Federal Reserve Bulletin, 1962-10

FEDERAL RESERVE October 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 U. S. Balance of Payments in 1962 1259 Industrial Production—1957-59 Base 1267 Law Department 1277 Announcements 1291 National Summary of Business Conditions 1296 Guide to Tabular Presentation 1298 Financial and Business Statistics, U. S. (Contents on p. 1299) 1300 International Financial Statistics (Contents on p. 1361) 1362 Board of Governors and Staff 1378 Open Market Committee and Staff; Federal Advisory Council 1379 Federal Reserve Banks and Branches 1379 Federal Reserve Board Publications 1381 Index to Statistical Tables 1383 Map of Federal Reserve System Inside back cover Volume 48 Number 10 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

[/. S. Balance of Payments in 1962 THE DEFICIT in the U. S. balance of pay- While the size and persistence of the U. S. ments has declined gradually over the 3 payments deficit might have seemed to waryears since 1959. But its continuation has rant much more drastic U. S. actions to involved further gold losses and further in- reduce it, such actions would have been increases in liquid U. S. liabilities to the rest appropriate and largely self-defeating. of the world. For one thing, the payments problem has In the first 9 months of 1962 the over-all not stemmed from continuing inflationary deficit, according to preliminary estimates, pressures domestically. More restrictive was at a seasonally adjusted annual rate of about $1.8 billion. It would have been U.S. PAYMENTS DEFICIT declines gradually larger had not substantial debt prepayments been received from European countries having payments surpluses. In 1959 and 1960, the deficit had been about $4 billion, as the chart shows. Adjustment towards equilibrium has had to come through market processes and shifts in policy here and abroad which work gradually, over a period of time. Abroad, adjustment has been facilitated by buoyant growth of demand in most industrial countries, by increases in their gold and 9 MONTHS foreign exchange reserves, and by further 1962 reductions in barriers to trade and other international transactions. NOTE.—Solid bars show net decline in U. S. gold stock and in holdings of convertible foreign currencies by U. S. monetary authorities, plus increase in liquid U. S. liabilities to the rest The U. S. Government has adopted a of the world. Excludes U. S. subscription to the International Monetary Fund in 1959. Open portions of bars show receipts of wide variety of measures to reduce our pay- debt prepayments on U. S. Govt. loans. Dept. of Commerce data (through second quarter of 1962, preliminary), plus F.R. ments deficit. These have included action preliminary estimates for third quarter of 1962. The 9-month rates of deficit in 1962 are shown at seasonally adjusted annual rates. to limit Government spending abroad and to obtain offsetting receipts from prosperous credit policies intended to reduce net outallies, vigorous promotion of exports, and flows of private capital might have made reduction of tax incentives for American the domestic financial climate less favorable investment in developed foreign countries. to a fuller use of economic resources and More generally, U. S. policies have been dampened incentives for those investments designed to maintain domestic price stabil- on which exports depend in the long run. ity and spur the competitive efforts of U. S. Secondly, the position of the United producers in world markets. States as the world's largest trading and 1259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1260 FEDERAL RESERVE BULLETIN • OCTOBER 1962 reserve currency country rules out currency tary Fund, the Federal Reserve System, and devaluation or the imposition of exchange the Bank of England). controls. They would gravely disrupt the In late June Canada took special measinternational financial system so successfully ures to halt the drain, and in the third quarreconstructed since World War II. ter it regained about $650 million of re- Finally, sharp cuts in U. S. Government serves. Thus the temporary effects of the spending abroad for aid and defense have Canadian foreign exchange crisis have by been undesirable for many reasons. now been partly reversed. It has been possible to seek gradual rather There has been a large but less abrupt than abrupt adjustment because the United swing in U. S. transactions with Japan. States has been willing to use its large gold U. S. exports to Japan have fallen sharply reserves and because other countries have from a peak reached in the fall of 1961 as cooperated in achieving needed adjustments Japanese authorities have acted to halt reand in guarding meanwhile against sudden serve losses. On the other hand, heavy shortfinancial disturbances affecting payments term borrowing by Japan from U. S. banks flows. ceased last spring. Improvement in Japan's Nevertheless, the continuation of a U. S. foreign trade balance with the United States payments deficit and of surpluses for some and other countries has enabled Japan to leading foreign countries shows the need increase its official gold and foreign exfor continuing efforts both in this country change reserves a little in recent months. and abroad to restore and maintain inter- U. S. merchandise imports rose sharply national equilibrium. around the middle of 1961 as domestic activity turned up. In the 12 months through CHANGES IN 1961-62 June 1962 imports were $1.8 billion above the low recession level of the previous 12 It is difficult to appraise the improvement months, though not much higher than bein the U. S. payments position over the past year because a number of special influences fore the recession. U. S. Government grants have obscured the underlying trend. There and loans for economic aid, net of ordinary have been large short-run disturbances in repayments, also rose in 1961 and this year transactions with Canada, broad changes in they have remained about $1 billion higher transactions with Japan, a substantial rise than in earlier years. in the level of U. S. merchandise imports These two changes, which tended to worfrom last year's recession low, and a con- sen the balance of payments, were more siderable increase in U. S. Government than offset by a further rise in exports, ingrants and loans for economic aid. cluding those financed by aid, and by a re- Much of the swing in Canada's balance duction in the net outflow of U. S. bank of payments this year occurred in transac- credit and other private capital. The rise in tions with the United States. After a decade exports to a new high last spring reflected, of little change, official Canadian reserves among other things, unusually large grain of gold and foreign exchange declined by shipments to Europe and Canada. Total about $900 million during the first 6 months exports declined in July and August. But of 1962 (excluding special assistance re- they remained larger than a year earlier ceived in June from the International Mone- despite the decline in shipments to Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS IN 1962 1261 After all the special influences affecting U. S. international transactions over the past U. S. IMPORTS >p Uss thai 6NP she* 1959 year have been taken into account, there Annual rales Billions of dollars appears to have been an underlying improvement in the U. S. balance of payments this year of roughly the size indicated by MERCHANDISE 16 the actual change in the over-all deficit, IMPORTS shown in the chart on page 1259. 1.7V. OF GN£ 14 COMPETITIVE ADJUSTMENTS During the 1950's, U. S. products became 12 less competitive with those of other nations. Prices in this country rose and export ef- 10 forts flagged, while rapid expansion of pro- 1956 1958 1960 1962 ductive capacity in leading foreign countries enabled them to compete much more vigor- NOTE.—Merchandise imports are a 3-month centered moving average, weighted one-two-one, of Bureau of the Census ously than before. This was an important seasonally adjusted monthly data on general imports. Imports of uranium, included by Census since 1959, have been excluded here to avoid break in series. Latest figures shown, June-Julyelement in the deterioration of the U. S. Aug. average. GNP figures are based on quarterly seasonally adjusted payments position, and of the correspond- Dept. of Commerce data; percentages were chosen to indicate the range within which imports in the last several years have ing improvement in the payments positions usually fallen. Latest figures shown based on preliminary third quarter estimate by Council of Economic Advisers. of leading European countries and Japan. Some ground has been regained since recession, as the chart shows. Since re- 1959, although European and Japanese bounding in the summer of 1961 as recovproducts remain highly competitive. ery here got under way, they have risen Prices. The general level of wholesale about in line with gross national product. prices in this country has shown no net They now represent a significantly smaller change since early 1958, and average prices proportion of GNP than in 1959. of industrial commodities have been stable Automobiles provide a striking illustrasince early 1959. Meanwhile in European tion of the turn in competitive conditions. countries and Japan average prices have After a sharp rise from 1956 through 1959, been rising. Furthermore, revaluation of the U. S. imports and sales of foreign autos have German mark and the Netherlands guilder since declined by half. Foreign cars have in March 1961 raised those countries' prices accounted for only 5 per cent of total auto in terms of other currencies. On the other sales so far this year, the lowest proportion hand, currency devaluations in France in since 1957. 