.0 137.3 141.4 138.9 140.8 Sept. 113 4 112.7 111.3 115.2 120.2 126.1 128.1 130.0 134.1 135.4 136.4 139.1 142.9 140.7 143.2 113.2 112.0 110.6 115.0 119.9 125.6 127.7 130.2 134.4 135.4 135.8 138.7 142.4 140.3 143.0 Oct. 113.2 112.5 111.3 115.9 120.6 126.4 128.2 131.0 134.9 135.6 136.0 139.5 143.0 140.5 143.7 113.9 113.0 111.7 116.6 122.1 127.3 129.4 132.0 135.3 136.7 136.7 140.6 143.0 142.0 145.3 Nov. • 114.4 113.0 112.1 117.1 123.2 128.4 130.1 132.9 135.9 137.4 137.4 142.1 144.1 142.4 146.6 114 6 112.9 112.0 116.9 123.3 128.3 129.6 133.3 135.9 137.6 137.0 141.9 143.9 141.9 146.0 Dec. 115.9 114.2 113.8 118.8 125.4 130.4 131.8 134.8 137.9 139.6 138.7 144.0 145.2 144.2 148.4 116.0 114.3 114.0 119.5 126.3 131.1 132.5 136.4 139.2 141.0 139.9 145.3 145.9 145.3 150.2 Demand deposits Jan. - 85.3 89.6 88.1 88.8 94.5 99.8 103.2 104.7 108.9 111.4 112.4 111.1 116.7 116.7 115.7 120.2 85 ? 89.4 87.8 88.9 94.4 100.2 103.1 104.6 109.2 111.1 111.9 110.1 116.0 115.6 115.6 118.8 Feb. - 83.8 87.8 86.5 87.7 93.0 98.8 101.5 103.1 107.8 109.2 110.0 109.2 114.3 113.6 114.1 117.2 82.8 86.5 85.3 87.0 92.1 97.2 100.0 101.5 106.6 107.6 108.6 107.6 112.7 111.5 111.9 114.5 Mar.- 82.9 86.5 85.5 87.3 92.9 97.8 100.8 102.0 106.3 107.8 108.4 107.9 113.0 111.6 112.3 115.1 82.9 85.0 84.3 86.3 91.9 97.1 99.9 100.9 105.4 107.3 108.0 107.0 112.5 110.4 112.1 114.2 Apr. - 82.4 84.4 83.6 85.9 90.5 95.8 98.7 99.2 104.8 107.0 107.4 107.6 113.2 110.8 113.0 115.6 83.1 84.7 84.5 86.9 91.4 96.4 99.8 100.4 106.2 107.9 108.9 109.2 114.4 113.0 114.6 117.2 May - 83.4 84.5 84.4 86.9 91.5 96.5 99.4 101.1 105.6 106.9 107.7 108.0 112.9 110.6 112.9 115.2 83.4 84.2 84.1 86.9 91.0 96.2 99.0 100.3 105.2 105.7 106.7 107.1 112.1 108.7 111.3 112.6 June - 84.4 85.1 85.0 88.0 92.5 97.7 100.4 101.7 105.8 107.0 107.7 109.4 113.0 109.7 112.8 114.2 84.6 84.9 84.5 88.1 92.3 97.7 99.8 101.6 106.3 107.7 107.7 108.8 113.0 109.7 112.0 113.6 July - 84.7 85.1 84.3 88.1 91.4 96.4 99.1 100.7 105.4 106.2 106.8 107.8 113.1 109.2 111.9 113.4 85.2 85.5 85.1 88.8 92.3 97.4 99.3 101.9 106.0 106.7 107.7 109.2 113.9 110.5 112.9 114.5 Aug. - 85.3 85.6 84.9 89.4 92.9 97.5 99.6 101.8 105.7 106.2 107.7 109.7 113.8 111.1 113.1 85.6 85.6 85.0 89.3 92.6 97.3 98.9 101.3 105.0 105.9 106.8 108.8 112.3 109.9 111.7 Sept. - 86.5 86.5 85.7 90.1 94.2 99.0 100.1 102.4 106.1 107.2 107.9 110.4 113.7 111.5 113.8 86.5 86.0 85.2 90.1 94.0 98.7 100.0 102.9 106.7 107.4 107.5 110.3 113.6 111.4 113.9 Oct. - 86.4 86.3 85.8 90.8 94.4 99.1 100.2 103.3 106.9 107.3 107.4 110.8 113.8 111.3 114.1 87.3 86.9 86.3 91.6 96.0 100.2 101.5 104.5 107.5 108.6 108.4 112.1 114.0 113.0 116.0 Nov. - 87.6 86.8 86.6 91.9 96.9 100.9 102.0 105.3 107.7 109.0 108.8 113.3 114.9 113.1 116.9 88.0 86.7 86.6 91.8 97.0 100.8 101.6 105.6 107.7 109.2 108.4 113.1 114.6 112.6 116.2 Dec. - 89.1 88.1 88.3 93.4 98.9 102.7 103.6 106.9 109.6 110.9 109.8 114.9 115.8 114.7 118.3 89.1 88.2 88.5 94.1 99.6 103.2 104.2 108.5 110.8 112.1 110.9 116.1 116.4 115.7 120.0 Currency outside banks Jan. - 26.8 26.6 25.9 25.3 25.2 26.4 27.6 27.9 27.6 28.1 28.5 28.5 28.8 29.1 29.2 29.9 26.5 26.2 25.5 24.9 24.9 26.0 27.2 27.5 27.2 27.6 27.9 27.9 28.4 28.6 28.5 29.2 Feb. - 26.6 26.3 25.6 25.0 25.0 26.2 27.4 27.6 27.3 27.7 28.0 28.0 28.5 28.7 28.7 29.4 26.5 26.1 25.5 25.0 24.9 26.1 27.3 27.4 27.2 27.5 27.8 27.8 28.3 28.6 28.5 29.3 Mar.- 26.6 26.2 25.7 25.2 25.1 26.3 27.5 27.6 27.4 27.7 28.0 28.0 28.6 28.8 28.7 29.6 26.4 26.0 25.4 25.0 25.0 26.1 27.3 27.3 27.2 27.6 27.9 27.9 28.5 28.6 28.6 29.5 Apr. - 26.5 26.0 25.6 25.2 25.1 26.3 27.5 27.5 27.4 27.8 28.1 28.1 28.6 28.9 28.8 29.9 26.3 25.8 25.4 24.9 25.0 26.1 27.3 27.2 27.2 27.5 27.9 27.8 28.4 28.6 28.5 29.6 May - 26.5 25.9 25.6 25.1 25.2 26.3 27.6 27.5 27.4 27.8 28.0 28.1 28.7 28.8 28.8 29.9 26.3 25.8 25.4 24.9 25.1 26.2 27.4 27.3 27.3 27.6 27.9 28.1 28.7 28.7 28.6 29.7 June - 26.5 25.9 25.5 25.0 25.3 26.6 27.6 27.5 27.5 27.9 28.2 28.3 29.0 29.0 28.9 30.1 26.4 25.8 25.3 24.8 25.2 26.5 27.5 27.3 27.4 27.8 28.1 28.2 28.9 28.8 28.8 30.0 26.6 26.1 25.6 25.2 25.7 26.9 27.9 27.6 27.8 28.2 28.6 28.7 29.3 29.3 29.3 30.5 26.3 25.9 25.3 24.8 25.5 26.5 27.6 27.3 27.6 27.9 28.2 28.4 29.0 29.0 29.1 30.2 26.4 26.0 25.5 25.0 25.7 26.8 27.8 27.5 27.8 28.1 28.4 28.6 29.3 29.2 29.3 26.4 26.0 25.3 24.8 25.7 26.7 27.7 27.3 27.6 27.9 28.3 28.5 29.0 28.9 29.1 26.9 26.2 25.6 25.1 26.0 27.1 28.0 27.6 27.9 28.2 28.6 28.7 29.3 29.2 29.4 26.7 26.0 25.3 24.9 25.8 26.9 27.8 27.3 27.7 28.0 28.3 28.4 28.9 28.9 29.2 26.8 26.3 25.6 25.2 26.2 27.3 28.0 27.7 28.0 28.3 28.5 28.7 29.2 29.2 29.6 26.6 26.1 25.4 25.0 26.0 27.1 27.8 27.5 27.9 28.1 28.3 28.5 28.9 29.0 29.3 26.8 26.3 25.5 25.2 26.3 27.5 28.1 27.7 28.1 28.4 28.6 28.8 29.2 29.3 29.7 26.7 26.1 25.4 25.1 26.3 27.5 28.0 27.7 28.1 28.5 28.6 28.8 29.2 29.3 29.8 26.8 26.2 25.5 25.4 26.5 27.8 28.2 27.9 28.3 28.7 28.9 29.1 29.5 29.5 30.1 26.8 26.1 25.5 25.4 26.7 27.9 28.3 27.9 28.4 28.9 29.0 29.2 29.5 29.6 30.3 NOTE.—Averages of daily figures for semimonthly periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

'948 FEDERAL RESERVE BULLETIN • AUGUST 1962 SEASONAL ADJUSTMENT FACTORS FOR COMPONENTS OF MONEY SUPPLY [Per cent] 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 i. T Demand deposits 'Jan! Li-! !• ' I" 103.0 103.0 103.0 103.1 103.1 103.2 103.2 103.3 103.4 103.5 103.4 103.4 103.4 103.2 103.0 102 8 'Fe•"b : • ' • 2 1- ' : ;;. ; 1 : .1. ... 1 1 0 0 1 2 .8 0 1 10 0 1 2 . . 1 8 1 1 0 0 2 1 . . 8 1 1 1 0 0 2 1 . . 8 2 1 1 0 0 3 1 . . 0 2 1 10 0 1 3 . . 5 3 1 1 0 0 1 3 . . 6 3 1 1 0 0 3 1 . . 3 6 1 1 0 0 3 1 . . 3 6 1 10 0 1 3 . . 5 1 1 1 0 0 2 1 . . 9 2 1 10 0 1 2 . . 1 6 1 10 0 1 2 .6 0 1 10 0 1 2 .6 1 1 1 0 0 1 2 .6 1 1 10 0 1 2 .7 1 99.6 99.7 99.8 99.9 100.0 100.0 100.0 100.0 100.1 99.9 99.7 99.6 99.4 99.3 99.1 99.0 vMar. —1 99.8 99.9 100.0 100.1 100.5 100.5 100.5 100.4 100.1 99.9 99.6 99.6 99.5 99.4 99.3 99.3 V • 2 98.4 98.5 98.5 98.7 99.4 99.4 99.4 99.3 99.3 99.3 99.1 98.9 98.8 98.8 98.8 98.8 Apr. —1.. 97.7 97.7 97.7 97.8 97.8 98.0 98.2 98.3 98.5 98.7 98.9 99.1 99.3 99.4 99.5 99.5 • ' | 2' 98.1 98.3 98.5 98.6 98.7 98.8 99.1 99.3 99.5 99.8 100.0 100.3 100.6 100.8 101.0 101 2 • May 4—1. . 98.2 98.2 98.3 98.4 98.5 98.6 98.7 98.9 99.0 99.0 99.0 99.0 99.1 99 A 99.1 99.2 97.9 97.9 98.0 98.0 98.0 98.1 98.2 98.3 98.3 98.1 98.1 98.0 97.9 97.8 97.7 97.7 June -i—lv.'. i......... 98.9 98.9 99.0 99.1 99.3 99.5 99.5 99.5 99.1 99.1 99.1 99.1 98.9 98.9 98.9 98.9 2. . . j :. 98.8 98.7 98.7 98.7 99.0 99.2 99.2 99.2 99.5 99.5 99.3 99.1 98.6 98.6 98.5 98.5 98.8 98.7 98.6 98.4 97.9 97.9 98.2 98.3 98.3 98.3 98.2 98.2 98.2 98.2 98.2 98.2 2 99.3 99.2 99.2 99.0 98.7 98.6 98.6 98.8 98.9 98.9 99.0 99.1 99.2 99.2 99.2 99.2 Aug —1' 99.2 99.2 99.2 99.2 99.1 98.7 98.7 98.7 98.6 98.6 99.2 99.3 99.4 99.4 99 4 99 4 99.3 99.3 99.3 99.2 98.6 98.3 98.1 98.1 98.1 98.1 98.3 98.3 98.3 98.2 98.1 98.1 Sept. —1..: 100.4 100.3 100.1 100.0 99.8 99.6 99.3 99.1 99.1 99.2 99.4 99.5 99.5 99.5 99.6 99.6 100.0 99.9 99.7 99.5 99.3 99.3 99.2 99.2 99.3 99.3 99.4 99.4 99.4 99.4 99.5 99 5 Oct. —1 100.1 100.1 100.1 100.1 99.6 99.4 99.4 99.4 99.4 99.4 99.4 99.4 99.5 99.5 99.5 99.5 2. 100.9 100.9 100.9 100.9 100.7 100.6 100.5 100.3 100.2 100.2 100.3 100.4 100.5 100.7 100.9 100.9 Nov. —1 101.0 101.0 101.0 101.1 101.1 101.1 101.0 100.7 100.6 100.6 100.9 101.0 101.1 101.1 101.2 101.2 : 2 l 101 3 101.1 100.9 100.9 100.9 100.8 100.8 100.7 100.7 100.6 100.6 100.7 100.7 100.7 100.6 100 5 Dec. ^—1 102.8 102.7 102.7 102.6 102.6 102.5 102.4 102.2 102.0 102.1 102.1 102.1 102.2 102.2 102.2 102.2 2 102.9 102.9 102.9 103.0 103.1 103.1 103.1 103.1 103.1 103.1 103.1 103.1 103.1 103.1 103.1 103.1 Currency outside banks 100 7 100.7 100.7 100.7 100.7 100.7 100.7 100.7 100.7 100.8 100.8 100.8 100.7 100.5 100.5 100.5 2 99.2 99.2 99.2 99.2 99.2 99.2 99.2 99.2 99.2 99.2 99.2 98.9 98.8 98.7 98.7 98.7 ' Feb. —1 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.5 99.4 99.2 99.1 99.1 99.1 99.1 99.1 2 99.2 99.2 99.2 99.2 99.2 99.2 99 A 99.0 98.9 98.8 98.6 98.5 98.4 98.4 98.4 98.4 Mar —1 99.9 99.9 99.9 99.9 99.9 99.9 99.8 99.7 99.6 99.5 99.4 99.3 99.2 99.2 99.2 99.2 99.1 99.1 99.1 99.1 99.0 98.9 98.9 98.9 98.9 98.9 98.7 98.7 98.7 98.7 98.7 98.7 Apr —1 99 6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 2 98.8 98.8 98.8 98.8 98.8 98.7 98.7 98.7 98.6 98.6 98.6 98.6 98.6 98.6 98.6 98.6 May —1 ....... 99.5 99.5 99.5 99.5 99,5 99.5 99.5 99.5 99.5 99.5 99.5 99.5 99.5 99.5 99.5 99.5 ' 2 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.7 99.7 99.7 99.7 99.7 99.7 99.8 99.8 99.8 99.8 99.8 99.9 99.9 99.9 99.9 99.9 : i 2 99.1 99.1 99.1 99.1 99.1 99.1 99.1 99.2 99.2 99.3 99.4 99.4 99.4 99.4 99.4 99.4 July 1_1:.;; 100.4 100.4 100.4 100.5 100.5 100.5 100.6 100.6 100.7 100.9 101.0 101.1 101.1 101.1 101.1 101.1 ; 2 "• • 99 4 99.4 99.4 99.4 99.4 99.4 99.4 99.5 99.6 99.7 99.8 99.9 100.0 100.0 100.0 100.0 Aug. 4—1^.; .f - -i ---------- 100.1 100.1 100.1 100.1 100.1 100.1 100.2 100.2 100.3 100.4 100.5 100.6 100.7 100.7 100.7 100.7 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.6 99.7 99.8 100.0 100.0 100.0 100.0 100.0 sept. L-f,{.[.;.-,...;. iod.8 100.8 100.8 100.7 100.7 100.7 100.7 100.7 100.7 100.7 100.8 100.9 100.9 100.9 100.9 100.9 r 100.1 100.1 100.0 99.9 99.8 99.7 99.7 99.7 99.7 99.7 99.8 99.8 99.8 99.8 99.8 99.8 Oct. —1". 101.1 101.1 101.1 101.0 101.0 101.0 100.9 100.8 100.8 100.8 100.8 100.8 100.8 100.8 100.8 100.8 2.... . 100.5 100.5 100.4 100.3 100.2 100.2 100.2 100.2 100.2 100.1 100.0 100.0 100.0 100.0 100.0 100.0 101 0 101.0 101.0 101.0 101.0 101.1 101.1 101.1 101.0 101.0 101.0 101.0 101.0 101.0 101.0 101.0 2 100.8 100.8 100.8 100.8 100.8 100.9 100.9 101.0 101.0 101.0 101.0 101.0 101.0 101.0 101.0 101.0 Dec —1 101 4 101.4 101.4 101.5 101.6 101.7 101.8 101.8 101.9 101.9 101.9 101.9 101.9 101.9 101.9 101.9 2 101.5 101.5 101.5 101.7 101.9 102.0 102.0 102.0 102.1 102.3 102.3 102.3 102.3 102.3 102.3 102.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 949 TIME DEPOSITS ADJUSTED, AT COMMERCIAL BANKS Period 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 Not seasonally adjusted (in billions of dollars) Jan. —1 33.2 35.5 36.1 36.4 36.7 38.4 41.3 44.7 48.5 49.8 52.1 57.5 65.6 67.0 73.0 82.9 2 33.3 35.5 36.0 36.4 36.7 38.5 41.4 44.8 48.5 49.8 52.5 57.0 65.7 66.6 73.3 84.1 Feb. —1 33.4 35.6 36.1 36.5 36.6 38.6 41.5 45.1 48.6 49.8 52.8 58.7 65.7 66.6 74.5 85.1 2 33.5 35.7 36.1 36.6 36.6 38.7 41.6 45.2 48.7 49.9 53.1 59.4 65.8 66.7 74.8 85.8 Mar. —1 33.7 35.8 36.2 36.7 36.7 38.9 41.8 45.5 48.8 50.0 53.5 60.2 66. 66.8 75.3 86.9 2 33.7 35.8 36.2 36.7 36.6 39.0 41.9 45.7 48.9 50.2 53.9 60.9 66.3 67.1 75.7 87.8 Apr. —1 33.7 35.8 36.2 36.8 36.7 39.1 42.0 46.0 49.0 50.3 54.2 61.4 66.6 67.4 76.3 88.7 33.8 35.8 36.3 36.8 36.7 39.1 42.1 46.1 48.9 50.3 54.2 61.9 66.7 67.5 76.7 89.0 May —I'.'.'.'.'.'.'.'.'.'.'.'.'.33.9 35.8 36.4 36.9 36.7 39.2 42.3 46.3 48.9 50.3 54.5 62.5 67.0 67.7 77.4 89.5 33.9 35.8 36.4 36.9 36.7 39.3 42.4 46.6 49.0 50.4 54.8 62.8 67.1 67.9 77.9 90.2 June —1 34.0 35.8 36.4 36.9 36.8 39.5 42.6 46.8 49.2 50.6 55.0 63.3 67.3 68.1 78.4 90.9 2 34.0 35.9 36.5 37.0 37.1 39.7 42.8 47.0 49.3 51.0 55.3 63.8 67.4 68.5 78.7 91.4 34.1 36.0 36.5 37.0 37.3 39.8 43.0 47.3 49.4 51 55.5 64.3 67.5 68.9 79.4 92.1 2.'.'.'.'.'.'.'.'.'.'.'.'. 34.3 36.0 36.5 36.8 37.3 39.9 43.1 47.6 51 55.7 64.5 67.4 69.2 79.7 92.3 Aug. —1 34.3 35.9 36.5 36.7 37.4 40.0 43.2 47.8 51 55.9 64.8 67.4 69.7 80.1 2 34.5 35.9 36.5 36.7 37.5 40.1 43.3 47.9 49.6 51.4 56.0 64.9 67.5 70.2 80.3 Sept. —1 34.6 35.9 36.5 36.6 37.6 40.2 43.4 48.0 49 51.6 56.2 65.1 67.5 70.6 80.7 34.8 35.9 36.4 36.6 37.7 40.3 43.5 48.0 49.7 51.6 56.4 64.9 67.5 70.8 81.0 Oct. —l'.'.'.'.'.'.'.'.'.'.'.'.'. 34.9 36.0 36.4 36.6 37.9 40.6 43.8 48.2 49.9 51.8 56.6 65.0 67.4 71.3 81.5 2 35.1 36.0 36.4 36.6 37.9 40.7 44.1 48.2 49,9 51.8 56.8 65.0 67.3 71.6 81.6 Nov. —1 35.1 36.0 36.4 36.6 38.1 40.8 44.2 48.3 50.0 51.8 56.7 64.9 67.1 71.7 2 35.1 35.8 36.2 36.4 37.8 40.7 44.0 47.9 49.6 51.2 56.3 64.4 66.5 71.4 Dec. —1 35.0 35.7 36.1 36.3 37.8 40.7 44.0 47.8 49.5 51.2 56.5 64.5 66.5 71.8 2 35.2 35.8 36.2 36.5 38.1 41.0 44.4 48.2 49.7 51.6 56.9 64.8 66.8 72.3 81.9 Seasonal factors (per cent) Jan. —1 100.1 100.1 100.1 100.1 100.1 100.1 100.0 99.9 99.8 99.6 99.4 99.4 99.4 99U 99.4 99.4 2 99.9 99.9 99.9 99.9 99.9 99.9 99.8 99.7 99.6 99.6 99.4 99.2 99.2 99.2 99.2 99.2 Feb. —1 100.0 100.0 100.0 100.0 100.0 99.9 99.8 99.8 99.7 99.7 99.7 99.7 99.7 99.7 99.7 99.7 2 100.0 100.0 100.0 99.9 99.9 99.9 99.8 99.8 99.7 99.6 99.5 99.5 99.5 99.5 .'99.5 99.5 Mar. —1 100.3 100.3 100.3 100.2 100.1 100.0 100.0 100.0 100.0 99.9 99.9 99.9 99.9 99.9 99.9 99.9 2 100.3 100.3 100.3 100.1 100.0 100.0 100.0 100.0 100.0 100.1 100.1 100.1 100.0 99.9 99.9 99.9 Apr. —1 100.2 100.2 100.2 100.1 100.0 100.0 100.0 100.0 100.0 100.2 100.3 100.3 100.3 100.3 100.3 100.3 100.2 100.2 100.2 100.2 100.1 99.9 99.9 99.9 99.9 100.0 100.2 100.2 100.2 100.2 100.2 100.2 May —1 100.1 100.1 100.1 100.1 100.0 99.9 99.9 99.9 99.9 100.0 100.2 100.3 100.3 100.3 .100.3 100.3 100.1 100.1 100.1 100.1 99.9 99.9 99.9 99.9 99.9 100.1 100.4 100.4 100.4 100.4 ,100.4 100.4 June •—1 100.1 100.1 100.1 100.1 100.1 100.1 100.1 100.1 100.2 100.3 100.5 100.5 100.5 100.5 100.5 100.5 100.3 100.3 100.3 100.4 100.4 100.4 100.4 100.4 100.4 100.6 100.7 100.7 100.6 100.5 100.5 100.5 2 100.4 100.4 100.4 100.4 100.4 100.4 100.4 100.4 100.5 100.7 100.7 100.7 100.7 100.6" 100.5 100.5 July —1 100.3 100.3 100.3 100.3 100.3 100.3 100.3 100.4 100.5 100.6 100.6 100.6 100.6 100.5 100.5 100.5 100.0 100.0 100.0 100.1 100.1 100.2 100.3 100.4 100.5 100.6 100.6 100.6 100.6 100.5 100.5 100.5 Aug. —1 100.0 100.0 100.0 100.0 100.1 100.1 100.2 100.3 100.4 100.5 100.6 100.6 100.6 100.6 100.5 100.5 2 100.0 100.0 100.0 100.0 100.0 100.1 100.2 100.3 100.4 100.5 100.6 100.6 100.6 100.6 100.5* 100.5 Sept. —1 1 1 0 0 0 0 . . 0 0 1 1 0 0 0 0 . . 0 0 1 1 0 0 0 0 . . 0 0 1 10 0 0 0 . . 0 0 1 10 0 0 0 . . 1 0 1 1 0 0 0 0 . . 0 2 1 1 0 0 0 0 . . 1 3 1 10 0 0 0 . . 3 2 1 1 0 0 0 0 . . 4 3 1 1 0 0 0 0 . . 4 4 1 1 0 0 0 0 . . 4 4 1 10 0 0 0 . . 4 4 1 10 0 0 0 . . 4 4 1 1 0 0 0 0 . . 4 4 . 1 1 0 0 0 0 . . 5 4 1 1 0 0 0 0 . . 5 4 Oct. —1 100.1 100.1 100.1 100.1 100.1 100.2 100.3 100.3 100.3 100.3 100.2 100.2 100.2 100.2 100.2 100.2 2 99.9 99.9 99.9 100.0 100.1 100.2 100.2 100.2 100.2 100.0 99.8 99.8 99.8 99,9 99.9 S9.9 D N e o c v . . — — 2 2 1 1 9 9 99 9 9 . . . 5 1 5 9 9 9 9 9 9 . . . 1 5 5 9 9 9 9 9 9 . . . 5 1 5 9 9 9 9 9 9 . . . 5 1 5 9 9 9 9 9 9 . . . 5 1 5 9 9 9 9 9 9 . . . 1 5 5 9 9 9 9 9 9 . . . 5 1 4 9 9 99 9 9 . . . 5 0 2 9 9 9 9 8 9 . . . 1 7 0 9 9 9 8 8 8 . . . 8 5 8 9 9 9 8 8 8 . . . 5 8 8 9 9 9 8 8 8 . . . 5 8 8 9 9 99 8 8 . . . 0 8 8 9 9 99 8 9 L 1 10 9 1 9 9 9 8 9 9 , . . . 1 1 9 9 9 9 9 9 8 . . . 1 1 9 Seasonally adjusted (in billions of dollars) Jan. —1 33.2 35.4 36.0 36.4 36.7 38.4 41.3 44.8 48.6 50.0 52.4 57.9 66.0 •67.4 .73.4 83.4 33.3 35.5 36.0 36.4 36.7 38.5 41.5 45.0 48.7 50.0 52.8 57.4 66.2 67.2 73.9 84.7 Feb. —1!!!!!!!!!!!!'. 33.4 35.6 36.1 36.5 36.6 38.6 41.6 45.2 48.7 49.9 52.9 58.9 65.9 66; 8. 74.7 85.3 2 33.5 35.7 36.1 36.6 36.6 38.7 41.7 45.3 48.8 50.1 •: 53.3 59.7 66.1 67.0 75.2 86.3 Mar. —1 33.6 35.7 36.1 36.6 36.6 38.9 41.8 45.5 48.8 50.1 . 53.5 60.3 66.2 66.9 75.4 87.0 2 33.6 35.7 36.1 36.7 36.6 39.0 41.9 45.7 48.9 50.1 53.8 60.8 66.3 67.2 75.7 87.9 Apr. —1 33.7 35.7 36.2 36.7 36.7 39.1 42.0 46.0 49.0 50.2 54.0 61.2 66.4 67.2 76.0 88.5 33.7 35.7 36.2 36.8 36.7 39.1 42.2 46.1 48.9 50.3 54.1 61.8 66.6 67.4 76.5 88.9 May —1.1 '.'.'.'.'.'.'.'.'.'.'. 33.8 35.7 36.3 36.9 36.7 39.2 42.3 46.4 49.0 50.3 54.4 62.3 66.8 67.5 77.2 89.3 33.9 35.7 36.4 36.9 36.8 39.4 42.4 46.6 49.1 50.4 54.6 62.6 66.9 67.6 77.6 «9.8 June —I'.'.'.'.'.'.'.'.'.'.'.'.'.33.9 35.8 36.4 36.9 36.8 39.5 42.5 46.7 49.1 50.5 54.8 63.0 67.0 67.8 78.0 90,. 4 2 33.9 35.8 36.4 36.8 36.9 39.6 42.6 46.8 49.1 50.7 54.9 63.3 67.0 68.1 78.3 90.9 July —1 33.9 35.8 36.4 36.8 37.1 39.7 42.8 47.1 49.2 50.8 55.2 63.9 67.1 68.5 79.0 91.6 34.2 35.8 36.4 36.7 37.2 39.8 43.0 47.4 49.1 50.9 55.3 64.1 67.0 68.9 79.3 91.8 Aug. —1 34.3 35.9 36.5 36.7 37.4 39.9 43.1 47.6 49.2 51.0 55.5 64.4 67.0 69.3 79.7 34.5 35.9 36.5 36.7 37.5 40.1 43.2 47.8 49.4 51.2 55.7 64.5 67.1 69.8 79.9 Sept. —1 34.6 35.9 36.5 36.6 37.6 40.2 43.4 47.9 49.5 51.4 55.9 64.7 67.1 70.1 80.3 34.8 35.9 36.4 36.6 37.7 40.3 43.5 47.9 49.6 51.4 56.1 64.7 67.2 70.6 80.6 Oct. —1'.'.'.'.'.'.'.'.'.'.'.'.'. 34.9 36.0 36.4 36.6 37.8 40.5 43.7 48.1 49.7 51.6 56.4 64.7 67.2 71.0 81.1 2 35.1 35.9 36.4 36.5 37.8 40.6 44.0 48.1 49.8 51.7 56.7 64.9 67.2 71.4 81.4 Nov. —1 35.1 36.0 36.4 36.6 38.0 40.8 44.2 48.2 49.9 51.8 56.9 65.0 67.2 71.8 81.8 2 35.3 36.0 36.4 36.6 38.0 40.9 44.2 48.3 50.1 51.8 57.0 65.1 67.3 72.2 82.3 Dec. —1 35.3 36.0 36.4 36.7 38.2 41.1 44.4 48.2 50.2 52.0 57.4 65.5 67.3 72.5 82.4 2 35.4 36.0 36.3 36.7 38.3 41.2 44.7 48.5 50.1 52.2 57.6 65.6 67.4 73.0 82.7 NOTE.—Averages of daily figures for semimonthly periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN • AUGUST 1962 MONEY SUPPLY AND RELATED DATA [In billions of dollars] Money supply Related deposits 1 Money supply Related deposits 1 Week Week ending— Total C o u b u r a t r n s e i k d n s c e y D de e p m o a s n it d s Time G U o .S vt . . ending— Total C o u b u r a t r n s e i k d n s c e y D de e p m o a s n it d s Time G U o . v S t . . 1959_jan. 7.. 145.4 29.0 116.4 65.5 3.9 I960—Jan. 6.. 145.8 29.3 116.5 67.1 4.8 14.. 145.5 28.7 116.8 65.6 2.3 13.. 145.7 29.0 116.7 66.9 4.4 21.. 145.3 28.5 116.8 65.6 1.7 20.. 145.4 28.8 116.6 66.7 3.8 28.. 144.0 28.3 115.7 65.7 4.3 27.. 143.9 28.5 115.4 66.6 3.4 Feb. 4.. 143.3 28.3 115.0 65.7 4.7 Feb. 3.. 143.2 28.5 114.7 66.7 4.1 11.. 142.7 28.5 114.2 65.7 4.0 10.. 142.3 28.7 113.6 66.6 3.7 18.. 142.2 28.4 113.8 65.7 4.3 17.. 141.8 28.6 113.2 66.6 3.8 25.. 140.7 28.3 112.4 65.8 4.3 24.. 139.7 28.6 111.1 66.7 4.6 Mar. 4.. 141.1 28.4 112.7 65.9 4.1 Mar. 2.. 140.0 28.5 111.5 66.6 4.5 11.. 141.3 28.6 112.7 66.1 3.0 9.. 140.1 28.8 111.2 66.8 4.0 18.. 142.6 28.6 114.1 66.2 3.0 16.. 140.9 28.8 112.2 67.0 3.3 25.. 140.5 28.4 112.0 66.2 5.1 23.. 139.3 28.7 110.6 67.1 5.2 30.. 138.5 28.5 110.0 67.2 4.7 Apr. 140.6 28.4 112.2 66.4 3.6 8!.' 141.1 28.7 112.4 66.5 6.2 Apr. 6.. 138.6 28.9 109.7 67.3 4.1 15.. 142.7 28.6 114.1 66.7 4.6 13.. 140.2 29.0 111.3 67.5 2.3 22.. 143.2 28.5 114.7 66.7 4.0 20.. 142.3 28.8 113.4 67.4 3.6 29.. 142.5 28.4 114.1 66.8 3.9 27.. 141.3 28.5 112.8 67.5 4.1 May 6.. 141.9 28.7 113.2 66.9 4.9 May 4.. 140.2 28.6 111.6 67.6 5.4 13.. 141.6 28.8 112.8 67.0 4.9 11.. 139.4 28.9 110.5 67.7 5.8 20.. 141.0 28.7 112.3 67.0 5.9 18.. 138.5 28.8 109.7 67.8 6.4 27.. 140.5 28.6 111.9 67.1 5.4 25.. 137.1 28.7 108.4 67.9 6.9 Jane 3.. 141.1 28.8 112.3 67.2 4.7 June 1.. 137.5 28.8 108.7 67.9 6.9 10.. 141.5 29.1 112.4 67.3 3.5 8.. 137.9 29.0 108.9 68.1 6.4 17.. 143.3 28.9 114.3 67.4 3.3 15.. 139.6 28.9 110.6 68.2 5.1 24.. 141.8 28.9 112.9 67.4 4.7 22.. 138.9 28.9 110.0 68.3 7.0 29.. 138.1 28.7 109.4 68.6 6.6 July 1.. 141.4 28.9 112.6 67.6 4.5 8.. 142.1 29.4 112.6 67.5 3.8 July 6.. 137.9 29.3 108.6 68.9 7.2 15.. 142.9 29.2 113.6 67.5 4.9 13.. 138.9 29.3 109.6 69.0 5.6 22.. 142.7 29.2 113.6 67.5 6.0 20.. 139.6 29.1 110.6 69.1 7.6 29.. 143.0 28.9 114.0 67.4 5.0 27.. 139.7 28.9 110.8 69.2 6.6 Aug. 5.. 143.1 29.1 114.0 67.4 5.0 Aug. 3.. 140.3 29.0 111.3 69.4 6.5 12.. 143.2 29.3 113.9 67.4 3.8 10.. 140.4 29.3 111.2 69.6 6.0 19.. 142.0 29.2 112.8 67.4 4.8 17.. 139.8 29.1 110.7 69.9 6.1 26.. 141.0 29.0 112.0 67.5 6.1 24.. 138.6 29.0 109.5 70.2 6.5 31.. 139.1 28.8 110.3 70.4 5.5 Sept. 2.. 141.9 29.0 113.0 67.5 5.9 9.. 142.2 29.4 112.8 67.5 5.0 Sept. 7.. 139.8 29.3 110.5 70.4 5.1 16.. 144.1 29.2 114.9 67.5 4.0 14.. 141.4 29.2 112.2 70.7 3.6 23.. 142.8 29.0 113.8 67.5 5.5 21.. 141.8 29.1 112.8 70.8 4.9 30.. 141.8 28.8 113.0 67.5 6.0 28.. 139.2 28.8 110.4 70.9 7.3 Oct. 7.. 142.3 29.2 113.2 67.5 5.5 Oct. 5.. 139.8 29.0 110.7 71.1 7.5 14.. 143.5 29.2 114.3 67.4 3.7 12.. 140.6 29.3 111.3 71.3 5.5 21.. 143.2 29.1 114.1 67.4 4.4 19.. 141.6 29.2 112.5 71.4 4.3 28.. 142.8 28.9 113.9 67.3 5.6 26.. 141.8 29.0 112.8 71.6 5.4 Nov. 4.. 143.6 29.0 114.6 67.3 5.6 Nov. 2.. 142.4 28.9 113.5 71.7 6.2 11.. 144.1 29.3 114.8 67.2 4.6 9.. 142.0 29.3 112.7 71.7 6.0 18.. 144.4 29.2 115.2 66.7 4.7 16.. 142.8 29.3 113.5 71.6 5.4 25.. 143.6 29.2 114.5 66.5 4.6 23.. 141.5 29.3 112.1 71.4 6.0 30.. 142.0 29.3 112.8 71.4 5.6 Dec. 2.. 144.2 29.3 114.9 66.4 4.3 9.. 144.6 29.6 115.0 66.5 5.2 Dec. 7.. 143.0 29.5 113.5 71.6 4.9 16.. 146.6 29.4 117.2 66.5 4.2 14.. 145.1 29.5 115.5 71.8 3.2 23.. 145.8 29.5 116.2 66.7 5.4 21.. 146.1 29.6 116.5 72.1 4.2 30.. 146.0 29.6 116.4 66.8 5.0 28.. 144.6 29.7 114.9 72.4 5.9 * At all commercial banks. NOTE.—Averages of daily figures for weekly periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 951 MONEY SUPPLY AND RELATED DATA [In billions of dollars] Money supply Related deposits * Money supply Related deposits * Week Week ending— Total C o u b u r a t r n s e i k n d s c e y D de e p m o a si n ts d Time G U o .S v . t. ending— Total C o b u u r a t r n s e i k n d s c e y D de e p m o a si n t d s Time G U o .S v . t. 1961—Jan. 4.. 145.1 29.3 115.9 72.9 5.9 1962—Jan. 3.. 152.1 30.0 122.2 82.3 6.0 11.. 144.6 29.2 115.5 72.9 4.7 10.. 149.7 29.9 119.7 82.8 4.6 18.. 144.8 28.8 116.0 73.1 3.5 17.. 149.5 29.6 119.9 83.5 3.1 25.. 144.3 28.6 115.7 73.3 3.3 24.. 148.1 29.3 118.8 83.9 2.9 31.. 147.4 29.0 118.3 84.3 3.8 Feb. 1.. 143.7 28.4 115.3 73.6 3.8 8.. 143.0 28.7 114.3 74.4 4.3 Feb. 7.. 146.9 29.4 117.6 84.8 4.7 15.. 142.4 28.7 113.7 74.6 3.7 14.. 146.3 29.5 116.9 85.3 3.7 22.. 140.5 28.6 111.9 74.8 5.8 21.. 144.1 29.4 114.8 85.6 5.1 28.. 143.7 29.2 114.4 86.0 5.1 Mar. 1.. 140.3 28.4 111.9 74.9 5.7 8.. 140.5 28.8 111.7 75.2 5.3 Mar. 7.. 144.4 29.6 114.8 86.6 5.0 15.. 141.5 28.7 112.8 75.5 3.6 14.. 145.0 29.6 115.3 87.2 3.2 22.. 141.4 28.7 112.7 75.5 5.3 21.. 145.0 29.6 115.4 87.4 4.9 29.. 140.2 28.5 111.7 75.7 4.6 28.. 142.8 29.4 113.4 88.0 6.8 Apr. 5.. 140.6 28.8 111.8 76.0 4.5 Apr. 4.. 143.7 29.6 114.0 88.4 6.1 12.. 142.1 28.8 113.2 76.3 3.2 11.. 145.5 30.0 115.5 88.8 3.7 19.. 143.4 28.7 114.7 76.5 2.1 18.. 147.4 29.8 117.6 88.9 2.5 26.. 143.1 28.5 114.6 76.6 1.9 25.. 147.2 29.6 117.6 89.0 3.5 May 3.. 142.4 28.6 113.9 77.0 3.2 May 2.. 145.9 29.5 116.4 89.2 4.8 10.. 141.7 28.9 112.9 77.4 3.9 9.. 145.1 30.0 115.2 89.5 6.3 17.. 141.1 28.8 112.3 77.6 4.5 16.. 144.6 29.8 114.7 89.7 6.5 24.. 139.6 28.7 111.0 77.9 5.8 23.. 142.0 29.8 112.2 90.1 8.0 31.. 140.0 28.6 111.4 78.1 5.0 30.. 142.1 29.6 112.5 90.4 7.5 June 7.. 140.9 29.0 111.9 78.3 4.0 June 6.. 143.5 30.0 113.5 90.7 7.1 14.. 142.5 29.0 113.6 78.4 2.2 13.. 144.8 30.1 114.6 91.0 5.3 21.. 141.9 28.9 113.0 78.6 5.7 20.. 145.0 30.0 114.9 91.1 6.8 28.. 140.1 28.7 111.4 78.8 5.7 27.. 142.8 29.9 112.9 91.4 8.6 July 5.. 140.5 29.2 111.3 79.3 6.1 July 4.. 143.3 30.2 113.1 91.9 9.5 12.. 141.3 29.4 111.9 79.3 4.5 11.. 143.9 30.6 113.4 92.1 8.2 19.. 141.9 29.2 112.7 79.5 3.1 18.. 144.7 30.4 114.3 92.2 6.6 26.. 141.8 29.0 112.8 79.7 2.8 25.. 144.3 30.2 114.2 92.3 6.0 Aug. 2.. 142.4 29.0 113.4 79.9 6.0 Aug. 1.. 145.0 30.0 115.0 92.4 5.8 9.. 142.4 29.4 113.0 80.0 5.1 8 16.. 142.4 29.3 113.1 80.2 4.8 15 23.. 140.5 29.2 111.3 80.3 6.1 22 30.. 140.9 29.0 111.9 80.4 5.6 29 Sent. 6.. 142.0 29 4 112.6 80.6 5.4 Sept. 5 13!. 143.6 29.4 114.2 80.8 3.6 12 20.. 144.6 29.3 115.3 80.9 4.4 19 27.. 142.3 29.1 113.3 81.0 5.9 26 Oct. 4.. 142.6 29.2 113.3 81.3 8.1 Oct. 3 11.. 143.6 29.6 113.9 81.5 6.2 10 18.. 145 0 29 5 115.5 81.5 6.9 17 25.. 145.0 29.3 115.7 81.6 6.2 24 31 Nov. 1.. 145.8 29.2 116.6 81.7 5.6 8.. 146.0 29 7 116.3 81.7 5.8 Nov. 7 15.. 147.1 29.7 117.4 81.7 4.8 14 22.. 145.9 29.8 116.1 81.3 6.5 21 29.. 146.0 29.8 116.2 81.4 6.1 28 Dec. 6.. 147.2 30.0 117.2 81.6 5.4 Dec. 5 13.. 148.8 30.2 118.7 81.7 3.5 12 20.. 150.7 30.2 120.5 81.7 4.1 19 27.. 149.5 30.4 119.1 81.9 6.1 26 lAt all commercial banks. NOTE.—Averages of daily figures for weekly periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of Weekly Department Store Sales Index THE BOARD'S WEEKLY INDEX of depart- include independent department stores, ment £tore sales has been adjusted to Cen- units of local and regional chains, and resiis of; Business data for 1958, corrected to tail outlets of large national chains. While annual levels shown by the revised monthly the weekly sample is larger than would orindex ! released in the BULLETIN for July, dinarily be needed to measure changes in and shifted to a 1957-59 base. As a re- sales at the national level, the additional sult, comparability between the weekly and coverage is necessary to provide district and rilonthly series is maintained. area sales information. The| weekly series begins with 1937, but Benchmark adjustment. To determine the the benchmark adjustment does not affect amount of adjustment required, the peryears jbefore 1955. However, indexes for centage change from 1954 to 1958 in the the eijtire period have been shifted to the unrevised weekly index was compared with n;ew b&se. Those for 1947 to date are shown the change shown by Census data. As with oh following; pages. Data for earlier years the monthly series, there was a downward rtiay be obtained from the Division of Re- bias in the System's index, and it was assearch and Statistics. sumed that the bias had accumulated in Characteristics of series. The weekly sales equal increments between benchmarks. This index is valuable as a prompt indicator of assumption permitted use of a straight-line sales activity. It also is useful in studying adjustment technique.1 intramonth sales movements, and it pro- As part of the present revision, annual vides a basis for estimating a monthly sales averages of the weekly and monthly series index several weeks before monthly totals were compared for years after 1958. Where are available. significant differences were noted, the On the other hand, weekly figures are weekly indexes were adjusted to the level usually more difficult to evaluate than of the monthly series. monthly data. Because they cover a shorter Shift in base. The weekly sales index has period, weekly data tend to fluctuate more been shifted to a 1957-59 base period in sharply in response to both seasonal and accordance with a recommendation of the random influences. Also, irregularities of the Bureau of the Budget. The new base will calendar—for example, the changing days allow easier comparison not only with the and dates of the various holidays—have a monthly department store indexes but also more pronounced effect on them. Unlike the with other economic series that are now on monthly series, the weekly index is not adthe recommended base. justed to take account of such factors. The weekly reporting sample of more 1 For a detailed description of the weekly series— than 1,000 stores has the same general including adjustment techniques—see BULLETIN for characteristics as the monthly sample. Both April 1958, pp. 412-21. 952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY DEPARTMENT STORE SALES 953 WEEKLY DEPARTMENT STORE SALES [1957-59= 100] 1947 1948 1949 1950 1951 1952 1953 954 Jan. 4. . 42 Jan. 3... 46 Jan. 1... 46 Jan. 7... 47 Jan. 6... 67 Jan. 5... 54 Jan. 3... 57 Jan. 2.. 57 11. . 52 10... 57 8... 62 14... 54 13... 71 12... 64 10... 62 9... 66 18.. 50 17... 53 15... 55 21... 53 20... 71 19... 62 17... 65 16.. 59 25.. 50 24... 51 22... 52 28... 51 27... 65 26... 58 24... 60 23;. 61 31... 53 29... 49 31... 61 30... 60 Feb. 1.. 49 Feb. 7... 54 Feb. 5... 52 Feb. 4... 52 Feb. 3... 55 Feb. 2... 58 Feb. 7... 62 Feb. 6.. 61, 8.. 49 14... 54 12... 54 n...55 10... 64 9... 61 14... 64 13... 64 15.. 55 21... 56 19... 52 18... 53 17... 64 16... 62 21... 59 20.. 61 22.. 49 28... 56 26... 53 25... 51 24... 64 23... 58 28... 65 27.. 63 I Mar. 1.. 54 Mar. 6... 60 Mar. 5... 55 Mar. 4... 56 Mar. 3... 67 Mar. 59 Mar. 7... 67 Mar. 6.. 60 8.. 57 13... 63 12... 58 11... 58 10... 71 sill 61 14... 70 13.. 64 15.. 60 20... 71 19... 59 18... 61 17... 69 15... 62 21... 76 20,. 67 22.. 65 27... 75 26... 63 25... 65 24... 72 22... 66 28... 79 27;. 70 29.. 64 31... 61 29... 70 Apr. 5.. 72 Apr. 3... 63 Apr. 2... 68 Apr. 1... 70 Apr. 7... 69 Apr. 5... 76 Apr. 4... 83, Apr. 3.. 72 12.. 60 10... 68 9... 73 8... 74 14... 68 12... 77 11... 68 10.. 79 19.. 61 17... 66 16... 72 15... 59 21... 66 19... 67 18... 73 17.. 83 26.. 60 24... 67 23... 61 22... 65 28... 69 26... 73 25... 73 24.. 71 30... 65 29... 66 May 3.. 63 May 1... 68 May 7... 76 May 6... 70 May 5... 77 May 3... 77 May 2... 80 May 1.. 79 10.. 70 8... 75 14... 65 13... 71 12... 75 10... 81 9... 89 8,.• 87 17.. 62 15... 66 21... 64 20... 64 19... 67 17... 69 16... 74 15.. 69 24.. 62 22... 67 28... 63 27... 65 26... 68 24... 73 23... 79 22.. 75 31.. 56 29... 67 31... 68 30... 68 29.. 74 June 7.. 66 June 5... 64 June 4... 59 June 3... 60 June 2... 64 June 7... 77 June 6... 83 June 5.. 6.8 14.. 68 12... 69 11... 66 10... 70 9... 73 14... 81 13... 78 12.. 78 21.. 58 19... 70 18... 65 17... 70 16... 72 21... 68 20... 78 19.. 81 28.. 55 26... 59 25... 56 24... 58 23... 62 28... 63 27... 66 26,. 68 30... 61 July 5.. 47 July 3... 60 July 2... 54 July 1. 61 July 7... 51 July 5... 55 July 4... 56 July 3.. .6.6 12.. 51 10... 49 9... 46 811! 51 14... 56 12... 58 11... 65 10.. '55 19.. 49 17... 54 16... 49 15... 62 21... 55 19... 57 18... 59 62 26.. 48 24... 52 23... 47 22... 70 28... 55 26... 55 25... 59 24l'. 60 31... 53 30... 48 29... 69 3L. 61 Aug. 2 50 Aug. 7... 59 Aug. 6... 52 Aug. 5... 69 Aug. 4... 60 Aug. 2... 61 Aug. 1... 61 Aug. 7.. 65 1 9 6 . .. 15 5 0 1 2 1 1 4 . . . . . . 6 5 1 8 2 1 0 3 . . . . . . 5 5 0 8 1 1 2 9 . . . . . . 6 6 5 4 1 1 8 1 . .. . . . 6 6 0 3 1 9 6 . . . . . . 6 6 3 7 1 8 5 . . . t . . 6 6 5 7 2 1 1 4 ,'1 6 7 8 1 23.. 55 28... 58 27... 58 26... 67 25... 66 23... 70 22.,. 71 28,. 72 30.. 63 30... 77 29... 71 Sept. 6.. 60 Sept. 4... 70 Sept. 3... 67 Sept. 2... 72 Sept. 1... 72 Sept. 6... 70 Sept. 5... 71 Sept. 4..; 80 13.. 66 11... 65 10... 62 9... 69 8111 68 13... 80 12... 72" 11,. 69 20.. 68 18... 76 17... 72 16... 86 15... 78 20... 79 19... 85 is;. 85 27.. 72 25... 72 24... 67 23... 75 22... 76 27... 78 26... 81 25,. 83- 30... 75 29... 78 Oct. 4.. 74 Oct. 2... 74 Oct. 1... 69 Oct. 7... 76 Oct. 6... 75 Oct. 4... 81 Oct. 3... ;7.9 O.ct. 2.. ,78 11.. 69 9... 76 8... 68 14... 75 13... 80 11... 88 10... 85 9.. 84 18.. 68 16... 75 15... 67 21... 71 20... 79 18... 87 17... 83 16* 1 84 25.. 69 23... 78 22... 68 28... 73 27... 77 25... 86 24.,. 79 °3. * 87 30... 72 29... 68 31... 80 30.1 83 Nov. j 71 Nov. 6... 72 Nov. 5... 72 Nov. 4... 74 Nov. 3... 83 Nov. I 81 Nov. 7... 86 Nov. 6.. 9.Q 8l!78 13... 78 12... 73 11... 80 10... 87 8ll! 83 14... 94 13,."92 15.. 86 20... 84 19... 79 18... 86 17... 89 15... 91 21... 93 20.:. 95 22.. 89 27... 79 26... 76 25... 75 24... 84 22... 94 28... 94 27,'. 94 29.. 83 29... 97 Dec. 6..115 Dec. 4... 110 Dec. 3...103 Dec. 2... 104 Dec. 1...110 Dec. 6... 136 Dec. 5...134 Dep. 4.. 136 13.. 129 11... 128 10... 125 9... 129 8...131 13... 157 12... 153 11.. 159 20.. 130 18... 130 17... 134 16... 149 15... 146 20... 166 19... 165 18.. 170 27.. 81 25... 107 24... 125 23... 150 22... 156 27... 102 26... 115 25;. 134 31... 45 30... 55 29... 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN • AUGUST 1962 WEEKLY DEPARTMENT STORE SALES—Continued [1957-59= 100] 1955 1956 1957 1958 1959 1960 1961 1962 Jan. 1.. 56 Jan. 7, ..70 Jan. 5... 70 Jan. 4... 73 Jan. 3... 77 Jan. 2... 81 Jan. 7... 85 Jan. 6.. 83 8.. 75 14*.'.'. 77 12... 80 11... 83 10... 89 9... 96 14... 93 13.. 91 15.. 70 21... 73 19... 75 18... 79 17... 85 16... 87 21... 78 20.. 90 22.. 68 28... 69 26... 72 25... 72 24... 77 23... 81 28... 74 27.. 84 29.. 62 31... 78 30... 81 Feb. 5.. 61 Feb. 4... 67 Feb. 2... 70 Feb. I 71 Feb. 7... 79 Feb. 6... 80 Feb. 4... 77 Feb. 3.. 82 12.. 65 11... 72 9... 76 71 14... 81 13... 83 11... 80 10.. 85 19.. 64 18... 71 16... 76 15... 74 21... 80 20... 78 18... 83 17.. 88 26.. 66 25... 72 23... 75 22... 63 28... 87 27... 79 25... 88 24.. 86 Mar. 5.. 70 Mar. 3... 77 Mar. 2... 74 Mar. 1... 77 Mar. 7... 87 Mar. 5... 71 Mar. 4... 88 Mar. 3.. 85 12.. 72 10... 81 9... 74 8... 81 14... 91 12... 84 11... 92 10.. 86 19.. 77 17... 78 16... 80 15... 82 21... 101 19... 93 18... 101 17.. 99 26.. 74 24... 83 23... 85 22... 84 28... 104 26... 95 25... 101 24.. 101 31... 91 30... 84 29... 88 31.. 106 Apr. 2.. 81 Apr. 7... 77 Apr. 6... 85 Apr. 5... 96 Apr. 4... 86 Apr. 2... 103 Apr. 1 109 Apr. 7.. 112 9.. 87 14... 85 13... 92 12... 80 11... 95 9... 111 si.*; 92 14.. 109 16.. 73 21... 84 20... 97 19... 90 18... 97 16... 113 15... 94 21.. 118 23.. 80 28... 89 27... 93 26... 98 25... 104 23... 105 22... 104 28.. 110 30.. 86 30... 109 29... 105 May 7.. 96 May 5... 94 May 4... 101 May 3... 96 May 2... 104 May 7... 113 May 6...101 May 5.. 116 14.. 77 12... 96 11... 101 10... 100 9... 116 14... 97 13... 113 12.. 121 21.. 82 19... 91 18... 91 17... 91 16... 101 21... 99 20... 105 19.. 112 28.. 82 26... 87 25... 87 24... 92 23... 102 28... 101 27... 98 26.. 106 31... 84 30... 89 June 4.. 73 June 2... 82 June 1... 83 June 7... 98 June 6... 110 June 4... 95 June 3... 95 June 2.. 99 11.. 82 9... 93 8... 95 14... 100 13... 104 11... 104 10... 109 9..109 18.. 84 16... 98 15... 98 21... 85 20... 105 18... 107 17... 115 16.. 112 25,. 74 23... 82 22... 90 28... 80 27... 87 25... 90 24... 92 23.. 97 30... 79 29... 81 30.. 94 July 2.. 70 July 7... 68 July 6... 71 July 5... 74 July 4... 80 July 2... 91 July 1... 90 July 7.. 85 9.. 63 14... 74 13... 79 12... 84 11... 93 9... 78 8... 82 14.. 96 16.. 70 21... 72 20... 77 19... 80 18... 87 16... 86 15... 89 21.. 93 23.. 68 28... 73 27... 77 26... 81 25... 86 23... 87 22... 88 28.. 95 30.. 71 30... 88 29... 90 Aug. 6.. 70 Aug. 4... 78 Aug. 3... 79 Aug. 2... 83 Aug. 1... S9 Aug. 6... 92 Aug. 5... 95 Aug. 4.. 98 2 1 0 3 . . . . 7 7 2 7 1 1 8 1 . .. . . . 8 8 1 4 1 1 7 0 . . . . . . 8 8 7 4 1 9 6 . . . . . . 9 8 0 7 1 8 5 . . . .. . 9 9 7 6 2 1 0 3 . . . . . . 1 9 0 5 0 1 1 2 9 . . . . . . 10 9 3 4 1 18 1 . . . . # # 27.. 80 25... 90 24... 92 23... 98 22... 97 27... 104 26... 110 25.. 31... 102 30... 109 29... 102 Sept. 3.. 90 Sept. 1... 96 Sept. 7... 86 Sept. 6... 89 Sept. 5... 109 Sept. 3...106 Sept. 2... 111 Sept. 1.. to.. 78 8... 85 14... 99 13... 106 12... 97 10... 94 9... 93 8.. 17.. 91 15... 98 21... 96 20... 99 19... 116 17... 109 16... 108 15.. 24.. 88 22... 99 28... 99 27... 99 26... 107 24... 107 23... 111 22.. 29... 98 30... 113 29.. .. Oct. t..91 Oct. 6... 96 Oct. 5... 97 Oct. 4... 106 Oct. 3... 105 Oct. 1...108 Oct. 7... 118 Oct. 6.. 8.. 90 13... 101 12... 101 11... 108 10... 111 8... 112 14... 112 13.. 15.. 93 20... 98 19... 98 18... 107 17... 118 15... 112 21... 118 20.. 2 2 9 2 . . . . 9 9 1 6 27... 97 26... 97 25... 102 2 3 4 1. . . . . . 1 1 0 1 7 1 2 2 9 2 . . . . . . 1 1 0 1 7 4 28... 110 27.. # m Nov. 5.. 93 Nov. 3... 94 Nov. 2... 93 Nov. 1...100 Nov. 7... 114 Nov. 5... 108 Nov. 4... 111 Nov. 3.. ## 12.. 103 10... 104 9... 103 8... 108 14... 123 12... 117 11... 122 10.. 2 1 6 9 . . . . 1 10 0 6 4 2 1 4 7 . . . . . . 1 1 1 1 3 5 2 1 3 6 . . . . . . 1 1 0 1 9 9 2 1 2 5 . . . . . . 1 1 1 2 5 4 2 2 8 1 . . . . . . 1 12 3 9 4 2 1 6 9 . . . . . . 1 1 2 2 3 5 2 1 5 8 . . . . . . 1 1 3 3 0 4 2 1 4 7 . . . . m 30... 122 29... 126 Dec. 3.. 143 Dec. 1...149 Dec. 7... 165 Dec. 6... 179 Dec. 5... 183 Dec. 3... 167 Dec. 2... 171 Dec. 1.. 10.. 171 8... 172 14...204 13...215 12...219 10...214 9...216 8.. 17.. 186 15... 197 21... 210 20... 223 19...234 17...220 16...240 15.. 24.. 168 22... 202 28... 113 27... 150 26... 181 24... 230 23... 259 22.. 31.. 64 29... 85 31... 84 30... 90 29.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Quarterly Survey of Consumer Buying Intentions CONSUMERS in July reported about the months and in 6 to 12 months were down same number of plans to buy houses and somewhat from April. Buying plans renew automobiles as in April, according to ported in July were about equal to those data from the most recent Quarterly Survey in July 1961 and higher than in either 1959 of Consumer Buying Intentions. Plans to or 1960. buy household durable goods declined less Plans to buy used cars declined from the than in the corresponding period of other abnormally high level reported in April but recent years, and plans to buy used cars remained higher than in any of the three remained strong. In July plans to buy new preceding July Surveys. In the January-July cars equaled those a year earlier, and plans period, reported plans to buy used cars to buy used cars, houses, and household within 6 months increased slightly, comdurable goods were somewhat higher.1 pared with reductions in each of the three Slightly fewer consumers than in other preceding years. recent Surveys expected their incomes to increase over the coming year, and a cor- AUTOS AND HOUSES - PLANS TO BUY WITHIN 6 MONTHS Per cent respondingly higher proportion expected 6 NEW AUTOMOBILES their incomes to remain unchanged. There 5 was no change, however, in the number ex- 1962 pecting lower incomes or uncertain about 4 their income prospects. Slightly fewer fam- 196l" 1960 ilies than in other recent Surveys reported 3 1 1 1 1 -vt an increase in income over the preceding year. Automobiles. Reports of plans to buy new cars within 6 months were unchanged from April to July this year, compared with increases in the corresponding period of the expansion years 1959 and 1961 and a re- WITHIN 12 MONTHS duction in 1960. Plans to buy within 3 HOUSES aThis article presents the findings of the July 1962 Quarterly Survey of Consumer Buying Intentions, conducted for the Board of Governors by the Bureau of the Census. The Quarterly Survey is conducted under the supervision of Mona E. Dingle of the Board's staff and James C. Byrnes of the Bureau of the Census. JAN. APR. JULY OCT. JAN. Articles covering the previous Quarterly Surveys ap- NOTE.—Plans to buy new automobiles and used automobiles peared in earlier issues of the BULLETIN. A descrip- include pro rata shares of planners undecided between new tion of the Survey appeared in the BULLETIN for Sep- and used. These proportions differ from the proportions shown in Table 1, which include only specific plans to buy either new tember 1960, pp. 977-1003. or used cars. 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN • AUGUST 1962 Plans on the part of the 22 per cent of HOUSEHOLD DURABLE GOODS - PLANS TO BUY all families with incomes of $7,500 or more WITHIN 6 MONTHS No. per 100 families to buy new cars within 6 months were lower in July than in the corresponding period of other recent years. In interpreting changes for different groups of consumers, special caution should be exercised because of the increased sampling variability as numbers are reduced. Plans of families with incomes under $7,500 showed little change this July - 6 from earlier years. The proportion of all families that expressed dissatisfaction with the car currently JAN. APR. JULY OCT. JAN. NOTE.—Plans to buy items listed in Table 3. owned, which had been above year-earlier levels, declined in July to a level below that 1960 was concentrated in refrigerators and in July 1961 but was above the 1959 and washing machines; plans to buy television 1960 levels. The proportion of families that sets and "growth" items such as air condireported shopping for a car in recent weeks tioners and clothes dryers were generally also declined and in July was about the close to or above 1960 levels. Refrigerators same as in 1961 and lower than in the same and washing machines, however, accounted month of other recent years. for a substantial part of the rise in reported Household durable goods. Plans to buy plans to purchase within 3 months. household durable goods declined less from Plans to buy household appliances re- April to July this year than in either 1960 ported by families with incomes of $7,500 or 1961 as there was a less than seasonal or more continued below the year-earlier reduction in plans to buy air conditioners, level in July. While their plans to buy growth and an increase in plans to buy most other items—air conditioners, clothes dryers, dishitems covered. In July reported plans to buy washers, and radio and phonographic equipwithin 6 months were above year-earlier ment—increased, their plans to buy the levels for the first time in the 1961-62 cycli- items labeled as major durable goods— cal expansion. As in the second half of last washing machines, refrigerators, and teleyear and the first half of this year, but in vision sets—were at new lows for July. contrast to the 1959-early 1960 expansion Houses. As in each of the two preceding period, plans to buy within 3 months and years, reported plans to buy houses within plans that were said to be definite showed the next 12 months showed little change more strength than total 6-month plans. from April to July, but short-term plans and Three-month plans were at the highest July definite plans strengthened somewhat. In level since the Survey began, while 6-month July total plans to purchase within a year plans remained below the level of July 1960 were slightly higher than in 1961 but slightly and, for the items for which information is lower than in 1960. In contrast to plans for available, also lower than in July 1959. most other items, plans to buy houses were The decline of 6-month plans for house- above year-earlier levels for families with hold durable goods compared with July incomes of $7,500 or more. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 957 Sampling variability. Data from Quarterly are 68 in 100, or about 2 in 3, that an Surveys are based on about 17,000 inter- estimate from the Survey would differ from views and, as is true of all sample surveys, a complete census by less than the sample may differ because of sampling variability errors shown in the table and 95 in 100 from data that would be obtained if a com- that the difference would be less than twice plete census were taken. The reliability of the errors shown. estimates of percentages obtained from the The second table shows the approximate Survey depends on the size of the estimated number of households by income and age percentage and the size of the total sample groups. The estimated size of each sub- —or portion of the sample—on which the group may be used in the first table to percentage is based. obtain the approximate sampling error for that subgroup in preceding Surveys as well SAMPLING ERRORS OF PROPORTIONS as in the July 1962 Survey. The chances are 68 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number of percentage points shown below. SAMPLE SIZE FOR SPECIFIED GROUPS Number of Reported percentage Families or households * households (iii millions) 2 or 98 5 or 95 10 or 90 25 or 75 50 Group characteristic Proportion Approximate numin July ber applicable to 1962 all Surveys 1 .8 1.3 1.8 2.6 3.0 Survey (in millions) 2 .6 .9 1 3 1 8 2.1 5 .4 .6 .8 1.2 1.4 Total 100.0 54 10 .3 .4 .6 .8 1.0 20 .2 .3 .4 .6 .7 Income: 2 50 .2 .3 .4 .4 Under $3,000 28.0 15 $3,000-$4,999 20.0 12 $5,000-$7,499 24.0 12 $7,500-59,999 11.1 6 Sampling errors are shown in the table $10,000 and over 10.7 5 Not ascertained 6.3 4 for selected percentages and sample sizes. Age of head: The sample sizes are expressed in terms of Under 35 22.7 13 35-54 41.8 23 the estimated number of households repre- 55 and over 35.5 18 sented by the Survey (or portion of the 1 For the Quarterly Survey, data are collected only from the Survey) rather than in terms of the actual principal family in the household. Therefore the number of families is the same as the number of households. 2 Total money income before taxes of family in 12 months immenumber of households sampled. The chances diately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN • AUGUST 1962 TABLE 1 PLANS TO BUY HOUSES AND DURABLE GOODS, 1960-62* 1960 1961 1962 Buying plan Jan. Apr. July Oct. Jan. Apr. July Oct Jan. Apr. July Percentage of all families New or used automobile: 2 Planning to buy within 12 months.. 18.7 17.1 16.8 18.6 17.9 16.6 17.4 18.5 18.1 18.9 17.4 Doesn't know about 12-month plan. 7.8 7.6 8.0 7.7 7.9 Planning to buy within 6 months.. 9.5 8.8 8.1 9.1 9.0 8.4 8.4 9.1 9.1 10.2 Doesn't know about 6-month plan. 3.6 3.0 2.8 2.8 2.7 2.9 2.9 3.1 3.0 3.3 2.9 Has shopped for automobile 3 4.5 5.5 4.9 6.3 4.5 5.1 4.6 5.0 4.3 5.4 4.6 Dissatisfied with automobile owned. 9.8 8.7 8.0 9.6 10.0 8.9 9.1 9.2 10.3 9.8 New automobile: Planning to buy within 12 months.. 7.4 7.0 6.9 7.9 7.4 6.8 7.6 8.1 7.8 7.7 7.4 Planning to buy within 6 months 3.5 3.3 3.1 3.7 3.5 3.1 3.4 3.7 3.7 3.4 3.4 Degree of certainty: Definitely 1.3 1.5 1.2 1.5 .4 1.1 1.4 1.6 1.5 1.5 1.4 Probably 1.0 .9 1.0 1.2 1.1 .1 1.2 1.2 1.0 Maybe 1.1 .8 .8 .9 !o .9 1.0 .9 1.0 1.0 1.0 Timing of planned purchase: .9 First 3 months .9 1.2 .9 1.3 1.0 .9 .1 1.4 1.1 1.3 1.1 Second 3 months 1.7 1.3 1.4 1.4 1.6 1.4 .5 1.5 1.7 1.3 1.4 Doesn't know when in 6 months. .8 .7 .7 .9 .9 .8 .8 .8 .9 .8 .9 Used automobile: Planning to buy within 12 months 8.4 7.2 7.2 8.0 8.3 7.7 7.9 8.2 8.2 9.2 8.1 Planning to buy within 6 months 4.6 3.9 3.8 4.0 4.5 4.1 4.2 4.4 4.3 5.6 4.5 Degree of certainty: Definitely 1.6 1.3 1.4 1.2 1.5 1.6 1.5 1.4 1.5 2.0 1.7 Probably 1.5 1.2 1.2 1.3 1.4 1.3 1.2 1.5 1.4 1.8 .3 Maybe 1.5 .3 1.2 1.4 1.6 1.3 1.5 1.5 1.4 1.8 .5 Timing of planned purchase: First 3 months 1.3 .4 1.4 .3 1.3 1.7 1.6 1.4 1.3 2.1 .7 Second 3 months 2.0 .3 1.2 1.7 2.0 1.3 1.6 1.7 1.8 1.9 .3 Doesn't know when in 6 months. 1.2 1.1 .9 1.2 1.1 1.0 1.3 1.2 1.6 .5 House (new or existing): Planning to buy within 24 months 12.0 11.1 11.2 10.6 10.3 10.0 10.0 10.6 9.8 10.0 10.1 Doesn't know about 24-month plan... 6.6 6.2 6.6 6.8 6.4 6.3 6.1 6.4 6.1 6.4 6.0 Planning to buy within 12 months 5.8 5.3 5.4 5.0 4.8 5.1 5.0 5.1 4.8 5.2 5.2 Degree of certainty: Definitely 2.3 2.2 2.2 2.0 .9 2.1 >.O 2.2 1.7 2.0 2.3 Probably 1.8 1.6 1.6 1.5 .5 1.5 .6 1.6 1.5 1.5 1.5 Maybe 1.7 1.5 1.5 1.5 1.4 1.4 .4 1.3 1.6 1.7 1.4 Timing of planned purchase: First 6 months 2.4 1.5 2.4 .9 1.9 2.3 .9 1.0 1.8 2.3 2.3 Second 6 months 1.8 1.3 1.7 .9 .5 1.4 .7 [.8 1.5 1.3 1.6 Doesn't know when in 12 months. 1.6 1.4 1.3 .1 .4 1.3 .4 .3 1.5 1.6 1.3 Doesn't know about 12-month plan 2.4 IA 2.4 >.5 :>.l 2.2 :1.2 >.3 2.0 2.3 2.3 Plans per 100 families Household durable goods: 4 Planning to buy within 6 months 24.3 21.9 20.1 21.0 20.5 20.2 18.4 19.6 18.8 20.1 19.3 Degree of certainty: Definitely 7.5 7.7 6.5 7.4 6.3 6.5 6.2 7.0 6.5 7.1 6.9 Probably 6.0 5.8 5.0 5.5 5.4 5.6 4.8 5.0 5.1 5.2 4.6 Maybe 10.7 8.5 8.6 8.1 8.8 8.1 7.3 7.6 7.2 7.9 7.8 Timing of planned purchase: First 3 months 5.4 7.4 5.9 6.8 5.1 6.7 5.8 6.9 4.8 7.2 6.8 Second 3 months 10.6 7.7 7.4 8.2 8.8 7.8 7.4 7.1 8.8 7.1 7.3 Doesn't know when in 6 months 8.2 6.7 6.7 6.0 6.6 5.7 5.2 5.6 5.2 5.8 5.2 Doesn't known about 6-month plan.. 5.5 5.4 4.7 4.5 4.7 5.0 4.6 4.6 5.2 5.1 4.5 Major household durable goods: 5 Planning to buy within 6 months 15.7 13.9 14.0 13.8 13.7 13.0 12.8 13.1 12.2 13.0 13.2 Degree of certainty: Definitely 4.7 4.7 4.4 4.7 4.1 4.1 4.1 4.5 4.1 4.4 4.7 Probably 3.3 3.1 3.0 3.1 3.0 3.1 1 1 2.8 2.8 3.0 2.8 Maybe 7.7 6.2 6.7 5.9 6.6 5.8 5.6 5.9 5.3 5.7 5.8 Timing of planned purchase: First 3 months 3.7 3.8 3.8 4.2 3.5 3.7 3.9 4.5 3.2 4.0 4.5 Second 3 months 5.8 4.9 4.7 5.1 5.1 5.0 4.7 4.3 5.0 4.5 4.6 Doesn't know when in 6 months 6.1 5.2 5.4 4.5 5.1 4.2 4.2 4.3 4.0 4.5 4.1 Doesn't know about 6-month plan... 2.8 2.7 2.9 2.6 2.9 2.8 2.9 2.9 2.9 3.0 2.9 1 As reported in interviews in the hrst month ot each calendar 4 Sum of plans to buy washing machines, refrigerators, television quarter. Interviews are taken in the week that includes the 19th of sets, air conditioners, clothes dryers, radio and phonographic equipthe month. Planning period begins on the date of interview. ment, and dishwashers. 2 Includes those undecided between new and used. 5 Sum of plans to buy first three items listed in note 4. 3 In the weeks immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 959 TABLE 2 PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1960-62 1960 1961 1962 Planning period, and income or age group Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Planners a>s a percentage of all families in group Planning to buy new automobile within 6 months: All families 3.5 3.3 3.1 3.7 3.5 3.1 3.4 3.7 3.7 3.4 3.4 Income: * Under $3 000 .7 .9 .8 .6 .6 .8 .7 .7 .9 .9 .9 $3,000-$4,999 2.3 1.7 1.5 2.4 1.9 1.7 2.2 2.3 2.0 1.8 2.1 $5 000-$7 499 4.0 4.5 3.6 4.5 4.1 3.8 3.8 3.4 3.8 3.5 3.6 $7,500-$9,999 6.8 5.5 6.6 6 8 6.3 4.8 6.0 6.7 6.3 6.2 5.7 $10,000 and over 12.0 9.6 9.9 11.7 11.3 9.6 11.0 13.4 11.5 9.4 9.8 Age of head: Under 35 3.2 3.3 3.4 3.7 3.6 3.2 3.3 3.4 4.1 3.4 4.0 35-54 4.1 4.0 4.1 55 and over 2.5 2.3 2.1 2.9 2.5 2.4 2.3 2.7 2.9 2.8 2.1 Planning to buy used automobile within 6 months: 4.6 3.9 3.8 4.0 4.5 4.1 4.2 4.4 4.3 5.6 4.5 Income: 1 Under $3,000 3.1 2.6 2.9 2.9 2.8 2.5 2.7 3.0 2.3 4.0 2.8 $5,000-$7 499 6.0 4.9 4.6 4.9 6.0 4.6 5.3 5.7 6.1 6.7 5.8 $7,500-$9,999 6.3 4.8 5.4 5.6 4.9 5.4 5.2 5.5 3.9 7.0 5.2 $10,000 and over 5.5 3.3 4.1 4.8 5.4 5.1 Age of head: Under 35 6.5 6.8 6.6 6.7 7.1 6.8 7.1 7.0 7.4 9.9 7.5 35-54 5.5 6.2 5.2 55 and over 2.1 1.4 1.5 1.6 2.0 1.5 1.6 2.1 1.8 2.0 1.7 Planning to buy house within 12 months: All families 5.8 5.3 5.4 5.0 4.8 5.1 5.0 5.1 4.8 5.2 5.2 Income: 1 Under $3,000 1.9 1.7 2.1 1.8 1.5 1.7 2.2 2.4 1.7 2.3 2.1 $3,000-$4 999 5.3 5.1 5.4 4.9 4.1 4.8 4.8 4.6 4.7 4.5 4.8 $5,000-$7,499 8.4 7.1 7.3 7.0 6.6 6.4 6.7 6.1 6.2 6.6 6.7 $7,500-$9,999 9.1 8.4 8.6 8.4 7.3 7.9 7.9 7.8 6.4 7.4 8.2 $10,000 and over 11.5 10.2 9.1 7.3 8.6 8.1 7.7 9.5 8.7 9.0 8.6 Age of head: Under 35 10.1 9.4 9.8 9.2 8.8 9.3 9.9 9.5 9.2 9.7 9.4 35-54 6.2 5.6 5.5 5.1 5.1 5.1 4.7 5.3 4.9 5.2 5.8 55 and over 2.4 2.0 2.2 2.0 1.7 2.1 2.1 2.0 1.6 2.3 2.0 Plans per 100 families in group Planning to buy household durable goods within 6 months: 2 All families 24.3 21.9 20.1 21.0 20.5 20.2 18.4 19.6 18.8 20.1 19.3 Income: * Under $3,000 13.4 12.1 11.1 10.8 10.0 10.4 10.7 10.9 10.0 11.7 10.5 $3,000-$4,999 21.1 19.3 18.8 19.6 15.0 15.9 14.8 16.5 16.4 17.0 16.6 $5,000-57,499 29.1 24.0 24.1 24.9 24.7 21.4 20.5 21.1 21.4 22.0 22.0 $7,500-$9,999 39.9 30.8 29.8 32.2 31.5 28.6 28.4 30.2 25.9 25.8 24.8 $10,000 and over 46.9 43.8 39.1 41.1 40.8 39.7 34.0 37.5 34.2 36.8 34.6 Age of head: Under 35 31.0 32.0 29.8 31.2 27.3 29.6 26.9 28.1 27.6 31.5 29.0 35-54 28.1 24.4 22.0 23.7 23.9 21.8 20.2 21.3 21.3 21.5 21.7 55 and over 14.9 11.9 11.2 10.6 11.8 12.0 10.4 11.8 9.7 11.0 10.3 Planning to buy major household durable goods within 6 months: 3 All families 15.7 13.9 14.0 13.8 13.7 13.0 12.8 13.1 12.2 13.0 13.2 Income: l Under $3 000 .... 11 6 9.9 9.8 9.2 8.5 8.7 9.5 9.5 8.7 9.5 9.1 $3 000-$4,999 14.8 13.3 14.0 14.4 11.6 11.5 11.4 12.4 11.6 12.0 12.9 $5 000-$7 499 17 7 14.5 16.3 15.9 16 2 13.7 13.6 13.9 13.4 14.2 15.3 $7 500-$9 999 23.3 17.0 18.0 19.0 18.5 15.2 18.7 17.7 15.1 15.2 15.4 $10 000 and over 23.9 21.4 22.4 21.4 23.1 21.5 19.2 20.2 17.8 18.9 18.1 Age of head: Under 35 . .. 18.7 19.8 19.5 19.7 17.5 18.3 17.8 18.3 17.2 19.2 19.8 35-54 17.8 15.0 15.3 15.3 15.5 13.7 14.0 14.0 13.5 13.8 14.2 55 and over 10.9 8.6 8.7 8.2 8.9 8.6 7.9 8.6 7.2 7.9 7.9 1 Total money income before taxes of family in 12 months immedi- sets, air conditioners, clothes dryers, radio and phonographic equipately preceding interview. ment, and dishwashers. 2 Sum of plans to buy washing machines, refrigerators, television 3 Sum of plans to buy first three items listed in note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN • AUGUST 1962 TABLE 3 PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1960-62 [Percentage of all families] 1960 1961 1962 Type of durable good Jan. Apr. July Oct, Jan. Apr. July Oct, Jan. Apr. July Washing machine 6.5 6.0 5.9 5.5 5.5 5.3 5.1 5.4 5.2 5.4 5.3 Refrigerator 4.5 3.8 4.0 3.4 3.7 3.6 3.4 3.3 3.1 3.4 3.6 Television set 4.6 4.1 4.0 4.9 4.4 4.1 4.2 4.5 3.9 4.2 4.3 Air conditioner 3.2 3.4 1.4 1.3 2.0 2.6 1.1 1.2 1.9 2.6 1.3 Clothes dryer 2.2 1.8 2.0 2.3 1.9 1.8 1.7 1.9 1.8 1.8 2.1 Radio and phonographic equipment 2.3 1.9 1.9 2.7 2.1 2.1 2.1 2.5 2.3 1.9 1.9 Dishwasher .9 .8 .7 .6 1 Radios or phonographs (or their component parts) together costing $100 or more. TABLE 4 PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1959-62 * [Percentage of all families] 1959 1960 1961 1962 Item Oct.- Jan.- Apr.- July- Oct.- Jan.- Apr.- July- Oct.- Jan.- Apr.- Dec. Mar. June Sept. Dec. Mar. June Sept. Dec. Mar. June Automobile: New 2.4 2.7 3.2 2.8 2.8 2.1 2.2 2.2 2.9 2.3 2.9 Used 4.7 5.0 5.7 5.2 4.9 5.1 5.9 5.4 5.1 5.1 5.8 House (new or existing) 2 1.5 1.4 1.4 1.2 1.1 1.4 1.2 .9 1.2 1.0 Washing machine 3.2 2.4 2.7 2.8 2.9 2.5 2.8 2.8 2.3 2.6 Refrigerator 2.3 1.6 2.4 2.7 1.9 2.2 2.2 2.8 1.9 1.7 2.4 Television set 4.8 3.3 2.9 3.4 4.8 1.7 2.7 3.3 5.2 3.1 2.8 Air conditioner .3 1.1 1.0 .2 2.8 .8 1.0 .3 .2 1.5 Clothes dryer .6 .5 .7 .2 .4 .6 1.0 .7 .4 Radio and phonographic equipment 3 2.5 1.0 .9 1.0 .7 1.0 1.0 2.8 1.0 1.0 Dishwasher .4 .3 .3 .3 .4 .9 .3 .3 .5 .2 .3 .2 1 As reported in month immediately following purchase period. chases of new houses. 2 Estimates are subject to somewhat larger sampling errors than 3 Radios or phonographs (or their component parts) together other data because of special problems involved in estimating pur- costing $100 or more. TABLE 5 PAST AND EXPECTED CHANGES IN INCOME, 1960-62 [Percentage distribution of families] 1960 1961 1962 Direction of change Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Current income compared with a year earlier: Higher 25.0 22.2 21.5 23.2 22.6 20.7 20.6 22.6 22.2 23.1 21.1 Same • . < 57.1 61.3 61.9 58.7 57.9 59.9 61.0 59.9 60.2 61.6 63.7 Lower 17.0 15.5 15.7 17.0 18.7 18.5 17.6 16.6 16.5 14.6 14.4 Doesn't know .9 1.0 .9 1.1 .8 .8 .9 .9 1.0 .8 .8 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current: * Higher 24.4 24.2 24.6 24.5 24.6 23.9 24.7 23.7 24.0 24.2 23.2 Same 59.6 60.2 59.6 59.2 57.2 59.4 58.5 59.3 60.0 60.3 61.2 Lower 5 7 * 6 5.9 5.8 6.0 5.4 5.8 5.7 5.0 5.1 5.1 Doesn't know 10.2 10.0 9.8 10.5 12.2 11.4 11.0 11.3 11.1 10.4 10.6 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Expected a year hence. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Banking Legislation MY APPEARANCE today is in response to branches of American banks have encounthe invitation of your Chairman to present tered in competing abroad, and the probthe views of the Board of Governors on lem has been the subject of extensive con- S. 1771, H. R. 8874, andH. R. 7796. These sideration for a period of years, both within bills would amend the banking laws in re- the Federal Reserve System and by others, sponse to developing needs in the fields notably your Committee, who are conof international finance, automation, and cerned with the role of banking in the housing. "furtherance of the foreign commerce of the United States"—the express statutory purpose for which national banks were orig- FOREIGN BRANCHES OF NATIONAL BANKS inally authorized under Section 25 to estab- S. 1771 would authorize the Board to per- lish branches abroad. mit foreign branches of national banks to Business methods and operating condiexercise, in addition to powers that are tions in foreign countries often differ conotherwise authorized to national banks, such siderably from those in this country, and further powers "as may be usual in connec- banks in foreign countries are often subject tion with the transaction of the business of to few if any of the rules that apply to banking in the places where such foreign national banks in this country. It is apparbranches shall transact business." The bill ent that in this situation American banks is consistent with legislative policy already may often find their effectiveness materially expressed in the field of foreign banking op- handicapped. I would like to emphasize, erations in that it would extend to foreign however, that I would not interpret this branches of national banks the same kind bill as a carte blanche for the full equaliof flexibility that is afforded to so-called zation of foreign branch powers with those "Edge Corporations" by Section 25 (a) of of foreign banks. Apart from the fundathe Federal Reserve Act. With safeguards mental limitations in the bill itself, it would similar to those found in Section 25(a) and not allow foreign branches to exercise any the Board's Regulation K, the bill would additional powers except as expressly permake it possible for foreign branches to mitted by Board regulations that would be compete more effectively with foreign insti- formulated after consideration of actual tutions. conditions and with due regard for the in- The Board has become increasingly tegrity and soundness of the American aware of the difficulties that foreign banking system. It would be extremely difficult to anticipate in comprehensive detail the various NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal kinds of powers that might suitably be au- Reserve System, before Subcommittee No. 1 of the thorized under this bill in the various cir- House Committee on Banking and Currency, on S. 1771, H. R. 8874, and H. R. 7796, July 19, 1962. cumstances that may now exist or that may 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN • AUGUST 1962 develop in the future. To cite a few exam- and conditions and subject to the same ples, however, it has been suggested that limitations and restrictions as are apthis legislation might appropriately be used plicable to the establishment of to relax some existing restrictions on the branches by national banks . . . issuance of certain types of guaranties, ex- S. 1771 would be beneficial to American change of negotiable instruments with full commercial activties abroad and to the narecourse endorsements, and acceptance fitional economic interest, and its enactment nancing of foreign inland shipments. Powers would not jeopardize the fundamental granted would commonly relate to the forms character of American banking. The Board in which banking business is transacted, and of Governors, therefore, recommends its variations in substance from the practices enactment. now permitted to national banks would be authorized only with particular circumspec- BANK SERVICE CORPORATIONS tion. Various provisions of Section 25 of the Next, I will offer some observations and Federal Reserve Act in its present form suggestions concerning the bill H. R. 8874, would assist in supervising activities that which would authorize member banks of might be authorized under this bill. Al- the Federal Reserve System to invest in though separate accounting is not required "bank service corporations." As set out in of national banks with respect to their do- its report on H. R. 8874 to your Commitee, mestic branches, the eighth paragraph of the Board favors the objective of the bill, Section 25 requires that every national but suggests some changes in it. The bank banking association "shall conduct the ac- service corporations established under the counts of each foreign branch independently bill would serve as a means whereby banks of the accounts of other foreign branches •—and especially small and medium-size established by it and of its home office. . . ." banks—and their customers could benefit In addition, under the sixth paragraph of from the improved efficiency and economies Section 25, "every national banking associ- possible today only through automation. ation operating foreign branches shall be The operations of a bank entail a tremenrequired to furnish information concerning dous volume of data processing, such as the condition of such branches to the Comp- the various kinds described in Section 2(a) troller of the Currency upon demand. . . ." of the bill. At one time much of this was I might point out that State member associated with the high desk and quill pen. banks would share in the benefits of this Today, high speed electronic and related mechanical equipment designed to handle legislation, to the extent permitted by State this work is being used by banks with inlaw, because the third paragraph of Section creasing frequency. 9 of the Federal Reserve Act provides that: Notwithstanding the high initial cost of . nothing herein contained shall equipment of this kind, some banks—espeprevent any State member bank from cially the larger banks—are purchasing or establishing and operating branches leasing this equipment. Other banks are in the United States or any dependency gaining access to this equipment through or insular possession thereof or in any various contractual arrangements with data foreign country, on the same terms processing centers operated by private com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED BANKING LEGISLATION 963 mercial concerns, and some banks that About one-fifth of the automating banks have purchased or leased this equipment indicate that they are using or plan to use are doing data processing for other banks outside facilities for their automation operaand business concerns. tions, mainly those of an independent serv- Under the bill, two or more banks would ice bureau or a correspondent bank. Twentybe able to pool their resources through the four banks, according to the survey, are corporate device in order to gain the bene- planning to use some form of cooperative fits—for themselves and for their customers arrangement, despite the difficulties of —of this expensive equipment. This ap- doing so under present law. proach to the problem is not now open to I will not take the Committee's time to member banks, because they are quite lim- discuss the details of H. R. 8874 or to elaboited by the Federal banking laws as to the rate on the suggestions for changes which stock or securities that they may acquire. the Board set out in its report on the bill. Of course, even if this bill is enacted, State These changes do not affect the bill's essenmember banks will be able to invest in tial purpose. The Board's staff will be glad bank service corporations only if authorized to be of all possible help to the staff of your to do so by State law, but I understand that Committee, Mr. Chairman, with respect to at least six States have recently enacted any of these changes. laws that specifically authorize such investments by State banks. REAL ESTATE LOANS BY NATIONAL BANKS The Committee may be interested in some The third bill before you today is H. R. of the findings of a survey conducted by the 7796, relating to real estate loans by na- System in March of this year concerning tional banks. automation accomplishments and plans of Under existing law, national banks may commercial banks. This survey covered make construction loans on residential and nearly all of the 975 banks with deposits of farm buildings provided the maturities of $25 million or more. In Federal Reserve such loans do not exceed 9 months. These districts where interest in automation was loans are classified as ordinary commercial believed to be relatively high, several hunloans and are not subject to the various dred smaller banks also were surveyed. limitations which, under Section 24, apply Nearly 500 banks indicate that they to loans secured by real estate. Section 2 of either are already using electronic com- H. R. 7796 would increase the permissible puters or some other form of automation maturities of such loans from 9 to 18 equipment or have firm plans for automamonths. This change would be helpful in tion within 3 years. Nearly all large banks meeting situations where, for some reason are in this group, but the ratio of automatbeyond the control of the contractor, it is ing banks to the total number of banks falls not possible to complete construction withrapidly as one moves down the scale in in a 9-month period or where there are other bank size, particularly among banks with unavoidable delays. National banks would deposits of less than $50 million. Only continue to be limited in the aggregate about one-fifth of the banks with deposits of $25 million-$50 million have automation amount of construction loans which may plans, and at smaller banks the proportion be made to 100 per cent of unimpaired capiis negligible. tal and surplus. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN • AUGUST 1962 Under the first paragraph of Section 24 second alternative to 70 per cent. Last year of the Federal Reserve Act, a national bank the Board reported to your Committee that may now make real estate loans in an aggreit had no objection to this increase. The gate amount not in excess of the amount of Board adheres to that view, but desires to the capital stock of the national bank paid call your attention to the fact that in the in and unimpaired plus the amount of its interim there has been a considerable inunimpaired surplus funds, or not in excess of 60 per cent of the amount of its time and crease in time and savings deposits, which savings deposits, whichever is greater. Sec- may well reduce the need for relief in this tion 1 of H. R. 7796 would increase the form. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Balance Sheet of Agriculture, 1962 The major factual portion of the 18th in a the Agricultural Estimates Division of the Statisseries of annual reports on the financial condition tical Reporting Service; crops—Charles E. Burkof agriculture, as issued by the U. S. Department head and George D. Harrell of the Agricultural of Agriculture, is given below? The full report has Estimates Division of the Statistical Reporting been published as an Agriculture Information Bul- Service; farm machinery—Robert H. Masucci and letin of the Department of Agriculture. Mardy Myers of the Economic and Statistical The study was prepared under the direction of Analysis Division of the Economic Research Serv- Norman J. Wall, Chief, Agricultural Finance ice; household equipment—Jean L. Pennock, Branch, Farm Economics Division, Economic Re- Consumer and Food Economics Research Disearch Service, by Fred L. Garlock, Philip T. vision, Agricultural Research Service. Data re- Allen, Q. Francis Dallavalle, Lawrence A. Jones, lating to farm income and expenditures were William H. Scofield, and Frederick D. Stocker. compiled under the direction of Mardy Myers Data relating to the inventories of livestock, and Albert Kendall of the Economic and Statiscrops, farm machinery, and household equipment were prepared under the direction of the follow- tical Analysis Division of the Economic Research ing persons: livestock—Emmett R. Hannawald of Service. SUMMARY During 1961, the value of farm assets rose farmers. Thus, payments on farm mortgage debts from $200.0 billion to $207.3 billion (Table 1). rose, and currency and bank deposits owned by Farm debts increased as well, though less than farmers, which had dropped in both 1959 and assets, with the result that the equities of farm 1960, leveled off during the year. operators and other owners of farm assets reached In addition, improved farm income gave an $179.6 billion on January 1, 1962, up $5.1 billion added boost to the farm real estate market. A from a year earlier. Despite a rise in expenses, sharp rise—5 per cent—in farm real estate prices farm operators increased their realized net income in 1961, compared with 1 per cent in 1960 and by more than $1 billion or almost 10 per cent 3 per cent in 1959, accounted for about $6 billion during 1961. of the $7 billion increase in total value of farm Higher farm income in 1961, resulting from assets. strengthened markets for farm products and from Inventories of livestock and crops also in- Government payments to farmers under the feed- creased substantially in value during 1961. Both grain program, eased the financial position of cattle and hogs increased in number, and prices— 1 The Balance Sheet of Agriculture brings together In using and interpreting the balance sheet, it the assets and liabilities of U. S. agriculture as though should be remembered that the data are aggregates it were one large enterprise. The data are for 48 and that they do not show the distribution of assets States; Alaska and Hawaii are not included. The an- and debts among owner-operators, tenants, and landnual changes shown provide a means of appraising lords. Nor do the data permit full separation of the the effects of developments in both the farm and non- farm firm as a production unit from the farm family farm sectors of the economy on the financial struc- as a consumption unit. ture of agriculture. The general financial and credit position of agri- This report shows farm assets and farm debts at the culture and how it varies among regions is given beginning of 1962 and selected earlier years. It deals special attention in the Agricultural Finance Outlook mainly with changes in the financial situation of agri- issued in November of each year by the Farm Ecoculture that occurred during 1961. nomics Division, Economic Research Service. 965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN • AUGUST 1962 TABLE 1 Farm debts rose during 1961 from $25.5 billion to $27.7 billion. Half the increase occurred in real BALANCE SHEET OF AGRICULTURE AS OF JANUARY 1 estate debt, with a sharp rise in volume of farm [Values in billions of dollars] mortgage lending. A growing number of loans involved additional advances to existing borrowers Percentage Value change l who were expanding their operations. Farm debts Item owed to the Commodity Credit Corporation 1940 1961 1962 1940-621961-62 (CCC) increased about $.5 billion, and non-real- Assets estate debts owed to other reporting lenders— Physical assets: banks, production credit associations (PCA's), Real estate 33.6 r131.8 138.0 310.2 4.7 other institutions that rediscount loans at the Non-real-estate: Livestock 2 5.1 15.5 16.3 218.0 5.1 Federal intermediate credit banks, and the Farm- Machinery and motor vehicles 3.1 '18.2 18.2 496.3 .2 ers Home Administration (FHA)—rose about $.6 Crops stored on and off farms 3 2.7 '8.0 8.7 226.7 8.6 billion. The increase in debt to the CCC chiefly Household furnishings and equipment r4.2 '8.9 8.3 97.5 -6.0 reflected a greater volume of price-support loans Financial assets: Deposits and currency.... 3.2 8.7 8.8 171.7 1.0 on cotton and soybeans. The growth of non-real- U. S. savings bonds .2 '4.6 4.5 1,690.0 -3.5 estate farm debt to other lenders was related to Investments in cooperatives .8 4.3 4.5 445.8 5.5 the continued upward trend of farm production Total 4 '52.9 '200.0 207.3 291.1 3.7 expenses. Claims Farm debts on January 1, 1962, were equal to Liabilities: Real estate debt 6.6 13.1 14.2 115.5 8.5 13.4 per cent of the value of farm assets, com- Non-real-estate debt to— Commodity Credit Cor- pared to 18.9 per cent in 1940 and 9.5 per cent poration 5 .4 '1.4 1.9 319.3 34.2 Other reporting institu- in 1950. Equities of farm operators and other No t n io r n e s p o ^ rting creditors7. 1 1 . . 5 5 7 4 . . 0 0 4 7 . . 1 5 4 1 0 7 0 3 . . 5 3 2 8. . 2 5 owners were equal to about 87 per cent of the Total liabilities 4 10.0 '25.5 27.7 176.2 8.9 value of farm assets at the beginning of 1962. Because of the continued advances in ag- Proprietors' equities '42.9 '174.5 179.6 317.9 2.9 gregate values of productive assets used in farm- Total 4 '"52.9 '200.0 207.3 291.1 3.7 ing and the continued decline in the number of ' Revised. For details of revision of household furnishings and farms, the average investment per production unit equipment figures, see Table 5. 1 Computed from unrounded data. has increased sharply in recent years. At the be- 2 Beginning with 1961, horses and mules are excluded. ginning of 1962, production assets per farm aver- 3 Includes all crops held on farms and crops held off farms as security for Commodity Credit Corp. loans. On Jan. 1, 1962, the latter totaled $964 million. 4 Total of rounded data. 5 Nonrecourse CCC loans secured by crops owned by farmers TABLE 2 and included as assets in this balance sheet. 6 Loans of all operating banks, the production credit associations, PHYSICAL ASSETS OF AGRICULTURE AS OF JANUARY 1 and the Farmers Home Administration, and discounts of the Federal intermediate credit banks for agricultural credit corporations and [Values in billions of dollars at 1940 prices] livestock loan companies. 7 Loans and credits extended by dealers, merchants, finance comd pa a n ta i . es, individuals, and others. Estimates based on fragmentary Value P c e h rc a e n n g t e a g i e Asset particularly of cattle—were higher at the end than 1940 1961 1962 1940-62 1961-62 at the beginning of the year. The rise in cattle and hog values more than offset a decline in sheep Real estate 2 33.6 38.3 38.4 14.3 .3 Livestock 3 5.1 4.8 4.9 -4.2 1.9 and poultry values. Crop inventory values were Machinery and motor 3.1 »7.0 6.8 123.2 -2.0 boosted chiefly by increased farmer-owned stocks Crops stored on and off of cotton and soybeans. farms 2.7 r4.0 4.0 51.6 .9 Household furnishings The drop in value of household furnishings and and equipment '4.1 r4.3 4.1 -.8 -5.1 equipment was a result of the declining number Total 4 48.6 58.4 58.2 19.6 -.2 of farm households. r Revised. For details of revision of household furnishings an Liquid financial assets held by farm people were equipment see Table 5. 1 Computed from unrounded data. the same at the end as at the beginning of 1961— 2 Developed by Alvin S. Tostlebe from data for census years 1870- 1950. (See Agricultural Finance Review, Nov. 1952.) Estimates for $13.3 billion. A small decrease in U. S. savings 1961 and 1962 are extensions of these data. bonds was offset by an increase in time deposits. 4 3 T B o eg ta i l n n o i f n g ro w un it d h e d 1 9 d 6 a 1 t , a h . orses and mules are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1962 967 aged $47,600—an increase of 8 per cent from end of 1961, member bank reserves had increased 1961 and 19 per cent from 1959. sufficiently to permit an increase of $16 billion The physical volume of total farm assets, as re- in demand and time deposits of commercial flected by valuations in 1940 prices, declined banks. Interest rates in central money markets slightly in 1961 because of reductions in farm remained comparatively stable during most of the machinery and motor vehicles and in household year, but began to rise in the closing months. In furnishings and equipment (Table 2). December 1961, the rate on newly issued 90-day Treasury bills averaged 2.6 per cent, compared INFLUENCE OF THE ECONOMIC SITUATION with 2.3 per cent a year earlier. These changes in the financial condition of farmers occurred in an economic environment of gen- FARM INCOME eral recovery from the quite moderate 1960-61 Total gross farm income was $40.2 billion in recession. At the cyclical low in the first quarter 1961, about $1.9 billion higher than in 1960 of 1961, gross national product was at an annual (Table 3). Cash receipts from farm marketings rate of just over $500 billion or about $1 billion increased by $1.2 billion, and Government payless than a year earlier. Recession weakness was most pronounced in producers' durable equipment, residential construction, and consumer pur- TABLE 3 chases of durable goods; moderate liquidation of INCOME STATEMENT OF AGRICULTURE inventories was a major downward influence. The [In millions of dollars] last three quarters of 1961 were characterized by rapid economic expansion, with GNP reaching a Item 1940 I960' 1961 rate of $539 billion in the final quarter. Nearly every major component of GNP contributed to How net income was obtained the advance. Gross farm income: 8,382 34,012 35,243 Industrial production, as measured by the Fed- 723 693 1,484 Home consumption 1,210 1,255 1,179 eral Reserve Board's seasonally adjusted index, 723 1,974 2,006 281 329 238 reached a low of 102 (1957=100) in January and Total . . 11,319 38,263 40,150 February of 1961. A broad advance in the re- Production costs (other than wages, rent, mainder of the year brought the index to 115 by and interest on mortgages) :2 Feed 998 4,842 5,139 December, with production rates at or near Livestock, except horses and mules 517 2,528 2,735 previous highs for most industries. Fertilizer and lime 306 1,462 1,502 Repairs and operation 1,006 3,861 3,823 Employment also increased during the year; Depreciation and other capital consumption 796 4,138 4,077 civilian nonfarm employment in December was Real estate and personal property taxes.. 451 1,549 1,638 Seed 197 529 521 about 1.5 per cent above a year earlier. The un- Miscellaneous 708 2,735 2,839 employment rate remained above 6 per cent Total 4,979 21,644 22,274 throughout 1961, but declined in the closing Net income from agriculture 6,340 16,619 17,876 months and dropped below 6 per cent in January How net income was distributed 1962. Wages (cash and perquisites) 1,029 2,955 3,048 Increases in unemployment benefits and farm Net rent and Government payments 3 448 1,007 1,107 Interest on mortgage debt 293 636 680 program payments in 1961 helped mitigate the Net income of operators 4,570 12,021 13,041 effects of the 1960-61 recession on the flow of Net income from agriculture 6,340 16,619 17,876 disposable personal income. The first-quarter rate Realized net income of operators of $354 billion, virtually unchanged from the Net income . .. 