1957-58 and in Canada in 1961-62 made This competitive adjustment, like some the products of those countries more com- less dramatic ones, has been at least as petitive than before. much the result of improvements in U. S. Imports. The recent behavior of U. S. im- product design, promotion, and servicing ports indicates that U. S. products are now as of changes in relative prices. Even under more competitive with foreign products favorable circumstances, such changes rethan they were in 1959. Merchandise im- quire some time, perhaps several years, to ports declined sharply during the 1960-61 take effect. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1262 FEDERAL RESERVE BULLETIN • OCTOBER 1962 In some industries, competitive adjust- Total U. S. merchandise exports in the ments still have further to go. In the metals 3 months ending in August were 6 per cent and machinery sectors, for example, in- larger than in the corresponding months of creases in U. S. prices were particularly both 1961 and 1960. Changes in the commarked in the middle 1950's, and increases position of U. S. exports have been mixed, in foreign supplies and reductions in foreign both by commodity and by country of descosts were especially large. tination. Exports. The course of U. S. exports is Exports to Europe showed great buoyaffected by business and financial develop- ancy after Europe's cyclical upturn early in ments in foreign countries as well as by the 1959 and have expanded moderately furcompetitiveness of U. S. products. The U. S. ther over the past year. Much of the rise share in total world exports, and in world last spring, however, represented unusually exports of manufactured goods, has de- large grain shipments because of poor Euclined a little further since 1959, partly be- ropean harvests and anticipation of new cause of continued weakness in Canadian Common Market import regulations that and Latin American markets, which are became effective August 1. more important for this country than for After rising for 3 years, U. S. machinery other exporting countries. exports to Europe have leveled off in recent Commercial exports of some agricultural months. Business plant and equipment outproducts which can be produced more lays have been declining in Britain and may cheaply in the United States than abroad have reached a peak in some countries on have been hampered by domestic price sup- the Continent. ports as well as by protectionism abroad. The sharp decline in exports to Japan in response to the slackening of its boom may now be nearing an end. Underneath marked U. S. EXPORTS ip to some areas, dowa to others , ,., cyclical swings, sales to Japan have shown Ani)UO ra Billions of dollon a rising trend for many years. Exports to Canada, after several years of sluggishness, showed renewed expansion CO W N . T I I N U E R N O TA M L OTHER jK late last year. This spring they spurted upward again, in part because shipments were speeded up to anticipate impending Cana- - 3 dian crisis measures. U. S. exports to Canada * ^ \( CANADA declined in August. They are now beginning LATIN AMERICA to be hurt by the Canadian devaluation and - 2 by import surcharges of 5 to 15 per cent imposed in June as a temporary measure to •*^IAMH help reduce the Canadian payments deficit UNITED KINGDOM on current account. 1 1 1 1 1 1 1 1 1067 195S 1960 1943 Exports to Latin American countries have continued to drift downward. The export NOTE.—Three-month centered moving averages of seasonally adjusted monthly data, weighted one-two-one. Bureau of the earnings of those countries have not recov- Census data, seasonally adjusted by Federal Reserve. Exclude special category exports for which details are not available ered much from 1958 lows. And while U. S. by destination. Latest figures shown, June-July-Aug. averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS IN 1962 1263 Government aid to Latin America has increased sharply over the past 2 years, net flows of private capital to that area have declined. Exports to nonindustrial countries outside Latin America have risen markedly over the past year. Much of the expansion has been financed by rising U. S. Government aid, but commercial sales have also increased, especially to Australia and South Africa. Many countries in Asia, Africa, and Latin America are continuing to encounter serious balance of payments difficulties. Their ability to maintain or expand their imports will depend heavily on the demand NOTE.—Dept. of Commerce data, semiannually at annual from industrial countries for their products, rates, not adjusted for seasonal variation, on net outflow of U. S. private capital. Excludes investment abroad of retained both primary commodities and manufac- earnings of foreign subsidiaries of U. S. corporations. "All other" includes international institutions. Latest figures shown, tures. It will also depend on their own in- first half of 1962 (preliminary). ternal policies and the effect of these on private capital movements. of U. S. short-term private capital to all areas was less than $200 million, compared PRIVATE CAPITAL MOVEMENTS with outflows of nearly $1.5 billion in 1960 Net identified outflows of U. S. private cap- and in 1961, as described in detail in the ital swelled to about $4 billion in 1960 and March 1962 BULLETIN. remained at that level in 1961. So far in The outflow so far this year has reflected 1962 they have been smaller, at an annual continued heavy short-term lending to Japan rate of about $3 billion. during the first quarter, much of it under There have been marked shifts in recent credits arranged with U. S. commercial years in the destination of these flows and banks late in 1961. Since March, outstandin the types of transactions involved. The ing short-term claims on Japan reported by decline this year has occurred mainly in U. S. banks have been unchanged at $1.7 short-term capital flows to Japan and in billion. flows of all kinds to Canada. However, part There was a small recorded net reflow of the latter decline was temporary. of U. S. short-term capital from Canada in Net direct investment by U. S. corporathe 8 months through August, accounted tions in less developed countries has also for by the funding of bank loans by one declined. But direct investment flows to Europe have continued large, and outflows Canadian corporation with the proceeds of of capital to European and other countries a long-term placement in this country. through new foreign security issues in the Net short-term flows to other areas have United States have risen. been about the same as in most earlier years Short-term U. S. capital. In the first 8 —negligible to Europe and moderate to months of 1962, the recorded net outflow Latin America. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1264 FEDERAL RESERVE BULLETIN • OCTOBER 1962 In 1960, there had been some reported to U. S. withholding taxes when paid to nonmovement of U. S. funds into money- residents. market assets in the United Kingdom. And Until 1960, foreign bond issues in this in 1960-61, some funds moved into time country were mainly those of the Interdeposits and money-market paper in Can- national Bank for Reconstruction and Deada. Aside from these movements, recorded velopment and of Canadian provinces, muoutflows of U. S. short-term private capital nicipalities, and corporations. Also, Israel have consisted almost entirely of bank loans has regularly borrowed about $50 million and trade and acceptance credits, all repay- a year. able in U. S. dollars. But since 1960 there has been a grow- Direct investments. Net flows of U. S. caping volume of issues by governments of ital into foreign branches and subsidiaries other foreign countries and by some private of U. S. corporations, at a seasonally adfirms in Europe and Japan. As the bottom justed annual rate of about $1.2 billion, panel of the chart shows, outflow of U. S. were smaller in the first half of 1962 than capital on account of new issues by all forin any of the three preceding half-year peeign countries other than Canada accounted riods. Over half of this amount went to for more than half the total outflow through Europe. U. S. direct investment in Europe new issues in 1961 and the first half of 1962. since 1959 has been stimulated by buoyant These issues have provided investors with economic prospects there and by the develyields 1 to 2 percentage points above those opment of the Common Market. on new U. S. high-grade corporate bonds. Direct investment flows to Canada were smaller in the first half of 1962 than for Also, the underwriting spreads have usually many years. Net flows to Latin America been more than twice as large as those on have been much smaller since 1959 than during the preceding decade; in the first FOREIGN BOND ISSUES IN U. S. tarry high yields half of 1962 there was actually a small net 7 * : return flow to the United States, according AUSTftALf A "- ° • • ° a <* % NORWAY to preliminary data. 5 n't NEW ZEALAND ij Vy» n ECSC New foreign issues. Outflows of U. S. cap- J* W/NEW CORPORATE ^^ • IIRD ital into new foreign issues of securities in 3 j_ [ BONDS | 1' BELGIUM CAPITAL OUTFLOW on new issues rises this year this country, mainly bonds, have been much Millioi•> o> doIon larger this year than in any earlier year ex- 600 - n • HID cept 1958. In the first half of 1962 such out- 400 CANADA II hi. flows amounted to nearly $500 million, and 200 II ALl OTHER • llil they have since continued at about that rate. 0 . The total volume of new foreign issues has been larger than this, but a significant NOTE.—Foreign bond issues for which yields are shown are portion of foreign bond issues has been those of national governments, the European Coal and Steel Community, the International Bank, and three issues by the City of Oslo (included with Norway). Latest figures shown, taken up by foreigners and hence has not June. Yields on new U. S. corporate bonds are for public issues involved an outflow of U. S. capital. Foreign rated A to Aaa by Moody's Investors Service, compiled by First National City Bank and adjusted to Aaa basis by Federal investors are attracted by the relatively high Reserve. Latest figure shown, Sept. Net outflow of U. S. capital into new foreign issues includes yields on these dollar-denominated issues flow into new stock issues; such issues in the "all other" group were significant in the first halves of 19S8 and 1962. and by the fact that the yields are not subject Dept. of Commerce data, not adjusted for seasonal variation. Latest figures shown, first half of 1962 (preliminary). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS IN 1962 1265 U. S. corporate bonds or on IBRD and high- July and August, there was little net change grade Canadian issues. in either foreign holdings of U. S. stocks or Yields on new foreign issues have not U. S. holdings of foreign stocks. fluctuated much in response to changing Net medium- and long-term lending to capital market conditions in the United foreigners by U. S. commercial banks States. For example, yields on the four sepa- amounted to about $170 million in the first rate issues of the European Coal and Steel 8 months of 1962, a somewhat larger Community have ranged from 5.2 to 5.6 amount than the average in recent years. per cent, while yields on new issues of high- Of $2.2 billion of such loans outstanding est grade U. S. corporate bonds offered in at the end of August, Canada, Brazil, Venethe same months ranged from 3.6 to 4.6 zuela, Mexico, and Norway each accounted per cent. for more than 5 per cent. The rest was The U. S. capital market attracts foreign fairly widely distributed. borrowers mainly because of the ready Net changes in foreign private claims on availability of funds in large volume. Some banks in the United States and holdings countries also borrow elsewhere occasion- of U. S. Government securities and other ally, sometimes at lower cost than in this liquid dollar assets were small during the country and sometimes at higher cost. For first 8 months of 1962. There had been sigexample, in 1961 Australia borrowed $25 nificant increases in 1959 and 1961, and million in the United States on bonds yield- little net change in 1960. In analysis of the ing 5.75 per cent and also borrowed the U. S. balance of payments, changes in these equivalents of $15 million in Switzerland holdings are customarily treated as a means at 4.5 per cent, $10 million in the Nether- of financing the over-all U. S. deficit rather lands at 5 per cent, and about $20 million than as transactions affecting the size of in Canada at 5.9 per cent. But issues in the deficit. foreign markets other than the United States Such changes occur mainly in the holdare generally for smaller amounts, since ings of foreign commercial banks, and inthose markets—especially the few low-cost creasingly they have come to reflect changones—are small and subject to a variety of ing monetary conditions and policies in forrestrictions. eign countries, especially in Europe, rather Other private capital movements. On trans- than in the United States. It has become the actions in outstanding securities, other than practice of European commercial banks to U. S. Government securities, there has been hold a substantial but varying proportion of no significant net outflow so far this year. their liquid assets in U. S. dollars, either Net U. S. purchases of outstanding foreign directly in New York or through Euro-dolsecurities have equaled net foreign purchases lar markets. Some European central banks of U. S. securities. provide forward cover for such investments In the first 5 months of 1962, net foreign and vary investment incentives to suit the purchases of U. S. stocks were greater than needs of their domestic credit situations. net U. S. purchases of foreign stocks. But Some private capital movements, includin June, after the sharp break in stock ing securities transactions and leads and lags prices here and abroad, there were net for- in commercial payments, are not fully coveign sales of $65 million of U. S. stocks. In ered by the statistical reporting system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1266 FEDERAL RESERVE BULLETIN • OCTOBER 1962 Shifts in these flows, though not the size of in their absence. Nevertheless, the U. S. the flows themselves, are believed to be Government has been attempting to reduce reflected in shifts in the errors and omis- whatever burden they involve without weaksions item in the balance of payments ac- ening the economic development and milicounts. Net payments on unidentified trans- tary strength of the free world. actions were at an annual rate of nearly U. S. economic aid has been more closely $1 billion in the second half of 1960 and in limited to the financing of goods and servthe first half of 1961, when identified capi- ices procured in this country, and other tal outflows were also very large. In earlier efforts have been made to encourage addipostwar years there had usually been large tional aid financing by other prosperous net receipts from unidentified transactions. countries. On the military side, also, the Net unidentified outflows declined in the U. S. Government has pressed for a greater second half of 1961 and became negligible sharing of the burden with our allies. For in the first half of this year. Much of the example, it has negotiated agreements with improvement early this year, however, may Germany providing for larger German milihave been another reflection of temporary tary purchases from this country to offset disturbances in transactions with Canada. U. S. defense spending in Germany. GOVERNMENT AID AND MILITARY TRANSACTIONS THE PATH AHEAD Government economic aid, net of ordinary A still wider sharing among prosperous repayments, rose in 1961 above the earlier countries of economic aid to less developed plateau of about $2.5 billion a year and has countries and of military expenditures is an since remained high at a rate of roughly essential part of the restoration of interna- $3.5 billion a year. Military expenditures tional equilibrium. But there will also have abroad, net of military sales through the to be further adjustments in private trans- Department of Defense, reached a peak of actions. The U. S. export surplus on goods $3 billion in 1958 and then declined grad- and services will need to increase, and net ually to a rate of $2.5 billion in 1961 and outflows of private capital may need to the first half of 1962. diminish. In addition to economic aid, some U. S. Policies to foster fuller utilization of remilitary goods and services are transferred sources and faster economic growth in this to foreign countries under military grants. country will have to be framed carefully to These transactions are customarily omitted ensure that they contribute to a further in analyzing the balance of payments, since improvement in the competitiveness of U. S. the deliveries precisely match the grants products. They should also lead to better that finance them. Such transfers amounted investment prospects at home rather than to to $1.5 billion in 1961, down from nearly capital outflows. twice that amount in the early 1950's. In leading foreign countries with large The extent to which these aid and mili- international reserves—and especially in tary programs contribute to the U. S. pay- those with balance of payments surpluses— ments deficit cannot be closely measured further relaxations of restrictions on imbecause no one knows what the pattern of ports and on outflows of private capital are international transactions would have been still urgently needed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production—1957~59 Base The Federal Reserve index of industrial CYCLICAL PATTERN of total industrial production somewhat modified by seasonal revisions production has been shifted to a new com- Per cent parison base, in line with the recommenda- 1957 100 1957-59 = 100 tions of the Bureau of the Budget. At the J 120 same time, a general revision in seasonal factors and interim adjustments in the levels of eight series have been introduced into the index since 1957. The principal changes in the index follow: • The comparison base to be used beginning with the mid-November 1962 release of the index will be the average for 1958 1960 1962 the 3 years, 1957, 1958, and 1959. Shifting NOTE.—Latest figures shown, August, preliminary. the base period from the single year, 1957, levels of the total index and its major dihas raised the total index less than 1 per cent visions of market and industry groupings in each month back to 1919. Indexes for were not generally affected. component series and groups were changed by varying amounts as a result of this shift, SHIFT TO 1957-59 BASE because of differences among component in- The shift of the industrial production index dexes in the relation of their output in 1957 from a 1957 base to an average of the years to that in 1957-59. 