4,570 12,021 13,041 second half of 1960, was about 2.5 per cent above Net change in inventory 281 329 238 a year earlier. Because of a steady advance in Realized net income 4,289 11,692 12,803 income throughout 1961, domestic demand for r Revised. farm products was well sustained. 1 Reflects the physical changes during the year in all livestock and crops on farms, except crops under Commodity Credit Corp. loan, The Federal Reserve System continued its with the changes valued at average prices for the year. 2 Goods and services purchased, and depreciation of capital policy of easy credit and monetary conditions equipment. throughout 1961. From the end of 1960 to the 3 To landlords not living on farms, after subtraction of taxes, mortgage interest, and other expenses paid by landlords. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN • AUGUST 1962 ments by $.8 billion. Production costs (other than higher income, because the average of prices paid wages, rent, and interest on mortgages) rose $.6 by farmers for goods and services used for family billion. As a result, net income from agriculture living purposes showed a slight increase. as an industry totaled $17.9 billion, or $1.3 billion In addition to income from farming, farm above 1960. people have been receiving a growing share of The purchasing power of the net income real- their total income from nonfarm sources. In 1961, ized by farm operators in 1961 was 9 per cent these sources accounted for $7 billion, about onehigher than in 1960, a substantial increase. The third of the personal income received by farm better purchasing power resulted entirely from people from all sources. THE 1962 BALANCE SHEET In the preceding paragraphs, the 1962 balance billion above a year earlier, and one of the largest sheet was summarized in general terms. In the annual increases in recent years. The upward sections that follow, each item is treated sepa- trend in per-acre values had slowed perceptibly rately. in late 1959 and 1960, but resumed in response to the higher level of farm income realized in 1961. In the 12 months ending March 1, 1962, market ASSETS prices showed their greatest strength in the South- Assets fall into two general classes: (1) physical east and South Central parts of the country. The assets, which include both real estate and tangible upturn was relatively small in the Corn Belt where personal property; and (2) financial assets, which some decline had occurred previously. include cash, bank deposits, U. S. savings bonds, Estimates of market values of farm real estate and farmers' investments in cooperative associa- by economic class of farm, derived from the tions. 1959 Census of Agriculture, are given in Table Farm real estate. The total market value of farm 4. These estimates show the close relationships real estate rose to a new record of $138.0 billion between the gross value of sales of farm products on March 1, 1962, as a result of a 5 per cent in- and the market value of real estate. crease in the average value per acre. This was $6.2 Between the census years 1950 and 1959, farm TABLE 4 FARMS BY ECONOMIC CLASS, 1959 Farm real estate Percentage distribution Value of real estate Class T (b o d i t l o a li l l o l a n v r s a s l ) o u f e V (d a f o l a u l r l e m a r p s e ) r o N f u f m ar b m e s r T va o l t u a e l o V f a s l a u le e s p ( e o d r f o $ l s l 1 a a l , r 0 e s s 0 ) 0 Commercial farms with gross value of sales of— $40 000 or more (I) 25.8 253,400 2.8 19.4 31.2 2,710 $20 000-$39 999 (II) 20.9 99,300 5.7 15.7 18.5 3,698 $10,000-$ 19,999 (III) 28.4 58,900 13.0 21.4 22.0 4,246 $ 5 000 $ 9 999 (IV) 22.8 35,000 17.6 17.2 15.5 4,839 $ 2,500-$ 4,999 (V) 13.3 21,600 16.7 10.0 7.5 5,856 Total or average of classes I-V 111.2 53,900 55.8 83.7 94.7 3,856 $50-$2,499 (VI) 4~73 12,300 9.4 3.2 1.5 9,287 Other farms: Part-time (VII) 10.6 12,100 23.8 8.0 2.3 15,068 Part-retirement (VIII) 4.5 11,200 10.9 3.4 13,157 Abnormal (IX) 1 2.2 740,000 1.7 'A 20,726 Total or average of classes VII-IX 17.3 13,500 34.8 13.1 3.8 15,028 All farms 132.9 35,900 100.0 100.0 100.0 4,363 1 Includes Indian reservations and farms operated by various differ slightly from similar data for all farms owing to sampling; kinds of institutions such as schools and hospitals. details may not add to totals because of rounding. NOTE.—Derived from Table 17, Vol. 1, State reports, Census of For detailed description of each economic class of farm, see Census Agriculture, 1959. Number of farms and value of farm real estate reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1962 969 motor vehicles in 1961, up slightly from 1960 CHANGE IN DOLLAR VALUE OF FARMLAND but well below the peak outlays recorded in 1951. . lv Percentages, March 1961 to March 1962 Expenditures for tractors were up 21 per cent from the very low 1960 level. Other changes were small, ranging from an increase of 2 per cent for motor trucks to decreases of 4 and 3 per cent, respectively, for automobiles and other farm machinery. Estimated depreciation charges amounted to $3,466 million in 1961, exceeding gross expendif INCREASE ^6 or more tures for the third consecutive year. Estimated ^2-5 depreciation for the year was about 2.5 per cent \ CHANGE !• lor less U. S. INCREASE 5 % VgW°ASEB 0H 'NDfx wl/A"l"J of ""-UE^ lower than in 1960 and 3 per cent below the estimate for the peak year of 1959. Although depreciation exceeded expenditures real estate values advanced considerably relative in 1961, farm machinery inventory values rose to gross sales. In 1950, farms with sales of $20- .2 of a per cent in the year. The increase reflected 000 or more had a real estate investment of about the slightly higher prices at which the inventory $2,000 per $1,000 of gross sales; the investment was valued. In constant dollars, the value of all had risen to nearly $3,100 by 1959, an increase farm machinery declined slightly for the third conof 55 per cent. There was no appreciable differ- secutive year. Compared with 1940, however, the ence among the various economic classes of farms constant-dollar value of machinery and motor in the percentage increase in real estate value per vehicles was up more than 100 per cent, a much $1,000 of sales between 1950 and 1959. larger increase than for any other physical asset Livestock and poultry. The inventory value of used in agriculture. livestock and poultry on farms on January 1, Crop inventories. Farmer-owned crop inven- 1962, was $16.3 billion, up 5.1 per cent from a tories (including crops pledged under CCC year earlier. A $901 million increase in the value loans) reached $8.7 billion by the end of 1961, of all cattle and hogs more than offset a $115 mil- an increase of $.7 billion for the year. Of this lion decline in the value of sheep, chickens, and total, stocks valued at $7.7 billion were stored turkeys. The farm value per head of cattle and on farms; the remainder were in off-farm storage hogs on January 1, 1962, was higher than a year under CCC loan. earlier, but that of chickens and turkeys was The value of farmer-owned crop inventories lower. has not changed greatly over the past decade, There were more cattle, hogs, and chickens on fluctuating from a high of $9.6 billion at the befarms on January 1, 1962, than a year earlier but ginning of 1955 to a low of $7.6 billion in 1958. fewer sheep and turkeys. Cattle on hand totaled The increase in value during 1961 reflected large 99.5 million head, the highest number on record. gains in cotton and soybean holdings, which more than offset a $200 million decline in wheat This exceeded by 2 per cent or 2.2 million head stocks. To some extent these changes resulted the previous high reached on January 1, 1961. from changes in crop production and marketings. The index of the number of meat animals on farms at the beginning of 1962 was at 106 (1957- Soybean stocks expanded greatly from 1961 59=100), only 2 points below the record estab- to 1962 as a result of a greater rise in output lished in 1944, and 2 points above the level of than in consumption. Wheat stocks declined be- January 1, 1961. The milk cattle and poultry in- cause of a smaller crop and a new high in exdexes were unchanged from a year earlier, and ports. The increase in cotton stocks reflected were 37 and 53 points, respectively, below the mainly an increase in CCC loans because of a 1944 highs. change in the Federal support program. Machinery and motor vehicles on farms. Farmers The physical volume of farmer-owned crop ininvested $3,148 million in farm machinery and ventories has increased 25 per cent from 1950, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN • AUGUST 1962 TABLE 5 TABLE 6 HOUSEHOLD FURNISHINGS AND EQUIPMENT ON FARMS LIQUID FINANCIAL ASSETS OWNED BY FARMERS AS OF JANUARY 1 AS OF JANUARY 1 [In millions of dollars] [In billions of dollars] Value Year Year Currency Current prices 1940 prices 1940 4 213 4 130 1940 .7 1950 8,610 4,508 1945 2.6 1955 9,992 4,781 1950 2.5 1961 8,854 4,319 1955 2.2 1962 8,319 4,098 1961 1962 NOTE.—These figures have been revised to take into account estimates of the farm population based on the definition of a farm in the 1959 Census of Agriculture. In this revision all calculations were made in constant dollars, which were then converted to current dollars. In addition, the method of estimating the value of inventory carried forward was changed, and the adjustment for nonoperator families on farms—an element of the old series—was dropped. Values have been revised downward substantially; for example, the previous estimates in current prices were $4,275 million for 1940 and $11,348 million for 1955. an increase similar to the rise in total farm output. Household furnishings and equipment. The total dollar value of household furnishings and equipment on farms declined about $.5 billion or 6 per cent during 1961, according to revised estimates which take into account the new Census definitions of farms and of the farm population (Table 5). The rate of decline was about the same as in 1960 but was more rapid than in the late 1950's, principally because of the increased rate of decline in the farm population. On a per farm basis, the value of household furnishings and equipment has been rising, reflecting the purchase of more or better appliances and other household items by farmers. However, this increased value per household has been more than offset in the aggregate by the decline in the number of farm households. On a constant-dollar basis the aggregate value of household furnishings and equipment was less on January 1, 1962, than before World War II. Liquid financial assets. Total liquid financial holdings of farmers were the same on January 1, 1962, as they had been on January 1, 1961—$13.3 billion (Table 6). A small decrease in U. S. savings bonds was offset by an increase in time deposits owned by farmers. Holdings of currency and demand deposits showed no change between the two dates. Estimates indicate that the cash value of U. S. 00 00 Deposits U.S. savings Total Demand1 Time bonds 1.3 1.2 .2 3.4 3.6 1.7 3.4 11.3 4 5 2 1 4.7 13.8 4.7 2.5 5.0 14.4 4.0 2.9 4.6 13.3 4.0 3.0 4.5 13.3 Estimates for 1940 and 1962 from the Dept. of Agriculture; for other years, from the Board of Governors of the? Federal Reserve System. savings bonds held by farm people declined from $4.6 billion on January 1, 1961, to $4.5 billion by the end of the year. This mainly reflects the decrease in the farm population during the year. Series E bonds, which make up more than fourfifths of farm holdings, declined 4 per cent. Holdings of Series H bonds, which usually are of larger denominations, were about 5 per cent higher at the beginning of 1962 than they were a year earlier. The sample of rural counties where total bond purchases are used as indicators of farmer purchases showed increased purchases of H bonds in all except the Appalachian and Mountain regions. Series E bond purchases decreased slightly for the sample counties as a group. The largest decline was 6 per cent in the Pacific region; the largest increase was 6 per cent in the Northern Plains. Net worth of farmers' cooperatives. On January 1, 1962, net investments of farmers in their cooperative associations totaled $4.5 billion. This represented an increase of 5.5 per cent from the previous year, about the same rise as in the preceding 12 months, but less than the average increase in the years from 1955 to 1960. Of the total net investment, about 50 per cent was invested in marketing and purchasing associations, 16 per cent in rural electric cooperatives, and about 20 per cent in cooperative credit institutions. Since 1950, farmers' investments in cooperatives have risen more rapidly than their other investments. From 1950 to 1962, they rose from 1.6 per cent to 2.2 per cent of total assets. As a portion of financial assets, investments in coopera- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1962 971 tives rose from 13 per cent in 1950 to 25 per cent TABLE 7 in 1962. AVERAGE VALUE OF PRODUCTION ASSETS AS OF In recent years, investments in rural electric JANUARY 1 cooperatives and PCA's have shown the fastest [In dollars] growth—each about 11 per cent in 1961. Those in marketing associations and most of the other co- F r a e r a m l Live- a M n a d c h m in o e t r o y r Other 3 Total operatives increased about 3 per cent. Year estate i stock vehicles 2 Assets used in farm production. Higher per-acre Per farm prices for farm real estate were chiefly responsible for a $6.8 billion increase in the market value 1940.... 4,603 807 391 359 6,160 of assets used in farm production in 1961. The 1950.... 11,961 2,283 1,756 1,193 17,193 1955.... 18,536 2,408 2,979 1,600 25,523 total value of such assets reached $162.5 billion 1961.... 34,150 4,077 4,162 1,739 44,128 1962... 37,101 4,426 4,310 1,795 47,632 on January 1, 1962.2 More than three-fourths of this investment was in land and service buildings; Per farm worker non-real-estate assets—chiefly livestock and farm equipment—totaled $38.8 billion, only $800 mil- 1940.... 2,476 453 219 201 3,349 1950.... 6,463 1,295 996 676 9,430 lion higher than a year earlier. 1955.... 9,949 1,297 1,605 862 13,713 1961.... 16,530 2,183 2,228 931 21,872 The rate of increase in the value of production 1962.... 17,701 2,336 2,275 947 23,259 assets slowed perceptibly in 2 of the past 3 years, 1 Excludes value of dwellings. Based on revised estimates of value advancing less than 7 per cent in the 3-year period of land and service buildings derived from final estimates from the 1959 Census of Agriculture. as a whole, compared with an increase of nearly 2 Excludes 60 per cent of the value of automobiles. 3 Includes half of the Jan. 1 value of crop inventories of feed grains 25 per cent from 1956 to 1959. Most of this dif- and hay stored on farms (excluding Commodity Credit Corp. loans), and the portion of demand deposits owned by farmers that were ference was attributable to the sharper rate of in- estimated as held to meet farm production costs. crease in real estate values between 1956 and NOTE.—Estimates for 1950 and 1955 differ slightly from those published previously because of use of revised estimates of number 1959. of farms. Value of real estate per farm computed from number of farms as As of January 1, 1962, assets per farm totaled reported in the 1959 Census, with numbers for 1961 and 1962 extrapolated by using changes in the Dept. of Agriculture series on number $47,632, and per worker, $23,259—increases of of farms. For other assets, values are based largely on Dept. of Agriculture estimates, with value per farm calculated from the Dept. 8 and 6 per cent, respectively, from a year earlier of Agriculture estimates of farms. Numbers of farm workers used for computing assets per worker (Table 7). Over the latest 3-year period, invest- are not wholly consistent with the revised estimates of number of ment in production assets per farm has increased farms. 19 per cent, and per worker, 15 per cent. This in- The return on the portion of total productive crease is due to the continued decline in the num- assets represented by farm real estate has also ber of farms—an annual decline of some 125,000 improved considerably in the past 3 years. The to 150,000 in recent years—together with the in- rate in 1959 was 3.0 per cent, and for 1961 it creased aggregate value of production assets. advanced to 4.9 per cent. This was higher than After dropping to a low point of 3.4 per cent in 1955, but still a little below the rate for 1940. in 1959, the rate of return on total productive The considerable increase in real estate prices assets used in farming (after allowances for family from March 1961 to March 1962 suggests that labor) increased to 4.2 per cent in 1960, and to a substantial part of the increased return on capital 5.0 per cent in 1961.3 The 1961 rate was about had been capitalized into land prices. equal to the 1940 rate of 5.2 per cent. 2 Market values of farm real estate were estimated CLAIMS on the basis of acreage and number of farms reported Claims on agricultural assets are of two general in the 1959 Census of Agriculture, which excluded kinds: (1) liabilities, which are divided into real about 62,000 soil bank farms, and which is also estiestate and non-real-estate debt; and (2) equities, mated to have inadvertently omitted approximately 331,000 farms. No adequate basis exists for the evalu- which represent the value of the residual rights in ation of these farms. agricultural assets belonging to the proprietors— 8 See U. S. Agricultural Research Service, ARS 43- owner-operators, tenants, and landlords. Proprie- 118, Current Developments in the Farm Real Estate tors may be individuals, corporations, or Federal, Market, Feb. 1960, for explanation of estimating State, or local government agencies. procedures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN • AUGUST 1962 Farm real estate debt.4 The preliminary estimate TABLE 8 of farm mortgage debt outstanding on January 1, FARM MORTGAGE DEBT OUTSTANDING, BY LENDER, 1962, was $14.2 billion, an increase of $1,107 AS OF JANUARY 1 [Amounts in millions of dollars] FARM MORTGAGE DEBT HELD Percentage Amount change * BY MAJOR LENDERS Lender $BIL." I 1940 1950 1961 1962^ 1950-621961-62 Total 6 586 5 579 13,089 14,196 154.4 8.5 Federal land banks 2.. 2,010 906 2,538 2,802 209.3 10.4 Farmers Home Administration3 32 193 482 566 192.9 17.6 Life insurance companies2 984 1 17? 2,974 3,162 169.7 6.3 Insured commercial banks 534 880 1,617 1,718 95.3 6.3 Individuals and miscellaneous4. ... 3,026 2,428 5,478 5,948 145.0 8.6 p Preliminary. 1910 1920 1930 1940 1950 1960 1 Computed from unrounded data. 2 Includes regular mortgages, purchase-money mortgages, and sales contracts. 3 Data for 1940 include only tenant-purchase loans and direct soil and water loans to individuals. Thereafter, data include also farm-development, farm-enlargement, and project-liquidation loans; million or 8.5 per cent from a year earlier. The farm-housing loans beginning July 1950; and building-improvement loans beginning 1955. dollar increase in 1961 was the third largest on 4 Includes data for Federal Farm Mortgage Corp. as follows (in millions): 1940, $713; and 1950, $59. On June 30, 1955, loans of record. Twice before in the post-World War II the Federal Farm Mortgage Corp. were sold to the 12 Federal land banks. period the rise exceeded $1 billion. The dollar amount of farm mortgages recorded and 6 per cent for insurance companies (Table 8). in 1961 was 17 per cent above the somewhat re- The increase in FHA loans resulted chiefly from an duced 1960 level. In the first and second quarters increase in loanable funds. of 1961, mortgage lending rose considerably, then A further substantial expansion in FHA direct remained at a high level through the second half lending activity is occurring in 1962, partly beof the year and into the early part of 1962. In cause the FHA farm housing program now inthe second quarter of 1962 there were some indi- cludes rural nonfarm housing. Insured farm ownercations of slackening. ship loans of the FHA in the first quarter of 1962 About half the total amount of farm mortgage increased $46 million in outstanding amount, comloans made during 1961 was for refinancing mort- pared with a $35 million increase in the entire gage or other indebtedness. Only about a third calendar year of 1961 and only $6 million in 1960. was used to purchase farm real estate. The return to holders of these loans was increased Interest rates were unusually stable during the in September 1961 from 4 to 4.5 per cent. year. Rates ranged from 5.5 to 6 per cent on the In 1961 payments on principal and payment bulk of the loans made by private and cooperative of loans in full increased from the 1960 level, both lenders. in dollar amount and as a percentage of outstand- All lenders increased their holdings of farm ing debt. However, principal repayment rates were mortgages from the previous year, and the average not as high as in 1959 when farm income was size of new loans continued to rise. The FHA in- lower. For the Federal land banks, total payments creased its holdings the most—18 per cent, com- in 1961 equaled 8.4 per cent of outstanding debt pared with 10 per cent for the Federal land banks compared with 8.1 per cent in 1960; for the insurance companies they were 10.8 per cent com- 4 The farm mortgage debt figures are being re- pared with 10 per cent. Typically, insurance comvised on the basis of the 1961 Tax and Mortgage pany loans are written for shorter terms than are Debt Survey conducted by the Bureau of the Census Federal land bank loans. Repayments by FHA in cooperation with the Dept. of Agriculture. The re- borrowers also increased. visions, most of which do not involve substantial change, are expected to be available later this year. In 1961 delinquencies and foreclosures on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1962 973 mortgages and loans with interest overdue remained at insignificant levels. NON-REAL-ESTATE FARM LOANS The ratio of mortgage debt to land values rose Held by Bonfcs and Federally Sponsored Agencies* —from 9.9 per cent on January 1, 1961, to 10.3 per cent on January 1, 1962—as farm mortgage F. H. A. debt increased more rapidly than farm real estate Prod, credit ass'ns. All operating banks prices. This ratio, while much lower than in the 1920's and 1930's, has been rising in most of the years since 1951. On January 1, 1962, the ratio was relatively lowest in the Southern Plains States and highest in the Lake States. Non-real-estate debt. Farm debt not secured by 1910 1920 1930 1940 1950 1960 real estate (excluding CCC loans) increased by $673 million or 6 per cent during 1961. The increase was slightly larger than during the previous year but only about half as large as the rapid exestate loans during 1961 occurred in the central pansion in 1958 and 1959. In the first quarter of and western States and in scattered States in the 1962, loans continued to expand at about the same south and east. Increases ranged from 36 per cent moderate rate as in the spring of 1961. CCC loans in Delaware and 21 per cent in Florida to no increased about $.5 billion during 1961 (Table 9). change in Nevada and a decline of 12 per cent in Massachusetts. TABLE 9 In recent years, the rate of increase in non-real- FARMERS' NON-REAL-ESTATE DEBT AS OF JANUARY 1 estate loans has varied considerably among the [In millions of dollars] different lenders. Loans outstanding at PCA's rose very rapidly in the 5 years from January 1, 1955, Type 1940 1950 1961 1962 to January 1, 1960, increasing by 136 per cent or at an annual rate of about 19 per cent a year. Price-support loans made or guaranteed by CCC 1 445 '1,723 M,39O 1,866 In this same period bank non-real-estate loans to Other loans by banks and Federally sponsored agen- farmers increased 64 per cent or at an annual rate cies, total 1,503 2,834 6,970 7,543 All operating banks 900 2,049 4,984 5,309 of about 10 per cent a year. FHA loans declined Production credit associations 153 387 1,480 1,640 by 5 per cent over the 5-year period. Federal intermediate credit banks 32 51 88 99 The rate of increase in total non-real-estate Farmers Home Adminis- loans slackened considerably in 1960 and 1961, tration 418 347 418 495 Lo m an is s c . a l n en d d e b r o s o 2 k credits by 1,500 2,400 4,000 4,100 with PCA's showing annual increases of around Total: 10 per cent and banks of about 5 per cent. FHA Excluding CCC 3,003 5,234 10,970 11,643 Including CCC 3,448 '6,957 '12,360 13,509 non-real-estate loans increased 6 per cent during 1960, and jumped 18 per cent during 1961. This r Revised. 1 Although the Commodity Credit Corp. price-support loans are expansion in FHA operating and emergency credit nonrecourse loans, they are treated as debts. Borrowers must either pay them in cash or deliver the commodities on which they were reflected both an increase in funds appropriated based. 2 Estimates based on fragmentary data. for these purposes and a strong demand by farmers for these loans. At the beginning of 1962 farmers owed $11.6 One feature of the expansion in PCA loans in billion of non-real-estate debt excluding CCC recent years has been a relatively faster growth loans. Commercial banks held about 45 per cent; in the dollar volume of loans renewed than in merchants, dealers, and similar creditors, 35 per new cash advanced. In 1954 the renewal rate (the cent;5 and the PCA's, 14 per cent. dollar volume of renewed loans as a percentage Regionally, above average increases in non-realof total loans made, including renewals) was about 25 per cent. The rate declined to 23 per cent 5 These data on debts owed to nonreporting lenders in 1957 and 1958 but has been rising since, reachare to be revised on the basis of the 1960 Sample ing 28 per cent in 1961. No over-all information Survey of Agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN • AUGUST 1962 on renewals on farm loans at banks is available, less than 7 per cent during 1960. In the first but scattered reports indicate the trend may have quarter of 1962 PCA rates changed very little. been similar to that for the PCA's. Interest rates charged by commercial banks on These trends probably indicate at least two their non-real-estate farm loans during 1961, accausal factors. First, it appears that farmers are cording to the sparse data available, did not increasing their use of longer-term credit more change much. rapidly than their use of short-term credit. Part Total farm debt. Total farm debt (excluding of the increase in longer-term credit is being sup- CCC loans) reached $25.8 billion on January 1, plied by an increase in renewals. Secondly, some 1962. This was a new high, up $1.8 billion or 7 farm borrowers are probably finding it more diffi- per cent from a year earlier. Farm mortgage debt cult to meet their debt obligations. had increased $1.1 billion during 1961, other debt In the year ending June 30, 1961, 14 per cent $.7 billion. Since 1950 farm debt has more than of the PCA loan volume carried terms exceeding doubled. Mortgage debt has increased at a slightly 1 year, mostly 3 to 5 years. In the first few years more rapid rate than non-real-estate debt. In 1961, after the beginning of the PCA intermediate-term the total debt/asset ratio rose about 1 per cent loan program in 1954, the volume of these loans to 13.4 per cent—about half way between the 1940 expanded rapidly. In the 2 years ending June 30, ratio of 18.9 per cent and the 1950 ratio of 9.5 1961, however, the volume of these intermediateper cent. term loans increased no more rapidly than the total The Corn Belt showed a relatively slower rate volume of PCA loans. Comparable recent data of increase in farm debt in 1960 and 1961 than are not available for banks, but in 1956 some 14 any other major region. This may have been reper cent of the non-real-estate loans of banks had terms longer than 1 year. lated to the reduced activity in the Corn Belt's Interest rates charged by the PCA's declined farmland market. The Southeast had the largest steadily during 1961. For the year, an average of increases in debt in 1960-61. Since 1950 debt exnearly 90 per cent of the associations charged pansion in the West and in the Delta and the rates (excluding service fees) of less than 7 per Southeast has been considerably faster than elsecent, compared with about 45 per cent charging where. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Amendment to Defense Production Act amended in 1935 so as to make it applicable to a "partner," the Board carefully considered the de- The Defense Production Act of 1950 (Section sirability of making such an exception. On several 301 of which is the basis for guarantees of loans subsequent occasions it has reconsidered the quesfor defense production), which would have expired tion. In each instance the Board has decided that June 30, 1962, was amended so as to continue in in view of a limited partner's interest in the underforce until the close of June 30, 1964, by act of writing and distributing business, it should not June 28, 1962 (Public Law 87-505). make the exception. Purchase of Government Obligations by Reserves of Member Banks Federal Reserve Banks The Board of Governors of the Federal Reserve By Act of Congress approved June 28, 1962 System, effective July 28, 1962, revised Regulation (Public Law 87-506), the authority of the Federal D pertaining to reserves of member banks and the Reserve Banks under Section 14(b) of the Federal Supplement thereto, to reflect changes in the law Reserve Act to purchase and sell direct or fully abolishing the designation of "central reserve guaranteed obligations of the United States directly cities," to set forth in Section 204.2(a) the factors from or to the United States, which would have considered by the Board in acting upon applicaexpired on June 30, 1962, was extended to June tions by individual member banks in reserve cities 30, 1964. The text of the Act is as follows: for permission to maintain the lower reserves applicable to member banks not in reserve cities AN ACT ("country banks"), and to make certain minor clarifying changes in Sections 204.1(0, 204.2(a), To amend Section 14(b) of the Federal Reserve Act, 204.3(a), and 204.5. as amended, to extend for two years the authority of Federal Reserve banks to purchase United States In addition, the Board added the following obligations directly from the Treasury. paragraph to the Rule for Classification of Re- Be it enacted by the Senate and House of Repre- serve Cities (1947 BULLETIN 41, as amended 1957 sentatives of the United States of America in Congress BULLETIN 522) to make possible the termination assembled, That Section 14 (b) of the Federal Reserve Act, as amended (12 U.S.C. 355) is amended by of the reserve city designation of certain cities striking out "July 1, 1962" and inserting in lieu which, at the request of member banks in such thereof "July 1, 1964" and by striking out "June 30, cities, were continued as reserve cities, effective 1962" and inserting in lieu thereof "June 30, 1964." Approved June 28, 1962. March 1, 1957, although such cities did not fall within the standards of classification of reserve cities and which do not presently fall within such Special or Limited Partner of Securities Company standards: Serving Bank In any case in which a city is classified as a reserve The Board has been asked on several occasions city solely by reason of the continuance of its desigwhether Section 32 of the Banking Act of 1933 is nation as such, effective March 1, 1957, pursuant to § 204.52 (c), the reserve city designation of such city applicable to a director, officer, or employee of a will be terminated, effective as of such time as the member bank who is a special or limited partner Board may prescribe, if a written request for such in a firm primarily engaged in the business de- termination is received by the Federal Reserve bank of the district in which the city is located from one scribed in that section. or more member banks with head offices in such Since the Board cannot issue an individual per- city and if such request is granted by the Board of Governors. mit, it can exempt a limited or special partner only by amending Regulation R. After the statute was The revised Regulation reads as follows: 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN • AUGUST 1962 REGULATION D beneficial interest is held by one or more individuals or by such a corporation, association, or other (12 CFR PART 204) organization; and (2) With respect to which the depositor is re- As Revised Effective July 28, 1962 quired, or may at any time be required, by the bank to give notice in writing of an intended withdrawal not less than 30 days before such withdrawal RESERVES OF MEMBER BANKS is made. §204.1 DEFINITIONS (/) Gross demand deposits. The term "gross de- (a) Demand deposits. The term "demand deposits" mand deposits" means the sum of all demand deposits, includes all deposits except "time deposits" as defined including demand deposits made by other banks, the below. United States, States, counties, school districts and other governmental subdivisions and municipalities, (b) Time deposits. The term "time deposits" means and all outstanding certified and officers' checks (in- "time certificates of deposits," "time deposits, open cluding checks issued by the bank in payment of account" and "savings deposits," as defined below. dividends), and letters of credit and travelers' checks (c) Time certificates of deposit. The term "time sold for cash. certificates of deposit" means a deposit evidenced by (g) Cash items in process of collection. The term a negotiable or nonnegotiable instrument which provides on its face that the amount of such deposit is "cash items in process of collection" means: payable to bearer or to any specified person or to (1) Checks in process of collection, drawn on a his order— bank, private bank, or any other banking institution, (1) On a certain date, specified in the instru- which are payable immediately upon presentation ment, not less than 30 days after the date of de- in the United States, including checks with a Federal posit, or Reserve bank in process of collection and checks (2) At the expiration of a certain specified time on hand which will be presented for payment or not less than 30 days after the date of the instru- forwarded for collection on the following business ment, or day; (3) Upon notice in writing which is actually (2) Government checks and warrants drawn on required to be given not less than 30 days before the Treasurer of the United States which are in the date of repayment,1 and process of collection; (4) In all cases only upon presentation and sur- (3) Such other items in process of collection, render of the instrument. payable immediately upon presentation in the United (d) Time deposits, open account. The term "time States, as are customarily cleared or collected by deposit, open account" means a deposit, other than banks as cash items. a "time certificate of deposit" or a "savings deposit," Items handled as noncash collections may not be with respect to which there is in force a written con- treated as "cash items in process of collection" within tract with the depositor that neither the whole nor the meaning of this part. any part of such deposit may be withdrawn, by check (h) Net demand deposits. The term "net demand or otherwise, prior to the date of maturity which shall be not less than 30 days after the date of the deposit,2 deposits" means gross demand deposits as defined in paragraph (/) of this section less the deductions alor prior to the expiration of the period of notice which lowed under the provisions of § 204.2(b). must be given by the depositor in writing not less than 30 days in advance of withdrawal.8 (i) Currency and coin. The term "currency and coin" means United States currency and coin owned (e) Savings deposits. The term "savings deposit" and held by a member bank, including currency and means a deposit— coin in transit to or from a Federal Reserve bank. (1) Which consists of funds deposited to the credit of one or more individuals, or of a corporation, association, or other organization operated § 204.2 COMPUTATION OF RESERVES primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes (a) Amounts of reserves to be maintained. and not operated for profit; * or in which the entire (1) Every member bank shall maintain on de- XA deposit with respect to which the bank merely reserves posit with the Federal Reserve bank of its district the right to require notice of not less than 30 days before any an actual net balance equal to 3 per cent of its time wi 2 t h D d e ra p w os a i l t s i s s u m ch ad a e s is C h n r o is t tm a a " s t i c m lu e b c a e c rt c if o i u ca n t t e s a o n f d d v e a p c o a s t i i t o ." n club deposits, plus 7 per cent of its net demand deposits accounts, which are made under written contracts providing that if it is not located in a reserve city or 10 per cent no withdrawal shall be made until a certain number of peri- of its net demand deposits if it is located in a odic deposits have been made during a period of not less than reserve city, or such different percentages of its time three months constitute "time deposits, open account" even though some of the deposits are made within 30 days from the deposits and net demand deposits as the Board of end of such period. Governors of the Federal Reserve System, pursuant 8 A deposit with respect to which the bank merely reserves to and within the limitations contained in Section 19 w th i e t h r d i r g a h w t a t l o is r e m qu a i d re e i n s o t n ic o e t a o f " t n i o m t e le d s e s p t o h s a it n , o 3 p 0 e n d a a y c s c b o e u f n o t r . e " any of the Federal Reserve Act,5 may prescribe from 4 Deposits in joint accounts of two or more individuals may be classified as savings deposits if they meet the other require- 5 Any such different percentages prescribed by the Board may ments of the above definition, but deposits of a partnership not be less than 3 per cent of time deposits, 7 per cent of net operated for profit may not be so classified. Deposits to the demand deposits of banks not located in reserve cities, or 10 credit of an individual of funds in which any beneficial interests per cent of net demand deposits in banks located in reserve is held by a corporation, partnership, association or other or- cities, nor more than 6 per cent of time deposits, 14 per cent of ganization operated for profit or not operated primarily for net demand deposits of banks not located in reserve cities, or religious, philanthropic, charitable, educational, fraternal or 22 per cent of net demand deposits of banks located in reserve other similar purposes may not be classified as savings deposits. cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 977 time to time in § 204.5 (the Supplement to this Reserve bank has not received payment in actually part); Provided, That a member bank's currency and finally collected funds. and coin shall be counted as reserves in determining (d) Reserves against trust funds. A member bank compliance with such requirements to such extent exercising trust powers need not maintain reserves as the Board of Governors of the Federal Reserve against trust funds which it keeps properly segregated System, pursuant to Section 19 of the Federal Reas trust funds and apart from its general assets or serve Act, may permit from time to time in § 204.5. which it deposits in another institution to the credit (2) Notwithstanding the provisions of subof itself as trustee or other fiduciary. If, however, such paragraph (1) of this paragraph, a member bank funds are mingled with the general assets of the bank, located in a reserve city may hold and maintain the as permitted to national banks under authority of reserve balances which are in effect for member Section ll(k) of the Federal Reserve Act (40) Stat. banks not located in reserve cities if, upon applica- 969; 12 U.S.C. 248(k)), a deposit liability thereby tion to the Board of Governors, the Board grants arises against which reserves must be maintained. permission for the holding and maintaining of such lower reserve balances after consideration of all (e) Continuance of "time deposits" status. A defactors relating to the character of such bank's posit which at the time of deposit was a "deposit evibusiness, including but not limited to, the amount denced by a time certificate of deposit," "time deof such member bank's total assets, the amount of posit, open account," or "savings deposit" continues its total deposits, the amount of its total demand to be a "time deposit" until maturity or the expiradeposits, the amount of its demand deposits owing tion of the period of notice of withdrawal, although to banks, the nature of its depositors and borrowers, it has become payable within 30 days. After the date the rate of activity of its demand deposits, its geo- of maturity of any time deposit, such deposit is a graphical location within the city, and its competi- demand deposit. After the expiration of the period of tive position with relation to other banks in the notice given with respect to the repayment of any savings deposit or other time deposit, such deposit city. Any such permission shall be subject to revocais a demand deposit, except that, if the owner of such tion by the Board at any time in the light of changed deposit advise the bank in writing that the deposit circumstances, and all such grants of permission will not be withdrawn pursuant to such notice or may be subject to annual review by the Board. that the deposit will thereafter again be subject to the (3) For the purposes of this part, a member bank contract or requirements applicable to such deposit, shall be considered to be in a reserve city if the the deposit will again constitute a savings deposit or head office or any branch thereof is located in a other time deposit, as the case may be, after the date reserve city. upon which such advice is received by the bank. (b) Deductions allowed in computing reserves. In determining the reserve balances required under § 204.3 DEFICIENCIES IN RESERVES the terms of this part, member banks may deduct from the amount of their gross demand deposits the amounts (a) Computation of deficiencies. of balances subject to immediate withdrawal due from (1) Deficiencies in reserve balances of member other banks and cash items in process of collection as banks in reserve cities shall be computed on the defined in § 204. l(g). Balances "due from other basis of average daily net deposit balances and banks" do not include balances due from Federal Reaverage daily currency and coin covering weekly serve banks, balances (payable in dollars or other- periods.7 Deficiencies in reserve balances of other wise) due from foreign banks or branches thereof member banks shall be computed on the basis of whereever located, or balances due from foreign average daily net deposit balances and average daily branches of domestic banks. The word "banks" in currency and coin covering biweekly periods. term "due from other banks" refers to incorporated banks and does not include private banks or bankers.6 (2) In computing such deficiencies the required reserve balance of each member bank at the close (c) Availability of cash items as reserve. Cash of business each day shall be based upon its net items forwarded to a Federal Reserve bank for collec- deposit balances and currency and coin at the opention and credit cannot be counted as part of the mini- ing of business on the same day; and the weekly mum reserve balance to be carried by a member bank and biweekly periods referred to in paragraph (1) with its Federal Reserve bank until the expiration of hereof shall end at the close of business on days to such time as may be specified in the appropriate time be fixed by the Federal Reserve banks with the schedule referred to in part 210 of this chapter. If a approval of the Board of Governors of the Federal member bank draw against items before such time, Reserve System. When, however, the reserve comthe draft will be charged against its reserve balance putation period ends with a nonbusiness day, or if such balance be sufficient in amount to pay it; but two or more consecutive nonbusiness days, of the any resulting impairment of reserve balances will be member bank or its Federal Reserve bank, such subject to the penalties provided by law and by this nonbusiness day or days may, at the option of the part: Provided, however, That the Federal Reserve member bank, and whether or not it had a reserve bank may, in its discretion, refuse at any time to per- deficiency in such computation period, be included mit the withdrawal or other use of credit given in its in the next reserve computation period. reserve account for any item for which the Federal (b) Penalties. 6 A member bank exercising fiduciary powers may not include (1) Penalties for such deficiencies will be asin balances "due from other banks" amounts of trust funds deposited with other banks and due to it as trustee or other fidu- 7 However, deficiencies in reserve balances of member banks ciary. If trust funds are deposited by the trust department of in reserve cities which have been authorized by the Board of a member bank in its commercial or sayings department and are Governors, under the provisions of § 204.2(a) (2), to hold and then redeposited in another bank subject to immediate with- maintain the reserve balances in effect for member banks not in drawal they may be included by the member bank in balances reserve cities will be computed on the basis provided for such "due from other banks," subject to the provisions of § 204.2(fc). latter member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN • AUGUST 1962 sessed monthly on the basis of average daily defi- (ii) 16Vi per cent of its net demand deposits. ciencies during each of the reserve computation (b) Counting of currency and coin. The amount of periods ending in the preceding calendar month. a member bank's currency and coin shall be counted (2) Such penalties will be assessed at a rate of as reserves in determining compliance with the reserve 2 per cent per annum above the Federal Reserve requirements of paragraph (a) of this section. bank rate applicable to discounts of 90 day commercial paper for member banks, in effect on the first day of the calendar month in which the de- Order Under Section 3 of the ficiencies occurred. Bank Holding Company Act (c) Notice to directors of banks deficient in re- The Board of Governors of the Federal Reserve serves. Whenever it shall appear that a member bank is not paying due regard to the maintenance of its System has issued the following Order and Statereserves, the Federal Reserve bank shall address a ments with respect to an application to become a letter to each director of such bank calling attention bank holding company through acquisition of votto the situation and advising him of the requirements of the law and of this part regarding the maintenance ing shares of several banks: of reserves. (d) Continued deficiencies. If, after the notice pro- FIRST BANCORPORATION OF FLORIDA, vided for in paragraph (c) of this section has been given, it shall appear that the member bank is con- INC., ORLANDO, FLORIDA tinuing its failure to pay due regard to the maintenance of its reserves, the Federal Reserve bank shall In the matter of the application of First Banreport such fact to the Board of Governors of the corporation of Florida, Inc., for permission to be- Federal Reserve System with a recommendation as to whether or not the Board should: come a bank holding company by acquiring stock (1) In the case of a national bank, direct the of four banks in Florida. Comptroller of the Currency to bring suit to forfeit the charter of such national bank pursuant to Section 2 of the Federal Reserve Act (38 Stat. 252; ORDER DENYING APPLICATION 12U.S.C. 501a); or UNDER BANK HOLDING COMPANY ACT (2) In the case of a State member bank, institute proceedings to require such bank to surrender its There has come before the Board of Governstock in the Federal Reserve bank and to forfeit ors, pursuant to Section 3(a)(l) of the Bank all rights and privileges of membership pursuant to Section 9 of the Federal Reserve Act (46 Stat. Holding Company Act of 1956 (12 USC 1842) 251; 12U.S.C. 327); or and Section 222.4(a)(l) of Federal Reserve Regu- (3) In either case, take such other action as the lation Y (12 CFR 222.4(a)(l)), an application Federal Reserve bank may recommend or the Board of Governors of the Federal Reserve System may on behalf of First Bancorporation of Florida, Inc., consider advisable. Orlando, Florida, for the Board's prior approval of action whereby First Bancorporation of Flor- SUPPLEMENT TO REGULATION D ida, Inc., would become a bank holding company through acquisition of not less than 51 per cent § 204.5 SUPPLEMENT of the voting shares of The Barnett National Bank of Jacksonville, Jacksonville, Florida, The First Effective as to all member banks at the opening of business on July 28, 1962. National Bank of Miami, Miami, Florida, The First National Bank at Orlando, Orlando, Florida, (a) Reserve percentages. Pursuant to the provisions of Section 19 of the Federal Reserve Act and § 204.2 and The Exchange National Bank of Tampa, (a), but subject to paragraph (b) of this section, the Tampa, Florida. Board of Governors of the Federal Reserve System A Notice of Receipt of Application was pubhereby prescribes the following reserve balances which each member bank of the Federal Reserve System is lished in the Federal Register on December 12, required to maintain on deposit with the Federal Re- 1961 (26 Federal Register 11881), which proserve bank in its district: vided an opportunity for submission of comments (1) If not in a reserve city— and views regarding the proposed acquisitions, (i) 5 per cent of its time deposits, plus and the time for filing such comments and views (ii) 12 per cent of its net demand deposits. has expired and all comments and views filed (2) If in a reserve city (except as to any bank located in such a city which is permitted by the with the Board have been considered by it. Board of Governors of the Federal Reserve System, IT IS ORDERED, for the reasons set forth in the pursuant to § 204.2(a)(2), to maintain the reserves Board's Statement of this date, that said applicaspecified in subparagraph (1) of this paragraph)— (i) 5 per cent of its time deposits, plus tion be and hereby is denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

979 LAW DEPARTMENT Dated at Washington, D. C, this 30th day of spectively rank first, second, third, and fifth in July, 1962. size among the cities of Florida. (The fourth is By order of the Board of Governors. St. Petersburg, which is part of the Tampa/St. Petersburg metropolitan area.) Jacksonville is the Voting for this action: Chairman Martin and Governors Balderston, Robertson, King and Mitchell. center of the principal urban area of northeastern Voting against this action: Governors Mills and Florida; Miami is in the southern portion of the Shepardson. State; Orlando is in the east-central area; and the (Signed) KENNETH A. KENYON, Tampa/St. Petersburg metropolitan area, in the Assistant Secretary. west-central section, is the chief urban center of [SEAL] the Gulf Coast of the State. STATEMENT The four banks proposed to be controlled by the holding company are of substantial size, all First Bancorporation of Florida, Inc. ("Banof them ranking among the ten largest banks in corporation"), has applied to the Board of Gov- Florida and among the three largest in their reernors, under the Bank Holding Company Act of spective metropolitan areas. The total resources 1956 ("the Act"), for permission to become a of the four, at the end of 1961, were in the neighbank holding company by acquiring the majority of the stock in each of four banks located respec- borhood of $800 million, of which about half are tively in four major cities of Florida: Jacksonville, resources of the First National Bank of Miami, Miami, Orlando, and Tampa. In determining the largest bank in the State. The remainder are whether to approve the proposed acquisitions, the distributed among The Barnett National Bank of Board is required by Section 3(c) of the Act (12 Jacksonville, The Exchange National Bank of U.S.C. 1842) to take into consideration the fol- Tampa, and The First National Bank of Orlando. lowing factors: (1) the financial history and con- Banks in Florida are prohibited by law from esdition of the proposed holding company and the tablishing branches, and consequently each of the banks concerned; (2) their prospects; (3) the four banks maintains only one office. Existing character of their management; (4) the conven- "affiliate" relationships would be continued beience, needs, and welfare of the communities and tween The Exchange National Bank of Tampa the areas concerned; and (5) whether the effect and a smaller bank, and between The First Naof such acquisition or merger or consolidation tional Bank at Orlando and three smaller banks. would be to expand the size or extent of the bank If the proposed holding company system were holding company system involved beyond limits established, it would be the largest of three major consistent with adequate and sound banking, the groups of banks operating in Florida. The existpublic interest, and the preservation of competition ing groups are the so-called Atlantic Group, the in the field of banking. major bank of which is The Atlantic National Over the past 20 years the State of Florida has Bank of Jacksonville, and the Florida National experienced a relative population growth greater Group, the largest bank of which is the Florida than that of any other State, moving from 27th National Bank of Jacksonville. The Atlantic Group place in 1940, with a population of less than two (a bank holding company registered under the million, to 10th place in 1960, with a present Act) as of September 27, 1961, included nine population in excess of five million. Because the banks with total deposits exceeding $300 million, larger part of the State is a peninsula, certain as- approximately 7 per cent of the deposits of all pects of the economy of Florida, including the banks in the State. The Florida National Group banking industry, in some respects are less subject is controlled by trustees of a trust created by the to out-of-State competition than is the case with late Alfred I. du Pont and is not a registered bank respect to many States that are not so separated, holding company. The latter group included 29 in some measure, by natural geographical fea- banks holding in excess of $500 million of detures from the main land mass of the continental posits, approximately 11 per cent of all bank de- United States. This is applicable, in varying de- posits in Florida. The four banks that would form grees, to the four cities principally involved in this the proposed Bancorporation group held almost proposed holding company system. $600 million, somewhat less than 13 per cent of Miami, Tampa, Jacksonville, and Orlando re- bank deposits in the State, and in the four metro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN • AUGUST 1962 politan areas (with 50 per cent of the State's Reserve District (which includes Florida as well population) they held 21 per cent of deposits. as other States) probably borrow a larger aggre- If Bancorporation's plan becomes effective, gate amount from banks in other districts than shares of capital stock of that holding company Sixth District banks lend to businesses. On the would be offered to all stockholders of the four basis of such data, Bancorporation expresses the banks proposed to be controlled, in exchange for view "that banking has not kept pace, on the their shares in those banks. Bancorporation wishes whole, with the general growth and development to acquire substantially all of the stock of the of Florida, and this despite the tremendous infour banks, and the plan would not be consum- crease in the number of banking units and in the mated unless at least a majority of the stock of resources of the individual banks." each was exchanged by stockholders for shares It is also contended that the establishment and of the holding company. operation of the proposed holding company would Views and recommendations of the Comptroller result in improvement and expansion of bank of the Currency. All of the banks to be acquired services, improvement of access to equity capital, in this case are national banks. Accordingly, pur- facilitating the placement of larger loans, and suant to the requirement of Section 3(b) of the providing for emergencies. Services that Ban- Act, the Comptroller of the Currency was asked corporation contends would be improved and exto submit his views and recommendations with panded are enumerated as including investment, respect to the pending application. The Comp- investment advice, trust service, lending activitroller stated that he had "no objection to ap- ties, foreign departments, assisting municipalities, proval of the application upon its merits." and providing services to the subsidiary banks. Financial history and condition, prospects, and Since the four proposed subsidiary banks already management. The financial history and condition are in good condition, are capably managed, and of the four banks are good and the initial financial compete strongly with other banks, whatever adcondition of Bancorporation, under the plan, vantages might flow from establishment of the would be satisfactory. The prospects of the hold- proposed holding company system must be found ing company and the constituent banks are fa- mainly in prospective benefits to the convenience, vorable. needs, and welfare of the relevant communities Bancorporation would have twelve directors; and areas. As previously mentioned, the applicaeach of the four constituent banks would be repre- tion of Bancorporation enumerates a number of sented on the board by three persons heretofore fields of banking service and activity, and alleges closely related to its affairs. The men designated generally that the ownership of the four banks by as prospective officers of the holding company the proposed holding company would yield beneare experienced and capable bankers. There appear fits with respect to each. to be no unsatisfactory aspects with respect to There is little or no evidence that any of the the character of the prospective management of four banks is not performing in a satisfactory man- Bancorporation. Likewise, each of the banks has ner in any of these fields as an independent insticapable management. tution, and there is a lack of concrete evidence Convenience, needs, and welfare of the com- that would justify the Board in concluding that munities and the area concerned. Bancorporation's the formation of the proposed holding company application for the Board's approval of the forma- system would materially contribute to the general tion of the proposed holding company system convenience, needs, or welfare of the cities and rests chiefly on considerations relating to the fourth areas served by the four banks. This is true also statutory factor. The application emphasizes Flor- of such contentions as that Bancorporation could ida's rapid population growth in recent decades, more readily and conveniently obtain capital the distinctive economies of the areas in which funds for subsidiary banks than could the banks the four banks are located, and the character acting independently. Even assuming that the and importance of these cities, both individually equity capital market could be tapped somewhat and as major urban centers of the State. It is also more readily by a holding company representing pointed out that Florida has fewer banking offices, a group of banks, it does not appear that the banks in proportion to population, than any other State, here involved are not in a position to obtain capiand that businesses located in the Sixth Federal tal for themselves conveniently and effectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 981 Neither is there convincing support in the record of deposits. for Bancorporation's contention that the forma- The degree of group banking concentration tion of the holding company group would yield would be particularly striking in Jacksonville, one substantial benefits through facilitating group of the two chief financial centers of the State. If loans to Florida customers whose credit require- the proposed holding company system were esments exceed the legal lending limits of the re- tablished, the three largest banks in that city would spective subsidiary banks. For these purposes, we be units in major banking groups, and those three cannot disregard the facilities that are available banks held, as of September 27, 1961, approxithrough the highly developed structure of corre- mately 83 per cent of the banking deposits in the spondent banking that characterizes the American Jacksonville metropolitan area. The present recommercial banking system. Bancorporation itself lationship of The Barnett National Bank of Jackconcedes that each of the four proposed subsidiary sonville with four smaller banks is of relatively banks has done an excellent job of keeping up slight significance from the viewpoint of banking with the need for improved banking services in concentration, in contrast to Bancorporation's prothe communities involved. posal to unite Barnett with outstanding banks in In these respects, the instant case is broadly Miami, Orlando, and the Tampa/St. Petersburg comparable to the situation in Matter of Morgan metropolitan area. New York State Corporation, and reference is In its decision in Northwest Bancorporation v. made to the Board's Statement in the latter case. Board of Governors of the Federal Reserve Sys- See 48 Federal Reserve BULLETIN 567 (May tem (June 13, 1962), the United States Court of 1962), particularly page 574. Appeals for the Eighth Circuit stated that "concen- The Board finds that the record does not justify tration of control has the natural and inherent the conclusion that the establishment of the proeffect of lessening competition" and that this posed holding company would have a significantly tended to be true even where control of banks favorable effect upon the convenience, needs, or was concentrated in more than one group system. welfare of the communities or areas concerned. The court emphasized (quoting Senate Report No. Effect on adequate and sound banking, public 1095, 84th Congress, on the bill that became the interest, and competition. The fifth statutory fac- Bank Holding Company Act) that the law retor, previously cited, requires the Board to conquires this Board to aim at "the prevention of sider whether the size and extent of the proposed undue concentration of control in the banking holding company system would be consistent with field to the detriment of public interest and the adequate and sound banking, the public interest, encouragement of competition in banking." Acand the preservation of competition in the field cordingly, the Board is concerned not only with of banking. As the foregoing discussion indicates, proposed concentration of several of the largest this factor is also involved to some extent in evalbanks in Florida under Bancorporation control, uating a proposal under one or more of the other but also with the fact that, if the proposal is carfactors prescribed by the Act. ried out, most of the largest banks in the State The proposal in this case, if consummated, will be controlled by one or another of the three would result in the creation of a holding company major banking groups. system that would be exceptional, and in some With respect to competition among the four respects without parallel, from the viewpoint of proposed subsidiary banks, the record before the concentration of control of the largest banks in Board presents a complicated picture. As Bancora particular State. This would be true not only with respect to Bancorporation itself but also with poration points out, each of these banks serves respect to the extent to which the largest banks a separate and distinct primary service area (in in Florida would be units in group banking or- this case, the area from which the bank derives at ganizations. Of the eight largest banks in the State, least 75 per cent of its business and personal defour would be subsidiaries of Bancorporation, in- posits). However, Bancorporation estimates that cluding three of the six banks in Florida that hold almost 10 per cent of all loans to Florida bormore than $100 million of deposits. The three rowers, and almost 12 per cent of all such indusmajor banking groups in the State would control trial and commercial loans, made by the four five of the six banks that hold $100 million or more banks originate from counties other than the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN • AUGUST 1962 counties in which these banks are located. The with the pending proposal. record supports the inference that the four banks To some extent, correspondent bank business do compete with each other for loans, particu- is necessarily the object of competition between larly loans to medium-sized business borrowers in banks situated in the same locality rather than the State. between banks in widely separated cities. For Borrowers of large size ordinarily have rela- example, a bank in a smaller community in Flortively ready access to sources of credit outside ida, or a bank of any size in another State that of the State in which they are located, and the maintains correspondent relationships in Florida, small borrower is generally limited, as a prac- may be under economic compulsion to select and tical matter, to local sources of credit. A large retain a correspondent bank in Jacksonville to number of business borrowers between these ex- perform customary correspondent bank services tremes are in a position to seek credit from larger with respect to transactions in and around that banks located in any part of the State but not so metropolitan area. Competition for such business readily from out-of-State sources. Banking compe- could take place only between banks in Jacksontition for business of the latter category is not to ville itself. However, to an important degree be measured by the extent to which such borrowers correspondent bank business is not so limited in the central part of the State, for example, ac- geographically, and substantially equivalent servtually borrow from banks located in cities such ices for correspondent banks can be performed as Jacksonville and Miami. Potential competition by a bank in Jacksonville, Miami, or Tampa with also can be an effective force. The amounts lent, equal facility. Banks in these and other commerthe interest rates exacted, and the services ren- cial centers of Florida actually do compete vigordered to borrowers by a bank in one city may be ously for correspondent business of this character. significantly influenced by the fact that, if the Since the proposed subsidiary banks in Jacksoncustomer is not satisfied, similar facilities are ville, Miami, and Tampa are among the five leadavailable to him in banks in other cities, to which ing correspondent banks of the State, measured ordinarily he would not turn for such accommo- by volume of interbank deposits, concentration of dation. Potential competition of this character control of those banks in the hands of Bancorporaamong Bancorporation's proposed subsidiary banks tion would substantially diminish correspondent necessarily would be diminished, if not entirely banking competition. The significance of this effect eliminated, if all of those banks became units of of the proposed acquisitions becomes even more the same holding company system. apparent when it is borne in mind that not more Of particular importance in this case is the than ten or twelve banks in the entire State are effect of the proposed holding company forma- serious competitors in this major category of tion on competition in Florida for correspondent banking business. banking business—that is, the business of perform- In addition to these effects on competition being services for other banks and holding inter- tween the proposed subsidiary banks themselves, bank deposits. These activities are an important the concentration in a single company of control part of the business of the proposed subsidiary over those banks could have an adverse effect on banks in Jacksonville, Miami, and Tampa; in those the general competitive situation regarding correbanks the deposits of other banks constitute from spondent banking in Florida. Among relatively about 17 per cent to 19 per cent of total deposits. large and aggressive banks competing for the busi- As of September 27, 1961, the deposits of banks ness of sophisticated customers such as other held by those three proposed subsidiaries amounted banks, small advantages can be decisive. Without respectively to $22 million, $48 million, and $19 the benefit of centralized control, Bancorporation's million, which together constituted about 35 per proposed subsidiary banks already hold almost cent of all interbank deposits held by banks in the twice as much of the correspondent bank deposits State of Florida. Although these are not especially in Florida as does either of the existing major large amounts or proportions of interbank de- banking groups in that State (the figures as of posits to be held by major banks in metropolitan September 27, 1961, were $92 million, $54 milareas, they indicate the importance of competition lion, and $53 million). If those banks, already for correspondent bank business in connection so strongly entrenched, were in a position to offer, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