1957-59 conforms to the recommendation • Seasonal adjustment factors have been of the Bureau of the Budget establishing revised for the period since 1957. The rethat period as the standard base period for visions substantially modify the cyclical pat- Federal general-purpose indexes. It also terns of some of the component indexes. But conforms to the statement in Industrial Protheir effect on the total index is confined duction: 1959 Revision that the Board's mainly to a slight raising of the first quarter indexes would use the base period selected and a slight lowering of the third quarter. for other Federal index numbers. The third quarter of this year is not so af- The Bureau of the Budget recommended fected because most of the seasonal revisions use of the new standard base period because were introduced in the July indexes. it was desirable to update the reference • The annual levels of eight series in the apparel, food, and chemical groups have been revised since 1957 to take account of NOTE.—This revision was conducted by Edward A. Manookian with the assistance of James S. Nystrom, additional information now available. These under the general direction of the Chief of the Busieight of the 207 component series account ness Conditions Section, Clayton Gehman. Paul W. for about 5 per cent of the total index. Be- Kuznets, Rose C. Cassedy, and other members of the Section also contributed to various phases of the cause the changes were largely offsetting, the revision. This article was prepared by Mr. Manookian. 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 FEDERAL RESERVE BULLETIN • OCTOBER 1962 periods for economic time series published when compared on the same base, reflect: on a 1947-49 base. The period chosen in- (1) the routine use of later data that have cludes the most recent year covered by the become available for various individual economic censuses—1958. While the use series; (2) the effects in certain months of of a single-year base simplifies the compu- the adjustment to revised annual levels for tation and analysis of an index, a multiple- the eight series mentioned above; and (3) year base is likely to be a more representa- rounding differences. Practically all differtive period for a variety of general-purpose ences in the monthly movements of the total indexes. seasonally adjusted index and its major di- A major consideration in the choice of visions have been due to revisions in seaa comparison base period for a general- sonal adjustment factors. purpose index of production is the extent 1957-59 proportions. Value-added data to which the period is typical of longer-run, for the year 1957 were the basis for the broad relationships between output and weights in both the old and revised indexes final sales of goods, and between output in beginning in January 1953. With the change industries producing materials and those in the comparison base, 1957 value-added producing final products. data were adjusted to 1957-59. For each One test of these relationships is the indi- series the 1957-59 value-added figure in cated inventory changes in the base period. 1957 prices was obtained by dividing 1957 Over the long run in a growing economy, value added by the ratio of production in these relationships are such as to reflect a 1957 to production in 1957-59. gradual growth in business holdings of man- The weight or proportion for any series ufactured materials and final products. is the adjusted value added for that series Consequently, a comparison base period divided by the sum of the adjusted value should not be an interval of inventory liqui- added for all series. While the 1957-59 prodation or of a rapid increase in inventories. portion for any series differs from the 1957 In these respects, the year 1957 provided an proportion, the effect of this difference is adequate comparison base and the figures canceled by the ratio of output in 1957 to now available for the 1957-59 period show that in 1957-59. Hence there is no change that it makes a satisfactory alternative base. in the total index for any month or year, as A conversion from one comparison base indicated in the table for carbon steel proto another for the total index shifts the levels duction. for all monthly figures proportionately; it does not alter relative changes from month IMPORTANCE OF CARBON STEEL IN TOTAL INDEX IN 1957 to month or from year to year. Differences in relative changes can result from revisions Line Item 1957-59 base 1957:)ase in the weight period used, in the basic data Base period proportions 1.73 2.01 and levels of component indexes, or in sea- 2 Annual average 116.70 100.00 3 Points in total index 2.02 2.01 sonal adjustment factors. 4 Total index, annual average. 100.70 100.00 5 Per cent of total index 2.01 2.01 In the present revision the weight period NOTE.—Line 3= (1) multiplied by"(2); Line 5= (3) divided by (4). and the basic annual levels of the total index are unchanged. Slight differences—seldom Individual production indexes. From Januas much as 0.3 of 1 per cent—between the ary 1947 through December 1961, each old and revised unadjusted monthly index. individual monthly index on the 1957 base Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—1957-59 BASE 1269 was converted to a 1957-59 base by dividing The revisions were largely offsetting in their the 1957 based series by its average for effects on the levels of both these major divi- 1957-59. Beginning with January 1962, the sions and of the total index. basic data underlying the 207 individual A more accurate determination of the production series were calculated into in- levels of these revised series, as well as the dexes on a 1957-59 base. level of the other components of the index, Aggregate indexes. The total, and other will be provided by the 1954 to 1958 benchaggregate indexes, from January 1953 on, marks based on the Census of Manufactures were obtained by combining series on the and by the compilation of other comprehennew base using their 1957-59 proportions. sive data for the period since that time. The conversion of aggregate indexes to The benchmark indexes are presently being the new base for the period from January calculated by the Bureau of the Census and 1947 through December 1952 required a the Federal Reserve. These benchmark caldifferent approach because of the use of culations provide broader product coverage weights based on 1947 value-added data and better representation of quality changes before 1953 for both the old and revised from the detailed Census data than are series. The 1947 weighted aggregate indexes available in current monthly or annual generally showed a moderately faster rate series.1 of growth than indexes combined with 1957 Apparel series. The production levels for weights and in the 1959 revision were linked the apparel group were found to be too in January 1953 to corresponding 1957 high beginning in 1958. The difference weighted indexes. These linked indexes on widened in 1959, as shown in the chart, the 1957 base were converted to the new which uses the single-year 1957 base to reference period by a multiplying factor for show more clearly the revisions in levels. each aggregate index. The factor was calcu- About two-thirds of the overstatement was lated by dividing the index for January in the series for shirts and work clothing 1953 on the 1957-59 base by the January and was due in part to the lack of monthly 1953 index on the 1957 base. data on the slower growing items represented in this index. Some downward revi- REVISION OF SERIES sions were also made in the series for men's Preliminary evidence from the 1958 Census outercoats, women's suits and coats, miscelof Manufactures and the 1959 and 1960 An- laneous cut and sewn garments, and miscelnual Surveys indicated the desirability of a laneous fabricated textile products. revision in the levels of certain major series. Consequently, the revised annual aver- A general overstatement in the production ages for apparel products show less growth series for the apparel industries was found in output since 1957 than the old index, to be accompanied by an understatement in and a small decline in output from 1957 to the series for some of the chemical and food 1958 compared with a slight rise in the old industries. Altogether, eight series, which account for 5.4 per cent of the total index, 1 For a discussion of some of the technical considwere revised beginning with 1958. All the erations involved in revising output measurements for series revised are classified in nondurable autos and some other products in recent years, see the communications on "The Revised Index of Industrial manufactures in the industry grouping and Production," American Economic Review, June 1962, in consumer goods in the market grouping. pages 496-522. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1270 FEDERAL RESERVE BULLETIN • OCTOBER 1962 apparel series. As shown in the chart, the these industries showed a faster rate of decline in the annual average for 1958 is growth than the total index. Lack of monthly due to a downward revision in the second data for new products and, for series based half of the year. The cyclical decline in on employment data, accelerated increases early 1958 is the same in both indexes. For in productivity due to new techniques of the period since mid-1959, differences processing contributed to an understatement of output. The three series account for about 15 REVISIONS IN LEVELS of basic series per cent of consumer staples in the market LOWERS the apparel group grouping. Their combined importance— 2.8 per cent of the total index in 1957-59 —is about the same as that of the revised — 120 apparel series, and the average of their upward revision was about the same as the — 100 downward revision in apparel. REVISION OF SEASONALS and RAISES two other major industry groups Patterns of seasonal fluctuation in output are continually changing and reflect shifts in supply and demand forces. For many in- - 120 dustries and products the changes may develop gradually from year to year; for others they may come abruptly. Sometimes the - 100 changes are recognizable when they occur, such as the shifts in the period of the annual auto model changeover. But often the change in the seasonal pattern is not recognized until several years have elapsed. Also 1958 1960 1962 it is not always clear whether the indicated NOTE.