983 LAW DEPARTMENT in a single package, correspondent banking serv- confining commercial banking growth in the State ices covering all four of the State's largest metro- of Florida, which prohibits branch banking, to politan areas, it is probable that the competitive arbitrarily delimited areas might pass muster if ability of the remaining major correspondent banks it could be demonstrated that the existing groupwould be seriously diminished. In two important ings of commercial banking organizations, namely, respects, therefore, consummation of Bancorpora- the so-called Atlantic Group and the Florida Nation's proposal would produce a holding company tional Group, or the creation of the First Bansystem of such size and extent as to jeopardize corporation of Florida, Inc., as a new grouping the preservation of competition in the corre- would be detrimental to the public interest. That spondent banking field and the public interest in is not the case. the maintenance of strong competition. As also brought out in the majority Statement, For the reasons stated, the Board finds that approval of the application would do no more than formation of the proposed holding company sys- produce a third grouping of commercial banks tem would involve, to an undesirable degree, con- which would hold less than 13 per cent of bank centration of control over major banks in the deposits in the State and could in no way be re- State of Florida as well as substantial lessening garded as representing a State-wide concentration of the vigor of banking competition among the in and control over financial resources that would large banks in that State, particularly with respect be contrary either to the letter or the spirit of the to business loans and correspondent banking. Bank Holding Company Act of 1956. In fact, These adverse effects, the Board finds, clearly broader inter-group banking competition might be outweigh whatever relatively minor prospective expected to flow out of the operations of the probenefits may be offered by the proposal relating posed First Bancorporation of Florida, Inc., that to the convenience, needs, and welfare of the would help to stimulate economic development communities and areas concerned. throughout the State of Florida. That is so because Conclusion. On the basis of all the relevant more active competition would result between relafacts as contained in the record before the Board tive equals, as regards the three groupings of comand in the light of the factors set forth in Section mercial banks, without reducing consequentially 3(c) of the Act and the underlying purposes of the public's choice of alternative commercial bankthe Act, it is the Board's judgment that the trans- ing facilities. Whatever fancied disadvantages action here proposed would not be consistent with might arise from centralizing the direction of the the public interest and that the application should group of commercial banks proposed to be contherefore be denied. solidated into the subject bank holding company, and thereby substituting unified for separate direc- DISSENTING STATEMENT OF GOVERNOR MILLS tion of the individual banks, are more than balanced by the advantages of pooling the managerial The rapid growth that the State of Florida has and financial resources of the separate banks inexperienced, both economically and populationvolved so that in toto, or in part, they may be wise, is clearly and correctly brought out in the brought to bear effectively and constructively on Statement of the majority of the members of the the activities in most need of their use. Board which denies approval of the subject ap- In the light of the economic and financial backplication. In the face of these growth factors, ground against which the proposed First Bancordenial of the application seemingly is based on poration of Florida, Inc., would operate, the conthe position that the State of Florida should not be regarded as a single economic unit entitled venience, needs, and welfare of the communities to a range of commercial banking facilities in and the areas concerned would surely be well keeping both with its separate and national im- served under the consolidated guidance of bankers portance in the galaxy of the States of the Union, of proven competence. Considering the large numbut instead should be fragmented into geograph- ber of independent commercial banks serving the ically distinct compartments, each of which should State of Florida, there are no grounds for fearing be deemed to be financially self-sufficient as re- that a newly created bank holding company, such gards the availability and adequacy of its existing as that proposed, would unduly reduce the public's, commercial banking facilities. The arguments for choice of alternative banking facilities, or that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN • AUGUST 1962 interbank depository relationships would be shifted cent, 13.2 per cent, 9.4 per cent and 2.6 per cent to the disadvantage of the public interest. For that respectively if the four small affiliates of the promatter, the part played by correspondent bank posed subsidiary banks are included. However, relationships in the structure of commercial bank- the size of the proposed organization is not coning in the State of Florida, and in its financial de- sidered sufficiently adverse to offset the potential velopment, has been exaggerated in the majority contribution to the convenience, needs and welfare Statement. Although interbank deposits can be an of the area to be served. As the record shows, important segment of a bank's loanable resources, Florida is one of the fastest growing areas in the they are secondary to the deposits that are orig- country, both in population and economic develinated within the trade area served and which are opment, and it would seem reasonable to expect its lifeblood and the denominator of the scope of that credit needs are expanding in proportion. its credit-serving capacity. A rearrangement of The record further shows that the banking interbank depository relationships might very well community in Florida has not kept pace in size follow establishment of the proposed First Ban- of banks or number of banking offices with this corporation of Florida, Inc., but, even though its growth and that the aggregate deposits of the component banks might experience a reduction in subsidiary banks of the applicant would be less this category of their deposits, the totals of such than those of the largest banks in a number of deposits and their availability as credit resources States with smaller population than Florida. Since would merely be redistributed in their locations convenient credit sources are a significant factor without any change in their over-all usefulness as in economic growth of an area and since larger banking resources. credit needs are currently being met by out-of- The application should be approved. State sources, it is my opinion that the potential contribution to the convenience, needs and wel- DISSENTING STATEMENT OF GOVERNOR fare of the State outweighs the potential diminu- SHEPARDSON tion of competition. The fact that the applicant does not make exag- Admittedly, this is a close case as shown in the gerated or dogmatic claims as to the needs to be record. The first three factors are not adverse alserved or convenience to be provided by a new though they do not lend strong support to approval. and as yet untried organization evidences a sound As to the fifth factor, the distance (96 to 350 and conservative approach rather than any lack of miles) between the primary service areas of the need for the expanded services that could be proposed subsidiaries would seem to preclude the supplied. I would approve the application. possibility of significant present or potential competition between them except for medium-size Orders Under Bank Merger Act borrowers whose credit needs exceed the resources of their local areas, yet are too small to seek accom- The Board of Governors of the Federal Reserve modation in the national market. In the field of System has issued the following Orders and Stateinterbank deposits, it seems probable that most ments with respect to applications for approval of country banks would be apt to carry accounts in the merger or acquisition of assets of certain at least three of the cities concerned (Jacksonville, banks: Miami and Tampa) and that the competition for these accounts would be between banks in each DAUPHIN DEPOSIT TRUST COMPANY, city rather than between cities. The record in this HARRISBURG, PENNSYLVANIA case seems to support this conclusion. In the matter of the application of Dauphin It is true that the proposed organization would Deposit Trust Company for approval of merger be the largest banking organization in the State, with The First National Bank of Mount Holly accounting for approximately 26 per cent of total Springs. commercial bank deposits in the four-county area involved and somewhat less than 13 per cent of ORDER DENYING APPLICATION FOR APPROVAL OF total deposits in the State, with 4.7 per cent of MERGER OF BANKS the banking offices in the four-county area and 1.3 per cent of offices in the State, or 27 per There has come before the Board of Governors, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 985 pursuant to the Bank Merger Act of 1960 (12 pects, (4) the general character of its management, U.S.C. 1828(c)), an application by Dauphin De- (5) whether its corporate powers are consistent posit Trust Company, Harrisburg, Pennsylvania, a with the purposes of 12 U.S.C, Ch. 16 (Federal member bank of the Federal Reserve System, for Deposit Insurance Act), (6) the convenience and the Board's prior approval of the merger of The needs of the community to be served, and (7) the First National Bank of Mount Holly Springs, effect of the transaction on competition (including Mount Holly Springs, Pennsylvania, with and into any tendency toward monopoly). The Board may Dauphin Deposit Trust Company, under the char- not approve the transaction unless, after considerter and title of the latter. Notice of the proposed ing all these factors, it finds the transaction to be merger, in form approved by the Board, was pub- in the public interest. lished pursuant to said Act. For convenience, the first five of these factors Upon consideration of all relevant materials in may be considered together as "banking factors." the light of the factors set forth in said Act, in- The two remaining factors are considered separcluding reports furnished by the Comptroller of ately. the Currency, the Federal Deposit Insurance Banking factors. The financial history and con- Corporation, and the Department of Justice on dition and capital structure of both banks are the competitive factors involved in the proposed satisfactory. The management of each bank is merger, competent. Dauphin Deposit's earnings are good IT IS HEREBY ORDERED, for the reason set forth and its future earnings prospects are favorable. in the Board's Statement of this date, that the said The burden of one contention in support of the application be and hereby is denied. application is that consummation of the transaction Dated at Washington, D. C, this 13th day of would provide a basis for improved earnings pros- July, 1962. pects relative to what such prospects might be for By order of the Board of Governors. First National as an independent unit bank. The Board is not satisfied on the basis of the record, Voting for this action: Vice Chairman Balderston, and Governors Robertson, Shepardson, and Mitchell. Vot- however, that the future earnings prospects of ing against this action: Governor Mills. Absent and First National are other than favorable, especially not voting: Chairman Martin and Governor King. in view of the bank's good earnings and growth (Signed) MERRITT SHERMAN, records, and the favorable considerations, pre- Secretary. viously noted, relative to other banking factors. [SEAL] There is no evidence that the powers of the STATEMENT banks involved are or would be inconsistent with the purposes of 12 U.S.C, Ch. 16. Dauphin Deposit Trust Company, Harrisburg, Convenience and needs of the communities. Pennsylvania, ("Dauphin Deposit"), with deposits of approximately $108.5 million, has applied, pur- Mount Holly Springs, population about 1,900, is suant to the Bank Merger Act of 1960 (12 U.S.C. located in Cumberland County 23 miles southwest 1828(c)), for the Board's prior approval of the of Harrisburg, the seat of Dauphin County, and 6 merger of that bank and The First National Bank miles south of Carlisle, the seat of Cumberland of Mount Holly Springs, Mount Holly Springs, County. Mount Holly Springs serves a trade area Pennsylvania ("First National"), with deposits of of about 32,000 persons. The area is experiencing approximately $3.4 million. Under the Joint Plan some growth of industry and economic conditions of Merger, the banks would merge under the are favorable. First National is the only commercial charter and title of Dauphin Deposit, and the Plan bank in the community. The bank obtains almost and application contemplate that the office of First 80 per cent or about 2,700 of its 3,330 deposit National would become a branch of Dauphin De- accounts from within a five-mile radius of Mount posit, increasing from 10 to 11 the offices operated Holly Springs, and has a primary service area with by the bank. a population approaching 7,500. Dauphin Deposit Under the Act, the Board is required to con- makes its services available in the Mount Holly sider (1) the financial history and condition of Springs area through an office located at Carlisle. each of the banks involved, (2) the adequacy of Offices of two other banks larger than First Naits capital structure, (3) its future earnings pros- tional also are located at Carlisle and a branch of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN • AUGUST 1962 another larger bank is located at Boiling Springs, Carlisle office and slightly more than 41 per cent a town five miles northeast of Mount Holly of its total number of such deposit accounts origi- Springs. nate in the surrounding area outside the confines of In support of the application, it is contended Carlisle. This area includes that lying between that the convenience and needs of the area served Carlisle and Mount Holly Springs and portions of by First National would be better served by the the area of trade from which First National obtains increased resources and loan limit and the ex- about 56 per cent of the total volume of its IPC panded services which would be available through deposits and about 58 per cent of its total number the Mount Holly Springs office of the resulting of such deposit accounts. Consummation of the bank. There would be made available to customers transaction would eliminate this competition beof First National an increase in loan limit from tween First National and the branch of Dauphin about $32,000 to over $1,000,000, and the serv- Deposit at Carlisle. The record is persuasive that ices of a trust department and a foreign depart- First National would continue as a sound, wellment. managed institution, competitive with the nearby There is a lack of substantial evidence of a need banking offices at Boiling Springs and Carlisle. for the broader services and greater resources of a The service area of Dauphin Deposit is described larger bank in Mount Holly Springs. From the in the application as comprising the whole of record it may be concluded that only in fairly Dauphin and Cumberland Counties. If the proisolated instances has First National found it neces- posed merger should be consummated Dauphin sary to participate the requirements of its borrow- Deposit, one of the three largest banks serving the ers with larger lending institutions or has otherwise area, would have over 27 per cent of the total IPC found the services rendered by it too limited for deposits and 19 per cent of the total offices of all its customers' needs. Moreover, the increased serv- commercial banks in the two-county area. Dauices and facilities that would be made available by phin Deposit's primary service area seems limited the resulting bank are already provided in nearby to the southern section of Dauphin County and Carlisle by Dauphin Deposit and another bank of the eastern section of Cumberland County. On this comparable size. The record does not show that basis, consummation of the proposed merger would the banking needs of the Mount Holly Springs result in Dauphin Deposit having over 30 per cent area are inadequately served or that such needs of the total IPC deposits and over 24 per cent of cannot be met satisfactorily by First National. the total offices of all commercial banks in the Competition. The area of chief concern as to smaller area. Consummation of the transaction possible competitive effects of the proposal is the would add to the concentration of banking re- Carlisle-Mount Holly Springs area in Cumberland sources and facilities in the three largest banks County. It is contended, in effect, that consumma- serving the area. Dauphin Deposit, The National tion of the proposal should further stimulate com- Bank and Trust Company of Central Pennsylpetition in that area between Dauphin Deposit and vania, York, and The Harrisburg National Bank The Harrisburg National Bank and Trust Com- and Trust Company would hold 65.3 per cent of jpany and provide more effective competition to the IPC deposits and 53.5 per cent of the offices the Boiling Springs Branch of The Cumberland of all commercial banks in the smaller area men- County National Bank and Trust Company, New tioned. Cumberland. Summary and conclusion. Consummation of There is substantial competition, however, be- the proposed merger would eliminate the subtween First National and Dauphin Deposit's Car- stantial competition existing between First National lisle office, both of which serve essentially the same and Dauphin Deposit and result in further contypes of customers in much the same manner. The centrating the banking resources and facilities in area between Carlisle and Mount Holly Springs is Dauphin and Cumberland Counties. served by both of these banking offices, each of There is insufficient evidence to indicate that which obtains a substantial portion of its business the banking needs of Mount Holly Springs require from the area. Almost 30 per cent of the total a local office of a larger bank. Broader banking amount of IPC (individuals, partnerships and services, for which there appears to be little decorporations) deposits of Dauphin Deposit's mand, are already available with reasonable con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 987 venience to the Mount Holly Springs area through trade area involved, consummation of the trans- Dauphin Deposit's office in nearby Carlisle, and action would be of benefit to the public in the two offices of another large bank. community of Mount Holly Springs by substituting Any benefits that might accrue to the public as the facilities that would be available from the a result of approval of the merger would fall short Dauphin Deposit Trust Company for those now of offsetting the diminution of competition and the provided by The First National Bank of Mount elimination of one of the five banks serving the Holly Springs. The presence of alternative sources Carlisle-Mount Holly Springs area. of banking service in the nearby community of Accordingly, the Board is unable to find that Carlisle and other reasonably accessible communithe proposed merger would be in the public ties, which include well-established unit banks and interest. branches of more distantly headquartered commercial banks, indicates the existence of a soundly DISSENTING STATEMENT OF GOVERNOR MILLS competitive grouping of banking facilities in and around Mount Holly Springs. The geographical, financial and competitive Viewed from a broad perspective that takes into conditions appertaining to this merger application account the entire Harrisburg-York trade area and are such as to emphasize the need for treating the its complex of commercial banking facilities, rather seven factors required to be considered by the than focusing almost exclusively and too narrowly Board under the Bank Merger Act as inseparable on the community of Mount Holly Springs, reparts of a broad, overall guide to decisions in cases veals no convincing arguments why the public arising under that statute. Analyzed from this viewinterest would not be served by consummation of point, there is an absence of compelling arguments the proposed merger or any persuasive reasons as to why the public interest would not be served that would justify interposing the authority of this by consummation of a transaction representing, as Board to deny fulfillment of the express wishes of this one does, the freely-expressed wishes of the the banks whose property rights are at stake. parties thereto. Accordingly, I would approve the application. Harrisburg is located about 25 miles north of York. These cities, respectively, lie at the northern and southern ends of a cohesive trade area that THE STATE BANK OF SALEM, SALEM, extends westward from each city on an arc ter- INDIANA minating in the other. Roughly, Mount Holly In the matter of the application of The State Springs lies to the west of Harrisburg and York, Bank of Salem for approval of acquisition of about the center of the arc. Harrisburg and York assets of State Bank of Hardinsburg. are the principal commercial and financial centers serving the entire area, which includes several ORDER APPROVING ACQUISITION OF BANK'S ASSETS smaller communities whose banking needs are met both by unit banks and by branches of the large There has come before the Board of Governors, Harrisburg and York commercial banking institu- pursuant to the Bank Merger Act of 1960 (12 tions. An evident tendency for the branch banking U.S.C. 1828(c)), an application by The State institutions to leapfrog each other in their en- Bank of Salem, Salem, Indiana, a member bank deavors to extend their facilities throughout the of the Federal Reserve System, for the Board's area by absorbing smaller commercial banks via prior consent to its acquisition of the assets and merger transactions suggests that a concentration assumption of the liabilities of the State Bank of of and control over commercial banking resources Hardinsburg, Hardinsburg, Indiana, and, as an of the area could be reached through this process incident thereto, The State Bank of Salem has at some point that would be adverse to the preser- applied, under Section 9 of the Federal Reserve vation of competition in the field of banking. Act (12 U.S.C. 321), for the Board's prior ap- However, bearing in mind the difference in the proval of the establishment of a branch by that service potential of a small bank as compared with bank at the location of the State Bank of Hardinsthe wider and more flexible range of banking serv- burg. Notice of the proposed acquisition of assets ices implicit in the operation of a branch banking and assumption of liabilities, in form approved by organization closely connected with the immediate the Board of Governors, has been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 FEDERAL RESERVE BULLETIN • AUGUST 1962 Upon consideration of all relevant material in competition (including any tendency toward the light of the factors set forth in said Bank monopoly). The Board may not approve the trans- Merger Act, including reports furnished by the action unless, after considering all of these factors, Comptroller of the Currency, the Federal Deposit it finds the transaction to be in the public interest. Insurance Corporation, and the Department of Banking factors. The capital structure, financial Justice on the competitive factors involved in the condition, and management of each bank are proposed transaction, satisfactory, as would be true of the continuing IT IS HEREBY ORDERED, for the reasons set forth bank. The earnings of both banks are satisfactory, in the Board's Statement of this date, that said and economies which are planned, together with applications be and hereby are approved, provided a change in investment policies following consumthat said acquisition of assets and assumption of mation of the transaction, indicate prospects of liabilities and establishment of said branch shall increased earnings at the proposed Hardinsburg not be consummated (a) within seven calendar office. There is no indication that the powers exerdays following the date of this Order, or (b) later cised by the banks involved are or would be inthan three months after said date. consistent with the purposes of 12 U.S.C, Ch. 16. Dated at Washington, D. C, this 13th day of Convenience and needs of the communities. July, 1962. Salem, Indiana (population about 4,600), the By order of the Board of Governors. seat of Washington County, is situated 38 miles Voting for this action: Unanimous, with all members northwest of Louisville, Kentucky. The economy present. of Salem's trade area (population approximately 10,000) is dependent primarily upon agriculture, (Signed) MERRITT SHERMAN, although industry provides employment for about Secretary. 1,100 persons. Hardinsburg (population 220) is [SEAL] located 18 miles southwest of Salem in an area STATEMENT of Washington County which is dependent on general farming. The State Bank of Salem, Salem, Indiana ("Salem Bank"), a member bank of the Federal Hardinsburg Bank's service area would be pri- Reserve System, with deposits of approximately marily affected by the proposed transaction. This $4 million, has applied, pursuant to the Bank bank now makes few instalment loans, does not Merger Act of 1960 (12 U.S.C. 1828(c)), for make amortized real estate loans, does not accept the Board's prior approval of its acquisition of the savings deposits or furnish trust services, and has assets and assumption of the liabilities of State a loan limit of only $10,000. Consummation of Bank of Hardinsburg, Hardinsburg, Indiana the proposed transaction would make available to ("Hardinsburg Bank"), also a member bank of customers of Hardinsburg Bank a larger loan the Federal Reserve System, with deposits of ap- limit and a more complete range of banking servproximately $1.1 million. Each bank operates one ices. office. As an incident to the foregoing, Salem Bank Competition. Because the Salem Bank and the has applied, under Section 9 of the Federal Re- Hardinsburg Bank are separated by a distance of serve Act (12 U.S.C. 321), for the Board's prior 18 miles and are not connected by a paved road, approval for the establishment of a branch at the there is little competition between them. The prolocation of Hardinsburg Bank. posed transaction would not substantially affect Under the Bank Merger Act, the Board is competition in Salem. The only other bank in required to consider (1) the financial history and Salem is slightly smaller than Salem Bank. Howcondition of each of the banks involved, (2) the ever, when this other bank acquires a small bank adequacy of its capital structure, (3) its future in Campbellsburg (located 10 miles northwest of earnings prospects, (4) the general character of Salem), permission for which has been granted its management, (5) whether its corporate powers by the Federal Deposit Insurance Corporation, it are consistent with the purposes of 12 U.S.C, Ch. would be somewhat larger than the bank which 16 (the Federal Deposit Insurance Act), (6) the would result from the proposed transaction. convenience and needs of the community to be Competition in the Hardinsburg area would be served and (7) the effect of the transaction on stimulated by the consummation of the proposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 989 transaction because of the more complete range in the Board's Statement of this date, that said of banking services expected to be offered in that application be and hereby is approved, provided area by the continuing bank. With the exception that said merger shall not be consummated (a) of the one other bank in Salem, each of the 11 within seven calendar days after the date of this banks now located in the Salem and Hardinsburg Order or (b) later than three months after said trade areas would be at least 9 miles from either date. of the continuing bank's offices, and consumma- Dated at Washington, D. C, this 20th day of tion of the transaction would have no significant July, 1962. adverse effect on any of these small banks. By order of the Board of Governors. Summary and conclusion. The proposed acqui- Voting for this action: Chairman Martin, and Goversition would eliminate little competition, since nors Balderston, Robertson, Shepardson, King, and competition between the two banks involved is Mitchell. Absent and not voting: Governor Mills. nominal. The proposal should not adversely affect (Signed) MERRITT SHERMAN, any of the banks that compete in the service area Secretary. of the resulting bank, and in certain sections of [SEAL] such service area competition would be stimulated. Banking factors support approval of the proposed STATEMENT transaction, and the Hardinsburg area would bene- United California Bank, Los Angeles, Califit from the availability of a wider range of bankfornia ("United"), a State member bank, with ing services. deposits of approximately $2.1 billion, has ap- Accordingly, the Board finds the proposed trans- plied, pursuant to the Bank Merger Act of 1960 action to be in the public interest. (12 U.S.C. 1828(c)), for the Board's prior approval of the merger of that bank and Farmers UNITED CALIFORNIA BANK, and Merchants Bank of Blythe, Blythe, Cali- LOS ANGELES, CALIFORNIA fornia ("Farmers"), with deposits of approxi- In the matter of the application of United Cali- mately $3.8 million. The banks would merge fornia Bank for approval of merger with Farmers under the charter and title of United and, as an and Merchants Bank of Blythe. incident to the merger, the office of Farmers would be operated as a branch of United. ORDER APPROVING MERGER OF BANKS Under the Act, the Board is required to con- There has come before the Board of Governors, sider (1) the financial history and condition of pursuant to the Bank Merger Act of 1960 (12 each of the banks involved, (2) the adequacy of U.S.C. 1828(c)), an application by United Cali- its capital structure, (3) its future earnings prosfornia Bank, Los Angeles, California, a member pects, (4) the general character of its managebank of the Federal Reserve System, for the ment, (5) whether its corporate powers are con- Board's prior approval of the merger of that bank sistent with the purposes of 12 U.S.C, Ch. 16 and Farmers and Merchants Bank of Blythe, (the Federal Deposit Insurance Act), (6) the Blythe, California, under the charter and title of convenience and needs of the community to be the former and, as an incident to the merger, a served, and (7) the effect of the transaction on branch would be operated at the location of competition (including any tendency toward Farmers and Merchants Bank of Blythe. Notice of monopoly). The Board may not approve the the proposed merger, in form approved by the transaction unless, after considering all these Board, has been published pursuant to said Act. factors, it finds the transaction to be in the public Upon consideration of all relevant material in interest. the light of the factors set forth in said Act, in- Banking factors. United has been authorized cluding reports furnished by the Comptroller of to establish 11 offices in addition to the 140 which the Currency, the Federal Deposit Insurance Cor- it is presently operating and has other branch poration, and the Department of Justice on the applications pending or to be filed. In connection competitive factors involved in the proposed with this program to provide additional facilities, merger, United plans to issue additional capital stock IT IS HEREBY ORDERED, for the reason set forth when necessary, thus providing a desirable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN • AUGUST 1962 strengthening of its capital position. The capital additionally handicapped in that agricultural loans structure of Farmers is satisfactory, as would be usually do not generate deposits, since as a rule true of the resulting bank under the program they must be disbursed quickly for crop plantjust described. The financial history and condi- ing and purchasing of cattle. United would have tion and earnings prospects of each of the banks ample resources to meet these credit demands are satisfactory, as would be true of the result- and would offer a wider range of banking services. ing bank. The management of each of the banks Competition. United is the fourth largest bank is regarded as satisfactory. However, Farmers in the State and one of three operating state-wide does not now have a chief executive officer and branch systems. Its present 140 operating offices in the past several months two of its directors are located in 29 of the 58 counties of the State. have taken time from their principal business Its offices nearest to Farmers are at El Centro, activities to operate the bank. Following con- 165 miles southwest, and Hemet, 161 miles west. summation of the proposed merger, United, The primary service area of Farmers includes all through its comprehensive management training of the Palo Verde Valley, extending approxiand recruitment program, would be able to pro- mately 20 miles north and south and 15 miles vide qualified personnel to operate the branch east and west. There is virtually no competition that would replace Farmers. The management between the two banks. of the resulting bank would be satisfactory. No As previously mentioned, the only other bankinconsistency with the purposes of 12 U.S.C., Ch. ing office within Farmers' primary service area 16, is indicated. is the Blythe office of Security First National Convenience and needs of the community. Bank, Los Angeles, and the proposed merger Blythe, California (population about 6,000), is should result in a healthy increase in competition located in the Palo Verde Valley of Riverside in the area. On a state-wide basis, the proposed County, 250 miles east of Los Angeles, and is merger would have virtually no effect on comseparated from the populous coastal communities petition. by mountain ranges. The main economic pur- Summary and conclusion. The Palo Verde suit of the area consists of irrigation farming Valley is an isolated area where loan requireand cattle feeding. There is also some mineral ments are often quite large. The proposed merproduction. The farms in the area, many of which ger would provide another bank which, under exceed 1,000 acres, require lines of credit ranging experienced and capable management, could offrom $25,000 on a short-term basis for small fer the farmers and ranchers a wider range of operations to $2 million for continuing lines of banking services, including the relatively large credit for large operations. Farmers' lending loans needed in this area. While virtually no comlimits and its limited resources enable it to supply petition would be elimated, the merger should only a small part of the local requirements for result in a healthy increase in competition with the cattle feeding and crop production. The bank office of the second largest bank in California presently makes no real estate loans on farm that also serves the area. properties or FHA or VA mortgages, nor does Accordingly, the Board finds the proposed merit handle automobile "floor plan" or conditional ger to be in the public interest. sales contracts. THE CITIZENS BANK OF PERRY, N.Y., Most of the farm financing in the Blythe serv- PERRY, NEW YORK ice area (population about 13,000) is provided by an office of Security First National Bank, Los In the matter of the application of The Citi- Angeles, the second largest bank in the State. zens Bank of Perry, N.Y. for approval of mer- With the size of agricultural units rapidly increas- ger with The First National Bank of Perry. ing, there is demand for larger real estate loans to aid in the reclamation and development of ORDER APPROVING MERGER OF BANKS additional land for agricultural use under irriga- There has come before the Board of Governors, tion, which at the present time can be satisfied by pursuant to the Bank Merger Act of 1960 (12 Farmers only through participations. Farmers, U.S.C. 1828(c)), an application by The Citibecause of its relatively limited resources, is zens Bank of Perry, N. Y., Perry, New York, a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 991 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 that sider (1) the financial history and condition of bank and The First National Bank of Perry, each of the banks involved, (2) the adequacy of Perry, New York, also a member bank of the its capital structure, (3) its future earnings pros- Federal Reserve System, under the charter of the pects, (4) the general character of its manageformer and title of The Bank of Perry and, as an ment, (5) whether its corporate powers are conincident to the merger, a branch would be operated sistent with the purposes of 12 U.S.C, Ch. 16 for one year at the location of The Citizens (the Federal Deposit Insurance Act), (6) the Bank of Perry, N. Y. Notice of the proposed convenience and needs of the community to be merger, in form approved by the Board, has served, and (7) the effect of the transaction on been published pursuant to said Act. competition (including any tendency toward mo- Upon consideration of all relevant material in nopoly). The Board may not approve the transthe light of the factors set forth in said Act, in- action unless, after considering all these factors, cluding reports furnished by the Comptroller of it finds the transaction to be in the public interthe Currency, the Federal Deposit Insurance est. Corporation, and the Department of Justice on Banking factors. The financial condition and the competitive factors involved in the proposed capital structure of each of the banks are satismerger, factory, as would be true of the resulting bank. IT IS HEREBY ORDERED, for the reasons set forth Although the earnings of First are lower than in the Board's Statement of this date, that said the average for banks of similar size and comapplication be and hereby is approved, provided parable loan volume in the Second Federal Rethat said merger shall not be consummated (a) serve District, Citizens has a good earnings rewithin seven calendar days after the date of this cord and the earnings prospects of the result- Order or (b) later than three months after said ing bank are favorable. Consummation of the date. proposed merger would provide both strength Dated at Washington, D. C, this 23rd day of and continuity of management to the resulting July, 1962. bank. This, together with increased resources, By order of the Board of Governors. would permit the establishment of a consumer Voting for this action: Chairman Martin, and Gover- loan department and the improvement of all nors Balderston, Mills, Shepardson, and King. Voting banking services, including those presently availagainst this action: Governors Robertson and Mitchell. able in the agricultural field. No inconsistency (Signed) MERRITT SHERMAN, with the purposes of 12 U.S.C, Ch. 16, is in- Secretary. dicated. [SEAL] Convenience and needs of the communities. STATEMENT The Village of Perry has a population of about The Citizens Bank of Perry, N. Y., Perry, New 4,600. It is approximately 57 miles east of Buf- York ("Citizens"), with deposits of approximately falo and 42 miles southwest of Rochester. The $3.2 million, a State member bank, has applied, co-terminus service area of Citizens and First pursuant to the Bank Merger Act (12 U.S.C. has an estimated population of 7,500. The econ- 1828 (c)), for the Board's prior approval of the omy of the service area is supported primarily by merger of that bank and The First National diversified farming, as there are only a few small Bank of Perry, Perry, New York ("First"), with industries located there. The population and availdeposits of approximately $4.5 million. Under the able employment of the area have shown only application and Plan of Merger, the two single- a slight increase in the past decade. Nevertheless, office banks would merge under the charter of credit demands have expanded substantially in Citizens and the title of The Bank of Perry, recent years, so that the two banks have particiwhich temporarily would occupy the office of pated with each other frequently in order to First. As an incident to the merger, the office of meet the credit needs of farmers and small busi- Citizens would be operated as a branch until nesses. Notwithstanding the banks' use of particithe branch quarters could be enlarged to house pations, many local businesses borrow both in the resulting bank. Perry and from outside sources. The loan limit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BULLETIN • AUGUST 1962 of Citizens is about $38,000, while that of First case is that Perry and its immediate environs canis about $30,000. The resulting bank would have not adequately support two banks. In finding a loan limit of approximately $75,000. Consum- for the applicants, the majority has given credence mation of the transaction also would permit im- to this argument and on this ground has taken provement in other banking services, as noted away from a stable community of about 4,600 above. inhabitants (with a service area of 7,500) the Competition. The two banks are competitive, benefits of competition in the provision of bankserving a common area. The unusually large ing services. These benefits are more significant volume of loan participations between them, than any improvement in services that the comhowever, suggests that the competition is not bined institution can offer. The substantial comparticularly vigorous. In addition, Citizens has petition which presently exists between these concentrated on commercial and instalment loans, two institutions should be preserved. while the greatest volume of First's loans has Obviously there are some small communities been in the real estate field. Accordingly, less which cannot support more than one bank. It is competition would be eliminated by the pro- our judgment that the community in this case posed merger than would normally be expected is not essentially a one-bank town. In fact, for in the case of a two-bank community. In view of many years this community has supported two the virtually static population and lack of in- banks which, though small from a "city" point dustrial growth, there is doubt whether the area of view, are nevertheless sound, well managed, involved is such as to provide growth opportuni- and profitable institutions. On the basis of earnties for both of the banks. ings records, one of the two banks is doing very There are eight other banking offices located well compared with those banks of similar size from 6 to 14 miles from Perry, and the resulting in New York and no evidence has been presented bank would have available fewer resources than to show that the lower earnings of the other bank five of these. The proposed merger should not result from lack of opportunity rather than from have an adverse competitive effect on other banks failure to make adjustments in its portfolio. If in the area, but should stimulate competition. we look to the experience of other small towns Summary and conclusion. The present prospect in the country, we find there are hundreds of for growth of the two banks is not encouraging. such communities that are supporting two or The proposed merger would provide the area more banking offices. with a bank having a larger loan limit and able While this merger may seem relatively inalso to offer a broader and more efficient range significant in the context of the country's overof banking services than is now available in the all banking structure, it may not be so small a Village of Perry. The transaction would eliminate matter to the long-run interest of the citizens only a small amount of competition, and should of Perry. It will leave the community with only have no serious competitive effects on the eight one bank—with no competition to spur it into remaining banks located within the service area providing the best possible public service. of the Perry banks. The existence of banks in communities six Accordingly, the Board finds the proposed mer- and twelve miles away is a weak reed on which ger to be in the public interest. to lean as justification for permitting the elimination of competition in Perry. Admittedly, the DISSENTING STATEMENT OF presence of banks in nearby communities pro- GOVERNORS ROBERTSON AND MITCHELL vides a potential source of competition that may It is important to the public welfare that com- deter a bank in a one-bank town from extreme petition be maintained in the field of banking abuse of its financial power over the community; wherever this can be accomplished without en- however, banks in other towns can never be an tailing adverse "side effects." Competition not adequate substitute for the competition—and aconly provides the public with alternative sources companying economic benefits—that customarily of banking facilities, but also produces better result from the presence of two banks in the same banks—and usually better banking service. community. A major argument of the applicants in this We would deny the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements DEATH OF DIRECTOR ures on both the old and new basis for the week Mr. Eugene B. Whittemore, President and Treas- or month in which the transfer occurred. In other urer, The Morley Company, Portsmouth, New tables, footnotes will indicate the relative size of Hampshire, who had served as a Class B director the three banks in each District that are being of the Federal Reserve Bank of Boston since Janu- transferred. ary 1, 1959, died on July 31, 1962. The changes will affect the following tables in the BULLETIN: (1) Reserves and Borrowings of APPOINTMENT OF DIRECTOR Member Banks, pp. 1000-01; (2) Deposits, Cash, On August 14, 1962, the Board of Governors anand Reserves of Member Banks, p. 1003; (3) Prinnounced the appointment of C. Caldwell Marks, cipal Assets and Liabilities and Number of All of Birmingham, Alabama, as a director of the Banks, p. 1010; (4) Loans and Investments of Birmingham Branch of the Federal Reserve Bank Commercial Banks, p. 1013; and (5) Reserves and of Atlanta, for the unexpired portion of a term Liabilities of Commercial Banks, p. 1015. The ending December 31, 1964. Mr. Marks is Chairchanges will be made in the September BULLETIN, man of the Board of Owen-Richards Company, the first issue containing figures for periods after Birmingham. As a director of the Birmingham the change in reserve classifications. Similar Branch he succeeds Dr. Henry King Stanford, changes are being made in appropriate statistical formerly President of Birmingham Southern Colreleases published by the Board. lege, Birmingham, Alabama, who resigned. SUPPLEMENT TO BANKING AND CHANGE IN CLASSIFICATION OF CENTRAL RESERVE MONETARY STATISTICS CITY BANKS A third pamphlet, entitled "Gold," Section 14 of Effective July 28, 1962, central reserve city banks Supplement to Banking and Monetary Statistics, in New York City and the city of Chicago became is now available for distribution. Copies may be reserve city banks, and the authority of the Board obtained for 35 cents each from the Division of of Governors of the Federal Reserve System to Administrative Services, Washington 25, D. C. classify or reclassify cities as central reserve cities For announcements of previous pamphlets, see was terminated. January 1962 BULLETIN, p. 38, and March 1962 In order that users of Federal Reserve statistics BULLETIN, p. 300. may continue to follow developments in these two important financial centers, the Board will publish GUIDE TO TABULAR PRESENTATION figures for reserve city banks in New York City Page 996 of this issue shows a list of symbols and the city of Chicago separately from the totals and abbreviations used in the tables, some items for other reserve city banks. The new groupings, of general information, and the list of tables pub- "New York City reserve city banks" and "city of lished annually, semiannually, or quarterly, with Chicago reserve city banks," will include data for the latest BULLETIN reference. This information the former central reserve city banks in New York will be carried regularly in the BULLETIN in the and Chicago plus data for the three banks in same location. The footnotes in tables no longer New York and the three in the city of Chicago explain the abbreviations listed. that were already classified as reserve city banks ADMISSION OF STATE BANK TO MEMBERSHIP and were therefore formerly included in the re- IN THE FEDERAL RESERVE SYSTEM serve city bank totals. Data for the New York City The following bank was admitted to Membership and Chicago banks that are classified as country in the Federal Reserve System during the period banks will continue to be included in country bank July 16, 1962 to August 15, 1962: totals instead of being added into the new city Illinois figures. Tables of historical data will show fig- Wheaton. Hawthorne Bank of Wheaton 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 14 Economic activity generally increased further EMPLOYMENT in July. Industrial production, employment and Seasonally adjusted employment in nonfarm personal income rose. Commodity prices changed establishments rose 125,000 in July to 55.6 million, little. Seasonally adjusted total bank credit de- following a similar increase in June. Gains in July creased, although loans increased somewhat. were largest in the construction, retail trade, and the service industries, and these more than offset INDUSTRIAL PRODUCTION declines in transportation and public utilities and Industrial production rose one point in July to in some nondurable goods manufacturing indusa new high of 119 per cent of the 1957 average. tries. The workweek in manufacturing was off Increases in output were widespread, with gains slightly further. The unemployment rate declined in final products and materials. somewhat to 5.3 per cent of the labor force. Auto assemblies rose 10 per cent following settlement of a strike in June and were slightly CONSTRUCTION above the advanced May rate. Reported schedules The value of new construction activity, which for August indicate little change in output after had increased in each of the four preceding allowance for a sharp reduction during the model months, was off slightly in July to a seasonally changeover period. In July, output of other con- adjusted annual rate of $61.7 billion. Private consumer goods was maintained at the record June struction expenditures were practically the same level as declines in television and furniture were as in June, but public activity declined 5 per cent. offset by moderate gains in consumer staples. In the equipment industries, there were further gains DISTRIBUTION in output of industrial, commercial, and farm ma- Retail sales in July recovered from the decline chinery as well as in freight and passenger equip- in May and June. Total sales increased 2 per cent ment. with durable goods sales up 5 per cent and non- Production of iron and steel in July was about durables up 1 per cent. Sales of new domestic unchanged from the June level, following a curtail- and imported autos rose to a seasonally adjusted ment of one-fifth from April to June. Output of annual rate of 7.4 million units. Department store other durable materials, as well as most nondur- sales improved and the Board's index advanced to able materials, advanced further. 115 per cent of the 1957-59 average from 111 in June. INDUSTRIAL PRODUCTION 1957 = 100 COMMODITY PRICES Prices of steel scrap, which had declined by midyear to the lowest level since 1954, have risen moderately. Prices of most other sensitive industrial materials have continued at June levels. While meat supplies have changed little, prices of livestock and meats have risen more than seasonally since June. The average level of wholesale meat prices in early August was about 5 per cent higher than in June or a year earlier. Prices of most other farm and food products have continued stable in recent weeks. BANK CREDIT AND RESERVES Total commercial bank credit, seasonally ad- Federal Reserve indexes, seasonally adjusted. Monthly fig- justed, declined in July following substantial ures, latest shown are for July. 994 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 995 growth earlier in the year. Holdings of U. S. and an outflow of gold. They were supplied Government securities dropped, while holdings of through an increase in float and a reduction in other securities continued to expand rapidly. Total other Federal Reserve accounts. loans increased slightly further, with business, consumer, and real estate loans continuing to show SECURITY MARKETS moderate growth. The money supply declined Yields on Treasury obligations edged lower from somewhat, while time deposits at commercial banks rose further. U. S. Government deposits mid-July through early August. The rate on 3were reduced. month bills declined to 2.83 per cent and the Total reserves and required reserves of member average yield on long-term bonds was slightly banks rose further in July. Excess reserves also lower at about 4 per cent. increased somewhat while member bank borrow- Yields on both corporate and State and local ings from the Federal Reserve were about un- government bonds increased moderately further. changed. Reserves were absorbed principally Common stock prices have changed little since through an increase in currency in circulation mid-July. INTEREST RATES RETAIL TRADE 1957-59 = 100 RETAIL SALES DEPARTMENT STORES 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 June, for other series, July. figures shown are for week ending August 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated IPC Individuals, partnerships, and corporations c Corrected A Assets P Preliminary T Liabilities rp Revised preliminary L, Financial sources of funds: net change in r Revised S liabilities i, II, u Financial uses of funds: net acquisitions of III, IV Quarters assets n.a. Not available Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when S.A. Monthly figures adjusted for seasonal variathe unit is millions) tion N.S.A. Monthly figures not adjusted for seasonal (1) Zero, (2) no figure to be expected, (3) figvariation ure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U. S. Goyt. agencies as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY, WITH LATEST BULLETIN REFERENCE Annually Issue Page A nnually—cont. Issue Page Bank holding companies : Stock Exchange firms, detailed debit and credit List of, Dec. 31, 1961 June 1962 762 balances Sept. 1961 1106 Banking offices and deposits of group banks, Dec. 31, 1961 Aug. 1962 1075 Semiannually (Feb. 1962238^4 Banking offices: Banking and monetary statistics, 1961. Mar. 1962362-63 Analysis of changes in number of Aug. 1962 1073 [May 1962 652-55 On, and not on, Federal Reserve Par List, number of Aug. 1962 1074 Banks and branches, number of, by class and State Apr. 1962 482-83 Quarterly Income and expenses: Federal Reserve Banks Feb. 1962 234-35 Cash receipts from and payments to the public.. May 1962 656 Member banks: /May 1962 644-51 Flow of funds Aug. 1962 1056-72 Calendar year. \July 1962 902 Operating ratios Apr. 1962 484-86 Selected assets and liabilities of Federal busi- Insured commercial banks. July 1962 903 ness-type activities July 1962 904 996 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 998 Reserve Bank discount rates; margin requirements; reserve requirements. 1002 Federal Reserve Banks 1004 Bank debits; currency in circulation. 1006 Money supply; banks and the monetary system. 1008 Commercial and mutual savings banks, by classes. 1010 Commercial banks, by classes . . 1014 Weekly reporting member banks 1016 Business loans 1019 Interest rates . . . .. 1020 Security prices; stock market credit; open market paper. 1021 Savings institutions 1022 Federal finance 1024 Security issues . . 1029 Business finance . 1031 Real estate credit 1033 Consumer credit. 1036 Industrial production 1040 Business activity. 1046 Construction 1046 Employment and earnings. . 1048 Department stores 1050 Foreign trade 1051 Wholesale and consumer prices. . . . 1052 National product and income series 1054 Flow of funds, saving, and investment. 1056 Changes in number of banking offices in the United States 1073 Banking offices on Federal Reserve par list and not on par list 1074 Bank holding companies, December 31, 1961. 1075 Guide to tabular presentation 996 Index to statistical tables 1099 The data for F. R. Banks, member banks, and ties are obtained from Treasury statements; department stores, and consumer credit are the remaining data are obtained largely from derived from regular reports made to the other sources. For many of the banking and Board; production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (see List of publieral finance, and Federal business-type activi- cations at end of the BULLETIN) 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Factors supplying reserve fund Factors absorbing reserve funds F. R. Bink credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d U.S. <3ovt. securities Dis- Gold c u u r r y - r C e i n u n c r- y T u re ry as- with r F es . e R rv . e B s, anks O F. t h R er . reserves Total Bo r o i u g u g h t- h t t R m c a e h g e p a r n e u s t e e r s - - v co a a a n n u d c d n - e ts s Float1 t T a o P - stock s o t i a n u n g t- d- c t c u i i o l r a n - - h i o ng ld s - Tr u e r a y s- F ei o g r n - Other i co a u c- nts B F W a . n i R t k h . s r C c e a o n n u i c d r n - y 3 Total 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 1? 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 65?24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947 Dec 21,905 21,905 268 681 22,858 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 11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,?6?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 1018 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 W 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 1 38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 163327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19 535 1957—Dec 23,982 23,615 367 716 144326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960 Dec 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961 July 27,024 27,014 10 52 1,38828,498 17,540 5,450 32,586 400 474 235 279 967 16,547 2 516 19 063 Aug 27,415 27,327 88 68 ,14528,661 17,575 5,547 32,569 420 489 241 294 1,068 16,701 2 522 19,223 Sent 27,563 27,558 5 38 ,44529,080 17,446 5,556 32,719 411 473 285 313 1,071 16 811 2 556 19 367 Oct 28,044 27,997 47 67 ,35829,504 17,328 5,569 32,864 415 469 254 305 1,014 17,082 2 578 19 660 Nov 28,616 28,532 84 107 ,37730,142 17,180 5,583 33,255 414 483 258 244 1,068 17,183 2 657 19,840 Dec 29,098 29,061 37 152 ,9?131,217 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 ,80730,468 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 WO29,839 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 ,29330,063 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 ,31730,634 16,564 5,588 33,235 428 485 220 350 985 17,083 2 640 19 723 May 29,503 29,457 46 128 ,37630,991 16,456 5,594 33,327 419 551 221 351 1,048 17,122 2 695 19,817 29,568 29,510 58 154 ,50831,265 16,434 5,601 r33,626 r402 514 269 322 971 17,196 2 728 19,924 July 29,581 29,540 41 109 736 31,475 16,310 5,602 33,989 398 490 273 312 654 17,272^2,771^20,043 Week ending— 1961 June 7 27,061 27,041 20 66 ,01028,175 17,410 5,429 32,198 425 473 198 239 1,071 16,410 2 394 18,804 14 26,946 26,946 75 1,11828,177 17,449 5,433 32,299 410 480 203 242 1,043 16,382 2,462 18,844 21 26,848 26,845 3 44 ,5S628,486 17,487 5,433 32,247 410 481 193 233 1,021 16,820 2,476 19,296 28 26,820 26,817 3 84 1,37928,319 17,533 5,434 32,201 404 624 221 259 1,023 16,553 2 567 19 120 July 5 27,283 27,274 9 49 ,20?28,568 17,550 5,435 32,484 388 434 233 317 1,007 16,689 2,397 19,086 12...::.:. 27,266 27,266 48 ,79128,641 17,550 5,433 32,797 385 390 231 255 996 16 570 2 533 19 103 19 26,737 26,737 56 1,74828,575 17,547 5,437 32,634 392 605 218 274 946 16,491 2,584 19,075 26 26,731 26,720 ii 50 ,47628,289 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 1,00628,777 17,548 5,543 32,564 423 467 234 304 1,024 16,852 2,356 19,208 16 27,471 27,275 196 62 ,10928,676 17,601 5,545 32,664 422 498 257 275 1,039 16 667 2 530 19 197 23 27,197 27,191 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 1,10128,447 17,579 5,552 32,474 416 498 230 298 1,109 16,554 2,606 19,160 Sept £:::::::27,840 27,840 57 99928,931 17,451 5,553 32,664 406 469 270 303 1,111 16,712 2,402 19,114 27,803 27,803 28 1,18629,052 17,451 5,553 32,836 414 469 275 319 1,088 16,655 2,543 19,198 27,330 27,320 io 45 ,84329,251 17,451 5,554 32,775 413 566 282 313 1,048 16,861 2 612 19 473 2207 27,200 27,197 3 29 i7?328,986 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 L33?29,237 17,380 5,563 32,678 408 422 300 281 1,054 17 036 2 569 19 605 11 .. .. 28,195 28,143 52 31 1,25729,517 17,350 5,565 32,886 417 450 261 363 1,052 17,005 2,421 19,426 18 28,250 28,130 120 147 1,30529,737 17,336 5,568 33,010 422 479 248 300 998 17,184 2,620 19,804 25 27,819 27,791 28 57 1,63029,544 17,302 5,572 32,849 414 486 249 268 991 17 162 2 663 19 825 Nov. 1 28,052 28,039 13 76 1,23829,404 17,302 5,576 32,802 410 491 241 303 990 17 045 2 706 19 751 8 28,495 28,466 29 93 1,13029,760 17,291 5,579 32.967 423 475 272 258 992 17,241 2,430 19,671 15 28,466 28,380 86 125 1,186 29,817 17,276 5,583 33'222 402 476 247 253 992 17 084 2 657 19 741 22 28,588 28,461 127 92 1,74330,465 17,190 5,585 33,350 414 506 309 251 1,144 17,265 2.629 19,894 29 28,874 28,760 114 103 1,492 30,510 16,975 5,586 33,503 415 456 210 213 1,143 17,132 2;810 19,942 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 999 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o r a i r t o e d T U o . t S al . G B o r o o v i u g u t g . h t - h t s t ecu R c a r e h i g t p a i r u e e s s r e e - - c v D o a a a i u n n d s n c d - - t e s s Float i To- s G to o c ld k T r s c o e r u t i a e u n n u r n a r y g c t - - s d y - - r c C t e c u i i n u i o n l r c r a n - - y - T h c i u r o n a e r l g s y a d h s s - - Tr t u e h w r a a y i s n t - h m F r e e F e . m s o i R e g r b r . - n v e B e r s a O b , n a t k h n s e k r i c O F o . a u t c h n R - e t . s r B W F. a i n R th k M . s e r m e r c C s e b a o e n u e n i r n c r r d v - y 3 e b s an T k otal Averages of daily figures Week ending— 1961 Dec. 6 29,274 29,274 36 1,279> 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 2,526 31,685 16,889 5,584 34,171 421 511 207 238 1,106 17,506 2,842 20,348 1962 Jan. 3 28,931 28,720 211 356 2,355 31,695 16,889 33,919 429 441 290 297 1,053 17,740 3,062 20,802 10 28,784 28,717 67 79 2,059 30,972 16,883 33,661 434 380 240 261 1,043 17,421 2,871 20,292 17 28,520 28,501 19 89 ' 870 30,529 16,839 33,386 440 435 232 292 1,040 17,130 2,926 20,056 24 28,279 28,279 72 786 30,185 16,839 33,070 442 439 220 305 1,043 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 1,042 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 1,022 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 • ,91716,724 5,590 33,066 441 461 224 234 1,053 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 1,027 17,048 2,617 19,665 28 28,679 28,651 28 151 ,248 30,121 16,666 5,587 32,951 433 481 197 318 1,028 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 1,025 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 1,030 17,027 2, All 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 ,351 30,704 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 ;i91 30,935 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 17,291 2.747 20,038 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 July 4 29,884 29,707 177 153 ,49831,597 16,435 5,600 33,863 391 533 330 290 699 17,527 2,713 20,240 29,962 29,870 92 81 ,627 "3"1,729 16,412 5,602 34,155 394 452 294 301 700 17,447 2,694 20,141 is'.'.'.'.'.'.'.2'9.,304 29,304 178 2,039 31,561 16,298 5,601 34,091 388 496 315 298 607 17,265*>2,827^20,092 29,230 29,230 74 968 31,315 16,269 5,603 33,901 404 551 221 317 641 17,15—2 n',851 ^20,003 25 End of month 1962 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 May 29,663 29,493 170 76 1,462 31,261 16,435 5,598 33,770 379 612 334 293 700 17,206 2,570 19,776 June 29,786 29,786 73 ' 138 31,040 16148 ^5,601*>33,859 390 248 355 642 16,885*>3,039^19,924 July Wednesday 1962 June 6 29,949 29,949 106 ,175 31,261 16,435 5,600 33,615 412 450 202 344 1,074 17,198 2,805 20,003 13 29,628 29,628 172 ,301 31,131 16,435 5,603 33,672 408 458 225 328 1,005 17,073 3,012 20,085 20 29,574 29,397 177 487 637 31,728 16,435 5,604 33,615 404 572 330 327 954 17,564 3,013 20,577 27 29,383 29,235 148 393 242 31,062 16,435 5,600 33,629 411 578 342 233 712 17,191 3,113 20,304 July 4 30,334 30,194 140 113 ,579 32,090 16,435 5,602 34,058 398 490 306 294 692 17,889 2,721 20,610 11 29,487 29,445 42 57 583 31,179 16,298 5,600 34.142 397 436 335 219 704 16,844 3,083 19,927 18 29,020 29,020 669 1J889 31,616 16,298 5,602 34,007 398 435 269 313 644 17,451*>3,041*>20,492 25 29,180 29,180 136 1,452 30 "" 16,208 5,603 33,810 414 565 237 303 639 16,651 3139 H9J90 * Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec, 1, 1959-Nov. 23, 1960; all allowed 1961 BULL., p. 164. thereafter. Beginning with Jan. 1962 figures are estimated except for 2 Includes industrial loans and acceptances, when held, (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F. R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 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 Centi•al reserve city banks—Chicago Period Bor- Bor- Bor- Total Re- Excess row- Free Total Re- Excess row- Free Total Re- Excess row- Free re- quired re- ings re- re- quired re- ings re- re- quired re- ings reserves re- serves 3 at serves 3 serves re- serves 3 at serves 3 serves re- serves 3 at serves 3 held i serves 2 F. R. held i serves 2 F. R. held i serves 2 F. R. Banks 4 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 12,160 1,797 363 184 179 861 792 69 69 211 133 78 n a n a 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5.142 4,153 989 n.a. n.a. 1,143 848 295 n a n a 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1 011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1.191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 353 3 64 — 61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 ,409 -4 232 —236 1953 Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 37 -36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 210 — 1 15 — 16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 —83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,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 I 070 7 39 — 31 1959_Pec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 .038 104 -104 I960 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 1961 July 19,063 18,482 581 51 530 3,648 3,639 9 2 7 958 955 3 3 19,223 18,619 604 67 537 3,645 3,629 16 9 7 970 967 3 2 I Sept 19,367 18,783 584 37 547 3,686 3,681 6 4 2 966 963 3 1 2 Oct 19,660 19,153 507 65 442 3,733 3,716 16 4 12 983 985 _1 23 —24 Nov 19,840 19,218 622 105 517 3,697 3,660 37 23 14 985 982 3 16 -13 Dec 20,118 19,550 568 149 419 3,834 3 826 7 57 —50 987 987 22 —22 1962—Jan 20,089 19,473 616 70 546 3,811 3,763 48 7 41 987 982 5 3 2 Feb 19,571 19,069 502 68 434 3,680 3,664 17 6 11 955 954 1 4 -3 Mar 19,547 19,077 470 91 379 3,693 3,705 -12 12 -24 964 949 15 21 — 6 Apr 19,723 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 10 990 983 7 4 3 June . 19,924 19,453 471 100 371 3,781 3,774 7 19 -12 976 977 -1 2 -3 July 220,043^19,518 2525 89 2436 23,766 23,732 234 16 218 21,000 2990 4 25 P9 Week ending— 1961—July 5.... 19,086 18,539 547 48 499 3,744 3,734 10 10 965 960 5 1 4 19,103 18,446 657 47 610 3,651 3 625 25 25 950 944 6 6 19 19,075 18,386 689 55 634 3,579 3,575 4 11 -7 945 946 2 26.... 19,007 18,357 650 50 600 3,648 3,585 62 62 957 948 9 4 5 1962—Feb. 7.... 19,698 19,241 457 72 385 3,744 3,735 9 7 971 968 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 4 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 13 -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-,?:::: 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 1 1 963 959 4 4 20 20,038 19,568 470 124 346 3,831 3,807 24 36 -12 982 986 -4 7 -12 27 20,062 19,569 493 168 325 3,827 3,813 14 35 -22 993 986 7 1 6 July ,?:::: 20,240 19,697 543 120 423 3,907 3,867 40 30 10 1,012 999 14 4 10 20,141 19,595 546 55 491 3,764 3,746 19 11 8 980 985 — 5 —5 18.... 220,092^19,530 P562 163 2399 3,694 3,688 7 40 -33 981 986 -4 11 -15 25 220,003219,427 P576 59 *517 3,753 3,678 75 75 984 972 12 2 10 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1001 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re h T s e o e ld r t v a 1 l es r R es e e q r u v i e re s d 2 re E se x r c v e e s s s 3 B B in F o a g . r n r s k R o s a w . t 4 - res F er r v e e e s 3 re h T s e o e ld r t v a 1 l es r R es e e q r u v i e r s e d 2 re E se x r c v e e s s s 3 B B in F o a g . r n r s k R o s a w . t 4 - res F er r v e e e s 3 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 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 1961 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 8,270 8,229 41 45 6,896 6,473 423 34 389 July *>8,307 ^8,269 40 *"6,971 P6 527 #443 29 Week ending— 1961 July 5 7,850 7,787 63 12 51 6,527 6,059 468 35 432 12 7,883 7,785 97 8 90 6,619 6,091 528 39 489 19 7,809 7,770 39 9 30 6,742 6 094 648 33 615 26 7,871 7,755 116 1 115 6,531 6,069 462 45 418 1962—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 Apr. 4 8,199 8,143 56 17 40 6,796 6,356 440 45 395 11 8,165 8,118 47 26 21 6,773 6,387 386 17 369 18 8,205 8,171 34 19 15 6,867 6,409 458 23 435 25 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 6,919 6,501 418 17 401 27.. 8,325 8,288 38 69 -31 6,918 6,483 435 63 372 1962—July 4 8,433 8,342 91 57 34 6,888 6,488 399 29 369 11 8,359 8,322 36 13 23 7,037 6,542 496 31 464 18 8,324 8,301 24 97 -73 ^7,092 *>6,555 15 ^523 95 8,298 8,243 55 22 33 *>6,968 *>6,533 *434 35 1 Based on figures at close of business through November 1959; there- 2 Based on deposits as of opening of business each day. Monthly after on closing figures for balances with Reserve Banks and opening averages for all classes of banks beginning with January 1962 are estifigures for allowable cash. Beginning with Nov. 24, 1960, all currency mated. and coin held by member banks allowed as reserves; during the period 3 Monthly averages for all classes of banks beginning with January Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed. 1962 are estimated. Monthly averages of currency and coin beginning January 1962 are 4 Based on closing figures. estimated. 5 This total excludes, and that in the preceding table includes, $51 million in balances of unlicensed banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 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 July 31 beginning— rate July 31 beginning— rate July 31 beginning— rate Boston Aug. 23,1960 Aug.23, 1960 Aug. 23,1960 4*4 New York. . . Aug. 12,1960 Aug. 12, 1960 41/2 June 10,1960 Philadelphia.. Aug. 19,1960 Aug. 19, 1960 4% Aug. 19,1960 5 Cleveland Aug. 12,1960 Aug. 12, 1960 4* Aug. 12,1960 5 Richmond. .. Aug. 12,1960 Aug. 12, 1960 Aug. 12,1960 4*4 Atlanta Aug. 16,1960 Aug. 16, 1960 Aug. 16,1960 Chicago Aug. 19,1960 Aug. 19, 1960 June 10,1960 k 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 D Sa a n l la F s rancisco S S e e p p t t . . 2 9 , ,1 1 9 9 6 6 0 0 S S e e p p t t 9 2 , , 1 1 9 9 6 6 0 0 J Se u p n t e . 3 9 , ,1 1 9 9 6 6 0 0 41/2 5 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Range F. R. Range F. R. Range F. R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F. R. of date all F. R. of date all F. R. of Banks N. Y. Banks N. Y. Banks N. Y. In effect Dec. 31, 1932 21/2-31/2 21/2 1950 1957_Cont. Aug. 21. 11/2-IV4 Nov. 15 1933 pt 134 Dec. 2 Mar. 3 4 1953 1958 Apr. 7 Jan. 16. IVA-2 Jan. 22 May 26 21/2-31/2 21/2 23. 24 Oct. 20 2 -3i/2 1954 Mar. 1 7 3 1934 Feb. 5. WA-2 134 21 Feb. 2 I1/2 15. 1% Apr. 18 Mar. 16 I1/2 Apr. 14. I11/2/I34 May 9 16. IB Aug. 15 1935 May 21. Sept. 12 Jan. 11 1*4 May 14 \& 1955 Oct. 24'.'.'.'.'.'.'.'. Apr. 14. 1*4-1% l!/2 Nov. 7 1937 15. 1*4-1% 134 Aug. 27 1 -2 1 May 2. 134 1959 Sept. 4 1 -11/2 Aug. 4. WA-2VA Mar. 6 5. 1*4-214 16 1942 12. 2 -214 2 May 29 Apr. 11 1 l Sep..^. 2 -214 214 June 12 3 $ Oct. 3 1 0 5 Nov. 18. 214 21 - / 2 4 1/2 2 2 1 1 / 4 2 Sept. 1 18 1 31/2-4 23. 21/2 21/2 1946 1956 1960 Apr. 25 1 Apr. 13. 2% June 3 3*4-4 May 10 1 Aug. 2 20 4 . . I* 1 1 0 4 3i/2^4 1948 Aug. 12 3 -3V Jan. 12 1 —1*4 HI 3 Sept. 9 Aug. 2 1 1 3 3 9 114—1 Vi I 1 1 V 1 4 / 2 2 1957 3 3 - i 3 / i/2 3 31/2 In effect J 1 u 9 l 6 y 2 31. 1 Preferential rate of V2 of 1 per cent for advances secured by U. S. against U. S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. NOTE.—Discount rates under Sees. 13 and 13a (as described in table 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, above). For data before 1933, see Banking and Monetary Statistics, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr, 3-4, 2.50; June 29, 2.75; July pp. 439-42. 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, The rates charged by the F. R. Bank of N. Y. on repurchase contracts 2.75; 1962—Mar. 20-21, 2.75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 1003 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS [Per cent of deposits] [Per cent per annum] Net demand deposits2 Time deposits Jan. 1, Jan. 1, Effec- 1936- 1957- tive Type of deposit Dec. 31, Dec. 31, Jan. 1, Central Savings deposits held for: 1956 1961 1962 Effective date* C r b e e c a s n i e n t t r y k r v a s e l 3 R b e c a s i e n t r y k v s e C ba o tr n u y k n s - r r e e a c s s e e i n r r t d y v v e e C ba o tr n u y k n s - 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 { k banks Postal savings deposits held for: In effect Dec. 31, 1948.. 26 22 16 71/2 7i/2 L 1 e y ss e a t r h a o n r m 1 o y r e e ar 3 { k 1949_May 1,5 24 21 15 7 7 June 30, July 1.. 20 14 6 6 Other time deposits payable in: { Aug. 1,11 191/2 13 5 6 1 m ye o a n r th or s - m 1 o y r e e ar } 2* 3 k A A u u g g . . 2 1 5 6, 18 1 1 9 8i/2 12 5 90 days-6 months Sept. 1 18 Less than 90 days 1 1 1951—Jan. 11, 16 23 19 13 6 6 Jan. 25, Feb. 1.. 24 20 14 1953—July 1,9 22 19 13 NOTE.—Maximum rates that may be paid by member banks as estab- 1954_june 16, 24 21 5 5 lished by the Board of Governors under provisions of Regulation Q. July 29, Aug. 1.. 20 18 12 Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust com- 1958_Feb. 27, Mar. 1. IS* 171/2 11% panies on like deposits under the laws of the State in which the member Mar. 20, Apr. 1.. 17 11 bank is located. Effective Feb. 1, 1936, maximum rates that may be Apr. 17 11* paid by insured nonmember commercial banks, as established by the Apr. 24 I61/2 F.D.I.C., have been the same as those in effect for member banks. 1960—Sept. 1 Maximum rate payable on all types of time and savings deposits: Nov 24. . 17i/2 12 N pe o r v c . e 1 n , t . 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2y2 Dec. 1 16y2 In effect Aug. 1, 1962. . 16% 12 5 5 MARGIN REQUIREMENTS Present legal require- [Per cent of market value] ment: Minimum 10 7 3 3 Maximum 4 22 14 6 6 Effective date Regulation 1 When two dates are shown, first-of-month or midmonth dates record Oct. 16, July 28, July 10, changes at country banks, and other dates (usually Thurs.) record changes 1958 1960 1962 at central reserve or reserve city banks. 2 Demand deposits subject to reserve requ irements are gross demand deposits minus cash items in process of collection and demand balances Regulation T: due from domestic banks. For extensions of credit by brokers and 3 Authority of the Board of Governors to classify or reclassify cities as dealers on listed securities 90 70 50 central reserve cities was terminated effective July 28, 1962. 90 70 50 4 Before July 28, 1959, the minimum and maximum legal requirements Regulation U: for central reserve city banks were 13 and 26 per cent, respectively, and For loans by banks on stocks 90 70 50 the maximum for reserve city banks was 20 per cent. NOTE.—All required reserves were held on deposit with Federal Reserve Banks, June 21, 1917, until late 1959. Since then, member banks have NOTE.—Regulations T and U, prescribed in accordance with Securities also been allowed to count vault cash as reserves, as follows: Country Exchange Act of 1934, limit the amount of credit that may be extended on banks—in excess of 4 and 2Y2 per cent of net demand deposits effective a security by prescribing a maximum loan value, which is a specified Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and percentage of its market value at the time of extension: margin require- reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 ments are the difference between the market value (100%) and the maxi- and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. mum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Average of daily figures.l In millions of dollars] Central reserve Central reserve All city banks Reserve Coun- All city banks Reserve Counitem member city try member city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago Four weeks ending June 13, 1962 Four weeks ending July 11, 1962 Gross demand: Total 125,665 24 609 6 017 49,025 46,014 129 376 25 682 6,165 50,717 46,813 Interbank 13,183 4,035 1,178 6,535 1,436 13,970 4,241 1,222 6,979 1,529 U S Govt 6,307 1,378 349 2,610 1,970 7,462 1,569 439 3,109 2,362 Other 106,175 19,195 4 491 39,881 42,608 107,944 19 871 4,504 40,646 42,922 Net demand 2 104,979 19,979 5,126 40,459 39,416 106,904 20,577 5,213 41,376 39,738 Time . 74,215 8,127 2,494 29,309 34,286 75,123 8,262 2,574 29,590 34,698 Demand balances due from domestic banks 6,718 109 86 2,002 4,520 7,165 121 90 2,111 4,842 Currency and coin 2,701 202 34 847 1,617 2,743 203 34 865 1,640 Balances with F R Banks 17,069 3,529 946 7,353 5,242 17,377 3,629 958 7,491 5,300 Total reserves held 19,770 3,731 980 8,200 6,859 20,120 3,832 992 8,356 6,940 Required 19,259 3,703 971 8,141 6,444 19,607 3,808 989 8.307 6,504 Excess 511 28 9 59 415 513 24 3 49 436 1 Balances with Reserve Banks are as of close of business; figures for all 2 Demand deposits subject to reserve requirements, i.e., gross demand other reported items (that is, excluding total reserves held and excess re- deposits minus cash items reported as in process of collection and demand serves) are as of opening of business. balances due from domestic banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION [In millions of dollars] Wednesday End of month Item 1962 1962 1961 July 25 July 18 July 11 July 4 June 27 July June July Assets Gold certificate account 14,725 14,850 14,850 14,985 14,990 14,665 14,990 16,175 Redemption fund for F. R. notes 1,206 1,175 1,177 1,170 1,168 1,206 1,168 1,048 Total gold certificate reserves 15,931 16,025 16,027 16,155 16,158 15,871 16,158 17,223 Cash 381 368 349 355 372 380 384 394 Discounts and advances: 121 654 42 80 359 57 43 59 For nonmember banks etc . . . 15 15 15 33 34 16 33 Acceptances—Bought outright 40 38 32 32 30 42 34 32 Held under repurchase agreement..... 20 32 14 1 26 U. S. Govt. securities: Bought outright: Bills 2,294 2,167 2,608 3,306 2,634 2,834 2,827 2 227 Certificates—Special Other 5,731 5,713 5,698 5,718 5 578 5 745 5,619 6 522 Notes 17,289 17,274 17,261 17,277 17,190 17,341 17,202 14 969 Bonds 3,866 3,866 3,878 3,893 3,833 3,866 3,845 3,470 29,180 29,020 29,445 30,194 29,235 29,786 29,493 27 188 Held under repurchase agreement 42 140 148 170 234 Total U. S . Govt. securities 29,180 29,020 29,487 30,334 29,383 29,786 29,663 27,422 29,356 29,727 29,596 30,511 29,820 29,902 29,799 27,513 4,973 5,865 5,149 5,041 5,076 4,468 4,707 3,787 108 107 107 106 107 107 107 111 Other assets: 418 418 428 439 439 418 439 All other 328 308 293 275 253 345 258 334 Total assets 51,495 52,818 51,949 52,882 52,225 51,491 51,852 49,362 Liabilities F R notes . 28,725 28,897 29,017 28,929 28,536 28,771 28,658 27,494 Deposits: Member bank reserves• •• . ... . . 16,651 17,451 16,844 17,889 17,191 16,885 17,206 16,856 U S Treasurer—General account 565 435 436 490 578 390 612 415 237 269 335 306 342 248 334 226 Other 303 313 219 294 233 355 293 303 Total deposits 17,756 18,468 17,834 18,979 18,344 17,878 18,445 17,800 3,521 3,976 3,566 3,462 3,834 3,330 3,245 2,672 61 62 68 62 80 68 165 53 Total liabilities 50,063 51,403 50,485 51,432 50,794 50,047 50,413 48,019 Capital Accounts Capital paid in 458 458 458 458 457 459 458 429 Surplus Other capital accounts 86 69 118 104 86 97 93 97 51,495 52,818 51,949 52,882 52,225 51,491 51,852 49,362 Contingent liability on acceptances purchased for 81 81 84 82 102 80 85 144 U. S. Govt. securities held in custody for foreign account 6,402 6,383 6,552 6,290 6,306 6,026 6,228 5,660 Federal Reserve Notes—Federal Reserve Agents' Accounts 30,526 30,557 30,472 30,242 30,115 30,513 30,160 29,105 Collateral held against notes outstanding: Gold certificate account 7,820 7,840 7,780 7,780 7,745 7,820 7,745 9,075 19 67 9 20 49 8 7 18 U. S. Govt. securities 23,840 23,740 23,665 23;410 23,410 23,840 23,410 21,335 Total collateral 31,679 31,647 31,454 31,210 31,204 31,668 31,162 30,428 i No accrued dividends at end of June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1005 STATEMENT OF CONDITION OF EACH BANK ON JULY 31, 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 ap in 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 14,665 785 3,714 798 1,085 959 783 2,604 548 279 631 580 1,899 Redemption fund for F. R. notes.... 1,206 69 286 71 103 94 74 218 50 27 48 39 127 Total gold certificate reserves 15,871 854 4,000 869 1,188 1,053 857 2,822 598 306 679 619 2,026 F. R. notes of other Banks 426 34 107 43 21 24 51 27 16 29 13 18 43 Other cash 380 26 78 19 32 19 30 66 18 U 11 12 58 Discounts and advances: Secured by U. S. Govt. securities.. 57 4 15 1 3 8 6 3 * 2 7 8 Other 16 1 4 1 1 1 1 2 1 1 1 2 Acceptances: 42 42 Held under repurchase agreement.. 1 1 U. S. Govt. securities: 29,786 1,545 7,374 1,693 2,523 1,964 1,581 4,994 1,188 646 1,309 1,204 3 765 Held under repurchase agreement.. Total loans and securities 29,902 !,550 7,436 1,695 2,527 1,973 1,588 4,999 1,189 648 1,317 1,213 3,767 Cash items in process of collection... 5.459 374 1,080 335 454 402 431 822 232 153 268 238 670 107 3 9 3 8 5 14 24 6 4 7 13 11 Other assets: Denominated in foreign currencies. 