—Latest figures shown, July. change represents an actual shift in the shown in the monthly movements reflect supply or demand situation affecting the mainly revisions in seasonal factors. seasonal pattern or is the result of statistical Chemical and food series. Some series in problems in the basic data. the chemical and food groups were found The last general review of the seasonal to be understated on the basis of the more adjustment factors was during the 1959 recomprehensive annual data available in the vision. Seasonal adjustment factors were devarious sources listed in the 7959 Revision veloped at that time by using monthly data publication. The three most important series through 1957 for series with marked cycliwere soap and related products, toiletries cal swings, and through 1958 for the reand miscellaneous chemicals, and canned maining seasonally adjusted indexes. These and frozen foods. The levels of the last two factors have generally been used for the series were raised about 7 or 8 per cent in subsequent period. Each year, however, recent years, while the soap series was raised fairly large modifications have been introabout twice as much. Output indexes for duced for auto assemblies and some related Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—1957-59 BASE 1271 series. Also, usually during each monthly Seasonal changes in the total index. The calculation of the index, some revisions have broad patterns of seasonal fluctuation indibeen introduced for indexes that had begun cated by the implied seasonal factors for to show evidence of repetitive residual sea- the revised index and its major components sonal movements in the seasonally adjusted are moderately changed by the introduction figures. As a result of these modifications of the new adjustment factors, as can be already introduced since the 1959 publica- seen in the chart. tion, the changes in seasonals developed in the current revision are smaller than would REVISIONS IN SEASONAL FACTORS otherwise have been required. were mainly in materials and consumer goods A periodic comprehensive review of seasonal factors for recent years is important TOTAL INDEX ! i MATERIALS FINAL PRODUCTS to limit any general tendencies for residual seasonal movements to develop. Until this year an adequate, comprehensive review of the seasonal factors was complicated by the sharp upsurge in output in the first half of 1959 in anticipation of a steel strike, the impact of the 4-month steel strike on developments in that year and early 1960, and the production downturn and recovery from mid-1960 to mid-1961. In the current review, revisions in seasonal adjustment factors generally have JAN. JULY JAN. been introduced beginning in 1959, though in a few series some revisions were carried These implied factors are obtained by back to 1957 and 1958 as well. Factors de- dividing monthly indexes before seasonal veloped by the Census Method II electronic adjustment by the corresponding indexes computer program were reviewed and modi- after seasonal adjustment. The implied seafied as described in Industrial Production: sonal factors for the total index as well as 1959 Revision. those for an aggregate of two or more sea- Seasonal adjustment factors for all the sonally adjusted series usually vary from individual component series in the index year to year. Differences can occur even have just recently been calculated using when the seasonal factors do not change. Census program X-9, a modification of If both the relative levels of the component Method II. These calculations have been unadjusted indexes shift from year to year made independently of the present review and the seasonal patterns of the component and revision of the published seasonally ad- series differ, the implied factors will vary justed groupings in the index. The results from one year to another. of these detailed calculations are under re- Differences between the old and new imview and after further experimentation they plied factors for the total index, shown in may be the basis for publishing more of the the table, occur mainly in the first quarter, individual series and subtotals on a sea- when in the latest full year—1961—the sonally adjusted basis. factor was lowered by 0.5 per cent, and in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1272 FEDERAL RESERVE BULLETIN • OCTOBER 1962 SEASONAL VARIATION IMPLIED IN TOTAL In general, revisions made in the market INDUSTRIAL PRODUCTION, 1961 groupings of the index for materials and consumer goods have moved in the same direc- New factors Old factors Month tion, with factors for the first half of the Monthly Q a u v a e r r t a e g rl e y Monthly Q a u v a e r r t a e g rl e y year being lowered and those for the second half raised, as shown in the chart. Because Jan 99.3 99.6 Feb.. . 100.3 100.1 101.0 100.6 demands for materials are generated largely Mar... 100.6 101.2 Apr.. . 100.6 100.9 by developments in the consumer goods and May. . 99.9 100.4 99.8 100.4 June.. 100.7 100.5 construction industries, changes in seasonal July. 95.1 94.3 S A e .U p 2 t 1 9 0 8 1 . . 9 4 98.5 1 9 0 8 1 . . 4 4 98.0 fluctuations in those lines have influenced Oct 103.2 102.9 Nov 100.9 100.9 100.6 100.6 the pattern of output of materials. The fac- Dec 98.6 98 4 tors for total equipment were changed little. the third quarter, when it was raised by 0.5 per cent. Monthly differences between the SEASONAL FACTORS for all major groups factors range from 0.1 to 0.8 per cent, with of consumer goods affected by revisions the largest changes occurring in February, March, July, and August. Work on the new seasonal factors developed in the current revision was largely completed by the time the July 1962 indexes were being compiled. In order to present these improved seasonals as promptly as possible, and to limit the subsequent revisions in recent months, the revised factors were introduced into the published figures beginning with the July data. If these changes had not been carried through, the level of the total index in July and August would have been somewhat higher. Seasonal changes in component groupings. Seasonally adjusted indexes for both the industry and market groupings, 76 in all, were reviewed and revised in detail. Revi- NOTE.—Apparel includes knit goods and shoes; appliances and TV includes radio sets. sions in the implied seasonal factors for total manufacturing, as could be expected, The size of revisions in the seasonal adclosely parallel those for the total index. justment factors for the components of con- However, revisions in the factors for total sumer goods varied, as shown in the chart. durable manufactures were smaller than The implied factors for the consumer staples those for nondurable manufactures. This is group, which accounts for 60 per cent of due mainly to more continuous review and total consumer goods, changed the least. revisions of the seasonal adjustment factors The maximum change was slightly more for autos and related series, as well as of than half a percentage point in 4 months— the other important metal producing and February, March, July, and August. In confabricating series. trast, some of the seasonal adjustment fac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—1957-59 BASE 1273 tors for household appliances and television PUBLICATION PLANS and radio sets, two of the component sub- Detailed tables for the revised indexes on totals of home goods, were revised between the new base from January 1947 through 5 and 6 percentage points. December 1961 will be released separately A large seasonal swing during the year in Industrial Production—1957-59 Base and a marked change in seasonal pattern announced on page 1295 of the BULLETIN. characterize the output of appliances and The tables will include: 1. Sources and description for all series the output of television and radio sets. Both with new 1957-59 proportions for market the seasonal pattern and change in the patand industry structures of the index. tern are often difficult to determine, in part 2. Seasonally adjusted and unadjusted because of the sensitivity of output to change indexes for market and industry groupings. in demand and the difficulty of distinguish- 3. Unadjusted indexes for subtotals and ing periods of new model changeover. This individual series. difficulty reflects mainly diverse industry 4. Seasonal adjustment factors, directly practices and the variety of products manu- calculated or implied, for all published seafactured in these industries. sonally adjusted series. The revisions in seasonal factors for ma- 5. The total index and indexes for the terials were primarily in output series for five major industry divisions on the new base materials used in manufacturing consumer back to January 1919. durable goods and apparel and in the pro- Figures on the new base for the period since December 1961 for individual series duction indexes for construction materials. and subtotals without seasonal adjustment Output of the latter in recent years has as well as for market and industry groups, tended to be lower in the winter months both adjusted and unadjusted, will be puband higher in the summer, reflecting greater lished in the November issue of the Busiseasonality as manufacturing capacity has ness Indexes release (G.I2.3). And beginbecome more ample. This is strikingly illusing with the November issue, the BULLETIN trated by the cement industry, where the will show figures on the new base for the seasonal swing in output from low to high total index and for market and industry has almost doubled in recent years, largely groupings, seasonally adjusted and unadas a result of the expansion in cement plant justed. Indexes on the 1947-49 and 1957 capacity. bases will be discontinued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 FEDERAL RESERVE BULLETIN • OCTOBER 1962 TOTAL AND SUMMARY GROUPINGS, 1947-62 [1957-59 = 100] Market Industry Total indus- Final products Manufacturing Period trial production Total s g C u o m o o n d e - s r E m qu en ip t - Materials Total Durable d N ur o a n b - le Mining Utilities Annual averages 1947. 