418 20 l 115 24 39 19 22 58 14 10 18 23 56 Allother 345 18 84 20 29 22 19 59 14 7 15 14 44 Total assets 52,908 2,879 12,909 3,008 4,298 3,517 3,012 8,877 2,087 1,168 2,328 2,150 6,675 Liabilities F. R. notes 29,197 1,74! 6,748 1,830 2,572 2,364 1,678 5,327 1,240 577 1,204 866 3..050 Deposits: Member bank reserves 16,885 694 4,571 774 1,188 735 854 2,595 567 406 784 949 2,768 U. S. Treasurer—General account.. 390 25 21 28 29 21 45 55 32 24 49 24 37 248 12 2 70 14 23 11 13 34 8 6 10 14 33 Other 355 * 293 1 2 3 1 1 1 * 1 1 51 Total deposits. . . 17,878 731 4,955 817 1,242 770 913 2,685 608 436 844 988 2,889 Deferred availability cash items 4,321 336 799 275 345 310 340 648 186 120 216 212 534 Other liabilities and accrued dividends. 68 3 17 4 5 5 4 11 3 2 3 3 8 Total liabilities 51,464 2,811 12,519 2,926 4,164 3,449 2,935 8,671 2,037 1,135 2,267 2,069 6,481 Capital Accounts 459 22 124 26 43 21 25 65 16 11 19 26 61 888 42 243 51 83 40 47 124 31 20 37 50 120 Other capital accounts 97 4 23 5 8 7 5 17 3 2 5 5 13 Total liabilities and capital accounts.. 52,908 2,879 12,909 3,008 4,298 3,517 3,012 8,877 2,087 1,168 2,328 2,150 6,675 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): July 31 1962 33.7 34.5 34.2 32.8 31.1 33.6 33.1 35.2 32.4 30.2 33.2 33 4 34 1 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 July 31 1961 37.7 36.7 37.1 39.2 40.5 37.1 35.6 37.8 35.2 35.4 35.5 37.2 40.0 Contingent liability on acceptances purchased for foreign correspond- 80 4 3 22 5 7 4 4 11 3 2 3 4 11 Federal Reserre Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 30 1805 7,052 1,890 2,729 2,454 1,753 5,466 1 303 666 1,240 942 3 Collateral held against notes outstanding: Gold certificate account 7, 480 1,600 530 720 680 485 1 400 340 160 310 215 900 Elicible oaoer 8 1 7 U. S. Govt. securities 23,840 1,390 5,600 1,500 2,!00 i,8O5 i,400 4,300 1,010 530 950 755 2,500 Total collateral 31,668 1,870 7,200 2,031 2,820 2,485 1,885 5,700 1,350 690 1,267 970 3,400 1 After deducting $303 million participations of other F. R. Banks. ! After deducting $58 million participations of other F. R. Banks. 2 After deducting $178 million participations of other F. R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 BANK DEBITS 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 July 25 July 18 July 11 July 4 June 27 July June July Discounts and advances—Total. 136 669 57 113 393 73 76 59 Within 15 days 118 652 38 88 356 54 40 55 16 days to 90 days 18 17 19 25 37 19 36 4 91 days to 1 year (*) (*) (*) (*) Acceptances—Total.. 40 38 52 64 44 43 60 32 Within 15 days i.. 13 10 27 41 21 13 33 8 16 days to 90 days. 27 28 25 23 23 30 27 24 U. S. Government securities—Total. 29,180 29,020 29,487 30,334 29,383 29,786 29,663 27,422 Within 15 days 1 421 305 391 814 483 4,048 641 5,380 16 days to 90 days 4,924 4,968 5,083 5,437 5,108 1,565 5,163 1,146 91 days to 1 year 11,246 11,160 11,438 11,503 11,352 11,584 11,395 7,895 Over 1 year to 5 years 10,156 10,154 10,142 10,147 10,007 10,156 10,031 10,575 Over 5 years to 10 years 2,219 2,219 2,219 2,219 2,219 2,219 2,219 2,218 Over 10 years 214 214 214 214 214 214 214 208 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts i Annual rate of turnover [In billions of dollars] of demand deposits * Period re c p e A o n r t l e t l i r n s g New Yo L r e k ading cent 6 er s others 2 3 r c e 3 e p 7 n o t o r e t t r i h n 3 e g r NewY L o e r a k ding cen 6 t e o rs thers 2 3 r c e 3 e p 7 n o t c) r s t t r i h s n e g 3 r N.S.A. S.A. N.S.A. S.A. N.S.A. S.A. N.S.A. S.A. N.S.A. S.A. N.S.A. S.A, N.S.A. 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 l!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—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 '294.6 110.3 118.1 58.2 61.5 '109.3 115.1 70.9 71.6 40.6 40.3 '27.7 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 2 118.1 124.7 57.5 59.7 '107.9 '108.8 78.2 80.5 40.9 43.2 '27.6 27.7 Apr '281.5 118.1 117.2 59.1 58.0 '111.3 '106.3 78.4 76.9 41.7 42.6 28.2 '27.3 May '295.5 119.1 122.1 57.6 59.8 '110.3 '113.6 78.8 79.0 40.8 41.5 28.0 '28.4 June '291.8 C115.7 '121.9 C57.9 59.4 c108.8 110.5 C77.3 c83.O C41.3 c43.0 C27.8 C28.7 July 279.7 114.4 111.4 59.0 57.5 112.3 110.7 77.1 75.9 P42.1 P28.6 ?28.5 1 Excludes interbank and U. S. Govt. demand accounts or deposits. 3 Before April 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. CURRENCY 1007 DENOMINATIONS IN CIRCULATION [In millions of dollars] Total Coin and small denomination currency Large denomination currency End of period in circulation1 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 ,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 ,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 ,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 ,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 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1958... 32,193 22,856 2,182 ,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 ,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—June. ..... 32,405 23,229 2,462 ,462 88 2,162 6,638 10,418 9,176 2,757 5,861 243 306 3 5 Fuly 32 477 23 299 2 47^ 460 88 2 151 6,622 10,505 9,17" 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 ,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 ,494 89 2,180 6,671 10,586 9,283 2,773 5,959 241 301 Nov . , . 33,538 24,154 2,563 ,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 ,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 May 33,518 24,057 2.637 ,515 93 2,225 6,789 10,798 9,461 2,831 6,089 238 295 3 5 June 33,770 24:267 2; 652 .516 93 2.231 6,837 10,937 9,503 2,850 6,111 239 295 3 5 1 Outside Treasury and F.R. Banks. Before 1955 the totals shown as 2 Paper currency only; $1 silver coins reported under coin. in circulation were less than totals of coin and paper currency shown by NOTT.—Condensed from Circulation Statement of United States denomination by amounts of unassorted currency (not shown separately). Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION [In millions of dollars] Held in the Treasury Currency in circulation l Held by Kind ot currency T s J o t u a t 1 n a n 9 e l d 6 i 3 o 2 n 0 u g , t- A g s a o s g l s i d a l e v i c n e a u s r n r t d ity Tre ca a s s h ury B F a F a . n n o R d k r . s a B F g a a . e n n R n d k . t s s Ju 1 n 9 e 6 2 30, M 1 a 9 y 6 3 2 1, Ju 1 n 9 e 6 1 30, certificates agents Gold 16,435 (16,158) 2 277 Gold certificates. . . (16,158) 313,342 2,816 30 F R notes 30 16"? 71 1.505 28,586 28,322 27,353 Treasury currency—Total . . 5,598 (2,277) 30 '384 5.183 5,196 5,022 Standard silver dollars 487 94 22 12 360 356 329 Silver bullion . 2,183 2,183 Silver certificates (2,277) 298" 1,979 2,005 4 2,096 Subsidiary silver coin 1 711 4 43 1,663 1,655 1,548 Minor coin 636 I 6 629 626 585 United States notes 347 3 25 ! 318 320 318 In process of retirement5 234 * 233 234 M46 Total June 30 196"> '52,195 (18,435) 379 13,342 4,705 33,770 Mav 31 1962 . . 751,931 (18,434) 398 13,342 4,675 33,518 June 30, 1961..... 7 51,947 (19,662) 379 14,440 4,724 32,405 1 Outside Treasury and F.R. Banks. Includes any paper currency held herein, as payment therefor has been made to the Treasury as required outside the United States and currency and coin held by banks. Estimated by law.) totals for Wed. dates are shown in table on p. 999. 6 Represents only F.R. Bank notes and national bank notes; see also 2 Includes $156 million reserve against United States notes. note 5. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate 7 These totals do not include all items shown, as some items represent the security for other items; gold certificates are secured by gold, and Fund—Board of Governors, F.R.S. and (2) the Redemption Fund for silver certificates by standard silver dollars and monetized silver bullion. F.R. notes. Duplications are shown in parentheses. 4 Includes $1,141,667 of Treasury notes of 1890. NOTE.—Condensed from Circulation Statement of United States 5 Redeemable from the general fund of the Treasury. (F.R. Banks Money issued by the Treasury. For explanation of currency reserves and and national banks no longer have liability for their currency included security features, see Circulation Statement or Aug. 1961 BULL., p. 936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 MONEY SUPPLY MONEY SUPPLY AND RELATED DATA [In billions of dollars] Money supply Related deposits1 Seasonally adjusted Not seasonally adjusted Not a d s j e u a s s t o e n d a lly I ! S a e d a j s u o s n te a d lly Period Total C o b u u r a t r n s e i k n d s c e y D de e p m os a i n ts d Total C o u b u r a t r n s e i k n d s c e y d D e e p m os a i n ts d Time Govt. Time 1954—Dec 132.3 27.4 104.9 135.6 27.9 107.7 48.0 5.0 48.4 1955—Dec 135.2 27.8 107.4 138.6 28.4 110.2 49.6 3.4 50.2 1956—Dec 136.9 28.2 108.7 140.3 28.8 111.5 51.4 3.4 52.1 1957—Dec 135.9 28.3 107.5 139.3 28.9 110.4 56.7 3.5 57.5 1958—Dec 141.2 28.6 112.6 144.7 29.2 115.5 64.6 3.9 65.5 1959—Dec 142.0 28.9 113.2 145.6 29.5 116.1 66.6 4.9 67.4 1960—Dec 141.2 28.9 112.2 144.7 29.6 115.2 72.1 4.7 72.7 1961—Dec 145.7 29.6 116.1 149.4 30.2 119.2 81.8 4.9 82.5 1961—July.... 142.9 29.0 113.9 141.6 29.2 112.4 79.5 4.3 79.1 Aug.. . . 142.9 29.1 113.9 141.6 29.2 112.4 80.2 5.5 79.8 Sept.. .. 143.5 29.2 114.3 143.1 29.3 113.8 80.9 5.2 80.5 Oct 144.2 29.3 114.9 144.5 29.4 115.1 81.5 6.4 81.3 Nov 144.9 29.4 115.5 146.3 29.7 116.6 81.5 5.8 82.0 Dec 145.7 29.6 116.1 149.4 30.2 119.2 81.8 4.9 82.5 1962—Jan 145.9 29.7 116.3 149.0 29.5 119.5 83.5 3.8 84.1 Feb 145.5 29.7 115.8 145.3 29.3 115.9 85.4 4.6 85.8 Mar 145.7 29.9 115.8 144.2 29.6 114.6 87.4 5.1 87.5 Apr 146.1 30.0 116.0 146.2 29.8 116.4 88.9 3.8 88.7 May.... 145.7 30.0 115.7 143.6 29.8 113.8 89.9 7.0 89.6 June.... 145.6 30.1 115.4 144.0 30.0 113.9 91.1 7.2 90.7 July.. . . 145.7 30.2 115.5 144.3 30.3 114.0 92.2 7.1 91.7 Half month 1962—Apr. 1 146.2 30.0 116.1 145.5 29.9 115.6 88.7 4.0 8.5 145.9 30.0 115.9 146.9 29.6 117.2 89.0 3.5 8.9 May 1 146.2 30.0 116.2 145.0 29.9 115.2 89.5 6.3 89.3 2 145.3 30.0 115.3 142.3 29.7 112.6 90.2 7.7 89.8 June 1 145.6 30.1 115.5 144.3 30.1 114.2 90.9 6.1 90.4 2 145.5 30.2 115.3 143.6 30.0 113.6 91.4 8.3 90.9 July 1 145.7 30.2 115.5 144.0 30.5 113.4 92.1 8.2 91.6 145.7 30.2 115.5 144.7 30.2 114.5 92.3 6.0 91.8 Money supply Related deposits l Money supply Related deposits 1 en W di e n e g k — - Not seasonally adjusted en W d e in ek g - - Not seasonally adjusted Total C o u b u r a t r n s e i k n d s c e y D de e p m o a s n it d s Time G U o . v S t . . Total C o b u u r a t r n s e i k n d s c e y D de e p m o a si n t d s Time G U o .S v . t 1961—Apr. 5. 140.6 28.8 111.8 76.0 4.5 1962—Apr. 4. 143.7 29.6 114.0 88.4 6.1 142.1 28.8 113.2 76.3 3.2 145.5 30.0 115.5 88.8 3.7 19! 143.4 28.7 114.7 76.5 2.1 18! 147.4 29.8 117.6 88.9 2.5 26. 143.1 28.5 114.6 76.6 1.9 25., 147.2 29.6 117.6 89.0 3.5 May 3. 142.4 28.6 113.9 77.0 3.2 May 2. 145.9 29.5 116.4 89.2 4.8 10. 141.7 28.9 112.9 77.4 3.9 9. 145.1 30.0 115.2 89.5 6.3 17. 141.1 28.8 112.3 77.6 4.5 16. 144.6 29.8 114.7 89.7 6.5 24. 139.6 28.7 111.0 77.9 5.8 23. 142.0 29.8 112.2 90.1 8.0 31. 140.0 28.6 111.4 78.1 5.0 30. 142.1 29.6 112.5 90.4 7.5 June 7. 140.9 29.0 111.9 78.3 4.0 June 6. 143.5 30.0 113.5 90.7 7.1 14. 142.5 29.0 113.6 78.4 2.2 13. 144.8 30.1 114.6 91.0 5.3 21. 141.9 28.9 113.0 78.6 5.7 20. 145.0 30.0 114.9 91.1 6.8 28. 140.1 28.7 111.4 78.8 5.7 27. 142.8 29.9 112.9 91.4 8.6 140.5 29.2 111.3 79.3 6.1 July 4. 143.3 30.2 113.1 91.9 9.5 141.3 29.4 111.9 79.3 4.5 11. 143.9 30.6 113.4 92.1 8.2 19. 141.9 29.2 112.7 79.5 3.1 18. 144.7 30.4 114.3 92.2 6.6 26. 141.8 29.0 112.8 79.7 2.8 25. 144.3 30.2 114.2 92.3 6.0 Aug. 2. 142.4 29.0 113.4 79.9 6.0 Aug. 145.0 30.0 115.0 92.4 5.8 9. 142.4 29.4 113.0 80.0 5.1 16. 142.4 29.3 113.1 80.2 4.8 1 At all commercial banks. NOTE.—Averages of daily figures, For description of series and back data see pp. 941-51. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND THE MONETARY SYSTEM 1009 CONSOLIDATED CONDITION STATEMENT [In millions of dollars] Assets Liabilities and capital Bank credit Total assets, Treas- Date Gold s r c t o e u a u u n r n r y c t - d - y - Total Lo n a e n t s, U. S. m G C e o o r v c m e i r a - n l men F t e d s e e r c a u l rities O se t c h u e - r c l T a i i a a p t o n i b i e t d t i 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 a u p i n c n s i d - c t t a s . , l ing Total and Reserve Other net savings Banks banks 1929—June 29.... 4 037 2,019 58,642 41,082 5,741 5 499 ?16 26 11,819 64,698 55 776 8,922 1 1 9 9 3 3 9 3 — D juencc 3 30 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 2 22 1 ,9 1 5 5 7 7 2 1 3 0, 105 1 8 94 1 1 99 7 2 1 4 9 8 9 4 8 1,2 1 0 3 4 1 9 9 ,8 3 6 0 3 2 4 7 8 5 ,4 1 6 7 5 1 4 6 ? 8 0 3 2 5 9 9 6 6 ,4 8 3 1 6 2 1941—Dec 31 ... 737 3,247 64,653 26,605 ?9,049 25 511 254 1,284 8,999 90,637 8? 811 7,826 1945—Dec. 31 ?0 065 4,339 167,381 30,387 1?8.417 101 ?88 ?4 262 7,867 8,577 191,785 180 806 10,979 1947—Dec 31 754 4 562 160 832 43 023 107 086 81 199 559 ,328 10,723 188,148 175 348 12 800 1950—Dec. 30 22 706 4,636 171,667 60,366 96, 560 72 894 ?0,778 000 14,741 199,009 184 384 14,624 1959 Dec 31 19 456 5 311 255 435 135 867 93,497 65 801 26,648 1,048 26 071 280 ?09 ?56 020 24 186 1960—Dec. 31 ... 17 767 5,398 266,782 144t704 95,461 67 ?7,384 835 26,617 289,947 165 26 783 1961—June 30 .. 17 550 5 437 269 828 145 784 96, 171 68,104 97,253 764 27,923 292,816 ?65,604 27 212 July 26 17 500 5,400 272,200 145,300 98 700 71 000 96,900 800 28,100 295, 100 ?67,200 27,900 Aug 30 17,500 5 600 272 100 145 200 98 500 70 500 27 300 800 28 400 295 100 966 400 28 700 Sept. 27 17,500 5,600 276,600 147,200 100 900 72,400 97,100 700 29,200 299,600 ,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 101900 72,400 98,800 800 29 100 302,600 273,000 29 600 Dec. 30 ... 16,889 5,585 285,992 154,017 10? 308 72,715 ?8,881 712 29,667 308,466 ?80,397 28,070 1962—Jan. 31 16,800 5,600 282,600 150,000 10? 700 73,500 ?8,500 700 29,800 305,000 ?76,300 28,600 Feb 28 16 800 5 600 283 000 151 500 101 400 72 300 28 400 700 30 200 305 400 ^76 400 29 000 Mar 28 16 600 5 600 284 800 153 300 100400 71 000 ,800 700 31 100 307 000 ?78,100 28 900 Apr 25 *.. . 16,500 5 600 287,200 154,800 100600 70,700 29,000 700 31,800 309,300 ?80,600 28,700 May 30* 16 400 5 600 288 600 155 900 100900 70 600 29 600 700 31 800 310 700 281 400 29 300 June 27 * . 400 5 600 291 300 158 100 100 500 70 500 29 400 700 32 700 313 300 ^84 700 28 600 July 25".. 16,200 5,600 291,200 157,600 100 200 70,300 29,200 700 33,400 313 000 284,600 28,400 DETAILS OF DEPOSITS AND CURRENCY Moneysupply Related deposits (not seasonally adjusted) Seasonally adjusted1 Not seasonally adjusted Time 3 U.S. Government Date For- At Tota o b r u C e a t n u n s c i r k d - y s e d j m e u D p a s a o d t e n e - s - d d its Total o b r u C e a t n u n s c i r k d - y s e d j e m u D p s a a t o d e e n s - - d d i t 2 s Total m b C e a o r n c m k ia s - l M s b a a v u n i t n k u g s a 4 s l S P a S t o e v y s m i s t n - a g l s e n i e g t n 5 , T h c i u r o n a e r l g s y a d h s s - - a c m a c v o n i e i m a n d r l - g - s B F a A . n R t k . s banks 1929 June 29 . 26 179 3 639 22 540 28 611 19557 8 905 149 365 '04 381 36 1933—june 30 . 19 172 4,761 14411 21 656 10 849 9 1 186 50 '64 852 35 1939—Dec. 30 36,194 6,401 99 27,059 10'523 1,278 1,217 9 409 8461 634 1941—Dec 31 . 48 607 9,615 38'992 27, 15,884 10'532 1,313 1,498 9j 1,895 867 1945 Dec 31 102 341 26 490 75 851 48 452 30 ns 15' 385 2 932 2,141 2 ^87 24 608 977 1947_Dec. 31 110,50 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17J,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,601 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1959—Dec. 31.... 140,201 28,200 112,000 144,824 29,422 115,402 101,779 65,884 34,947 948 3,203 391 5,319 504 1960—Dec. 31.... 139,20D 28,200 111,000 144,458 29,356 115,102 108,468 71, 380 36,318 770 3,184 377 6,193 485 1961—June 30 140,90<[) 28,200 112,700 139,649 29,361 110,288 117,280 79,092 37,486 702 1,250 379 6,638 408 July 26.... 141,500 28,300 113,200 141,400 28,400 113,000 117,700 79,500 37,500 700 [,300 400 5,800 500 Aug. 30.... 141,3(X) 28,300 113,000 140,00C 28,50C 111,500 118,600 80,200 37,600 700 1,300 400 5,600 500 Sept. 27.... 141,90([) 28,500 113,400 141,000 28,60C 112,400 119,400 80,800 37,900 700 1,400 WO 8,400 500 Oct. 25.... 143,80[) 28,800 115,000 144,300 28,700 115,700 120,100 81, 400 37,900 700 [,300 WO 6,000 400 Nov. 29.... 143,40 28,600 114,800 145,20C 29,10C 116,200 119,800 81, 200 38,000 700 1.200 400 5,700 500 Dec, 30.... 144?80 28,700 116,100 150,578 30,053 120,525 121,216 82, 145 38,420 651 1,497 422 6,219 465 1962—Jan. 31.... 143,7(X1 29,100 114,600 145,600 28,700 117,000 123,400 84,200 38,600 600 1,300 500 5,200 400 Feb. 28.... 144,40<0 29,300 115,100 143,600 28,900 114,800 125,200 85,800 38,800 600 1,300 400 5,400 400 Mar. 28 144,001 29,200 114,800 141,900 28,90C 113,000 127,600 87,700 39,200 600 1,300 4WO 6,500 500 Apr. 25*... 145,70") 29,200 116,500 145,800 28,900 116,800 128,400 88,600 39,200 600 1,300 4400 4,200 600 May 30*... 143,403 29,200 114,200 141,800 29,30C 112,500 129,900 90,000 39,300 600 1,300 1400 7,500 600 June 27*... 143,40( 29,300 114,100 141,600 29,30C 112,200 131,300 91,000 39,700 600 ,400 WO 9,400 600 July 25*... 144,3(H•3) 29,500 114,800 144,200 29,600 114,600 132,200 91,900 39,800 600 1,300 400 5,900 600 1 1 Series begin in 1946; data are available only for last Wed. of the month. NOTE.—Includes all commercial and mutual savings banks, F. R. Banks, 2 Other than interbank and U. S. Govt., less cash items in process of Postal Savings System, and Treasury currency funds (the gold account, collection. Treasury currency account, and Exchange Stabilization Fund). 3 Other than interbank, Treasurer's open account, and Postal Savings For description of statement and back figures (except for seasonally System's in banks. adjusted money supply), see Jan. 1948 BULL., pp. 24-43, except that 4 Before June 30, 1947, includes a small amount of demand deposits. stock of F. R. Banks held by member banks is included in other securities Beginning with June 1961 includes amounts now reported by insured and in capital and misc. accounts, net, and balances of the PSS and the mutual savings banks as demand deposits previously reported as time ESF with the Treasury are netted against capital and misc. accounts, net. deposits or other liabilities. For description of seasonally adjusted money supply series and back 5 Beginning with May 1961 reclassification of deposits of foreign data, see Feb. 1960 BULL., pp. 133-36. central banks reduced this item by $1,900 million ($1,500 million to time Except on call dates, figures are partly estimated and are rounded to and $400 million to demand deposits). nearest $100 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 COMMERCIAL AND MUTUAL SAVINGS BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK [Amounts in millions of dollars] Loans and investments Deposits Total assets— Class of bank Securities Cash T l o ia ta - l Interbankl Other Bor- c T a o p t i a ta l l N b u e m r and date assetsi bilities row- ac- of Total Loans G U o .S v . t. Other c c o a a a u p n c i n - d t t a s l 2 Total1 m D a e n - d Time U.S D . emand Time3 ings counts banks Other Govt. All banks: 1941—Dec. 31 61,126 26,615 999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31 140,227 30,362 577 35,415177,332165,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 314 134,924 43,002 10,72338,388175,091161,86512,793 240 1,346 94,381 53,105 66 11,94814,714 1960—Dec. 31 238,623144,764 242 26,61753;022 298^126 266,19617,080 1,800 5,949133,408107,959 167 24,53913,986 1961—June 30 242,192146,164 104 27'923 46,457 295,567 262,54713,633 462 6,368125,219116,865 452 25,405 13,977 July 26 245,600146,450 040 28 110 44,150 296,460 262,36013,620 460 5,550125,410117,320 1,23025,350,13,973 Nov. 29 252,260150,740 420 29 100 46,970 306,000 270,12014,920 470 5,460129,790119,480 1,830 26,030 13,947 Dec. 30 256,700154,318 715 29667 57,368321,394 287,17617,914 482 5,952141,979120,848 482 26,227 13,946 1962—Jan. 31 255,320152,030 73,470 29,820 47,740 310,470 274,22014,190 480 4,910 131,560123,080 2,200 26,,280 13,943 Feb. 28 256,100 115533,580 72,340 30,180 48!540 311,910 275,17014,110 510 5,090130,570124,890 2,310j26,,:39013,941 Mar. 28 257,520155,460 70,960 31,100 45;560 310,230 273,72013,750 510 6,260125,980127,220 2,420261,,470,13,930 Apr. 25 rP 259,550156,800 70,910 31,840 46;190 312,810 276,31013,730 520 3,920130,120128,020 2,360(26,,560 13,920 May 30^ 260,250157,790 70,620 31,840 46;210 313,470 276,77013,200 520 7,170 126,270129,610 2,070|26,,76013,926 June 27^ 263,150 116600,000 70,480 32,670 47; 220 3.1.7.,.4.7.0 280,62013,580 530 9,150 126,370130,990 2,360!26,,84013,932 July 25" 263,060159,380 70,320 33,360 45,590 315,810 279,33013,800 530 5,580127,450131,970 1,930 26,840 13.930 Commercial banks: 1941—Dec. 31 50,746 21,714 21, ,225 26551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 124,019 26,083 90,606 34806160,312150,227 14,065 105,921 30,241 219 8J950 14,011 1947—Dec. 314 116,284 38,057 69,221 37,502 155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1960—Dec. 31 199,509117,642 61,003 20; 864 "5 2150 257,55-"2 222299,,:84317,079 1,799 5,945133,379 71,641 163 20,98613,472 1961—June 30 201,848117,953 61,824 22'07145 595 253,749 224,99713,633 461 6,362125,161 79,380 443 21,74513,463 July 26 205,070 118,070 64,740 22260 43320 254,480 224,79013,620 460 5,550125,350 79,810 230 21,68013,459 Nov. 29 211,250 121,670 66,210 23 370 46130 263,5.1 0. 232,07014,920 470 5,460 129,730 81,490 830 22,29013,433 Dec. 30 215,441124,925 66,57823,937 56432 278,561248,68917,914 481 5,946 141,920 82,429 47122,45913,432 1962—Jan. 31 213,730 122,420 67,240 24,070 46,910 267,400 235,56014,190 480 4,910 131,500 84,480 2,200 22,50013,430 Feb. 28 214,260123,780 66,030 24,450 47670 268,540 236,35014,110 510 5,090 130,510 86,130 2,310 22,57013,428 Mar. 28 215,180 112255,380 64,440 25,360 44680 266,340 234,43013,750 510 6,260 125,920 87,990 2, ,63013,417 Apr. 25? 217,260126,490 64,610 26,160 45390 269,050 237,07013,730 520 3,920 130,060 88,840 2,360 22,75013,407 May 30^ 217,710127,220 64,340 26,150 45390 269,440 237,380 13,200 520 7,170126,210 90,280 2,070 22,91013,414 June 2JP 220,360129,170 64,210 26,980 46,3 70 27.3..,1.6.0. 240., 9,0.0 .13,580 530 9,150126,310 91,330 2, 2,95013,420 July 25P 219,980128,280 64,040 27,660 44,780 271,250 239.46013.800 530 5,580 "12~"7,39O 92,160 1,930 2"2,96013.419 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 070 29 138,304129,67013,576 64 2122,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 304 32 132,060 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1960—Dec. 31 165,619 99,933 49,10616579 45756 216 193,02916,436 1,639 5,287112,393 57,272 130 17,398 6,174 1961—June 30 168.049 99.992 50,36117696 40084 213 189,22613.077 276 5,731 105,568 64,574 38218.027 6,141 July 26 170,893100,098 52,90717.88837.991214,376188,91613,070 275 5,027105,579 64,965 ,17817,981 6,138 Nov. 29 175,827103,129 53,874 824 40394 221,715194,66614,294 288 4,793108,894 66,397 ,79518,478 6,116 Dec. 30 179,599106,232 54,05819308 49579235;112 209,63017,195 303 5,381119,595 67,157 43818,638 6,113 1962—Jan. 31 177,966103,983 54,57319,410 40,971224,961197,480 13,623 305 4,376110,287 68,889 2,13818,683 6,107 Feb. 28 178,389105,144 53,46719,778 41,894 222266,210198,38013,560 332 4,525109,671 70,292 2,26418,749 6,099 Mar. 28 179,254106,600 52,036 200,61839,091224,114196,59513,209 335 5,631105,552 71,868 2,380 1188,785 6,085 Apr. 25P 180,872 110077,424 52,103 211,345396,"62 "2"2'6,233198,67413,178 340 3,506109,048 72,602 2,31918,877 6,074 May 30*> 181,180107,980 51,913 21J287 391702 226,556198,97812,689 345 6,463105,629 73,852 2,00219,015 6,073 June 27P 183,588109,585 51, 2,06140,686 230,003 202,23213,048 355 8,309105,829 74,691 2,29319,049 6,070 July 25P 183,008108,767 51,612 222,62939,001227,806 200,48213,241 347 4,952106.611 75.331 1,87019,060 6,062 Mutual savings banks:5 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. 314 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 5.852 862 41,818 37,551 37.487 3,660 514 July 26 40,530 28,380 6,300 5.850 830 41,980 37,570 37,510 3,670; 514 Nov. 29 41,010 29,070 6,210 5,730 840 42,490 38,050 37,990 3,740! 514 Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 38,420 3,768; 514 1962—Jan. 31 41,590 29,610 6,230 5,750 830 43,070 38,660 38,600 3,780| 513 Feb. 28 41,840 29,800 6,310 5,730 870 43,370 38,820 38,760 3,8201 513 Mar. 28 42,340 30,080 6,520 5,740 880 43,890 39,290 39,230 3,840 513 Apr. 25rp 42,290 30,310 6,300 5,680 800 43,760 39,240 39,180 3.810 513 May 30" 42,540 30,570 6,280 5,690 820 44,030 39,390 39.330 3,850 512 June 27*» 42,790 30,830 6,270 5,690 850 c44,310 39,720 39,660 3,890 512 July 25^ 43,080 31,100 6,280 5,700 810 44,560 39,870 39,810 3,880 511 I For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL AND MUTUAL SAVINGS BANKS 1011 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—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 G U o S . v e S c t . . urit O ie t s her a C ss a e s t h s i c c b T o a i a l a l o u p i i n c a t t n i - d i a t - e t a l s s l 2 Total i m D I a n e n t - e d rba T n i k m * e U.S D . ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r ks - 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 I960—Dec. 31 21,126 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—June 30 28,220 18,054 7,642 2,524 8,616 38,741 32,225 4,211 167 1,380 19,832 6,635 121 3,634 15 July 26 28,732 18,100 8,090 2,542 7,820 38,619 31,717 4,027 169 1,203 19,532 6,786 392 3,626 15 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 July 25* 29,471 18,852 6.995 3,624 7,578 38,990 32,065 3,923 214 937 18.988 8,003 393 3,748 13 City of Chicago: 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 ...I 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 ...! 72 4,201 913 426 14 1960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 ,380 611 327 4,899 1,530 35 822 10 1961—June 30 7,020 4,249 2,058 714 1,899 9,068 8,037 ,125 10.! 380 4,602 1,920 10 848 10 July 26 7,211 4,151 2,301 759 1.954 9.307 8,227 ,205 101 385 4,700 1,927 56 841 10 Nov. 29 7,329 4,341 2,111 877 2,019 9,502 8,284 ,271 15 251 4,790 1,957 137 866 9 Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 ,624 14 369 5,268 2,008 35 870 9 1962—Jan. 31 7,292 4,353 2,038 901 1,873 9,333 8,201 ,154 16] 229 4,713 2,089 65 873 9 Feb. 28 7,508 4,509 2,078 921 1,896 9,576 8,285 ,183 17 222 4,673 2,190 209 874 9 Mar. 28 7,652 4,503 2,183 966 1,788 9,613 8,208 ,194 16 323 4,383 2,292 329 870 9 Apr. 25* 7,504 4,557 1,880 1,067 1,912 9,592 8,421 ,177 18 158 4,676 2,392 73 877 9 May 30? 7,631 4,592 1,926 1,113 1,928 9,720 8,524 ,118 19 356 4,548 2,483 75 884 9 June 27* 7,866 4,632 1,912 1,322 1,892 9,923 8,674 ,149 20! 522 4,443 2,540 83 882 9 July 25* 7,765 4,510 1,907 1,348 1,860 9,795 8,584 .203 256 4,489 2,619 75 890 9 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 111,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 2,844 353 1960—Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42,,226677 2222,525 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 July 26 65,089 39,910 19,171 6,008 15,733 82,777 73,695 6,443 59 1,999 39,866 2"5",328 535 6,685 204 Nov. 29 67,038 41,259 19,509 6,270 16,779 85,805 75,950 7,404 60 1,875 40,694 25,917 905 6,867 206 Dec. 30 68,565 42,379 19,748 6,438 2"0,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 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 39,74328,377 836 7,087 206 Apr. 25* 69,238 42,984 18,891 7,36316,641 87,944 78,042 6,675 77 1,280 41,,226666 2288,744 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 2"9",472 970 7,195 206 July 25* 70,305 43,969 18,482 7,85416,409 78,686 6,633 79 1,927 40.367 29,680 1,159 7,181 207 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 I960—Dec. 31 67,890 36.981 22,848 8,060 1144,740 84,126 76,004 ,778 1,783 43i,,3 935952 92,9011 23 6,599 5,932 1961—June 30 69,139 37;942 22,608 8,58813,039 83,769 75,407 ,406 1,730 41,41330.R20 121 6,861 5,911 July 26 69,861 37,937 23,345 8,57912,484 83,673 75,277 ,395 1,440 41,48130,924 195 6,829 5,909 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 9,031 15,595 90,376 81,646 ,925 1,641 46,21131,832 40 7,088 5,885 1962—Jan. 31 72,946 39,159 24,707 9,080 13,590 88,137 79,363 ,525 36| 1,548 43,816 32,438 239 7,090 5,879 Feb. 28 73,180 39,582 24,490 9,108 13,236 87,905 79,162 ,476 1,654 43,048 32,948 165 7,098 5,871 Mar. 28 73,317 39,890 24,187 9,240 12,734 87,592 78,807 ,452 1,840 41,945 33,533 142 7,139 5,857 Apr. 25* 74,275 40,503 24,384 9,388 13,046 88,846 79,997 ,467 37 1,208 43,439 33,846 168 7,180 5,846 May 30* 74,582 40,861 24,235 9,486 12,959 89,001 79,957 ,355 37 2,046 42,292 34,227 263 7,228 5,845 June 27* 75,115 41,597 23,922 9,596 12,985 89,636 80,565 ,420 37 2,455 42,045 34,608 277 7,237 5,842 July 25* 75,467 41,436 24,228 9,803 13,154 90,135 81,14^ ,482 37 1,83: 42,767 35,029 243 7,241 5,833 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 COMMERCIAL AND MUTUAL SAVINGS BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—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 Securities 1 Cash b T i l l o i i a t t i a - e l s Interbank2 Other r B o o w r- - c T a o p t i a ta l l N b u o e m f r - Total Loans U. S. ca a p n i d tal Total i De- Demand ings banks Govt. Other co a u c n - ts2 mand Time U.S. Time Govt. Other Insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 I 1,762 41,298 15,699 10 6,84413.426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 123,740 80,276 29,876 215 8.671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 541 1,325 92,975 34,882 61 9,73413,398 1958—Dec. 31. 183,596 97,730 65,669 20,198 48,689 236,724 214,48515,653 2,209 4,241 129,214 63,168 6718,15413,101 1959—Dec. 31. 188,790 110,299 58,348 20,143 49,158 242,828 218,47415,500 1,358 5,037130,720 65,858 60219,20613.107 1960—Dec. 31. 198,011117,092 60,468 20,451 51,836 255,669 228,40116,921 1,667 5,932132,533 71,348 149 20.62813,119 1961—June 30. 200,353 117,400 61,297 21,655 45,329 251,910 223,60313,475 305 6,352124,403 79.068 433 21'. 37713,129 Dec. 30. 213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934141,050 82,122 462 22,08913,108 National member banks: 1941_Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 "20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4.664 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1958—Dec. 31. 99,277 52,627 35,714 10,936 26,781128,397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—Dec. 31. 102,615 59,962 31,76110,892 27,464132,636119,638 8,947 514 2,742 71,015 36.421 34010.302 4,542 1960—Dec. 31. 107,546 63,694 32,771122 11,140 28,675139,261124,911 9,829 611 3,265 71,660 39,546 11111,098 4,530 1961—June 30. 108,843 63,440 33,52211,88125,274137,299122,485 7,749 99 3,541 67,60143,494 35511,439 4,524 Dec. 30. 116,402 67,309 36,08813,0"0"6' 31,078150,809135,51110,359 104 3,315 76,,2"9"2 45",441 22511,875 4.513 State member banks: 1941—Dec. 31. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 ,502 1945—Dec. 31. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 ,867 1947—Dec. 31. 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15! 381 27,068 9,062 3,055 ,918 1958—Dec. 31. 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 ,734 1959—Dec. 31. 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 .691 1960—Dec. 31. 58,073 36,240 16,394 5,43917,081 77,316 68,118 6,608 1,028 2,022 40,733 '1-7,727 20 6,299 ,644 1961—June 30. 59,207 36,553 16,839 5,81514,809 76,420 66,741 5,328 177 2,190 37,967 21,080 27 6,588 ,617 Dec. 30. 63,196 38,924 17,971 6,30218,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 ,600 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. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1958—Dec. 31. 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 12.063 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 20,140 14,095 3,232 6,948 1961—June 30. 32,318 17,416 10,941 3,961 C5,247 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 21,456 1•4,979 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. 314... 2,009 474 1.280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1958—Dec. 31. ,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—Dec. 31. ,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 I960—Dec. 31. ,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—June 30. ,495 553 526 416 266 1,839 1,394 158 156 758 311 368 333 Dec. 30. ,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 Nonmember commercia 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. 31*.. 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 3.590 300 1961—June 30. 33,813 17,968 11,467 4,377 5,513 40,045 35,785 556 185! 631 19,59314,820 3,719 323 Dec. 30. 35,856 18,700 12,525 4,631 6,854 43,465 39.073 719i 178 565 22.32515.286 3.822 7,320 Insured mutual savings banks: 1941—Dec. 31 1.693 642 629! 421 151j 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 1,034 192 1947_Dec. 31 12,683 3.560 8,165i 958 675 13,499 12,20' 12 12.192. ..: 1,252 194 1958—Dec. 31 . 28,980 19,180 5.215J 4,585 752 30,189 27,27 28 27.243! 7 2.473 241 1959—Dec. 31. 30,580 20.942 5;016 4,622 686 31,743 28,577 28 28,544 9 2,654 268 I960—Dec. 31. 33,794 23.8521 4,787 5,155 766 35,092 31,502 29 31,468 3; 2,998 325 1961—June 30. 34,764 24;775! 4,741 5.248• 756 36,074 32,530 257 32,267 8 3,090 325 Dec. 30. 35,660 25.812 4,690 5; 158 828 37,065 33,400 256 33,137 11 3,191 330 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL AND MUTUAL SAVINGS BANKS 1013 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—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 Securities a C ss a e s t h s 1b T i a l l o i n i a t t d - i a e l s Total 1 Interbank * ! s 1 Dema O n t d her r B i o n o w g r s - - c c T a o o a p u c t i n - a t t a l s l b N a b o u n e f m k r s - G U. o v S t . . Other c c o a u a p c n i - t t s a l 2 m D a e n - d Time 1 U. S. Other Time Govt. Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 . . i 6 8,738 1.077 496 1945—Dec 31 5,361 1,198 3.522 641 180 5,596 5,022 1 " 5,020 6 558 350 1947—Dec. 31 * 5,957 1,384 3,813 760 211 6,215 5,556 • 1 2 5,553 637 339 1958—Dec 31 7,341 4,177 2,050 1,113 169 7,589 6,763 ! 1 6,762 1 746 278 I959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 . 1 1 6,404 1 705 249 I960—Dec 31 5,320 3,270 1,453 597 107 5,481 4,850 1 4,850 555 189 1961—June 30 5,580 3,436 1,540 604 106 5,744 5,020 1 5,019 1 570 189 Dec. 30 5,600 3,581 1,446 572 108 5,768 5.087 .. ! 1 4 5,083 577 184 1 Reciprocal balances excluded beginning with 1942. Reclassification NOTE.—Data are for all commercial and mutual savings banks in the of deposits of foreign central banks in May 1961 reduced interbank United States (including Alaska and Hawaii, beginning with 1959). deposits by a total of $1,900 million ($1,500 million time to other time Commercial banks include (1) all nonmember commercial and (2) and $400 million demand to other demand). all member commercial banks. Member banks include (1) a national 2 Includes other assets and liabilities not shown separately. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 See note 4 on page 1009. a noninsured nondeposit trust company, and (3) a mutual savings bank 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 (2 before July 1961 and 3 before 1960) that became a member in 1941 noninsured nonmember commercial banks with total loans and invest- (these banks are excluded from commercial banks). ments of about $110 million were added, and 8 banks with total loans Stock savings banks and nondeposit trust cos. are included with comand investments of $34 million were transferred from noninsured mutual mercial banks. Number of banks includes a few noninsured banks, savings to nonmember commercial banks. for which asset and liability data are not available. Comparability of 5 Because preliminary data are rounded to the nearest $10 million, figures for classes of banks is affected somewhat by changes in F. R. no amount is shown except on call dates for amounts of less than $5 membership, deposit insurance status, and the reserve classifications of million. cities and individual banks, and by mergers, etc. 6 Beginning with February 1960 reserve city banks with total loans Figures are partly estimated except on call dates. and investments of $950 million and total deposits of $1,070 million were For revisions in series before June 30, 1947, see July 1947 BULL., reclassified as country banks. pp. 870-71. LOANS AND INVESTMENTS AT COMMERCIAL BANKS [In billions of dollars] Seasonally adjusted Not seasonally adjusted Period Securities Securities Total 1 Loans 1 Total J Loans 1 U. S. U.S. Govt. Other Govt. Other 1955 157.6 80.5 60.4 16.7 160.3 82.0 61.6 16.7 1956 161.6 88.0 57.3 16.3 164.5 89.7 58.6 16.3 1957 166.4 91.4 57.0 17.9 169.3 93.2 58.2 17.9 1958 181.0 95.6 64.9 20.5 184.4 97.5 66.4 20.6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20.5 1960 194.5 114.2 59.6 20.7 198.5 116.7 61.0 20.9 1961 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1961—July. 203.3 116.3 64.7 22.3 203.3 116.3 22.3 Aug. 204.0 116.3 65.1 22.6 203.0 116.3 C64.2 22.5 Sept. 206.7 117.4 66.1 23.2 207.5 118.1 66.1 23.3 Oct.. 207.1 118.6 65.3 23.2 208.3 118.5 66.6 23.2 Nov. 208.3 119.4 65.3 23.6 209.1 119.5 66.2 23.4 Dec. 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962—Jan.. 210.7 120.8 65.7 24.2 210.9 119.6 67.2 24.1 Feb. 213.3 122.6 66.1 24.6 211.6 121.1 66.0 24.5 Mar. 215.2 123.8 66.1 25.3 212.4 122.6 64.4 25.4 Apr. 214.9 124.4 64.5 26.0 214.7 123.9 64.6 26.2 May 216.1 124.5 65.4 26.2 215.0 124.5 64.3 26.2 June 218.9 125.5 66.4 27.0 217.8 126.6 64.2 27.0 July. 217.4 125.7 63.9 27.8 217.4 125.7 64.0 27.7 1 Adjusted to exclude interbank loans. 31 call dates). For description of seasonally adjusted series and back NOTE.—Data are for last Wed. of month (except for June 30 and Dec. data, see July 1962 BULL., pp. 797-802. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 COMMERCIAL BANKS LOANS AND INVESTMENTS BY CLASS OF BANK [In millions of dollars] Loans ' Investments For To purchasing financial U. S. Government Class of lo T a o n t s a l 1 C m o e m r- - o s r e c c a u r r r it y i i e n s g institutions Other securities State b c a a n ll k d a a n te d i m n a v e n e n d s t t s - Total d t a c r i u n i n i a s a d - - l l A t c u u a g r l l r - - i- b k d a T r e n e o o r a d - s l- ot T h o ers ba T n o ks ot T h o e rs! | R t e a e s t - a e l u v i d t a i n o i d l - - s - Other Total Bills c C t a i e f t i e r - - s Notes Bonds g s r l a o i e o t n c c i v e d u a t s l - . O s r e i t t h c ie e u s r ers Total: 2 1947—Dec 31 . 116,284 38,057 18,167 1,660 8301,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 5,276 3,729 1960—Dec. 31.. 199,509117,64243,1255,676 3,2841,833 966 7,106 28,713 26,396 2,901 61,0038,072 2,92019,01330,998 17,570 3,294 1961—June 30.. 201,848 117,953 42,759 6,044 2,9331,994 993 6,001 ,283 102 61 i824 7,379 3,330 20,528 3300,587 18,7283.344 Dec. 30.. 215,441124.925 45,172 6,248 4,0562,134 1,033 7,311 320 27,847 3^412 66,57811.488 2,114 26336 26,64120,3453,592 1962—Mar. 26e. 215,750 125,910 44,940 6,560 3,730 2,080 2,570 6,460 30,690 27,890 3, 640 64;5—70 9,420 3,740 24860 26,5"5"0 21^710 3,560 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 ,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 ,314 3,164 3,606 49 4,677 2,361 132 88,9122,455 19,071 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,58318,012 1,610 8231,190 114 9,266 5,654 914 67,9412.124 7,552 5,918 52,347 5,129 3,621 1960—Dec. 31.. 198,011117,09242,9575,628 3,2471,811 965 7,090 28,602 2•66,263 2,,883 60,4687,994 2,884 18,868 30,722 17,300 3,150 1961—June 30. 200.353117,400 42,569 6,0052,909 1,970 993 5,981 2~9,159 27,147 3,085 61,2977,299 3,295 20,366 30,337 18,454 3,201 Dec. 30..213,904124,3 ,9656,211 4,030 2,107 1,027 7,296 30,'2 1127,708 3,396 66,026 11.356 2,098 26,145 26,426 20,068 3,462 1962—Mar. 26..214,261125,337 44,742 6."" ,706 2,059 2.556 6.446 30,57827.752 3.622 64,0349.298 3,706 24,686 26,343 21,448 3,442 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 I 3,494 3,653 19,539 971 3,007 115,561 3,090 2,871 1945_Dec. 31.. 107,183 22,775 8,949 8553,133 3,378 47 I 3,455 1,900 1,05778,3382,275 16,98514,271 4^4,807 3,2542,815 1947—Dec. 31.. 97.846 32.628 16,962 1,046 8111,065 113 7,130 4,662 839 57,9141,987 5,816 4,815 4455',,295 4,199 3.105 1960—Dec. 31.. 165,619 99,933 39,288 3,509 3,124 1,564 947 6,726 22,518 21,6222,694 49,1066,402 2,229966 15)072 25,33514,141 2,439 1961—June 30.. 168,049 99,992 38,872 3,721 2,780 1,709 970 5,644 23,086 22,421 2,900 50,3615,962 2,95116,476 24,97215,2202.475 Dec. 30.. 179,599 106.232 40,931 3,934 3,8771,827 1,014 6,893 23,987 22,8523,198 54,0589,229 l~8"42 21,390 21,59816.6912,617 1962—Mar. 26.. 179,272 106,765 40,638 4,078 3,5501,777 2,510 6,060 24,271 22,769 3,424 51,9247,262 3)184 20,123 21,35417,9942,589 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 3,32510,339 606 629 1947_Dec. 31.. 20,393 7,179 5,361 554455 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1960—Dec. 31.. 27,726 18,46510,876 101,574 399 500 1,799 868 1,930 940 6,9801,422 578 1,708 3,272 1,964 317 1961—June 30.. 28,220 1188,05410,578 31,629 429 476 1,448 841 2,074 1,025 7,6421,512 887 1,882 3,362 2,196 328 Dec. 30.. 30,297 19,53511,278 231,956 467 376 1,711 934 2,072 1,220 7,8622,117 442 2,496 2,806 2,635 265 1962—Mar. 26.. 29,930 19,79511,064 12 22,031 456 798 1,463 992 2,035 1,452 6,8051,471 603 2,410 2,320 3,045 285 City of Chicago :3 1941 Dec. 31.. 2,760 954 732 48 52 1 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 1960—Dec. 31.. 7,050 4,485 2,690 322 134 67 564 196 421 197 1,882 132 37 663 1,050 607 76 1961—June 30.. 7,020 4,249 2,555 205 131 91 459 202 538 188 2,057 438 153 595 871 630 84 Dec. 30.. 7.606 4,626 2,609 354 137 53 669 221 476 229 2,041 478 92 728 743 816 124 1962—Mar. 26.. 7,687 4,494 2,677 202 130 86 575 235 447 270 2,223 681 202 647 693 886 83 Reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271.503 17 1,459 855 387 29,5521,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1.3421.053 1960—Dec. 31.. 62,953 4400,00216,223 887 719 739 351 3,216 9,005 8,721 90917,3962,031 794 5,461 9,111 4,817 738 1961—June 30.. 63,67039,74715,862 963 610 749 344 2,751 9,256 8,954 1,02818,0531,784 1,175 6,292 8,803 5,174 696 Dec. 30.. 68,565 -,37916,8791.076 976 784 470 3,261 9,590 9,172 99819,7483,020 741 8,605 7,382 5,710 728 1962—Mar. 26.. 68,373 42,58816,6901,116 912 749 ,179 2,872 9,748 9,177 98018,7792,038 1,333 7,872 7,535 6,278 728 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 A 1,881 707 26,999 630 5,102 4,54416,722 1,342 .067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22,857 480 2,583 2,10817,687 2,006 .262 1960—Dec. 31.. 67,890 36,981 9,4992,589 508 293 29 1,14712,44910,550 22,8482,817 888 7,240 1111,903 6,752 ,308 1961-June 30.. 69,139 37,942 9,8772,737 337 400 59 98612,78810,855 22,6082,228 737 7,70611,937 7,220 368 Dec. 30.. 73,131 39,69310,1652,811 591 438 116 1,25113,24211,132 24,440077 3,614 566 9,56010,667 7,530 ,500 1962—Mar. 26.. 73,282 39,88810,207 "2,928 405 442 448 1,14913,29711,110 24,1173,071 1,047 9,19310,806 7,785 ,493 Nonmember:2 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 623 1960—Dec. 31.. 33,91017,719 3,8382,167 161 269 379 6,205 4,774 20711,904 ,670 624 3,941 5,668 3,431 857 1961—June 30.. 33,81317,968 3,886 2,323 153 285 357 6,187 4,862 20211,4671,417 380 4,052 5.618 3,508 869 Dec. 30.. 35,856 18,700 4,2412,314 179 306 418 6,341 4,995 21412,5"2"5 2,259 272 4,947 5,046 3,655 976 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. 3 Central reserve city banks. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1015 RESERVES AND LIABILITIES BY CLASS OF BANK [In millions of dollars] Demand deposits Time deposits Bal- De- Re- Cur- ances mand Interbank Certi- Capi- Class of serves rency with de- fied U.S. Bor- tal bank and with and do- posits State and Govt. State row- accall date F. R. coin mestic ad- U.S. and offi- I PC Inter- and and IPC ings counts Banks banks4 justed 5 Do- For- Govt. local cers' bank Postal local mestic4 eign6 govt. checks, Sav- govt. etc. ings Total:2 1947—Dec. 31. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,833 6510,059 I960—Dec. 31.... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 16320,986 1961—June 30. 16,488 2,903 11,184112,030 12,568 1,064 6,362 11,849 3,759 109,553 461 288 5,266 73,826 44321,745 Dec. 30... 16,918 3,689 14,169 122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Mar. 26s... 16,520 3,760 11,270 114,720 12,710 1,140 6,780 11,280 3,540 111,460 390 280 6,070 81,6802,13022,790 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 1,248 23,740 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 13,409 114,292 15,339 1,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 149 20,628 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 73,572 433 21,377 Dec. 30.... 16,918 3,670 13,871 121,671 16,440 1,298 5,934 12,149 5,023 123.878 333 283 5,412 76,426 462 22,089 1962—Mar. 26... . 16,518 3.740 11,039 113,838 12,625 1,128 6,768 11,192 3,522 110,793 364 284 6,013 81,4122,11722,442 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 53,477 130 17,398 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 1,108 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 1,217 267 290 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 6,346 121 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 City of 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 1,292 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 I960—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 [,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 C34,137 6,460 231 2,436 3,057 773 35,939 73 110 2,512 25,684 752 7,070 Country: mi—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 ,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 .438 14 1,940 5,093 570 36,429 45 103 2,125 31,304 126 7,237 Nonmember:2 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 49 631 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 4 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States. These 5 Through 1960, demand deposits other than interbank and U. S. figures exclude data for banks in U. S. possessions except for member Govt., less cash items in process of collection; beginning with 1961, banks. During 1941 3 mutual savings banks became members of the demand deposits other than domestic commercial interbank and U. S. FRS; these banks (2 beginning with June 1960 and 1 beginning Sept. Govt., less cash items in process of collection. 1961) are included in member banks but are not included in all insured 6 Beginning with June 1961, reclassification of deposits of foreign or total banks. Comparability of figures for classes of banks is affected central banks reduced foreign interbank demand deposits by about $400 somewhat by changes in F. R. membership, deposit insurance status, and million and interbank time deposits by about $1,500 million. These the reserve classifications of cities and individual banks, and by mergers, amounts are now included in demand and time deposits of individuals, etc. partnerships, and corporations. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financialinstitutions Total Loans Wednesday i l n o a v n a e n d s s t- i m n a v e n e n d s t t s - Loans C m c o i e m a r l - - Agri- a T n o d b d r e o a k l e e r r s s To others Bank Nonbank Real All V t a i l o u n aments l justed 2 justed 2 in t a r d n i u a d l s- tural G U o .S v . t. O s t e h - er G U o .S v . t. Other For- m D t e i o c s - - P a e n r d s. estate other se r r e v - es c t s u i e e r - s i- c t u ie r s i- c t s u i e e r - s i- c t u ie r s i- eign c m c o i e m a r l - - F C e i O n tc S a . ., n. Other Total- Leading Cities 1961 July 5 115,084 113,257 70,361 31,615 1,151 475 2,069 106 1,360 614 1.827 1,482 1,727 12,902 16,430 1,570 12 113 683 112,402 69 940 31,549 1,161 336 2,114 103 1,367 587 ,781 \ 753 1,730 12 923 16 387 1 570 19 114 304 112,910 69,989 31,380 1,160 793 2,073 106 1,376 572 394 \ 144 1,737 12,942 16,276 1,570 26 116,067 115,045 69,835 31,320 1.168 720 2,012 106 1,364 582 ,072 U16 1,748 12,952 16,317 1,570 1962 June 6 122,496 120,816 74 677 32,791 1,381 499 2.022 92 1.381 690 680 \ 416 2,334 14,084 17 685 1.718 13 123,547 121,640 75,075 32,894 1,389 713 940 93 354 707 ,907 *,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 \ 670 2,448 14,227 17 784 ,718 27 124,345 122,806 75 902 33,354 1,383 597 936 92 749 539 * 549 2,490 14,268 17,872 ,771 July 4 124 658 122,775 75 900 33,183 1,381 513 ,980 89 ,317 767 883 \ 703 2,486 14,311 17 894 ,7^4 11 123,934 122,506 75,539 33,278 1,384 423 776 91 311 770 ,478 \ 471 2,484 14,400 17,877 ,776 18 123 475 122,271 75 339 33,038 1,396 449 ,749 86 1,319 753 1,204 \ 453 2,521 14 469 17 831 25 123 213 121,657 75 026 32,954 1,408 289 755 83 1,314 736 556 r?'359 2,528 14,506 17 818 7?4 New York City 1961 July 5 28 664 27,746 17 79510,515 3 316 1,344 20 417 323 918 1,186 331 758 3 018 436 y 12... 27,592 27,002 17,433 10,468 3 195 1,364 20 419 302 590 1j008 320 763 3,007 436 19 27 819 27,354 17 58110,357 3 519 1,351 20 423 295 465 976 312 766 2 995 436 26 28,455 27,980 17,477 10,366 3 451 1,311 20 419 297 475 970 309 760 3,008 437 1962 June 6 29 431 28,764 18 32110,730 9 339 1,016 16 421 339 667 ,197 487 949 3 310 492 13 29,857 29,111 18,449 10,735 9 514 954 16 409 357 740 J63 512 960 3,312 492 20 30 060 29,759 IS 858 10,984 9 500 986 13 404 372 301 ,281 521 974 3 305 491 27 30 029 29,654 18 707 11,018 9 373 988 13 403 380 375 ,188 526 980 3,320 491 JUly 4 30 292 29,534 18 59810,913 9 234 1,046 14 400 393 758 ,243 522 9S2 3 334 492 11 29 703 29,194 18 350 10,948 9 214 897 14 400 387 509 ,121 523 1 010 3 320 493 18 29 424 28,977 18 16510,775 9 236 904 15 408 378 447 ,100 518 1,016 3 299 493 25 29,268 28,568 18,010 10,788 9 156 886 15 408 368 700 ,049 517 1,020 3,287 493 Outside New York City 1961 July 5 86 420 85,511 52 56621,100 1,148 159 725 86 943 291 909 .,296 1,396 12,144 13 412 1,134 12 86 091 85,400 52 507 21,081 1,158 141 750 83 948 285 691 .,245 1,410 12 160 13 380 1 134 19 86,485 85,556 52,408 21,023 1,157 274 722 86 953 277 929 .,168 1,425 12,176 13 281 1,134 26 87,612 87,065 52,358 20,954 1,165 269 701 86 945 285 547 >,146 1,439 12,192 13,309 1,133 1962 June 6 93,065 92,052 56,356 22,061 1,372 160 1,006 76 960 351 1,013 ',739 1,847 13,135 14 375 1 226 13 93,690 92,523 56,626 22,159 1,380 199 986 77 945 350 1,167 <',•767 1,873 13,201 14,416 1,227 20 94 178 93,113 57,167 22,344 1,378 289 953 78 935 369 1,065 >,389 1,927 13 253 14 479 1 227 27 94,316 93,152 57,195 22,336 1,374 224 948 79 930 369 1,164 >,361 1,964 13,288 14 552 1 230 July 4 94,366 93,241 57,302 22.270 1,372 279 934 75 917 374 1,125 >,460 1,964 13,329 14 560 1 232 11.....::...:. 94,231 93,312 57,189 22,330 1,375 209 879 77 911 383 919 >,35O 1,961 13,390 14,557 1,233 18 94 051 93 294 57,174 22,263 1,387 213 845 71 911 375 757 >,353 2,003 13 453 14 532 1 232 25 93,945 93,089 57,016 22,166 1,399 133 869 68 906 368 856 >,310 2,011 13,486 14,531 1,231 1 After deduction of valuation reserves. 2 Exclusive of loans to domestic commercial banks and after deduction of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1017 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Investments Cash assets 3 U. S. Government securities Total assets— Wednesday Total Bills c C t a i e f t i e r - - s W 1 i y i N n t e h o a - r m te a s 5 t u a 1 y n r e i t d n a o r g b s — o 5 n A d y f s e te a r rs O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a c i c t l e k e h - s s s - b • B a S? n a l k - s i I !CuScy B s F. w e R a e r - i n v t R k h e . s s a o s A t s h e l e l t r s a c l c T i a a a c t o p i b n o e i t i d u s t a l a n i l - l ts Total— Leading Cities 1961 July ,5::::::::: 31,974 3,959 2,386 6,264 14,927 4,438 10,922 16,852 3,064 Ill 1,306 12,371 4,331 149,051 31,456 3,522 2,418 6.256 14,855 4,405 11,006 17,099 3,149 123 1,494 12,333 4,334 148,384 19 31,899 3,856 2.553 6,278 14,802 4,410 11,022 16,617 2,934 128 1,399 12,156 4,343 147,762 26 34,103 6,138 21547 6.299 14,726 4,393 11,107 16,973 3,032 133 1,429 12,379 4,510 148,582 1962 June 6 32,266 3,980i 2,141 6,651 14,476 5,018 13,873 17,208 2,850! 1391 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 14,756 r4,682 14,321 17,783 2,866 141 1,538 13,238 4,508 159,739 27 32,418 3,997; 2,215 6,749 14,798 "4,659 14,486 17,665 2,805! 172 1,620 13,068 4,551 159,214 July 4 32,195 3,822^ 2,124 6,800 14,814 4,635 14,680 18,112 3,112| 156 1,419 13,425 4,612 162,132 11 32,237 3,896| 2.105 6,778 14,808 4,650 14,730 17,194 2,921 162 1,616 12,495 4,594 159,345 18 3 3 2 1 , , 2 7 4 4 5 5 4 3 , , 0 62 2 4 4 ! 2 2, , 0 1 9 0 5 9 6 6 , . 7 7 5 5 9 4 1 1 4 4 , , 7 6 3 6 1 8 4 4, , 6 6 0 2 4 2 1 1 4 4 , , 6 88 8 6 7 1 1 7 7 , , 7 0 2 1 5 0 2 2 , , 8 8 9 0 5 7 1 1 5 5 5 4 1 1, ,5 5 6 8 6 2 1 12 3 , , 4 1 6 1 6 0 4 4 , , 5 6 9 4 6 1 1 1 5 5 9 6 , ,2 6 3 7 9 9 25 New York City July ,1196:1::::::::7,420 1,419 870 ,476 2,869 786 2,531 3,503 194 3,199 1,860 38,356 7,074 1,054 884 ,474 2,871 791 2,495 3,947 191 3,611 1,882 37,884 19 7,286 1,160 994 ,458 2,878 796 2,487 3,845 181 3,528 1,903 38,113 26 7,963 1,876 984 ,473 2,845 785 2,540 3,920 181 3,611 2,045 38,262 1962 June 6 7,223 1,687 438 ,430 2,510 1,158 3,220 3,742 220 3,373 ,919 39,393 13 7,232 1,776 432 ,429 2,508 1,087 3,436 3,990 226 3,606 ,868 40,352 20 7,509 512 ,441 2,558 1,093 3,392 4,181 218 3,820 ,863 40,669 27 7,502 1*866! 521 ,475 2,581 1,059 3,445 4,207 225 3,807 ,886 40,758 July 4 7,388 1.845! 432 ,476 2,578 1,057 3,548 4,073 220 3,686 ,851 41,370 7,290 1,758! 440 ,455 2,583 1,054 3,554 3,635 227 3,251 ,879 39,752 is!!!!!!!!! 7,268 l,81l! 438 ,450 2.538 1,031 3,544 4,101 217 3,718 ,865 40,265 25 6.937 1,513 444 ,465 2,497 1,018 3,621 3,737 218 3,353 ,910 38,725 Outside New York City 1961 July 5 24,554 2,540! .516 4,788 12,058 3,652 8,391 13,349 3,002 1,112 9,172 2,471 110,695 24,382 2,468; ,534 4.782 11,984 3,614 8,511 13,152 3,061 1,303 8,722 2,452 110,500 19!!!!!!!!! 24,613 2,696> 1559 4:820 11,924 3,614 8,535 12,772 2,861 1,218 8,628 2,440 109,649 26,140 4,262; ,563 4,826 11,881 3,608 8,567 13,05" 2,962! J,248 8,768 2,465 110,320 26 1962 25,043 2,293, .703 5.221 11,966 3,860 1O,653| 13,466 2,7711 1,226 9.400 2,663 117,387 June 6 25,023 2,289I ,706 5,289 11,898 3,841 10,874 13,469 2,865; 1,357 9,174 2,653 119,124 13 25,017 2.279| ,698 5.253 12,198 '3,589 10,929 13,602 2,791j 1,320 9,418 2,645 119,070 20 24,916 2,131! ,694 5,274 '12,217r3,600 11,041 13,458 2,729! 1,395 9,261 2,665 118,456 27 July 4 24,807 1,977! ,692 5,324 12,236 3,578 11,132 14,03' 3,024! 1,199 9,739 2,761 120,762 24,947 2,138! ,665 5,323 12,225 3,596 11,176 13,559 2,846| 1,389 9,244 2,715 119,593 is!!!!!!!!! 24,977 2,213! ,6711 5,309 12,193 3,591 11,143 13,624 2,8071 1,349 9,392 2,731 119,414 25 24,808 2,111 ,651 5,289 12,171 3,586 11,265 13,273 2,725! 1,364 9,113 2,731 117,514 3 Excludes cash items in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday ju u T s n o t a e t d a d l - 4 j p u m D o s a d a t d s e e e n i - - - d t d s 5 Total 6 IPC g S l a o o t n c a v d a t t e l . e F ig o n r - 7 G U o . v S t. c m m D c o t i e i e o m a c s r - l - - - Total 8 S in a g v s - IPC Oth S l a e o t r n c a d a t t e l ime e F ig o n r - 7 F B F. r a o n R m k . s F ot r h o e m rs O li i t a t h i b e e i s r l- c C o i a a t u c a p n - l - ts banks govt. Total— Leading Cities 1961 129,530 61,155 89,69863,866 5,015 1,598 4,015 11,744 39,83228,714 6,133 2,789 1,881 25 1 885 5,061 12,550 July , 1 ! 9 •:::::::: 1 1 2 2 8 9 , ,3 3 0 2 5 0 6 6 2 1 , , 5 8 0 9 9 2 8 88 9 , , 2 3 0 4 3 6 6 6 5 5 4 7 5 1? 1 4 4 ,7 5 1 16 6 1 1 6 6 7 1 1 5 2 1 , , 0 79 8 0 9 1 1 2 1 , , 0 4 9 0 7 6 4 3 0 99 1 5 17 9 ? 7 8 8 7 8 6 05 3 6 6,? 1 8 9 1 4 9 7 7 8 9 0 3 3 1 1 ,8 9 8 9 3 0 14 9 1 1 1 4 6 6 0 7 8 5 5J 0 1 5 6 1 8 1 19 ? 5 59 5 5 ? 26 129,598 63,398 89,38264 69? 4.872 1669 4,164 10,788 40 ?16 78 8?3 6 343 7 794 1,937 11 1 078 5 359 1?,543 1962 June 6 135,996 61,504 89,34163,718 5,181 1,658 3,907 11,436 46,655 32,171 8,422 3 472 7 764 26 1 979 5 505 13 774 n 138,317 62,769 91,48766 761 4,878 1 654 3,314 11,455 46 8303? 763 8 530 3 411 ?,744 73 9 797 5 594 n ?65 20 139,016 62,226 92,15065j457 4 688 1,773 5,48611,228 46 ,866 3? 360 8 475 3 401 9 410 1 793 5 343 IV 947 27 138,468 61,472 91,39164 0?? 4 879 1 716 6,59410,672 47 077 3? 514 8 536 3 40? ?j°41 291 1 895 5 356 n,?74 July 4 .... 141,339 60,865 94,15264 819 5 100 1 718 6,62611,911 47 1873? 714 8 463 3 405 9 998 45 9 979 5 147 n, 3?? 11 138,884 61,567 91,62965 190 4,632 1 645 4,450 11,989 47 755 3? 860 8,447 3 319 ?,75? 10 1 916 5 ??4 n 311 18 138,776 61,768 91,53765,639 4 595 1,75? 3,96911,917 47,739 3? 95? 8 37? 783 9 ^51 634 1 697 5 309 n 970 75 135,872 62,819 88,61564 644 4 771 1 655 3,55710,864 47 ?57 33 014 8 376 3 773 9 963 72 1 657 5 364 13 974 New York City 1961 July ^ 31,282 15,917 24,755 16,719 77? 1,710 1,212 3,297 6 577 ? 639 ? 019 957 \ 474 797 9 676 3,601 12 30,911 16,046 24,329 16 9?f 338 1 197 577 3,243 6 587 7 658 7 051 756 1,478 688 ? 681 3 604 19 31,060 16,202 24,372 16,881 793 1,??? 488 3,136 6,688 ?J667 ?J1?9 ?45 1 505 75 689 9 68'1 -\605 26 31,407 16,610 24,693 16 901 ?77 1 743 1,192 3.049 6 714 9 67? 7 13? 749 1 519 394 9 863 598 1962 June 6 32,113 15,787 24,139 16,440 334 1 ?S1 1,078 2,973 7 974 ^ 460 ? 50$ 905 1 691 758 ? 781 3 741 n 32,821 16,313 24,746 17 434 760 1 741 881 2,915 8 075 484 7 599 706 1,604 10 1 056 ? 7^3 3 74? 20 33 253 16,233 25,212 17,006 776 1 995 1,447 2,967 8 041 3 50 5 ? 541 906 1,605 101 946 9 630 739 27. 33,356 15,961 25,278 16 751 75?, 1 ?90 1,797 2,884 8 078 3 574 7 570 701 1,599 97 870 ? 705 3 730 July 4 33,916 15,709 25,915 16,775 4?0 1 776 1,883 3.169 8,001 3 555 ?,481 198 1,589 044 9 648 3 769 11 32 434 15,695 24,399 16,421 784 1,717 1,212 2,957 8 035 3 586 ? 455 195 1,614 837 9 796 755 18 32,823 15,640 24,802 16 6?6 271 1, 335 1,035 3,252 8 071 3 605 7 474 199 1 609 177 850 ? 670 3 745 25 31,820 16,158 23,808 16 588 760 1 734 938 2,902 8 01? 3 675 9 39? 193 1,618 400 758 747 Outside New York City 1961 98,248 45,238 64,94347,147 4,743 388 2,803 8,447 33,30526 075 4,114 2 532 407 25 1,088 2,385 8 949 98,394 45,846 65,01748 530 4 378 418 1,512 8,854 33 377?6 105 4 143 7 547 40^ 9 779 ? 370 8 948 19 97,260 46,307 63,83148 4,223 399 1,302 8,270 33 479 ?6 138 4 15? 7 548 415 66 919 ? 484 8 9?0 26 98,191 46,788 64,68947 791 4 545 476 2,972 7,739 33 50? 76 151 4 ?11 7 545 418 11 684 9 489 8 94S 1962 June 6 103.883 45,717 65,20247 778 4 847 407 2,829 8,463 38 681 78 711 5 914 3 717 643 26 1 991 9,794 9 533 13 105,496 46,456 66,74149 377 4 618 413 2,433 8,540 38 -75578 779 5 931 3 705 640 63 1 941 ?,801 9 5?3 20 105,763 45,993 66,93848,451 4 41? 4?8 4,039 8,261 38 8?5 ?8 855 5 934 3 195 64? 309 777 9 713 9,508 27 105,112 45,511 66,11347 ?71 4 577 476 4,797 7,788 38 999 ?8 990 5 966 3 701 64? 194 955 9,651 9,544 July 4 . 107,423 45,156 68,23748 094 4 680 44? 4,743 8,742 39 186?9 159 98? 3 ?07 639 45 735 ->,499 9,560 11 106,450 45,872 67,23048 769 4 348 478 3,238 9,032 39 ??0 ?9 774 5 987 3 1?4 638 10 1,079 ?j-498 9,556 18 105 953 46,128 66,73549 on 4 3?4 417 2,934 8,665 39 ?18 ?9 347 5 948 3,084 64^ 457 847 9 639 9 595 25 104,052 46,661 64,80748,056 4,511 421 2,619 7,962 39 24529,389 5 934 3,080 645 72 1,257 2,606 9,527 4 Total demand and total time deposits. 7 Deposits of foreign governments and official institutions, central banks, 5 Demand deposits other than domestic commercial interbank and international institutions, banks in foreign countries, and foreign branches U. S. Govt. less cash items in process of collection. of U. S. banks other than reporting bank. 6 Includes certified and officers' checks and deposits of mutual savings 8 Includes U. S. Govt. postal savings, domestic commercial interbank, banks, not shown separately. and mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 1019 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS [Net change in millions of dollars] Week Month Quarter Half year Industry1 1962 1962 1962 1961 1962 1961 Ju 1 l 8 y My July Ju 2 n 7 e July June May II I IV 1st. 1st. Classification basis New Old Du P r r a i b m le a r g y o m od e s t a m ls anufacturing: -15 -14 -1 -33 6 -62 8 -91 -119 -12 68 -131 ] M achinery 2 -24 -1 -17 -3 -40 25 15 -50 138 -75 89 Transportation equipment -5 -89 -24 -35 6 -152 55 2 27 69 26 96| -100 Other fabricated metal products... -20 -6 2 -2 12 -26 41 28 50 76 -41 1261 Other durable goods -4 -9 124 -21 -2 90 51 54 112 16 -103 128 Nondurable goods manufacturing: Food, liquor, and tobacco -65 6 -44 3 51 -101 31 -37 -152 -345 397 -497 -498 Textiles apparel and leather -11 -5 -6 31 3 9 35 42 247 -290 289 177 Petroleum refining 7 -23 10 -1 4 -7 -12 -10 -14 -53 60 -67 1 « Chemicals and rubber -2 -34 -5 -36 -33 -77 14 9 37 39 -25 76 Other nondurable goods 8 -27 5 -20 8 -35 68 86 164 10 -64 174 Mining, including crude petroleum and natural gas -7 -1 3 -4 -6 -10 -10 -8 8 170 380 178 249 Trade* Commodity dealers 16 -7 -9 3 -12 3 -34 -102 -161 -77 357 -237 -325 Other wholesale Q 6 5 -2 9 -1 32 n 52 -18 51 34I 1TC Retail -3 -1 5 -19 -15 -18 2 12 52 10 10 61 / -175 Transportation, communication, and other public utilities -16 -3 1 21 3 24 -104 -223 -288 233 -510 -330 Construction 16 -11 11 -6 -3 10 28 90 164 18 9 182 53 All other types of business, mainly services 12 29 16 -36 2 21 62 70 127 79 297 205 406 Net change in classified loans -96 -215 92 -172 28 -391 424 7 116 80 1,292 196 -463 Commercial and industrial change— all weekly reporting banks -78 -240 95 -171 26 -394 500 76 340 94 1,115 434 2-387 i Because of ^classifications as of Sept. 27, 1961, many categories are 2 Reflects new coverage; see June 1961 BULL., p. 654. not strictly comparable with prior data; for example, new "Mining" NOTE.—Data for sample of about 200 banks reporting changes in their includes a part of old "Other manufacturing and mining," with which larger loans; these banks hold about 95 per cent of total commercial and it is compared; a part of "Metals and metal products"; and coal, crude industrial 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 End-of-week date shown. Figures for periods other than weekly are manufacturing and mining." based on weekly changes. BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] Size of loan Size of loan Area (thousands of dollars) Area (thousands of dollars) All and All period loans 1— 10— 100— 200 period loans 1— 10— 100— 200 10 100 200 and over 10 100 200 and over Year, Quarter—cont.:1 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 Quarter:' 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 SeDt 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 i Based on new loans and renewals for first 15 days of month. per cent): 1953—Apr. 27, 3^; 1954—Mar. 17, 3; 1955—Aug. 4, 3%; pp. N 2 O 2 T 8 E - . 3 — 7. W e B ig a h n t k e d p r a im ve e r a r g a e te s . wa F s o 3 r p d e e r s c c e ri n p t ti J o a n n . s 1 e , e 19 M 53 ar - . A p 1 r 9 . 4 2 9 6 , B 1 U 9 L 5 L 3 . . , O J 1 a 9 c n 6 t . . 0 2 — 1 2 4 A , , 4 3 u ; g & A . ; 2 p 1 3 r 9 . , 5 4 2 6 % 1 — , . 3 A % p ; r . S 1 e 3 p , t . 3 1 % 1 ; , A 4; u 1 g 9 . 5 2 9 1 — , 4 M ; a 1 y 9 * 5 1 7 8 — , . 4 A % u 7 g ; 2 . , S 6 e , p 4 P t. % 1 ; , , 1 5 9 ; 5 , a 8 n — d Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 INTEREST RATES MONEY MARKET RATES [Per cent per annum] LJ. S. Government securities (taxable]4 Finance P co ri m m l e . pa C p O e . r ba P n ri k m e e rs' 3-month bills 6-month bills 9- to 12-month issues Period placed acceptpaper, directly, ances, 3- to 5- 4-toe- 3- to 6- 90 days3 Rate Rate Bills year months i months2 on new Market on new Market (market Others issues 6 issue yield issue yield yield) 1959 3 97 3 82 3 49 3 405 3 37 3 832 3 79 4 11 4 33 1960 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1961 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1961 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 M!ay 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 July 3.36 3.20 3.07 2.945 2.92 3.085 3.08 3.17 3.23 3.71 Week ending— 1962 June 30 3.25 3.11 2.98 2.792 2.84 2.872 2.90 2.97 3.12 3.60 July 7 3 28 3.17 3.00 2.930 2 92 3.008 3.00 3.06 3.18 3.66 14 3.38 3.25 3.00 2.974 2.97 3.096 3.09 3.12 3.22 3.71 21 3 38 3 25 3 10 2 983 2 95 3.133 3.13 3 26 3 27 3 73 28 3.38 3.16 3.13 2.892 /O. oSoB 3.103 3.09 3.22 3.25 3.71 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance cos. for varying maturities closing bid prices. in the 90-179 day range. 5 Certificates of indebtedness and selected note and bond issues. 3 Average of daily prevailing rates. 6 Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum] Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period U S n ta i t t e e s d and loca Total1 rating group price ratio price ratio (longterm) Indus- Rail- Public Pre- Com- Com- Total i Aaa Baa Aaa Baa trial road utility ferred mon mon 1959 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 I960.. 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4 59 4 92 4 69 4 75 3 46 r5 88 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 r2.98 r4.74 1961—July . 3.90 3.63 3.35 3.94 4.70 4.41 5.09 4.59 4.89 4.60 4.69 2.99 4.00 3.62 3.33 3.96 4.73 4.45 5.11 4.60 4.92 4.67 4.69 2.91 Sept 4.02 3.64 3.33 4.02 4.74 4.45 5.12 4 61 4 94 4 67 4 69 2 93 r4 87 Oct 3.98 3.59 3.28 3.98 4.73 4.42 5.13 4.60 4.92 4.66 4.62 2.91 Nov 3.98 3.57 3.27 3.96 4.70 4.39 5.11 4.58 4.89 4.63 4.59 2 83 Dec 4.06 3.63 3.32 4.04 4.71 4.42 5.10 4.59 4.91 4.62 4.64 2.85 '5.10 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 '4.98 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 3.90 3.31 3.06 3.65 4.59 4.28 5.02 4.45 4 86 4 47 4 52 3 78 July 4.02 3.37 3.10 3.72 4.63 4.34 5.05 4.52 4.90 4.48 4.59 3.68 Week ending— 1962—June 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 Julv 7 3 99 3 35 3 09 3 70 4 62 4 32 5 04 4 50 4 89 4 47 4 59 3 69 y 14 ::.:.... 4.03 3.36 3.09 3.70 4.63 4 34 5 05 4 52 4 90 4 48 4 59 3 62 21 4.03 3.36 3.09 3.72 4.63 4.33 5.04 4 51 4 89 4 48 4 58 3 71 28 4.02 3.39 3.11 3.77 4.64 4.35 5.04 4.52 4.90 4.49 4.59 3.70 Number of issues 4-9 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Stocks: Dividend/price ratios are based on Wed. figures; earnings/price arately. Because of a limited number of suitable issues, the number of ratios are as of end of period. Preferred stock ratio is based on 8 median corporate bonds in some groups has varied somewhat. yields for a sample of noncallable issues—12 industrial and 2 public NOTE.—Annual yields are averages of monthly or quarterly data. utility; common stock ratios on the 500 stocks in the price index; both Monthly and weekly yields are computed as follows: U.S. Govt. bonds, are Standard and Poor's Corp. series. Quarterly earnings are seaaverages of daily figures for bonds maturing or callable in 10 years or sonally adjusted at annual rates. more. State and local govt. bonds, general obligations only, based on Thurs. figures. Corporate bonds, averages of daily figures, last two are Moody's Investors Service series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1021 SECURITY PRICES Bonds Common stocks Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Cor- ing Period U. S. Mu- po- ( G t l e o o r n m v g t ) . - j • ! g n ( r h ic a i i d g p e h a ) - l ( g h r r a i a g t d e h e - ) Total d t I r u n i s a - - l R ro a a i d l- P u l u t i i b c l - - Total Manu D fa u c - turin N g on- T p t r o i a o r n n ta s - - P u l u i t c i b l - - - T n a a r f n a n i- d d ce e, Min- j | I j s t s o h h a o a f n r u d e - s s) ity rable du- ity servrable ice 1959 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 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 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—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 July 86.07 110.3 95.4 56.97 59.61 28.29 55.51 116.0 106.9 104.4 109.2 90.0 156.7 139.4 90.9 3,532 Week ending— 1962—June 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 July 7 86.42 110.7 56.33 58.93 28.24 54.90 114.2 105.2 102.0 108.2 89.9 153. 139.7 88.9 3,455 14 86.00 110.4 57.47 60.12 28.72 55.99 117.7 108.4 106.0 110.6 91.9 159.3 141.0 92.5 4,615 21 86.00 110.2 56.81 59.41 28.40 55.49 115.6 106.5 104.0 108.8 89.4 156.4 138.3 91.2 3,192 28 86.05 109.7 56.72 59.35 27.90 55.26 116.4 107.3 105.4 109.1 88.9 157.8 138.5 90.9 2,783 Number of issues. 15 500 425 25 50 300 193 108 85 18 34 45 10 NOTE.—Annual data are averages of monthly data. Monthly and and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing weekly data are computed as follows: U. S. Govt. bonds, derived from prices. Common Stocks, Standard and Poor's index based on averages average market yields in preceding table on basis of an assumed 3 per of daily figures; Securities and Exchange Commission index on weekly cent, 20-year bond, averages of daily figures. State and local govt. and closing prices. Volume of trading, average daily trading in stocks on the corporate bonds, derived from average yields, as computed by Standard N. Y. Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit Net debit balances with Bank loans to others than Total New York Stock Exchange brokers and dealers for pur- Money borrowed on— Customers' Month securities firms secured by— chasing and carrying— net other than free U. S. Govt. credit securities U. S. Govt. Other U. S. Govt. Other U. S. Govt. Other balances securities securities securities securities securities securities 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 1960—Dec. 4,415 95 3,222 134 1,193 142 2,133 1,135 1961—July. 5,355 50 3,991 106 1,364 69 2,728 ,207 Aug. 5,349 49 3,972 102 1,377 56 2,679 ,208 Sept. 15.311 46 3,991 109 11,320 64 2,666 ,227 Oct.. 5;333 44 4,029 103 1,304 56 2,654 ,214 Nov. 5,460 39 4,141 102 1,319 51 2,752 ,213 Dec. 5,602 35 4,259 125 1,343 48 2,954 ,219 1962—Jan.. 5,464 34 4,111 111 1,353 51 2,860 ,225 Feb.. 5,426 34 4,066 133 1,360 71 2,812 ,190 Mar. 5,457 34 4,083 105 1,374 52 2,912 ,154 Apr. 5,491 36 4,079 117 1,412 57 3,015 ,110 May 5,408 35 4,000 91 1,408 44 2,845 ,205 June 4,938 32 3,605 92 1,333 46 2,194 ,374 July. 4,876 29 3,562 83 1,314 32 2,091 .252 I i Reclassification of loans reduced these items by $66 million, see Bank loans to others than brokers and dealers: figures are for weekly Dec. 1961 Bull., p. 1436, note 3. reporting member banks. Before July 1959, loans for purchasing or Net debit balances and broker and dealer credit: ledger balances of carrying U. S. Govt. securities were reported separately only by N. Y. member firms of the N. Y. Stock Exchange carrying margin accounts, as and Chicago banks. Accordingly, for that period the fifth col. includes reported to the Exchange. Customers' debit and free credit balances any loans for purchasing or carrying such securities at other reporting exclude balances maintained with the reporting firm by other member banks. Composition of series also changed beginning with July 1959; firms of national securities exhanges and balances of the reporting firm revised data for the new reporting series (but not for the breakdown of and of general partners of the reporting firm. Balances are net for each loans by purpose) are available back through July 1958 and have been customer—i.e., all accounts of one customer are consolidated. Money incorporated. borrowed includes borrowings from banks and from other lenders except NOTE.—Data in the first three cols, and last col. are for end of month, member firms of national securities exchanges. in the other cols., for last Wed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 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— End of period Accepting banks F. R. Goods stored in or Total Banks Im- Ex- shipped between Total t P hr la o c u e g d h P di l r a e c c e t d - p i o n r to ts p fr o o r m ts Do ex ll - ar points in— dealers 1 ly 2 To- Own Bills Own For- United United change tal bills bought acct. eign States States United Foreign corr. States countries 1956 2,183 506 1,677 967 227 155 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 3i 911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2 525 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—June 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 Aue 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 ,818 3 301 2 491 1,035 829 206 38 117 1,301 457 949 91 225 769 Nov 5,349 ,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 3 757 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 June 5,864 ,878 3,986 2,342 965 731 234 60 85 1,232 473 751 145 117 857 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days and over. Figures on old basis for Dec. were (in millions 2 As reported by finance cos. that place their paper directly with of dollars): total 2,739; placed directly, 1,899. investors. MUTUAL SAVINGS BANKS [Amounts in millions of dollars] Loans Securities Total assets— End of period M ga o g r e t- Other G U o . v S t . . S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r s l T u i a a t r o i b n p e t i d l s a l u i l - s D i e t 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 c M o o m r m tg i a t g m e e n lo ts a n 3 govt. other i accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945 . . ... 4 202 62 10,650 1,257 606 185 16,962 15,332 48 1 *>82 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 1955 17 279 211 8,464 646 3,366 966 414 31,346 28,182 310 2 854 1956 19 559 248 7,982 675 3,549 920 448 33,381 30 026 369 2 986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 . ... 23 038 320 7,270 729 4,971 921 535 37,784 34,031 526 3 227 89 912 i 664 1959 « 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 ,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 ,654 1961 May . ... 27,570 449 6,337 665 5,126 834 607 41,588 37,060 883 3,645 67,236 1,556 June 27,771 417 6,296 687 5,158 861 616 41,806 37,427 720 3,659 66,467 1,674 July 27,972 385 6,314 685 5,160 835 620 41,970 37,450 852 3,668 66,544 1,792 Aug 28,179 431 6,320 686 5,137 821 629 42,202 37,549 935 3,718 64,910 1,536 Sept 28,335 455 6,305 687 5,118 867 654 42,422 37,859 823 3,739 65,662 1,526 Oct . ... 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 1,546 Nov v. 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 .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 i •.. 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 M^ay 30,087 537 6,331 587 5,057 829 670 44,100 39,216 1,016 3,868 78,707 ,897 1 Includes securities of foreign governments and international organiza- NOTE.—National Assn. of Mutual Savings Banks data; figures are tions and U. S. Govt. agencies not guaranteed, as well as corporate estimates for all savings banks in the United States and differ somewhat securities. from those shown elsewhere in Bulletin; the latter are for call dates and 2 See note 4, p. 1009. are based on reports filed with U. S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Association of the State of New York. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1023 LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d local Foreign1 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 Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 Book value: 1959—Dec 113,650 11,59* 6,858 3,221 1,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 1960—Dec 119,717 11,729 6,444 3,622 1,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—May 122,462 12,063 6,551 3,774 1,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 June 122,751 11,881 6,369 3,761 1,751 52,308 47,966 4,342 42,945 3,851 5,509 6,257 July 123,381 11,972 6,440 3,786 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 1,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 Sept 124,411 12,057 6,390 3,851 1,816 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 1,867 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 1,913 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 May 128,931 12,323 6,325 4,050 1,948 55,274 50.307 4,967 44,946 4,024 5,927 6,437 1 Issues of foreign governments and their subdivisions and bonds of on an amortized basis and stocks at year-end market value. Month-end the International Bank for Reconstruction and Development. figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately, but are included, in total, in "other assets." Year-end figures: Annual statement asset values, with bonds carried SAVINGS AND LOAN ASSOCIATIONS [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 - s G U ec o . u S v r . t i . - Cash Other i a li s a T s b e o i t l t s i a t 2 i l e — s 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 3 d L p o r a o n ce s s i s n Other co m l m o e a m n n t i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 t36 1945 5 376 2 420 450 356 8,747 7,365 644 336 40^ 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1 244 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 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1.293 874 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—May 63,061 4,965 2,820 4,555 75,401 65,208 5,008 1,755 ,416 2,014 2.115 June 64.058 4,997 2,951 4,491 76,497 66,570 5,288 2,029 ,538 1,072 2,120 July 64 795 4,989 2,724 4,341 76,849 66,681 5,282 2,028 ,554 1,304 2.144 Au2 65 705 5 055 2,638 4,417 77,815 67,177 5,286 2,160 ,596 1,596 2 186 Sept 66,507 5,050 2,685 4,500 78,742 67,839 5,290 2,290 ,589 1,734 2,110 Oct 67 317 5,095 2,766 4,603 79,781 68,565 5,289 2,364 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,R54 5,751 2,301 ,657 1,668 2 33^ Apr .... 71 616 5,493 3,084 4,851 85,044 73,240 5,747 2,427 ,795 1,835 2,474 May 72,587 5,480 3,094 5,264 86,425 74,022 5,753 2,525 ,911 2.214 2,616 1 Includes other loans, stock in the Federal home loan banks and 3 Consists of FHLB advances and other borrowing. other investments, real estate owned and sold on contract, and office buildings and fixtures. NOTE.—Federal Savings and Loan Insurance Corp. data; figures are 2 Before 1958 mortgages are net of mortgage pledged shares. Asset estimates for all savings and loan assns. in the United States. Data items will not add to total assets, which include gross mortgages with no beginning with 1954 are based on monthly reports of insured assns. and deductions for mortgage pledged shares. Beginning with January 1958, annual reports of noninsured assns. Data before 1954 are based entirely no deduction is made for mortgage pledged shares. These have declined on annual reports. Data for current and preceding year are preliminary consistently in recent years and amounted to $42 million at the end of even when revised. 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1024 FEDERAL FINANCE FEDERAL FISCAL OPERATIONS: SUMMARY [In millions of dollars] Derivation 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 Less r b e u c N d e e i g p t e t t s re T P f c u r l 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 v r n n s a t s : s . - - V E r T e q c o u t a t s a l . l s 3 : B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n u r x 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 o u y a t t a l s l s . : p re a o c y r t t s s . . & C (d d h a i e i a g r n b n e e t c g n t e .) a i g n N e v b n e y e . t s t & , O d n c e t a o h 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—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,"116 5,003 99,528 -2,286 2,102 870 536 698 1962*.... 81,360 24,336 3,786 101,853 87,668 24,118 4,195 107,591 -5,738 11,009 483 923 9,602 Half year: I960—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 12,678 3,137 50,840 2,409 -1,308 1,054 68 -2,426 July-Dec 35,826 10,673 1,782 44,680 43,165 12,309 1,282 53,898 -9,217 8,095 -1,486 402 9,180 1962—Jan.-June^... 45,534 13,663 2,004 57,173 44,503 12,109 2,919 53,693 3,479 2,914 1,969 521 421 Month: 1961—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?? 1,87? 292 7,902 -4,109 3,498 -863 195 4,167 AUE 6,367 3 292 294 9,357 7 2, r>48 -873 10,552 — 1 195 1 412 1 291 -442 563 Sept 8,945 1,478 180 10,236 6.771 2, 708 8,266 1,970 448 -545 54 939 Oct 3,141 979 239 3,872 7 796 1,994 405 9,385 -5,512 1,934 -905 64 2,775 Nov 6,424 2,438 304 8,554 7.485 1,958 225 9,218 -663 1,519 396 417 707 Dec 7,967 1,484 577 8,868 7 160 1 934 518 8,576 292 -716 -860 114 30 1962—Jan 5,357 866 250 5,968 7 2, V? 991 8,726 -2,758 608 -737 102 1 243 Feb 6,729 2,743 -98 9,567 6 858 2,D?7 -82 8,967 600 450 366 31 53 Mar 9,104 1,828 245 10,685 7,749 2,[)40 1,526 8,263 2,422 -641 329 223 -1,193 Apr 5,754 1,587 279 7,060 7 ?89 1,R67 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 June5" 11.566 2,586 1,106 13,042 7,983 2,261 741 9,503 3,539 -675 581 41 -1,296 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 Period and trusts Operating bal. Change s B d u u e r o f d p i r c g lu 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 a r 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 d u d r e y a T u cc r r o e er a u ' s n s - 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 « & trusts ^ Fiscal year—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 1962*\... -6,308 219 568 658 -445 9,230 186 3,736 10,430 612 8,815 1,003 Half year: I960—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 c-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 1962—Jan.-June^.... 1,031 1,557 705 264 -1,666 2,032 -13 3,936 10,430 612 8,815 1,003 Month: 1961 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 June? 3,583 325 -42 5 -651 -973 -43 2,290 10,430 612 8,815 1,003 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. (6) net operating transactions of govt. sponsored enterprises. 4 Primarily (1) intragovt. transactions, (2) net accruals over payments For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1025 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 Total Individual c E i x se - p E lo m y - - O r t e h - er Liquor To- a M nd f r r s e . - Old- High- R r . e R - . fu R n e d - s With- Other C ra o ti r o p n o- taxes taxes ceipts tailers age way tire. held Fiscal year—1959 ... 67,915 8,004 2,171 525 4,933 83,<)0429,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 I960 77,763 10.211 2,642 607 5,045 96/)6? 31,675 13,271 22,179 11,865 11,159 6,813 3,194 1,932 5 114 1961 77,659 11,490 2,798 571 5,976 99,<19132,978 13,175 21,765 12,064 12,502 7,007 3,213 1,991 5,294 1962^ 81,360 11,557 2,949 570 6,265 103/78636,216 14,404 21,296 12,749 12,726 6,395 Half year: I960—July-Dec 35,329 1,762 ?76 297 793 43/ )70 16,616 3,185 8,838 6,238 5,063 3,130 1,685 <1 007 2 724 1961 Jan -June 42,330 {5,824 lT347 274 4,932 56,<12116,362 9,990 12,927 5,826 7,439 3,877 1,528 983 2,570 July-Dec 35,826 1,742 1,612 278 806 43/>7517,652 3,189 8,259 6,394 5,024 3,057 1 754 1 035 2 656 1962—Jan -Junep . . 45,534 (5,815 1/ 292 5,459 60/ >1118,564 11,215 13,037 6,355 7,702 3,338 Month: 1961—June 10,831 1,127 >,38 45 239 1?/ 7?8 2,459 1,938 5,246 1,062 1,173 850 327 190 July 2,982 291 >53 14 178 V779 1,235 245 520 975 306 498 238 137 Aug 6,367 1,736 >73 84 203 8/ 713 4,654 161 382 1,197 1,821 498 292 196 1 379 Sept 8,945 829 >67 55 185 10,.285 2,662 2,017 3,251 983 884 488 284 169 Oct 3,141 239 >58 1 162 3,S11 1,399 215 408 1,102 241 446 344 184 Nov 6,424 1,189 506 76 10 8,()07 4,767 123 377 1,123 1,266 351 343 184 1,277 Dec 7,967 458 >55 47 67 8,<)80 2,935 428 3,322 1,013 505 111 254 165 1962 Jan 5,357 152 >33 11 73 V 1,245 2,325 466 1,009 353 561 224 140 ] Feb 6,729 1,620 >07 81 743 V773 5,124 786 400 967 2,080 416 189 116 [l 524 Mar 9,104 1,119 248 50 1,813 12, 354 2,896 832 5,879 1,140 1,188 419 313 215 Apr 5,754 729 >30 13 1,417 53 1,017 4,330 445 959 745 657 245 158 ) May 7,024 2,181 >64 82 1,101 10/S58 5,287 955 469 1,157 2,266 524 305 169 1 Junep 11,566 1,013 >33 57 233 13, 315 2,994 1,985 5,377 1,123 1,071 765 1 Budget expenditures 7 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 u r r a e r a c - t l - es m C t p r a o a o e n n r m r d c t s . e - - & m H d u e 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 - . t I g r d n D o a u t v n e e c r - t s t . - . Fiscal year—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 I960 76,539 45,691 1,832 401 4 88? 1,714 1963 122 3,690 866 5,266 9,266 1,542 694 1961 . . 81 515 47,494 2,500 744 5 173 2,006 573 320 4 244 943 5,414 9,050 1 709 654 1962^ 87,668 51,082 2,703 1957 6 041 2,133 754 335 4,425 1,076 5,404 9,218 1 874 633 Half year: I960—July-Dec 40,217 23,225 1J66 33? 863 1,058 1 208 1,955 408 2,659 4,587 852 310 1961—Jan -June .. 41,298 24,269 34 4P ^ 310 948 1359 112 2,289 535 2,755 4,463 856 344 July-Dec 43,165 23,982 1,651 481 3 543 1,178 1262 345 2,396 455 2,724 4,502 953 307 1962—Jan.-June?5 44,503 27,100 1,052 776 2 498 955 1 492 -10 2,029 621 2,680 4,716 921 326 Month: 1961 June . . . 4,608 412 88 456 194 277 13 709 101 451 765 133 245 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 Sent . . 6,771 3,861 288 7? 218 236 6 350 66 422 740 94 3 Oct 7,796 4,067 363 75 91? 219 113 413 69 449 718 187 9 Nov 7,485 4,261 326 97 486 188 176 105 459 54 452 744 138 1 Dec 7,160 4,286 17? 80 550 166 ?06 -21 409 68 485 788 157 186 1962 Jan 7 395 4,290 237 394 154 190 41 467 113 503 808 186 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 >73 141 363 143 214 -10 381 84 438 780 175 7 Mav 7,229 4,786 -1 10 300 161 231 -29 297 98 434 780 129 5 Junep 7,983 5,010 ]78 142 567 196 288 -105 394 116 399 847 158 212 5 Primarily adjustments 2, 3, and 4, described in note 4. 8 Primarily 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

1026 U. S. GOVERNMENT SECURITIES TOTAL DEBT, BY TYPE OF SECURITY [In billions of dollars] Public issues3 Total Total Marketable Nonmarketable End of period gross gross Con- Special debti direct vert- issues debt2 Total Total Bills Certifi- Notes Bonds 4 bo ib n l d e s Total 5 S in a g v s cates bonds 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945 Dec 278 7 278 1 255 7 198 8 17 0 38 2 23 0 120 6 56.9 48 2 20 0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 81.8 11.8 63.6 57.7 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 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—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 Sent 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 July . . 298.3 297.9 250.1 196.9 42.8 13.5 65.5 75.0 4.3 49.0 47.7 43.8 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 July 31, 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 U. S. Govt. agencies and trust funds, which series, and Rural Electrification Administration bonds, and, before 1956, totaled $11,524 million on June 30, 1962. tax and savings notes, not shown separately. NOTE.—Based on daily statements of U. S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES [Par value in billions of dollars] Held by- Held by the public Total U. S. Govt. E pe n r d io o d f g d r e o b s t s Sp a t e r g c u e ia s n t l c i f e u s n P a d u n s b d 1 lic B F a . n R k . s Total m b C a e o n r m c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - s - r c O a o t t r i h p o e n o r - s g S lo o a t c v a n a t t d e s l . Savi I n n g d s ividu O al t s her i M t n o v i r s e s c s 3 . 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 62.1 6.3 11.9 19.7 18.2 45.7 20.0 24.2 1961—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 Aue 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 Sept 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 1 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 29.1 213.0 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 20.8 19.3 46.6 18.9 25.4 June 298.6 44.9 11.5 29.7 212.5 65.0 6.3 11.3 19.2 19.4 46.6 19.0 25.7 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, foreign accounts, 2 Includes holdings by banks in territories and insular possessions, corporate pension funds, and nonprofit institutions. which amounted to about $70 million on Dec. 31, 1961. NOTE.—Reported data for F. R. Banks and U. S. Govt. agencies^and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOVERNMENT SECURITIES 1027 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY [Par value in millions of dollars] Within 1 year Type of holder and date Total y 1 ea -5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 r 0 s 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 1960—Dec. 31. 189,015 39,446 34,384 72,298 18,684 13,224 10,979 1961—Dec. 31. 195,965 43,444 40,984 66,360 19,782 11,976 13,419 1962—Apr. 30. 198,138 43,441 43,128 60,691 24,976 10,670 15,232 May 31. 198,193 43,747 45,344 57,035 26,177 10,664 15,225 U. S. Govt. agencies and trust funds: 1959—Dec. 31 7,394 260 777 1,909 1.882 1,917 650 1960—Dec. 31 8,116 591 891 2,431 1,602 1.461 1,140 1961—Dec. 31 8,484 583 669 1,860 1,594 1,756 2,022 1962—Apr. 30 9,107 971 654 1,272 2,217 1,503 2,490 May 31 9,092 919 1,004 2,284 1,504 2,492 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—Apr. 30 29,182 3,152 13,029 10,487 2,247 204 63 May 31 29,622 3,167 14,120 9,821 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—Apr. 30. 159,849 39,318 29,445 48,932 20,512 8,963 12,679 May 31. 159,479 39,661 30,335 46,210 21,646 8,956 12,670 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—Apr. 30... 57,209 480 13,895 26,132 7,707 1,523 472 May 31... 57,209 340 14,404 25.067 8,347 1,578 472 Mutual savings banks: 1959—Dec. 31 6,129 191 295 1,401 2,254 1,427 560 1960—Dec. 31 5,944 144 336 1.544 1,849 897 1,174 1961—Dec. 31 5,867 181 505 1,514 1.708 662 K298 1962—Apr. 30 6,029 292 515 1,454 1|822 610 1,336 May 31 6,029 304 520 1,414 1,861 591 1,338 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—Apr. 30 9,195 538 884 2,011 1,777 1,175 2,811 May 31 9,190 556 810 2,008 1,828 1,177 2.811 Nonfinancial corporations:1 1959—Dec. 31 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—Apr. 30 10,355 5,698 3,194 1,284 144 21 14 May 31 10,866 6,217 3,131 1,327 159 23 10 Savings and loan associations:1 1959—Dec. 31 I960—Dec. 31 2,454 163 159 858 473 396 406 1961—Dec. 31 2.760 155 291 895 617 371 431 1962—Apr. 30 2,869 201 340 763 755 322 488 May 31 2,858 197 334 705 824 315 483 State and local governments:2 1959—Dec. 31 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—Apr. 30 11,834 3,546 1,203 1,245 925 1,057 3,857 May 31 11,918 3,661 1,344 1,030 968 1,050 3,865 All others: 1959—Dec. 31. 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—Apr. 30. 62,357 21,563 9,414 16,043 7,381 4,255 3,701 May 31. 61,408 21,385 9,794 14,658 7,659 4,221 3,692 1 First reported separately in the Feb. 1960 Survey. Monthly figures of reporting owners surveyed were: (1) about 90 per cent by the 6,207 for Feb.-May 1960 shown in the Sept. 1960 Treasury Bull., pp. 55-56. commercial banks, 509 mutual savings banks, and 814 insurance cos. 2 First reported separately in the Dec. 1961 Survey. Monthly figures combined; (2) about 50 per cent by the 474 nonfinancial corps, and 488 for Dec. 1960-Sept. 1961 shown in the Feb. 1962 Treasury Bull., pp. 59-60. savings and loan assns.; and (3) about 60 per cent by 485 State and local NOTE.—Direct public issues only. Based on Treasury Survey of govts. Ownership. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and banks, but all those not reporting in the Treasury Survey, including investor groups for other groups are based on Treasury Survey data. Of total marketable not listed separately. issues held by groups, the proportion held on latest date and the number Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 U. S. GOVERNMENT SECURITIES DEALER TRANSACTIONS [Par value, in millions of dollars] U. S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Within 1-5 5-10 After Dealers and brokers Com- All securitioa 1 year years years 10 years G U o .S v . t. Other m b e a r n c k ia s l other securities 1961—June.... ,383 1,143 175 42 23 411 19 579 374 81 July ,783 ,441 281 49 13 555 33 708 487 69 Aug ,395 ,173 162 41 19 423 32 519 421 56 Sept ,442 1,185 177 47 34 406 25 608 403 99 Oct ,690 1,389 254 27 20 547 38 695 410 61 Nov..... ,686 [,295 309 41 43 514 33 691 448 90 Dec ,653 1,328 228 45 52 540 29 698 386 69 1962—Jan ,717 ,478 149 64 26 538 25 716 438 98 Feb ,970 1,520 295 95 60 565 36 832 537 83 Mar ,675 1,332 217 69 56 569 33 659 414 80 Apr ,689 1,350 180 114 45 541 42 653 453 90 May.... ,694 1,338 218 114 24 564 35 662 433 90 June ,681 1,357 191 100 33 553 29 652 446 89 Week ending— 1962—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 ',271 230 85 32 510 29 644 435 63 27. ,651 ,308 '96 571 33 629 418 '83 July 4. ,056 ,726 224 82 24 627 36 754 639 80 11. ,584 ,323 154 80 27 478 30 571 505 107 18. ,839 ,608 149 55 27 589 44 690 517 81 ,539 ,398 95 31 15 528 30 556 425 80 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U. S. Govt. securities dealers reporting to the F. R. Bank of N. Y. They do contracts. Averages of daily figures based on the number of trading not include allotments of and exchanges for new U. S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING [Par value, in millions of dollars] [In millions of dollars] U. S. Government securities, by maturity U. S. Commercial banks Govt. 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 so A ur 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 o n o s r 1 a- o A th l e l r 1961—June.... 2,253 1,973 300 -20 81 July 2,610 2,247 323 40 125 1961—June 2,315 605 382 ,131 196 Aug 2,535 2,350 175 10 103 July 2,665 702 470 ,309 184 Sept 2,497 2,339 144 15 107 Aug 2,584 655 434 ,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 1952—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 June 3,777 3,398 261 118 293 May 3,738 978 769 1,612 379 June 3,900 1,092 720 1,798 290 Week ending— Week ending— 1962—May 2.. 4,079 3,630 290 158 203 9.. 3,747 2,897 516 335 199 1962—May 2... 4,079 1,279 957 1,418 425 16.. 3,749 2,968 487 295 184 9... 3,962 1,088 894 1,433 547 23.. 3,602 3,026 353 223 196 16... 4,007 1,094 911 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 June 6.. 3,241 2,856 238 148 229 13.. 3,687 3,259 256 172 291 June 6... 3,299 775 601 1,744 179 20.. 4,155 3,763 277 116 298 13... 3,639 931 678 1,824 206 27.. 3,970 3,607 287 76 323 20... 4,305 1,411 809 1,779 306 27... 4,203 1,210 782 1,823 387 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed NOTE.—Averages of daily figures based on the number of calendar days delivery sale with the same maturity and involving the same amount of in the period. Both bank and nonbank dealers are included. See also securities. Included in the repurchase contracts are some that more note of the opposite table on this page. clearly represent investments by the holders of the securities rather than dealer trading positions. Averages of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE; SECURITY ISSUES 1029 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OUTSTANDING JULY 31, 1962 [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 note*—Cont. Treasury bonds—Cont. A A A u u u g g g . . . 1 2 6 9 , , , 1 1 1 9 9 9 6 6 6 2 2 2 1 1 1 , , , 8 8 8 0 0 0 1 2 4 J J A a a p n n r . . . 2 1 1 4 7 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 2,0 7 7 0 0 0 1 3 0 A M M u a a g y y . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 4 4 4 3 * V / 5 4 4 4 2 3 , , , 9 3 8 3 9 1 3 3 6 A M M u a a g y r . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 6 5 -70... 2 3 ] } 3 2 3 1 , , , 4 4 5 2 8 9 5 4 7 A A u u g g . . 2 3 3 0 , , 1 1 9 9 6 6 2 2 1 1, , 9 9 0 0 1 1 July 15, 1963 2,004 A O u ct g . . 15 1 , , 1 1 9 9 6 6 4 4 3 1 V % 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 ? \ ' 2 1 , , 4 4 3 1 8 5 Sept. 6,1962 1,902 Nov. 15, 1964 4V$ 4,195 June 15, 1967-72. 1,333 Sept. 13, 1962 1,901 Apr. 1,1965 l^t 466 Sept. 15, 1967-72. 1,952 Sept. 20, 1962 1,901 Certificates May 15,1965 4% 2,113 Nov. 15, 1967.... 3,604 Sept. 21, 1962 1,802 Feb. 15, 1963 3% 6,862 Oct. 1,1965 \Vi 315 Dec. 15, 1967-72. 2,829 Sept. 27, 1962 1,901 May 15, 1963 3^ 6,685 Feb. 15,1966 3% 3,113 May 15,1968 3? 2,460 O O c c t t . . 1 4 1 , , 1 1 9 9 6 6 2 2 1 1 , , 9 9 0 0 1 2 A A p u r g . . 15 1 , , 1 1 9 9 6 6 6 6 IV 4 i 4, 6 4 7 5 5 4 A O u ct g . . 15 1 , , 1 1 9 9 6 6 9 8 3V 4 4 2 1 , , 5 2 3 5 8 8 Oct. 15,1962 2,003 Oct. 1,1966 \Vi 357 Aug. 15, 1971 4 2,806 Oct. 18, 1962 1,903 Treasury notes Apr. 1,1967 \Vi 48 Nov. 15, 1971 3% 1,204 Oct. 25, 1962 1,899 Aug. 15,1962 4 158 Nov. 15, 1974 3% 1,171 Nov. 1,1962 600 Aug. 15, 1962 3" 7,325 May 15, 1975-85...4V4 470 Nov. 8,1962 602 Oct. 1,1962 V 590 June 15, 1978-83...3% 1,594 N N o o v v . . 2 I5 3 t , 1 1 9 9 6 6 2 2 6 6 0 0 0 0 N N o o v v . . 1 1 5 5 , , 1 1 9 9 6 6 2 2 3 3 6 1 , ,1 0 4 8 3 2 Tr D ea e s c u . r y 1 5 b , o n 1 d 9 s 59-62... 2 2,270 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 8 8 0 0 3V 4 i 1 1 , , 9 4 1 4 5 6 Nov. 29, 1962 601 Feb. 15, 1963 2= 2,839 Dec. 15, 1960-652.. 2- 1,485 May 15, 1985 3# 1,131 Dec. 6, 1962 702 Feb. 15, 1963 3> 3,642 June 15, 1962-67... 2" 1,463 Feb. 15,1990 3% 4,915 Dec. 13, 1962 700 Apr. 1,1963 1% 533 Aug. 15, 1963 2 4,317 Feb. 15, 1995 3 2,642 Dec. 20, 1962 701 May 15,1963 4 1,743 Dec. 15, 1963-68...2 1,817 Nov. 15,1998 3Vi 4,462 Dec. 27, 1962 700 May 15, 1963 3% 5,047 Feb. 15, 1964 2,700 Jan. 3,1963 700 Oct. 1,1963 l£ 506 June 15, 1964-69... 2% 2,634 Convertible bonds Jan. 10, 1963 700 Nov. 15, 1963 4% 3,011 Dec. 15, 1964-69... 2 Vi 2.551 Investment Series B Jan. 15, 1963 2,001 Apr. 1,1964 1% 457 Feb. 15, 1965 25/8 4,682 Apr. 1, 1975-80... 2% 4,256 1 Tax anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of 2 Partially tax-exempt. U. S. Treasury. NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES [In millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer - Total Use of proceeds 3 amount Period deliv- Total G g o a e b t n i l o e i- r n - Reve- PHA l G o U a o . n S v s . t . 2 State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other' ered 5 Total c E a d ti u o - n R br a o i n d a d g d e s s i U tie t s il - 6 H in o g u s 7 - V a e i t d er- O p p o t u h s r e e - s r 1954. 6,969 3,380 3,205 374 2,047 1,463 3,459 6,789 1,432 2,136 1,270 456 162 ,333 1955, 5,976 3,770 1,730 474 1,408 1,097 3,472 5,911 1,516 1,362 881 570 169 ,414 1956, 5,446 3,577 1,626 199 44 800 983 3,664 5,383 1,455 698 1,399 258 110 ,464 1957, «6,925 4,792 1,967 66 99 ,489 1,272 4,163 6,568 6,874 2,524 1,036 1,516 113 333 ,352 1958, 7,526 5,447 1,777 187 115 ,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 ,657 1959, 7,695 4,778 2,409 333 176 ,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 ,683 1960 7,302 4,677 2,097 403 125 ,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 ,894 1961 8,562 5,721 2,406 315 120 ,928 2,164 4,470 8,298 8,460 2,821 1,167 1,700 385 478 ,909 1961—Feb.. 691 383 295 4 62 231 397 713 689 234 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 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 16 115 111 262 965 485 160 69 93 52 110 Aug. 605 423 112 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 ioo 152 Oct.. 680 516 150 15 225 76 378 716 678 193 58 125 30 65 208 Nov. 793 376 326 12 103 402 288 614 789 150 284 101 80 175 Dec.. 675 371 297 6 39 325 311 877 606 194 112 162 9 128 1962—Jan.. 868 490 338 7 218 335 315 701 864 323 253 89 33 166 Feb.. 1,124 747 291 7 191 294 639 791 1,078 352 264 144 87 25 206 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Excludes U. S. Govt. loans. Based on date of delivery to purchaser requiring the Public Housing Administration to make annual contributions (and payment to issuer), which occurs after date of sale. to the local authority. 6 Water, sewer, and other utilities. 2 Beginning with 1957 coverage is considerably broader than earlier. 7 Includes urban redevelopment loans. 3 Classifications before 1957 as to use of proceeds and type of issuer 8 Beginning with 1957 this figure differs from that shown on the followare based principally on issues of $500,000 or more; smaller issues not ing page, which is based on Bond Buyer data. The principal difference classified. As a result some categories, particularly education, are under- is in the treatment of U. S. Govt. loans. stated relative to later data. NOTE.—Beginning with 1957 Investment Bankers Assn. data; par 4 Municipalities, counties, townships, school districts, and, before 1957, amounts of long-term issues. Based on date of sale unless otherwise small unclassified issues. indicated. Before 1957 based on Bond Buyer data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 SECURITY ISSUES NEW SECURITY ISSUES [In millions of dollars] Proposed use of net proceeds, Gross proceeds, all isues l all corporate issues 5 Noncorporate Corporate New capital 13eriod Bonds Stock t R ir e e - - Total G U o . v S t. . 2 G a U c g o y . e v S n 3 t - . . U S l a o t n . c a S d a t . e l Other 4 Total Total o P f l f i u e c b r ly e - d p v l P a a t r c e i- e ly d fe P r r r e e - d C m o o m n - Total Total m N on ew ey6 O P P C t i h s x e r e - s r s m r e i o t e c i f e n u s t - 1954 79,765 1? 539 458 6 969 289 9,516 1 488 4 003 484 816 1,213 9,365 7,490 6 780 709 1,875 1955. 76,77? 9,678 746 5,977 182 10,740 1,4?0 4,119 3 301 635 2,185 10,049 8,871 7,957 864 1,227 1956. 7?,405 5,517 169 5,446 334 10,939 ,009 4,225 3 in 636 2,301 10,749 10,384 9 663 771 364 1957 ,571 9,601 572 7 6 958 557 P ,884 q 957 6,118 3 839 411 2,516 P 661 P,447 11784 663 214 1958. 34,443 1?,063 2,321 7,449 1,052 11,558 C),653 6,332 3 370 571 1,334 11,37? 10 907 915 549 1959. ,074 ,37? 707 7,681 616 9 748 7, 190 3,557 3 63? 531 2,027 9,577 9,39? 8 578 814 135 1960. 77,541 7,906 1,672 7,230 579 10,154 fl,081 4,806 3 409 1,664 9 974 9,653 8 758 895 271 1961. ,494 1?,753 1,448 8,345 302 13, 147 q,4?5 4,706 4 770 449 3,273 1?,874 11,979 10,879 150 895 1961--May.. 4,432 2,244 149 625 72 ,342 1,021 666 355 92 228 1,314 ,259 1090 169 55 June.. 3,494 369 278 1,035 33 1,779 1,495 924 572 40 244 ,744 1,318 1 127 191 426 July.. ,901 342 463 20 1,075 817 424 392 20 239 1,049 ,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 1,071 1,000 930i 70 71 1962-—Jan... ,506 ,589 246 866 159 647 504 273 2 141 590 507 85 39 Feb... 2,537 361 156 1,123 13 884 728 497 232 9 146 866 859 792 67 7 Mar . 1,860 372 604 38 847 638 386 253 5 204 823 807 709 97 16 Apr 4,078 1506 461 877 12 I in 890 652 116 217 191 1 P0 104^1 77 71 May.. 2,155 352 897 97 809 669 247 422 19 !20 793 767 627 141 25 'ro posed uses of netproceeds, major groups of corporate issuers Manufcicturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Publicutility Communication a R nd e al f in e a st n a c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capita] 8 securities rities rities rities rities rities 1954. 2,044 190 831 93 501 ?70 7,675 990 651 60 788 273 1955. 2,397 533 769 51 544 338 2,254 174 ,045 77 1,812 56 1956 3,336 243 682 51 694 70 7,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 ,821 51 1,441 4 1,701 67 1958. 3,265 195 867 13 778 38 3,605 138 794 118 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 7,754 51 1,036 1 2,401 71 1961. 3,708 306 1,095 46 680 76 7,892 104 477 378 2.176 36 1961 Mav 447 22 110 2 67 (*) 439 17 12 111 '2 June.. 446 128 120 23 115 7 389 13 16 251 231 5 July . 428 12 98 2 11 (*) 269 3 16 (*) 206 14 Aug 255 25 83 1 69 215 2 13 127 s Sent . 252 8 76 1 28 111 (*) 105 1 Oct 271 28 146 1 60 (*) 306 8 25 281 2 Nov 215 10 61 (*) 56 362 80 174 > 2 306 18 151 7 32 i 168 40 42 302 6 1962—Tan 205 14 99 1 23 1 89 24 73 102 Feb... 131 2 52 (*) 45 (*) 148 4 36? 122 1 Mar 318 2 75 2 74 (*) 193 1 126 10 Apr 378 66 103 32 (*) 376 86 146 May 276 6 93 1 33 ... 203 16 63 100 1 Gross proceeds are derived by multipb'ing principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new[issues 5 Estimated net proceeds are equal to estimated gross proceeds less maturing in more than 1 year sold for cash in the United States. cost of flotation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 103! SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] 1960 1961 1962 Industry 1957 1958 1959 1960 1961 III IV II III IV Manufacturing Total (180 corps.): Sales 114,229105,134118,423123,126 122,632 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.): * I 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 Profits after taxes 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 I,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 Dividends 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 P D r i o v f i i d ts e n a d f s ter taxes 9 7 4 3 8 7 8 7 2 1 9 7 1, 7 1 9 31 9 1, 7 0 9 61 5 1, 8 0 4 63 3 2 1 6 8 1 7 2 2 3 3 0 8 2 1 2 93 9 J 2 1 6 8 7 9 2 1 6 9 0 1 2 3 7 0 0 6 2 2 8 0 1 1 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 1,096 Profits after taxes ,354 706 1,479 1,527 1,408 149 400 223 417 173 531 Dividends 805 758 807 833 967 207 228 205 207 207 215 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 27 137 184 278 133 Profits after taxes 737 602 578| 445 382 65 142 -12 74 122 200 66 Dividends 438 419 4061 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 '3,331 757 761 918! 767 802 r844 rl,051 Profits after taxes 1,413 1,519 1,655 1,793 1,894 417 452 523! 447 447 477 585 Dividends 1,069 1,134 1,219 1,307 1,375 322 337 343! 344' 335 353 366 Telephone: Operating revenue 6,467 6,939 7,572 8,111 8,615 2,042 2,077 2,090i 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 2941 290: 3071 310 326 320 Dividends 613 674 743 806 867 203 2071 210 214 218 225 231 ! Includes 17 cos. in groups not shown separately. Telephone. Data obtained from Federal Communications Commis- 2 Includes 27 cos. in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corps. Data are obtained primarily from Lines and General departments of American Telephone and Telegraph published co. reports. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operat- Railroads. Interstate Commerce Commission data for Class I line- ing subsidiaries and the 2 affiliates. haul railroads. All series. Profits before taxes are income after all charges and before Electric power. Federal Power Commission data for Class A and B Federal income taxes and dividends. For description of series see electric utilities, except that quarterly figures on operating revenue and June 1949 BULLETIN, pp. 662-66 (manufacturing); Mar. 1942 BULLETIN, profits before taxes are partly estimated by the Federal Reserve to include pp. 215-17 (public utilities); and Sept. 1944 BULLETIN, p. 908 (electric affiliated nonelectric operations. power). Back data available from Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES [In billions of dollars] [In millions of dollars] Profits In- Profits Cash Undis- All types Bonds and notes Stocks Period before come after divi- tributed taxes taxes taxes dends profits Period 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 1957 43.2 20.9 22.3 12.6 9.7 1954 11,694 5,629 6,065 7,832 4,033 3,799 3.862 1,596 2,265 1958 37.4 18.6 18.8 12.4 6.4 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2.687 1959 47.7 23.2 24.5 13.7 10.8 1956 .. 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3.432 I960 45.4 22.4 23.0 14.4 8.6 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1961 45.6 22.3 23.3 15.0 8.3 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1959 .. 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 1960—1 46.9 22.8 24.1 13.1 11.0 I960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 II 51.9 25.2 26.6 13.4 13.3 1961 16,745 6,967 9,778 9,205 4,090 5,114 7,540 2,876 4.664 Ill 46.5 22.6 23.9 14.1 9.8 IV 45.3 22.0 23.3 14.2 9.0 1961—1 3,247 1,417 1,830 1,488 770 718 1,759 647 1,112 II 5,566 1,808 3,758 3,273 1,255 2,018 2,293 553 1.740 1961—I 39.8 19.4 20.3 14.7 5.6 Ill 3,594 1,750 1,844 2,011 1,213 798 1,582 537 1,046 II 44.8 21.9 22.9 14.8 8.1 IV 4,338 1,991 2,347 2,432 852 1,581 1,908 1,140 766 Ill 46.3 22.6 23.7 14.9 8.7 IV 51.4 25.1 26.3 15.5 10.8 1962—1 3,226 1,406 1,820 15 668 730 938 1,558 676 882 1962—I . .. 50.1 24.4 25.6 15.8 9.8 NOTE.—Securities and Exchange Commission estimates reflect cash transactions only Unlike data shown on p. 1030 new issues exclude foreign and include offerings of open-end NOTE.—Dept. of Commerce estimates. Quarterly data investment cos., sales of securities held by affiliated cos., special offerings to employees, are at seasonally adjusted annual rates. and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include similar issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 1030. CORPORATE CURRENT ASSETS AND LIABILITIES [In billions of dollars] Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . . i Other G U o . v S t . . i Other taxes 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 91.6 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 II 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 Ill 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 IV 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—I 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 1 Receivables from, and payables to, the U. S. Government exclude NOTE.—Securities and Exchange Commission estimates excluding amounts offset against each other on corporations' books. banks, savings and loan associations, and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT [In billions of dollars] Year Total M fa i c a n t n g u u r- - M in i g n- T R r r o a a a n i d l s - port O at t i h o e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other i Quarter Total m M a in n i f n g d g - . T p t o r i a r o n t n a s - - P u u t t i b i e l l s i i - c oth A e l r l 2 a T ( r n S a o n t . t u e A a ) a l . l 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1961—1... 7.6 3.2 .6 j 1 2.7 33.9 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 II... 8.6 3.7 .7 .4 2.9 33.5 1956 35.1 15.0 1.2 1.2 1.7 4.9 ?.7 8.4 III.. 8.7 3.6 .6 L.5 2.9 34.7 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 IV.. 9.5 4.1 .7 1.5 3.2 35.4 19*58 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 1962—1. . . 8.0 3.4 .6 .1 2.9 35.7 I960 35.7 14.5 1.0 1.0 1.9 5.7 3.1 8.4 II... 9.5 4.0 .8 1.3 3.3 37.0 1961 34.4 13.7 1.0 .7 1.9 5.5 3.2 8.5 III.. 9.5 3.9 .6 I 5 3.4 37.7 1962 3 37.2 14.7 1.1 .8 1.9 5.5 3.7 9,5 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Includes communications and other. estimates for corp. and noncorp. business, excluding agriculture. 3 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1033 MORTGAGE DEBT OUTSTANDING [In billions of dollars] All properties Nonfarm Farm ho O ld th er e s r 2 1- to 4-family houses com M me u r l c ti i f a a l m p i r l o y p a e n rt d ies 3 End of period h A o er l l s d l - t F u i t i n c n i i s o a a t n l i n - s - ' a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s h A o er l l s d l - Total tu F i t n i i n s o a t n i n - s . 1 O ho e th r ld s e - r Total tu F i t n i i n o s a t n i n - s . 1 O h e o t r h l s d e - r h A o er l l d s l - tu F i t i n c i n i s o a a t n i l n - s - 1 ho O l t d h e e r r s4 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 1960 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 P 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 1960—1 194.7 148.0 10.2 36.3 182.1 133.1 110.9 22.2 49.0 32.6 16.4 12.5 4.5 8.0 II .... 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 HI 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 IV 207.1 157.6 11.2 38.3 194.0 141.3 117.9 23 A 52.7 35.0 17.7 13.1 4.7 8.4 1961 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 I]'".... 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 8.9 219.9 168.4 11.4 40.1 205.9 149.9 126.1 23.8 56.0 37.3 18.7 14.0 4.9 9.1 225.3 172.6 11.8 40.9 211.1 153.4 129.1 24.3 57.7 38.5 19.2 14.2 5.0 9.2 196^ P 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 1 Commercial banks (including nondeposit trust cos. but not trust 4 Derived figures, include debt held by Federal land banks and Farmers depts.), mutual savings banks, life insurance cos., and savings and loan Home Administration. assns. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal 2 U. S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin- Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculistration, and Federal land banks, and in earlier years FRC, HOLC, ture and Commerce, Federal National Mortgage Assn., Federal Housing and FFMC. Other U. S. agencies (amounts small or current separate Administration, Public Housing Administration, Veterans Administradata not readily available) included with individuals and others. tion, and Comptroller of the Currency. 3 Derived figures, include small amounts of farm loans held by savings Figures for first three quarters of each year are F. R. estimates. and loan assns. MORTGAGE LOANS HELD BY BANKS [In millions of dollars] Commercial bank holdings ] Mutual savings bank holdings : Residential Residential End of period Other Other Total Total FH m 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 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6.122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 1960 28,806 20,362 5;851 2,859 11,652 6,796 1,648 26,935 24.306 7,074 8,986 8,246 2,575 54 1961 30,442 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 1960—1 28,228 20,292 6,053 3,124 11,115 6,345 1,591 25,404 22,871 6,415 8,729 7,727 2,479 54 II 28,463 20,334 3,032 11,324 6,484 1,646 25,849 23,293 6,571 8,879 7,843 2,503 53 Ill 3 28,693 20,399 2,919 11,574 6,651 1,643 26,430 23,835 6,832 8,941 8,062 2,542 53 IV 28,806 20,362 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961—I 28,864 20,281 5.793 2,776 11,712 6,906 1,677 27,447 24,800 7,353 9,111 8,336 2,597 50 II 29,383 20,595 5.820 2,726 12,049 7,072 1,716 28,015 25,318 7,634 9,192 8,492 2,645 51 Ill 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 IV 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—1 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 1 Includes 1 oans held by nondeposit trust cos. but not bank trust depts. fourth quarter) commercial and mutual savings banks in the United 2 For 1941 and 1945, except for totals, data are special F. R. estimates. States and possessions, and estimates based on FDIC data for insured 3 Reflects a $40 million reclassification by 1 bank from commerciaJ banks (first and third quarters) beginning in 1962. For earlier years and industrial to real estate loans. the basis for first and third quarter estimates included F. R. commercial NOTE.—Federal Deposit Insurance Corp. series for all (second and bank call data and data from National Assn. of Mutual Savings Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfann Period Total Total in F s H u A re - d a g n V u t A a ee r - d - Other1 Farm1 Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 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 r41,033 r9,665 '6,553 r24,815 r3,17O 1961—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 3,093 557 517 116 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 June 576 532 103 33 396 44 45,142 41.856 9,884 6,444 25,528 3,286 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for NOTE.—Institute of Life Insurance data. For loans acquired, the year-end adjustments are more complete. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total i By type of lender (N.SA,) Period New Home FHA- VA- Con- Period Sav- Insur- Com- Mutual Total i s c t t i r o o u n n c - - c p h u a r s - e Total 2 su in re - d a g n u te a e r d - ti v o e n n a - l 2 S.A.2 N.S.A. i a n l s o g s s a n n s & . p c a a o n n m c ie e - s b m a ci n e a r k l - s b s i a n a n g v k s - s 1941 1 379 437 581 4 578 1941 4,732 1,490 404 1,165 218 1945 1,913 181 1,358 5,376 1945 5,650 2,017 250 1,097 217 1955 11,255 3,984 31,408 1,404 5,883 24,121 1955 28,484 10,452 J.932 5,617 1,858 1956 10,325 3,699 4^620 35,729 1,486 6,643 27,600 1956. . 27,088 9,532 1,799 5,458 1,824 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 I960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 I960 29,341 12,158 [,318 4,520 1,557 1961 17,364 5,081 7,207 68,833 4,167 7,152 57,514 1961.. 31,157 4,997 1,741 1961 1961 1.721 532 712 64,058 3,836 7,195 53,027 May 2,561 2,700 1,199 100 444 138 July 1,482 422 659 64,795 3,890 7,195 53,710 June 2,581 2,856 1,292 104 460 153 Aug 1,763 498 785 65,705 3,955 7,169 54,581 July 2,652 2,653 1,166 95 425 168 Sept 1,594 436 695 66,507 4,014 7,159 55,334 Aug 2,652 3,004 1,346 111 C483 179 Oct [,629 464 696 67,317 4,061 7,152 56,104 Sept 2,723 2,777 1,248 101 441 174 Nov .. 1,529 436 645 68,069 4,125 7,176 56,768 Oct ... 2,775 2,961 1,304 109 468 174 Dec [,500 417 598 68,833 4,167 7,152 57,514 Nov 2,779 2,754 1,209 97 440 173 Dec 2,763 2,579 1,132 96 399 156 1962 1962 Jan 1,323 353 550 69,368 4,204 7,161 58,003 Feb [ 303 362 509 69,968 4,241 7,160 58,567 Jan 2,696 2,459 1,041 88 400 138 Mar 1,611 464 633 70,769 4,276 7,170 59,323 Feb 2,682 2,238 971 79 374 114 Apr 1,661 512 635 71,616 4,312 7.122 60,182 Mar. 2,670 2,627 ,172 90 442 120 May ,857 584 739 72,587 4,332 7,132 61,123 Apr 2,745 2,704 1,210 89 482 131 June2' ,911 579 818 73,601 4,359 7,126 62,116 May 2,983 1,350 100 534 154 1 Includes loans for repair, additions and alterations, refinancing, etc. 1 Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federa 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1035 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 VA-guaranteed Mortgages Mortgages Period Prop- Government- Total h N om ew es h i o s E t m i x n - e g s e P c r t o s j - i m pr e e i o m r n t v t y - s e - 2 Total 3 homes h i o s E t m i x n - e g s E p n e d ri o o d f Total underwritten t C i v o e o n n n a - - l FHA- VA- 1945 665 257 217 20 171 192 Total in- guarsured anteed 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 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 1945 18.6 4.3 4.1 ? 14.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1955 88.2 38.9 14.3 ?4 6 49.3 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1956 99 0 43 9 15 5 ">84 55.1 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1957 107 6 47 2 16 5 30 7 60.4 1958 117.7 50.1 19.7 30 4 67.6 1961—June 563 132 254 90 87 137 89 48 1959 c130 9 53 8 23 8 30 0 77.0 July 543 134 252 80 76 144 90 54 1960 141.3 56 4 26.7 ?Q 7 84.8 Aug 647 164 299 96 88 182 113 68 1961*y 153 4 59 1 29 5 ^9 6 94.3 Sept 569 147 276 73 74 168 98 70 Oct 599 148 285 83 83 201 114 86 I960—T 133.1 54.5 24.6 ?Q 9 78.6 Nov 622 174 310 65 73 206 118 87 II 135.9 55.0 25.2 29.8 80.9 Dec 553 153 273 62 65 197 112 84 HI 138 8 55.7 26.0 99 7 83.2 IV 141.3 56.4 26.7 29.7 84.8 1962—Jan 617 179 301 74 63 227 127 99 Feb 474 150 248 26 50 175 95 80 1961—IP 143.3 57.1 27.4 29.7 86.2 Mar 541 157 261 70 53 205 115 90 IIP 146.5 57.8 28.0 ?9 8 88.7 Apr 515 132 240 88 56 182 99 83 ITIP 149.9 58.7 28.8 29.9 91.2 May 560 140 263 87 70 184 96 88 IV* 153.4 59.1 29.5 29.6 94.3 June 643 137 267 143 96 207 108 99 1962—1* 156.0 59.9 30.3 29.6 96.1 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. NOTE.—For total debt outstanding, figures are 3 Includes a small amount of alteration and repair loans, not shown separately; only such FHLBB and F.R. estimates. For conventional, loans in amounts of more than $1,000 need be secured. figures are derived. NOTE.—Federal Housing Administration and Veterans Administration data. FHAinsured loans represent gross amount of insurance written; VA-guaranteed loans, gross Based on Federal Home Loan Bank Board, Federal amount of loans closed. Figures do not take account of principal repayments on previ- Housing Administration, and Veterans Administration ously insured or guaranteed loans. For Va-guaranteed loans, amounts by type are derived data. from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 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 (during mit- Ad- Repay- Members* End of period} ments Period vances ments deposits period Total FH in A - - g V u A ar - - d u i n s- - Total S te h r o m rt 1 - L te o rm ng 2 sured anteed Pur- Sales bursed chases 1945 278 213 195 176 19 46 1955. 2,615 901 1,714 411 to 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 48? 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 1960. 6,159 3,356 2,803 1 248 357 576 1960 1,943 2,097 1,981 ',089 892 938 1961. 6,093 3,490 2r603 815 541 631 1961 2,882 2,200 2,662 ,447 1,216 1,180 1961 — Tune 5,763 3,191 2,572 38 18 544 1961—July 271 270 1,871 ,062 809 1,048 July 5,765 3,204 2,561 35 6 579 Aug 245 115 2,001 ,147 854 1,019 Aug 5,804 3,245 2,559 71 593 Sept 244 120 2,124 ,233 892 1,022 Sept 5,841 3,281 2,561 76 10 626 Oct 257 179 2,202 ,239 963 1,008 Oct 5,916 3,345 2,571 108 ? 653 Nov 263 178 2,287 ,269 1,018 1,029 Nov 6,004 3,417 2,587 121 3 656 Dec 510 135 2,662 ,447 1,216 1,180 rw 6,093 3,490 2,603 127 2 631 1962—Jan 265 608 2,320 ,293 1,027 995 1962 Tan 6,186 3,566 2,620 124 1 637 Feb 145 236 2,228 ,228 1,000 1,007 Feb 6,248 3,618 2,630 102 7 605 Mar 204 281 2,151 ,170 981 1,109 Mar 6.231 3,653 2,578 97 80 613 Apr 382 209 2,323 ,244 1,079 1,096 Apr 6,151 3,616 2,535 60 106 562 May 295 189 2,429 ,319 1,110 1,107 May 6,120 3,627 2,493 82 76 527 June 503 165 2,767 ,569 1,198 1,192 June 6,035 3,571 2,464 52 101 504 July 480 387 2,860 ,708 1,151 976 NOTE.—Federal National Mortgage Association data excluding con- 1 Secured or unsecured loans maturing in 1 year or less. ventional mortgage loans acquired by FNMA from the RFC Mortgage 2 Secured loans, amortized quarterly, having maturities of more than Company, the Defense Hoines Corporation, and the Public Housing 1 year but not more than 10 years. Administration. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1036 CONSUMER CREDIT CONSUMER CREDIT [In millions of dollars] Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r - e co g p O n o a s t p o u h e d m e r s r er e a r n R l n o d i e a z p m n a a s t o i i r o 1 d n - Pe lo rs a o n n s al Total pa S l y o in m a g n e l s e nt a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7 222 4,503 1,497 1 620 298 1 088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1955 38,807 28,883 13,437 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1956 42 262 31,648 14,348 8 606 1 905 6 789 10,614 3,253 4 995 2 366 1957 44,848 33,745 15,218 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 44,984 33,497 14,007 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 2 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—June 54,602 41,888 17,061 10,966 3,122 10,739 12,714 4,743 4,474 3.497 July 54 505 41,909 17,063 10,934 3,133 10,779 12,596 4,708 4,397 3 491 Aug 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,^78 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 41,163 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 11,2^3 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 Mav 57,593 43,893 17,683 11,423 3,131 11.656 13,700 5,238 4,683 3.779 June 58,277 44,559 18,033 11,555 3,156 11.815 13,718 5,227 4,739 3,752 1 Holdings of financial institutions; holdings of retail outlets are in- NOTE.—Consumer credit estimates cover loans to individuals for cluded in other consumer goods paper. household, family, and other personal expenditures, except real estate 2 Includes data for Alaska and Hawaii beginning with the months in mortgage loans. For back data see the following BULLS. : Apr. 1953 which they became States. (includes a description of the series); Oct. 1956; Nov. 1958 and 1959; and Dec. 1957, 1960, and 1961. INSTALMENT CREDIT [In millions of dollars] Financial institutions Retail outlets Total instal- End of period c m re e d n i t t m b C e a o r n c m k ia s - l fi S n c a a o l n s e . c s e u C n r i e o d n i s t fi s n C u a o m n n c e e - r 1 Other i Total D st m o ep r e e a n s r t t 2 - F s t t u o u r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u l b e t r i o s l - e 3 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 ,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 1,187 377 502 1,269 1957 33,745 29,078 12,843 9,487 2,429 3,124 ,195 4,668 1,393 1,210 361 478 1,226 1958 33,497 28,514 12,780 8,699 2,668 3,085 ,282 4,983 1,882 1,128 292 506 1,175 1959 4 39,034 33,359 15,227 10,108 3,280 3,337 ,407 5,676 2,292 1,225 310 481 1,368 1960 , 4 4 3 2 , , 1 5 6 8 3 8 3 3 7 6 , , 5 9 8 7 0 4 1 16 6 , , 8 6 4 7 3 2 1 1 1 1 , , 2 0 2 5 8 2 4 3 , , 3 9 5 2 2 3 3 3, , 7 6 9 7 8 0 , , 4 5 8 3 1 5 5 5 , , 6 5 1 8 5 3 2 2 , , 4 4 2 1 1 4 1 1 , , 1 0 0 8 7 0 3 33 2 3 2 3 3 5 5 9 9 1 1, , 4 4 0 0 1 2 1961 1961—June 41,888 37,249 17,113 10,915 4,107 3,622 ,492 4,639 1,748 1,001 310 359 ,221 July 41,909 37,226 17,066 10,903 4,144 3,633 ,480 4,682 1,811 993 312 359 ,207 Aug 42,090 37,320 17,065 10,886 4,207 3,659 ,503 4,769 1,896 1,001 314 359 ,199 Sept 42,039 37.188 16,909 10,882 4,233 3,650 ,514 4,850 1,979 1,009 315 360 ,187 Oct 42,181 37,191 16,877 10,866 4,269 3,671 ,508 4,990 2,097 1,014 315 359 ,205 Nov 42,419 37.240 16,836 10,878 4,317 3,684 ,525 2,213 1,034 314 360 ,258 Dec 43,163 37,580 16,843 11,052 4,352 3,798 1,535 2,421 1,080 322 359 ,401 1962—Jan 42,846 37,551 16,759 11,190 4,306 3,782 1,514 5,295 2,212 1,057 315 359 ,352 Feb 42,632 37,469 16,726 11,133 4,311 3,783 1,516 5,163 2,167 1,039 311 358 ,288 Mar 42,704 37,509 16,779 11,049 4,355 3,795 1,531 5,195 2,227 1,018 305 356 ,289 Apr 43,285 37,965 17,042 11,121 4,449 3,826 1,527 5,320 2,339 1,011 303 351 ,316 May 43,893 38,453 17,316 11,199 4,543 3,836 1,559 5,440 2,430 1,011 301 345 ,353 June 44,559 39,010 17,610 11,325 4,640 3,876 1,559 5,549 2,522 1,008 303 336 ,380 1 Consumer finance cos. included with "other" financial institutions dealers is included with "other" retail outlets. until Sept. 1950. 4 Includes data for Alaska and Hawaii beginning with the months in 2 Includes mail-order houses. which they became States. 3 Automobile paper only; other instalment credit held by automobile See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1037 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES [In millions of dollars] [In millions of dollars] End of period Total P A u u r- t p 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 r t a e n i o n p o iz d d n a a - ir - l s P o o a e n n r a - s l End of period 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 O p g c u a o o t m p h o n e e e d - r r r s m i R z l o o a e a d a n p ti n e d a o r s i n n r - s l P o o a e n n r a - s l chased loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 411 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 1959 i 10,108 6,976 2,114 72 946 1959 i 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,228 7,284 2,739 139 1,066 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,052 6,590 3,100 161 1,201 1961 16,843 5,307 2,862 2,684 2,180 3,810 1961—June 10,915 6,829 2,848 149 ,089 1961—June 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 Nov 16,836 5,314 2,852 2,700 2,195 3,775 Dec. 11,052 6,590 3,100 161 ,201 Dec 16,843 5,307 2,862 2,684 2,180 3,810 1962—Jan.. 11,190 6,535 3,286 162 ,207 1962—Jan . ... 16,759 5,292 2,871 2,631 2,147 3,818 Feb. 11,133 6,528 3,232 162 ,211 Feb 16,726 5,309 2,881 2,594 2,119 3,823 Mar. 11,049 6,554 3,118 163 ,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 June 11,325 6,892 3,002 168 ,263 June 17.610 5,716 3,130 2,574 2,141 4,049 1 Includes data for Hawaii beginning with August. 1 Includes data for Alaska and Hawaii beginning with the months in See also NOTE to first table on previous page. which they became States. See also NOTE to first tabl e on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS [In millions of dollars] [In millions of dollars] Single End of period i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m p o h n e d e e - r s r r m R iz l o o a e a d a n p ti n e d a o r s i n n r - l s P o o a e n n r a - s l End of period c T r o e t d a i l t Com pa l - y o m an O e s n th t er D C e- harge accounts S c e r r e v d i i c t e mer- finan. part- Other Credit cial insti- ment retail cards2 1939 789 81 24 15 669 banks tutions stores1 outlets 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1955 5,350 763 530 327 3,730 1941 3,087 693 152 275 1,370 597 1956 6,083 954 624 404 4,101 1945 3,203 674 72 290 1,322 845 1957 6,748 1,114 588 490 4,555 1958 7,035 1,152 565 595 4,723 1955 9,924 2 635 367 862 3 717 216 2,127 1959 i 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3,842 260 2,366 1960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3,953 317 2,593 1961 9,685 1,842 763 836 6,244 1958 11,487 3,156 471 907 3,808 345 2,800 1959 3 12,297 3,582 547 958 3,753 393 3,064 1961—June. 9,221 1,737 743 803 5,938 I960 13,169 3,884 623 941 3,952 436 3,333 July.. 9,257 1,748 744 802 5,963 1961 . 13,976 4,224 731 948 4,027 463 3,583 Aug.. 9,369 1,774 755 826 6,015 Sept.. 9,397 1,786 753 830 6,028 1961—June 12,714 4,090 653 624 3,411 439 3,497 Oct... 9,448 1,800 756 828 6,064 July 12,596 4,103 605 574 3,360 463 3,491 Nov.. 9,526 1,823 756 837 6,110 Aug 12,649 4,100 669 589 3,327 493 3,471 Dec.. 9,685 1,842 763 836 6,244 Sept 12,718 4,129 703 623 3,312 488 3,463 Oct 12,721 4,125 653 656 3,382 479 3,426 1962—Jan... 9,602 1,821 752 822 6,207 Nov 13,032 4,158 722 717 3,498 469 3,468 Feb.. 9,610 1,824 749 818 6,219 Dec 13,976 4,224 731 948 4,027 463 3,583 Mar.. 9,681 1,847 750 821 6,263 Apr.. 9,802 1,885 751 823 6,343 1962—Jan 13,432 4,203 703 804 3,614 474 3,634 May. 9,938 1,919 756 841 6,422 Feb 12,960 4,220 711 635 3,188 471 3,735 June. 10,075 1,959 766 847 6,503 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 1 Includes data for Alaska and Hawaii beginning with the months in June 13,718 4,439 788 612 3,635 492 3.752 which they became States. NOTE.—Institutions represented are consumer finance cos., credit unions, industrial loan cos., mutual savings banks, savings and loan 1 Includes mail-order houses. assns., and other lending institutions holding consumer instalment loans. 2 Service station and misc. credit-card accounts and home-heating-oil See also NOTE to first table on preceding page. accounts. 3 Includes data for Alaska and Hawaii beginning with the months in which they became States. See also NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [In millions of dollars] 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 t io a n n d loans Personal loans Period S.A.I N.S.A. S.A.i N.S.A. S.A.I N.S.A. S.A.i N.S.A. S.A.i N.S.A. 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 19592 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 — June . 3,962 4,347 1.296 1.515 J .175 1,236 177 196 J.314 1,400 July 3,909 3,905 1,300 1,365 ,184 1,113 167 175 ,258 1,252 4,038 4,234 1,302 1,395 ,212 1,229 186 206 1,338 1,404 Seot 3,942 3,789 1,271 1,168 ,199 1,200 175 184 ,297 1,237 Oct 4,209 4,244 1,405 1,452 ,254 1,300 173 186 1,377 1,306 Nov 4,317 4,275 1,511 1,402 ,249 1,327 174 177 ,383 1,369 Dec 4,315 4,754 1,471 ,289 ,316 1,750 159 145 1,369 1,570 1962— Jan . 4,194 3,756 [,474 1,320 ,185 1,039 157 120 378 1 277 Feb 4,302 3,566 1,496 1,284 ,281 972 168 122 ,357 1,188 Mar 4,363 4,301 ,526 1,574 ,257 1,161 172 154 ,408 1,412 Apr 4,625 4,658 ,606 1,688 ,382 1,287 169 175 ,468 1 508 May 4,593 4,858 ,604 1,787 ,312 1,346 185 210 ,492 1,515 June 4,477 4,830 1,536 ,755 ,308 1.358 169 192 ,464 1,525 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 19592 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—June 3,962 4,042 1.354 1.387 1.188 1.199 171 174 1,249 1.282 July . 3,937 3,885 [,364 1,362 1,183 [,145 165 165 1.225 1,213 3,994 4,053 1,362 1,396 ,197 1,198 170 174 [,265 1,285 Sept 3,956 3,839 ,350 1,327 1,190 1,159 170 169 1,246 1,184 Oct 4,028 4,102 1,372 1,441 [,210 1,221 178 183 1,268 1,257 Nov 4,017 4,037 ,359 1,355 1,188 1,197 166 168 1,304 1,317 Dec 4,051 4,010 1,361 1,289 1,233 1,194 168 160 1,289 1,367 1962—Jan 3,979 4,073 1,380 1,402 1,147 1,205 164 166 1,288 1,300 Feb . 4,066 3,780 1,369 1,262 ,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 ,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 June. . 4,159 4,164 1,402 1,405 1,230 ,226 166 167 1,361 1,366 Net change in credit outstanding3 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 1959 2 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—june 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 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 June 318 666 134 350 78 132 3 25 103 159 1 Includes adjustment for differences in trading days. financing charges. Renewals and refinancing of loans, purchases and 2 Includes data for Alaska and Hawaii beginning with the months in sales of instalment paper, and certain other transactions may increase the which they became States. The differences between extensions and amount of extensions and repayments without affecting the amount repayments do not equal the changes in outstanding credit for 1959 outstanding. because such differences do not reflect the effect of the introduction of For a description of the series in this and the following table see Jan. outstanding balances for these States. 1954 Bull., pp. 9-17. For back data see the following Bulls., Oct. 1956, 3 Credit extended less credit repaid, except as indicated in note 2. pp. 1043-48, and Dec. 1961, pp. 1393-96. TSJOTF.—Estimates are based on accounting records and often include Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1039 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [In millions of dollars] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A.i N.S.A. S.A.i N.S.A. S.A. i N.S.A. S.A.i N.S.A. S.A.i N.S.A. 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 19592 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-June 3.962 4,347 1,443 1,604 863 977 1,038 1,117 618 649 July 3,909 3,905 1,442 1,482 827 863 984 989 656 571 Aug 4,038 4,234 1,476 1,559 853 927 ,049 1.100 660 648 Sept 3,942 3,789 1,438 1,371 828 809 ,023 958 653 651 Oct 4,209 4,244 1,533 1,536 913 951 ,078 1,034 685 723 Nov 4,317 4,275 1,557 1,456 957 924 ,115 1,118 688 777 Dec 4,315 4,754 1,546 1,431 ,076 1,086 ,071 1,240 622 997 1962—Jan 4,194 3,756 1,515 1,441 907 821 ,058 944 714 550 Feb 4,302 3,566 1,557 1,359 975 797 ,064 918 706 492 Mar 4,363 4,301 1,580 1,593 928 917 ,122 1,118 733 673 Apr 4,625 4,658 1,646 1,747 994 997 ,148 1,158 837 756 May 4,593 4,858 1,642 1,807 991 1,046 1,176 1,209 784 796 June 4.477 4., 830 1.639 1,784 961 1,067 1,125 1,195 752 784 Repayments 1955 33,629 12,304 7,898 7,536 5,891 1956 37,009 13,362 8,904 8,415 6,328 1957 39,775 14,360 9,664 9,250 6,499 1958 40,211 14,647 9,708 9,365 6,490 19592 42,435 15,560 9,574 10,020 7,281 1960 45,759 16,832 10,229 11,022 7,676 1961 47,412 18,261 10,733 11,666 6,752 1961 -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 Aug 3,994 4,053 1,535 1,560 906 933 988 999 565 561 Sept 3,956 3,839 [,521 [,486 883 862 982 930 570 561 Oct 4,028 4,102 ,523 1,569 918 967 997 983 590 583 Nov 4,017 4,037 ,495 [,480 899 912 1,031 1,040 592 605 Dec 4,051 4,010 1,509 [,424 931 912 1,008 1,081 603 593 1962—Jan 3,979 4.073 ,486 ,525 874 867 1,022 1,027 597 654 Feb 4,066 3,780 ,469 ,392 971 904 996 910 630 574 Mar 4,094 4,229 ,517 1,540 950 1,001 1,020 1,047 607 641 4,108 4,077 ,472 1,475 935 934 1,043 1,037 658 631 M*ay!'.'.'.'.'.'.'.'.'.'.'.'. 4,180 4,25 .492 1,533 961 968 1,061 1,073 666 676 June 4,159 4,164 ii4S9 1,490 952 941 1,045 1,058 673 675 Net change in credit outstanding 3 1955 5,315 1,805 2,280 840 390 1956 2,766 1,176 622 733 235 1957 .1 2,096 1,066 442 665 -75 1958 A -249 -63 -788 289 315 19592 .! 5,535 2,447 1,409 986 693 1960 . . ! 1 3,5 5 5 7 4 2 1,4 1 4 69 6 1 - , 1 1 7 2 4 0 1, 6 0 0 5 9 1 - - 6 3 1 2 1961 1961—June .; 305 -92 35 -46 57 53 101 85 112 July -28 i 20 -87 -47 -63 -11 21 35 101 43 Aug 44 181 -59 -1 -64 -17 72 112 95 87 Sept - 14 -50 -124 -156 -6 -4 41 28 75 82 Oct 181 142 10 -33 -5 -16 81 51 95 140 Nov 300 238 45 -41 58 12 84 78 113 189 Dec 264 744 37 7 145 174 63 159 19 404 1962—Jan 215 -317 29 -84 217 138 36 -83 -67 -288 Feb 236 -214 88 -33 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 June 318 666 150 294 126 80 137 79 109 1 Includes adjustment for differences in trading days. because such differences do not reflect the effect of the introduction of 2 Includes data for Alaska and Hawaii beginning with the months in outstanding balances for these States. which they became States. The differences between extensions and 3 Credit extended less credit repaid, except as indicated in note 2. repayments do not equal the changes in outstanding credit for 1959 See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1040 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS [Seasonally adjusted; 1947-49= 100] A av n e n ra u g a e l 1961 1962 Grouping 1960 1961* June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June INDUSTRY GROUPINGS Total index. 164 165 168 170 172 168 171 173 174 172 174 176 177 179 179 Manufacturing, total.. 163 164 166 169 170 167 170 172 173 171 173 174 176 177 178 Durable 169 167 171 175 175 171 174 177 179 176 179 182 184 185 185 Nondurable 160 164 165 167 169 167 171 171 171 169 171 171 172 174 175 Mining 128 129 128 129 130 128 131 132 133 130 130 131 133 132 132 Utilities 287 307 307 314 316 317 315 314 318 319 321 320 326 329 Durable Manufactures Primary and fabricated metals. 127 125 129 132 136 133 133 135 137 137 141 141 139 133 130 Primary metals 115 112 118 121 125 126 122 123 126 128 133 133 128 116 109 Iron and steel 110 105 111 114 115 116 113 113 120 123 129 129 123 105 97 Fabricated metal products 145 143 146 148 151 144 150 153 153 151 151 153 155 158 162 Structural metal parts 155 154 158 160 164 157 161 161 159 155 157 158 163 168 172 Machinery and related products... 205 202 206 210 210 203 208 214 217 213 215 220 224 r228 229 Machinery 174 174 176 181 178 177 178 180 184 183 185 190 193 195 200 Nonelectrical machinery 145 142 144 147 145 145 145 147 148 147 149 154 157 160 164 Electrical machinery 222 226 229 237 232 229 231 235 243 243 245 249 252 '253 259 Transportation equipment 238 227 235 239 240 221 235 248 252 242 244 249 256 263 255 Motor vehicles and parts 168 151 165 167 169 139 157 169 175 166 166 171 181 187 179 Aircraft and other equipment.. 368 376 366 376 375 385 388 399 400 388 393 398 394 •403 400 Instruments and related products. 221 220 220 222 227 225 225 229 228 226 223 224 227 231 236 Ordnance and accessories Clay, glass, and lumber 139 138 144 145 144 142 139 139 136 130 138 142 147 150 Clay, glass, and stone products. 158 156 162 165 165 162 160 159 152 147 151 158 168 170 Lumber and products 118 116 122 123 120 119 114 116 118 112 126 124 123 126 Furniture and miscellaneous.. 153 154 156 156 157 US 160 164 163 158 159 169 r173 174 Furniture and fixtures 171 171 173 172 176 176 177 183 183 175 179 188 192 194 Miscellaneous manufactures. 138 140 142 142 142 142 145 148 146 143 143 154 157 158 Nondurable Manufactures Textile, apparel, and leather products. 136 137 137 140 142 140 144 144 145 142 143 144 145 145 147 Textile mill products 121 124 125 127 129 131 132 131 132 130 132 136 134 136 138 Apparel products 158 158 156 162 165 159 166 165 167 161 164 163 165 164 166 Leather and products 113 113 116 113 116 112 117 119 123 117 117 114 118 119 Paper and printing , 160 164 164 164 169 168 168 169 170 169 171 170 169 171 171 Paper and products 172 182 182 179 189 187 1S8 187 192 189 193 191 189 191 189 Printing and publishing. 151 153 153 154 155 155 155 157 156 156 157 156 156 158 160 Newspapers , 140 139 138 139 140 140 140 142 142 142 141 140 140 141 141 Chemical, petroleum, and rubber products. 224 234 237 243 243 239 245 245 247 243 247 246 249 256 261 Chemicals and products , 255 269 272 277 277 276 2S0 282 285 281 288 284 288 294 297 Industrial chemicals 319 345 347 356 358 361 367 370 370 369 378 373 '378 383 Petroleum products , 162 166 166 174 172 164 172 169 162 168 165 169 167 r172 i78* Rubber and plastics products 200 201 211 215 215 210 217 217 225 208 217 216 223 234 Foods, beverages, and tobacco., 131 136 136 757 137 137 139 139 138 138 138 141 140 140 138 Foods and beverages m 136 137 138 138 137 140 140 138 140 139 141 140 140 138 Food manufactures 139 139 140 140 140 142 142 142 142 142 144 144 144 141 Beverages 135 124 123 129 127 126 128 127 122 127 124 127 123 124 Tobacco products 119 134 132 125 135 133 140 140 136 130 132 139 139 137 130 Mining Coal, oil, and gas. 122 123 123 123 125 122 125 127 127 125 125 128 '126 126 Coal. 68 65 64 64 67 68 69 70 70 70 69 71 70 66 Crude oil and natural gas. 147 150 150 150 152 147 151 152 153 151 151 154 153 Oil and gas extraction.. 147 150 151 151 152 147 151 150 151 149 150 153 154 Crude oil , 135 138 139 139 141 137 139 138 138 137 137 140 138 142 Gas and gas liquids.. 228 234 Oil and gas drilling 145 147 142 143 141 141 147 161 165 159 150 155 151 146 Metal, stone, and earth minerals. 164 164 161 163 160 162 168 170 169 161 164 166 r173 168 Metal mining 134 134 123 124 124 130 137 146 155 155 155 154 139 131 Stone and earth minerals 195 194 201 204 198 196 199 193 181 166 173 177 '207 206 Utilities Electric. 289 308 309 309 317 319 I 320 316 316 321 320 322 319 327 Gas 284 301 SUMMARY MARKET GROUPINGS Final products, total 170 171 174 174 172 175 17S 17* 176 177 180 181 183 184 Consumer goods 164 166 169 169 164 168 170 172 170 170 172 173 175 175 Equipment, including defense. 196 194 197 198 201 203 207 208 204 208 210 211 '214 217 Materials 161 164 166 168 165 ltt 168 170 168 171 172 174 174 174 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1041 INDUSTRY AND SUMMARY MARKET GROUPINGS [Not seasonally adjusted; 1947-49= 100] Annual average 1961 1962 Grouping 1960 1961* June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June INDUSTRY GROUPING Total index. 164 165 168 160 169 171 176 174 172 170 175 178 178 178 180 Manufacturing, total., 163 164 167 158 167 169 176 173 170 168 174 777 177 177 779 Durable 169 167 172 163 165 172 178 179 179 177 182 185 187 r185 186 Nondurable 160 164 166 158 173 171 178 171 164 163 169 172 172 172 176 Mining 128 129 129 125 130 130 133 132 132 130 131 130 132 '133 136 Utilities 287 Durable manufactures Primary and fabricated metals. 127 125 130 120 130 133 136 134 135 138 143 145 142 134 131 Primary metals 115 112 120 105 115 122 123 122 123 132 139 141 134 118 111 Iron and steel 110 105 113 99 108 116 116 114 117 127 134 135 126 106 99 Fabricated metal products 145 143 146 143 153 150 154 153 153 148 148 151 -•155 r158 162 Structural metal parts 155 154 157 154 161 159 165 165 164 155 156 158 162 166 170 Machinery and related products. .. 205 202 205 195 190 201 212 218 221 216 221 225 227 r228 Machinery 174 174 176 167 170 178 181 182 185 183 189 193 195 r195 199 Nonelectrical machinery 145 142 145 140 138 142 143 144 149 149 154 160 162 '162 165 Electrical machinery 222 226 226 211 224 238 245 245 243 238 245 248 247 247 255 Transportation equipment 238 227 236 219 196 215 241 260 262 253 255 259 263 265 257 Motor vehicles and parts 168 151 167 146 114 133 166 187 187 178 177 180 189 r192 181 Aircraft and other equipment. . 368 376 365 362 366 380 386 398 402 396 402 407 398 398 398 Instruments and related products. 221 220 219 216 223 226 226 231 230 226 225 226 230 230 235 Ordnance and accessories C C l l a a y y , , g g l l a a s s s s , , a a n n d d s lu to m n b e e r products 1 15 3 8 9 1 1 3 5 8 6 1 16 5 6 0 1 1 4 6 3 4 1 17 5 1 2 1 16 5 7 0 1 1 4 6 8 7 1 1 3 6 9 0 1 1 2 4 7 8 1 1 2 3 0 8 1 14 3 3 1 1 1 3 4 2 7 1 16 4 1 3 r m 15 i 0 1 17 5 4 6 Lumber and products 118 116 132 119 131 131 126 115 103 98 118 115 122 rl21 137 Furniture and miscellaneous.. 153 154 153 150 161 165 169 169 165 153 158 162 164 166 171 Furniture and fixtures 171 171 168 168 180 182 186 185 186 172 178 181 183 184 189 Miscellaneous manufactures. 138 140 140 134 145 151 155 155 148 138 140 146 149 •"152 155 Nondurable manufactures Textile, apparel, and leather products. 136 137 135 124 149 133 148 141 135 137 150 152 147 144 147 Textile mill products 121 124 125 111 130 127 136 131 127 128 134 137 132 137 138 Apparel products 158 158 154 145 176 148 171 160 152 155 174 177 171 '164 166 Leather and products 113 113 113 102 120 112 118 116 113 115 125 124 119 112 Paper and printing 160 164 166 153 166 169 176 173 163 164 170 174 173 172 172 Paper and products 172 182 187 162 192 189 200 190 173 183 194 197 195 191 194 Printing and publishing. 151 153 152 147 150 157 161 162 157 152 155 159 160 r160 158 Newspapers 140 139 139 122 126 140 152 155 140 131 137 145 149 150 142 Chemical, petroleum, and rubber products. 224 234 238 226 241 239 247 246 242 243 250 252 254 256 261 Chemicals and products 255 269 275 260 275 274 281 282 278 277 287 291 295 296 300 Industrial chemicals 319 345 345 335 352 353 365 372 370 367 380 383 385 385 Petroleum products 162 166 166 173 177 168 171 167 166 168 167 167 162 '169 Rubber and plastic products 200 201 205 181 207 213 228 223 215 219 229 227 230 230 Foods, beverages, and tobacco. 131 136 139 137 148 151 152 141 130 127 128 131 132 135 141 Foods and beverages 132 136 139 139 148 152 152 141 132 127 128 130 132 '135 140 Food manufactures 135 139 138 139 151 157 157 147 137 133 132 132 134 135 140 Beverages 119 124 145 138 137 127 132 114 110 101 108 121 124 132 Tobacco products 130 134 144 115 145 138 150 140 110 130 134 139 133 141 Mining Coal, oil, and gas 122 123 120 117 123 122 125 127 129 129 129 128 127 r124 127 Coal 68 65 61 54 70 72 75 73 70 69 69 70 69 68 11 Crude oil and natural gas. 147 150 147 145 147 145 149 152 156 156 157 155 154 '150 150 Oil and gas extraction.. 147 150 147 144 147 145 148 150 155 155 157 155 154 '150 150 Crude oil 135 138 136 133 136 134 137 137 140 141 143 142 142 '138 139 Gas and gas liquids.. 228 220 Oil and gas drilling 145 147 143 147 146 144 148 159 167 163 149 146 148 148 148 Metal, stone, and earth minerals. 164 164 180 176 176 179 180 164 149 136 143 146 162 r186 189 Metal mining 134 134 151 143 143 150 151 133 124 122 127 126 135 160 162 Stone and earth minerals 195 194 210 212 210 209 210 195 175 150 158 166 188 '212 216 Utilities Electric. 289 308 298 306 325 327 310 304 320 342 332 328 313 311 Gas 284 SUMMARY MARKET GROUPINGS Final products, total 168 170 172 165 172 176 182 179 176 174 178 181 181 181 185 Consumer goods 161 164 166 158 167 170 178 172 167 166 170 172 172 171 175 Equipment, including defense. 195 196 196 192 194 199 201 204 208 206 210 214 215 '215 219 Materials 160 161 165 156 166 166 171 170 168 167 172 174 175 175 176 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1042 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS [Seasonally adjusted; 1957= 100] 1957 A A v n e n r u a a g l e 1961 1962 Grouping proportion 1960 1961^ June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index 100.00 108 109 110 112 113 Ill 113 114 115 114 115 116 117 118 118 Manufacturing total 86.49 108 709 777 772 775 777 775 114 775 114 775 116 777 775 775 49.66 104 103 105 107 108 105 107 109 no 108 110 112 113 114 114 36.83 113 117 117 119 120 119 121 121 122 120 122 122 '122 '124 124 8.55 97 98 98 98 99 97 100 101 101 99 99 99 101 100 100 Utilities 4.96 123 131 132 135 135 135 135 135 137 137 138 137 140 141 Durable Manufactures Prirnnrv and fabricated metals • 13.15 97 95 99 700 104 707 702 103 104 705 707 107 705 707 99 7.73 90 88 92 95 98 99 96 96 99 101 105 104 100 91 86 6.21 88 84 89 91 92 93 90 90 96 98 104 103 98 84 78 5.42 106 105 107 108 111 105 110 112 112 110 111 112 113 '116 119 2.91 104 103 106 107 110 105 108 107 106 104 105 106 109 112 115 28.98 705 704 705 108 70* 705 707 110 772 770 777 113 775 775 775 15.31 106 106 107 110 109 108 108 110 112 111 113 116 118 '119 122 8.92 102 100 101 103 102 102 102 103 104 103 105 108 111 113 115 Electrical machinery • 6.39 112 114 116 120 118 116 117 119 123 123 124 126 128 128 131 10.76 102 97 101 102 103 95 101 106 108 104 105 107 110 113 109 5.04 115 103 113 114 116 95 107 116 119 114 114 117 124 '128 122 Aircraft and other eauipment 5.50 89 91 88 91 90 93 93 96 96 93 95 96 95 97 96 1.66 119 118 119 119 122 121 121 123 123 121 120 120 122 124 127 1.25 4.57 709 707 772 775 772 777 705 108 705 702 705 107 770 r114 117 Clay glass and stone products 2.92 110 108 112 114 114 112 111 110 106 102 104 105 109 116 118 1.65 107 105 111 111 109 107 103 105 107 101 114 111 112 '112 114 2.96 775 777 779 779 720 720 727 124 124 720 121 725 129 131 132 Furniture and fixtures 1.48 120 120 121 121 123 123 124 128 128 123 125 128 131 134 136 Miscellaneous manufactures 1.48 113 114 117 117 116 116 119 121 120 117 117 121 126 '129 129 Nondurable Manufactures Textile nDvatel and leather vvoducts 7.32 775 775 775 118 720 118 722 722 725 720 727 722 722 '725 725 Textile mill oroducts 2.78 109 111 112 114 116 117 118 118 118 117 118 122 121 122 124 3.44 124 124 123 127 130 125 130 130 131 127 129 128 129 '129 131 1.10 100 101 104 101 103 100 104 106 109 105 105 101 105 106 7.93 112 775 775 775 77* 777 777 118 779 775 119 119 775 r120 120 Paper and products 3.27 112 118 118 117 123 122 122 122 125 123 125 124 123 '125 123 4.66 111 113 113 114 114 114 114 115 114 114 115 115 115 116 117 1.53 107 106 106 107 107 107 107 108 108 109 108 107 107 108 108 Chemical petroleum and rubber products 10.95 775 725 725 727 727 725 725 129 750 727 750 729 757 134 757 7.10 121 128 129 132 132 132 133 134 136 134 137 135 137 140 141 Industrial chemicals 3.61 127 137 138 141 142 143 146 147 147 146 150 148 150 152 Petroleum products 1.93 108 110 111 116 115 110 114 113 108 112 110 112 111 '115 119 1.91 114 115 121 123 123 120 124 124 129 119 124 124 128 134 Foods beverages and tobacco 10.64 709 775 775 77¥ 114 114 775 116 775 775 775 117 775 775 775 9.87 109 113 113 114 114 114 116 116 114 115 115 117 116 116 114 8.31 109 113 113 114 114 114 116 116 115 116 116 117 117 117 115 1.56 108 112 112 117 115 114 116 116 110 115 112 115 111 112 .77 114 118 116 110 119 116 123 123 120 114 116 122 122 120 Mining 7.05 96 97 96 96 98 96 95 99 99 95 9? 95 100 '95 99 Coal 1.30 83 80 77 77 81 82 84 86 86 86 83 84 86 '85 81 Crude oil and natural gas 5.75 98 100 101 101 102 99 101 102 103 101 101 101 103 '101 103 4.98 100 103 103 103 105 101 104 104 103 102 103 103 105 '103 105 4.33 98 100 101 101 103 99 101 100 100 99 100 100 102 '101 103 .65 116 .77 85 86 83 84 82 83 86 95 97 93 88 91 92 88 86 7.50 705 705 705 705 705 104 707 709 705 U'3 705 705 705 '777 705 .70 97 97 89 90 90 94 99 106 112 12 112 112 104 '101 95 Stone and earth minerals .80 112 112 116 118 114 113 115 111 104 96 100 102 111 '119 119 Utilities 3.76 123 131 132 132 135 136 137 IV 137 P7 137 136 140 Gas 1.20 123 1 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1043 MARKET GROUPINGS [Seasonally adjusted; 1957= 100] Annual Grouping p p 19 r o o 5 r - 7 - Average 1961 1962 tion 1960 1961* June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index. 100.00 108 109 110 112 113 111 113 114 115 114 115 116 117 118 118 Final products, total 46.75 /// 112 113 114 115 113 115 117 118 116 117 118 119 r120 727 Consumer goods 31.13 114 116 118 120 120 116 119 121 122 121 120 122 123 124 124 Equipment, including defense. 15.62 103 104 102 104 105 106 107 109 110 108 110 111 112 r113 114 Materials 53.25 106 106 109 110 111 109 111 111 112 111 113 114 115 115 115 Consumer goods Automotive products 3.35 117 106 113 115 117 96 110 121 129 119 116 116 124 127 720 Autos 2.03 117 97 109 110 110 82 102 117 127 114 109 110 119 126 115 Auto parts and allied products 1.32 117 121 120 125 126 118 123 127 132 126 126 125 131 129 126 Home goods and apparel 9.60 116 117 720 123 122 120 121 121 125 121 123 125 127 '128 729 Home goods 4.40 115 117 122 124 120 121 120 \21 127 123 124 127 130 131 133 Appliances, TV, and radios 1.75 112 113 123 127 116 119 116 117 122 120 122 126 129 '127 129 Appliances 1.26 118 118 122 126 121 126 124 124 127 126 126 129 132 "132 131 TV and home radios. .49 96 103 126 128 102 100 98 101 108 104 113 118 123 117 123 Furniture and rugs 1.18 118 119 122 119 122 126 124 128 129 124 124 126 131 134 134 Miscellaneous home goods 1.47 117 119 122 123 124 120 122 123 131 127 126 128 130 133 137 Apparel, including knit goods and shoes 5.20 117 118 118 122 124 118 121 121 123 119 121 124 124 124 125 Consumer staples 18.18 113 117 118 119 119 119 120 120 119 120 120 121 121 "121 722 Processed foods 8.11 109 113 114 114 114 114 115 115 114 114 114 115 116 "116 115 Beverages and tobaccos 2.32 110 114 113 115 116 115 118 118 113 115 113 118 115 115 Drugs, soap, and toiletries 2.73 118 123 124 126 126 124 127 127 130 126 128 127 128 130 i 34* Newspapers, magazines, and books. 1.44 113 117 117 119 117 119 118 118 116 119 118 118 118 119 122 Consumer fuel and lighting 3.45 119 126 125 128 130 127 129 129 129 132 132 132 132 133 Fuel oil and gasoline 1.19 106 108 105 112 111 104 109 112 109 112 113 113 111 112 ii6* Residential utilities 2.26 126 134 135 139 140 141 140 139 143 143 143 142 144 Electricity 1.57 127 i36 135 136 140 141 141 139 139 144 143 143 142 144 Gas .69 124 Equipment Business equipment 12.16 105 105 104 105 106 107 108 110 110 108 110 112 113 115 117 Industrial equipment , 7.29 102 100 99 101 102 101 102 104 106 104 106 106 107 109 110 Commercial equipment 2.46 118 124 123 125 127 128 129 131 132 131 133 135 138 140 143 Freight and passenger equipment. 1.83 101 99 95 96 98 105 106 111 106 101 103 107 105 107 110 Farm equipment .58 92 98 106 98 78 97 87 95 94 91 100 105 110 114 117 Defense equipment. 3.46 Materials Durable goods materials. 27.81 102 100 104 104 106 104 105 105 106 105 107 109 111 '111 709 Consumer durable 3.67 109 100 109 109 115 99 101 106 112 112 111 115 120 "128 121 Equipment 8.10 101 102 101 104 105 102 107 108 108 108 110 112 116 "115 114 Construction 9.05 107 106 110 111 112 110 108 107 105 100 106 107 111 115 115 Metal materials n.e.c... 6.99 92 91 93 94 96 97 96 97 102 105 107 106 103 '93 88 no Nondurable materials 25.44 no 114 114 115 117 115 117 118 119 117 119 119 119 120 722 Business supplies 8.87 113 113 114 116 113 114 116 118 115 117 117 116 "117 118 Containers 2.91 109 115 115 116 121 118 116 119 122 122 121 124 117 117 119 General business supplies. 