65.7 64.2 67.1 55.4 67.0 66.4 64.3 67.2 79.9 36.5 1948. 68.4 66.6 69.2 58.3 70.2 68.9 67.0 69.5 84.0 40.8 1949. 64.7 64.5 68.8 52.0 64.8 65.1 60.9 68.3 74.5 43.4 1950. 74.9 72.8 78.6 56.4 76.9 75.8 74.1 76.0 83.2 49.5 1951 81 3 78.6 77.8 78.4 83.8 81.9 83 5 78.5 91.3 56 4 1952. 84.3 84.3 79.5 94.1 84.3 85.2 88.5 80.0 90.5 61.2 1953. 91.3 89.9 85.0 100.5 92.6 92.7 99.9 83.6 92.9 66.8 1954. 85.8 85.7 84.3 88.9 85.9 86.3 88.4 83.6 90.2 71.8 1955. 96.6 93.9 93.3 95.0 99.0 97.3 101.9 91.6 99.2 80.2 1956. 99.9 98.1 95.5 103.7 101.6 100.2 104.0 95.4 104.8 87.9 1957. 100.7 99.4 97.0 104.6 101.9 100.8 104.0 96.7 104.6 93.9 1958. 93.7 94.8 96.4 91.3 92.7 93.2 90.3 96.8 95.6 98.1 1959. 105.6 105.7 106.6 104.1 105.4 106.0 10^.6 106.5 99.7 108.0 1960. 108.7 109.9 111.0 107.6 107.6 108.9 108.5 109.5 101.6 115.6 1961. 109.8 111.3 112.7 108.3 108.4 109.7 107.0 112.9 102.6 122.8 Seasonally adjusted monthlyindexes 1947—Tan 64 7 63.4 66.6 53.8 66.0 65.6 62.4 67.7 77.6 34.5 Feb 65.0 63.4 66.4 54.2 66.6 65.8 63.2 67.2 78.5 34.7 Mar 65.5 63.6 66.6 54.3 67.4 66.2 64.1 67.3 80.0 35.0 Apr 65.1 63.5 66.3 54.9 66.6 66.3 64.6 66.8 73.3 35.7 May 65 3 63.3 65.8 55.2 67.3 65.9 64.7 65.9 79.5 36.2 June 65.2 63.4 65.9 55.5 66.8 65.8 64.8 65.6 78.8 36.5 July 65.0 63.4 66.2 54.6 66.5 65.6 63.4 66.4 79.9 36.7 Aug 65.3 63.9 66.6 55.3 66.6 65.7 63.4 66.8 81.5 37.1 Sept 65.9 64.6 67.4 56.2 67.1 66.2 64.3 67.1 82.3 37.6 Oct 66.4 65.6 68.4 56.7 67.3 66.9 64.5 68.2 82.0 37.7 Nov 67.5 66.3 69.4 56.8 68.2 68.1 65.7 69.1 82.5 38.0 Ttpr 67.6 66.5 69.5 57.4 68.3 68.1 65.9 69.0 82.6 38.4 1948 Tan 68 0 66.5 69.2 57.9 69.4 68.5 66 4 69.2 83 6 39 1 Feb 68.1 66.6 69.4 57.7 69.5 68.6 66.2 69.6 83.8 39.3 Mar 67.4 66.2 68.7 58.3 68.3 68.4 66.4 69.1 75.5 39.9 Apr 67.4 66.5 69.2 58.1 68.2 68.3 65.4 69.9 77.3 39 8 May 68.8 66.3 69.0 57.7 70.8 69.0 66.4 70.3 87.0 40.0 June 69.4 67.2 70.0 58.6 71.1 69.7 67.3 70.7 87.1 40.3 July 69.5 67.2 69.9 58.9 71.5 69.8 68.4 70.0 87.0 40 8 AUK 69.3 66.8 69.3 59.0 71.4 69.6 68.1 69.6 86.7 41.2 Sept 68.7 66.5 68.8 59.0 70.7 69.0 67.3 69.4 85.0 41.7 Oct 69.2 66.9 69.7 58.3 71.1 69.4 68.4 69.2 85.9 42 2 Nov 68.4 66.4 69.0 58.1 70.1 68.6 67.2 68.7 84.7 42.4 Dec 67.9 65.6 68.2 57.6 69.8 68.0 66.1 68.5 84.5 42.6 1949-—Jan 66.9 64.7 67.4 56.4 69.0 67.2 65 0 68.1 82.4 42.2 Feb 66.4 64.5 67.2 56.2 68.3 66.5 63.9 1 68.0 82.0 42.3 Mar 65.2 64.5 67.7 55.0 65.6 65.8 62.8 67.7 74 3 42 4 Apr 64.7 64.2 67.5 54.1 65.0 64.6 61.5 66.5 81.1 42.5 M^ay .. 64.0 64.1 67.6 53.2 63.9 63.9 60.1 66.5 79.7 42.4 June 63.8 64.2 68.2 52.4 63.2 64.1 60.1 67.1 74 0 43 0 July 63.7 64.4 68.8 51.5 62.8 64.2 60.2 67.1 72.2 43.7 Aug 64 3 64.8 69.6 51.0 64.0 64.9 60 5 68 1 71 9 44 0 Sept 64.9 65.2 70.5 50.6 64.7 66.2 61.9 69.5 65 0 44 1 Oct 62.6 65.0 70.9 48.7 60.0 63.8 56.2 70.4 61.2 44.1 Nov 64.1 64.0 69.8 47.3 64.0 64.1 56.9 70 2 76 7 44 9 Dec 65.4 63.4 69.1 47.4 66.8 65.8 60.1 70.4 73.8 45.8 1950—Jan 66.5 65.6 71.9 48.2 67.6 67.3 62.3 71.0 72.3 46.3 Feb 66.7 66.0 72.0 49.5 67.4 68.0 63.1 71.7 66.6 46.8 Mar 69.0 67.3 73.6 50.0 70.2 69.1 64.5 72 5 82 6 47 6 Apr 71.2 69.2 75.6 51.4 73.2 71.8 68.6 73.7 81.7 48.2 May 72.9 70.9 77.1 53.5 74.8 73.8 71 7 74 4 81 8 49 1 June 75.1 73.2 79.3 55.5 76.9 76.0 75.3 75.1 84.5 49.4 July 77 5 75.2 81.7 57.4 79.4 78 5 78 0 77 3 86 0 49 7 Aug 80.0 78.2 84.4 61.0 81.6 81.2 81.3 79.4 87.9 50.0 Sept 79.4 76.6 82.4 60.5 81.8 80.5 80.5 78.8 89.2 50.6 Oct 80.0 76.6 81.7 62.2 83.0 81.0 81 3 78 9 89 4 51 6 Nov 79.8 76.6 81.3 63.3 82.5 81.0 81.4 78.8 87.6 52.0 Dec 81.2 78.2 82.7 65.1 83.8 82.3 82.3 80.6 88.7 52.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—1957-59 BASE 1275 TOTAL AND SUMMARY GROUPINGS, 1947-62—Continued [1957-59 = 100] Market Industry Total indus- Final products Manufacturing Period trial pr t o i d on uc- Total s g C u o o m o n d e - s r E m qu en ip t - Materials Total Durable d N ur o a n b - le Mining Utilities Seasonally adjusted monthly indexes 1951 Jan 81.6 79.0 83.1 66.8 84.0 82.7 82.7 81.0 89.9 53 4 Feb 81.8 79.7 83.0 69.6 83.8 83.0 83.5 i 80.7 88.4 54.3 Mar 82.3 79.7 81.8 72.2 84.6 83 4 84.7 1 80 3 89.1 54 7 Apr 82.5 79.4 80.2 75.2 85.4 83.5 85.1 80.1 90.3 55.6 May 82.2 78.6 78.8 76.1 85.3 83 0 84.4 79.8 90.7 56 0 June 81.8 78.5 77.8 77.9 84.9 82.6 84.0 79.4 90.9 56.4 July 80 6 77.1 75.2 79.4 84.0 81 1 82.2 78 1 91.1 56 7 Aug 80.0 76.3 73.6 81.0 83.0 80.3 81.7 77.0 91.7 57.2 Sept 80.3 77.4 74.3 83.1 82.9 80.6 82.6 76.7 92.5 57.6 Oct 80.1 77.6 73.9 84.8 82.3 80.2 82.5 75.9 94.0 57.7 Nov ... 80.9 79.2 75.0 87.2 82.3 81.1 83.7 76.5 93.5 58.5 Dec 81.4 80.0 75.6 88.6 82.6 81.7 84.6 77.0 93.1 58.7 1952—Jan 82.2 81.0 76.2 90.6 83.2 82.5 85.3 77.7 93.8 59.3 Feb 82.7 81.6 76.7 91.6 83.7 83.0 85.9 78.1 94.7 59.6 Mar 82.9 82.2 77.2 92.4 83.2 83.3 86.5 78.0 94.1 59.9 Apr 82.2 82.1 77.1 92.3 82.0 82.5 85.3 77.8 93.2 59.4 May 81.4 82.4 77.0 93.5 80.3 82 5 86.1 77 0 83.1 59 8 June 80.7 84.3 79.2 94.7 76.9 81.6 82.1 79.4 83.8 60.0 July 79.1 82.4 77.8 91.3 76.2 79 7 78.1 79 8 83.4 60 7 Aug 84.4 84.1 79.5 93.1 84.5 85.4 88.2 80.8 88.7 61.8 Sept 87.4 86.0 81.5 95.2 88.7 88 2 92 8 81 6 95.2 62 8 Oct 88.3 87.3 82.7 96.7 89.3 89.7 94.7 82.6 88.9 63.3 Nov 90.2 89.0 84.4 98.2 91.3 91 5 97.4 83 4 94.9 63 7 Dec 90.7 89.5 84.4 99.7 91.8 92.2 98.5 83.6 92.8 64.3 1953 Jan 91.0 90.1 85.2 100.6 91.6 92.5 100.3 82.9 91.7 64.4 Feb 91.4 90.7 85.8 101.3 92.4 93.1 100.8 83 5 91.1 64 4 Mar 92.3 91.2 86.2 101.9 93.5 94.0 102.0 84.0 91.8 65.2 Apr 92.8 91.4 86.4 102.2 93.9 94 5 102.6 84 4 92.1 66 0 May 93.3 91.8 86.9 102.2 94.3 94.9 102.9 84.9 93.4 66.8 June .... 92.8 91.0 85.9 101.9 94.0 94.2 102.1 84.3 94.5 67.4 July 93.9 91.8 86.5 103.1 96.1 95.3 103.6 85.0 95.7 68.1 Aus 93 2 90.7 85.2 102.5 95.2 94 5 102.5 84 4 96.1 67 8 Sept 91.3 89.4 83.9 101.3 93.0 92.4 99.3 83.8 95.1 67.8 Oct 89.9 88.7 83.7 99.6 91.3 91 0 97.4 82 9 92.3 67 9 Nov 87.7 86.5 82.5 95.2 88.9 88.7 93.9 82.1 90.8 67.6 Dec 85.8 85.3 81.3 93.8 86.8 86.6 91.1 81.0 89.5 67.6 1954—Jan 85.2 85.1 81.7 92.2 85.5 85.9 89.4 81.5 88.9 68.9 Feb 85.1 85.3 82.4 91.6 85.1 85.7 88.8 81.9 88.8 69.2 Mar 84.5 85.1 82.6 90.5 84.1 85.0 87.3 82.1 89.2 69.6 Apr 84.5 84.9 82.9 89.1 84.1 84.9 87.1 82.3 89.6 70.3 May 85.3 85.5 83.9 89.0 85.1 85.7 87.7 83.1 90.5 70.7 June 85.7 85.7 84.3 88.6 85.5 86.1 88.1 83.6 91.1 71.5 July 85.4 85.6 84.4 88.2 85.2 85.7 87.3 83.7 90.5 72.4 Aus 85.4 85.5 84.4 87.7 85.1 85.8 87.3 84.0 89.7 72.7 Sept 86.0 85.8 85.2 87.1 85.9 86.5 87.8 84.7 89.1 73.4 Oct 86.3 85.7 85.1 87.0 87.1 86.7 84 9 90.1 73 8 Nov 87.4 86.6 86.0 87.9 88.5 87.8 89.8 85.3 91.6 74.6 Dec 88.9 87.8 87.7 88.1 90.1 89.4 91.7 86.5 93.1 75.3 1955_ F ja e n b 9 9 0 1 . . 9 9 8 8 9 9 . . 4 9 9 8 0 9 . . 1 8 8 8 8 9 . . 7 5 9 93 2 . . 8 2 9 9 1 2 . . 5 4 9 95 4 . . 9 3 8 88 7 . . 1 9 9 9 5 6 . . 3 2 7 7 6 5 . . 8 3 Mar 93.5 91.5 91.5 91.5 95.4 94.3 98.2 89 3 96.0 77 7 Apr 95.0 92.7 92.4 93.3 97.0 95.8 100.1 90.3 97.4 78.2 May. 96.1 93.6 93.2 94.5 98.2 97.0 101.8 90.9 97.7 78 7 June 96.8 93.9 93.1 95.7 99.3 97.7 102.3 92.0 98.1 79.0 July 97.6 94.7 93.9 96.2 100.3 98.6 103.7 92.2 98.6 79.8 Aug 98.0 94.9 94.0 96.8 100.9 98.8 104.4 91.8 99.9 81.9 Sept 99 0 95.8 94.8 97.9 102.2 99.7 105.4 92 7 101.5 82 9 Oct 100.0 97.3 95.9 100.2 102.7 100.8 106.3 94.0 102.5 83.1 Nov 99.9 96.9 96.2 98.5 102.9 100.6 105.4 94.6 103.1 83.7 Dec . .. 100.1 96.8 96.0 98.6 102.9 100.7 105.3 95 0 103.8 84 9 1956 Jan . .. 99.8 96.7 95.8 98.7 102.4 100.3 104.8 94.7 103.8 85 3 Feb 99.2 96.5 95.2 99.3 101.8 99.6 103.4 94.8 103.8 85.7 Mar 98.8 96.4 94.9 99.7 101.1 99.1 102.9 94.5 103.9 86.4 Apr 100.2 98.0 95.8 102.7 102.5 100.6 104.8 95.4 105.1 87.2 May 99.6 97.4 94.9 102.8 101.1 99.8 103.8 94.8 104.8 88.3 June 99.3 97.6 95.0 103.2 100.5 99.4 102.9 95 0 105 5 July 95.1 98.2 95.5 103.9 92.4 95.0 94.5 95.6 101.1 88.2 Aug 99.7 98.6 95.7 105.0 100.7 99.8 102.8 96.0 105.8 88.1 Sept . .. 101.2 98.8 95.5 105.9 103.4 101.5 105.9 96.0 106.1 88.6 Oct 101.6 99.2 95.8 106.5 104.2 102.0 106.5 96.3 105.5 89.3 Nov 101.5 99.2 95.3 107.7 103.7 101.9 106.5 96.0 106.0 89.4 Dec 102.2 100.2 96.6 108.1 104.1 102.6 107.6 96.2 106.0 89.