5.96 in 111 112 114 113 111 112 115 115 112 114 113 115 118 118 Nondurable materials n.e.c.. 7.05 126 128 130 132 130 132 132 135 132 135 137 136 139 143 119 Business fuel and power 9.52 103 105 106 106 108 106 108 107 108 108 109 "109 110 Mineral fuels 6.29 97 98 98 98 100 97 100 100 100 99 99 99 101 r99 100 Nonresidential utilities 2.70 121 129 129 131 132 132 131 131 132 132 133 133 137 Electricity 2.19 120 i28 130 129 132 133 133 132 132 132 132 133 133 137 General industrial .99 115 118 120 120 122 122 121 120 122 126 128 128 125 126 Commercial and other. 1.12 127 139 141 139 143 146 147 146 144 141 140 141 142 149 Gas .51 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 116 112 118 120 118 110 116 122 128 121 120 122 127 "129 127 Apparel and staples 23.38 114 117 118 119 120 I 118 120 120 120 120 120 122 121 122 123 NOTE.—Published groupings include some series and subtotals not in. Industrial Production—1959 Revision. Figures for industrial series and shown separately. Detailed description and historical data are available subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1044 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS [Not seasonally adjusted; 1957= 100] 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 1961* June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index. 100.00 108 109 111 106 111 113 116 115 113 112 115 117 117 117 119 Manufacturing, total. 86.49 705 709 777 705 777 773 777 775 773 772 775 775 775 775 779 Durable 49.66 104 103 106 100 102 106 110 111 110 109 112 114 115 114 114 Nondurable...... 36.83 113 117 118 112 123 121 126 122 116 116 120 122 122 123 125 Mining 8.55 97 98 98 95 99 99 101 101 100 99 99 99 100 101 103 Utilities 4.96 123 Durable Manufactures Primary and fabricated metals. 73.75 97 95 700 92 PP 702 104 702 703 705 709 777 705 102 100 Primary metals 7.73 90 88 94 82 91 96 97 96 97 104 110 110 105 93 87 Iron and steel 6.21 88 84 91 80 87 93 93 91 94 101 107 108 101 85 79 Fabricated metal products.... 5.42 106 105 107 105 112 110 113 112 112 108 109 111 113 119 Structural metal parts 2.91 104 103 105 103 108 106 110 110 110 104 104 106 108 111 114 Machinery and related products... 25. P5 705 104 705 707 P5 704 70P 773 114 772 114 775 775 775 118 Machinery 15.31 106 106 107 102 104 109 111 111 113 112 115 118 119 119 122 Nonelectrical machinery 8.92 102 100 102 98 97 100 101 101 105 105 109 112 114 114 116 Electrical machinery 6.39 112 114 115 107 113 121 124 124 123 121 124 126 125 125 129 Transportation equipment 10.76 102 97 101 94 84 92 103 111 112 108 109 111 113 114 110 Motor vehicles and parts 5.04 115 103 114 100 78 91 113 128 128 122 121 123 129 131 124 Aircraft and other equipment.. 5.50 89 91 88 87 88 92 93 96 97 95 97 98 96 96 96 Instruments and related products. 1.66 119 118 118 116 120 121 122 124 124 122 121 122 124 124 126 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 70P 707 777 772 775 777 775 705 99 93 702 703 7/7 777 722 Clay, glass., and stone products. 2.92 110 108 115 114 118 116 116 111 102 96 99 102 112 119 121 Lumber and products 1.65 107 105 120 108 119 118 114 104 93 89 107 104 110 115 124 Furniture and miscellaneous.. 2.96 775 777 775 114 722 725 72P 725 725 777 720 723 725 725 130 Furniture and fixtures 1.48 120 120 118 118 126 128 130 130 130 120 125 127 128 129 132 Miscellaneous manufactures. 1.48 113 114 115 110 119 123 127 127 121 113 115 119 122 124 127 Nondurable Manufacturers Textile, apparel, and leather products. 7.32 775 775 114 705 725 773 725 779 775 775 727 729 124 722 124 Textile mill products 2.78 109 111 112 100 117 114 122 118 114 115 121 123 118 123 124 Apparel products 3.44 124 124 121 114 139 116 134 126 119 122 137 139 135 129 131 Leather and products 1.10 100 101 100 90 107 100 105 103 100 102 111 110 106 100 Paper and printing 7.93 772 775 775 707 775 775 723 727 114 114 779 722 727 120 120 Paper and products 3.27 112 118 122 105 125 123 130 124 113 119 126 128 127 125 126 Printing and publishing. 4.66 111 113 112 108 110 115 118 119 115 111 114 117 117 117 116 Newspapers 1.53 107 106 106 94 96 107 116 118 107 100 105 111 114 115 109 Chemical, petroleum, and rubber products. 10.94 775 723 725 77P 725 725 730 729 727 727 737 732 733 134 737 Chemicals and products 7.10 121 128 131 124 131 131 134 134 133 132 137 138 141 141 143 Industrial chemicals 3.61 127 137 137 133 140 140 145 148 147 146 151 152 153 153 Petroleum products 1.93 108 110 111 115 118 112 114 111 111 112 111 112 108 113 "\\9 Rubber and plastics products 1.91 114 115 117 104 118 122 131 128 123 125 131 130 132 132 Foods, beverages, and tobacco. 10.64 70P 773 775 114 723 725 725 777 705 705 705 709 770 772 777 Foods and beverages 9.87 109 113 115 115 123 126 126 117 109 105 106 108 110 111 116 Food manufactures 8.31 109 113 112 113 123 128 127 119 111 108 107 108 109 110 113 Beverages 1.56 108 112 132 125 124 115 119 103 99 92 98 110 113 120 Tobacco products .77 114 118 126 101 128 121 131 123 97 114 117 122 117 124 Mining Coal, oil, and gas 7.05 96 97 94 96 95 700 707 707 700 700 r97 99 Coal 1.30 83 80 75 85 91 89 85 84 84 85 84 '82 93 Crude oil and natural gas. 5.75 98 100 99 99 100 102 105 105 105 104 103 100 101 Oil and gas extraction.. 4.98 100 103 101 101 102 103 106 106 108 106 106 103 103 Crude oil 4.33 98 100 99 99 99 100 102 103 104 103 103 100 101 Gas and gas liquids.. .65 116 112 Oil and gas drilling .77 85 86 84 86 86 84 87 93 98 96 88 86 87 87 87 Metal, stone, and earth minerals. 7.50 705 705 775 773 773 775 775 705 96 57 91 94 104 r779 72/ Metal mining .70 97 97 110 103 103 109 109 96 90 88 92 91 98 116 117 Stone and earth minerals 112 112 121 122 121 120 121 113 101 87 91 96 109 122 124 Utilities Electric. 3.76 123 131 127 131 139 140 133 130 137 146 142 140 134 133 Gas.... 1.20 123 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1045 MARKET GROUPINGS [Not seasonally adjusted; 1957= 100] Annual p 19 ro 5 - 7 average 1961 1962 Grouping portion 1960 1961^ June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index 100.00 108 109 111 106 Ill 113 116 115 113 112 115 117 117 117 119 Final products, total 46.75 111 112 113 109 113 116 119 118 115 114 117 119 119 119 121 31.13 114 116 118 112 119 121 126 122 118 117 120 122 122 r\2\ 124 Equipment including defense . . .. 15.62 103 104 103 102 102 105 106 108 110 109 111 113 113 114 116 Materials 53.25 106 106 109 103 110 110 113 113 111 110 114 115 116 r116 116 Consumer Goods 3.35 117 106 118 99 73 96 121 129 131 125 124 125 132 132 125 2.03 117 97 116 87 39 77 115 134 136 124 122 125 134 133 122 1.32 117 121 123 119 125 126 129 123 123 126 126 126 129 130 129 Home goods and apparel... 9.60 116 117 117 108 123 120 129 124 118 116 126 129 127 123 127 4.40 115 117 119 108 116 127 130 128 123 116 124 129 127 125 130 Appliances TV and radios . 1.75 112 113 119 98 103 125 127 124 113 111 124 131 124 r120 126 Appliances 1.26 118 118 124 104 100 126 124 123 118 116 128 140 133 r127 136 TV and home radios .49 96 103 106 83 111 125 136 128 102 99 113 107 103 102 103 Furniture and rugs 1.18 118 119 117 113 123 129 131 130 132 120 127 128 129 127 129 Miscellaneous home goods 1.47 117 119 120 114 126 129 133 130 128 120 123 127 128 r131 134 Apparel including knit goods and shoes . 5.20 117 118 116 109 130 113 127 121 113 116 128 130 126 r122 125 18.18 113 117 118 117 125 126 126 120 116 117 117 118 117 r118 123 Processed foods 8.11 109 113 112 113 123 128 127 118 111 107 106 107 109 110 114 Beverages and tobacco 2.32 110 114 130 117 125 117 123 109 99 99 104 114 114 121 2.73 118 123 125 118 127 125 129 127 126 125 128 128 129 130 135 Newspapers magazines and books 1.44 113 117 116 116 118 121 120 118 117 118 118 120 118 118 120 Consumer fuel and lighting 3.45 119 126 119 124 129 128 124 125 133 144 140 136 130 127 1.19 106 108 104 112 113 106 108 111 114 116 114 110 106 109 115 Residential utilities 2.26 126 Electricity 1.57 127 136 124 128 137 139 131 U0 146 166 159 153 142 132 Gas .69 124 Equipment Business eauipment . .... 12.16 105 105 105 103 103 106 707 108 111 109 112 114 115 116 118 7.29 102 100 100 100 101 102 102 103 106 104 105 107 108 109 111 2.46 118 124 122 121 126 128 130 132 134 132 135 137 138 139 14? Freight and passenger equipment 1.83 101 99 100 95 94 99 102 106 102 100 106 112 111 111 114 Farm equipment .58 92 98 108 87 71 87 85 85 90 93 110 120 126 120 119 3.46 Materials Durable goods materials 27.81 102 100 105 99 103 104 107 107 106 105 108 110 112 111 111 Consumer durable . . .. 3.67 109 100 104 94 98 96 108 118 121 119 118 119 119 121 116 8.10 101 102 101 99 101 102 106 109 111 111 112 114 116 115 115 Construction . . 9.05 107 106 115 110 115 114 114 108 101 95 101 104 110 120 Metal materials nee 6.99 92 91 97 86 93 98 100 98 98 103 108 108 104 r96 92 Nondurable materials 25.44 110 114 114 108 117 116 120 119 116 117 120 121 121 121 122 Business supplies 8.87 110 113 114 105 116 117 120 117 111 U\ we 119 119 r119 170 Containers ... . . .. 2.91 109 115 121 110 130 125 124 115 105 113 118 124 120 121 126 General business supplies 5.96 111 111 111 103 109 113 118 118 114 111 114 116 119 119 117 Nondurable materials nee 7.05 119 126 126 118 129 128 136 136 133 134 139 140 139 141 Business fuel and power 9.52 103 105 104 102 108 107 108 108 109 109 110 109 108 107 110 M^ineral fuels 6.29 97 98 95 92 98 97 100 100 101 102 103 102 101 r98 101 Nonresidential utilities 2 70 121 Electricity 2.19 120 128 130 133 140 140 134 130 no 132 129 i 3 i 128 133 General industrial . . 99 115 118 119 116 123 123 124 122 122 127 125 128 126 127 1.12 127 139 142 150 158 158 146 139 141 140 136 136 133 141 Gas . . .... . .51 121 .33 Commercial and other .18 Supplementary groups of consumer goods 7.75 116 112 119 104 97 114 126 129 126 120 124 127 M29 128 128 23.38 114 117 137 115 126 123 126 120 116 117 119 121 120 119 NOTE.—Published groupings include some series and subtotals not subtotals without seasonal adjustment are published in the monthly shown separately. Detailed description and historical data are available Business Indexes release, in Industrial Production—1959 Revision. Figures for individual series and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Manu- Industrial production facturing 3 Prices1 Major market groupings Nonag- Major industry riculgroupings Cons- tural FreightDepart- Period Total Final products t t r i u on c- p e l m oy - - Em- l c o a a r d - - m sto e r n e t Wholecon- ment— ploy- Pay- ings1 sales i Con- sale Manu- Mate- tracts i total 2 ment rolls sumer comfac- Min- Util- Con- rials modity tur- ing ities Total sumer Equiping goods ment S.A. S.A. S.A. S.A. S.A. S.A. S.A. S.A. S.A. S.A. S.A. N.S.A. S.A. S.A. N.S.A. N.S.A. 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 1960 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 P129 *170 *164 *196 *161 108 122.4 95.9 170.5 91.2 109 104.2 100.3 1961 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 Aug . ... 172 170 130 314 174 169 198 168 116 123.0 96.8 174.4 91.8 110 104.3 100.1 Sect. 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 176 174 131 321 180 172 210 172 131 124.3 98.6 179.7 96.6 117 105.0 100.7 Apr 177 176 133 r320 181 173 211 174 121 125.1 99.8 182.5 96.1 113 105.2 100.4 May. 179 177 132 326 183 175 214 174 117 r125.4 100.0 183.5 94.0 r114 105.2 100.2 June 179 178 132 329 184 175 217 174 120 125.6 100.2 186.5 89.9 p\l\ 105.3 100.0 July ^180 P179 P133 ^329 *>185 ^176 *>220 ^176 P125.9 P999 P183.6 89.6 C115 100.4 1 1957-59 = 100. including residential, nonresidential, and heavy engineering; does not 2 Employees only, excludes personnel in the armed forces. include data for Alaska and Hawaii. Employment and payrolls: Based on 3 Production workers only. Bureau of Labor Statistics data; includes data for Alaska and Hawaii NOTE.—Construction contracts: F. W. Dodge Corp. monthly index, beginning with 1959. Prices: BLS data. Freight cat-loadings: Based on seasonally adjusted, of dollar value of total construction contracts, Association of American Railroads data. CONSTRUCTION CONTRACTS [In millions of dollars] Annual totails 1961 1962 Type of ownership and type of construction 1960 1961 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total construction. 36,318 37,135 3,602 3,529 3,543 3,004 3,291 3,008 2,712 2,658 2,749 3,986 3,860 4,009 3,900 By type of ownership: Public 12,587 S47 1 1,765 1 954 1,021 942 1,091 877 1,475 1,211 1 Private 23,731 24,588 2,367 2,263 2,384 2,050 2,270 2,066 1,621 1,736 1,871 2,511 2,650 2,782 2,569 By type of construction: Residential 15,105 16, 1 1,50? 1.589 1,381 1,498 1,306 1,125 1 190 1 192 1 552 1 816 819 Nonresidential 12 240 P 115 1*221 1 154 1,087 987 1 005 1 095 883 RS3 893 1 325 1 102 1 275 8,973 8,897 '823 873 866 637 787 607 704 615 664 1,108 943 '915 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Corp.; does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 1047 VALUE OF NEW CONSTRUCTION ACTIVITY [In millions of dollars] Private Public Period Total Total d N f r e a e n o r s t n m i i - a - l Total In tr d i u a B s l u - sin m e C s e s o r m cia - l P u u ti b li l t i y c O n d r t t e o e i h a s n n i e l - - - r Total M tar il y i- H w ig a h y - S w a e a n w t d e e r r Other 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 1,085 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 I 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 1,344 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 I9591 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 I960 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 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—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 1,153 5,762 1,560 8,227 Sent 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 1,760 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 12,897 2,653 4,795 5,449 5,149 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 1,442 5,057 ,775 8,294 May 60,748 43,472 25,018 13,119 2,886 4,752 5,481 5,335 17,276 1,349 5,830 ,805 8,292 Juried 62,474 44,675 25,977 13,305 2,950 4,865 5,490 5,393 17.799 1,388 5,989 ,807 8,615 July*7 61,655 44,741 25,747 13,514 2,962 5,110 5,442 5,480 16.914 15178 5,769 808 8,159 1 Beginning with 1959 series includes data for Alaska and Hawaii. Beginning with 1959 figures are Bureau of the Census estimates. Data NOTE.—Monthly averages are at seasonally adjusted annual rates. before 1959, are joint estimates of the Depts. of Commerce and Labor. NEW HOUSING STARTS [In thousands of units] Annual rate, By area ] By type of ownership Government- S. A. (private only) underwritten Private Period Total N fa o rm n- Total p M o e li t t r a o n - p m N o e l o i t t r n a o - n - Total family fam 2- ily M fam ul i t l i y - Public Total FHA VA 1953 1 104 804 300 1 068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 [,094 981 31 82 24 465 195 271 1957 [,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 477 [,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 .355 938 418 .304 966 44 294 52 328 244 83 1961 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 Aue 1,326 1,301 130 88 42 127 95 3 29 3 34 26 8 Sept 1,383 1,365 128 91 37 122 91 4 28 6 28 21 7 Oct. 1,434 1,404 129 88 41 124 92 4 27 5 33 23 9 Nov ,351 1,328 106 72 34 103 74 3 25 3 30 23 7 Dec .297 1,257 87 63 24 82 54 3 25 4 23 17 6 1962 Jan I 273 1 247 83 60 23 81 54 3 23 2 23 18 4 Feb [,152 1,134 78 56 22 76 54 3 20 1 20 15 5 Mar 1,431 1,407 118 84 34 115 80 5 31 3 27 21 6 Apr . . ,542 ,521 152 41 147 101 5 41 5 31 25 ! 8 May p1,555 V1,542 "154 111 43 Pi 52 106 5 41 34 26 8 V1 389 V1 361 ^136 93 43 ''133 n 31 24 7 1 Beginning with 1959, based on revised definition of metropolitan areas. Data from Federal Housing Administration and Veterans Administration NOTE.—Beginning with 1959, Bureau of the Census series includes represent units started, based on field office reports of first compliance both farm and nonfarm series developed initially by the Bureau of Labor inspections. Statistics, for which annual totals are given including overlap for 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1048 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed i Unemploy- Period institutional labor Not in the ment population force Total Unem- labor force (pe r r a c t e e nt)2 In nonagri- In ployed Total cultural 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 I9603 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 July 127,986 76,153 73,639 68,499 62,046 6,453 5,140 51,833 6.9 128,183 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 5.4 129,930 76,857 74,001 69,539 63,249 6,290 4,463 53,072 5.5 July. 130,183 76,437 73,582 69,564 63,500 6,064 4,018 53,746 5.3 1 Includes self-employed, unpaid family, and domestic service workers. formation relating to persons 14 years of age and over is obtained on a 2 Per cent of civilian labor force. Monthly data seasonally adjusted. sample basis. Monthly data relate to the calendar week that contains 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about NOTE.—Bureau of Labor Statistics estimates. 300,000. Most of the increase was in nonagricultural industries. In- EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [In thousands of persons] Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r r n a u c c t - Tra t p i n u o s n b p l o i & c rta- Trade Finance Service G m ov e e n r t nutilities 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 i . . ... 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 July .. 54,335 16,392 672 2,776 3,942 11,437 2,748 7,533 8,835 Aug. 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. 55,403 16,891 659 2,716 3,936 11,596 2,786 7 692 9 127 Junep * 55,508 16,915 650 2,677 3,936 11,609 2,790 7,742 9 189 July? .. 55,632 16,885 644 2,749 3,906 11,653 2,794 7,802 9,199 NOT SEASONALLY ADJUSTED 1961—July 54,227 16,268 672 3,023 3,977 11,327 2,795 7,631 8 534 Aug 54,538 16,531 677 3,075 3,971 11,342 2,801 7,606 8 535 Sent 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 May 55,209 16,682 657 2,749 3,924 11,476 2 780 7 769 9 172 55,751 16,862 659 2,846 3,967 11,570 2,810 7 874 9 163 July* . 55,509 16,759 644 2,994 3,941 11,541 2,842 7,903 8,885 1 Data includes Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed NOTE.—Bureau of Labor Statistics; data include all full- and part- persons, domestic servants, unpaid family workers, and members of the time employees who worked during, or received pay for, the pay period armed forces are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1049 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [In thousands of persons] Seasonally adjusted Not seasonally adjusted Industry group 1961 1962 1961 1962 July May June? July May June** July? Total 12,164 12,566 12,584 12,557 12,023 12,372 12,523 12,406 Durable goods 6,709 7,037 7,034 7,043 6,616 6,975 7,027 6,942 Ordnance and accessories 95 98 97 99 94 98 97 98 Lumber and wood products 538 544 545 546 563 546 570 571 Furniture and fixtures 307 321 321 320 300 314 317 313 Stone, clay, and glass products 462 467 467 466 471 467 476 475 Primary metal industries 944 972 933 918 927 965 935 901 Fabricated metal products 824 873 872 870 809 861 869 854 Machinery except electrical 966 1,018 1,027 1,035 957 1,027 1,035 1,026 Electrical machinery 968 1,051 1,058 1,062 944 1,025 1,039 1,035 Transportation equipment 1,073 1,142 1,160 1,174 1,033 1,133 1,136 1,131 Instruments and related products 223 230 230 231 218 227 228 226 Miscellaneous manufacturing industries., 309 321 324 322 301 315 324 313 Nondurable goods 5,455 5,529 5,550 5,514 5,407 5,397 5,496 5,464 Food and kindred products 1,183 1,184 1,180 1,171 1,226 1,121 1,176 1,213 Tobacco manufactures 77 76 76 77 65 65 65 65 Textile-mill products 800 803 803 799 788 797 803 787 Apparel and other finished textiles 1,072 1,111 1,118 1,099 1,034 1,080 1,091 1,061 Paper and allied products 472 479 482 482 467 475 483 477 Printing, publishing and allied industries 601 599 601 604 594 595 598 597 Chemicals and allied products 513 521 528 529 506 525 525 522 Products of petroleum and coal 130 129 128 128 132 129 130 130 Rubber products 287 304 312 308 277 298 304 297 Leather and leather products 320 323 322 317 318 313 321 315 NOTE.—Bureau of Labor Statistics; data covering production and pay for, the pay period ending nearest the 15th of the month. related workers only (full- and part-time) who worked during, or received HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [In unit indicatedj Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1961 1962 1961 1962 1961 1962 July May June*7 July* July May June3' July*> July May June** Total 40.0 40.6 40.5 40.4 93.20 96.80 97.27 96.56 2.33 2.39 2.39 2.39 Durable goods 40.5 41.1 41.0 41.0 100.35 105.22 105.47 104.45 2.49 2.56 2.56 2.56 Ordnance and accessories 40.4 41.3 41.3 40.7 111.76 117.16 116.31 114.21 2.78 2.83 2.83 2.82 Lumber and wood products 39.5 40.2 39.8 40.5 78.21 79.59 81.20 81.00 1.98 1.97 2.00 2.00 Furniture and fixtures 40.1 41.3 41.3 40.8 75.62 78.38 79.95 78.57 1.90 1.94 1.95 1.94 Stone, clay, and glass products 41.1 41.2 41.0 41.3 97.06 99.60 100.43 100.85 2.35 2.40 2.42 2.43 Primary metal industries 40.5 39.9 39.7 38.7 117.68 118.50 119.39 113.19 2.92 2.97 2.97 2.94 Fabricated metal products 40.9 41.3 41.4 41.7 101.75 105.73 106.75 106.24 2.50 2.56 2.56 2.56 Machinery except electrical 41.0 41.9 41.8 41.8 107.16 114.09 114.09 112.59 2.62 2.71 2.71 2.70 Electrical machinery 40.1 40.7 40.8 41.1 93.69 97.68 98.81 97.44 2.36 2.40 2.41 2.40 Transportation equipment , 40.7 42.2 41.8 41.9 113.00 121.96 120.80 121.35 2.79 2.89 2.89 2.91 Instruments and related products 40.5 41.1 41.0 41.0 96.80 99.80 100.28 100.04 2.39 2.44 2.44 2.44 Miscellaneous manufacturing industries. 39.6 40.1 39.9 39.8 74.29 78.60 78.20 77.42 1.90 1.97 1.96 1.97 Nondurable goods 39.5 40.1 40.0 39.7 84.16 86.37 87.02 86.98 2.12 2.17 2.17 2.18 Food and kindred products 41.0 41.3 41.0 41.0 90.25 92.48 92.48 93.56 2.18 2.25 2.25 2.26 Tobacco manufactures 38.0 38.6 37.9 37.5 71.05 75.65 76.03 74.65 1.86 1.97 1.98 1.98 Textile-mill products 40.0 41.3 41.1 40.8 64.64 69.12 69.63 68.38 1.62 1.69 1.69 1.68 Apparel and other finished textiles 35.7 36.6 36.8 36.1 58.16 60.59 61.09 60.62 1.62 1.66 1.66 1.67 Paper and allied products 42.7 42.6 42.7 42.8 100.58 101.34 103.15 104.25 2.35 2.39 2.41 2.43 Printing, publishing and allied industries 38.2 38.4 38.4 38.4 104.39 107.90 107.62 107.62 2.74 2.81 2.81 2.81 Chemicals and allied products 41.5 41.7 41.6 41.6 107.90 109.52 110.77 110.66 2.60 2.62 2.65 2.66 Products of petroleum and coal 41.4 41.6 41.8 41.5 126.42 126.05 127.98 128.41 3.01 3.03 3.04 3.05 Rubber products 40.3 41.5 41.6 41.1 98.90 101.19 104.41 103.34 2.43 2.45 2.48 2.49 Leather and leather products 37.4 38.0 37.9 37.3 63.58 63.98 65.70 65.32 1.66 1.72 1.72 1.71 NOTE.—Bureau of Labor Statistics; data are for production and related workers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICT [1957-59= 100] Federal Reserve district United Period States Boston Y N o e r w k a P p d h h e i i a l l - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o Lo S u t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o i 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 1960 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—June.... 109 112 106 110 107 109 106 103 108 111 '97 114 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 '111 109 118 106 123 Apr 113 113 119 HI 112 108 108 108 '106 116 115 104 118 May '114 110 113 115 117 114 '117 112 112 108 116 108 121 June 112 108 107 110 "109 113 108 "104 103 "1 107 123 NOT SEASONALLY ADJUSTED 1961—June 103 107 '108 101 103 99 98 102 96 108 105 '87 109 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 '127 125 128 120 134 Dec.. 204 224 213 202 210 206 201 191 '185 190 195 184 217 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 no4 112 111 103 116 May 110 108 109 110 111 '109 nn 111 103 113 104 110 June "105 108 105 102 102 noo 103 '112 103 "105 96 117 102 "97 STOCKS 1954 80 82 75 82 90 79 77 84 86 83 82 70 76 1955 85 88 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 1960 109 108 110 105 113 108 107 108 103 108 109 106 114 1961 110 112 110 '105 112 109 108 109 104 108 I 111 104 116 SEASONALLY ADJUSTED 1961—June 108 •-111 r108 '104 111 107 '107 107 103 108 '111 '100 114 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 Sept 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 116 117 113 112 114 117 114 116 105 113 114 114 124 115 116 112 111 115 117 114 113 107 114 114 111 124 May'.'.'.'..'.'.'......'...... 116 115* 113 112 115 115 '114 116 '109 112 115 rll4 127 115 113 112 118 115 121 115 113 ''114 "114 "128 June NOT SEASONALLY ADJUSTED 103 105 102 106 101 100 103 98 99 107 1961—June 104 102 99 96 106 101 99 109 99 106 107 99 111 July 109 109 108 102 110 108 108 109 105 107 111 105 116 Aug 118 121 116 113 119 116 116 121 112 114 116 111 122 Sept 125 131 126 124 130 125 123 123 120 123 123 118 130 Oct 129 135 131 127 133 129 129 126 121 | 126 127 121 134 Nov 103 108 105 100 105 104 98 101 97 i104 103 98 108 Dec 1962—Jan 101 100 102 96 98 100 101 102 99 101 96 109 Feb 107 106 106 103 106 107 108 106 90 i 106 107 106 115 Mar 116 115 114 112 114 118 116 116 96 111 114 115 125 Apr 118 117 116 116 116 120 117 118 106 ! 112 116 115 125 May 116 116 115 114 115 117 113 119 110 1 111 114 112 125 June "112 109 106 106 112 107 117 108 ! 104 ^109 "107 "123 110 | 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 arc as of end of month or averages of monthly data. revised monthly data beginning with 1947, see July 1962 BULL., p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1051 DEPARTMENT STORE MERCHANDISING DATA Amounts (in millions of dollars) Ratios to sales Period Out- Out- Stocks Re- Sales Stocks st i a n n g d- ce R i e p - ts o N rd e e w rs Stocks st i a n n g d- o p u lu ts s . ceipts orders orders orders 1953 406 1,163 All 408 401 3.0 .1 4.1 1.0 1954 409 1,140 388 410 412 3.0 .0 4.0 1.0 1955 . . 437 1,195 446 444 449 2.9 4.0 1.0 1956 454 1,286 470 459 458 3.0 4.1 1.0 1957 459 1,338 461 461 458 3.1 4.1 1.0 1958 462 1,323 437 462 464 3.0 .() 4.1 1.0 1959 488 1,391 510 495 498 3.0 4.1 1.1 1960 494 1,474 518 496 493 3.1 4.3 1.0 1961 503 ,485 530 508 512 3.1 4.3 1.0 1961 June '"470 ,390 '621 '385 r588 3.0 .3 4.3 8 July 389 .376 689 376 446 3.5 .8 5.3 1.0 Aug 466 470 650 560 521 3.2 .4 4.5 1.2 Sept 475 576 654 581 585 3.3 .4 4.7 1.2 Oct...! 529 ,708 645 661 652 3.2 > 4.4 1 2 Nov 630 1,776 555 698 608 2.8 c 3.7 1.1 Dec 965 ,406 391 595 431 1.5 .4 1.9 .6 1962 Jan 408 ,408 476 410 495 3.5 1.2 4.6 1.0 Feb 360 ,466 532 418 474 4.1 1.5 5.6 1.2 Mar 472 ,576 498 582 548 3.3 1.1 4.4 1.2 Apr 502 ,589 457 515 474 3.2 .9 4.1 1.0 May r507 571 r499 r489 r531 3.1 1.0 4.1 1.0 June2' 473 ,503 677 405 583 3.2 1.4 4.6 0.9 NOTE.—Sales, stocks, and outstanding orders. Actual dollar amounts Receipts and new orders. Monthly totals derived from reported reported by a selected group of department stores whose 1961 sales figures on sales, stocks, and outstanding orders. were about 45 per cent of estimated total department store sales. Sales For further description see Oct. 1952 BULL., pp. 1098-1102. Back are total for month, stocks and outstanding orders are as of end of month. figures may be obtained upon request. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Exports Imports ? Excluding Period Total i military-aid shipments 2 1960 1961 1962 1960 1961 1962 1960 1961 , 1962 Jan 1 561 J 644 1 642 484 1 536 1,592 1 174 1 150 1 373 Feb 1,579 1,671 1,775 .500 1,606 1,712 ,329 1,068 1,224 Mar 1,753 1,933 1,845 .636 1,888 1,783 ,410 1,255 1,386 Apr 1,817 1,707 3,881 ,703 1,648 1,799 ,294 1,063 1,333 May 1,814 1,749 1,973 1,720 1,677 1,892 ,289 1,223 1,454 June 1,742 1,699 1 970 i ,642 1,644 1,894 ,332 [ 232 1 350 July 1,702 1,637 1,632 1,558 ,183 I 285 Aue I 619 I 669 I 556 I 598 259 I 252 Sept 1,612 1,631 1,559 1,557 1,193 1,197 Oct ,746 1,890 1,692 1,817 1,184 1,364 Nov I 799 [ 818 I 726 I 759 I 197 342 Dec 806 .827 1,752 in 1,175 295 Jan.-June f0.266 10.403 11,086 (),685 9,999 10,672 7,828 6,991 8,120 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Exclude Dept. of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program. NOTE.-—Bureau of the Census data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 PRICES CONSUMER PRICES [1957-59= 100] Housing Read- Other Period it A em ll s Food Total Rent tr e G a i l c n e a i c d s t - y p S l f a e e u o n u t e l r d m l i o s d - H n i f o n i u u s g r h s - s e - - H o h t p o i o e o u l r s n d a e - - p A a p re - 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 c P o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 1929 59.7 55.6 85.4 56.6 56.2 1933 45.1 35.3 60.8 42.7 42.8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58 2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 1953 93.2 95.6 92.3 90.3 91.4 90.9 103.7 87.9 97.8 92.1 83.9 88.1 93.3 92.8 1954 93.6 95.4 93.4 93.5 92.5 90.6 101.9 89.5 97.3 90.8 86.6 88.5 92.4 94.3 1955 93.3 94.0 94.1 94.8 94.9 91.9 100.0 90.8 96.7 89.7 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 95.9 95.9 98.9 93.7 98.4 91.3 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 96.9 100.8 100.5 97.3 99.7 96.5 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.3 99.0 99.8 100.2 99.8 99.7 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 102.8 100.2 99.8 102.4 100.7 103.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 107.0 99.5 100.1 104.8 102.1 103.8 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.2 107.9 101.6 99.5 105.9 102.8 105.0 111 3 104 6 107 2 104 6 1961— June 104.0 102.5 103.8 104.4 108.3 99.5 99.8 105.9 102.2 104.8 111.3 104.5 106.6 104.5 July 104.4 103.4 103.8 104.4 107.7 99.7 99.5 106.1 102.5 105.3 111.6 104.8 107.2 104.9 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 SeDt 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 June 105.3 103.5 104.8 105.6 107.7 99.4 99.1 107.4 102.8 107.3 114.4 106.1 109.2 105.2 NOTE.—Bureau of Labor Statistics index for city wage-earner and clerical-worker families. WHOLESALE PRICES: SUMMARY [1957-59= 100] Other commodities All Farm Proc- Period m c t o o ie m d s i - - p u r c o t d s - f e o s o se d d s Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - P e a t p c e . r, Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - - s erals 1953 92.7 105.9 97.0 90.1 102.8 94.1 95.9 96.1 86.3 99.4 88.7 83.6 82.2 92 9 86 9 89 8 105 4 1954 92.9 104.4 97.6 90.4 100.6 89.9 94.6 97.3 87.6 97.6 88.8 84.3 83.2 93.9 88.8 93.8 110.5 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91 3 94 6 99 1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98 9 98 0 96 6 1958 . 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 99.9 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1961 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 99.6 101.6 102.8 103.4 July 99.9 95.1 99.7 100.6 99.2 106.1 100.4 99.0 95.9 96.9 96.6 100.9 102.2 99.5 101.7 103 1 103 0 100.1 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 Sent. 100.0 95.2 100.2 100.7 99.7 108.4 99.6 98.3 96.3 95.6 98.9 101.3 102.0 99 4 101 8 103 8 103 0 Oct 100.0 95.1 100.4 100.5 100.1 108.9 99.0 98.2 96.2 94.8 99.6 100.9 102.1 99 4 102 1 103 8 100 7 Nov 100.0 95.6 100.1 100.7 100.2 108.6 99.8 98.1 95.5 94.8 99.2 100.4 102.2 99.5 101.9 103.8 105.1 Dec 100.4 95.9 100.9 100.9 100.3 108.2 100.6 98.1 94.5 94.6 99.6 100.6 102.3 99.3 101.6 103.8 106.3 1962—Jan 100.8 97.9 101.8 101.0 100.3 108.2 101.0 98.4 94.3 94.7 99.9 100.7 102.3 99.3 101.9 103.8 106.7 Feb 100.7 98.2 101.7 100.8 100.4 107.7 100.4 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 96.2 101.0 100.4 102.3 99.0 102.2 104.0 105 6 Apr 100.4 96.9 100.0 100.9 100.5 106.9 100.2 97.9 92.9 96.8 101.3 100.3 102.3 98.9 102.4 104.0 106.0 May 100.2 96.2 99.5 r100.9 r100.7 107.2 99.7 r97.7 r93.2 r97.1 r100.8 100.2 102.3 r99 0 102 1r105 1r106 0 June 100.1 95.3 99.8 100.8 100.8 107.9 99.6 97.6 93.0 97.3 100.5 100.0 102.2 99.0 101.9 105.1 105.4 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1053 WHOLESALE PRICES: DETAIL [1957-59= 100] 1961 1962 1961 1962 Group Group June Apr. May June June Apr. May June Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 91A 99.3 107.5 98.3 Woodpulp 95.0 95.0 93.6 93.6 Grains 92.4 98.5 101.0 99.9 Wastepaper 70.1 98.0 96.2 96.4 Livestock and poultry 87.6 94.1 91.4 91.6 Paper 102.4 103.1 103.1 103.1 Plant and animal fibers 95.0 98.9 98.9 99.6 Paperboard 94.7 93.9 94.0 94.0 Fluid milk 99.9 98.8 '96.7 97.0 Converted paper and paperboard.... 95.4 103.0 102.1 101.6 Eggs 84.6 91.7 75.3 80.0 Building paper and board 100.8 97.9 r91.1 95.5 Hay and seeds 106.5 107.4 107.6 106.3 Other farm products 92 7 93.2 93.4 92.5 Metals and Metal Products: Processed Foods: ] Iron and steel 100.8 99.6 99.2 98.9 Nonferrous metals 101.1 99.8 99.9 99.3 Cereal and bakery products 104.8 108.0 107.5 107.8 Metal containers 102.0 103.7 103.7 103.7 Meat, poultry, and fish 90.9 95.6 '95.5 95.7 Hardware 104.0 104.1 104.1 104.2 Daily products and ice cream 106.0 106.0 104.5 105.4 Plumbing equipment 103.3 103.7 103.6 102.1 Canned and frozen fruits, and veg- Heating equipment 94.9 94.0 r93.1 92.8 etables 101.1 *99.0 98.6 99.1 Fabricated structural metal products. 98.8 98.1 r98.3 Sugar and confectionery 101.4 100.9 100.8 101.0 Fabricated nonstructural metal Packaged beverage materials 84.2 82.6 82.6 82.6 products. 102.8 104.4 104.4 104.2 Animal fats and oils 84.8 86.2 r87.7 85.5 Crude vegetable oils 103.8 91.4 87.1 81.3 Machinery and Motive Products: Refined vegetable oils 104.1 94.9 89.9 88.8 Vegetable oil and products 104.7 101.9 101.9 100.3 Agricultural machinery and equip.... 107.3 109.2 109.3 109.3 Miscellaneous processed foods 107.1 101.2 100.7 101.8 Construction machinery and equip.. . 107.4 107.7 107.7 107.7 Metalworking machinery and equip... 106.4 109.4 109.5 109.7 Textile Products and Apparel: General purpose machinery and equipment 103.1 103.9 104.0 104.0 Cotton products 99.2 102.4 102.1 102.0 Miscellaneous machinery 102.6 103.2 103.1 103.1 Wool products 97.1 98.6 98.9 99.0 Special industry machinery and equip- Man-made fiber textile products 92.6 93.7 r94.5 94.6 ment (Jan. 1961 = 100) 100.5 101.7 101.8 101.8 Silk products 112.4 121.6 126.4 130.7 Electrical machinery and equip 99.9 98.9 r98.9 98.6 Apparel 100.8 101.3 101.4 101.4 Motor vehicles 100.8 100.1 100.1 100.1 Other textile products 112.6 118.7 119.5 123.8 Transportation equip., RR. rolling stock (Jan. 1961= 100) 100.0 100.5 100.5 100.5 Hides, Skins, Leather, and Products: Furniture and Other Household Dura- Hides and skins 100.4 103.3 105.4 108.5 bles: Leather 104.6 109.5 110.6 110.0 Footwear 106.9 108.7 108.7 108.7 Household furniture 102.6 103.4 103.7 103.8 Other leather products 102.9 102.6 101.7 104.6 Commercial furniture 101.6 102.2 102.2 102.2 Floor coverings 99.1 97.0 97.0 96.9 Fuels and Related Products, and Power: Household appliances 95.1 94.7 r94.3 94.3 Television, radios, and phonographs.. 95.9 91.2 r92.3 91.9 Coal 95.4 95.3 94.6 94.7 Other household durable goods 103.0 103.2 103.2 103.2 Coke 103.6 103.6 103.6 103.6 Gas fuels (Jan. 1958= 100) 115.4 115.3 116.6 113.8 Nonmetallic Mineral Products: Electric power (Jan. 1958= 100) 102.3 103.0 102.9 102.8 Crude petroleum and natural gasoline. 98.0 98.2 98.2 98.2 Flat glass 96.2 97.9 '98.0 98.0 Petroleum products, refined 98.9 97.9 98.1 Concrete ingredients 103.0 103.1 103.2 103.3 Concrete products 102.5 102.8 102.6 102.6 Chemicals and Allied Products: Structural clay products 103.0 103.6 103.6 103.6 Gypsum products 102.9 105.0 105.0 105.0 Industrial chemicals 98.8 96.5 r96.3 96.2 Prepared asphalt roofing 96.4 101.4 99.0 95.3 Prepared paint 103.7 103.7 r103.8 103.8 Other nonmetallic minerals 102.4 102.8 102.0 102.0 Paint materials 99.0 96.6 r96.4 96.2 Drugs and Pharmaceuticals 98.8 97.0 97.0 97.0 Tobacco Products and Bottled Bev- Fats and oils, inedible 89.8 79.3 77.1 73.5 erages: Mixed fertilizers 102.0 104.3 103.9 103.9 Fertilizer materials 104.7 103.7 103.6 103.6 Tobacco products , 102.0 102.0 102.0 102.0 Other chemicals and products.. 99.5 99.3 99.4 99.4 Alcoholic beverages 100.6 100.8 103.4 103.4 Nonalcoholic beverages. 110.5 116.7 116.7 116.7 Rubber and Products: Miscellaneous Products: Crude rubber 941 94.9 93.5 Tires and tubes 93.0 86.1 r86.4 86.4 Toys, sporting goods, small arms. . 100.7 100.5 100.5 100.5 Miscellaneous rubber products. 99.8 99 1 r99.4 99.4 Manufactured animal feeds 103.8 108.3 108.2 107.2 Notions and accessories 98.8 98.7 98.7 98.7 Lumber and Wood Products: Jewelry, watches, photo equipment 103.0 104.1 104.1 104.1 Other miscellaneous products 101.0 101.3 100.9 100.9 Lumber. . 96.1 96.8 r97.5 97.6 Mi 11 work. 102.5 101.3 101.8 101.9 Plywood.. 98.9 94.6 r92.7 93.3 NOTE.—Bureau of Labor Statistics index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1054 NATIONAL PRODUCT AND INCOME G R O SS N A T I O N AL P R O D U CT OR E X P E N D I T U RE [In billions of dollars] 1961 r 1962 s- Item 1929 1933 1941 1950 1957 1958 ! 1959' 196C i III IV | Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7! 500.8! 513.1 522.3 538.6 545. ft Personal consumption expenditures. 79.0 46.4 81.9 195.0 285.2 293.2 313.5 328.5 338.1 330.5 335.5 340.1 346.1 350.2 Durable goods 9.2 3.5 9.7 30.4 40.4 37.3 43.6 44.8 43.7 40.8 43.5 44.0 46.6 46.3 Nondurable goods 37.7 22.3 43.2 99.8 137.7 141.6 147.1 151,8 155.2 153.5 153.9| 156.2 157.2 159.9 Services 32. 20.7 29.0 64.9 107.1 114.3 122.8 131.9 139. 136.2 138.0j 139.9 142.3 144.1 Gross private domestic investment. 16.2 1.4 18.1 50.0 66.1 56.6 72.7 72.4 69.3 60.1 67.6 72.4 76.6 75.9 New construction 8.7 1.4 6.6 24.2 36.1 35.5 40.2 40.7 41.6 39.3 41.0 42.6 43.2 41.6 Residential, nonfarm 3.6 .5 3.5 14.1 17.0 18.0 22.3 21.1 21.0 19.0 20.1 21.9 22.8 21.2 Other 5.1 1.0 3.1 10.1 19.0 17.4 17.9 19.7 20.5 20.3 20.8 20.7 20.4 20.5 Producers' durable equipment.. 5.9 1.6 6.9 18.9 28.5 23.1 25.9 27.6 25.5 24.4 24.6 25.8 27.4 27.6 Change in business inventories. 1.7 -1.6 4.5 6.8 1.6 -2.0 6.6 4J -3.6 2.1 4.0 6.0 6.7 Nonfarm only 1. -1.4 4.0 6.0 -2.9 6.5 3.7| 1.9 -3.9 1.8 3.8 5.9 6.6 Net exports of goods and services .8 .2 1.1 .6 4.9 1.2 -.8 2.9 4.0 5.3! I 4.0 2.8 3.8 3.7 Exports 7.0 2.4 6.0 13.1 26.2 22.7 22.9 26.4 27.3 27.4 26.4 26.9 28.3 28.2 Imports 6.3 2.3 4.8 12.5 21.3 21.5 23.6 23.5 23.3 22.2! 22.4 24.1 24.5 24.5 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 86.5 93.5 97.2 99.7 107.4 104.8 106.0 106.9 112.1 115.2 Federal 1.3 2.0 16.9 79.3 49.7 52.6 53.6 53.2 57.0 55.4 56.6 56.5 59.5 61.9 National defense 13.8 14.3 44.4 44.8 46.2 45.7 49.0 47.7 49.0 48.4 50.8 53.0 Other 1.3 2.0 3.2| 5.2 5.7 8.3 7.9 8.1 8.7 8.2 8.5 8.7 9.2 9.6 Less: Government sales .1 .4 s .6! .5' .8 .6 .6 .6 State and local 6.0 7.8; 19.7 36.8 40. 43.6 50.4! 49.4! 49.4 50.4 52.6 53.3 Gross national product in constant (1954) dollars 181.8 126.6 238.1; 318.1! 408.6 401.31 428.6 440.2 447.9! 433.9; 443.9 450.4 463.4 467.4 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally and Output (a supplement to the Survey of Current Business) and the adjusted totals at annual rates. For explanation of series see U.S. Income July 1962 Survey of Current Business. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [In billions of dollars] 1961r 1962' Item 1929 1933 1941 1950 1957 1958 I 1959' I960' 1961 ' • i i III IV National income 87.8 40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8! 411.8 424.3 431.3 444.0 448.9 Compensation of employees.. . 51.1 29.5 64.8 154.2 255.5 257.1 278.5 293.7 302.2 294.1 300.2 304.5 309.9 315.2 Wages and salaries.... 50.4 29.0 62.1 146.4 238.5 239.8 258.5 271.3 278. 277.2 276.9 287.0 285.7 289.9 Private 45.5 23.9 51.9 124.1 198.4 196.6 213.1 222.9 227.0 220.8 225.8 228.8 232.5 235. a G M o il v i e ta r r n y ment civilian. 4. . 6 3 4.9 .3 1.9 1 5 7 . . 0 3 3 9 0 . . 6 5 3 9 3 . . 8 5 3 9 5 . . 9 4 3 9 8 . . 9 5 4 1 1 0 . . 6 2 4 1 0 0 . . 4 0 4 1 1 0 .2 .0 4 1 2 0 . . 2 0 4 1 2 0 . . 8 8 4 1 3 1 . . 7 2 Supplements to wages and salaries .7 .5 8.3 7.8 77.0 77.3 20.1 22.4 23.4\ 22.91 23.2 23.5 23.8 25.2 Employer contributions for social insurance ." .1 .1 2.7 4.0 7.8 8.0 9.7 11.4 12.0 11.6 11.9 12.1 12.2 13.3 Other labor income .6 .4 2.0 3.8 9.1 9.4 10.4 11.0 11.4 11.2 11.3 11.4 11.6 12.0 Proprietors' income. 14.8 5.6 17.4 37.5 44.5 46. lj 46.5 46.2 47.8! 46.5 47.2 48.1 49.5 49.1 Business and professional. . 8.8 3.2 10.9 23.5 32.7 32.5 35.1 34.2 34.8 33.7 34.5 35.1 36.0 36.2 Farm 6.0 2.4 6.5 14.0 11.8 13.5 11.4 12.0 13.1 12.8 12.7 13.1 13.6 12.9 Rental income of persons 5.4 2.0 3.5 9.0 11.9 12.2 11.9 11.9 12.3 12.Oj 12.2 12.3 12.5 12.6 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 47.2 45.6 45.5 40.1 45.0 46.0 51.1 50.4 Profits before tax 9.6 .2 77.0 40.6 43.2 37.4 47.7 45.4 45.6 39. 8 44. 46.3 51.4 50.7 Profits tax liability 1.4 .5 7.6 17.9 20.9 18.6 23.2 22.4 22.3 19.4 21.9 22.6 25. 24.4 Profits after tax 8.3 - .4 9.4 22.8 22.3 18.8 24.5 23.0 23.3 20.3 22.9 23.7 26.3 25.6 Dividends 5.8 4.5 9.2 12.6 12.4 13.7 14.4 15.0 14.7 14.8 14.9 15.5 15.8 Undistributed profits. 2.4 -2.4 4.9 13.6 9.7 6.4 10.8 8.6 8.3 5.6 8.1 8.7 9.8 10.8 Inventory valuation adjustment .5 -2.5 -5.0 -1.5 -.3; -.5 .3j .2 -.3 .3 -.3 Net interest 6.4 5.0 4.5 5.5 13.4 14.8 16.4 18.1 20. OJ 19.l! 19.8 20.3 21.5 I 21.0 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1055 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [In billions of dollars] 196! ' i 1962r Item 1929 1933 1941 1950 1957 1958 1959' I960' 196 i' 1 ii in i iv Gross national product. 104.4 56.0 125.8 284.61 442.8 -144.5 482.7 503.4; 518.7j 500.8! 513.1 522.3 538.6 545.0 Less: Capital consumption allowances 8.6 7.2 9.0 19.l! 37.4 38.6 41.0| 43.3; 45.3 44.1 45.0 45.7 46.6 47.0 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7J 38.2 39.3 42.6 46.5! 48.2 46.6! 48.0 48.3 49.7 50.2 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 .8| 1.8 -1 1 .5 -3 2 .0 .1 -3 2 . . 4 ! ; , -3 2 . . 1 1 -t 2 . I1 1' 2.1 -3 2 . . 11 -1 2 . . 9 1 -1 2 . . 4 1 -.7 -.6 -4.4 Plus: Subsidies less current surplus of government enterprises .1 .2 1.0 1.1 .4 .5; 1.7 2.0 2.1! 2.0 1 8 Equals: National income 87.8 40.2 104.7 241.9 366.9 367.4 400.5 415.5' 427.81 411.8 424.3 431.31 444.0 448.9 Less: Corporate profits and inventory valuation adjustment -2.0 14.5 35.7i 41.7 37.2 47.2 45.6 45.5 40.1 45.01 46.0 51.1 50.4 Contributions for social insurance .3 2.8 6.9| 14.5 14.8 17.6 20.6 21.6; 2!.f 21.5| 21.8 22.1 23.6 Excess of wage accruals over disbursements Plus: Government transfer payments 1.5 2.6 14.3 20.1 24.5 25.4 27.3 31.3; 30.4 31 2 31.6i 31.6 31.9 Net interest paid by government 1.0 1.2 1.3 4.8 6.2 6.2 7.1 7.81 7.3; 7.6' 7.2| 7.2 7.3 Dividends 5.8 2.1 4.5 9.2 12.6 12.4 13.7 14.4! 15.0[ 14.7; !4.8 14.9| 15.5 15.8 Business transfer payments .6 .7 .5 | 2.1 2.1' 2.1! 2.1 2.1, 2.1 2.1 2.1 Equals: Personal income 85.8 96.3 228-sl 351.4 360.3 383.9 400.8 416.4 405.4 413.5| 419.4 427.3 432.0 47.2 Less: Persona! tax and nontax payments... . 2.6 3.3 20.8 42.6 42.3 46.8 51.4 52.8] 51.0' 53.0\ 54.6 56.4 7.5 Federal 1.3 .5 2.0 18.2 37.31 36.6 40.4 44.0 45.0i 43.3 44,7 45.1 46.7 48.0 State and local. 1.4 1.0 1.3 2.6 5.3 6.4 7.4! 7.8! 7.7' 1A 7.9 8.0 8.4 5.7 Equals: Disposable personal income 83.1 45.7 93.0 207.7! 308.8 337.1 349.4! 363.6| 354.3; 361.0! 366.3 372.6 375.6 317.9 Less: Personal consumption expenditures. . 79.0 46.4 81.9 195.0: 285.21 313.5 328.5: 338.1! 330.51 335.5! 340.1 346.11 350.2 293.2 Equals: Persona! saving 4.2 -.6 11.1 12.6! 23.6 23.6 20.9! 25.6 23.8 25 5! 26.3! 26.5! 25.4 24.7 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0! 293.8 296.3 310.7 317.3! 327.3 319.8; 325.5 329.7 334.5 336.6 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME [In billions of dollars] 1961 '• 1962 1960r June July Aug. Sept. Oct. Nov. Dec Jan.' Feb." Mar.' Apr.' Mayr Junep Total personal income 400.8 416.4 416.4 420.1 418.3 419 7 423.6 427.8 430.5 428 8 431 9 435 2 438 3 4*9 7 440 4 Wa°e and salary disbursements 271.3 278.8 279.5 280.9 280.7 281.4 283.6 286.4 288.3 287.4 290.3 292.2 295,3 296.0 296.5 Commodity-producing industries... 110.4 110.8 111.5 112.1 111.6 111.4 113.J 115.0 114.9 113.8 115.2 116.1 118.2 118.2 117.9 Manufacturing only 87.4 87.5 88.1 88.5 88.1 87.8 89.4 91.1 91.5 90.8 92.0 92.8 94.4 94.5 94.3 Distributive industries 71.8 72.9 72.9 73.5 73.2 73.4 73.6 73.5 74.5 1AA 75.0 75.4 75.8 76.1 76.3 Service industries 40.7 43.4 43.6 43.6 43.9 43.8 43.9 44.2 44.9 44.9 45.1 45.3 45.6 45.9 46.2 G 0 vernment 48 4 51 8 51 5 51 7 5? j 5? 7 53 0 53 7 54 0 54 4 si 0 55 4 55 6 55 8 56 0 Other labor income.... 11.0 11.4 11.4 11.4 11.4 11.5 11.5 11.6 11.6 11.8 12.0 12.1 12.2 12.3 12.4 Proprietors' income . .. 46.2 47.9 47.5 47.9 48.2 48.3 49.1 49.9 49.7 49.2 49.0 49.3 49.4 49.6 49.6 Business and professional 34.2 34.8 34.7 34.8 35.1 35.2 35.6 36.1 36.2 36.1 36.2 36.4 36.6 36.8 36.8 Farm . 12 0 13 1 P 8 13 1 13 1 13 1 13 5 13 8 13 5 M ! P 0 P 9 12 8 12 8 12 8 Rental income 11 9 12 3 P 2 12 3 P 3 12 4 12 4 12 5 P 5 P 6 j? 5 12 7 P 7 P 8 12 8 Dividends 14.4 15.0 14.9 14.8 14.9 15.0 15.3 15.4 15.9 15.6 15.S 15.9 15.8 15.8 15.8 Personal interest income.. ., ... 25.8 27.4 27.3 27.4 27.5 27.7 27.9 28.1 28.4 28.6 28.8 29.0 29.2 29.4 29.6 Transfer payments 29.4 33.4 33.3 35.0 33.0 33.1 33.5 33.8 34.0 3^.9 33 8 34 5 34 2 34.2 34.2 Less: Personal contributions for social insurance 9 2 9 7 9 7 9 7 9 7 9 7 9 8 9 9 9 9 10 3 10 4 10 4 10 5 10 5 10 5 Nonagricultural income... 384.7 399.1 399.5 402.6 401.0 402.3 405.9 409.5 412.7 411.6 414.8 418.0 421.2 422.6 423.2 Agricultural income . . 16.1 17.3 16.9 17.4 17.4 17.4 17.7 18.3 17.8 17.2 17.1 17.2 17.1 17.1 17.2 NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR FIRST QUARTER, 1962* [In billions of dollars] Consumer Nonfinancial business sectors Government sectorss Financial sectors Sector an s p d e r c o t f n o i o t r n- Farm1 cor N po on ra - te * Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g c i * al ins S ti a t v u i t n io g n s s4 Insurance * F n in ,e a . n c. c 6 e R s w e e s o c t r t - l o o d r f- se A ct l o l rs a c D n re c is p y - - 7 s N a a v n a i d t n l. g invest- Transaction ment7,55 category U S U S U S U S U S U S U S U S U S U S U S U S U B Capital consumption12 2 1 0 2 . . 9 0 1 . . 5 0 1 2 . . 4 2 8 6. . 9 1 .7 u J •j .9 .({ -.2 3 2 3 2. . 2 1 "2.7 3 2 2 2 . . 5 2 A B C Net saving (A-B) 9.0 c -.8 1.2 ' ".7 -. 6 1 .9 .6 9.9 10.3 C D Gross investment (E4-J)2 .. . 24.7 1.4 7.5 * -1.9 .!) .6 .1 -. 7 33.9 -3.4 30,1 D E Private capital expenditures (net of sales)1* 15.6 1.1 3.3 9.3 .1 .1 29.4 29.4 E F Consumer durable goods . 10 4 10.4 10.4 F G Nonfarm resident, constr.1*. 4.3 * 4.4 4.4 G H Plant and equipment 8 i.i 2.3 6.5 1 10.9 10.9 H I Change in inventories1'.... * .9 2.7 3.6 3.6 1 J Net financial invest. (K - L)... 9.1 -.5 -1.8 -1.8 -1.9 .9 .5 -.4 -.7 3.4 -3.4 16.7 J K. Net acquis. of finan. assets.... 11.1 — .4 -1.3 1.0 1.0 -2.8 3.2 2.6 -.1 .9 15.0 1.5 K L Net increase in liab.17 1.9 .5 1.5 .5 .9 2.9 -2.8 2.3 '"'t'.b "i.k "H'.k -.9 L M Gold, off. U.S. foreign exch. &Treas. currency 1*. — 9 .3 i .1 .1 -.2 M N Dem dep and currency1^ • . — 8 —4 5 .3 -1.1 -8.6 -.1 -.2 2 -6.2 -8.6 -2.5 -.2 N O Fixed-value redeem, claims.. 6.7 1.2 .6 5.6 2.9 8.6 8.6 * O P Time deposits20 4 5 1.2 * * .6 5.6 .8 * 6.4 6.4 • P Q Savings shares21 2.1 2.1 2.1 2.1 Q R U. S. savings bonds22 .2 .2 .2 .2 R S Saving through life insur.23 . .9 9 9 9 s T Saving through pen. funds2*. 1.8 .6 1.1 1.8 1.8 T U Credit and equity mkt. instr.. 2.6 1.9 .6 -.4 * .3 2.1 .6 3 1 4 2.2 -2 5 .1 3 3 -.6 2 6 — 2 5 2 8 8 0 8.0 .7 U V Federal obligations" .9 .4 .1 1.0 -3.0 .7 .2 -.2 * .1 .1 * v W State and local obligations. -.2 .3 .1 " 2.\ 1.4 .5 .1 2.1 2.1 w X Z Y C C 1- o o t r r o p p o . 4 r a - a f n a t d e m f i s o l t y r o e c i m k gn o r b tg o a n g d e s s . . . . . . 8 2 5 3.3 — 4 — 4 9 2 2 3 * * .1 '"2.1 . . . 5 6 1 - - . . 1 5 .1 "".1 .9 .1 . . 1 1 2 1 1 . . . 6 0 2 2 1 1 . . . 6 0 2 .1 * X Y a Other mortgages .5 * .3 5 1.1 .1 .4 .5 .3 1.9 1.9 z b Consumer credit 1 5 4 I i * -1.5 -1.5 b c Security credit26 — 1 -.2 o — 2 — 8 —1 0 — 1 0 ac d Bank loans n.e.c.27 .1 .1 -.4 2 — 6 — i a .3 -.6 -.6 .3 d e Other Ioans2» .2 2 .3 '"".7 .4 "".2 .1 .1 * -.5 .4 .7 .9 • .3 2.2 2.2 .3 e f f Trade credit .2 291.3 1.5 -1.6 * 1 -1.6 g Proprietors' net invest, in 1.6 noncorporate business1... 1 o .2 i g h Misc. financial trans.30 .2 * A .5 -.1 2 -.1 .2 .6 — .41 1.0 .6 .4 h • i Sector discrepancies (A—D)3 J. -3.8 .6 .7 1.3 o .3 -.7 2.4 i NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions In Tables 3-4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes, of FF «a o s o r s^ ett dd os , i j i s Uf c i u Un s a. s Un io cUi n .aU l f o sa f oU uu s ri a c i v v ew i s n o g vf, L a f d u n i nu di du su i , nt at ,n v e e nt s * t ci m hv e au n nag t u eg c sr o ai n n t c m e li p au t ba s iu li s ut e iue e is c.a p . p . 831-43 of BULLETIN for August 1959. H i a n w o a r i d i e fr r o t m o t r h ef e l e f c in t a o n n c l e y n t . r e a .c n . s s a e c c t t io o n r to fl o th w e s . c o S m tr m uc e t r u c r ia a l l b c a h n a k n i g n e g s s a e r c e to ( r 1 ( ) 2 ) t h a e n d sh t i h ft e o sh f if b t a o n f k s a i l n a r A ge la m sk u a t u a a n l d Deessccrriipptt ions of sectt ors aandd of ttrraasnascatcitoionn categories are given in notes to tables and in "Technical Notes," savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjustpp. 846-59 of BULLETIN for August 1959. ments apply to the first three quarters and to the annual totals for 1959. For other notes see pp. 1057 and 1059. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1057 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] I960' 1961 1962 Transa o c r t io se n c t c o a r tegory, 195V 1958' 1959' I960' 1961' III A Net national saving2 37.4 19.4 37.2 38.0 31.1 13.2 9.9 10.6 4.3 8.3 6.5 8.8 7.5 10.3 A D B E C C C F Fe a o o d r n r m e p s r u o a a m r l a n e t G d e r o n n a v o o n e n d n r c f n i n o m n o r a p n e n . n p c t r b i 2 o a u f l s it b in u e si s n s e 32 s . s . . 2 5 3 8 . . . 3 7 6 - 2 7 3 6 . . 9 . 1 5 - 3 1 4 0 2 .5 . . 4 3 2 4 6 6 . . . 3 5 9 - 2 5 8 9 . . . 2 3 6 ' — . 4 7 2 . . 4 7 4 - 4 4 1 .1 . . . 5 5 3 2 8 . . ' 8 5 n -3 2 5 1 . . . 7 . 9 4 2 -1 1 7 . . . 2 0 6 5 -1 5 1 1 . . . . 5 9 8 0 - - 1 1 9 3 . . . 3 . 1 4 2 -5 4 7 2 . . . 3 . 4 7 0 -1 9 1 . . . . 3 0 2 7 D C E B F G S F t i a n t a e n c a i n a d l s lo e c c a to l rs government2.... -3 3 . . 6 5 -5 2 . . 0 8 -4 3 . . 0 0 -3 3 . . 4 7 -4 3 . . 5 0 - 1 .4 .7 -.7 .4 -i!i Q - - 1 . . 4 1 - 1 .7 .1 -1. . 0 3 -2 1 .7 .4 -1.5 .1 - 1 .6 .3 G F 2.0 H Capital consumptionl2 73.2 75.6 79.7 83.6 86.7 20.6 20.9 20.9 21.2 21.2 21.6 21.8 22.2J 22.2 H I Consumer and nonprofit 40.0 41.6 43.5 45.5 46.9 11.3 11.3 11.4 11.5 11.6 11.7 11.8 11.9 12.0 I J Consumer durable goods 35.8 37.0 38.6 40.4 42.2 10.0 10.0 10.1 10.1 10.2 10.3 10.3 10.4 10.5 J K Owner-occupied homes 3.7 4.0 4.3 4.6 5.0 1.1 1.1 1.2 1.2 1.2 1.2 1.3 1.3 1.3 K L Plant and equip, (nonprofit)... .6 .6 .6 .7 .7 .2 .2 .2 .2 .2 .2 .2 .2 L M Farm business 3.9 4.0 4.2 4.2 4. 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 M N Noncorp. nonfinan. business.... 8.1 8.0 8.4 8.7 8.9 2.1 2.2 2.2 2.2 2.2 2.2 2 3 2.2 N O Corporate nonfinancial business. 21.0 21.9 23.3 25.0 26.6 6.1 6.3 6.2 6.4 6*4 6.6 6.7 6.9 6.9 O P Gross national saving2 110.6 95.0 116.9 121.6 117.9 33.8 30.8 31.6 25.4 29.5 28.0 30.6 29.7| 32.5 P 3 C Fa o r n m su a m n e d r n a o n n d c n o o rp n . p r b o u f s i i t ness 6 1 8 2 . . 6 0 6 1 8 1 . . 0 9 7 1 3 2 . . 9 6 7 1 2 2 . . 4 9 7 1 6 3 . . 5 0 1 2 9 . . 8 0 1 3 5 . . 1 8 2 2 0 . . 6 2 1 4 7 . . 4 4 1 3 9 . . 7 1 1 1 6 . . 8 7 21 2 . . 2 1 ! 1 5 9 . . 4 6 2 2 0 . . 0 9 2 Corporate nonfinancial business. 26.3 24.9 35.6 31.4 34.9 6.3 7.6 8.8 8.8j 5.2 8.5 9.9 1 i .3j 8.1 s Federal Government2 3.7 -7.9 -4.5 4.3 -5.2 4.4 4.5 1.0 1.8 -2.7 -5.3l .7 S State and local government2 -3.6 -5.0 -4.0 -3.4 -4.5 -.4 -.7 -.7 -1.0 -1.3 —1.51 -.6 T T Financial sectors 3.7 3.0 3.3 4.0 3.3 1.8 .5 2.0 1.2 .4 1.5 1.4 U U V WV Gross national investment2.. 110.6 94.2 114.6 117.9 114.8 30.1 29.9 27.9 30.0 25.2 28.4 28.7 32.4 30.1 w X Consumer durable goods. 40.4 37.3 43.6 44.8 43.7 10.2 11.5 10.3 12.8 9.1 j 10.9 10,2 13.6 10.4 X Other gross private domestic fixed I investment 64.5 58.6 66.2 68.3 67.1 15.1 17.9 17.7 17.6 14.2 17.2 17.5) 18.21 15.4 Consumer and nonprofit 18.1 18. 22. 21.7 20.1 5.3 4.9 5.6 5.8 4.8 4.6 5.0- 5.6 5.2 Nonfarm residen. constr.14... 15.6 15.3 19.2 75.5 16.7 4.6 4.2 4.8 4.9 4.0 3. 4.11 4.7 4.3 Plant and equip, (nonprofit).., 2.5 2.7 2.9 3.2 3.4 .7 .8 .9 .9 .8 .8 .9\ .9) .8 Farm business 4.0 4.4 4.7 4.2 4.6 1.2 1. .9 1.1 1.3 .9; 1.1 Noncorp. nonfinan. business14, 9.4 9.0 10.7 10.8 11.4 3.3 2.8 2.5 2 1 3.1 3.0! 2.4 Corp. nonfinan. business14.... 32.3 26.4 27.9 30.7 30.3 6.4 8.4 7.9 8.2 6.0 7.9 8.4! 6.5 Financial sectors , .7 .2 .2 .2 .2 Change in inventories15 1.6 -2.0 6.6 4.1 2.1 4.8 .3 -I.I I.I 3.6 N C Fa o o r r n m p c . o b n r u o p s n . i f n n i e o n s n a s n fi . n b an u . s i b n u es s s iness. . . . 6 8 2 - - 2 . . 2 6 .9 6. A 1 2. . . 8 3 9 1. . . 8 2 1 3 1 . . 3 4 .2 e . . . 5 5 1 — . . > 1 l 2; .9 * 2.7 Net financial investment16 4.2 .3 -1.7 .7 1. -.2 .4 .7 k Consumer and nonprofit 14.7 18.9 12.8 9.4 17.8 3.7 n 4.5 1.9 2,3 6A\ 9.1 1 Net acquis. offinan. assets.. 26.5 30.9 33.1 25.6 33.6 5.7 4.4 8.5 6.9 6.9 6.9 9.3\ 10.5\ m Fa N rm et a i n n d c r n ea o s n e c i o n r p li . a b b u il s it i i n e e s ss.. - 1 2 1 . . 3 - 1 2. 2.0 - 2 3 0 . . 2 3 - 1 3 6 . . 4 2 - 1 3 5 . . 3 8 -1 2 . . 9 1 -1 5 .4 .1 -1 4 . . 4 0 1.2 -2 4 . . 8 7 til l 6.8\ -2 1 . . 4 9 Net acquis. offinan. assets.. .8 1.1 -1.0 -.4 .2 -.5 .1 -.3 .2 -.4 Co N rp et . n in o c n r f e in a a s n e . i n b u li s a i b n i e l s it s ies -8 3 . . 2 1 -3 3 . . 9 3 -3 2 . . 7 2 -7 3 . . 4 1 -3 3 . .5 -3 1 . . 4 4 -2 1 . . 6 6 -1 1 . . 0 1 -3*0 A 3. . 0 3 ! 31 -1 2 . . 8 0 Net acquis. offinan. assets.. 4.2 10.3 12.4 2.4 11.3 -1.4 .7 1.2 -2.0 4.8 2.9\ -1.3 Net increase in liabilities 12.4 14.2 16.1 9.8 15.1 2.1 3.3 2.2 2.3 1.0 4.5 3.7\ 5.6\ .5 5.9> Federal Government 3.6 -8.2 -5.1 3.8 -5.8 4.0 4.8 -4.3 1.1 .7 J.0 -6 .6 Net acquis. offinan. assets.. 3.2 1.6 6.1 3.9 3.3 -.3 4.4 .7 -1.0 -1.5 2.1 5.7 .0 1.0 Net increase in liabilities -.4 9.7 11.2 .1 9.1 -4.3 -.4 1.5 3.3 -2.7 1.4 4.8 5.6 1.0 State and local governments.. -3.8 -5.1 -3.4 -2.4 -4.1 A -.6 -2.0 .6 -1.2 — 2.9 * 1.9 Net acquis. offinan. assets.. 2.8 2.5 3.5 3.8 3.7 1.2 .9 .1 1.6 ..8 1.6\ -.6\ 1.0 Net increase in liabilities 6.6 7.6 7.0 6.2 7.8 1.6 1.5 2.1 1.0 2.) 1.6 J 2.9 a d b d a b F F i i n n N N a a e e n n t t c c i a i i n a a c l c l q r s t u e r e i a a s c s n . t e o s o , r i f s n f d i n i l s i a a c n r b . e i p lit a ie ss s ets.. - 2 2 2 3 1 2 . . . . 6 9 0 9 - 3 3 3 4 6 1 . . . . 1 7 4 - 3 2 3 0 4 5 . . . . 4 1 7 4 - 3 2 4 4 8 5 . . . . 6 1 6 5 - 4 4 3 0 5 5 . . . . 9 3 4 0 - - - 4 2 3 . . 1 7 7 . . 8 9 - 1 1 1 2 0 1 . . . . 0 3 8 5 - 1 1 8 0 1 . . . . 2 3 2 8 1 14 4 1 . . 2 . . 9 3 2 \ ! ] 1.3 1 1 4 4 . , 6 4 2 \ - 1 1 2 3 0 . . . 4 7 3 \ 1 1 6 6 . . 9 9 \ 1 2 3 1 1 . . . . 8 8 4 0 d b a d b a ee Discrepancy (P — W)31 2.3 3.7 3.1 3.7 .9 3.7 2.4 ee NOTE.—Descriptions of sectors and of transaction categories are given for August 1959. For other notes see below and second page following in notes to tables and in "Technical Notes," pp. 846-59 of BULLETIN Back data available in Flow-of-Funds Supplement No. 5. Notes to Tables 1, 2, and 3. * For content of sector saving, see Tables t and 4 and pp. 833 and 849 1 Net saving of, and consumer investment in, unincorporated business of BULLETIN for August 1959. discussed on p. 838 of BULLETIN for August 1959. See note 32, p. 1059. 1 o Rest-of-world surplus on current transactions with United States. 2 For govt. sectors, saving is excess of all nonfinancial receipts over all 1 * Discrepancy between total nonfinancial sources and uses of funds nonfinancial outlays; investment, changes in financial assets and liabilities (Line A minus line E in "all sectors" column). only. Govt. current outlays include, and govt. (and national) invest- 12 Depreciation, accidental damage to fixed capital, and capital outlays ment excludes, govt. purchases of tangible assets. charged to current account. Annual data in Table 2 are from Dept. of 3 Consolidated account for monetary authorities (Federal Reserve Commerce national income accounts except for F. R. estimates of de- System, ESF, and Treasury currency accounts) and commercial banks preciation on consumer durable goods. Depreciation on latter item in United States (excluding territories and possessions). and on farm assets at current cost; other depreciation, in general, at * Mutual savings banks, savings and loan assns., and credit unions. original cost. Line H in Table 2 includes amounts for financial sectors 5 Life and nonlife insurance companies and private pension plans. not shown separately. « Finance companies, open-end investment companies, security brokers 13 Transactions in land excluded from sector investment for statistical and dealers, banks in U. S. territories and possessions, and U. S. agencies reasons. Such transactions, when recorded as capital flows, affect of foreign banks. sector allocation of investment but not the national total. 7 For discussion, see p. 857 of BULLETIN for August 1959. 14 For consumers, 1- to 4-family dwellings completed and purchases of 8 Totals for domestic sectors; financial entries are net uses plus items additions and alterations. Investment of nonfarm business sectors in discrepancy column. For comparison with national saving and in- includes work in process on 1- to 4-family dwellings and other private vestment in national income accounts of Dept. of Commerce, see p. 842 residential construction. of BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] 1960 r 1961 1962 Transaction category or sector 1957 r 1958' 1959' 1960r 1961 II III IV IIr III IV I. Demand deposits and currency A Net increase in commercial bkg. system liability19 -.8 5.8 1.1 5.6 -8.8 2.5 1.5 4.9 -8.0 3.8 3.2 6.7 -8.6 B Net increase in assets, by sector. .7 6.3 .2 4.8 -7.1 2.4 1.6 3.3 -6.4 3.0 3.8 4.3 -6.2 C Federal Government .2 .1 .7 .3 -.4 2.8 .2 1.7 -1.7 2.0 2.4 -2.3 .3 D Other domestic sectors .3 6.1 -.5 4.1 -6.2 -.5 1.4 4.8 -4.6 1.1 1.3 6.3 -6.7 E Consumer and nonprofit. -.9 2.5 1.0 1.4 -2.4 -1.1 1.8 2.0 -.3 -.9 1.8 F Farm and noncorporate bus... .7 1.2 -1.2 -.1 1 -.1 -.1 * * G Corporate nonfinancial bus— * 1.5 -1.0 -3.3 '.6 * 1.5 -3.8 1.0 .4 3.4 -4.5 H State and local government... .2 .2 .5 -.4 -.2 .8 -.5 .7 -.9 1.3 -1.1 J I Re F st i n o a f n t c h ia e l w se o c r t l o d r . s . . 3 2 .7 * . .1 1 1 . . 4 2 - - . . 4 4 .5 -.2 . . 6 3 -.1 .4 . . 9 2 2 K Discrepancy (A—B) -1.5 e .8 -1. -.2 1.6 -1.6 .7 -.6 2.3 II. Fixed-value redeemable claims A Net increase, by type 10.1 16.2 7.6 14.8^ 21.7 1.6 3.9 3.9 5.4 5.7 6.8 3.9 5.2 8.6 A B Time deposits 6.8 10.2 2.2 7.0| 11.5 .2 1.7 2.6 2.5 3.5 4.0 2.3 1.7 6.4 B C Savings shares 5.2 6.6 7.2 8.1! 9.4 1.6 2.4 1.4 2.8 2.0 2.7 1.5 3.3 2.1 C D U.S. savings bonds22 -1.9 c -.31 -.2 -.1 .1 .3 .1 .2 .2 .2 D E Net increase in liab., by sector34... 10.1 16.2 7.6 14.8 21.7 1.6 3.9 3.9 5.4 5.7 6.8 3.9 5.2 8.6 F Federal Government. -2.2 -.7 -2.0 -.4 .7 2 -.2 2 .2 .1 .2' .2 .1 H G S C a o v m in m gs e r i c n i s a t l i t b u a t n io k n in s g . 6 5 . . 9 5 8 8 . . 9 0 8 1 . . 4 2 9 5 . . 5 8 1 9 1 . . 4 5 1.9 2 1 . . 6 5 2 1 ! . 2 8 2 3 . . 1 3 2 2 . . 9 6 3 3 . . 5 2 1 1 . . 9 9 3 1 . .2 2 5 . . 9 6 I Net increase in assets, by sector3 4.. 10.1 16.2 7.6 14.8 21.7 1.6 3.9 3.9 5.4 5.7 6.8 3.9 5.2 8.6 J K O Co th n e s r u m do e m r e a s n ti d c n s o e n c p to ro rs f 3 it 5 9. . 8 3 1 2 3 . . 0 3 9.4 o 1 2 2 . . 2 4 1 2 8 . . 5 6 1 . . 1 7 3. . 4 3 3. . 0 6 4 1 . . 2 1 4 1 . . 0 7 5.9 3. . 4 2 1 : 5.3 2 6 1 . . 7 9 L Rest of the world (time deposits). .9 -.9 .3 .2 .3 .1 .3' A III. Saving through life insurance and pension funds A Net increase, by type 9.2 10.4 11.7 11.3 12.0 2.7 3.0 2.8 2.8 2.8 3.2 2.7 3.2 2.7 B Life insurance. 2.8 3.4 3.7 3.6 3.8 .8 .8 1.0 1.0 .9 .9 1.0 .9 .9 C Pension funds 6.4 7.0 7.9 7.7 8.2 1.9 2.2 1.8 1. 1.8 2.3 1.7 2.3 1.8 D Net increase in liab., by sector u, S6 9.2 10.4 11.7 11.3 12.0 2.7 3.0 2.8 2.8 2.8 3.2 2.7 3.2 2.7 E Federal Government. .6 1.0 1.0 1.0 1.0 .1 .7 .1 .1 .1 .8 .1 F State and local government 1.6 1.7 1.9 2.1 2.3 .5 .5 .5 .5 .6 .6 .6 .6 .6 G Life insurance companies 4.2 4.7 5.5 4.7 5.0 1.1 1.1 1.2 1.4 1.2 1.1 1.2 1.5 1.2 H Private noninsured pension plans 2.8 2.9 3.2 3.4 3.5 1.0 .7 .9 .9 .6 .8 1.1 IV. Credit and equity market instruments A Net increase, by type. 36.5 45.8 60.9 40.6 51.6 3.0 12.1 10.5 14.9 13.6 16.4 21.5 8.0 B Federal obligations 1.1 9.0 11.4 -1.9 6.5 -4.1 -1.4 1.2 2.1 -3.3 .6 5.8 3.5 .1 C Short-term direct37 5.5 -1.2 5.5 -5.0 11.3 -7.4 -2.1 5.3 -.8 .9 4.8 1.0 4.7 .8 D Other -4.4 10.2 5.9 3.1 -4.8 3.3 .6 -4.1 2.9 -4.2 -4.2 4.8 -1.2 .7 E State and local obligations 4.6 5.5 4.7 3.7 5.1 1.0 .7 1.5 .5 1.4 .9 1.7 1.2 2.1 F Corporate and foreign bonds 7.5 6.8 4.5 5.6 5.5 1.2 1.2 1.3 1.9 .8 2.2 .9 1.7 1.0 G Corporate stock 4.0 4.2 4.4 3.5 5.2 1.0 .9 .9 .7 1.2 1.7 1.1 1.1 1.2 H 1- to 4-family mortgages 8.6 10.1 13.2 10.4 12.1 2.2 2.8 3.0 2.5 2.0 3.2 3.4 3.5 2.6 I Other mortgages 3.5 5.2 5.8 5.8 6.1 1.5 1.5 1.4 1.4 1.2 1.5 1.5 1.9 1.9 J Consumer credit 2.6 .1 6.2 4.4 1.4 -.7 2.4 .8 1.9 -2.1 1.0 .2 2.4 -1.5 K Security credit -.3 1.7 .1 .4 2.2 -1.6 .5 .6 .9 4 1.3 * 1.3 -1.0 L M O Ba th n e k r l l o o a a n n s s . n.e.c 2 2. . 6 3 2 1 . . 0 2 7 3 . . 4 2 2 6 . . 8 1 4 3 . . 3 1 2. . 4 1 2 1 . . 0 5 -.9 .7 1 1 . . 5 5 -2 1 .* .6 2 1.3 * .8 3 1 . . 2 7 - 2 .6 .2 N Funds raised, by sector34 36.7 45.8 60.7 40.5 51.6 3.0 12.1 10.5 14.9 13.7 16.4 21.5 8.0 N 0 Consumer and nonprofit 11.7 11.9 20.3 16.2 15.7 2.1 5.1 4.0 5.1 1.1 4.6 3.1 6.8 1.9 P Farm business 1.1 1.5 1.8 1.2 1.6 .6 .1 -.3 .6 .9 .4 -.2 .6 Q Noncorporate nonfinancial bus.. 1.2 2.2 3.2 2.2 2.1 * 1.8 -1.9 .9 1.0 2.0 R Corporate nonfinancial business. 13.2 11.8 13.0 12.5 12.7 3.2 3.9 2.8 2.2 4.3 2.8 3.4 2.1 S Federal Government 1.0 9.3 10.7 -1.7 6.7 -4.1 -1.5 1.5 2.4 -3.1 .3 5.5 4.1 .3 T State and local government 4.8 5.7 5.0 4.0| 5.4! 1.1 .9 1.6 .5 1.4 1.0 1.7 1.3 2.2 U Financial sectors 2.3 1.1 5.9 4.0! 4.6| _ 2 1.7 .6 2.0 -1.0 1.5 1.1 3.0 * V Rest of the world 1.4 2.3 2.0| 2.7 13 .5 .4 .7 .7 .1 .8 1.2 .8 W Funds advanced, by sector34 36.5 45.8 60.9 40.6! 51.6J 3.0 12.1 10.5 14.9 13.6 16.4 21.5 8.0 X Y C Fa o r n m su a m n e d r n a o n n d c o n r o p n . p b ro u f s it iness.... 8. . 3 1 - 4 .1 .7 12 . . 1 9 2 ?ii 2.0! - 3 .4 . -.9 .3 _ 1 .0 2 -2.0 .4 -.4 .4 -1.1 .2 - 1 .1 .4 1. . 2 4 - 2 .4 .6 a Z C Fe o d rp er o a r l a t G e o n v o e n r f n i m na e n n c t ial business., 2. . 4 6 1 . . 8 7 6 3 .4 11 .2 * -1 1 .1 .4 -2.0 .4 1 . . 6 0 -1.4 . . 6 1 -1 1 .2 .2 1 1. . 8 2 . . 3 6 b State and local government 2.2 1.5 3.4 2.2! 1.1 .9 * .3 .5 .3 .3 1.4 c d Co M m o m n e e r t c a i r a y l b au an th k o i r n i g ti e s s ystem.... 4.3 1 2 7 . . 2 0 5. . 6 3 io!o| 1 1 7 . . 5 4 - - 1 7 . . 4 9 5 1 . . 2 2 4. . 8 5 7. . 8 4 - - 4 . . 7 7 6. . 8 5 7. . 1 5 8 1 . . 3 1 -2.5 .2 e Commercial banks 5'. 14.9 5.3 .7! 16.0 -6.4 4.0 4.3 7.4 -4.0 6.2 6.6 7.1 -2.8 f Securities 1.3 10.4 -7.2 9.31 8.6 -5.6 2 3.7 4.0 -1.6 3.7 5.2 1.3 -1.8 g Loans28 3.8 4.5 12.5 2.4\ 7.4\ -.9 3.7 .7 3.4 -2.4\ 2.5 1.3 5.8 -1.0 h 1 S In a s v u in ra g n s c i e n s s t e it c u to ti r o . ns 7 8 . . 2 4 9 9. . 0 3 1 1 0 0 . . 7 1 6 9 . . 9 3 \ | 1 1 2 0 . . 7 O ! j 2 2. . 7 2 i 2 2 . . 6 7 2 2 . . 2 6 2.8 2 3. . 0 2 2 3 . . 7 3 3 3. . 1 0 2 3. . 3 6 j k F R i e n s a t n o c f e t n h . e e . w c orld. 2. . 3 6 1.9 4 3 . . 6 4| 1 5 0. . 2 0 ) | 3.7! . . 5 7 . . 3 8 1 . . 3 8 -•H 1.5 2 1. .7 0 1 . . 2 9 -.2.1 i 12i For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1059 Notes to Tables 1, 2, and 3—cont. 26 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 2 7 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. 1 • For description, see p. 852 of BULLETIN for August 1959. 29 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 30 For coverage, see p. 856 of BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 31 Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of demand 32 Farm and noncorporate business net saving are zero on annual deposit and currency liability on a net bank-record basis. For further basis. Quarterly figures represent only seasonal net saving. discussion, see p. 852 of BULLETIN for August 1959. 3 3 Data for excluded categories—trade credit, proprietors' net invest- 20 At commercial and mutual savings banks and Postal Savings System. ment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and 21 Shares in savings and loan associations and credit unions. Supplement No. 5. 22 Consumer-held only; includes net interest accruals. Savings bonds 34 For sector transactions in specific instruments, see Tables 1 and 4. held by other sectors included in Federal obligations category. 3 5 Mainly time deposits of State, and local governments, corporate 23 Private and Federal Government life insurance. Estimated as equal businesses, and savings institutions. to changes in reserves against life insurance policies and supplementary 3 6 Includes life insurance issued by fraternal orders not shown sepacontracts and in policy dividend accumulations. rately. All assets in these categories are treated as consumer holdings. 24 Private pension plans and railroad and govt. employee retirement 3 7 Marketable issues maturing within one year. funds. Estimated as equal to changes in reserves of pension plans ad- 3 8 Excludes loans to domestic commercial banks. Consists of mortministered by life insurance companies and in assets of other private gages, consumer credit, security credit, other loans, and bank loans, n.e.c. plans and of railroad and govt. employee retirement funds. Gross of valuation reserves. 2 5 Excludes Federal debt held by Federal agencies, consumer-held NOTE.—Back data available in Flow-of-Funds Supplement No. 5. savings bonds, special notes issued to IMF, and currency items in public debt; includes Federal agency debt and accrued interest on Treasury bills and on savings bonds (other than consumer-held). TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] I960' 1961 1962 Category 1957r 1958 r 1959 r 1960r 1961 r I II III IV 11^ III' IV (A) Consumer and nonprofit organization sector A Current receipts 331.8 339.6 362.9 380.0 395.0 92.3 94.6 95.9 97.3 94.7 97.4 99.8 103.1 101.0 A B Income receipts * 298.4 311.7 333.4 348.2 359.1 84.4 86.7 88.0 89.1 85.7 88.4 90.8 94.2 91.6 B C Transfer receipts2 33.4 27.9 29.5 31.7 35.9 7.9 7.9 7.9 8.1 9.0 9.0 9.0 8.9 9.4 C D Income taxes and other deductions.. 45.9 45.5 50.5 56.2 57.7 14.4 16.8 13.6 11.4 14.0 17.4 14.0 12.3 15.6 D E Taxes less tax refunds3 39.1 38.5 42.5 46.8 47.8 11.6 14.0 11.5 9.6 11.1 14.5 11.9 10.4 12.4 E F Pension and OASI deductions*... 6.8 7.0 8.1 9.4 9.9 2.7 2.7 2.2 1.8 2.9 2.8 2.2 2.0 3.2 F G Cur. receipts after deduct. (A—D).. 285.8 294.1 312.3 323.8 337.3 77.9 77.8 82.2 85.8 80.7 80.0 85.8 90.7 85.4 G H Cur. expend, for goods and serv.s.. 223.3 233.2 246.6 259.3 269.2 60.9 64.2 64.0 70.2 63.6 65.7 66.4 73.4 66.5 H I Net life insurance premiums* .... 3.0 2.9 3.3 3.3 3.3 .7 .7 .8 1.0 .7 .7 .9 .9 .7 I J Current surolus (G—H—Yl 59 5 58 0 62.3 61.2 64.8 16.3 12.8 17.4 14.6 16.3 13.5 18.5 16.4 18.2 J K Insurance and retirement credits7... 9.1 10.0 11.5 11.2 11.7 2.7 3.0 2.7 2.8 2.8 3.1 2.6 3.2 2.7 K L Capital consumption • 40.0 41.6 43.5 45.5 46.9 11.3 11.3 11.4 11.5 11.6 11.7 11.8 11.9 12.0 L M Net saving (J+K—L) 28.6 26.5 30.4 26.9 29.6 7.7 4.5 8.8 5.9 7.5 5.0 9.4 7.7 9.0 M N Gross saving (L-f-M) 68.6 68.0 73.9 72.4 76.5 19.0 15.8 20.2 17.4 19.1 16.7 21.2 19.6 20.9 N O Gross investment (P-f-T) 73.2 74.3 78.4 75.8 81.6 19.2 15.8 20.4 20.4 19.6 17.8 21.3 22.9 24.7 O P Capital expend, (net of sales).. 58.5 55.4 65.7 66.5 63.8 15.6 16.4 16.0 18.5 13.9 15.5 15.2 19.2 15.6 P Q Residential construction 15.6 15.3 19.2 18.5 16.7 4.6 4.2 4.8 4.9 4 0 3.8 4.1 4.7 4.3 Q R Consumer durable goods 40.4 37.3 43.6 44.8 43.7 10.2 11.5 10.3 12.8 9 1 10.9 10.2 13.6 10.4 R S Plant and equip, (nonprofit) 2.5 2.7 2.9 3.2 3.4 .7 .8 .9 Q .8 .8 •9 .9 .8 S Y T Net financial investment (U—j) 14.7 18.9 12.8 9.4 17.8 3.7 4.4 4.5 1.9 5.7 2.3 6.1 3.7 9.1 T V U Ne D t e a m cq a u nd is . d o e f p fi o n s a i n ts . a a n s d se t c s u * rrency. 2 - 6 .9 .5 3 2 0 . . 5 9 33 1. . 0 1 25. . 6 3 33 1 . . 6 4 -2 5 . . 4 7 -1.1 8 1 . . 5 8 6 2 . . 9 0 6.9 - 6 .9 .9 9 1 . . 3 8 10. . 5 8 1 - 1 .8 .1 V U W Fixed-value redeem, claims.... 9.8 13.3 9.4 12.4 18.6 1.7 3.4 3.0 4.2 4^0 5.9 3.4 5.3 6.7 W X Time deposits 6.5 7.5 4.0 4.4 8.6 .3 1.0 1.6 1.4 1.8 3.1 1.8 2.0 4.5 X Y Savings shares ... 5.2 6.4 7.1 8.2 9.2 1.6 2.5 1.4 2.8 2.0 2.6 1.5 3.1 2.1 Y Z U.S. savings bonds * * -1.9 -.5 -1.8 -.3 .8 -.2 j * .1 .3 .1 .2 .2 .2 Z a Saving through life insurance... 2.8 3.4 3.7 3.6 3.8 .8 .8 1.0 1.0 1.0 .9 1.0 .9 .9 a b Saving through pension funds.. 6.4 7.0 7.9 7.7 8.2 1.9 2.2 1.8 1.8 1.8 2.3 1.7 2.3 1.8 b c Cr. and equity mkt. instr.1 * 8.3 4.7 12.9 2.0 2.0 3.8 -.9 1.0 -2.0 .4 -1.1 1.4 1.3 2.6 c d Federal obligations 1.3 -1.4 8.4 -2.7 — 9 1.7 -1.5 -.8 -2.1 _ 5 -2.4 1.1 1.0 .9 d o f C St o a r t p e o a ra n t d e lo a c n a d l fo o r b e l i i g g n a ti b o o n n s d . s .. . 2 1 . . 1 3 1. . 0 9 1. . 7 2 1. . 1 9 . ' 5 .2 . . 8 2 .4 2 . . 3 7 -.2 -A 7 * __ . 2 2 .5 i -.2 .8 e f g Corporate stock 1.7 1.9 1.0 .3 .7 .4 -!i .3 -A '.5 !5 A -'A • 5 g h Mortgages .... 1.9 2.2 1.7 2.3 1.3 .8 .6 .4 .5 .4 2 .3 i Net invest, in noncorp. bus .2 j 1 8 4 4 i j I I j Net increase in liabilities 11.8 12.0 20.3 16.2 15.8 2.1 5.7 4.0 5.1 1.2 4.7 3.1 6.8 1.9 j k Consumer 11.4 11.4 19.9 15.9 15.3 2.0 5.0 3.9 5.0 1.1 4.6 3.1 6.6 1.8 k 1 1-4 family mortgages 8.7 9.6 13.1 10.8 11.9 2.9 2.4 2 7 2.8 2.7 2.8 2.8 3.6 3.3 1 m Consumer credit 2.6 .1 6.2 4.4 1.4 -.7 2.4 !8 1.9 — 2 1 1.0 .2 2.4 1.5 m n Security credit -.4 1.1 * -.1 1.3 -.4 .1 . 1 ~'.3 -.1 .4 -.2 n o p No O np th r e o r fi t l o o a r n g s a 1 n 2 izations13 .4 5 . . 6 4 . . 6 5 . . 3 8 . . 6 5 .2 .2 2 .1 1 2 • A % .1 1 . . 2 1 . . 2 2 o p q Discrepancy (N — O) -4.6 -6.3 -4.6 -3.5 -5.. -.2 -.3 -3.0 -1.1 -•2 -3.3 -3.8 q For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1060 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] 1960 ' 1961 1962 Category 1957' 1958' 1959' I960' 1961 II III IV lr Ur Ulr IV (B) Farm business sector A Net income 8.7 10.6 8.6 9.3 10.4 1.5 1.8 2.7 3.3 2.1 2.1 2.7 3.3l 2.1 A. B Proprietors' income withdrawals14.. 8.7 10.6 8.6 9.3 10.4 2.0 2.4 2.4 2.5 2.5 2.5 2.6 2.6 B C Net saving (A-B)is -.6 .3 .8 -.4 -.4 .1 -.5 C D Capital consumption 3.9 4.0 4.2 4.2 4.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 D E Currentsurplus=grosssaving(C-f-D) 3.9 4.0 4.2 4.2 4.1 .5 .4 1.3 1.8 .6 .6 1.1 1.8 .5 E F Gross investment (G+J) 3.9 4.0 4.2 4.2 4.1 .5 .4 1.3 1.8 .6 .6 1.1 1.8 .5 F G Capital expenditures 4.7 5.4 4.7 4.6 4.8 1.1 1.2 1.2 1.0 1.2 1.4 1.3 1.0 2.2 G H Construction and equipment16... 4.0 4.4 4.6 4.2 4.6 1.1 1.2 1.1 .9 1.1 1.3 1.2 .9 1.1 H I Change in inventories .9 .1 .3 .2 .1 .1 .1 .1 .1 * I Net financial investment (K—L) -.9 -1.4 -.6 - .4 -.7 - .6 -.8 .2 .8 -.6 -.8 -.1 .Si -.6 J N N e e t t i a n c c q r u e i a s s . e o f i n f l i i n a a b n il c it i i a e l s assets17... -.1 .7 1. . 7 3 -.4 .2 2 -.1 .6 -.1 .5 / - - .1 .2 -.1 g .8 * ./ * — * . • pi ' K L Credit market instruments 1.1 1.5 1.2 1.7 .6 A .9 .4 .6 M T Pr r B O M o ad p a t o e h r n r i e k e t d r g t e l o a l b o o g r t a s e a n ' s n s n s e n * t 9 . e i . n c v .1 e 8 stment -.5 . . . . 2 1 6 3 . . . . . 6 2 1 7 1 -1.7 . . . . 9 2 1 7 -1. . . . . 1 1 9 2 1 -1 1 . . 1 . A . 1 2 3 -.3 . . . . 3 2 2 1 -'.3 . . 3 3 - - A .3 .2 - - - . . . 2 3 3 _ . . , . 4 2 2 3 3 -.3 . . 3 1 * * -.3; -.3 . . . 3 2 1 2 N O § P • (C) Noncorporate nonfinancial business sector A Net income20 38.5 38.1 40.5 39.8 40.5 9.6 11.1 9.6 10.2 10.8 9.0 9.0 11.8 9.8 B Proprietors' income withdrawals2*.. 38.5 38.] 40.5 39.8 40.5 10.0 10.0 9.9 9.8 9.8 10.0 10.2 10.5 10.6 C Net saving (A-B)is -.8 .5 -1.0 .3 1.0 -1.0 -1.2 1.3 D Capital consumption 8.1 8.0 8.4 8.7 8.9 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.2 E Current surplus = gross saving (C+E>) 8.0 8.4 8.7 8.9 1.3 2.7 1.2 2.5 3.2 1.2 1.0 3.6 1.4 F Gross investment (G+J)... 8.1 8.0 8.4 8.7 8.9 2.3 2.7 1.2 2.5 3.2 1.2 1.0 3.6 1.4 F G Capital expenditures... 9.6 8.7 11.1 11.7 11.5 3.6 3.3 2.8 2.0 2.6 3.2 3.2 2.5 3.3 G H Plant and equipment22.. 9.4 9.0 10.7 10.8 11.4 2.2 3.3 2.8 2.5 2.1 3. 3.2 3.0 2.4 H I Change in inventories20. .2 2 .4 .9 .1 1.4 -.5 .5 -.5 .9 I J Net financial investment(K—N) -1.5 -2.7 -3.0 -2.6 -2.5 -1.6 .5 .6 -2.2 1.0 -1.8 J K L M Ne D C t o e a m n c s q a u u n m i d s. e r d o e f c p r fi o e n d s a i i t n t s c i a a n l d a s c s u e r t r s ency. . . . 1 9 8 .9 I -.6 -.' . 3 1 A .2 - - - A . . 4 4 - - - . . A 2 2 A .3 j -A . . 2 2 * -.1 * .5 * - -. . 4 4 M K L N Net increase in liabilities 2.4 1.6 2.0 2.9 2.9 .9 1.4 2 -1.0 2.2 -A .5 7.5 N O Credit market instruments 1.2 2.2 3.2 2.2 2. -.3 U8 -1.9 .9 2.2 -.5 * O T P Q S R T Pr r M B O o ad p a t o e h r n r i e k e t d r g t e l o a I o b g r o a t s a e 2 n ' * s n s n s e 2 n t 3 . e i . n c vestment.... -.2 . . . . 9 5 5 7 - - 1 . . 5 1 . . . 6 5 1 -1 1 . . 1 . . 5 9 8 - 1 1 .1 . . . 0 3 7 1. . . . 6 1 4 7 * 1. . . 5 5 2 -2 1 . . 2 . . . 1 2 2 5 -2.0 . . 1 7 * . . .2 5 5 1 1 . . . . . . 0 0 2 7 2 2 -2 2 1 . . . 7 . . , 0 4 5 2 2 - 1 .4 . . . . 3 1 2 3 s T P S t - (D) Corporate nonfinancial business sector A Profits2o 36.1 31.4 40.8 38.5 38.6 9.7 10.1 9.5 9.2 7.7 10.0 9.7 11.2 10.1 A B Profits tax payments (net)25.... 21.2 18.9 18.1 21.0 19.1 6.7 6.2 4.2 3.9 6.1 5.4 3.8 3.8 6.0 B; C Net dividend payments26 9.6 9.4 10.4 11.0 11.2 2.8 2.6 2.7 2.8 2.8 2.7 2.7 3.0 3.0 C D Net saving (A-B-C) 5.3 3.1 12.3 6.5 8.3 .2 1.3 2.5 2.4 -1.2 1.9 3.2 4.4 1.2 D E Capital consumption 21.0 21.9 23.3 25.0 26.6 6.1 6.3 6.2 6.4 6.4 6.6 6.7 6.9 6.9 E F Current surplus = gross saving (D+E) 26.3 25.0 35.6 31.4 34.9 6.3 7.6 5.2 8.5 9.9 11.3 8.1 F G Gross investment (H-f M).. 24.6 19.9 30.3 26.2 28.2 6.2 6.0 6.9 7.2 3.5 8.0 7.9 8.8 7.5 G H Capital expenditures.. . 32.9 23.8 34.0 35.6 32.0 9.6 8.6 7.9 7.5 6.5 7.7 8.6 9.1\ 9.3 H J I Fix P e l d a n i t n v an e d st m eq en u t ipment.. 3 3 1 2 . . 6 3 2 2 5 6 . . 0 4 2 2 7 6 . . 9 3 2 3 9 0. . 7 4 2 3 8 0 . .3 1 6 6. . 4 3 7 8 . . 7 4 7 7 . . 9 4 8 8 . . 0 2 6 6. . 1 0 7 7. . 1 9 7 7 . . 0 9 y 6 6 . . 5 5 J I K Other .7 1.4 1.6 1.3 2.2 -.1 .7 .5 .2 * .8 .9 * K L Change in inventories20. .6 -2.6 6.1 2.8 1.8 3.3 n .5 -.2 .7 2.7 L M Net financial investment. (N—V) -8.2 -3.9 -3.7 -7.4 -3.8 -3.4 -2.6 -2. -.3 -3.0 .3 - .7 -.3 -1.8 M N O Ne D t e a m cq a u n i d s. d o e f p fi o n s a it n s c i a a n l d a s c s u e r t r s ency. 4.2 10 1 . . 4 5 - 1 1 2 . . 0 4 -1 2 . . 2 4 11.3 - - 1 3 . . 4 3 . . 7 6 1.2 1 1 . . 9 5 - - 2 3 . . 0 8 4 1 . . 8 0 2. A 9 5 3 . . 6 4 - - 1 4 .3 .5 N O Time deposits .9 -.4 1.3 -.1 * .5 1.4 .3 .2 -.6 1.2 P Credit market instruments27... 6.4 -1.9 -.1 -.2 -1.1 .4 1.0 -1.4 .6 -1.2 1.8 .3 2 C Fe o d n e s r u a m l e o r b l c i r g e a d t i i t ons .2 -.2 .5 4. . 4 8 -3.0 .3 -.9 .2 -1 -. . 2 1 -1.5 .4 - -1 2 . . 7 0 1. . 2 3 2 .5 -1. . 3 2 1. . 4 7 — 1 .4 1 T s T F r o O a r d e t e i h g e c n r r e l i o d n a i v t n e s s t ( m fin e a n n ts c 2 e 8 paper).. 2 1 . . . 1 5 3 6 1. . 1 0 * 6 1 . . . 1 4 4 3 1. . . 7 0 5 7 1 . . . 6 7 1 1 1. . . 5 3 1 .4 - - 2 . . 1 1 . . 4 4 -1 -. . 4 7 .6 -\.9 _ 2 ^ .3 1 5 - 3 .2 . . 2 4 -.2 . . 5 5 i 1. . \ 5 2 l U Net increase in liabilities^ 12.4 14.2 16.1 9.8 15.1 2.1 3.3 2.2 2.3 1.0 4.5 3.7 5.9 .5 V V Credit and equity market instr.. 13.2 11.8 13.0 12.5 12.7 3.2 3.9 2.6 2.8 2.2 4.3 2.8 3.4 2.1 W W Corporate bonds 6.4 5.8 3.1 3.6 4.3 .5 .9 .8 1.4 .4 1.8 .7 1.4 .9 X X Corporate stock 2.4 2.3 2.3 1.8 2.7 .4 .5 .6 .3 .7 1.4 .6 .1 .2 Y M Ba o n r k tg l a o g a e n s s n.e.c 2 1. . 8 0 3. . 2 4 3 3. . 8 4 3 2. . 6 1 3 1 . . 5 6 1. . 2 5 1 1. . 1 0 . . 9 4 .7 * . . 3 6 . . 9 2 1. . 1 1 1 . . 8 1 -.1 .7 Z Other Ioans30 .5 .1 .5 1.5 .6 .7 .4 -.1 A .2 * .3 .1 A Trade debt -.9 2.4 3.0 -2.9 2.4 -1.2 -.7 -.5 c -.1 ,2 .9 2.5 -1.6 Discrepancy (F-G) 1.6 5.1 5.3 5.2 6.7 .1 1.6 1.6 l.7i .4 2.0 2.6 .6 Memo: Profits tax accruals25 18.9 16.2 20.7 19.4 19.4 5.1 5.1 4.7 4.5 3.9! 