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1276 FEDERAL RESERVE BULLETIN • OCTOBER 1962 TOTAL AND SUMMARY GROUPINGS, 1947-62—Continued [1957-59 = 100] Market Industry Total indus- Final products Manufacturing Period trial production Con- Materials Mining Utilities Total s g u o m od e s r E m qu en ip t - Total Durable d N ur o a n b - le i Seasonally adjusted monthly indexes 1957—Jan.., 101.9 100.0 96.2 108.0 103.4 102.2 107.1 96.1 105.9 90.8 Feb.. 102.5 100.6 97.0 108.2 104.1 102.7 107.8 96.4 107.0 91.5 Mar.. 102.4 100.5 97.1 108.0 104.2 102.6 107.3 96.7 107.8 91.6 Apr.. 101.5 99.7 96.2 107.3 103.6 101.5 105.8 96.2 107.1 92.5 May. 101.8 99.9 96.8 106.4 103.3 101.8 105.7 97.0 106.9 93.0 June. 102.1 100.1 97.6 105.6 103.7 102.3 106.5 97.1 105.5 93.6 July. 102.2 100.5 98.1 105.7 103.5 102.3 106.2 97.5 105.0 95.4 Aug.. 102.3 100.5 98.3 105.2 103.6 102.6 106.3 97.9 103.4 96.0 Sept.. 100.9 100.0 98.2 103.8 101.6 101.0 103.8 97.4 103.4 95.7 Oct.. 99.0 98.5 97.1 101.4 99.6 98.8 100.6 96.7 102.7 95.5 Nov.. 97.1 97.0 96.5 98.0 97.5 96.8 97.7 95.7 100.5 96.1 Dec. 95.0 95.7 95.5 96.0 94.4 94.5 93.9 95.3 99.8 95.6 1958—Jan... 92.6 94.0 94.5 92.8 91.3 91.9 90.3 93.9 97.7 95.8 Feb... 90.1 92.0 93.3 89.3 88.4 89.3 86.3 93.0 95.2 95.9 Mar.. 88.5 90.7 91.8 88.4 86.6 87.9 84.5 92.0 90.5 96.0 Apr... 87.8 90.7 92.3 87.4 85.6 87.2 82.4 93.2 89.1 95.6 May.. 89.5 91.8 93.9 87.2 87.2 89.1 84.9 94.4 88.9 95.8 June.. 92.3 93.7 96.1 88.6 90.7 91.9 88.2 96.6 92.5 97.2 July.. 94.0 95.3 97.6 90.3 92.7 93.7 90.0 98.3 95.3 97.8 Aug.. 95.8 96.0 97.9 91.9 94.9 95.4 92.4 99.0 97.6 99.1 Sept.. 96.2 95.2 96.3 92.9 97.6 95.7 92.6 99.4 99.6 100.6 Oct 96.8 96.5 97.5 94.5 96.9 96.3 93.2 100.2 99.6 101.0 Nov.. 99.8 100.2 102.1 96.2 99.9 99.7 98.4 101.2 101.1 100.8 Dec.. 100.4 100.2 102.0 96.3 100.2 100.2 99.4 101.2 102.0 101.9 \ 959—Jan 101.2 101.2 103.2 97.0 101.3 100.9 100.3 101.8 101.5 104.5 Feb... 103.0 102.2 104.1 98.3 104.1 103.0 102.6 103.6 100.8 105.0 Mar.. 104.8 102.9 104.8 99.0 107.1 105.1 105.8 104.3 100.5 105.3 Apr... 107.1 104.9 106.5 101.6 110.0 107.6 109.2 105.7 102.2 106.2 May.. 109.4 106.5 107.5 104.8 112.2 110.0 112.9 106.7 104.1 107.6 June.. 109.9 107.2 107.7 106.7 111.8 110.7 114.1 106.6 102.6 109.0 July.. 107.5 108.0 108.5 107.5 106.5 108.3 108.7 108.1 97.7 109.0 Aug.. 104.1 107.8 108.4 107.2 99.0 104.7 101.7 108.7 95.1 107.6 Sept.. 104.0 107.9 108.2 107.4 100.1 104.6 101.0 109.2 94.9 108.9 Oct 102.8 107.4 107.6 107.2 98.7 103.1 99.5 107.7 95.6 109.2 Nov.. 103.4 105.0 104.8 105.5 102.7 103.3 100.0 107.5 100.0 110.6 Dec.. 109.5 107.7 108.2 106.9 111.4 109.9 111.1 108.6 102.6 113.2 i960—Jan 111.7 110.5 111.4 108.4 113.1 112.5 115.2 109.2 102.3 113.4 Feb... 111.0 109.6 110.2 108.2 112.3 111.7 114.3 108.6 101.6 114.0 Mar.. 110.5 110.1 110.9 108.3 111.2 111.0 112.6 109.1 101.1 116.1 Apr... 109.7 110.1 111.6 107.0 109.9 110.0 110.7 109.2 102.2 116.1 May.. 109.9 111.3 112.5 108.8 108.9 110.5 110.4 110.5 101.3 114.9 June.. 109.6 111.0 112.4 108.2 107.7 110.1 109.3 111.0 101.2 115.7 July.. 109.1 110.5 111.5 108.4 107.1 109.3 108.3 110.6 101.7 116.3 Aug.. 108.7 110.1 111.1 107.9 106.0 108.9 107.9 110.1 102.0 116.5 Sept.. 107.8 109.8 110.7 107.8 105.2 107.9 106.3 109.8 101.3 116.5 Oct 107.0 109.8 110.9 107.3 105.0 107.0 105.0 109.4 101.3 115.9 Nov.. 105.4 108.5 109.6 106.1 103.5 105.1 102.2 108.7 101.8 115.8 Dec.. 103.6 107.2 108.2 105.1 101.3 103.0 99.5 107.4 101.7 116.3 £961— Jan... 103.3 106.0 106.7 104.3 100.7 102.5 98.6 107.4 102.2 117.6 Feb.i. 103.4 106.4 107.4 104.2 100.5 102.6 98.3 108.1 101.6 118.2 Mar.. 103.8 106.6 108.0 103.5 101.7 103.2 98.8 108.7 101.4 117.7 Apr... 106.6 108.6 110.3 105.2 105.3 106.3 103.1 110.2 101.7 120.2 May.. 108.8 110.1 111.9 106.1 107.7 108.7 106.5 111.4 101.5 122.5 June.. 110.9 111.8 113.9 107.3 110.0 111.0 109.2 113.3 101.9 123.0 July.. 112.0 112.7 114.9 108.1 110.5 112.3 110.8 114.1 102.2 123.5 Aug.. 113.4 113.4 115.3 109.4 111.9 113.7 112.1 115.7 102.7 125.0 Sept.. 112.0 112.6 113.4 110.8 110.9 112.1 109.7 115.2 102.4 125.7 Oct 113.5 114.8 115.9 112.4 112.9 113.5 111.2 116.5 104.4 126.5 Nov.. 114.8 116.4 117.5 114.1 113.9 115.0 113.0 117.5 105.2 126.7 Dec.. 115.6 116.9 117.9 114.9 114.8 115.9 114.5 117.7 104.7 127.3 1962—Jan... 114.3 115.5 116.2 112.7 113.7 114.4 113.2 115.9 104.0 129.2 Feb... 116.0 116.5 117.0 115.0 115.5 116.3 115.4 117.3 104.3 129.3 Mar.. 117.0 117.7 118.2 116.1 116.9 117.4 116.5 118.6 104.8 129.6 Apr... 117.7 118.3 118.8 117.0 117.1 118.1 118.5 117.5 105.5 129.8 May.. 118.4 119.9 120.6 118.5 117.0 118.8 118.2 119.6 104.8 132.1 June.. 118.6 120.4 120.5 120.1 117.1 118.9 117.7 120.3 104.6 134.6 July.. 119.6 121.9 121.7 122.3 117.2 119.9 119.0 121.1 106.0 135.4 Aug. P 119.5 121.8 121.2 123.0 117.5 119.7 119.3 120.3 105.9 134.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Check Clearing and Collection AN ACT The Board of Governors, effective September To place authority over the trust powers of national banks in the Comptroller of the Currency. 27, 1962, amended Section 210.2(a) of Regula- Be it enacted by the Senate and House of Repretion J, entitled Check Clearing and Collection, by sentatives of the United States of America in Congress assembled, That (a) the Comptroller of the Currency substituting the term "nonmember banks" for shall be authorized and empowered to grant by special the term "nonmember State banks" where it ap- permit to national banks applying therefor, when not pears at two places so as to conform the language in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks of this section to the first paragraph of Section 13 and bonds, guardian of estates, assignee, receiver, comof the Federal Reserve Act (12 U.S.C. 342) and mittee of estates of lunatics, or in any other fiduciary to Section 210.1 of the Regulation. The text of capacity in which State banks, trust companies, or other corporations which come into competition with the amendment reads as follows: national banks are permitted to act under the laws of the State in which the national bank is located. (b) Whenever the laws of such State authorize or AMENDMENT TO REGULATION J permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other cor- Effective September 27, 1962, Section 210.2(a) porations which compete with national banks, the granting to and the exercise of such powers by nais amended to read as follows: tional banks shall not be deemed to be in contravention of State or local law within the meaning of this SECTION 210.2—GENERAL REQUIREMENTS Act. (a) In pursuance of the authority vested in it under (c) National banks exercising any or all of the these provisions of law, the Board of Governors of powers enumerating in this section shall segregate all the Federal Reserve System, desiring to afford both assets held in any fiduciary capacity from the general to the public and to the various banks of the country assets of the bank and shall keep a separate set of a direct, expeditious, and economical system of check books and records showing in proper detail all transcollection and settlement of balances, has arranged actions engaged in under authority of this section. to have each Federal Reserve bank exercise the func- The State banking authorities may have access to retions of a clearing house and collect checks for such ports of examination made by the Comptroller of the of its member banks as desire to avail themselves of Currency insofar as such reports relate to the trust its privileges and for such nonmember banks and department of such bank, but nothing in this Act trust companies as may maintain with the Federal shall be construed as authorizing the State banking Reserve bank balances sufficient to qualify them under authorities to examine the books, records, and assets the provisions of section 13 to send items to Federal of such bank. Reserve banks for purposes of exchange or of col- (d) No national bank shall receive in its trust delection. Such nonmember banks and trust companies partment deposits of current funds subject to check will hereinafter be referred to as nonmember clearing or the deposit of checks, drafts, bills of exchange, or banks. other items for collection or exchange purposes. Funds deposited or held in trust by the bank awaiting in- Trust Powers of National Banks vestment shall be carried in a separate account and shall not be used by the bank in the conduct of its By Act of Congress, approved September 28, business unless it shall first set aside in the trust department United States bonds or other securities ap- 1962 (Public Law 87-722), authority over trust proved by the Comptroller of the Currency. powers of national banks was placed in the Comp- (e) In the event of the failure of such bank the owners of the funds held in trust for investment shall troller of the Currency, and Section 11 (k) of the have a lien on the bonds or other securities so set Federal Reserve Act (12 U.S.C. 248(k)) was apart in addition to their claim against the estate of repealed. Also, Section 584 of the Internal Reve- the bank. (f) Whenever the laws of a State require corporanue Code was amended to provide that tax benetions acting in a fiduciary capacity to deposit securifits for common trust funds would be derived, in ties with the State authorities for the protection of the future, by compliance with rules and regula- private or court trusts, national banks so acting shall be required to make similar deposits and securities tions of the Comptroller of the Currency pertain- so deposited shall be held for the protection of private ing to the collective investment of trust funds by or court trusts, as provided by the State law. National banks in such cases shall not be required to national banks. The text of the Act is as follows: execute the bond usually required of individuals if 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 FEDERAL RESERVE BULLETIN • OCTOBER 1962 State corporations under similar circumstances are SEC. 2. Nothing contained in this Act shall be exempt from this requirement. National banks shall deemed to affect or curtail the right of any national have power to execute such bond when so required bank to act in fiduciary capacities under a permit by the laws of the State. granted before the date of enactment of this Act by (g) In any case in which the laws of a State re- the Board of Governors of the Federal Reserve Sysquire that a corporation acting as trustee, executor, tem, nor to affect the validity of any transactions administrator, or in any capacity specified in this entered into at any time by any national bank pursection, shall take an oath or make an affidavit, the suant to such permit. On and after the date of enpresident, vice president, cashier, or trust officer of actment of this Act the exercise of fiduciary powers such national bank may take the necessary oath or by national banks shall be subject to the provisions execute the necessary affidavit. of