4.9 4.9 5.7 5.1 For>otes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1061 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] I960' 1961 1962 Category 1957' 1958 r 1959 r I960' 1961r II in IV II' III IV (E) Federal Government sector75 A Tax receipts (net of refunds) 71.0 67.9 72.2 79.8 78.7 21.5 23.1 18.5 16.7 20.1 22.9 18.3 17.3 21.4 A B Individual income 35.6 34.9 38.5 41.8 42.5 10.4 12.4 10.3 8.6 9.9 12.8 10.6 9.2 11.0 B C Corporate profits 22.4 20.4 20.0 23.2 21.0 7.5 6.7 4.6 4.3 6.8 6.1 4.1 4.1 6.7 C D Other3i 13.0 12.6 13.7 14.9 15.1 3.5 4.0 3.5 3.8 3.4 4.0 3.7 4.0 3.7 D Social insurance programs 3 2 9.8 9.8 12.3 14.9 15.6 4.6 4.5 3.4 2.4 4.8 4.6 3.4 2.8 5.5 E F P B r e e n m ef i i u ts m p s a r i e d ceived 9.2 12.6 12.9 14.1 16.9 3.5 3.5 3.5 3.6 4.3 4.4 4.1 4.1 4.5 Life insurance and retirements programs 3 3 1. 1.8 1.9 1.9 2.0 .5 .5 .5 .5 .5 .5 .5 .5 .5 G G Premiums received. 2.0 2.2 2.4 2.6 2.9 .6 .7 .7 .7 .6 .8 .7 .7 H H Benefits paid Net grants and donations paid 3*.. 11.6 13.4 14.6 14.5 16.6 3.2 3.4 3.7 4.1 3.6 4.1 4.1 4.8 4.2 I Net interest paid35 5.7 5.4 6.3 7.0 6.5 1.8 1.8 1.8 1.7 1.7 1.6 1.6 1.5 1.7 J Othe s r e n rv et i c p e u s3 r * chases of goods and 50.0 52.6 53.6 53.2 57.4 13.0 13.5 13.4 13.2 13.8 14.7 14.2 14.7 15.5 K Construction expenditures 3.0 3.4 3.7 3.7 3.8 .7 .9 1.0 1.0 .8 1.0 1.0 .9 .7 L Other 47.2 50.2 49.6 49.8 53.6 11.3 12.0 12.8 13.0 13.6 13.2 13.8 14.8 M Current surplus (A, E, and G, 13.6 Cr l e e d s i s t s F im an p d u t H ed th to r o c u o g n h s u K m ) ers37.,. 4. . 3 6 -6 1 . . 9 0 -3 1 . . 5 0 5 1. . 0 3 -4 1 . . 2 0 4. . 5 1 5. . 2 7 -.7 .1 -3.6 1. . 1 1 2.6 -2.6 .1 -5.3 * . . 8 1 N O Gross and net saving (N —O) 3.7 -7.9 -4.5 4.3 -5.2 4.4 4.5 -.9 1.0! l!8 -2.7 -5.3 .7 P -3i7 j Netfinan. investment (R—X)., 3.6 8.2 -5.1 3.8 -5.8 4.0 4.8 -.8 l.H .7 -1.0 -6.6 * Q Net acquis. offinan. assets 3.2 1.6 6.1 3.9 3.3 3 4.4 .7 -4.3 -1.5 2.1 3.7 -1.0 7.0 R T S D Cr e e m di a t n d m a d r e k p e o t si i ts n s a t n ru d m c e u n rr t e s n .. c . y . 2. . 4 2 1. A 7 3. . 8 7 2. . 4 9 2. . 8 3 -'.4 * 2 1 . . 8 4 . A 2 - - 1 1 .0 .7 -1.7 .2 2. . 0 1 2 1 . . 4 2 -2 1 . . 3 2 . . 3 6 T S U V w Ot O M he t o r h r e t f r g i n a I a g o n e a c s n i 3 s a 3 l 8 9 assets4o, 1. . . 4 9 6 - 1 .3 . . 4 3 2 1 1 . . . 2 6 6 1 1. . . 1 2 6 2. . . 2 6 2 -.3 . . 3 2 1. . . 0 3 2 . . . 3 1 1 . . . 6 3 3 A * -.1 .2 1. . . 0 2 1 . . . 4 8 1 . . . 3 3 2 W U V .2 Y X z Ne F t ix i P n e o c d s r - e t v a a a l s l e s u a e i v n r i n e li g d a e b d e i e l m i p ti a o e b s s l i e ts claims. -2 - - . . 4 . 3 2 -' 9 .2 .7 n - 1 - 2 1 . . 2 . 0 2 - - . . 2 4 .1 - 9 .1 . . 1 7 -4 - . ! 3 ! 9 - - . . 4 2 I 7.5 3.3 -2.7 .2 1. ' 4 * 4. . 8 2 * 5. . 6 2 * 1. A 0 * X Y Z a Consumer-held svgs. bonds1* -1.9 -.5 -1. -.3 -.2 -'A .3 A .2 .2 .2 a b Co i n n s s u u m ra e n r c e s a a v n in d g r e th ti r r o . u f g u h n d li s fe .... .6 1.0 1.0 1.0 1.0 .1 .7 .1 .8 .1 * * b c d Fe S d h er o a r l t - o te b r l m ig a d t i i r o e n c s t 4 4 1 2 , , 5 1 . . 5 4 -1 9 . . 2 0 1 5 1 . . 5 3 - - 2 5. .2 1 6 1 . . 5 3 - -7 4 . . 4 1 - - 1 2 . . 4 1 5 1 . . 3 2 -3.3 .9 4. . 8 6 5 1 . . 8 0 4 3 . . 7 5 .1 d c e Other direct and guaranteed., -6.2 10.7 3.6 3.0 -5.5 3.5 * -3.4 2.8 -3.7 -4.5 4.2 -1.5 -1.1 f Nonguaranteed43 , 2. 5 2.2 .7 — 2 .7 -.7 .2 -.5 .4 .5 .3 .4 O O t t h h e e r r l l o ia a b ns i 4 l 4 ities45............. -.4 .3 A - 1 .6 .6 1.2 .7 -.1 -.1 .5 .3 .3 . . 2 2 -.3 .2 - - 1 . . 2 0 1. . 3 6 . . 2 5 Discrepancy (P — Q). .1 .6 .5 .4 -.4 -.1 .6 -.1 1.1 -1.7 1.3 .7 i Memo: Assets of OASI fund -.1 -1.7 .2 -.6 -.1 -.1 4 .6; _ 2 1 Q -.4 j Ne & t a T c r c e r a u s e . d bi i l n l t s erest on sav. bds. | i .1 .1 .2 .2 .1 k 1 (F) State and local government sector Tax receipts46 29.4 31.0 33.5 37.4 39.4 9.1 9.6 9.3 9.5 9.5 9.8 10.1 10.4 A Net insurance and grants receipts47 1.0 2.0 3.1 2.5 2.9 .3 .6 .9 .7 .5 .6 .9 .9 .6 B Net interest paid .5 .6 .7 .7 .7 .2 .2 .2 .2 .2 .2: .2 .2 .2 C Other net purchases of goods and services36 31.9 35.8 38.1 40.5 43.8 9.1 10.1 10.6 10.6 10.0 10.9l 11.3 ,, .7 10.8 D Construction and land 12.1 13.3 14.0 13.9 13.2 2.5 3.5 4.2 3.6 2.4 3.3 4.0 3.6 2.5 E Other by govt. enterprises -1.8 19 -2.1 -2.2 -2.4 -.5 -.6 -.6 -.6 -.6 -.6 -.6 —.6 -.6 F Other by general government... 21.7 24'.4 26.2 28.8 33.0 7.1 7.2 6.9 7.6 8.1 8.2 7.9 8.8 8.9 G C C G r u r e o r d s re s it n a t i n m s d u p r n u p e te l t u d s s a t v o ( i n A c g o + n (H B su — - m C I) e - rs D 48 ) . . .. . . . - - 3 2 1 . . . 6 1 6 - -5 3 1 . . . 0 3 7 - - 2 4 1 . . . 1 0 9 - - 1 3 2 . . . 3 4 1 - - 2 4 2 . . . 2 5 3 -.4 . . 1 5 - - . . 2 7 .5 - - 1 . . 6 . 1 5 - - 1 . . 6 . 1 5 -.1 .6 >7-1 -. . 5 0 .6 - - 1 . . 8 3 .6 -1 —. . . 9 6 5 -.6 .6 * H J I K Net Jinan, investment (L — S).. -3.8 -5.1 -3.4 -2.4 -4.2 -.4 -.6 -2.0 .6 -1.2 -.1 -2.9 * -1.9 K L iVef acqquiiss.. oofffifninaann. .assets 2.8 2.5 3.5 3.8 3.7 1.2 .9 .1 7.6 .8 1.6 -.6 /.8 1.0 L M Demandd depositsand currency .2 .2 .5 .2 .6 * -A 2 .8 -.5 .6 -.9 .3 1.1 M N Time deeppoossits A .8 -.4 1.4 .9 .2 A .3 .5 .3 A * .2 .6 N O Credit market instruments.... 2.2 1.5 3.4 2.2 2.2 1.1 .9 * .3 1.0 .5 .3 .3 1.4 O P Q S F t e a d t e e r a a l n d o b l l o i c g a a l t i o o b ns ligations.. . . 5 5 -A .5 1. . 8 4 . . 2 3 . . 2 2 . . 7 1 . . 3 1 $ -.2 .1 . . 5 1 .1 * — < 1 1 . . 2 1 1. . 0 1 Q P R Other4* 1.1 1.4 1.2 1.7 1.8 .3 .5 .*4 .4 .4 .5 .4 .4 R S Net increase in liabilities 6.6 7.6 7.0 6.2 7.9 1.6 7.5 2.1 1.0 2.0 1.6 2.3 1.9 2.8 S T State and local obligations.... 4.6 5.5 4.7 3.7 5.1 1.0 .8 1.5 .5 1.4 .9 1.7 1.2 2.1 T U Short-term .4 .4 .3 * .4 .1 2 .3 -.2 .3 -.3 .5 .3 U V Other 4.2 5.1 4.4 3.7 4.7 .9 i!o 1.2 .6 1.1 1.2 1.2 1.3 1.8 V w Consumer saving through retirement funds 1.6 1.7 1.9 2.1 2.3 .5 .5 .5 .5 .6 .6 .6 .6 .6 W Other liabilitiesso .4 .4 .3 .4 .4 .1 .2 .1 * .1 .2 .1 .1 .2 X Y Discrepancy (J — K).. .2 .1 -.6 -.9 -.4 * -.1 .9 -1.7 .5 -1.0 1.6 -1 .5 1.3 Y For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1062 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] 1960r 1961 1962 Category 1957 1959' I960' 1961' 1 II III IV (G) Commercial banking and monetary authorities sector A Net operating surplus 3.5 3.5 4.0 4.5 4.1 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.0 B Profits tax & net div. pymts.5 * 2.1 2.4 2.6 3.0 2.9 .9 .7 .7 .7 .8 .6 .7 C Current surplus = gross saving (A—B)52 1.4 1.1 1.4 1.2 .2 .5 .4 .2 C D Gross investment (E+F). 1.1 1.3 2.4 2.4 2.1 1.0 .8 -.2 2.0 D E Capital expenditures. .4 .4 .4 .4 .1 .1 .1 .1 E F Netfinancial invest. (G-W)... .9 2.0 2.0 1.6 .8 .7 i -.3 1.9 F G Net acquis. of finan. assets 5i.... 5.4 14.7 4.6 8.4 77.01 -7 .8 5.1 4.2 6.9 -5.0\ 7.1 7.0 7.9 — ~> G H Gold and official U. S. Foreign exchange -2.3 -1 .1 -1.7 _ 7 * -A -.3 -.3 -.5 _ 2 H I Credit market instruments.... 4.3 17.0 5.6 10.0 ll'.4 -j.9 5.2 4.8| 7.8 — 4.7i 6.'8 7.1 8.31 -2.5 I J Federal obligations -.6 10.0 H 1 2.7 7.3 -6 .9 1.8 3.8 4.0 -3.2! 4.0 4.8 1.8 -3.0 J K Monetary authorities -.7 2.2 '.3 .7 7.5 -1 .4 1.2 .5 .4 -.7 ,6\ .5 7.7 K L Commercial banks .2 7.9 -7 .4 2.0 5.8 -5 .5 .5 3.3 3.6 -2.5\ 3.4\ 4.3 .7 -3.2 L M Short-term direct42 1.9 .9 -3 .1 3.5 -4 .6 -.9 5.0 4.1 -.4; 2.8 -1.4 -.8 M N Other direct and guar. . -2.2 6.9 -3 .9 -1.4 _ .6 1.5 -1.6 -.7 -2.0; 1.3 2.1 -2.4 N O Nonguaranteed43 .5 .1 —.5 -.1 _ .3 * -.1 .3 -.li .2 * O 2 P C S M t o a o r t r p e t . g a a a n g n d e d s l f o o c r a e l i g o n b l b ig o a n t d io s. n s . . . . 1. . 0 6 _ 2 2 . . 6 1 i _ 2 . . . 4 2 6 ~A .6 2 1 . . 8 6 * _ .1 * j - _ !i .2 2 "".2 .4 -.1 .4 . i 9 i . . 3 5 * ""is .9 -.1 . . 7 5 . 1. . 4 4 R Q P Consumer credit 1.2 .2 2.8 .5 ."3 .9 A .5 1 -.2 * S T s U S O B e a t c h n u e k r r s i t l y l o o a l a o n n a s s n * n s 4 .e.c - - 2 . . 1 2 .3 1. . . 2 4 5 _ 7 . . . 2 4 5 2 1 . . . 8 5 3 3 1 1 . . . 1 1 1 -1 . . 1 5 * 2. . . 0 1 4 -.9 . . 4 5 1 1 . . 5 0 2 1 . . . 2 1 4 - 1 .3 . . 3 9 -.1 . . 2 8 3 1 1 . . . 2 1 0 - -. . 6 8 .1 U T V V W X Y Z Ne T D O t i e t i m D D D D D h n m c e e u u u u u . C r r D e e e e e e d d u e l a e t t i t t t r m e s a o o o p o o r p e b e a o . o r o U c i n n s i e l o t n t n i c i d s . h h t t n S e y t i s e e l e t d s . i o r r s a u e s & s G f b p m 5 * i o w o 7 6 l e c s i v r o t u i i s t r e t r s l s . , r d " en n c e y t5 's 5. . . - - - 1 7 4 5 5 . . . . 8 . 1 7 . . . 7 5 2 2 2 1 5 5 5 8 2 3 5 . . . . . . . . 2 . 8 6 0 4 6 8 2 4 * — 2 3 1 1 1 . . . . . . . . . . . 7 6 6 1 3 2 8 3 1 0 4 - - 6 . 5 2 3 1 . . . . ' . . 4 8 6 2 . 7 5 9 1 9 5 5 4 2 5 6 . . . . . . . . . . 5 3 4 6 2 8 6 7 4 3 * - - - - - 8 8 7 6 1 — _ — . . . . . . . . . . 7 8 7 4 7 1 4 1 1 3 * - -. 4 2 2 1 6 . . 3 . . . 4 . . . . 5 7 5 3 9 6 3 * 3 2 1 1 1 1 1 ' . . . . . . . . 9 2 5 1 3 0 2 2 7 -1 - 6 4 6 5 2 1 1 . . . 1 . . . . . . 5 . . 9 1 9 2 0 1 1 3 9 - - - - - -. 5 6 1 8 2 5 1 1 6 . . . . . . . . . 4 9 1 8 1 9 0 0 1 - 2 2 7 3 3 1 1 .1 . . . . . . . . . 4 0 3 8 6 6 5 6 9 -> 5 3 1 1 1 1 1 . . . . . . . . . 7 2 8 8 4 3 4 1 5 * -2 - 6 8 7 7 1 1 . . 1 3 . . . . . . . . 8 4 7 5 2 3 8 9 - - - - 8 - 8 2 8 . 5 3 1 . 4 . . . 5 . . . 9 6 8 • . 6 7 9 2 * 2 W Y X Z h Discrepancy (C—D) -.3 -1 .0 -.9911 -.9 - .8 -.4 -.1 .3 .41 -1.7 (H) Nonbank financial sectors " A Current surplus*» 9.3 9.3 10.5 10.4 10.5 3.6 2.3 3.3 A B Credits imputed to consumers59.. 7.0 7.4 8.7 8.0 8.4 2.0 2.5 2.0 B C Gross laving (A—B)*2 2.3 1.9 1.8 2.4 2.1 1.6 -.2 1.3 C D Gross investment (E+F) 2.6 3.8 2.8 3.9 3.8 1.2 .2 1.1 D E Capital expend, (insur. sector) .4 .3 .4 .4 .4 .1 . I .1 E F Net financial invest. (G-Z).. . 2.2 3.5 2.4 3.5 3.4 1.1 .1 1.0 F G Net acquis. of finan. assets 18.5 21.4 25.5 25.6 28.4 5.1 9.1 5.6 G By subsector: H Mutual savings banks 1.8 2.6 1.5 1.6 2.2 .4 A 1.0 H I S & L assns. & cr. unions... 5.6 7.5 8.8 8.3 10.9 1.5 3.4 2.2 I Life insurance companies... 4.9 5.2 5.2 5.4 5.8 1.2 1.7 1.4 J K Other insurance companies.. 1.0 1.2 1.9 1.5 1.6 .4 A .3 K L Noninsured pension funds. . 2.8 2.9 3.2 3.4 3.5 1.0 1.1 .8 L M Finance n.e.c 2.4 2.0 4.9 5.3 4.4 .6 2.0 -.1 M By type: N Demand dep. and currency. .3 .7 .1 .5 1.2 -.4 .9 -.2 O Cr. and equity mkt. instr.. . 18.0 20.2 25.4 24.5 26.5 5.4 7.9 5.8 P Federal obligations -.3 .9 .9 .1 .4 .3 .7 Q State and local oblig .9 1.1 1.6 1.5 1.4 .3 .6 Q R Corp. and foreign bonds.. 5.2 4.8 3.5 3.6 3.7 .2 R S Corporate stock 2.1 2.3 3.1 3.1 4.1 .4 .6 S T 1- to 4-family mortgages.. 6.3 8.0 9.7 8.8 11.3 1.8 3.1 2.1 T U Other mortgages 1.5 2.2 2.4 2.8 3.0 .7 1.0 U V Consumer credit 1.1 -.5 2.4 2.2 .5 .5 .5 V W Security credit -.2 1.0 * * 1.1 .3 — .2 w X Other Ioans6° 1..4 .2 1.7 2.5 .9 lil X Y Other financial assets61 .2 .6 .6 .7 i3 Y Net increase in liabilities 18.0 23.1 22.2 25.0 9.0 4.6 Z Dep. in mutual savings bks 2.3 1.2 1.4 2.1 .3 .5 Savings shares 5.2 6.6 7.2 8.1 9.4 1.6 3.3 2.1 Saving through life insurance.. 2.7 3.3 3.6 3.5 3.7 .8 .9 .9 Saving through pension funds. 4.4 4.4 5.2 4.7 4.9 1.3 1.7 1.1 Cr. and equity mkt. instr,62... 2.1 1.0 5.8 3.9 4.4 _ 2 2.8 1 Corporate bonds .6 .1 1.0 1.4 .8 i4 .2 .1 Corporate stock 1.2 1.6 1.8 1.5 2.0 .5 .7 .9 B O Se a p c n e u k n r s i t m y lo a a c r r n k e s e d t n it p .e a .c per63 -.4 . . 5 1 -1.1 .6 1 1. . 6 5 _ . . 5 9 3 . . 9 1 * -1 - 1 . . 2 5 .2 . . 8 7 -.6 .9 1 Mi F s H ce L ll B a n lo eo an u s s 6 t 4 o S & L assns.6 -.2 .6 . . 4 7 -.6 .3 -.2 - -. . 2 5 m Discrep. & unident. assets (C—D). -1.9 -1.0 -1.4 -1.7 .4 -.3 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1063 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] 1960 r 1961 1962 Category 1957' 1958' 1959 r I960' 1961' III iv ! \r (I) Rest-of-world sector 6 5 A Net purch. of goods and sery. (B—Q 5.4j 1.8 2 3.4 4.6 .4 .7 .5 1.8 1.4 1.2 .5 1.5 1.0 A B Purch. of goods and services«*... 26.3 22.9 23'.3 26.6 27.5 6.2 6.8 6.5 7.1 6.7 6.8 6.5 7.5 6.9 B C Sales of goods and services... 20.91 21. 23.5 23.2 22.9 5.7 6.0 6.0 5.4 5.31 5.6 6.1 6.0 5.9 C D Net unilateral receipts*6 1.9| 1.9 2.1 2.1 2.2 .5 .5 .5 .5 .51 .6 .5 .5 .6 D E Current surplus (D+A) -3.5! .1 2.3 -1.3 -2.4 * -.2 .1 -1.2 .7 .1 -1.0 -.4 E F !Set financial investment (G — IS) -4.2 - .3 1.7 — .7 -1.8 * - .7 2 9 -2 — -.7 F G Net acquis. offinan. assets.... -./! 3.5 5.8 4.3 3.2 .8 1.0 1.2 1.i2\ .51 .9 G H Gold -.8 2.3 1 1 1.7 .9 * .6 .4! .3 H I U.S. dem. dep. and currency... .2 * 1 .4 -.4 * * .2 I J Time deposits * .9 -.9 .3 .6 -.2 .2 .3 J K Federal obligations .2 .1 3.0 .5 .4 .3 -.2 .1 * K L Other credit market instr.*7.... .4 .4 .8 .4 .4 .1 .2 .1 L M Misc. financial assets*8 i '.3 2.2 1.0 .6 .7 .8 * .2 M Net increase in liabilities 4.1 3.8 4.1 5.0 5.0 .9 1.1 1.1 7 1.0 1.5 N Official U.S. foreign exhange6^ .1 2 _ i .1 O Securities .5 1.2 .7 .1 .8 .3 .2 .1 .1 2 !i .2 O P Loans 7 0 , .9 1.1 .2 1.4 2.0 .1 .4 .3 .6 1 .6 .6 P Q Miscellaneous7 J 2.8 1.5 3.3 3.0 2.2 .6 .6 .7 1.2 4 .4 .6 Q R Discrepancy (E-F)7- .7 .4 .5 -.6 -.6 .1 -.1 -.1 -.5 3 .2 .3 S Memo: Unilateral transfers in kind7 2.9 2.7 2.3 2.2 2.0 .6 .7 .4 .6 7 .4 .5 1 Payrolls, interest, dividends, and income withdrawals from unincor- 45 Treasury currency liabilities, trade debt, and misc. liabilities (special porated business. IMF notes, misc. deposits, and private equity in Govt. enterprises). 2 Grant and donation receipts of consumers and nonprofit organiza- 46 Excludes employment taxes. tions (net of transfers within the sector), social insurance benefits, and 47 Receipts of Federal Government grants; payments of direct relief benefits from private pension and government retirement funds. and other transfers; and receipts and payments in connection with 3 Federal, State, and local income and estate and gift taxes. government employee retirement, unemployment insurance, and cash 4 Mainly employee contributions to OASI and to private pension and sickness compensation programs. government retirement funds. 48 In connection with saving through govt. employee retirement funds. 5 Figures include net operating outlays of nonprofit organizations and 49 Corporate bonds and mortgages. net transfer payments abroad. 5 0 Trade debt and loans from Federal Government. 6 Net of dividends on and benefits from private life insurance and 51 Includes payment to Treasury on F. R. notes outstanding. individual annuity policies and Government life insurance. 52 Net saving is less than line C by the amount of capital consumption, 7 In connection with consumer saving through life insurance, private about $0.1 billion a year. pension funds, railroad retirement, and government employee retirement. 53 Includes misc. and Treasury currency assets not shown separately. 8 For details, see Table 2, lines J-L. 54 Open market paper, CCC-guaranteed loans, and CCC certificates of 9 Breakdown by consumer and nonprofit not available. interest. 1 ° Includes net accruals of interest. 5 5 Net of Federal Reserve float and cash items in process of collection 1! Includes net free credit balances with brokers not shown separately. as reported by commercial banks. 12 Policy loans and hypothecated deposits. 56 Bank-record basis, net of bank float; differs from sector demand 13 Consists of commercial mortgages, bank loans, loan&/rom Govern- deposits and currency assets (shown in Table 3 and in nonbank sector ment, and trade debt. ' accounts in Table 4) principally because of mail float. 1 4 Estimated as equal to seasonally adjusted net farm income, 57 Mainly stock issues and balances due to own foreign branches. is See Table 2, note 32. 5 8 Includes premiums on life insurance and private pension plans, less 16 Includes farm residential construction. benefit payments and policy dividends. 17 Mainly demand deposits and currency. 5 9 In connection with consumer saving through life insurance and 18 Excludes CCC-guaranteed loans. See p. 840 of Bun ETTN for August pension funds. 1959. 60 Mainly finance company loans to business and insurance policy loans. 19 Government loans; excludes CCC nonrecourse loans. 6* Trade credit, time deposits, savings shares, and miscellaneous assets. 20 After inventory valuation adjustment. ^2 Lines /, j, and most of / are liabilities of finance companies; line g, 2 2 1 2 I E n s c t l i u m d a e t s e d b u a s s i n e e q s u s a r l e t s o i d s e e n a t s i o al n a c l o ly n s a t d ru ju c s t t i e o d n . business net income. s b h ro ar k e e s r s o f a o n p d e n d e e a n le d r s i . nvestment companies; and line ht liabilities of security 2 3 Mainly REA and other loans from Federal Government and loans 63 Part of "other loans" category. from finance companies. $4 Deposits at banks in U. S. possessions and agencies of foreign banks. 24 Net of trade receivables. 65 Consolidated; records only transactions with U. S. 2 3 Federal, State, and local taxes on profits. 66 Excludes unilateral transfers in kind, shown in line S. 26 Includes profits paid by U. S. branches to foreign parent corporations 67 Corporate securities, security credit, and acceptances. less profits paid by foreign branches to U. S. parent corporations. *8 Direct investments, unidentified assets, IMF holdings of special 27 Includes State and local obligations not shown separately. U. S. notes, and miscellaneous deposits. 2 * Miscellaneous financial assets (direct investments in foreign branches 69 Convertible foreign currencies held by U. S. Monetary Authorities. and holdings of foreign cash.) 7 ° Security credit, bank loans n.e.c, and other loans (consisting of 29 Includes direct investments from abroad not shown separately. loans from U. S. Government and acceptances). 3 ° Mainly commercial paper and loans from finance companies. 71 Direct investments, foreign currency and deposits held by U. S. 31 Mainly excise taxes and customs receipts: also includes estate and domestic sectors, and other liabilities. gift taxes. 72 "Errors and omissions" in U. S. balance-of-payments statement. 32 OASI, disability insurance, and unemployment programs. Line E 73 Grants in the form of goods and services by U. S. Government and includes Federal employment taxes; line JF, Federal benefit payments to private individuals and institutions. consumers. 74 For detail by subsector, see Supplement No. 5. 33 Veterans' life insurance and Government employee and railroad re- 7 5 Table 8E is derived partly from national income data and partly tirement funds. Line G excludes Government contributions to these funds. from the data underlying the Treasury Dept. cash budget; discrepancy 3* Transfer payments (other than insurance benefits) to individuals, (line i) represents differences in treatment between these two sources of plus net cash unilateral transfers to foreign countries, grants-in-aid to information. Lines B and D through M are from national income; State and local governments, and subsidies to business. since line C is profit tax payments rather than accruals, line N is Federal 3 5 Includes net accruals on savings bonds and Treasury bills. surplus in national income accounts plus excess of profit tax receipts over 3 * Purchases less sales for general govt. and govt. enterprises, including accruals. outlays for tangible capital and (for Federal Govt.) net disbursements to Net cash borrowing in Treasury cash budget corresponds closely to farmers in form of CCC-direct and guaranteed loans. lines Y-f c — k. Cash deficit is net cash borrowing less line S except for 3 7 In connection with saving through Government life insurance and minor differences in treatment. Lines T, W, g, and h are components of Government employee and railroad retirement funds. outgo in cash budget except for small amounts included in cash receipts. 3* Mainly on 1- to 4-family and farm properties. Lines O and b are imputed transactions not recorded in either national 3'Mainly loans to business sectors, to foreign and State and local income accounts or Treasury cash budget. governments, and to savings and loan associations (by FHLB). Excludes NOTE.—"Liabilities" covers equity as well as debt claims. CCC-guaranteed loans other than those on tobacco. 40 Treasury currency assets, time deposits, trade credit, and mis- For descriptions of sectors, of capital expenditures, and of financial cellaneous (mainly foreign cash and subscription to IMF). transaction categories, see notes to corresponding items in Tables 1, 2, 4* See Table 1, note 25. 42 See Table 3, note 37. and 3, pp. 984, 985, 987, and "Technical Notes," pp. 846-59 of BULLETIN 43 Securities and notes issued by FNMA, Federal land banks, home for August 1959. For discussion of saving and investment concepts, loans banks, intermediate credit banks, banks for cooperatives, and TV A. see p. 834 of BULLETIN for August 1959. 44 CCC-guaranteed bank loans and CCC certificates of interest. Back data available in Flow-of-Funds Supplement No. 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 5. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1961 [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p d e r c o n t f o i o t r n- Farm» cor N po o r n a - te * Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g c i 3 al ins S t a it v u i t n i g o s ns4 Insurance5 F n in .e a .c n . c e e R s w e e s o c t r t - o l o d r f- se A ct l o l rs a c D n re i c s p y - - 7 i s N n a a v v n a e i t d n i s . t g ment Transaction s s s 2»8 category U S U S U S U U U S U S U S U S U U S U S U 76.5 4.1 8.J) 34.9 -5.2 -4.5 1.3 .9 2.0 -.9 10-3.4 115.5 H2.5 117.9 A B Capital Consumption** 46.9 4.1 8.9 26.6 .3 86.8 86.8 B C Net saving (A-B) 29.6 8.3 -5^2 -4.5 .9 "2^0 "-".9 -2.4 28.7 31.1 C D Gross investment (E+J)2 81.6 4.1 8.9 28.3 -5.8 -4.1 2.1 .9 2.7 .2 -1.8 116.9 -3.9 114.8 D E Private capital expenditures (net of sales)1^ 63.8 4.8 11.5 32.0 .4 .4 113.0 113.0 E F Consumer durable goods... 43.7 43.7 43.7 F G Nonfarm resident, constr.i*. 16.7 2.2 2 2 21 0 21.0 G H Plant and equipment 3.4 4 6 9 2 28.1 .4 .4 46.1 46.1 H I Change in inventories15.... .2 .1 1.8 2.1 2.1 I J Net financial invest. (K-L)... 17.8 -.7 -3.6 -3.8 -5.8 -4.1 1.6 .9 2.3 .2 -1.8 3.9 -3.9 161.8 J K L N N e e t t i a n c c q r u e i a s s . e o i f n f i l n ia a b n . . 1 7 assets 33.6 15^8 -.1 .6 .2 2.9 11.3 15.1 3.3 9.1 3.7 "7^8 17.0 15^3 13.1 13^3 10.9 '"i.i 4.3 4^1 3.3 s!o 100.6 96~7 -3 5 . . 3 0 K L M Gold, off. U.S. foreign exch. & Treas. curr.1^.... i .1 -.6 .9 .1 .2 .2 i -.7 M N Dem. dep. and currency^.. ' l.i -J '"".9 !3 '""5 '"".2 .4 4.8 5.6 '.8 -.4 N O Fixed-value redeem, claims.. 18.6 1.3 * .7 .9 9.4 .2 11.5 .6 21.7 21.7 -.6 O p Time deposits2** 8 6 1.3 * -.1 .9 9.4 2.1 .6 11.5 11.5 -.6 P Q R U Sa . v S in . g s s a v s i h n a g r s e s b ^ o ! nds22.... 9. . 2 8 8 .2 9.4 9. . 4 8 9. . 4 8 :::::: 2 S Saving through life insur.23 . 3.8 .1 3.7 3.8 3.8 S T Saving through pen. funds2*. 8.2 .9 2.3 4.9 8.2 8.2 T U Credit and equity mkt. instr.. 2.0 15.7 1.7 .1 2.1 -.1 12.7 2.8 6.7 2.2 5.4 17.4 .2 12.0 .6 10.7 3.7 3.7 .8 2.7 51.6 51.6 * 1.9 U V Federal obligations25 -.9 -.9 6.5 .2 7.3 .5 i -.1 .4 6.5 6.5 -.4 V Y Z a W X S C C O 1 t - o o t a h t r r t o p e e p r o . 4 a r - a n m f a n d a t o d m e l r o t f i s c g o l t y a a r o l e g c m i k o e g s b o n l r i b t g g a o a t n g io d e n s s s . . . . . - 1 .3 . . . . 6 2 5 7 1L . 9 1 1A ...... .... 1 . . . 5 .4 4 2 3 ^ . . . 7 4 1 3 '"".2 A '"" 1 .2 . . . 4 2 2 5.1 '"" 2 .8 . . S 8 * .2 - 9 1 .1 . . 2 1 7 * 3 2 1 1 1 . . . . 5 7 4 5 2 - 1 .1 . . . 3 6 3 * '"" 2 .8 .0 .3 * . . 4 3 1 5 5 5 6 2 . . . . 1 5 2 1 1 1 5 5 5 6 2 . . . . 1 5 2 1 1 .4 • W X Y Z a b Consumer credit 1.4 '"".2 5 .6 1.4 1.4 * b c Security credit26 1 1 3 1 1 1.1 ""!9 * * 2.2 2.2 c d Bank loans n.e.c.2? .3 .:* .1 *L6 3.1 .1 ...... .7 3.1 3.1 .7 d e Other loans28 .6 .4 1 5 O 0 .3 1.1 .7 "A 1.3 4.3 4.3 • 1.2 e f Trade credit .1 .1 7.6 **\ .3 .1 7.7 3.0 -4.7 g Proprietors' net invest, in noncorporate business*... -.4 -l.i — 4 * h Misc. financial trans.30 i.i "A ]3 *3 .1 4 .4 .6 2.2 3.0 3.0 1.6 h i Sector discrepancies (A—D)3i. -5.1 6.7 6 -.4 -.9 ] —. 7 -1.1 -.6 -1.5 3.1 i NOTE.—U= uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions Descriptions of sectors and of transactionscategories are given in notes to tables and in "Technical Notes," of assets; financial sources of funds, net changes in liabilities. pp. 846-59 of BULLETIN for August 1959. For discussion of saving and investment concepts see pp. 831-43 of BULLETIN for August 1959. For other notes see pp. 1056, 1057, and 1059. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 6. STRUCTURE OF FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1961 [Amounts outstanding at end of year; in billions of dollars] Sector C n o o s n n e a c p s n u t r d o m o r f e it r Fa r r ^ m onrlnan c c o i r N a p l o o b n r u - a s t i e ness C se o c r t p or o s rate F G e < <i v e e r r a n l ment a s n e S d c t t a o lo t r e c s al C b o a m n n k l w e i r n c g i 2 al ifi i n n a s S n t a i c t v i u a i t n l i g o i s n n s s t 3 itut I io n n s s u r s a e n ct c o e r 4 s F n i . n e ance R s w e e o s c t r t - o l o d r f- se A ct l o l rs Transaction category1 A L A L A L A L A L A L A L A L A L A K L T T o o t t a a l l o o f f l a i s a s b e i t l s i t b ie e s l o b w e l 6 ow 6 1070.6 224^3 5.5 17.6 43*8 199,9 •iil.i 54.5 ' 282'. 5 56 6 166; 5 268.9 " 241'. 7 128.8 195.5 i 49 \ 5 63.4 ii i 67.8 2,129.1 1,504.2 L K M Gold, official U. S. foreign exchange, and Treasury currency * .... 2.7 22.5 24.2 .1 46.7 2.9 M Gold and official U. S. foreign exchange • • 17.1 24.2 .1 41.3 Treasury currency * 2.7 5.4 5.5 2.7 N Demand deoosits and currencv 7 64 5 5 5 12 5 3? 4 7 2 12 3 157.7 3.3 3 6 4 3 4 5 150.2 157.7 N O Fixed-value redeemable claims 232 1 3.6 3 47 2 5 5 82.8 1.0 115.0 2.5 245.0 245.0 O P Time deposits8 110.0 3.6 .3 .7 5.5 82.8 .2 38.5 2.5 122.0 122.0 P Q Savings shares9 75.6 9 76.5 76.5 76.5 Q R U. S. savings bonds * ° 46.4 46.4 46.4 46.4 R S Savings in life insurance1 * 94.5 6.6 87.9 94.5 94.5 S T Savings in pension funds *2 98.6 15.0 22.6 61.6 98.6 98.6 T U Credit and equity market instruments. 580.9 222.2 21.7 5.1 47.5 35.2 156.1 37.2 202.2 38.8 76.0 246.0 122.1 2.9 189.9 59.1 26.4 22.2 24.3 1,336.5 779.4 U V Federal obligations13 .... 22.3 19.5 201.3 18.9 97.4 12.6 15.6 3.5 10.9 200.7 201.3 V W State and local obligations 28.3 3.3 7.5 74.2 20.3 .7 13.7 .4 74.2 74.2 W X Corporate and foreign bonds* 9.0 79.1 9.2 1.0 3.6 69.6 2.2 10.3 .5 5.9 95.3 95.3 X Y Corporate stock6 487 2 .9 38.4 21.1 9.6 557.2 Y Z 1- to 4-family mortgages 11.6 146.7 5.1 1.5 7.3 1.6 20.0 83.4 27.3 2.2 153.4 153.4 z a Other mortgages 21.2 1.2 "u.l 18.4 38.1 4.5 1.6 10.4 15.0 19.0 .1 71.9 71.9 a Multifamily and commercial.... 15.4 1.2 18.4 38.1 1.2 1.6 8.6 15.0 15.9 57.7 57.7 Farm 5.9 \4.2 3.4 1.7 3.2 '* 14.2 14.2 3 c b C Se o c n u s r u it m y e c r r c e r d e i d t1 i 4 t 1.2 5 6 7 . . 7 1 5.1 9.6 2 6 1 . . 2 1 5.7 1 5 5 . . 6 7 6.3 .1 .1 5 1 7 3 . . 1 1 5 1 7 3 . . 1 1 b c o d Bank loans n.e.c. '5 2.9 5.3 15.6 31.1 65.0 .2 6.2 3.7 65.0 65.0 d e Other loans1« 7.5 2.2 8.4 2.8 6.2 25.3 .9 1.8 4.7 .2 2.7 6.2 8.3 3.7 1.0 14.7 48.5 48.1 e f Trade credit 2.0 2.6 -3.7 94.0 58.0 1.8 3.4 2.5 2.0 97.8 64.8 f h Miscellaneous finan. instruments*.... 34.7 7.0 8.1 5.5 A i.2 " 2^3 "4.6 '43.'6 59.9 61.3 h z A= Assets, L= Liabilities. 11 Estimated as equal to reserves against life insurance policies and supplementary contracts and policy 1 Lines identified alphabetically correspond to lines in Table 5; unlettered lines indicate detail not dividend accumulations. shown in Table 5. 12 Private pension plans and railroad and govt. employee retirement funds. Estimated as equal to 2 Consolidated account for monetary authorities (Federal Reserve System, ESF, and Treasury currency reserves of pension plans administered by life insurance companies and assets of other private plans and accounts) and commercial banks. of railroad and govt. employee retirement funds. 3 Mutual savings banks, savings and loan associations, and credit unions. 13 Excludes Federal debt held by Federal agencies, consumer-held savings bonds, special notes issued > 4 Life and nonlife insurance companies and private pension plans. to IMF, and currency items in public debt; includes Federal agency debt and accrued interest on Treasury 5 Finance companies, open-end investment companies, security brokers and dealers, banks in U. S. bills and on savings bonds (other than consumer-held). territories and possessions, and U. S. agencies of foreign banks. 14 Loans from banks for purchasing or carrying securities and customer debit and net free credit balances 6 Changes in amounts outstanding for year-end dates do not agree with corresponding flows for some with security brokers. categories. See pp. 851-59 of BULLETIN for August 1959. 15 Mainly commercial, industrial, and agricultural loans (other than open market paper and CCC- 7 Demand deposit liabilities of banking system are net of F. R. Float and cash items in process of collec- guaranteed loans); includes loans to foreign banks, loans to individuals (other than consumer credit), tion as reported by commercial banks. Sum of sector holdings (partly on holder-record basis) differs and other loans. Gross of valuation reserves. Excludes loans to commercial banks. from liability total mainly because of mail float (checks in transit from drawers to drawees). 16 Mainly Federal Government loans (other than mortgages), CCC-guaranteed loans, open market 8 At commercial and mutual savings banks and the Postal Savings System. paper, finance company loans to business, and policy loans on life insurance. Fed 9 1 0 e S r C h a a l o r n o e s b s u li i m g n a e s r t a i - o h v n i e n s ld g c s a o a t n e n g l d y o ; r l o y i a n . n cl u a d ss e o s c i a a c t c io ru n e s d a n in d t e c r r e e s d t i . t u S n a io v n in s g . s bonds held by other sectors included in B N a O c T k E d .— at F a o a r v f a u i r la th b e l r e i d n e s F c l r o ip w t - i o o f n - s F , u s n e d e s " S T u e p ch p n le i m ca e l n N t o N te o s . ," 5. pp. 846-57 of BULLETIN for August 1959. o ON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1066 FLOW OF FUNDS/SAVING TABLE 7. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES [Amounts outstanding at end of year. In billions of dollars] Transaction category, or sector ; 1948r 1949' 1950; 1951 1952r ! 1953r 1954' 1955J 1956 r 1957 r 1958' 1959' I960' 1961 I. Currency and demand deposits A Total liab. of com. bkg. system 2. . 118.9 118.9 124.1 130.9 137.41 137.4 141.9 144.2! 145.9 145.2! 151.Oi 151.9 152.0 157.7 A B Total assets, by sector 113.1 112.7 117.0 123.7 128.5 134. 135.5 137. 145.3 150.2 C Federal Government 4.9 5.2 5.0 5.1 5.4 5. 5.1 4.9 6.9] 7.2 D Other domestic sectors 103.4 102.6 107.3 114.3 118.9 124.6 126.1 127.8 138.5 E Consumer and nonprofit 51.4 49.0 50.8 53.8 56.5 59.0 58. 59. 64.5 F Farm and noncorporate bus.... 15.8 15.8 16.0 17.3 16. 17.1 17.4 17. 18.0 G Corporate nonfinancial business 23.6 24.7 26.2 27.9 28.9 30.9 32.0 32.1 32.4 H State and local government... 7.4 7.6 8.1 8.5 9.7 10.0 10.4 10.6 12.3 I Financial sectors 5.1 5.4 6. 6.7 7. 7.6 8. 8.5 11.1 J Rest of the world 4.8 4.8 4. 4.3 4. 4.3 4.3 4.5 4.5 K Discrepancy (A — B) 5.8 6.2 7. 7. 8.8 7.2 8.6 8. 7.5 II. Fixed-value redeemable claims A Total, by type 117.9 122.0 124.6 128 136.8 145.9 156.9 165.3 174.3 184.4 200.6 245.0 A B Time deposits 58.0 59.2 60.0 62.4 67.0 72.0 77.5 80.4 84.1 90.9 101.4 122.0 B C Savings shares 11.6 13.2 14.8 17. 20.5 24.5 29.4 34.6 40.1 4S .v 51.8 76.5 C D U. S. savings bonds ! 48.3 49.6 49.8 49. 49.2 49.4 50.0 50. 50.1 47.71 46.4 D E Total liabilities, by sector 4 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174.3 184.4 200.6 223.3 245.0 E F Federal Government 51.7 53.0 52.8 52.0 51.9 51.8 52.2 52.2 51.9 49.6 48.9 46.5 47.2 F G Commercial banking 36.1 36.6 36.9 38.6 41.7 45. 48.9 50.3 52.3 57.8 65.8 73.4 82.8 G H Savings institutions 30.0 32.5 34.9 38.1 43.2 48.9 55.7 62.8 70. 77.0 85.9 103.5 115.0 H I Total assets, by sector 4 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174.3 200.6 223.3 245.0 I J Consumer and nonprofit 115.4 119.2 121.5 125. 132.8 140.9 150.6 159.3 168.3 191.7 213.5 232.1 J K Other domestic sectors 5 2.5 2.7 2.7 3.1 3.3 3.7 4.5 4.4 4.4 6.4 7.91 10.4 K L Rest of the world (time deposits) .2 .4 .7 1.3 1 1.7 1.6 2.5 1.9 2.5 L III. Savings in life insurance and pension fundst A Total, by type 69.0 74.8 81.3 88.0 95.7 103.5 112.4 122.0 140.3 153.2 165.8 176.9 193.1 A B Life insurance 52.4 55.0 57.9 60.7 63.9 67. 70. 73.3 79.9 83.3 87.0 90.6 94.5 B C Pension funds 16.6 19.8 23.4 27.3 31.8 36.4 42.3 48.7 60.4 69.9 78.7; 86.2 98.6 C D Total liabilities, by sector 4 * 69.0 74.8 81.3 88.0 95.7 103.5 112.4 122.0 140.3 153.2 165.8 176.8 193.1 E Federal Government 10.5 11.6 12.7 13.6 14.6 15.2 15.3 15.9 17.5 18.5 19.5 20.5 21.6 F State and local government 3.6 4.4 5.2 6.0 6.9 8. 9.3 10.6 13.7 15.6 17.2 19.0 22.0 G Life insurance companies 49.7 52.9 56.2 59.7 63.9 68.0 72.5 77. 86.0 90.7 96.2 100.9 105.9 H Private noninsured pension plans 3.9 4.5 5.9 7.3 10.6 13.6 16.7 21.2 26.51 30.8 34.3 41.4 IV. Credit and equity market instruments Total, by type 453.0 481.4 535.2 582.3 629.4 652.0 756.4 856.1 903.8 1057.5 1149.2 1183.4 A Federal obligations 167.6 168.7 168.4 168.6 172.8 177.8 179.4 180.2 174.6 184.9 195.6 193.7 200.7 B Short-term direct ' 53.4 63.9 66.6 55.6 62.6 79.1 67.3 60.2 67.6 71.9 77.4 72.3 83.7 C Other 114.2 104.8 101.8 113.0 110.2 98.7 112.1 120.0 106.9 113.0 118.2 121.4 117.0 D State and local obligations 25.1 27.5 30.5 32.6 35.4 39.3 43.8 47.3 50.5 60.6 65.4 69.1 74.2 E Corporate and foreign bonds... 35.0 38.2 40.7 44.6 49.5 54.1 57.6 61.4 66.4 80.0 84.3 89.8 95.3 F Corporate stock 8 108.0 120.0 146.0 170.0 186.0 179.0 258.0 317.0 338.0 418.0 454.0 451.0 557.2 G 1- to 4-family mortgages 33.3 37.6 45.2 51.7 58.5 66.1 75.7 88.2 99.0 117.7 130.9 141.3 153.4 H Other mortgages 22.9 25.1 27.6 30.6 32.9 35.2 38.0 41.7 45.5 54.2 60.0 65.8 71.9 I Consumer credit 14.4 17.4 21.5 22.7 27.5 31.4 32.5 38.8 42.3 45.0 51.3 55.8 57.1 J Security credit 3.6 4.4 5.4 5.0 5.7 6.5 8.6 9.6 9.0 10.4 10.5 10.9 13.1 K Bank loans n.e.c 23.6 21.9 27.9 32.6 34.9 33.9 34.2 42.1 47.9 51.4 59.1 61.9 65.0 L Other loans 19.4 20.7 21.9 23.9 26.1 28.6 28.7 29.7 30.6 35.2 38.0 44.2 48.5 M Total liabilities, by sector 4 9 344.2 360.5 388.4 411.8 443.0 472.9 498.1 539.0 566.2 696.2 733.1 779.4 N Consumer and nonprofit 47.2 54.8 67.1 75.4 87.1 99.3 111.0 131.4 146.4 190.4 206.6 222.2 O Farm business 8.0 8.4 9.4 10.7 11.5 11.5 12.3 13.5 14.4 18.9 20.1 21.7 P C N o o r n p c o o r r a p t o e r n a o te n f n i o n n an fi c n i a a n l c b ia u l s i b n u es s s . 5 1 6 9 . . 5 1 5 1 9 9 . . 1 6 2 6 2 5. . 9 1 2 7 3 4 . . 8 0 2 8 5 0. . 9 6 2 8 6 5 . . 1 7 2 9 7 0 . . 5 1 9 3 8 0 . . 2 4 1 3 0 2 9 . . 1 1 1 4 3 0 8 . . 3 5 1 4 4 3 7 . . 9 7 1 4 5 7 6 . . 5 1 g Federal Government 167.9 169.0 168.2 168.6 173.4 180.1 181.6 181.5 176.2 177.2 197.2 195.4 202.2 State and local government.... 25.7 28.0 31.1 33.5 36.6 40.1 44.3 47.8 51.1 55.9 66.6 70.6 76.0 s Financial sectors 6.9 8.2 10.4 10.8 12.5 14.6 15.8 20.6 20.4 21.2 24.5 26.8 29.3 Rest of the world 12.9 13.4 14.3 14.9 15.4 15.5 15.5 15.7 16.6 18.0 20.0 21.9 24.3 T U Total assets, by sector 4 ' o 453.0 481.5 535.2 582.3 629.4 652.0 756.4 856.1 903.8 897.21057. 1149.21183.4 1336.5 V Consumer and nonprofit 154.0 164.4 188.8 210.4 226.1 221.0 291.5 350.3 374.6 492.9 488.4 580.9 W Farm and noncorp. business. .. 2.6 2.8 3.3 3.6 4.0 4.2 4.3 4.4 4.7 4.8 5.0 5.1 X Corporate nonfinancial business 19.0 21.6 25.3 27.3 27.6 29.7 27.7 33.1 29.4 37.2 35.3 35.2 Y Federal Government 15.3 16.6 17.8 19.4 21.0 21.9 21.6 23.0 24.1 32.0 34.4 37.2 Z State and local government.... 11.3 12.3 13.8 15.3 17.4 20.0 22.9 25.0 27.3 34.5 36.6 38.8 Commercial banking system . . . 137.8 139.3 147.7 156.8 166.8 172.2 181.5 186.3 191.0 218.6 228.5 246.0 Monetary authorities 23.5 19.0 20.8 23.8 24.8 26.0 25.1 24.81 25.1 26.8 27.5 29.0 Commercial banks 114.3 120.3 126.9 133.0 142.0 146.2 156.4! 161.4i 165.9 191.7 201.0 217.0 Securities 71.5 76.9 74.1 74.5 77.1 77.7 84.9\ 77.8\ 74.3 78.9 81.2 89.8 Loans 11 42.8 43.5 52.9 58.5 65.0 68.5 71.5\ 83.61 91.6 112.9 119.8 127.2 Savings institutions 32.0 34.5 37.7 40.7 45.8 51.7 58.3 66.5! 73.9 100.8 110.1 122.1 Insurance sector 66.3 72.2 78.7 84.9 92.6 100.5 111.5 121.9| 130.0 162.4 173.1 189.9 Finance n.e.c 10.4 13.0 15.6 16.9 19.6 21.9 26.21 32.5! 34.3 45.5 50.6 59.1 Rest of the world 4.2 4.8 6.5 7.0 8.4 8.9 10.9! 13.1! 14.5 20.4 21.4 22.2 f See p. 1072 note f. to drawees). See Table 8(G), lines d-1, for sector allocation of demand 1 Alphabetic designations of categories correspond to those in Table 3. deposit and currency liability on a net bank-record basis. 2 Demand deposit liabilities of banking system are net of F. R. float 3 Consumer-held only; includes accrued interest. Savings bonds held and cash items in process of collection as reported by commercial banks. by other sectors included in Federal obligations category. Sum of sector holdings (partly on holder-record basis) differs from For other notes see p. 1067. liability total mainly because of mail float (checks in transit from drawers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1067 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES [Amounts outstanding at end of year. In billions of dollars] Category' 1948r 1949r 1950r 1951rj 1952'! 1953ri 1954r 1955r 1956r 1957r \ 1958rj 1959r 1960 1961 (A) Consumer and nonprofit organizations sector U Total financial assets 2 389.8 407.4 442.4 477.5 510.4 522.0 613.4 689.8 733.7] 720.1 857.9 922.0 941.31070.6 V Demand deposits and currency. 51.4 49.0 50.8 53.8 55.9 56.5 59.0 58.2 59.1 58.2 60.9 62.3 62.6 12 64.5 Consumers 48.7 46.2 47.9 50.6 52.6 53.0 55.3 54.5 55.3 54.0 56.7 57.8 58.0 60.0 Nonprofit organizations 2.7 2.8 2.9 3.2 3.3 3.5 3.7 3.7 3.8 4.2 4.2 4.4 4.5 4.5 Fixed-value redeemable claims. 15.4 119.2 121.5 125.2 132.7 140.9 150.6 159.3 168.31 178.1 191.7 201.0 213.5 232.1 Time deposits 155.6 56.4 56.9 59.0 63.2 67.3 71.6 74.8 78.6 85.1 92.6 96.9 101.4 110.0 Svgs. and loan assn. shares. . 10.9 12.4 13.9 16.0 19.0 22.6 27.0 31.8 36.6 41.4 47.2 53.7 61.4 70.0 Credit union shares .6 .7 .8 1.1 1.4 1.7 2.0 2.4 2.9 3.4 3.9 4.4 5.0 5.7 U.S. savings bonds ; 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 46.4 j Savings in life insurance 52.4 55.1 57.9 60.7 63.9 67.1 70.1 73.3 77.1 79.9 83.3 87.0 90.6 94.5 Privatef 46.8 49.4 52.0 54.6 57.7 60.8 64.2 67.5 71.1 73.8 77.1 80.7 84.2 87.9 Government 5.6 5.6 6.0 6.1 6.2 6.3 6.0 5.9 6.0 6.2 6.2 6.3 6.5 6.6 Savings in pension funds 16.6 19.8 23.4 27.3 31.8 36.4 42.3 48.7 54.5 60.4 69.9 78.7 86.2 98.6 Private 8.1 9.4 11.5 13.9 16.5 19.4 23.6 28.0 31.6 35.3 42.0 48.3 53.1 61.6 Government 8.5 10.4 11.9 13.4 15.3 17.0 18.7 20.7 23.0! 25.1 27.9 30.4 33.1 37.0 Credit and equity mkt. instr.1".. . 54.0 164.4 188.8 210.4 226.1 221.0 291.5 350.3 374.61 343.6| 452.1 492.9 488.4 580.9 Federal obligations 117.5 17.2 16.7 15.9 15.7 15.9 13.9 15.9 16.91 18.3 16.7 25.6 23.2 22.3 Direct and guaranteed 17.3 17.0 16.5 15.6 15.4 15.6 13.6 15.0 15.7\ 16.4 15.1 22.5 20.1 19.1 Nonguaranteed .2 .2 .2 .3 .3 .3 .3 .9 1.2 1.9 1.6 3.1 3.1\ 3.2 State and local obligations 14.3 14.7 15.1 15.5 16.6 18.2 19.0 20.7 22.3 24.4 25.3 26.5 28. Oi 28.3 Corporate and foreign bonds.. 6.4 5.8 5.4 5.0 5.2 5.2 4.2 5.4 6.6 7.7 8.1 7.9 8.6 9.0 Corporate stock 4 99.5 109.6 133.7 155.5 169.4 161.5 232.6 285.7 304.5 267.0 373.4 402.2 395.9 487.2 1- to 4-family mortgages 7.2 7.5 7.5 7.8 8.1 8.6 8.9 9.2 9.7 10.6 11.2 11.5 12.0 11.6 Other mortgages 8.5 9.0 9.4 10.0 10.5 11.0 11.7 12.6 13.7 14.7 16.2 17.8 19.6 21.2 Security credit .6 .6 .9 .8 .7 .7 1.0 .9 9 .9 3.2 1.0 1.1 1.2 Total liabilities 48.0 55.6 68.0 76.3 88.3 100.5 112.3 132.8 147.9. 159.8 171.7 192.3 208.5 224.3 Consumer debt (credit mkt. instr.), 46.5 54.0 66.0 74.3 86.0 98.3 109.7 129.3 144.1 155.5 166.9 186.9 202.9 218.1 1 - to 4-family mortgages 28.0 32.1 39.0 46.0 52.6 60.2 69.2 81.5 92.6 101.3 110.9 124.0 134.8 146.7 Consumer credit 14.4 17.4 21.5 22.7 27.5 31.4 32.5 38.8 42.3! 44.81 45.0 51.3 55.8 57.1 Instalment 9.0 11.6 14.7 15.3 19.4 23.0 23.6 28.9 31.6\ 33.71 33.5 39.0 42.6 43.2 Noninstalment 5.5 5.8 6.8 7.4 8.1 8.4 8.9 9.9 10.6\ 11.11 11.5 12.3 13.2 14.0 Security credit 1.5 1.8 2.5 2.4 2.6 3.0 4.1 4.8 4.8] 4.4! 5.5 5.5 5.4 6.7 Other loans 5 2.5 2.7 3.0 3.3 3.4 3.7 3.9 4.2 4.5! 5.0! 5.5 6.1 6.9 7.5 No C n r p e r d o i f t i t m o k r t g . a i n n , s t d r e u b m t ents 1. . 5 8 1. . 6 8 2 1 . . 0 1 2 1 . . 0 1 2 1 . . 3 1 2 1 . . 3 1 2 1 . . 6 3 2 3 . . 0 4 1:51 U 4 3 . . 9 0 5 3 . . 4 5 5 3 . . 7 7. 6 4 . . 2 1 Other mortgages .3 .4 .4 .4 .5 .5 .6 .7 9 1.0 1.1 1.2 Bank loans n.e.c .4 .4 7 7 .6 .6 .7 1.4 .7 .8. 2.3 2.4 2.6! 2.9 Trade credit .8 .8 .9 .9 $.1 1.2 1.3 1.4 1.5 !.7 1 .!* 1.9 2.0; 2.0 1.6 1.7 t See p. 1072, note |. 4 At estimated market price. Annual changes differ from flow figures 1 Lines identified alphabetically correspond to lines in Table 4 (A); shown in Table 4 (A), which reflect only net funds put into securities. unlettered lines indicate detail not shown in Table 4. 5 Predominantly loans on insurance policies. 2 Excludes proprietors' net investment in noncorporate business for NOTE.—Definitions of sectors and transaction categories are given in which no amount outstanding is available. 'Technical Notes," pp. 846-59 of the BULLETIN for August 1959. 3 Consumer-held only; includes accrued interest, and armed forces Back data available in Flow-of-Funds Supplement No. 5. leave bonds prior to 1954. Notes to Table 7 (cont.). 8 At market value. 4 For sector assets and liabilities for each instrument, see Tables 6 and 9 No amounts included for corporate stock. 8 and Supplement No. 5. I ° Includes corporate stock at market value. 5 Mainly time deposits of State and local governments, corporate I1 Excludes loans to domestic commercial banks. Consists of mortbusinesses, and savings institutions. gages, consumer credit, security credit, other loans, and bank loans, n.e.c. 6 Includes life insurance issued by fraternal orders not shown sepa- Gross of valuation reserves. rately. Assets in these categories shown as consumer holdings. 1 2 Discontinuity in level of series; change from 1960 inconsistent with 7 Beginning with 1951, direct marketable issues maturing within one flows shown in other tables. year; prior to 1951, issues maturing or callable within one year. Includes NOTE.—For descriptions of sectors and of transaction categories savings notes prior to their retirement in 1956. see 'Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplement No. 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1068 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category 2 19482 1949' 1950' 1951^| 1952^ 1953r 1954' 1955' 1956' 1957r 1958r 1959r 1960r 1961 ! (B) Farm business sector K Total financial assets 6.7 6.3 6.3 6.5 6.4 6.3 6.2 6.2 6.0 5.9 6.2 5.8 5.6 5.5 Demand deposits and currency... 6.7 6.3 6.3 6.5 6.4 6.3 6.2 6.2 6.0 5.9 6.2 5.8 5.6 5.5 L Total liabilities 3 9.4 10.0 11.2 13.0 13.8 13.6 14.4 15.6 16.5 17.7 19.3 21.3 22.6 24.3 M Credit market instruments 8.0 8.4 9.4 10.7 11.5 11.5 12.3 13.5 14.4 15.5 17.0 18.9 20.1 21.7 N Mortgages 5.3 5.6 6.1 6.7 7.3 7.8 8.3 9.1 9.9 10.5 11.3 12.1 13.1 14.2 O Bank loans n.e.c.4. 1.9 2.0 2.5 3.1 3.2 2.8 2.9 3.3 3.3 3.6 4.2 4.8 5.0 5.3 P Other loans 5 .8 .8 .8 1.0 1.0 1.0 1.1 1.1 1.2 1.4 1.6 1.8 2.0 2.2 Q Trade debt 1.4 1.6 1.8 2.2 2.3 2.1 2.1 2.1 2.1 2.2 2.3 2.4 2.5 2.6 Memo: CCC direct and guaranteed loans not included above 1.2 1.7 .8 1.2 2.4 2.4 1.9 1.6 1.2 2.5 1.2 1.5 1.9 (C) Noncorporate nonfinancial business sector Total financial assets 11.7 12.3 13.0 14.4 14.4 14.6 15.2 15.6 16.2 17.1 18.2 17.6 17.4 17.6 K D Co em ns a u n m d e r d e c p r o ed si i t t s and currency. 9 2 . .6 9 2 . . 5 8 9 3 . . 7 3 1 3 0 . . 6 8 1 4 0. . 4 0 1 4 0. .2 1 4 0 . . 3 9 1 4 1 . . 4 2 1 4 1. . 5 7 1 4 2. . 4 8 1 4 3 . . 7 5 1 4 2. . 7 8 1 4 2. . 4 9 1 5 2. . 5 1 M L Total liabilities 3 16.8 17.5 19.6 20.6 21.4 22.3 24.9 27.8 29.8 31.4 33.2 36.6 40.2 43.8 Credit market instruments 19.0 19.6 22.1 24.0 25.6 26.0 27.5 30.3 32.1 33.3 35.6 40.3 43.9 47.5 1- to 4-family mortgages.... 4.4 4.5 4.9 4.7 4.8 4.8 5.0 5.2 5.0 5.0 5.2 5.2 5.0 5.2 Multifamily and com. migs. 6.2 6.7 7.3 7.9 8.4 9.0 9.7 10.6 11.6 12.6 13.9 15.4 16.8 18.4 Bank loans n.e.c 6.2 5.7 6.7 7.7 8.4 8.1 8.2 9.2 9.8 9.6 10.1 12.6 14.0 15.6 Other loans 6,.. 2.3 2.6 3.2 3.7 4.0 4.2 4.5 5.3 5.7 6.2 6.3 7.0 8.0 8.4 Trade debt, net... -2.2 -2.0 -2.5 -3.4 -4.2 -3.7 -2. -2.5 -2.4 -1.9 -2.4 -3.6 -3.7 -3.7 Trade debt.... 3.6 3.8 4.5 3.8 4. 5.2 6.6 7.2 8.1 8.9 9.2 9.0 8.5 9.0 Trade receivables.......... 5.8 5.8 7.0 7.3 8.4 8.9 9.1 9.7 10.6 10.8 11.6 12.0 12.3 12.7 (D) Corporate nonfinancial business sector N Total financial assets 87.2 92.4 108.2 116.7 122.8 125.8 131.3 149.3 154.7 160.2 171.6 184.7 188.4 199.9 O Demand deposits and currency 23.6 24.7 26.2 27.9 28.7 28.9 30.9 32.0 32.1 32.1 33.6 32.6 31.4 32.4 P Credit market instruments.... 19.0 21.6 25.3 27.3 27.6 29.7 27.7 33.1 29.4 29.9 30.8 37.2 35.3 35.2 Q Federal obligations 14.7 16.7 19.6 20.7 19.9 21.5 19.1 23.5 19.2 19.2 19.0 23.4 20.4 19.5 State and local obligations.. .4 .5 .5 .6 .7 .8 1.0 1.2 1.3 1.5 2.0 2.6 2.9 3.3 R Consumer credit .... . 3.4 3.8 4.6 5.1 5.9 6.1 6.4 7.1 7.5 7.7 8.2 9.1 9.4 9.6 S Other loans. .3 .6 .6 .9 1.2 1.4 1.2 1.2 1.4 1.6 1.7 2.1 2.7 2.8 T Trade credit 33.9 34.3 43.8 47.3 50.6 49.8 53.7 63.8 69.8 71.6 78.1 83.4 86.4 94.0 Time deposits ... .9 .9 .9 .9 .9 .9 1.1 1.0 1.0 1.0 1.6 1.5 2.3 3.6 Miscellaneous 7 9.8 10.9 12.0 13.3 15.0 16.5 17.9 19.5 22.4 25.4 27.5 30.0 32.9 34.7 V Total liabilities 87.1 88.5 101.8 113.5 123.5 128.5 134.9 152.2 167.6 178.4 191.1 203.6 210.3 221.1 W Credit market instruments.... 56.5 59.1 65.9 74.1 80.9 86.0 90.1 98.2 109.1 119.7 129.2 138.5 147.7 156.1 X Corporate bonds 31.3 34.1 35.7 38.9 43.4 46.7 50.1 52.8 56.4 62.7 68.4 71.4 74.9 79.0 1- to 4-family mortgages 8.. .8 .9 1.3 1.1 1.2 1.2 1.4 1.5 1.4 1.4 1.6 1.6 1.4 1.5 Multifamily and com. mtgs.. 11.1 12.4 13.9 15.6 16.7 18.0 19.4 21.3 23.3 25.1 28.1 31.5 34.7 38.1 Bank loans n.e.c. 11.7 10.0 13.1 16.3 17.1 17.1 16.4 19.5 24.8 26.9 27.3 29.8 31.0 31.2 Other loans 9. 1.5 1.7 2.0 2.2 2.4 2.8 2.8 3.0 3.2 3.7 3.8 4.2 5.7 6.2 Trade debt 27.8 26.5 32.8 36.2 39.1 38.8 40.8 49.7 54.0 53.9 57.0 58.5 55.6 58.0 Miscellaneous * ° 2.8 2.9 3.1 3.3 3.5 3.8 4.0 4.3 4.5 4.8 4.9 6.6 6.9 7.0 e Memo: Profits tax liability : 11.1 8.8 16.1 20.6 17.4 18.0 14.8 18.5 16.8 14.6 12.0 14.1 12.5 13.0 1 Lines identified alphabetically correspond to lines in Table 4(B)-(D); 8 Construction loans. unlettered lines indicate detail not shown in Table 4. 9 Mainly loans from finance companies, commercial paper and 2 Includes equity in Federal land banks not shown separately. Government loans. 3 Excludes proprietors' net investment for which amounts outstanding I ° Direct investments of foreign affiliates. are not estimated, I1 Federal taxes on profits. 4 Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for NOTE.—Definitions of sectors and transaction categories are given in August 1959. "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. 5 Government loans; excludes CCC loans. Back data available in Flow-of-Funds Supplement No. 5. 6 Mainly RE A and other loans from Federal Government and loans Details may not add to totals because of rounding. from finance companies. 7 Foreign currency and deposits and direct investments abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1069 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category ] 1948r 1949r 1950r 1951r 1952r 1953 r 1954r 1955 r 1956r 1957r 1958r 1959r 1960r 1961 (E) Federal Government sector R Total financial assets 2 24.2 25.9 27.4 30.1 34.6 33.7 34.0 34.9 36.5 39.7 41.2 47.4 51.2 54.5 S Demand deposits and currency.. 4.9 5.2 5.0 5.1 7.0 5.4 5.7 5.1 4.9 5.2 5.3 6.0 6.9 7.2 Available funds at F. R. Banks. 1.1 .8 .7 .3 .4 .3 .6 .4 .4 .5 .4 .5 .5 .5 Tax and loan accounts 1.9 2.6 2.3 2.7 4.4 3.4 3.5 3.0 2.9 3.1 3.5 4.2 5.2 5.2 Currency and other deposits. . 1.9 1.8 2.0 2.1 2.2 1.7 1.7 1.7 1.6 1.6 1.5 1.3 1.2 1.6 Credit market instruments 15.3 16.6 17.8 19.4 21.0 21.9 21.6 23.0 24.1 26.5 28.2 32.0 34.4 37.2 1- to 4-family mortgages .7 1.2 1.5 2.1 2.5 2.8 2.8 3.0 3.5 4.7 4.7 6.3 7.1 7.3 Other mortgages 3 1.2 1.2 1.3 1.3 1.4 1.7 1.8 2.2 2.5 2.8 3.1 3.7 4.1 4.5 Other loans 13.5 14.2 15.1 16.0 17.1 17.4 17.0 17.8 18. 19.0 20.4 22.0 23.2 25.3 To savings and loan assns.... .5 .4 .8 .8 .9 .9 .9 1.4 1.2 1.3 1.3 2.1 2.0 2.7 To rest of world 9.5 9.9 10.1 10.3 10.6 10.9 10.7 10.6 10.7 11.0 11.6 11.6 12.2 12.9 To others 3.5 3.9 4.2 5.0 5.6 5.6 5.4 5.7 6.2 6.8 7.5 8.3 8.9 9.7 Time deposits A .2 .2 .3 .3 .3 A A .3 .3 .3 .3 .3 .3 Treasury currency assets 4 A A A .1 * * * .1 .1 .1 ,1 Trade credit 5 A 1.3 2.3 2.2 2.4 2.3 2.4 2.3 1.7 1.7 1.8 Miscellaneous 6 3.7 3.8 3.9 3.9 3.9 3.9 3.9 4.1 4.6 5.3 5.6 7.3 7.8 8.1 X Total liabilities 234.6 237.7 239.2 241.7 247.5 254.8 257.1 257.7 252.9 252.4 262.2 273.2 273.3 282.5 X Y Fixed-value redeemable claims. . 51.7 53.0 52.8 52.0 51.9 51.8 52.2 52.2 51.9 49.6 48.9 46.9 46.5 47.2 Y Z Postal savings deposits 3.4 3.3 3.0 2.8 2.7 2.5 2.2 2.0 1.7 1.4 1.2 1.0 .8 .7 Z a Consumer-held svgs. bonds 7 8 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 46.4 a Consumer svgs. in life insurance. 5.6 5.6 6.0 6.1 6.2 6.3 6.0 5.9 6.0 6.2 6.2 6.3 6.5 6.6 Consumer svgs. in retirement fds. 4.9 6.0 6.7 7.5 8.4 9.4 10.0 10.9 11.3 12.3 13.2 14.1 15.0 Credit market instruments 167.9 169.0 168.2 168.6 173.4 180. 181.6 181.5 176.2 177.2 186.5 197.2 195.5 202.2 Federal obligations 9 167.0 168.0 167.8 168.3 172.7 177.9 179.3 180.4 175.3 176.7 185.7 197.0 194.8 201.3 Short-term directl ° 53.4 63.9 66.6 55.6 62.6 79.1 67.3 60.2 67.6 73.1 71.9 77.4 72.3 55.7 Other direct and guaranteed. 112.0 102.6 99.3 110.6 108.0 96.7 109.9 116.5 103.5 97.3 108.0 111.6 114.6 109.0 Nonguaranteed11 1.6 1.5 1.9 2.2 2.1 2.1 2.1 3.6 4.2 6.3 5.8 8.0 7.9 8.6 Other loans 12 .9 1.0 A .3 .7 2.2 2.3 1.2 .9 .5 .2 .7 .9 Trade debt 13 1.1 2.7 2.8 2.6 2.4 2.3 2.6 2.8 2.9 3. 3.4 Treasury currency liability *4. . . 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.6 2.6 2.7 2.7 Miscellaneous liabilities 2.1 1.8 2.0 2.4 2.4 2.6 3.1 3.2 2.8 2.9 4.1 5. 5.5 Deposits of savings and loan associations at FHLB .1 .3 .2 .3 .4 .7 .7 .7 .6 .9 1.2 Demand notes issued to IMF. 1.2 1.0 1.3 1.3 1.3 1.3 1.5 1.6 1.1 .7 .8 2.1 2.5 2.5 Other i-s .5 .5 .7 .7 .8 .9 1.0 1.4 1.3 1.4 1.6 1.8 Memo: Assets of OASI fund. 10.7 11.8 13.7 15.5 17.4 18.7 20.6 21.7 22.5 22.4 20.3 19.7 i I (F) State and local government sector i L Total financial assets 19.9 21.2 23.3 25.4 28.1 31.6 35.3 37.8 40.2! 43.0 45.5 49.2 52.9 56.6 M Demand deposits and currency.. 7.4 7.6 8.1 8.5 9.0 9.7 10.0 10.4 10.6 10.8 11.0 11.6 11.8 12.3 N Time deposits 1.1 1.3 1.4 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 O Credit market instruments 11.3 12.3 13.8 15.3 17.4 20.0 22.9 25.0 27.3 29.4 30.9 34.5 36.6 38.8 P Federal obligations 7.9 8.1 9.7 11.3 12.9 14.6 15.6 16.6 17.2 16.7 18.5 18.7 18.9 Direct and guaranteed 7.9 8.1 9.6 11.2 12.8 14.5 15.4 16.3 16.8 16.4 75.7 18.3 18.4 Nonguaranteed .1 .1 .1 .1 .2 .3 .4 .3 .4 .4 .5 State and local obligations.... 2.6 3.1 3.6 3.8 4.0 4.4 4.7 5.1 5.6 6.1 6.6 7.0 7.2 7.5 Corporate bonds .7 .9 1.1 1.3 1.6 2.0 2.7 3.2 3 4 5.6 6.7 7.9 9.2 1- to 4-family mortgages .1 .2 .2 .3 .4 .5 .5 .6 .8 1.0 1.2 1.4 1.6 Multifamily and com. mtgs... .1 .1 .2 .2 .3 .4 .5 .5 .6 .8 1.0 1.2 1.4 1.6 Total liabilities 30.3 33.5 37.4 40.6 44.8 49.6 55.1 60.1 64.9 71.5 79.2 86.1 92.0 100.5 Credit market instruments 25.7 28.0 31.1 33.5 36.6 40.1 44.3 47.8 51.1 55.9 61.6 66.6 70.6 76.0 State and local obligations.... 25. 27.5 30.5 32.6 35.4 39.3 43.8 47.3 50.5 55.1 60.6 65.4 69.1 74.2 Other loans (Federal Govt.)... .6 .5 .6 .8 1.1 .8 .5 .5 .6 .8 1.0 1.2 1.5 1.8 Trade debt 1.0 1.1 1.2 1.2 1.3 1.4 1.6 1.7 1.8 1.9 2.0 2.3! 2.4 2.5 W Consumer savings in retirement funds 3.6 4.4 5.2 6.0 6.9 8.1 9.3 10.6 12.1 13.7 15,6 17.21 19.0 22.0 W 1 Lines that are identified alphabetically correspond to lines in Table 10 Beginning with 1951, direct marketable issues maturing within one 4(E) and (F); unlettered lines indicate detail not shown in Table 4. year; prior to 1951, issues maturing or callable within one year. Includes 2 Prior to 1950, includes small amounts of savings and loan shares savings notes prior to their retirement in 1956. not shown separately. 11 Securities and notes issued by FNMA, Federal land banks, home 3 Mainly farm mortgages. loan banks, intermediate credit banks, and banks for cooperatives. 4 Silver bullion held at cost in account of Treasurer of the United 12 CCC certificates of interest and liability for CCC-guaranteed loans. States. See discussion on p. 840 of the BULLETIN for August 1959. 5 Prepayments and advances to corporations. 13 Payable to corporations. 6 Mainly Subscriptions to International Monetary Fund and Inter- 14 Seigniorage on silver, deposits with Federal Government for renational Bank for Reconstruction and Development; capital stock of demption of Federal Reserve Bank notes and national bank notes, and Exchange Stabilization Fund; and holdings of foreign cash assets. liability of Federal Government in connection with minor coin and U.JS. 7 Prior to 1954, includes armed forces leave bonds. notes not backed by gold reserves. 8 Includes accrued interest. 15 Private equity in Government enterprises, and miscellaneous trust 9 Excludes Federal debt held by Federal agencies, consumer-held and deposit liabilities. savings bonds, special notes issued to IMF, and currency items in public NOTE.—Definitions of sectors and transaction categories are in "Techdebt; includes Federal agency debt and accrued interest on Treasury bills nical Notes," pp. 846-59 of the BULLETIN for August 1959. and on savings bonds (other than consumer-held). Back data available in Flow-of-Funds Supplements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1070 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category J 1948 1949 1950 1951 1952 ! 1953 1954 1955 1956 1957 1958 | 1959 1960 j 1961 (G) Conrmercial banking and monetary authorities sector A Total financial assets 168.5 175.3 184.4; 194.8 199.1 208.3 213.0 218.1 223.5 238.61 243.4 251.9 268.9 A B Gold and official U. S. foreign exchange 2 24.6 22.8 22.9 23.3 22.1 21.8 21.8 22.1 22.9 20.6 19 17.8 17.1 B C Treasury currency 3 4.4 4.5 4.6 4.7 4.7 4.8 4.9 4.9 5.0 5.1 5.2 5.2 5.4 C D Credit and equity market instr... 139.3 147.7 156.8 166.8 172.1 181.5 186.3 191.0 195.3 212.8 218.6 228.5 246.0 D E Federal obligations 4 87.2 84.5 86.9 89.5 90.7 95.3 88.2 85.2 84.6 95.0 87.4 90.1 97.4 E F Monetary authorities....... 18.9 20.8 23.8 24.7 25.9 25.0 24.8 25.0 24.3 26.4 26.7 27.4 28.9 F G Short-term direct 5 12.0 16.0 13.4 14.8 17.0 19.4 20.7 22 A 21.4 21.0 18.7 15.2 17.6 G H Other direct 6.9 4.8 10.4 10.0 9.0 5.5 4.1 2.9 2.8 5.4 8.0 12.2 11.3 H I Commercial banks 4 68.3 63.7 63.1 64.8 64.8 70.4 63.4 60.2 60.3 68.6 60.7 62.6 68.5 I J Short-term direct 5 26.5 22.2 15.8 19.2 28.2 17.6 9.0 13.8 15.7 16.6 13.6 17.0 24.1 J K Other direct and guar 40.5 39.8 45.7 44.1 35.2 51.4 52.6 44.8 42.5 49.7 45.3 44.0 42.5 K L Nonguaranteed <>..... 1.3 1.7 1.6 1.5 1.3 1.4 1.8 1.6 2.1 2.2 1.7 1.6 1.9 L M State and local obligations 6.5 8.1 9.2 10.2 10.8 12.6 12.7 12.9 13.9 16.5 17.0 17.6 20.3 M N Corp. and foreign bonds 2.1 2.2 2.2 2.1 2.1 1.9 1.7 1.3 1.4 1.3 1.2 1.0 1.0 N O 1- to 4-family mortgages 7.9 9.4 10.2 11.1 11.9 13.2 14.9 16.1 16.2 17.4 19.1 19.2 20.0 O P Other mortgages 3.7 4.2 4.4 4.6 4.8 5.2 5.9 6.4 6.9 7.8 8.9 9.5 10.4 P Q Consumer credit 5.8 7.4 7.5 9.4 10.9 10.9 13.2 14.6 15.8 15.9 18.„ 20.6 21.1 Q R Security loans 2.6 2.9 2.6 3.2 3.6 4.5 5.0 4.3 4.2 4.7 4.9 5. 6.2 R S Bank loans n.e.c ......... 21.9 27.9 32.6 34.9 33.9 34.2 42.1 47.9 50.2 51.4 59.2 61.9 65.0 S T To nonfinancial business.... 17.7 22.3 27.0 28.6 27.9 27.5 32.0 37.9 41.5 41.6 47.3 50.0 52.0 T U To nonbank finan. sectors... 3.1 4.2 4.2 4.9 4.8 5.0 7.3 6.8 6.3 5.2 6.5 6.3 6.4 U V To other sectors 7.......... 1.1 1.4 1.4 1 1.2 1.7 2.8 3.2 2.4 4.6 5.4 5.6 6.6 V w Ot C he C r C l - o g a u n a s ranteed loans 8.... 1 1 . . 0 6 1. .4 2 1. . 3 3 1 .7 2 3 . . 2 4 2 3 . . 3 7 2 1. . 2 4 2. . 3 9 2. . 1 5 2. . 7 8 2. . 1 2 3. . 6 7 4. . 7 9 W X X Open market paper .5 .5 .6 .7 .8 1.0 .8 .8 1.0 1.2 1.2 2.1 2.9 Y Y Secured by hypothecated dep. .2 .3 .4 .4 .4 .5 .5 .6 .6 .6 .7 .7 .8 Z Z Miscellaneous 9 .2 .2 .1 .1 .1 .2 .2 .2 .4 .2 .3 A Total liabilities 155.7 156.2 161.9 170.5 180.0 183.3 191.5 195.2 199.1 203.5 217.2 220.2 226.5 241 7 Demand dep., net, and currency 1 118.9 118.9 124.1 130.9 137.4 137.4 141.9 144.2 145.9 145.2 151.0 151.9 152.0 1577 Due to U. S. Government ] ].. 4.6 5.1 4.6 4.7 6.4 5.1 5.4 4.7 4.8 5.0 5.1 5.8 6.7 6.7 Monetary authorities....... 2.3 2.0 1.8 1.4 1.5 1.0 1.2 1.0 1.1 1.1 .9 .7 . 7 .7 Commercial banks......... 2.3 3.1 2.8 3.4 4.9 4.1 4.2 3.7 3.7 3.9 4.2 5.0 5.9 5.9 Due to rest of the world...... 4.8 4.8 4.7 4.3 4.5 4.2 4.3 4.3 4.5 4.7 4.7 4.8 4.7 4.5 Monetary authorities ll 1.7 1.9 1.7 1.4 1.4 1.3 1.4 1.3 1.2 1.2 1.2 1.3 1.2 1.3 Commercial banks. 3.1 2.9 3.0 2.9 3.1 2.9 3.0 3.0 3.3 3.4 3.5 3.4 3.5 3.3 Due to others il 109.5 109.0 114.8 121.9 126.4 128.0 132.2 135.2 136.6 135.5 141.1 141.4 140.6 146.4 Demand deposits, net 3 °. . .. 84.0 84.2 90.0 96.2 99.6 100.6 105.0 107.5 108.9 107.9 113.1 112.7 112.0 117.1 Currency 25.5 24.8 24.8 25.7 26.8 27.4 27.2 27.6 27.7 27.7 28.1 28.7 28.6 29.3 Time deposits 36.1 36.6 36.9 38.6| 41.7J 45.1 48.9 50.3 52.3 57.8 65.8 67.6 73.4 82.8 Due to U. S. Government .1 .2 .2 .3 .4 .4 .3 .3 .3 .3 .3 .3 Due to rest of the world * .2 .4 '.5 1.3 1.8 1.7 1.6 1.6 2.5 1.6 1.9 2.5 Due to State and loc. govts.... 1.1 1.3 1.4 1.5 | 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 Due to others 13 34.8 35.0 34.9 36.3 39.o' 41.6 44.3 45.9 48.0 53.2 59.4 62.5 66.6 74.6 Other liabilities *4 .6 .7 .8 1.0 .9! .8 .7 .8 .8 .6, .5 .7 1.1 1.2 (G.I) Monetary authorities subsector 15 Total financial assets 53.0 48.6 49.6 52.5! 53.81 53.7 52.5 53.1 53.8 53.9 53.5 53.5! 52.5 54.0 Incl. in consol. sector acct.16.... 52.4 48.0 48. 51.3 52.7! 52.8 51.7 51.4 52.4 52.2 51.5 50.6 51.6 Excl. from consol. sector acct.: F. R. float .5 1.4 1.6 1.7 1.4 1.3 1.6 2.3 F. R. loans to domestic banks. .1 .1 .5 .1 Total liabilities . 52.4 47.7 48.7 51.7 53.0! 52.9 51.7 52.2 52.9 53.0 52.5 52.6 51.7 53.1 I E n x c c l l . . i f n ro c m o n c s o o n l. s o se l. c s to ec r t a o c r c a t c .1 c 7 t.: ! 8 29.7 28.9 28.5 28.6 30.0| 29.9 30.0 30.2 30.2 30.2 30.3 30.9 30.8 31.5 Member bank reserves 20.5 16.6 17.7 20.1 20.0J 20.2 18.9 19.0 19.1 19.0 18.5 18.5 19.6 20.3 Deposits at F. R. Banks 20.5 16.6 17.7 20.1 20.0 20.2 18.9 19.0 19.1 19.0 18.5 18.2 17.1 17.4 aa Vault cash allowed as reserves. .3 2.6 2.9 bb Other vault cash 2.0 2.2 2.7; 2.5 2.7 3.3 3.3 3.2 2.7 bb Capital stock of F. R. Banks.. .2 .2 X .3 .3 .3 .3 .4 .4 .4 cc (G.2) Commercial banks subsector dd Total financial assets 137:S 139.2 147.1 156.1 165.0 169.2 178.2 183.4 188.4 193.9 208.6 213.4 221 ee Incl. in consol. sector acct1* 114 120.4 127.1 133.1 142 146.3 156.6 161.6 166.0 171.2 186.5 192.0 201:! Excl. from consol. sector acct.: ff Demand dep. and currency 2°. 22.5 18.5 19.7 22.7; 22.6, 22.6 21.3 21.5 22.1 22.4 21.7 21.0 20.1 20.7 ff gg Capital stock of F. R. Banks.. .2 .2 .2 • 2j •3! .3 .3 .3 .3 .3 .4 .4 .4 • 4 gg hh Total liabilities 126.6 127.9 134.8 143.1 151.1! 154.4 162.4 166.7 170.6 174.8 188.2 191.3 197.6 212.6 hh ii Incl. in consol. sector acct.21... 126.0 127.3 133.3 141.9 150.0! 153.4 161.6 165.0 168.9 173.4 186.9 189.3 195.7 210.2 Excl. from consol. sector acct.: jj F. R. float22 .5 .5 1.4 1.2 1.0 .9 .8 1.6 1.7 1.4 1.3 1.6 1.8 2.3 kk Borrowings at F. R. Banks.... * * .1 .1 * * .1 .5 * .1 For other notes see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1071 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category ' 1948' 1949' 1950' 1951' 1952' 1953' 1954' 1955' 1956' 1957r I 1958' 1959' I960' 1961 (H) Nonbank financial sectors—total A Total financial assets 115.1 126.5 139.5 150.9 167.0 183.8 206.6 232.1 250.0 265.7 295.1 322.2 348.4 387.7 A B Demand deposits and currency 5.1 5.4 6.1 6.7 6.8 7.2 7.6 8.2 8.5 8.7 9.4 9.4 9.9 11.1 B C Credit and equity mkt. instr... 108.8 119.6 132.0 142.5 158.0 174.2 196.0 220.9 238.2 253.5 281.6 308.7 333.8 371.2 C D Other 1.2 1 4 1.4 1.7 2.1 2.4 2.9 3.0 3.2 3.5 4.1 4.2 4.7 5.4 D E Total liabilities 93.3 100.9 110.4 119.1 131.9 145.8 161.7 181.5 192.6 210.6 229.4 250.6 271.3 298.4 E F Fixed-value redeemable claims. 30.0 32.5 34.9 38.1 43.2 48.9 55.7 62.8 70.1 77.0 85.9 94.0 103.5 115.0 F G Insurance and pension reserves 54.9 58.8 63.5 68.5 74.2 80.2 87.8 95.5 102.6 109.0 119.1 129.0 137.3 149.5 G H Credit and equity mkt. instr... 6.7 8.1 10.3 10.7 12.5 14.5 15.8 20.6 20.3 21.2 20.6 24.5 26.8 29.3 H I Miscellaneous 1.6 1.6 1.7 1.9 2.0 2.1 2.4 2.6 3.1 3.4 4.1 3.1 3.7 4.6 I (H.I) Savings institutions sector 2 A Total financial assets 33.9 36.6 39.8 43.2 48.7 55.0 62.3 70.7 78.3 85.7 95.7 105.8 115.7 12.9 A B Demand deposits and currency. 1.3 1.4 1.4 1.7 1.7 1.8 2.2 2.3 2.5 2.5 2.9 2.6 2.8 3.3 B C Fixed-value redeemable claims 3 .3 .3 .3 .3 .4 .5 .6 .6 .7 .7 .9 1.0 .8 1.0 C D Credit and equity mkt. instr.4.. 32.0 34.5 37.7 40.7 45.8 51.7 58.3 66.5 73.9 81.1 90.4 100.8 110.1 122.1 D E Federal obligations 13.2 13.1 12.5 11.6 11.5 11.4 11.0 11.2 11.3 11.7 12.0 12.5 12.1 12.6 E F Direct and guaranteed 13.1 13.0 12.5 11.6 11.3 11.2 10.9 10.9 10.9 10.9 11.2 77.5 11.0 77.5 F G Nonguaranteed .1 * * * .1 .2 .1 .3 .4 .8 .8 7.7 1.1 7.7 G H State and local obligations 5. 1 i A .1 .3 .4 .6 .6 .7 .7 .7 .7 .7 .7 H 1 Corporate bonds 5 1.9 2.1 2.0 2.2 2.5 2.8 2.9 2.6 2.6 3.2 3.8 3.6 3.8 3.6 I J Corporate stock 5 ? 2 .2 .2 .3 .4 6 7 .7 8 9 8 8 .9 J K 1 - to 4-family mortgages 12.7 14.6 17.5 20.3 24.0 28.5 34.2 41.3 47.2 52.4 58.9 66.8 74.1 83.4 K L Other mortgages 3.4 3.8 4.5 5.3 5.9 6.5 7.1 7.8 8.5 9.1 10.4 11.8 13.3 15.0 L M Consumer credit .5 .6 .9 .9 1.2 1.6 1.8 2.3 2.7 3.2 3.6 4.3 5.1 5.7 M N Miscellaneous 6 .2 .4 .4 .5 .7 .9 1.2 1.2 1.3 1.3 1.6 1.5 1.9 2.3 N O Total liabilities 30.6 33.0 35.8 39.0 44.1 50.0 56.7 64.4 71.4 78.4 87.3 96.4 105.7 117.9 O P Deposits at mutual svgs. banks. 18.4 19.3 20.0 20.9 22.6 24.4 26.4 28.2 30.0 31.7 34.0 35.0 36.4 38.5 P Q Savings shares 11.6 13.2 14.8 17.2 20.5 24.5 29.4 34.6 40.1 45.3 51.8 59.0 67.1 76.5 R Savings and loan assns 11.0 12.5 14.0 16.1 19.2 22.8 27.3 32.2 37.1 41.9 48.0 54.6 62.1 70.9 s S Credit unions .6 .7 .8 1.4 1.7 2.0 2.4 2.9 3.4 3.9 4.4 5.0 .6 T Credit market instr.7 .6 .5 .9 '.9 .9 1.0 1.0 1.6 1.4 1.4 1.4 2.4 2.2 2.9 T (H.2) Insurance sector 2 A Total financial assetst 69.1 75.3 82.0 88.6 96.4 104.6 115.7 126.3 134.5 141.7 155.7 167.6 178.5 195.5 B Demand deposits and currency 2.2 2.3 2.6 2.8 2.9 3.1 3.1 3.2 3.1 3.2 3.4 3.4 3.4 3.6 C Credit and equity mkt. instr... 66.3 72.2 78.7 84.9 92.6 100.5 111.5 121.9 130.0 137.0 150.7 612.4 173.1 189.9 D Federal obligations 23.5 22.7 21.4 19.4 19.1 19.1 18.5 18.2 16.8 15.9 16.2 16.1 15.7 15.6 E Short-term direct 7.7 7.5 1.8 7.5 7.5 1.9 7.5 .9 1.0 1.4 1.6 1.6 1.6 2.2 F Other 22.4 27.2 19.6 77.9 77.5 17.2 77.7 17.3 15.7 14.5 14.6 14.5 14.1 13.4 G State and local obligations.. 1.8 2.3 2.7 3.0 3.4 4.3 5.6 6.6 7.5 8.3 9.3 10.8 12.2 13.7 H Corporate bonds 23.3 26.2 28.8 32.5 36.8 40.8 44.2 46.8 50.5 55.0 59.1 62.6 66.1 69.6 1 Corporate stock 4.4 5.3 6.5 7.4 8.6 9.3 13.2 16.2 17.3 17.1 23.1 27.1 29.6 38.4 J 1- to 4-family mortgages 4.9 6.1 8.6 10.7 11.9 13.3 15.3 17.9 20.5 21.9 23.0 24.4 25.9 27.3 K Other mortgages 6.2 7.2 8.1 9.2 10.0 10.7 11.5 12.5 13.6 14.6 15.5 16.5 17.8 19.0 L Other loans 8 2.1 2.3 2.5 2.7 2.8 3.0 3.3 3.6 3.8 4.3 4.5 5.0 5.8 6.2 M Trade credit9 .7 .7 .7 .8 .9 1.0 1.1 1.2 1.3 1.5 1.6 1.8 1.9 2.0 N Total liabilitiest 54.9 58.8 63.5 68.5 74.2 80.2 87.8 95.5 102.6 109.0 119.1 129.0 137.3 149.5 N O Savings in life insurance 46.8 49.4 52.0 54.6 57.7 60.8 64.1 67.5 71.1 73.8 77.1 80.7 84.2 87.9 O P Savings in pension fundsf 8.1 9.4 11.5 13.9 16.5 19.4 23.6 28.0 31.6 35.3 42.1 48.3 53.1 61.6 P (H.3) Finance n.e.c. sector 2 A Total financial assets 12.1 14.7 17.7 19.1 21.8 24.2 28.6 35.2 37.2 38.8 43.6 48.8 54.2 63.4 A B Demand deposits and currency., 1.7 1.7 2.1 2.3 2.2 2.2 2.4 2.7 2.9 3.0 3.2 3.4 3.7 4.3 B C Credit and equity mkt. instr 10.4 12.9 15.6 16.9 19.6 21.9 26.2 32.5 34.3 35.8 40.5 45.5 50.6 59.1 C D Federal obligations 2.0 1.8 1.7 1.4 1.9 1.8 2.1 1.6 1.8 2.1 2.3 2.1 3.1 3.5 D E State and local obligations .3 .3 .4 .4 .3 .5 .4 .4 .2 .3 .3 .3 .4 .4 E F Corporate bonds .6 1.0 1.0 1.2 1.1 1.0 1.4 1.4 1.4 1.5 1.6 1.8 1.9 2.2 G Corporate stock 1.7 2.4 2.7 3.4 4.0 4.1 6.3 7.9 8.6 8.1 12.3 14.5 15.4 21.1 G H Mortgages .3 .4 .7 .6 .8 .8 1.0 1.6 1.5 1.2 1.7 1.7 1.7 2.3 H T Consumer credit 3.2 4.3 5.3 5.6 7.1 8.6 9.1 11.8 12.8 13.8 12.6 14.3 15.7 15.7 I J Security credit .6 1.0 1.6 1.6 1.7 2.2 3.1 3.6 3.7 3.5 4.5 4.5 4.5 5.6 J K Other loans * ° 1.7 1.7 2.2 2.6 2.8 2.9 2.9 4.2 4.4 5.3 5.2 6.1 7.8 8.3 K L Total liabilities 7.8 9.2 11.1 11.6 13.5 15.6 17.2 21.6 22.1 23.3 22.9 25.2 28.4 31.1 L M Credit market instruments 11. . . 6.1 7.6 9.4 9.8 11.5 13.5 14.8 19.0 19.0 20.0 19.2 22.1 24.6 26.4 M N Corporate bonds 1.0 1.4 1.7 2.0 2.3 3.7 4.0 5.3 6.3 7.1 7.1 8.1 9.5 10.3 N O Security credit 2.0 2.5 2.9 2.6 3.1 3.4 4.4 4.7 4.2 4.3 4.8 4.9 5.4 6.3 O P Bank loans n.e.c 2.6 3.1 4.1 4.1 4.8 4.7 4.9 7.2 6.6 6.2 5.0 6.3 6.0 6.2 P Q Other loans (open mkt. paper) .5 .7 .7 1.1 1.4 1.6 1.5 1.7 1.9 2.3 2.2 2.8 3.7 3.7 o R Miscellaneous ' 2 1.6 1.6 1.7 1.9 2.0 2.1 2.4 2.6 3.1 3.4 3.7 3.1 3.7 4.6 R t See p. 1072 note f. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1072 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category 1 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 (I) Rest-of-the-world sector G Total financial assets 2 24.3 25.4 30.0 30.8 32.7 35.5 39.7 43.0 45.0 44.4 50.9 59.2 64.2 67.8 H Gold 3 10.2 10.5 12.5 12.7 12.6 14.2 15.1 15.9 16.1 16.0 18.9 20.7 22.7 24.2 I U. S. dem. dep. and currency. 4.8 4.8 4.7 4.3 4.5 4.2 4.3 4.3 4.5 4.7 4.7 4.8 4.7 124.5 Deposits of foreign banks. . 2.2 2.1 2.4 1.9 2.0 1.8 2.0 1.9 2.1 2.1 1.9 2.0 1.8 1.6 Other deposits and currency 2.6 2.7 2.4 2.3 2.5 2.5 2.3 2.3 2.4 2.5 2.8 2.7 2.9 2.9 Time deposits * .2 .4 .5 .7 1.3 1.8 1.7 1.6 1.6 2.5 1.6 1.9 2.5 Credit and equity rnkt. instr... 4.2 4.8 6.5 7.0 8.4 8.9 10.9 13.1 14.5 14.2 16.4 20.4 21.4 22.2 K Federal obligations 1.6 1.9 3.1 3.0 4.0 4.5 4.8 5.8 6.7 6.9 6.9 10.0 10.5 10.9 Corporate stock 4 2.3 2.5 2.9 3.4 3.7 3.6 5.3 6.6 7.0 6.1 8.3 9.4 9.3 9.6 Other 5 5.1 5. . 2 4 5. . 9 5 6. . 3 6 6. . 6 6 6. . 9 7 7. . 5 9 8. . 1 7 8. . 3 9 8 1 . . 1 2 8 1 . . 4 1 1 1 1. . 7 1 1 1 3. . 4 6 1 1 4 . . 7 4 Miscellaneous 6 N Total liabilities 7 26.4 28.0 30.2 32.0 34.2 35.7 37.3 39.3 43.6 48.7 52.6 57.2 62.7 67.4 Credit and equity mkt. instr.8. 12.9 13.4 14.3 14.9 15.4 15.5 15.5 15.7 16.6 18.0 19.5 20.0 21.9 24.3 Bonds 4 2.7 2.7 3.3 3.7 3.8 3.7 3.5 3.3 3.7 4.1 4.5 4.9 5.4 5.9 Bank loans n.e.c .6 .7 .7 .8 .8 .7 1.0 1.4 1.8 2.1 2.6 2.9 3.0 3.7 Other loans 9 9.5 10.0 10.2 10.4 10.8 11.0 10.9 10.9 11.2 11.7 12.3 12.2 13.4 14.7 > Miscellaneous 13.5 14.6 15.9 17.1 18.8 20.3 21.8 23.6 27.0 30.7 33.1 37.2 40.8 43.0 U. S. subscription to IMF and IBRD io 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 4.8 4.9 4.9 Other ii 10.1 11.2 12.5 13.7 15.5 16.9 18.4 20.2 23.5 27.3 29.7 32.5 35.9 38.1 1 Lines identified alphabetically correspond to lines in Table 4(1); 7 Beginning with 1961, includes official U. S. foreign exchange holdings unlettered lines indicate detail not shown in Table 4. not shown separately below. Excludes amounts for corporate stock and 2 Excludes amounts for unidentified assets (in miscellaneous category) unidentified liabilities (in miscellaneous category) for which estimates for which estimates of amounts outstanding are not available. of amounts outstanding are not available. 3 Holdings of international institutions and foreign central banks and 8 Includes security credit not shown separately. governments, excluding U.S.S.R. Reflects net foreign gold production 9 Predominantly U. S. Government loans. (output plus net U.S.S.R. gold exports, less consumption and net increase 10 includes subscriptions to IFC (1956) and IAB (1959). in private holdings) as well as gold transactions with the U. S. 11 U. S. direct investment abroad and holdings of foreign currency. 4 At estimated market value; annual changes thus differ from cor- 12 Discontinuity in level of series; change from 1960 inconsistent with responding flows, which reflect only net funds put into securities. flows shown in other tables. 5 Commercial paper, corporate bonds, and security credit. NOTE.—"Liabilities" cover equity as well as debt claims. Definitions of 6 Mainly direct investments in U. S., deposits with U. S. agencies of sectors and transaction categories are given in "Technical Notes," pp. foreign banks, and notes of the International Monetary Fund. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplement No. 5. Notes to Table 8 (G), (G.!), and (G.2) on second preceding page. and Exchange Stabilization Fund stock held by U. S. Treasury ($1.8 1 Alphabetic identification of lines does not correspond to that in billion through 1946 and $0.2 billion thereafter). Table 4(G). 15 Each subsector statement is consolidated. For example, gold 2 U. S. gold stock and, beginning 1961, convertible foreign currencies certificates held by Federal Reserve (a Federal Reserve asset and a held by U. S. Monetary Authorities. Treasury gold-account liability) are excluded from assets and liabilities 3 Silver and claims on Federal Government sector representing backing in monetary authorities subsector, and interbank loans and interbank (other than small gold reserve) for U. S. currency other than Federal deposits of commercial banks are excluded from assets and liabilities in Reserve notes. See note 14 to part E of this table. commercial banks subsector. Debt and equity relationships between the 4 Change in amount outstanding beginning 1958 differs from flows due subsectors, shown under "Excluded from consolidated sector account" in to valuation adjustment. the stub for each subsector, are eliminated in derivation of consolidated 5 Beginning with 1951, direct marketable issues maturing within one account for the commercial banking and monetary authorities sector. year; prior to 1951, issues maturing or callable within one year. 16 Lines B, C, and F, small amounts of foreign and industrial loans in 6 Securities and notes issued by FNMA, Federal land banks, home line S and of acceptances in line Y, and Exchange Stabilization Fund loan banks, intermediate credit banks, and banks for cooperatives. deposits in line a. 7 Nonprofit organizations and rest of the world. 17 Lines e, h, and /, and Exchange Stabilization Fund stock component 8 Includes CCC certificates of interest. of line r. 9 Commercial bank balances with foreign banks and branches; also is Includes small amounts of nonmember bank deposits at F. R. banks Exch. Stab. Fund deposits with U. S. Treasury and foreign currency not shown separately below. holdings not included in line B. 19 Lines / through a, except as indicated in note 16. I o Net of Federal Reserve float and cash items in process of collection 20 Vault cash and reserves and other balances at Federal Reserve Banks; as reported by commercial banks. differs from sum of lines y, z, and aa because of timing differences in II Bank-record basis, net of bank float; differs from sector demand recording reserve balances at Federal Reserve Banks and at member banks. deposits and currency assets principally because of mail float. 21 Lines/, /, k, and m; and r, except as indicated in note 17. 12 Deposits of foreign banks and international organizations at Federal 22 Netted against commercial bank demand deposits in deriving the Reserve Banks, and U. S. currency held abroad. commercial banking and monetary authorities sector. 13 Mainly consumers and corporate business sector. Includes a small NOTE.—Definitions of sectors and transaction categories are in "Techamount of hypothecated deposits. nical Notes," pp. 846-59 of the BULLETIN for August 1959. 14 Balances due to foreign branches, loans from Federal Government, Back data available in Flow-of-Funds Supplement No. 5. Notes to Table « (H), (H. i), (H.2), and (H. 3) on preceding page. 6 Savings and loan association equity in, and deposits at, Federal home f Beginning in 1955, the pension fund subsector includes estimates for loan banks. multiemployer and union administered plans, resulting in small dis- 7 Bank loans, and advances from Federal home loan banks to savings continuities in the insurance sector assets and liabilities and in consumer and loan associations. assets. 8 Mainly policy loans; includes small amount of open market paper. 1 Alphabetic identification of lines does not correspond to that in 9 Receivables from agents. Table 4(H). i o Mainly finance company loans to business; also loans of banks in 2 Detailed subsector accounts for this sector are shown in Supplement territories and possessions and acceptances. No. 5. 11 Lines N, P, and Q are liabilities of finance companies. Line O is 3 Time deposits held by mutual savings banks and savings and loan liabilities of brokers and dealers. association shares held by credit unions. 12 Deposits at banks in U. S. possessions and agencies of foreign banks. 4 Includes small amount of other loans held by mutual savings banks NOTE.—Definitions of sectors and transaction categories are in "Technot shown separately. nical Notes," pp. 846-59 of the BULLETIN for August 1959. 5 Holdings of mutual savings banks only. Back data available in Flow-of-Funds Supplement No. 5 . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING OFFICES 1073 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commerical banksl Mutual savings banks All Member Nonmember Type of office and type of change banks Total Total ti N on a- al State1 Total su In re - d in N su o r n e - d su I r n e - d1 i N ns o u n re - d Number Banks (head office): Dec. 31, 1934 16,063 15,484 6.442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,826 14 278 6,619 5,117 1,502 7,662 6,810 852 52 496 Dec 31 19472 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951 14,618 14 089 6,840 4 939 1,901 7,252 6,602 650 202 327 Dec. 31, 1956 14,167 13 640 6,462 4,651 1,811 7,181 6,737 444 223 304 Dec 31 1957 14,090 13,568 6,393 4,620 [,773 7,178 6,753 425 239 283 Dec. 31, 1958 14,020 13 501 6,312 4 578 1,734 7,192 6,793 399 241 278 Dec 31 1959 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 268 249 Dec. 31, 1960 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 325 189 Dec. 31, 1961 13,946 13,432 6,113 4,513 1,600 7.320 6,997 323 330 184 June 30 196^ 13,932 13,420 6,070 4,500 570 7,351 7,036 315 331 181 Branches, additional offices, and facilities: Dec. 31, 1934 3,133 3 007 2,224 1 243 981 783 :83 •26 Dec 31 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 19472 4,332 4 161 3,051 1 870 1,181 1 110 1,043 67 124 47 Dec 31 1951 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1956 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec Tl 1957 . . 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec 31 1958 9,286 8,861 6,924 4,534 2,390 1,937 1,898 39 305 120 Dec. 31, 1959 10 099 9 652 7,492 4 973 2 519 2 160 2,118 42 318 129 Dec. 31, 1960 10,969 10 483 8,133 5 509 2,624 2,350 2,303 47 381 105 Dec. 31 1961 11,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 116 June 30, 1962 12,331 11,767 9,199 6,279 2,920 2,568 2,523 45 443 121 Changes Jan.-June 30, 1962 Banks: New banks .. 80 80 °3 23 57 51 6 Consolidations and absorptions: Banks converted into branches -79 -77 -46 -31 -15 -31 -31 2 Other . — 11 — 8 5 3 _3 — 3 -5 3 3 -3 1 ] Conversions: National into State _3 — 3 3 3 State into national 3 -3 F.R. Membership:4 Admissions of State banks 2 2 -2 Withdrawals of State banks -11 -11 11 11 Federal deposit insurance:5 Admissions of State banks 10 -10 1 — 1 Net change -14 -12 -43 -13 -30 31 39 -8 1 -3 Number of banks June 30 1962 13,932 13,420 6,070 4,500 1,570 7,351 7,036 315 331 181 Branches and additional offices: De novo branches 377 355 239 176 63 116 115 17 5 Banks converted into branches 79 77 61 45 16 16 16 2 Discontinued . ... -20 -17 -13 -8 -5 -4 -4 i -2 Interclass branch changes: National to State member 2 2 National to nonmember — 7 _7 7 7 State member to national 9 — 9 2 2 2 Nonmember to national 23 23 -23 -23 Nonmember to State member 1 1 — 1 -1 Noninsured to insured Net change . . . . . 436 415 302 236 66 113 112 16 5 Number of branches and additional offices, June 30 1962 12,056 11,492 8,955 6,063 2,892 2,537 2,492 45 443 121 Banking facilities:6 Established . . . 4 4 3 3 1 1 Discontinued — 5 — 5 — 5 e Interclass changes: State member to National — 1 Net change -1 -2 -1 1 1 Number of facilities, June 30, 1962 275 275 244 216 28 31 31 1 State member bank and insured mutual savings bank figures both that are shown separately under conversions. include, 1941 to 1959 inclusive, 3 member mutual savings banks not 5 Exclusive of insured nonmember banks admitted to Federal Reincluded in the total for commercial banks; and subsequent figures reflect serve membership. the withdrawal of 1 from membership in 1960 and 1 in 1961. State 6 Banking facilities (other than branches) that are provided at military member bank figures also include, since 1954, 1 noninsured trust company and other Government establishments through arrangements made by without deposits. the Treasury Department. 2 Series revised as of June 30, 1947. The revision resulted in a net NOTE.—Beginning with 1959, figures include all banks in Alaska and add 3 i E ti x o c n l u o s f i v 1 e 1 5 o b f an li k q s u i a d n a d ti o 9 n s b ra i n nc c i h d e e s n . t to succession, conversion, and H Vi a r w gi a n i i. I sl O a n n e d s n w at i i th o n 1 a l b r b a a n n c k h ( in 2 i A n la 1 s 9 k 6 a 1 ) w ha it v h e n b o e en b r i a n n c c l h u e d s e d a n in d th 1 i s i n s er t i h e e s absorption of banks. since 1954 and 1957, respectively. Other banks in territories and posses- 4 Exclusive of conversions of State member banks into national banks sions are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1074 FEDERAL RESERVE PAR LIST NUMBER OF BANKING OFFICES ON AND NOT ON PAR LIST On par list Not on par list Total (nonmember) F. R. District, Total Member Nonmember State, or other area Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Total, including Puerto Rico and Virgin Islands: * Dec 31, 1961 13,345 11,465 11,709 11,143 6,110 8,917 5,599 2,226 1,636 322 June 30 1962 . 13,334 11,882 11,709 11,558 6,067 9,218 5,642 2,340 1,625 324 F. R. District, June 30, 1962: Boston 394 845 394 845 256 667 138 178 New York2 556 2,107 556 2,107 459 1,846 97 261 Philadelphia 605 776 605 lie 466 619 139 157 Cleveland 897 1 085 897 1,085 538 937 359 148 Richmond 901 1,439 777 1,305 429 840 348 465 124 134 Atlanta 1,387 625 844 571 421 472 423 99 543 54 Chicaso . .. 2,488 1,240 2,488 1,240 1,002 767 1,486 473 St Louis 1,472 426 1,196 347 477 230 719 117 276 79 Minneapolis 1,313 151 713 106 475 57 238 49 600 45 Kansas City 1,789 148 1,785 148 757 109 1,028 39 4 Dallas 1,162 183 1,086 171 630 115 456 56 76 \2 ' San Francisco 370 2,857 368 2,857 157 2,559 211 298 2 State or area, June 30, 1962: Alabama 238 102 156 101 93 92 63 9 82 1 Alaska 13 40 11 40 6 37 5 3 2 Ari7ona 10 193 10 193 4 155 6 38 Arkansas 238 63 134 43 78 37 56 6 104 20 California 118 1,848 118 !, 848 57 1,709 61 139 Colorado 169 7 169 7 98 6 71 1 Connecticut 64 222 64 222 30 174 34 48 Delaware 20 54 20 54 5 25 15 29 District of Columbia 11 70 11 70 8 63 3 7 Florida 321 16 281 15 133 12 148 3 40 1 Georgia 419 134 144 129 68 118 76 11 275 Hawaii 7 95 7 95 2 35 5 60 Idaho 31 91 31 91 17 84 14 7 Illinois 985 4 984 4 523 4 461 1 Indiana 439 354 439 354 226 240 213 114 Iowa 671 191 671 191 163 21 508 170 Kansas . 592 34 592 34 212 24 380 10 Kentucky 350 173 350 173 99 114 251 59 Louisiana 194 192 90 161 53 126 37 35 104 Maine 44 144 44 144 28 100 16 44 Maryland 131 279 131 279 60 168 71 111 Massachusetts 162 429 162 429 114 353 48 76 Michigan 372 636 372 636 214 516 158 120 Minnesota 691 6 294 6 209 6 85 397 Mississippi . . .. 192 155 57 81 34 50 23 135 74 Missouri 623 42 571 42 170 27 401 15 52 Montana 122 2 122 2 88 2 34 Nebraska 422 18 422 18 138 16 284 2 Nevada 7 42 7 42 5 36 6 New Hampshire 73 3 73 3 52 2 21 1 New Jersey 239 491 239 491 204 437 35 54 New Mexico 59 66 59 66 38 37 21 29 New York 379 1,526 379 1,526 326 1 448 53 North Carolina 161 575 97 450 34 246 63 204 64 125 North Dakota 156 31 58 10 40 4 18 6 98 21 Ohio 572 714 572 714 361 621 211 93 Oklahoma 388 33 383 33 226 29 157 4 5 Oreeon 48 210 48 210 13 180 35 30 Pennsylvania 653 909 653 909 500 767 153 142 Rhode Island 9 94 9 94 5 70 4 24 South Carolina 144 176 84 167 32 119 52 48 60 9 South Dakota 175 63 70 39 58 31 12 8 105 24 Tennessee . . 293 246 221 233 81 168 140 65 72 13 Texas 1,028 39 999 39 571 27 428 12 29 Utah 49 80 49 80 21 66 28 14 Vermont 52 38 52 38 30 19 22 19 Virginia 297 339 297 339 196 244 101 95 Washington 89 314 89 314 33 300 56 14 West Virginia 180 180 109 71 Wisconsin 566 \6\ 566 i6i 160 31 406 130 Wyoming 56 56 41 15 Puerto Rico1 11 131 11 131 15 11 116 Virgin Islands1 6 6 1 6 1 Puerto Rico and the Virgin Islands assigned to the N. Y. District Puerto Rico, and the Virgin Islands on which checks are drawn, including for purposes of Regulation J, "Check Clearing and Collection." Member 275 banking facilities. Number of banks and branches differs from that branches in Puerto Rico and all except 2 in the Virgin Islands are branches in the preceding table because this table includes banks in Puerto Rico and ofN.Y. banks. the Virgin Islands but excludes banks and trust companies on which no NOTE.—Includes all commercial banking offices in the United States, checks are drawn and 1 member mutual savings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANIES 1075 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1961 A. Details for 31 States Number of offices Deposits Banks and branches Number of As a percompanies l Banks Branches Total c A e a b n l s a l t n a a c k g o i p e m n e g r o l - . f o m f i d l I l o n io ll n a s rs ce a d n l e b l t p a a c o n g o s k e m i ts o l. f offices Totals—31 States !46 427 1,107 1,534 19,836 Arizona 2 75 77 37.7 524 35.8 California 5 203 208 11.1 2,829 10.4 Colorado 3 3 1.5 97 4.2 Florida 13 13 4.0 418 7.9 Georgia 21 58 79 14.7 1,081 34.6 Idaho 2 41 43 36.1 265 38.7 Illinois 4 4 .4 90 .5 Indiana 3 "*2 5 .6 39 .8 Iowa 17 12 29 3.4 291 8.7 Kentucky 2 23 25 4.9 305 11.6 Maine 4 8 12 6.6 37 5.3 Massachusetts 23 142 165 28.7 1,228 20.9 Minnesota 118 6 124 17.8 2,768 61.5 Missouri 7 8 1.2 261 4.0 Montana 32 32 26.0 451 52.2 Nebraska 5 2 7 1.6 172 9.6 Nevada 2 27 29 63.0 359 72.9 New Hampshire 7 7 9.2 53 12.0 New Mexico 5 18 15.4 98 12.8 New York 22 190 212 11.4 2,862 5.8 North Dakota 34 5 39 21.1 312 40.5 Ohio 24 38 62 4.9 736 6.2 Oregon 1 86 87 34.1 932 42.9 South Dakota 11 26 37 15.7 266 33.0 Tennessee 9 10 19 3.6 120 3.3 Texas 7 7 .7 366 2.7 Utah 4 53 57 46.3 560 52.3 Virginia 5 10 15 2.5 89 2.5 Washington 7 55 62 15.9 385 13.0 Wisconsin 24 21 45 6.2 1,757 35.5 Wyoming 7.3 85 18.7 B. Summary totals and comparisons 31 States United al S l tates- percen H ta o g l e d i o n f g a c ll o m co p m an m y e r g c r i o a u l p b s a n as k s a in- Holding All commercial co. groups coml. banks banks 31 States United States Number of banking offices, total 1,534 16,555 24,506 9.3 6.3 Banks 427 9,483 13,431 Branches 1,107 7,072 11,075 Deposits (in millions of dollars). 19,836 187,035 248,668 10.6 8.0 1 Data for individual States represent bank holding cos. having sub- NOTE.—Holding companies registered pursuant to Bank Holding sidiary banks in the respective States rather than registered bank holding Company Act of 1956. The data include: (1) banks of which the bank cos. whose principal offices are located in such States. Total does not holding cos. owned or controlled 25 per cent or more of the outstanding equal sum of State figures because it has been corrected for duplications; stock, and (2) 8 domestic commercial banks that are themselves bank that is, holding cos. that have subsidiary banks in more than one State holding cos. (A list showing the names and total deposits of the banks are included in the total only once. is available upon request.) The 8 banks have 67 branches and deposits The 46 bank holding cos. included in the total represent only 41 separate aggregating $1,848,785,000. Exclusion of these 75 banking offices and bank groups because in 5 cases the bank group is controlled by a bank their deposits from the data in the table would reduce the percentage holding co. that is in turn controlled by another bank holding co. ratios shown in the table as follows: holding company groups to all com- These groups are located in the following States: Fla. 1; Ga., 2; Ind., 1; mercial banks in 31 States—number of banking offices, from 9.3 to 8.8; and Mass., 1. deposits from 10.6 to 9.6; holding co. groups to all commercial banks in United States—number of banking offices, from 6.3 to 6.0; deposits from 8.0 to 7.2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 1078 Gold production. 1079 Net gold purchases and gold stock of the United States 1080 Estimated foreign gold reserves and dollar holdings 1081 International capital transactions of the United States 1082 U. S. balance of payments. 1091 Money rates in foreign countries. 1091 Foreign exchange rates 1093 Guide to tabular presentation 996 Index to statistical tables 1099 The figures on international capital transactions piled largely from regularly published sources are collected by the F. R. Banks from reports such as central bank statements and official made on Treasury foreign exchange forms col- statistical bulletins. For some of the series, back lected by the F. R. Banks in accordance with data are available in Banking and Monetary Executive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publiand No. 10033, dated Feb. 8, 1949, and Treas- cations at end of the BULLETIN). ury regulations thereunder. Other data are com- 1077 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1078 GOLD RESERVES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] p E e n r d i o o d f w m E t o o a s r t t t a l e i d - l d i M F I ta u n o r n n t y l d e . - U S n ta i t t e e s d r m w E es o a s t r t 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- Bel- Brazil Canada Chile lo C m o b - ia C o o f n t g o o e , 1955 37,620 1,808 21,753 14,060 372 144 71 928 323 1,134 44 86 116 1956 38,105 1,692 22,058 14,355 224 107 71 925 324 1,103 46 57 122 1957 38,810 1,180 22,857 14,775 126 126 103 <m 324 1,100 40 62 81 1958 39,490 1,332 20,582 17,575 60 162 194 1,270 325 1,078 40 72 83 1959 . . 40,185 2,407 19,507 18,270 56 154 292 ,134 327 960 43 71 42 I960 40,525 2,439 17,804 20,280 104 147 293 ,170 287 885 45 78 1961 June 40,925 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 A.ug 2,042 17,530 192 153 293 1,151 288 920 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 ,203 289 932 48 86 Nov 2,059 17,021 190 159 302 ,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 ,277 285 950 48 89 Feb 2 096 16 795 165 164 304 291 285 962 47 89 Mar HI ,250 2,098 16,643 *22,510 164 167 344 ,297 285 964 46 91 Apr 2,099 16,519 114 170 363 ,315 285 963 46 91 May 2,106 16,458 114 174 363 1,318 286 913 45 June 2,110 16,527 177 363 1,335 669 Ger- E p n er d i o o d f Cuba m De a n rk - 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 m F e a e p n d . y o . , f Greece G m u a a l t a e- India I n n e d si o a - Iran lic 1955 136 31 12 23 28 35 942 920 11 27 247 81 138 1956 136 31 11 22 28 35 924 1,494 10 27 247 45 138 1957 136 31 11 22 31 35 581 2 542 13 27 247 39 138 1958 80 31 11 22 31 35 750 2,639 17 27 247 37 141 1959 50 31 10 20 30 38 1,290 2,637 26 24 247 33 140 I960 1 31 10 20 30 41 1,641 2,971 76 24 247 58 130 1961 -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 43 130 Aug 31 20 17 45 2 124 3 644 77 24 247 43 130 Sept 31 20 17 45 2,124 3 644 77 24 247 43 130 Oct 31 j 19 17 45 2,125 3,648 77 24 247 43 130 Nov 31 3 19 17 45 2,122 3 648 82 24 247 43 130 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 24 247 130 Feb . 31 3 19 18 46 2 144 3 664 87 24 247 130 Mar.. 31 3 19 18 61 2,171 3,666 91 24 247 129 Apr 31 3 19 18 62 2 207 3 666 86 247 129 May 31 3 19 18 62 2,235 3,667 89 247 129 June 31 3 19 62 2,270 3,667 247 129 p E e n r d io o d f Iraq R l e I a r p n e . d - , of 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 in il e - s Po g r a t l u- A So fr u i t c h a 1955 8 18 352 74 142 865 33 45 48 35 16 428 212 1956 14 18 338 77 167 844 33 50 49 35 22 448 224 1957 20 18 452 91 180 744 33 45 49 28 6 461 217 1958 34 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 1960 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961—June 84 18 2,134 119 117 1,464 35 30 53 47 21 473 153 July 84 18 2,157 130 118 1,541 3S 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 30 53 47 27 444 343 Feb.... 98 18 2,228 140 110 1,581 30 53 47 28 444 361 Mar 98 18 2,229 140 109 1,581 30 53 47 446 379 Apr 98 18 2,234 140 109 ,581 30 53 47 446 386 May 18 2,240 140 1,581 30 53 47 447 407 June 18 2,242 151 I 581 30 53 454 432 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1079 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank E pe n r d io o d f Spain Sweden Sw la it n z 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 ia o- S I e f n t o t t l r e l. - E E P F U * ments3 1955 132 276 1,597 19 112 144 174 2,120 216 403 16 121 244 1956 132 266 1,664 19 112 144 188 2 133 186 603 18 59 268 1957 101 219 1,706 24 112 144 188 2,273 180 719 14 24 254 1958 57 204 1,925 24 112 144 174 3,069 180 719 17 -42 126 1959 68 191 1,934 19 104 133 174 2,736 180 652 10 -134 40 I960 178 170 2J85 19 104 134 174 3,231 180 398 4 -19 55 1961—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 AUK. .. 272 180 2,428 19 104 139 174 3,486 180 398 5 91 Sept in 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 3 410 180 398 6 176 Feb 341 181 2,481 104 140 174 3,424 180 398 6 176 Mar 351 181 2,444 104 140 174 3,452 180 398 6 171 61 Apr 376 181 2,424 104 140 174 3,472 180 398 6 162 May 400 181 2,409 140 174 3,525 398 6 165 June 409 182 2.409 140 174 3.433 6 203 i Reported gold holdings of central banks and govts. and international gold deposited with the BIS is included in the gold reserves of individual organizations, unpublished holdings of various central banks and govts., countries. estimated holdings of the U.K. Exchange Equalization Account, and 2 Beginning with Dec. 1958, Exchange Equalization Account gold estimated official holdings of countries from which no reports are received; and convertible currency reserves, as reported by the U.K. Treasury; excludes U.S.S.R., other Eastern European countries, and China Main- before that time, reserves of gold and U. S. and Canadian dollars. land. 3 Net gold assets of BIS, i.e., gold in bars and coins and other gold The figures included for the Bank for International Settlements are assets minus gold deposit liabilities. the Bank's gold assets net of gold deposit liabilities. This procedure 4 Europeans Payments Union through Dec. 1958 and European Fund avoids the overstatement of total world gold reserves since most of the thereafter. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Africa North and South America Other World Period p t r i o o d n u ' c- A So fr u ic th a R de h s o i - a Ghana C o R o f n e t p g h . o e , U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India ot A he ll r1 1955 . . .... 940.0 510.7 18.4 r24.1 13.0 65.7 159.1 13.4 8.1 3 9 13.3 36 7 7 4 66 2 1956 975.0 556.2 18.8 r22.3 13.1 65.3 153.4 12.3 7.6 4.3 15.3 36.1 7.3 63.0 1957 1,015.0 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6 9 4 2 11 4 37 9 6 3 62 2 1958 1,050.0 618.0 19.4 r29.8 12.3 61.6 158.8 11.6 7.2 3.9 13.0 38 6 6 0 69 8 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5.8 64.8 1960 1,175.0 748.4 19.6 r31.3 11.1 58.8 161.1 10.5 7.0 4.1 15.2 38.0 5.7 64.2 1961 1.220.0 803.1 20.1 34.0 8.1 54.8 155.5 9.4 7.7 4.4 14.0 37.5 5.7 65.7 1961 May 67.5 .7 3.3 13.4 .7 .4 1 n 2.9 .4 June .... 67.3 8 3.8 12.8 .6 4 2 9 5 July 67.7 .7 3.8 12.6 1.0 .4 :.0 3.1 .5 Aug. 68.8 6 3.8 12.5 1.0 .2 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 13.0 .9 .4 1 3.1 5 Dec 67.8 6 3.4 12.9 .5 4 3 3 5 1962 Jan 70.6 1.6 3.5 12.6 .7 .4 1.3 2.9 .5 Feb 67 4 1 6 3.2 11.4 9 4 1 4 2 9 5 Mar 72.9 1 7 3.5 12.8 4 3 1 Apr 72.3 1 6 3.0 12.4 3 May 74.0 3.4 12.3 1 Estimated; excludes U.S.S.R., other Eastern European countries, and of the Bureau of Mines except Brazil, data for which are from China Mainland, and North Korea. American Bureau of Metal Statistics. For the United States, annual figures 2 Gold exports. are from the Bureau of the Mint and monthly figures are from American NOTE.—Estimated world production: based on reports of the U. S. Bureau of Metal Statistics. Bureau of Mines. Country data based on reports from individual countries Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1080 U. S. GOLD NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY [In millions of dollars at $35 per fine troy ounce.] 1961 1962 Area and country 1954 1955 1956 1957 1958 1959 1960 1961 I II III IV I Western Europe: Austria -6 -84 -83 — 1 39 Belgium 3 3 -329 -39 -141 — 144 — 63 —81 —28 -68 -34 -266 -173 —45 -226 -10 -34 -23 -23 Italy -349 100 100 Netherlands 25 -261 -30 -249 -25 -25 Portugal -55 -5 -20 -10 31 32 -114 -156 — 58 — 58 —40 — 47 -16 g -215 20 -324 -125 -55 -20 -45 < 62 -50 100 -900 -350 -550 -306 -150 225 -55 -326 -181 Bank for Intl Settlements -20 -178 -32 — 36 -23 -23 Other -6 4 18 8 -21 -38 -96 -53 -35 -3 * -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 Mexico .. 80 -30 -20 Venezuela -30 —200 65 Other 12 14 56 6 2 -16 -30 -19 -12 5 -9 -4 -1 Total 62 14 -28 81 69 19 -100 -109 -102 5 g -4 24 Asia: -30 -157 -15 Other -10 -5 (*) 18 -4 -28 -97 1-101 -20 -27 -34 -20 -24 Total -10 -5 (*) 18 -34 -186 -113 -101 -20 -27 -34 -20 -24 All other 2 -1 1 29 5 -3 -5 -38 -6 (*) -1 (*) -4 -1 Total foreign countries -327 -68 80 172-2,294 -998 -1,969 -970 -366 179 -288 -494 -291 Intl. Monetary Fund 3 200 600 4 44 3 300 150 150 Grand total ^-327 -68 280 772-2,294 -1,041 -1,669 -820 -366 179 -138 -494 -291 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 3 Proceeds from this sale invested by the IMF in U. S. Govt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes Canada, countries in Africa, Oceania, and Eastern Europe, amount of gold from the United States. and all Western European dependencies located outside Europe and Asia. 4 Payment to the IMF of $344 million as increase in U. S. gold subscription less sale by the IMF of $300 million (see also note 3). 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 rear T ( r u e e r n a y d s S - t o o f c T y k o ea ta r) l1 c s T h to o a c n ta k g l : 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 : c h ( u o e y r l n e r d d e a i n n r o ) c g f y s Month ( T e r u n e r d a y s S o - t f o c m T k o o n ta t l h i ) c s T h to o a c t n a k g l : e i e m x N o p p 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 e d - e : h c m ( o u e l r o n d r d n e in n th o g c ) f s y 2 1950 22,706 22,820 -1,743 -371 -1,353 1961—July.... 17,527 17,590 -13 2 o 105 1951 22,695 22,873 53 -549 618 Aug.... 17,451 17,530 -60 -33 -23 106 1952 23,187 23,252 379 684 -305 Sept.... 17,376 17,457 -73 -58 4 62 1953 22,030 22,091 -1,161 2 -1,171 Oct 17,300 17,331 -126 -66 -43 112 1954 21,713 21,793 -298 16 -325 Nov.... 16,975 17,021 -310 2 -272 127 Dec.... 16,889 16,947 -74 -42 -65 116 1955 21,690 21,753 -40 97 -132 1956 21,949 22,058 305 106 318 1962—Jan.... 16,815 16,847 -100 -26 -64 116 1957 22,781 22,857 799 104 600 Feb.... 16,790 16,795 -52 -11 -37 153 1958 20,534 20,582 -2,275 260 -2,515 Mar.... 16,608 16,643 -152 -42 -142 230 1959 19,456 19,507 3-1,075 302 -1,323 Apr.... 16,495 16,519 -124 -12 -82 243 May... 16,434 16,458 -61 -15 -78 260 1960 17,767 17,804 -1,703 333 -1,982 June... 16,435 16,527 69 -60 554 1961 16,889 16,947 -857 -719 -62 116 July.... *>16,148^16,183 P-344 4-310 1 Includes gold in Exchange Stabilization Fund, which is not included 3 Includes payment of $344 million as increase in U. S. gold subscripin statistics on gold stock (Treasury gold) used in the F. R. statement tion to the International Monetary Fund. "Member Bank Reserves, Reserve Bank Credit, and Related Items" or 4 Gold held under earmark at the F. R. Banks for foreign and interin the Treasury statement, "Circulation Statement of United States national accounts amounted to $12,678 million on July 31, 1962. Gold Money." under earmark is not included in the gold stock of the United States. 2 For holdings of F. R. Banks only see p. 1004. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1081 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. 31, 1962* U.S. Govt. Area and country Gold& bonds & notes1 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 & notes dollars & notes dollars & notes Western Europe: Austria * 536 491 480 526 558 594 Belgium 1,312 1,279 1,307 1,476 1,574 1,616 Denmark 85 89 81 79 83 80 29 Finland 87 85 112 134 138 138 2 France 2,160 2,474 2,862 3,014 3,110 3,360 3 Germany, Fed. Rep. of... 6,447 6,752 6,588 6,394 6,505 6,200 3 Greece 139 143 136 120 154 189 Italy 3,080 2,912 3,059 3,377 3,459 3,416 Netherlands 1,779 13 4 1,731 3 1,735 3 1,804 3 1,797 3 1,822 2 Norway 112 143 148 115 141 134 132 135 128 135 126 142 93 Portugal 636 1 1 615 1 546 523 542 1 532 Spain 327 3 1 316 1 352 1 405 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 '3,435 83 3,262 83 T U u n r i k te e d y Kingdom2 4,4 1 6 5 7 2 412 420 4,3 1 7 5 9 8 449 * 4,1 1 0 5 9 0 435 4,7 1 1 5 9 8 483 * 4,5 1 2 6 6 5 435 * 4,9 1 4 6 1 0 388 * Other 3 529 39 44 593 45 609 47 788 47 670 48 719 46 Total 25,108 819 838 25,291 868 25,684 801 27,395 864'27,906 840 28,271 751 Canada 3,324 416 446 3,313 464 3,565 463 3,576 465 3,704 459 3,454 423 Latin America: Argentina 419 501 475 454 425 407 Brazil 481 480 474 551 513 492 Chile 180 177 171 178 153 160 Colombia 236 240 202 222 235 228 Cuba 78 64 59 46 44 40 Guatemala 68 77 83 70 70 82 Mexico 534 472 450 529 r606 615 Panama, Republic of 123 95 78 79 87 82 Peru 114 112 118 123 131 1 137 Uruguay 231 227 230 229 237 1 255 1 Venezuela 796 892 826 846 815 1 796 1 Other* 370 317 303 297 77 278 192 328 188 Total 3,630 59 15 3,654 41 3,469 69 3,624 89 r3,594 204 3,622 200 Asia: India 301 40 295 288 333 325 321 Indonesia 236 158 142 120 119 137 Iran 152 173 178 167 161 165 Japan 2,166 2,306 2,262 1,953 1,894 2,048 Philippines 218 214 184 174 212 193 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 92 4,453 57 4,418 57 4,221 57 4,233 56 4,459 52 Allother: Australia 235 233 238 238 260 *! 268 South Africa 207 227 192 251 330 *| 415 U.A.R. (Egypt) 196 195 190 189 189 * 190 600 35 596 38 618 37 579 38 635 39 632 42 Others 1,238 28 35 1,251 38 1,238 37 1,257 38 1,414 39 1,505 42 Total Total foreign countries6 37,654 1,409 1,426 37,962 1,468 38,374 1,427 40,073 1,513 r40,851 1,598 41,311 1,468 6,394 884 900 6,353 1,064 6,451 1,011 5,480 1,127 5,881 1,240 6,503 1,087 International Grand total6 44,048 2,293 2,326 44,315 2,532 44,825 2,438 45,553 2,640 r46,732 2,838 47,814 2,555 Memorandum item: 5,558 512 536 5,488 531 5,179 518 5,863 567 5,841 520 6,357 474 Sterling area 1 The first column continues the series based on a 1955 survey and 4 Includes other Latin American republics and the Inter-American reported securities transactions; the second on a survey as of Nov. 30, Development Bank. 1960, and reported securities transactions in Dec. Data are not avail- 5 Includes unspecified countries in Africa, Oceania, and Eastern able to reconcile the 2 series or to revise figures for earlier dates. Europe, and all Western European dependencies located outside Europe 2 Gold reserves are estimated. and Asia. 3 In addition to other Western European countries includes—un- 6 Excludes gold reserves of the U. S. S. R., other Eastern European published gold reserves of certain Western European countries; gold to countries, and China Mainland. be distributed by the Tripartite Commission for the Restitution of Mone- NOTE.—Gold and short-term dollars include reported and estimated tary Gold; European Fund; and the Bank for International Settlements official gold reserves, and official and private short-term dollar holdings (the figures for the gold reserves of the BIS represent the Bank's net (principally deposits and U. S. Treasury bills and certificates). U. S. gold assets; see note 1 to table on gold reserves). Govt. bonds and notes are official and private holdings of U. S. Govt. securities with an original maturity of more than 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1082 INTL. CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY [Amounts outstanding; in millions of dollars] Foreign Europe End of period G to ra ta n l d t t i e o I r n n n a - a l - i Total Official Other m G F a e e n d r y . - , U K n i i n t g ed - Other Total Canada A L m a e ti r n ica Asia o A th l e l r Rep. of dom 1957 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 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 19,389 33,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2 780 373 1960 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—June 21,504 3,970 17,535 10,070 7,464 3,075 1,709 4,368 9,151 2,659 2,216 3,142 367 July 21,770 3,983 17,786 10,096 7,690 2,970 1,691 4,639 9,300 2 712 2 307 3,105 362 Aug 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 '22,551 3,804 '18,747 10,974 r7,774 2,841 2,226 5,248 '10,317 2 758 '2 393 2 892 387 1962—Jan '22,495 3,815 '18,680 '10,263 8,417 2,299 2,501 '5,283 '10,082 2,909 2,348 2,926 415 Feb '22,792 4,126 '18,666 10,105 '8,561 2,401 2,566 5,216 10,183 2,761 '2,354 2,990 378 Mar '23,207 4,405 '18,802 10,503 '8,299 2,534 '2,491 5,355 '10,381 2,490 2,453 3,086 392 23.388 4.503 18,885 10,292 8,593 2,518 2,468 5,377 10,363 2,503 2,563 3 064 392 Mavp 23,560 4 593 18,967 10,508 8,459 2 516 2,398 S564 10 478 2 514 2 454 3 085 437 JuneP 24,090 4,563 19,527 11,262 8,265 2,622 2,262 5,712 10,596 2,897 2,513 3,102 420 Table la. Other Europe End of period Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P ug o a r- l Spain S d w en e- S l w a e n r i - t d z- T k u ey r- Other 4 1957 4,310 349 130 112 64 354 154 1.079 203 93 142 24 260 967 18 360 1958 5,081 411 115 169 69 532 126 ,121 339 130 163 36 303 852 20 694 1959 5 496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 31 590 I960 3,903 243 142 54 46 519 63 877 328 82 84 149 227 678 18 393 1961 June 4,368 187 233 50 67 842 59 925 271 104 73 135 404 579 16 422 July 4,639 195 310 36 77 1,012 59 008 252 101 80 134 423 552 13 388 A.ug 4,636 212 300 38 87 871 55 1,098 200 105 84 133 387 661 17 388 Sent 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 ,191 227 110 88 133 391 689 21 427 Nov 4,969 241 330 49 89 957 50 ,203 231 99 90 134 379 712 28 376 Dec 5,248 255 326 52 91 989 67 ,234 216 105 99 153 406 '875 26 354 1962—Jan '5,283 256 357 52 90 1,083 76 ,248 218 93 93 159 392 '773 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 ,187 241 112 86 165 403 818 20 342 Apr 5,377 229 293 49 74 1,261 104 .185 247 141 98 160 391 806 19 321 May29 5 564 238 294 60 70 1,445 103 1,147 259 123 106 153 415 828 16 307 June*3 5,712 277 258 52 71 1,402 110 1,187 307 101 130 159 425 946 23 263 Table lb. Latin America Neth- End of peroid 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 i D R c l u i a i o e c b n n - - - - v S a E d a l l o - r G m u a a l t a e- M ic e o x- l 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 n b o a - - - f , Peru U gu r a u y - V zu e e n l e a - Otheis nam 19^7 2 575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959 2,408 337 24 151 185 217 164 37 28 37 442 88 129 82 62 277 148 1960 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961 June 2 216 283 21 186 124 119 58 31 27 59 333 90 78 71 50 428 259 July 2,307 278 23 231 116 150 53 32 31 55 339 87 77 83 50 439 264 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 '2,393 235 26 228 105 147 43 23 22 46 '494 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 '2,354 217 23 241 95 139 40 28 29 54 '474 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 Apr 2,563 221 24 254 109 140 38 42 29 57 516 97 90 92 75 445 332 2 454 209 24 235 108 142 37 43 34 55 490 91 91 90 72 377 356 June^ 2,513 208 25 223 130 159 37 48 35 5.3 87 87 90 79 362 378 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL. CAPITAL TRANSACTIONS OF THE U. S. 1083 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued [Amounts outstanding; in millions of dollars] Table lc. Asia and All Other Asia All other End of period Total H K o o n n g g India I n n e d si o a - Iran Israel Japan p K r R l u e i o e a c b - - , - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C R g o e o p n , . - A S f o r u ic t a h U (E . g A y . p R t) .Other of the 1957 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 38 40 153 1958 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 30 16 125 1959 2,780 60 114 139 47 87 1,285 148 172 94 141 494 373 110 31 49 20 162 I960 3,115 57 54 178 22 75 1,887 152 203 84 186 217 352 88 32 29 22 181 1961—June 3,142 52 41 85 48 47 1,983 168 163 81 227 247 367 83 30 39 16 199 July .. 3,105 52 37 74 32 51 1,913 178 182 80 231 273 362 81 29 40 16 196 Aug 3 038 53 78 78 39 64 1,766 186 174 89 237 275 349 79 27 40 21 181 Sept 2,896 55 86 77 37 62 1.649 194 152 90 240 255 375 86 43 46 15 185 Oct 2 807 59 88 92 34 65 1,535 195 134 92 240 273 382 90 39 46 15 192 Nov 2 819 59 90 82 31 62 1,532 198 150 90 248 276 385 91 38 44 12 199 Dec 2,892 55 78 76 31 63 1,590 199 185 92 264 258 387 98 34 32 15 209 1962—Jan 2,926 59 75 86 34 63 1,599 188 202 98 276 246 415 127 31 32 21 204 Feb 2,990 57 74 100 35 87 1,628 187 171 103 293 255 378 95 28 36 14 205 Mar . .. 3 086 57 74 94 36 71 1,744 183 165 92 306 262 392 101 27 36 16 213 Apr 3,064 58 70 88 23 78 703 181 173 90 314 287 392 96 27 43 17 210 3 085 61 54 80 18 76 1,746 174 184 85 323 283 437 97 40 42 25 232 Junep 3,102 56 49 82 27 76 ,795 164 179 85 327 261 420 104 37 39 19 221 Table Id. Supplementary Data6 (end of year) Area or country 1958 1959 1960 1961 Area or country 1958 1959 1960 1961 Other Europe: Other Asia (Cont.): Bulgaria .3 1.2 .5 1.2 Ceylon 44.1 34.4 6.9 n.a. Cyprus .2 .3 .5 .7 China Mainland 7 36.0 35.8 34.8 34.6 Czechoslovakia 7 .6 .7 1.0 .9 Goa 2.5 2.3 .4 .9 Hungary .9 1.3 1.0 1.0 Iraq 18.0 63.1 13.8 n.a. Iceland 3.5 2.7 5.1 3.1 Jordan 2.8 2.5 1.8 1.6 Ireland, Republic of 10.0 5.4 2.7 3.2 Kuwait 10.3 9.4 9.6 27.1 Luxembourg 16.1 7.2 12.6 16.1 Laos 20.9 21.0 5 0 n.a. Monaco 5.9 5.3 4.1 3.4 Lebanon 37.9 38.0 36.2 n.a. Poland7 4.9 4.0 6.1 7.2 Malaya 1.2 1.4 6 3 4.4 Rumania 7 .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. I 2.2 2.6 12.1 4.8 Ryukyu Islands 15.2 14.8 14 2 n.a. Yugoslavia 7 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 8 America: 47.2 77.5 V Sy ie ri t a -Nam 4 4 8 . . 7 8 6 5 8 . . 0 3 1 4 4 2 6 7 2 . . 9 6 Bermuda 6.8 14.3 21.7 33.5 All other: C P H N T E H F a r h c o a i o e r c u e s i n a n t a t a i d g a c r W d a u u h o R g r a e r a u y W s i s c t a a e I s n t 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 » nch Guiana. 2 3 1 1 7 6 3 4 1 1 7 . . . . . . . . 3 7 4 5 6 5 3 4 2 3 1 1 1 1 6 8 1 2 2 2 0 . . . . . . . . 9 7 6 8 5 5 7 5 2 1 1 1 1 1 4 7 1 9 5 1 0 . . . . . . . . 6 4 3 9 8 0 7 3 9 2 1 1 1 1 9 4 3 4 3 7 4 . . . . . . . 9 . 9 5 6 8 3 3 0 A E L L F M M G r t i i l h b b h a o e g a d n y e i r e o n o r a e c r i p i a c h i a a r i c a a o S o I a ( s m n i l n a d a c n l l E i d . l s a r T i n t a d r n e g a ier) 4 2 1 6 7 3 3 1 1 . . . . . . . 4 7 5 0 0 0 5 8 2 5 1 1 2 0 7 8 7 . . . . . . . . 0 3 6 6 8 7 4 6 6 1 4 5 9 6.8 9 4 9 9 6 3 3 9 2 1 3 5 1 1 1 . . . . . . . . 4 0 1 9 7 5 8 1 Mozambique 2.9 2.0 2 2 1.6 Other Asia: New Caledonia 1.4 1.3 1 4 n.a. Aden 1.7 2.2 2.3 n.a. New Zealand 6.9 6.8 35 1 4.0 Afghanistan. 4.5 11.0 9.8 3.6 Rhodesia and Nyasaland, Federation of 2 .3 3.9 n.a. Bahrain .9 .9 .5 .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 1 International Bank for Reconstruction and Development, Inter- (N. Y.) F. R. District and are a partial breakdown of the amounts shown national Monetary Fund, International Finance Corporation, Inter- in the "other" categories in Tables la-lc. national Development Association and other international organizations. 7 Based on reports by banks in all F. R. districts. 2 Foreign central banks and foreign central governments and their 8 Before 1960 data for the Bahamas included with The West Indies agencies (including official purchasing missions, trade and shipping federation. missions, diplomatic and consular establishments, etc.). 9 Excludes Jamaica. 3 Includes $1,031 million representing increase in U. S. dollar sub- NOTE.—For back figures and description of the data in this and the scription to the IMF paid in June 1959. following tables on international capital transactions of the U. S., see 4 Includes Bank for International Settlements. "International Finance" Section 15, Supplement to Banking and Monetary s Beginning with 1960 includes Inter-American Development Bank. Statistics. 6 Except where noted, data based on reports by banks in the Second Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1084 INTL. 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 To banks and official institutions To all other foreigners Payable End of period, or area Total in foreign and country currencies U.S. U.S. 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* certificates1 certificates Total amounts outstanding 1957 15,158 12,847 5,875 5,840 1.132 2,252 1.766 278 209 59 1958 16,159 13,669 6,772 5,823 ,075 2,430 1,951 306 174 59 1959 19,389 16,913 6,341 9,245 ,328 2,398 1,833 295 270 77 I960 21,329 18,986 7,568 10,018 ,401 2,230 1,849 148 233 113 1961 June 21,504 19,140 8,234 9,585 1,321 2,208 1,851 133 223 157 TUly 21,770 19,419 8,492 9,620 ,307 2,206 1,880 109 217 145 21,626 19,310 8,631 9,343 ,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 '22,551 '20,039 '8,652 9,891 1,496 2,362 1,974 149 238 '150 1962—Jan '22,495 '19,962 9,148 9,372 r ,441 '2,372 1,966 151 '255 '161 Feb '22,792 '20,201 '9,134 9,635 ,432 2,440 1.971 166 302 152 Mar 13,207 '20,562 '8,768 10,352 1,442 2,461 2,002 156 303 184 Apr 23,388 20,728 9,118 10,146 ,465 2,479 2,034 140 30S 181 May" 23,560 20,887 8,827 10,574 1,487 2,498 2,045 100 353 174 June39 . 24,090 21,232 8,672 11,138 .422 2,679 2,202 107 370 179 Area and country detail, Apr. 30, 1962 Europe: Austria 229 227 220 3 5 2 2 * 293 258 206 11 40 34 27 * 7 I Denmark 49 40 23 15 2 9 8 * * * Finland 74 73 48 24 • 1 France . 1,261 1,206 256 907 43 51 45 3 3 5 Germany, Fed. Rep. of.... 2,518 2,477 391 1,708 378 38 30 1 7 3 104 88 58 30 1 15 15 Italy 1,185 1,077 186 682 208 33 29 2 1 75 Netherlands .. ... 247 223 121 90 11 22 18 2 Norway 141 108 49 54 5 33 32 I * * Portucal 98 63 57 6 35 34 * I * Spain 160 135 125 9 1 26 23 2 * Sweden 391 380 98 272 10 11 10 * * * Switzerland 806 687 284 218 185 106 61 15 29 13 Turkey 19 17 17 * 2 2 United Kingdom 2,468 2,027 1,105 862 60 395 150 67 178 46 Yusoslavia 11 11 9 2 1 Other 310 282 78 74 130 10 10 * 17 Total 10,363 9,377 3,331 4,960 1,086 822 499 92 231 164 Canada 2,503 2,246 1.968 262 15 247 189 34 24 9 Latin America: Argentina 221 122 119 4 99 93 5 * Bolivia 24 8 8 16 16 * * * Brazil 254 119 98 * 21 136 134 * 2 * Chile 109 40 40 * 69 68 * 1 * 140 68 63 * 5 72 71 * 1 Cuba 38 2 i 36 36 * * Dominican Reoublic 42 26 21 5 17 16 * * El Salvador 29 15 7 2 6 14 14 Guatemala • 57 39 19 11 8 19 18 * * Mexico 516 320 268 13 40 196 191 * 5 Neth. Antilles and Surinam . 97 46 27 13 6 51 36 2 13 Panama ReD of 90 13 9 4 77 71 1 5 * Peru 92 35 35 * 57 55 2 * Uruguay 75 37 33 3 39 34 1 4 * Venezuela 445 226 226 1 218 215 1 2 * Other 332 217 149 336 31 113 99 7 7 2 Total 2,563 1,332 1,123 75 134 1,228 1,169 13 46 3 For 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. 1085 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners Payable in foreign country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates certificates Area and country detail, Apr. 30 1962—Cont. Asia: Hong Kong . 58 30 24 6 28 28 * * * India 70 64 23 35 6 6 6 * * Indonesia 88 85 64 20 1 3 3 * Iran 23 16 16 * 7 7 * Israel 78 72 39 9 24 6 5 1 Japan 1,703 1,682 1,132 441 110 20 20 * • Korea Rep of . . 181 179 176 3 2 2 Philippines 173 148 129 5 14 25 25 * * * Taiwan 90 83 81 * 2 7 7 Thailand 314 311 84 221 6 3 Other 287 244 184 33 27 43 42 * 1 * Total.... 3,064 2,914 1,951 765 198 150 147 2 1 All other: Australia 96 92 45 42 4 3 3 * Congo Rep of the . . 27 25 25 2 2 South Africa 43 41 31 10 2 2 * * U.A.R. (Egypt) 17 17 12 3 2 * * Other 210 182 152 24 6 25 24 * 1 3 Total . . .. 392 356 265 79 12 32 30 * 2 4 Total foreign countries. 18,885 16,225 8,638 6,141 1,446 2,479 2,034 140 305 181 International 4,503 4,503 480 44,005 18 * * Grand total 23,388 20,728 9,118 5 10,146 1,465 2,479 2,034 140 305 181 1 Includes nonnegotiable, non-interest-bearing special U. S. notes held U. S. notes held by the Inter-American Development Bank. by the Inter-American Development Bank and international organizations, 4 Includes $2,735 million of nonnegotiable, non-interest-bearing special which amounted to $2,837 million on June 30, 1962. U. S. notes held by international organizations. 2 Principally bankers' acceptances and commercial paper. 5 Includes amounts shown in notes 3 and 4. 3 Includes $25 million of nonnegotiable, non-interest-bearing special TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY [Amounts outstanding; in millions of dollars] Europe End of period Total France m G F a e e n d r y - . , Italy S l z a w e n r i d - t- U K d n i o i n m t g e - d Other Total C a a d n a - A L m i a c t a e in r- Asia o A th l e l r Rep. of 1957 2 199 114 140 56 34 98 211 654 154 956 386 50 1958 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 2,623 57 54 30 38 121 234 534 272 1,175 586 56 1960 3,614 32 82 34 60 245 264 717 421 1,356 1,052 69 1961 June 4 123 48 148 33 64 165 233 691 514 1,243 1 .59X 76 July 4,189 50 141 35 64 187 209 688 492 1,245 1,674 90 A.U2 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 1,620 79 Dec .. . 4,700 42 165 35 105 181 239 767 537 1,504 ,807 85 1962—Jan '4,570 '40 157 '36 68 163 214 '678 483 1,425 r1,892 92 Feb . . r4,688 r44 155 r39 71 160 215 r683 496 r1,456 .964 89 Mar . r4,868 49 144 37 76 M59 222 r687 540 1,496 2,051 94 Apr 4,849 44 161 41 68 142 207 664 517 1,520 2,046 101 May^ 4,821 52 139 37 68 158 233 687 436 1,565 2,029 103 June-p 4,759 52 129 36 68 151 254 689 415 ,529 2,009 117 NOTE.—Short-term claims are principally the following items payable States; and foreign currency balances held abroad by banks and bankers on demand or with a contractual maturity of not more than 1 year: loans and their customers in the United States. Excludes convertible curmade to and acceptances made for foreigners; drafts drawn against rencies held by U. S. monetary authorities. foreigners where collection is being made by banks and bankers for See also NOTE to Table 1. their own account or for account of their customers in the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1086 INTL. CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued [Amounts outstanding; in millions of dollars] Table 3a. Other Europe End of period Total A tr u ia s- g B iu el m - m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - Other 1957 211 6 25 11 4 6 29 23 2 8 10 76 10 1958 315 7 65 14 6 7 56 22 2 30 24 72 9 1959 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960 264 2 65 13 9 6 33 17 4 8 28 49 11 19 1961—June 233 3 43 9 14 7 45 11 3 11 25 24 16 22 July 209 3 43 9 14 8 47 11 2 8 17 13 15 19 178 3 13 11 14 6 43 11 2 7 16 22 14 17 Sept 186 3 10 10 16 7 45 13 2 7 15 31 8 18 Oct 182 3 11 12 19 6 41 17 3 6 15 23 8 16 Nov 181 4 10 11 20 6 46 23 3 5 18 9 9 17 Dec 239 5 20 11 23 6 54 27 5 11 35 16 9 17 1962 Jan 214 4 18 13 23 5 60 26 2 14 17 7 7 19 Feb 215 5 19 9 23 4 61 22 3 17 18 7 7 21 Mar 222 4 17 8 24 4 66 20 5 15 18 11 4 23 Apr 207 5 15 7 24 4 58 21 5 13 17 13 5 21 Mayp 233 6 18 9 26 4 62 23 5 16 19 13 5 27 Junep 254 5 18 11 27 5 59 24 7 12 20 37 6 23 Table 3b. Latin America Neth- End of period 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 D R c l u i i a 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 m c u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - Other nam 1957 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958 ,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960 ,356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961 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 71 795 158 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 450 179 5 230 119 99 19 14 14 19 395 6 32 69 53 125 73 Dec .504 192 6 186 127 125 19 13 17 20 423 13 32 73 55 129 74 1962—J F a e n b r ' l 1 , , 4 4 2 5 5 6 1 1 8 7 4 9 6 5 ' r 1 1 2 3 9 0 1 12 2 5 6 1 1 6 3 0 4 1 1 8 9 1 11 2 1 1 6 4 1 1 9 9 r r 4 3 1 9 1 6 9 6 4 4 1 3 7 7 0 1 6 62 1 1 14 2 1 2 7 6 1 8 Mar 1,496 205 5 137 120 160 18 10 14 18 432 9 41 71 60 127 69 Apr 1,520 203 5 161 120 156 18 12 15 18 433 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 1,529 188 6 200 154 143 17 15 10 13 408 7 41 81 68 108 71 Table 3c. Asia and All Other Asia All other End of period Total H K o o n n g g India Iran Israel Japan ip P p h i i n l- es T w a 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 386 7 6 22 24 146 53 6 14 110 50 13 5 12 19 1958 435 6 4 27 23 179 67 6 13 111 69 13 4 21 3 29 1959 586 10 6 29 14 324 24 9 15 155 56 18 3 12 2 21 I960 1,052 9 9 33 24 806 19 7 24 121 69 28 3 11 3 24 1961 June 1.598 9 41 47 33 1.272 24 15 27 131 76 25 3 15 10 23 July 674 9 40 36 34 ,341 42 13 30 129 90 26 3 24 13 23 AUE ,626 10 10 36 31 ,335 37 12 29 128 98 32 3 24 13 25 Sept ,581 10 8 35 31 ,288 38 10 32 129 84 27 3 19 13 22 Oct ,597 9 8 33 34 ,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 r1,892 10 10 30 36 r1,515 133 11 34 114 92 31 6 11 14 31 Feb r1 964 9 10 28 37 r1,605 '118 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 32 Apr 2.046 12 13 30 39 1,688 108 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 June*3 2,009 11 14 24 39 1,680 91 7 30 113 118 35 4 11 24 44 See NOTE on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL. CAPITAL TRANSACTIONS OF THE U. S. 1087 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 period, or area Longand country t t e o rm ta — l1 Loans to— Total Ba i o n n f s f k i t c s it ia u a l - nd 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 s h i e t r s s j Other tions Total amounts outstanding 1957 1,174 2,199 2,052 627 303 423 699 147 132 15 1958 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 1,545 2,623 2,406 848 460 516 582 217 203 15 1960 1,698 3,614 3,135 815 482 605 1,233 480 242 238 1961—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 1,700 410 232 178 Sept.. 1,864 4,156 3,708 776 564 697 1,671 448 266 182 Oct.. . 1,847 4,347 3,799 780 600 683 1,736 548 337 211 Nov.. 1,880 4,384 3,835 828 625 682 1,700 549 329 220 Dec... 2,020 4,700 4,115 1,014 618 694 1,789 586 385 200 1962—Jan.. . 2,046 '4,570 '4,113 '1,003 '617 708 '1,785 458 287 171 Feb.., 2,088 '4,688 '4,246 '1,088 '623 715 1,819 443 288 154 Mar.. 2,134 '•4,868 4,399 1,214 644 732 1,809 '470 '304 166 Apr.. 2,086 4,849 4,393 1,236 679 726 1,752 456 271 184 May** 2,080 4,821 4,328 1,306 571 711 1,740 '492 '290 202 June73 2,175 4,759 4,295 1,318 534 698 1,745 463 310 153 Area and country detail, Apr. 30, 1962 Europe: Austria 43 5 5 1 1 Belgium 9 15 12 7 1 Denmark 7 7 7 3 3 Finland 4 24 23 2 21 France 15 44 40 14 17 4 Germany, Fed. Rep. of. 71 161 142 39 25 28 18 15 Greece 7 4 4 4 * Italy 28 41 38 18 3 Netherlands 43 58 55 29 14 2 3 Norway 171 21 19 1 2 15 1 Portugal 4 5 5 2 Spain 1 13 12 4 2 3 1 1 Sweden 46 17 15 1 * 6 1 1 Switzerland 9 68 43 11 19 6 25 14 12 Turkey 13 13 10 * 3 United Kingdom . 12 142 46 15 14 13 4 96 12 Yugoslavia 2 5 5 2 * 1 2 Other 2 21 21 2 4 3 12 Total. . . 474 664 506 121 126 127 132 158 130 28 Canada. 295 517 325 11 205 9 100 192 44 149 Latin America: Argentina 73 203 197 39 26 47 84 5 Bolivia * 5 5 • * 4 * Brazil 273 161 116 24 37 20 35 45 Chile 24 120 120 25 24 23 48 Colombia 52 156 156 47 34 27 47 Cuba 1 18 18 1 16 Dominican Republic 12 12 5 6 El Salvador 15 15 1 5 Guatemala 11 18 18 4 1 7 6 Mexico 165 433 426 181 78 35 132 Netherlands Antilles and Surinam 22 Panama, Rep. of 21 52 52 36 7 5 Peru 74 74 11 25 33 Uruguay 61 61 5 7 43 Venezuela 204 117 116 22 64 16 Other 82 68 67 17 30 12 Total. 938 1,520 1,461 365 298 327 471 59 56 For notes sec end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1088 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- Area and term— Loans to— country total i Total Total Banks and C t o o io u ll n t e - s c- Other Total De w p i o th sits Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, Apr. 30, 1962—Cont. Asia: Hong Kong 2 12 12 5 3 3 1 * India 16 13 12 3 * 7 2 * * Indonesia 54 12 12 12 Iran 12 30 29 2 * 21 6 1 1 * Israel 25 39 39 4 4 4 28 * * 28 1,688 1,650 533 16 152 948 38 37 2 Korea Rep of 6 6 6 Philippines 62 108 108 95 3 1 10 * Taiwan . . ... 1 9 9 2 1 2 4 Thailand 3 33 33 11 1 3 18 Other 2 96 96 62 9 21 3 * * * Total 206 2,046 2,006 730 36 220 1,020 41 39 2 Allother: Australia. 43 33 30 2 3 15 10 3 1 2 Congo Rep of the 39 4 4 2 2 * * South Africa 38 11 9 * 8 * 2 2 # U.A.R (Egypt) 3 21 21 3 * 1 17 * * Other 50 32 32 3 11 16 3 * * * Total 173 101 96 10 14 42 30 5 3 2 Total foreign countries 2,086 4,849 4,393 1,236 679 726 1,752 456 271 184 1 Mainly loans with an original maturity of more than one year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE [In millions of dollars] U.S. Govt. bonds & notes U. S. corporate securities1 Foreign bonds Foreign stocks Net purchases, Period c P ha u s r e - s Sales or sal F e o s reign c P ha u s r e - s Sales c N h e a sa t s e l p e s u s , r o - r c P ha u s r e - s Sales c N ha s e a s t l e e p s s u , o r- r c P ha u s r e - s Sales c N ha s e a s t l e e p s s u , o r- r Total countries 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 1 1 9 9 6 6 0 1 1 1, , 7 7 4 3 4 0 1 1 , , 2 6 3 0 1 3 5 1 1 2 2 7 - 1 9 7 8 2 2 3 , , 4 3 1 8 9 4 2 3 , , 1 16 6 1 7 2 22 5 3 2 8 80 8 2 3 r1 1 , , 2 4 6 4 2 5 '- - 4 5 6 6 0 2 r5 5 9 0 6 9 r9 5 6 9 6 2 r-3 - 7 8 0 3 1961 June 41 74 -33 -33 303 276 27 63 97 -34 r54 r73 — 19 July 170 127 43 43 194 212 -18 50 120 -70 r36 '56 -20 Aug 340 177 163 48 246 254 -8 37 36 1 r41 r65 -24 SeDt 22 26 -4 -5 217 216 1 225 228 -3 41 r59 — 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 Dec 86 32 54 286 273 14 64 r107 r-43 59 r140 r-81 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 104 140 -36 -24 233 211 22 79 114 -36 57 67 — 10 May** 122 299 -176 -113 286 260 26 114 301 -187 79 79 Junep 108 136 -28 -25 245 309 -64 55 135 -80 70 108 -37 1 Includes small amounts of State and local govt. securities. See also NOTE to Table 1 NOTE.—Statistics include transactions of international organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL. CAPITAL TRANSACTIONS OF THE U. S. 1089 TABLE 6. NET PURCHASES OR SALES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY [In millions of dollars] Type of security Country or area Period Total1 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A he ll r1 1958 -39 -56 17 _3 2 -8 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 I960 252 202 50 5 38 1 171 -48 66 234 -45 36 28 1961 223 323 -99 4 21 20 166 -17 38 232 -112 44 58 1961—June 27 33 -6 * -1 3 19 11 3 34 -14 4 2 July -18 -5 -13 2 -6 -1 -1 -12 -13 2 5 Aug -8 2 10 * 6 -7 4 1 -14 2 3 Sept 1 16 -15 1 2 2 2 2 3 12 -17 5 1 Oct 14 28 -15 * 2 1 24 -10 2 19 1 1 D N e o c v 2 1 0 4 2 1 5 5 — -1 5 1 1 4 1 5 2 2 5 1 - - 2 2 0 5 5 3 1 3 8 — 8 4 2 8 7 1962—Jan 37 54 -17 5 -2 46 10 -3 55 -19 4 -3 Feb 30 36 -6 1 5 -1 34 37 Q -1 3 Mar 34 20 14 — 1 2 1 16 — 1 -1 16 17 — 1 3 Apr 22 21 1 * 18 15 34 -6 2 — 8 Mayp 26 28 2 1 2 4 21 13 2 43 I -10 -8 June39 -64 -65 1 -2 -2 2 -6 -29 1 -36 -14 -4 -9 1 Includes transactions of international organizations. NOTE.—Statistics include small amounts of State and local govt. securities. TABLE 7. NET PURCHASES OR SALES BY FOREIGNERS TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT OF LONG-TERM FOREIGN SECURITIES, BY AREA FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS [In millions of dollars] [In millions of dollars] Period na In ti t o e n r- al f c T o t o r r o e i u t e i a n g s l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r End of period Deposits U. S A . G ss o e v ts t . in cus M to i d s y celsecurities1 laneous2 1958 -558 -805 -72 -543 5 -45 -150 1959 -157 -593 -50 -443 11 -97 -15 1960—Dec 217 5,726 756 1 1 9 9 6 6 0 1 — 14 1 7 r- — 83 4 2 98 r- — 2 6 11 2 7 - — 3 1 1 8 96 — r-5 1 8 07 r- — 12 4 1 1 — -7 3 36 1961—July 226 5,660 667 Aug 270 5,903 660 1961—June... -15 r-38 -17 -23 r4 '8 -10 Scot 312 6,036 662 July.... 3 -93 12 -70 1 r-6 -30 Oct 249 5,988 652 Aug.... 6 -29 -10 -17 1 2 1 Nov .. . 198 5,793 634 Sept.... 4 -24 3 6 '•3 -7 -22 Dec 279 6,006 669 Oct -5 -47 -17 -7 1 '-26 1 Nov 1 r-83 -26 -15 -9 r-15 -18 1962—Jan 229 5,403 663 Dec.... -7 ••-116 r-85 -28 1 -9 6 Feb 204 5,432 637 Mar 221 5,762 621 1962—Jan * -19 -9 22 _1 -8 -23 Apr. . . 230 5,551 616 Feb -96 6 -22 2 4 -11 33 May 223 5,754 627 Mar.... -28 -54 -57 8 * -5 1 June 334 6,228 604 Apr.... -22 -24 -23 2 -3 July 248 6,026 595 May-?.. -13 -174 -31 -91 -3 -26 -23 June".. * -117 -66 -31 -18 -5 3 1 U. S. Treasury bills, certificates of indebtedness, notes, and bonds; includes certificates of indebtedness payable in foreign currencies. 2 Bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—Excludes assets held for international organizations, and earmarked gold. See note 4 to table on changes in U. S. gold stock for total gold held under earmark at F. R. Banks for foreign and international accounts, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1090 INTL. CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of period; in millions of dollars] Liabilities to foreigners Claims on foreigners 2d revised ser.1 3d revised ser.i 4th revised ser.1 2d revised ser.l Area and country 1961 1961 1961 1961 I II II III III IV I Europe: Austria A A Belgium 28 2t 21 31 11 Denmark Finland t 1 1 1 France 34 37 37 40 41 32 44 Germany Fed. Rep. of 49 40 4C 4C 40 34 4C Greece 2 Italy .. 20 23 23 30 30 31 32 Netherlands 62 68 68 48 49 44 17 Norway 6 6 6 9 9 10 7 Portugal 1 1 1 4 Spain 8 6 7 5 8 7 Sweden 5 8 8 6 6 6 26 Switzerland 26 47 47 39 39 39 25 Turkey 3 4 4 4 4 4 United Kingdom 79 107 109 110 110 111 279 Yugoslavia 1 1 1 2 2 3 2 Other 2 1 2 2 2 1 5 Total 331 385 388 370 371 366 526 Canada 40 43 49 45 45 49 327 Latin America: Argentina 8 10 10 7 7 6 26 Bolivia 1 1 1 1 1 3 Brazil 20 20 20 24 24 25 61 Chile 4 5 5 5 5 5 15 Colombia 5 7 7 5 5 2 14 Cuba 2 2 2 2 2 2 7 Dominican Republic 1 1 1 1 1 3 El Salvador * 1 1 * 2 Guatemala 4 Mexico 6 6 6 5 5 6 47 Neth Antilles and Surinam . ... 4 6 6 5 5 8 Panama Rep of . . 3 6 7 13 13 12 Peru 6 2 3 2 2 6 Uruguay 2 2 2 4 4 1 Venezuela 23 23 23 21 22 20 Other 7 10 10 10 10 12 Total 92 102 102 106 109 105 Asia: Hong Kong . ... 3 3 3 3 3 3 India 6 5 5 6 6 8 Indonesia \\ 10 10 7 7 6 Tran 5 5 5 5 5 5 Israel 4 2 2 3 3 5 Japan 58 67 68 71 71 62 Korea, Rep. of Philippines . .... ... 7 7 7 7 7 8 Taiwan 2 1 1 2 Thailand 3 3 3 3 3 3 Other 9 11 11 15 15 11 Total.... 109 114 114 122 122 114 All other: Australia . . . 15 15 15 12 11 Congo Rep. of the 1 * * * * South Africa 2 3 3 4 4 13 U.A R CESVDO 2 1 1 2 2 2 Other 9 11 13 13 18 Total 29 31 31 29 30 44 International Grand total 600 673 684 672 676 680 ot ovo 3d revised ser. i 4th revised ser.l 1961 1961 II II III ni IV 4 4 3f 35 17 25 6 6 7 2 40 40 36 37 46 68 68 74 76 78 3 3 35 36 34 34 47 22 22 23 23 7 7 7 8 10 4 6 6 5 1C 10 9 12 19 19 18 19 19 19 19 15 16 18 5 5 c 6 225 226 189 190 200 1 2 2 2 2 3 4 5 5 6 506 511 455 461 519 506 524 617 619 576 29 30 31 32 36 2 2 3 3 3 73 74 91 91 64 18 18 16 17 19 13 13 14 14 13 5 6 7 7 5 2 2 3 3 3 3 3 3 3 3 5 5 5 5 b 42 44 47 49 41 2 2 2 2 2 7 7 6 6 9 11 12 18 18 16 4 4 4 4 4 5 38 35 36 57 58 46 22 25 26 43 44 24 267 278 285 349 355 294 3 3 3 3 3 4 11 11 11 13 13 12 4 3 3 3 3 2 9 7 7 7 7 8 8 8 8 8 8 10 52 55 56 63 63 79 1 1 1 1 1 9 7 7 7 7 8 3 2 2 2 2 7 3 3 3 3 3 3 18 18 18 18 19 20 120 117 118 127 129 154 20 19 19 21 22 25 2 2 2 2 2 2 9 11 11 10 10 10 7 7 7 11 10 13 16 16 19 19 18 51 56 56 62 63 64 1 * 1 1 1 1,292 1,463 1,495 1,610 1,629 ,608 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 (2nd revised series), on June 30, 1961 (3rd revised series), U. S. banks, and intercompany accounts between U. S. companies and and on Sept. 30, 1961 (4th revised series). their foreign affiliates. NOTE.—Reported by exporters, importers, and industrial and com- See also NOTE to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1091 U. S. BALANCE OF PAYMENTS [In millions of dollars] 1959 1960 1961 1962" Item III IV III IV III IV 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 M Se e rv rc ic h e a s n 2 dise 3 1 , ,6 8 5 0 6 7 4 1 , , 0 77 7 4 4 4 1 , , 0 89 5 2 8 4 2, , 1 3 0 4 5 3 4 1 , , 6 66 1 5 5 5 1 , ,8 0 7 0 4 8 4 1 , , 6 89 9 0 1 2 5 , ,1 1 4 2 5 5 5 1 , , 0 * 1 " 2 " < 2 -4 , , 0 9 3 2 0 2 4 1 , , 6 9 7 8 3 3 5 2 , , 3 3 0 3 8 0 5 1 , , 0 9 1 8 9 3 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 services' 62 -116 -278 504 540 837 563 1,885 1,544 1,357 578 1,664 1,129 Unilateral transfers (net) -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) -494 3-1,032 -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 3-294 -220 243 -230 -390 -145 -340 -383 415 -467 -491 -441 Foreign capital and gold (net) 953 31,439 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 3847 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 4. . . . 95 3397 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 1 Excluding military transfers under grants. 4 Beginning with the first quarter of 1961, net of change in convertible 2 Including military transactions. currencies held by Exchange Stabilization Fund. 3 F.xcluding additional U.S. subscription to International Monetary Fund of 31,375 million, of which $344 million was transferred in gold NOTE.—Dept. of Commerce estimates. and $1,031 million in non-interest-bearing U.S. Govt. securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Sw la i n tz d erth 3 T m r b e o i a l n s ls u t , h ry sl 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 s a e i n r t s s c ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a a i - y l s l 9 s s u 0 4 , ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r 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 1.52 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—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 1.68 1.50 2.00 Nov 2.42 2.24 5.67 5.41 4.89 4.02 3.52 2.00 2.81 1.74 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 1.13 1.75 2.00 May 3.36 3.00 4.14 3.94 3.24 2.50 3.98 2.13 2.56 >.46 1.75 2.CO June 4.48 3.55 3.98 3.80 3.30 2.50 3.59 2.25 3.31 2.32 1.69 2.00 1 Based on average yield of weekly tenders during month. NOTE.—For description of rates and back data, see "Internationa! 2 Based on weekly averages of daily closing rates. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 3 Rate shown is on private securities. 1962. 4 Rate in effect at end of month. 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS [Per cent per annum] Rate as of Changes during the last 12 months July 31, 1961 Rate Country 1961 1962 as of July 31, Per Month 1962 cent effective Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Argentina 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 Brazil 10.0 Apr. 1958 10.0 3.0 Nov. 1957 4 0 4.0 Canada1 2.80 July 1961 2.51 2.84 2.75 2.75 3.24 3.35 3.42 3.37 3.32 3.77 16.0 6.0 Ceylon 4.0 Aug. 1960 4.0 Chile* 15.88 July 1961 15.27 14.62 14.62 5.0 Aug. 1959 5.0 Costa Rica *. 3.0 Apr. 1939 3.0 Cuba . . 6.0 Jan. 1960 6.0 6.5 May 1961 6.5 5.0 Nov. 1956 5.0 3.0 Nov. 1952 5.0 5.0 El Salvador 6.0 June 1961 6.0 Finland 6.75 Mar. 1959 8.0 7.0 7.0 France . . .. ... 3.5 Oct. 1960 3.5 Germany 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 India* 4.0 May 1957 4.0 Indonesia 3.0 Apr. 1946 3.0 Iran 6.0 Nov. 1960 6.0 4.78 July 1961 6.88 6.75 5.94 5.56 5.44 4.70 4.31 4.06 4.06 6.0 Feb. 1955 6.0 Italv 3.5 June 1958 3.5 6.94 July 1961 7.3 7.3 IVlexico • 4.5 June 1942 4.5 3.5 Nov. 1959 4.0 4.0 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 Norway ............. 3.5 Feb. 1955 3.5 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 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 4.0 June 1961 4.0 Sweden 5.0 Jan. 1960 4 5 4 0 4.0 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 7.5 May 1961 7.5 United Kingdom 7.0 July 1961 6.5 6.0 «5.0 4.5 4.5 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Argentina—3 and 5 per cent for certain rural and industrial paper, dewas fixed at 6 per cent. Rates on loans to money market dealers will pending on type of transaction; continue to be .25 of 1 per cent above latest weekly Treasury bill tender Brazil—8 per cent for secured paper and 4 per cent for certain agricultural average rate but will not be more than the bank rate. paper; 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at Colombia—3.5 per cent for agricultural and industrial development the average rate charged by banks in the previous half year. Old redis- paper of up to 150 days, 3 per cent for economic development paper counts remain subject to old rates provided their amount is reduced by of up to 5 years, and 2 per cent for specific small business, cooperative one-eighth each month beginning May 1, 1959, but the rates are raised and employee paper; by 1.5 per cent for eaclj month in which the reduction does not occur. Costa Rica—5 per cent for paper related to commercial transactions 3 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); 4 Rate applies to advances against commercial paper as well as against Cuba—5.5. per cent for sugar loans and 5 per cent for loans secured by government securities and other eligible paper. national public securities; 5 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, comunder U. S. Law 480 was reduced from 6 to 3 per cent. modity involved, etc.; 6 On Mar. 8, 1962 the discount rate had been reduced to 5.5 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings NOTE.—Rates shown are mainly those at which the central bank either from the Central bank in excess of an individual bank's quota; discounts or makes advances against eligible commercial paper and/or Peru—8 per cent for agricultural, industrial and mining paper; and government securities for commercial banks or brokers. For countries Venezuela—4 per cent for rediscounts of certain agricultural paper and with more than one rate applicable to such discounts or advances, the for advances against government bonds or gold and 5 per cent on adrate shown is the one at which it is understood the central bank trans- vances against securities of Venezuelan companies. acts the largest proportion of its credit operations. Other rates for some of these countries follow: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1093 FOREIGN EXCHANGE RATES [In cents per unit of foreign currency] Argentina (peso) Aus- Period 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 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .31149 .2038 1960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .31118 120.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .31098 20.384 1961—July 1.2113 222.10 3.8554 2.0081 96.701 20.951 14.429 .31090 20.405 Aug 1.2104 223.34 3.8592 2.0080 96.933 21.012 14.484 .31089 20.352 Sept 1.2061 224.08 3.8634 2.0084 97.003 21.076 14.515 .31088 20.331 Oct 1.2056 224.33 3.8660 2.0085 97.039 21.094 14.521 .31085 20.337 Nov.... 1.2057 224.30 3.8648 2.0085 96.532 21.089 14.520 .31085 20.364 Dec 1.2080 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 2 1.2081 224.32 3.8659 2.0086 95.277 21.058 14.534 .31074 20.405 Apr 3 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 4 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 July 5.7851 223.63 3.8700 2.0103 92.654 21.036 14.483 .31063 20.405 Period G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l a l 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 1960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 727.555 277.45 1961—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 July. 25.084 21.019 280.66 .16110 .27628 32.713 8.0056 27.821 277.88 Period 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 a u 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 279.48 139.57 .6643 19.353 23.151 280.22 1961—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 July 14.005 3.5000 139.80 .6651 19.428 23.162 2S0.66 1 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 7 Effective Mar. 7, 1961, the par value of the guilder was changed from 2 Based on quotations through Mar. 19, 1962. 3.80 to 3.62 guilders per U. S, dollar. 3 Based ©n quotations beginning with Apr. 4, 1962. NOTE.—Averages of certified noon buying rates in New York for 4 Effective May 2,1962, the par value of the Canadian dollar was set at cable transfers. For description of rates and back data, see "International 92.5 U. S. cents. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 5 Based on quotations through July 10,1962. 1962. 6 Effective Mar. 5,1961, the par value of the deutsche mark was changed from 4.20 to 4.00 marks per U. S. dollar. 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 1094 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1095 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

1096 FEDERAL RESERVE BULLETIN • AUGUST 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 Charles E. Turner E. O. Latham Ansgar R. Berge O. A. Schlaikjer G. Gordon Watts 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. Ratchford 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 J. R. Euans Clarence W. Tow Henry O. Koppang C. A. Cravens F. H. Larson J. T. White L. F. Mills Dallas Watrous H. Irons Howard Carrithers Ralph T. Green Thomas W. Plant Harry A. Shuford James L. Cauthen Thomas A. Hardin W. M. Pritchett P. E. Coldwell G. R. Murff Thomas R. Sullivan James A. Parker San Francisco. . . Eliot J. Swan J. L. Barbonchielli E. H. Galvin John A. O'Kane H. E. Hemmings Paul W. Cavan A. B. Merritt C. H. Watkins1 1 Assigned to Los Angeles Branch. 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. Barglcbaugh 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 1960. 112 pp. Individual books $1.00 each; FUNCTIONS. 1961. 238 pp. set of 3 books $2.50. ANNUAL REPORT OF THE BOARD OF GOVERNORS INDUSTRIAL PRODUCTION—1959 REVISION. 1960. OF THE FEDERAL RESERVE SYSTEM. 229 pp. $1.00 per copy; in quantities of 10 or more for single shipment, $.85 each. FEDERAL RESERVE BULLETIN. Monthly. Subscription prices: (1) $6.00 per annum or $.60 THE FEDERAL FUNDS MARKET—A Study by a Federal Reserve System Committee. 1959. Ill a copy in the United States and its possespp. $1.00 per copy; in quantities of 10 or sions, Bolivia, Canada, Chile, Columbia, Costa more for single shipment, $.85 each. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, DEBITS AND CLEARINGS STATISTICS AND THEIR Mexico, Nicaragua, Panama, Paraguay, Peru, Use (rev. ed.). 1959. 144 pp. $1.00 per El Salvador, Uruguay, and Venezuela. (2) Else- copy; in quantities of 10 or more for single where, $7.00 per annum or $.70 per copy. shipment, $.85 each. (3) In quantities of 10 or more copies sent to ALL-BANK STATISTICS, 1896-1955. Pt. I, U. S. one address in the United States, $5.00 per Summary. Pt. II, Summaries by States and annum or $.50 per copy per month. other areas. 1959. 1,229 pp. $4.00. FEDERAL RESERVE CHART BOOK ON FINANCIAL THE FEDERAL RESERVE ACT, as amended through AND BUSINESS STATISTICS. Monthly. Annual October 1, 1961, with an Appendix containing subscription includes one issue of Historical provisions of certain other statutes affect ing Chart Book. Subscription prices: (1) $6.00 the Reserve System. 386 pp. $1.25. per annum or $.60 per copy in the United FLOW OF FUNDS IN THE UNITED STATES, 1939-53. States and the countries listed above. (2) Else- 1955. 390 pp. $2.75. where, $7.00 per annum or $.70 per copy. FLOW OF FUNDS/SAVING ACCOUNTS, 1946-60. (3) In quantities of 10 or more of same issue Supp. 5. 1961. for single shipment, $.50 each. BANKING AND MONETARY STATISTICS. 1943. 979 HISTORICAL CHART BOOK. Issued annually in pp. $1.50. September. Annual subscription to monthly SUPPLEMENT TO BANKING AND MONETARY STAchart book includes one issue of the Historical. TISTICS. Sec. 10. Member Bank Reserves and Prices: (1) $.60 each in the United States and Related Items. 1962. 64 pp. $.50. Sec. 14. the countries listed above. (2) Elsewhere, $.70 Gold. 24 pp. $.35. Sec. 15. International each. (3) In quantities of 10 or more for single Finance. 1962. 92 pp. $.65. shipment, $.50 each. REGULATIONS OF THE BOARD OF GOVERNORS OF INDUSTRIAL PRODUCTION CHART BOOK. 1961. 210 THE FEDERAL RESERVE SYSTEM. pp. $1.75 per copy; in quantities of 10 or RULES OF ORGANIZATION AND PROCEDURE—BOARD more for single shipment, $1.50 each. OF GOVERNORS OF THE FEDERAL RESERVE SYS- TREASURY-FEDERAL RESERVE STUDY OF THE GOV- TEM. 1962. 40 pp. ERNMENT SECURITIES MARKET. Pt. I. 1959. PUBLISHED INTERPRETATIONS of the Board, as of 108 pp. Pt. II. 1960. 159 pp. Pt. III. January 1, 1961. $2.50. 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 FEDERAL RESERVE BULLETIN • AUGUST 1962 REPRINTS INTEREST RATES IN LEADING COUNTRIES. Aug. 1961. 8 pp. {From Federal Reserve BULLETIN unless preceded by an asterisk) CAPITAL MARKETS IN 1961. Sept. 1961. 7 pp. U. S. BALANCE OF PAYMENTS IN 1961. Oct. 1961. THE MONETARY SYSTEM OF THE UNITED STATES. Feb. 1953. 16 pp. 7 pp. INFLUENCE OF CREDIT AND MONETARY MEASURES SURVEY OF FINANCE COMPANIES, MID-1960. Oct. ON ECONOMIC STABILITY. Mar. 1953. 16 pp. 1961. 21 pp. (Also, similar reprint from Apr. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1957 BULL.) STABILITY. May 1953. 7 pp. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- REVISION OF CONSUMER CREDIT STATISTICS. Dec. COUNTS, ANNUAL ESTIMATES, 1939-54. Oct. 1961. 15 pp. 1955. 40 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. SURVEYS OF BANK LOANS FOR COMMERCIAL AND 1961. 3 pp. INDUSTRIAL PURPOSES. Business Loans of Mem- THE MEANS OF ECONOMIC PROGRESS. Feb. 1962. ber Banks. Apr. 1956. 14 pp. Credit Lines 9 pp. and Minimum Balance Requirements. June MONETARY EXPANSION DURING 1961. Feb. 1962. 1956. 7 pp. Member Bank Lending to Small 7 pp. Business, 1955-57. Apr. 1958. 19 pp. Mem- INTEREST RATES ON TIME DEPOSITS, Mid-January ber Bank Term Lending to Business, 1955-57. 1962. Feb. 1962. 5 pp. Apr. 1959. 16 pp. Security Pledged on Business Loans at Member Banks. Sept. 1959. 16 CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. Mar. 1962. 8 pp. pp. MONETARY FUND RESOURCES AND THE INTER- OPEN MARKET OPERATIONS IN LONG-TERM SE- NATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp. CURITIES. Nov. 1958. 15 pp. *PART I, ALL-BANK STATISTICS, 1896-1955. Re- BANKING AND MONETARY STATISTICS, 1961. Seprint of the U. S. Summary containing a de- lected series of banking and monetary statistics scription of revised statistics for all banks in for 1961 only. Feb., Mar., and May 1962. the United States, by class of bank, together 14 pp. with revised statistics. Apr. 1959. 94 pp. QUARTERLY SURVEY OF CONSUMER BUYING IN- A QUARTERLY PRESENTATION OF FLOW OF FUNDS, TENTIONS. August 1962. 6 pp. (Also, similar SAVING, AND INVESTMENT. Aug. 1959. 49 pp. reprints from BULLS, for Dec. 1960, Mar., May., Aug., and Nov. 1961, Mar. and May 1962.) REVISED INDUSTRIAL PRODUCTION INDEX. Dec. 1959. 24 pp. GROWTH IN INSTITUTIONAL SAVINGS. May 1962. 9 pp. REVISED SERIES FOR SEASONALLY ADJUSTED MONEY SUPPLY. Feb. 1960. 4 pp. SURVEY OF COMMON TRUST FUNDS, 1961. May 1962. 7 pp. (Also, similar reprint from May CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. 1961 BULL.) Combined reprint. Sept. 1960. 31 pp. MONETARY POLICY, BANK CREDIT, AND MONEY. IMPLEMENTATION OF THE 1959 ACT ON RESERVE July 1962. 8 pp. REQUIREMENTS. Dec. 1960. 6 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. SMALL BUSINESS FINANCING: CORPORATE MANU- July 1962. 6 pp. FACTURERS. Jan. 1961. 15 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- STATISTICS ON THE GOVERNMENT SECURITIES DEXES. July 1962. 6 pp. MARKET. Apr. 1961. 8 pp. ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. 5 pp. OWNERSHIP OF DEMAND DEPOSITS. Apr. 1961. 3 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER 11 pp. TIME DEPOSITS. May 1961. 2 pp. (Also, REVISION OF WEEKLY DEPARTMENT STORE SALES similar reprint from July 1960 BULL.) Index. Aug. 1962. 3 pp. BANK CREDIT AND MONEY IN RECOVERY. June THE BALANCE SHEET OF AGRICULTURE, 1962. 1961. 8 pp. AUG. 1962. 10 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1020, 1022 Department stores: Agricultural loans of commercial banks, 1014, 1016 Merchandising data, 1051 Assets and liabilities (See also Foreign liabilities and Sales and stocks, 1046, 1050 claims): Deposits (See also specific types of deposits): Banks and the monetary system, consoli- Adjusted, and currency, 1009 dated, 1009 Banks, by classes, 1003, 1010, 1015, 1018, 1022 Corporate, current, 1032 Federal Reserve Banks, 1004, 1089 Domestic banks, by classes, 1010, 1014, Postal savings, 1003, 1009 1016, 1022 Discount rates, 1002, 1092 Federal Reserve Banks, 1004 Discounts and advances by Federal Reserve Automobiles: Banks, 998, 1004, 1006 Consumer instalment credit, 1036, 1037, 1038 Dividends, corporate, 1031, 1032 Production index, 1040, 1043 Dollar assets, foreign, 1081, 1089 Bank holding companies, banking offices and deposits Earnings and hours, manufacturing indusof group banks, 1075 tries, 1046, 1049 Bankers' balances, 1015, 1017 Employment, 1046, 1048, 1049 (See also Foreign liabilities and claims) Banking offices: Farm mortgage loans, 1033, 1034 Changes in number, 1073 Federal finance: On, and not on, Par List, number, 1074 Cash transactions, 1024 Banks and the monetary system, consolidated state- Receipts and expenditures, 1025 ment, 1009 Treasurer's balance, 1024 Bonds (See also U. S. Govt. securities): Federal home loan banks, loans, etc., 1035 New issues, 1029, 1030, 1032 Federal Housing Administration, loans, etc., 1033, Prices and yields, 1020, 1021 1034, 1035 Brokers and dealers in securities, bank Federal National Mortgage Association, loans to, 1014, 1016 loans, etc., 1035 Business expenditures on new plant and equip- Federal Reserve Banks: ment, 1032 Condition statement, 1004 Business indexes, 1046 U. S. Govt. securities held by, 998, 1004, 1006, Business loans (See Commercial and industrial loans) 1026, 1027 Federal Reserve credit, 998, 1004, 1006 Capital accounts: Federal Reserve notes, 1004, 1007 Banks, by classes, 1010, 1015, 1018 Finance company paper, 1020, 1022 Federal Reserve Banks, 1004 Financial institutions, loans to, 1014, 1016 Carloadings, 1046 Float, 998 Central banks, foreign, 1078, 1092 Flow of funds: Coins, circulation of, 1007 Financial assets and liabilities, 1065 Commercial banks: Saving and financial flows, 1056 Assets and liabilities, 1010, 1013, 1014 Foreign central banks, 1078, 1092 Consumer loans held, by type, 1037 Foreign currencies, convertible, holdings by U. S. Number, by classes, 1010 monetary authorities, 1004, 1080 Real estate mortgages held, by type, 1033 Foreign deposits in U. S. banks, 998, 1004, 1009, Commercial and industrial loans: 1015, 1018, 1089 Commercial banks, 1014 Foreign exchange rates, 1093 Weekly reporting member banks, 1016, 1019 Foreign liabilities and claims: Commercial paper, 1020, 1022 Banks, 1082, 1084, 1087, 1089 Condition statements (See Assets and liabilities) Nonfinancial concerns, 1090 Construction, 1046, 1047 Foreign trade, 1051 Consumer credit: Instalment credit, 1036, 1037, 1038, 1039 Gold: Major parts, 1036, 1038 Earmarked, 1080 Noninstalment credit, by holder, 1037 Net purchases by U. S., 1080 Consumer price indexes, 1046, 1052 Production, 1079 Consumption expenditures, 1054, 1055 Reserves of central banks and governments, 1078 Corporate sales, profits, taxes, and divi- Reserves of foreign countries and international dends, 1031, 1032 institutions, 1081 Corporate security issues, 1030, 1032 Stock, 998, 1009, 1080 Corporate security prices and yields, 1020, 1021 Gold certificates, 1004, 1007 Cost of living (See Consumer price indexes) Govt. debt (See U. S. Govt. securities) Currency in circulation, 998, 1007, 1008 Gross national product, 1054, 1055 Customer credit, stock market, 1021 Hours and earnings, manufacturing indus- Debits to deposit accounts, 1006 tries, 1046, 1049 Demand deposits: Housing starts, 1047 Adjusted, banks and the monetary system, 1009 Adjusted, commercial banks, 1006, 1008, 1015 Industrial production index, 1040, 1046 Banks, by classes, 1003, 1010, 1018 Instalment loans, 1036, 1037, 1038, 1039 Turnover of, 1006 Insurance companies, 1023, 1026, 1027, 1034 Type of holder, at commercial banks, 1015 Insured commercial banks, 1012, 1014, 1073 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 FEDERAL RESERVE BULLETIN • AUGUST 1962 Interbank deposits, 1006, 1010, 1015 Reserves: Interest rates: Commercial banks, 1015 Bond yields, 1020 Federal Reserve Banks, 1004 Business loans by banks, 1019 Foreign central banks and governments, 1078 Federal Reserve Bank discount rates, 1002 Foreign countries and international institu- Foreign countries, 1091, 1092 tions, 1081 Open market, 1020, 1091 Member banks, 998, 1000, 1003, 1015, 1017 Stock yields, 1020 Residential mortgage loans, 1033, 1034, 1035 Time deposits, maximum rates, 1003 International capital transactions of the U. S., 1082 Sales finance companies, consumer loans of, 1036, International institutions, 1078, 1080, 1081 1037, 1039 Saving: Inventories, 1054 Flo w-of-funds series, 1056 Investments (See also specific types of investments): National income series, 1055 Banks, by classes, 1010, 1014, 1017, 1022 Savings deposits (See Time deposits) Commercial banks, 1013 Savings institutions, principal assets, 1022, 1023 Federal Reserve Banks, 1004, 1006 Savings and loan associations, 1023, 1027, 1034 Life insurance companies, 1023 Securities, international transactions, 1088, 1089 Savings and loan associations, 1023 Security issues, 1029, 1030, 1032 Silver coin and silver certificates, 1007 Labor force, 1048 State member banks, 1012, 1073 Loans (See also specific types of loans): State and municipal securities: Banks, by classes, 1010, 1014, 1016, 1022 New issues, 1029, 1030 Commercial banks, 1013 Prices and yields, 1020, 1021 Federal Reserve Banks, 998, 1004, 1006 States and political subdivisions: Insurance companies, 1023, 1034 Deposits of, 1015, 1018 Savings and loan associations, 1023, 1034 Holdings of U. S. Govt. securities, 1026 Loans insured or guaranteed, 1033, 1034, 1035 Ownership of obligations of, 1014, 1022, 1023 Stock market credit, 1021 Manufactures, production index, 1040, 1046 Stocks: Margin requirements, 1003 New issues, 1030 Member banks: Prices and yields, 1020, 1021 Assets and liabilities, by classes, 1010, 1014 Banking offices, changes in number, 1073 Tax receipts, Federal, 1025 Borrowings at Federal Reserve Time deposits, 1003, 1008, 1009, 1010, 1015, 1018 Banks, 1000, 1004, 1018 Treasurer's account balance, 1024 Deposits, by classes, 1003 Treasury cash, 998, 1007, 1009 Number, by classes, 1011 Treasury currency, 998, 1007, 1009 Reserve requirements, by classes, 1003 Treasury deposits, 998, 1004, 1024 Reserves and related items, 998 Weekly reporting series, 1016 Unemployment, 1048 Mining, production index, 1040, 1046 U. S. balance of payments, 1091 Money rates (See Interest rates) U. S. Govt. balances: Money supply and related data, 1008 Commercial bank holdings, by Mortgages (See Real estate loans) classes, 1015, 1018 Mutual savings banks, 1009, 1010, 1012, 1022, 1026, Consolidated monetary statement, 1009 1027, 1033, 1073 Treasury deposits at Federal Reserve Banks, 998, 1004, 1024 U. S. Govt. securities: National banks, 1012, 1073 Bank holdings, 1009, 1010, 1014, 1017, 1022, National income, 1054, 1055 1026, 1027 National security expenditures, 1025, 1054 Dealer transactions, positions, and financing, 1028 Nonmember banks, 1004, 1012, 1014, 1015, 1073 Federal Reserve Bank holdings, 998, 1004, 1006 1026, 1027 Par List, banking offices on, and not on, Foreign and international holdings, 1004, 1081 number, 1074 International transactions, 1088 Payrolls, manufacturing, index, 1046 New issues, gross proceeds, 1030 Personal income, 1055 Outstanding, by type of security, 1026, Postal Savings System, 1003, 1009 1027, 1029 Prices: Ownership of, 1026, 1027 Consumer, 1046, 1052 Prices and yields, 1020, 1021 Security, 1021 United States notes, outstanding and in circula- Wholesale commodity, 1046, 1052 tion, 1007 Production, 1040, 1046 Utilities, production index, 1040, 1046 Profits, corporate, 1031, 1032 Vault cash, 998, 1003, 1015 Real estate loans: Veterans Administration, loans, etc., 1033, Banks, by classes, 1014, 1016, 1022, 1033 1034, 1035 Type of mortgage holder, 1033, 1034, 1035 Weekly reporting member banks, 1016 Type of property mortgaged, 1033, 1034, 1035 Reserve requirements, member banks, 1003 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 (e THE FEDERAL RESERVE SYSTEM g) < / J ALASKA HAWAII <£> <^~y / !; 1 ^j 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