this Act and the requirements of regulations issued (h) It shall be unlawful for any national banking by the Comptroller of the Currency pursuant to the association to lend any officer, director, or employee authority granted by this Act. any funds held in trust under the powers conferred by SEC. 3. Subsection (k) of Section 11 of the Federal this section. Any officer, director, or employee making Reserve Act (12 U.S.C. 248(k)) is repealed. such loan, or to whom such loan is made, may be SEC. 4. Paragraph (2) of subsection (a) of section fined not more than $5,000, or imprisoned not more 584 of the Internal Revenue Code of 1954 is amended than five years, or may be both fined and imprisoned, by inserting "or the Comptroller of the Currency" in the discretion of the court. immediately after "the Board of Governors of the (i) In passing upon applications for permission to Federal Reserve System." exercise the powers enumerated in this section, the SEC. 5. Section 581 of the Internal Revenue Code Comptroller of the Currency may take into consid- of 1954 is amended by striking out "section 11 (k) of eration the amount of capital and surplus of the the Federal Reserve Act (38 Stat. 262; 12 U.S.C. applying bank, whether or not such capital and 248(k))," and inserting in lieu thereof "authority of surplus is sufficient under the circumstances of the the Comptroller of the Currency." case, the needs of the community to be served, Approved September 28, 1962. and any other facts and circumstances that seem to him proper, and may grant or refuse the application Regulation F Terminated accordingly: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required The Board of Governors, effective September by State law of State banks, trust companies, and 28, 1962, terminated Regulation F, entitled Trust corporations exercising such powers. Powers of National Banks, as Section ll(k) of (j) Any national banking association desiring to surrender its right to exercise the powers granted the Federal Reserve Act (12 U.S.C. 248(k)) was under this section, in order to relieve itself of the repealed by Act of September 28, 1962 (Public necessity of complying with the requirements of this Law 87-722) and, effective on and after that date, section, or to have returned to it any securities which it may have deposited with the State authorities for authority to grant trust powers to national banks the protection of private or court trusts, or for any and to regulate the exercise of such powers was other purpose, may file with the Comptroller of the transferred to the Comptroller of the Currency. Currency a certified copy of a resolution of its board of directors signifying such desire. Upon receipt of such resolution, the Comptroller of the Currency, after satisfying himself that such bank has been re- Real Estate and Construction Loans by National lieved in accordance with State law of all duties as Banks trustee, executorv, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, By Act of Congress, approved September 28, committee of estates of lunatics or other fiduciary, 1962 (Public Law 87-717), the provisions of Secunder court, private, or other appointments previously accepted under authority of this section, may, in his tion 24 of the Federal Reserve Act containing cerdiscretion, issue to such bank a certificate certifying tain lending limitations on real estate and conthat such bank is no longer authorized to exercise the struction loans applicable to national banks were powers granted by this section. Upon the issuance of such a certificate by the Comptroller of the Cur- amended. The text of the Act is as follows: rency, such bank (1) shall no longer be subject to the provisions of this section or the regulations of the Comptroller of the Currency made pursuant AN ACT thereto, (2) shall be entitled to have returned to it any securities which it may have deposited with the To amend certain lending limitations on real estate State authorities for the protection of private or and construction loans applicable to national banks. court trusts, and (3) shall not exercise thereafter Be it enacted by the Senate and House of Repreany of the powers granted by this section without sentatives of the United States of America in Congress first applying for and obtaining a new permit to assembled, That the fourth sentence of the first paraexercise such powers pursuant to the provisions of graph of section 24 of the Federal Reserve Act (12 this section. The Comptroller of the Currency is U.S.C. 371) is amended to read as follows: "No authorized and empowered to promulgate such regu- such association shall make such loans in an aggrelations as he may deem necessary to enforce com- gate sum in excess of the amount of the capital stock pliance with the provisions of this section and the of such association paid in and unimpaired plus the proper exercise of the powers granted therein. amount of its unimpaired surplus fund, or in excess Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1279 LAW DEPARTMENT of 70 per centum of the amount of its time and sav- graph as the 'resulting bank'), resulting from the conings deposits, whichever is the greater." solidation of a national bank (referred to in this para- SEC. 2. The first sentence of the third paragraph graph as the 'national bank') under whose charter the of section 24 of the Federal Reserve Act (12 U.S.C. consolidation is effected with another bank or banks, 371) is amended to read as follows: may retain and operate as a branch any office which, "Loans made to finance the construction of indus- immediately prior to such consolidation, was in opertrial or commercial buildings and having maturities ation as— of not to exceed eighteen months where there is a "(A) a main office or branch office of any bank valid and binding agreement entered into by a finan- (other than the national bank) participating in the cially responsible lender to advance the full amount consolidation if, under subsection (c) of this secof the bank's loan upon completion of the buildings tion, it might be established as a new branch of and loans made to finance the construction of resi- the resulting bank, and if the Comptroller of the dential or farm buildings and having maturities of Currency approves of its continued operation after not to exceed eighteen months, shall not be considered the consolidation; as loans secured by real estate within the meaning of "(B) a branch of any bank participating in the this section but shall be classed as ordinary commer- consolidation, and which, on February 25, 1927, cial loans whether or not secured by a mortgage or was in operation as a branch of any bank; or similar lien on the real estate upon v/hich the build- "(C) a branch of the national bank and which, ing or buildings are being constructed: Provided, on February 25, 1927, was not in operation as a That no national banking association shall invest in, branch of any bank, if the Comptroller of the Curor be liable on, any such loans in an aggregate rency approves of its continued operation after the amount in excess of 100 per centum of its actually consolidation. paid-in and unimpaired capital plus 100 per centum The Comptroller of the Currency may not grant of its unimpaired surplus fund."' approval under clause (C) of this paragraph if a Approved September 28. 1962. State bank (in a situation identical to that of the resulting national bank) resulting from the consolidation into a State bank of another bank or banks Branches of National Banks would be prohibited by the law of such State from retaining and operating as a branch an identically By Act of Congress, approved September 28, situated office which was a branch of the State bank 1962 (Public Law 87-721), the provisions of Sec- immediately prior to consolidation. tion 5155 of the Revised Statutes, relating to "(3) As used in this subsection, the term 'consolidation' includes a merger." branches which may be retained upon conversion Approved September 28, 1962. or consolidation or merger of national banks, were amended. The text of the Act is as follows: Interest on Foreign Time Deposits AN ACT By Act of Congress, approved October 15, 1962 (Public Law 87-827), Section 19 of the To amend section 5155 of the Revised Statutes relating to bank branches which may be retained upon Federal Reserve Act (12 U.S.C. 371b) was conversion or consolidation or merger. amended so as to exempt, for a period of three Be it enacted by the Senate and House of Repreyears, deposits of foreign governments and cersentatives of the United States of America in Congress assembled. That subsection (b) of section 5155 tain foreign institutions from regulation by the of the Revised Statutes, as amended (12 U.S.C. 36), Board of Governors as to rates of interest which is amended to read as follows: member banks may pay on time deposits. The "(b)(l) A national bank resulting from the conversion of a State bank may retain and operate as a law includes a similar amendment to Section 18(g) branch any office which was a branch of the State of the Federal Deposit Insurance Act (12 U.S.C. bank immediately prior to conversion if such office— 1828(g)), with respect to such deposits in non- "(A) might be established under subsection (c) of this section as a new branch of the resulting na- member insured banks. The Board of Governors, tional bank, and is approved by the Comptroller effective October 15, 1962, amended Section of the Currency for continued operation as a branch of the resulting national bank; 217.3 (a) of Regulation Q, entitled Payment of "(B) was a branch of any bank on February Interest on Deposits, to conform the Regulation 25, 1927; or to the provisions of this Act. These amendments "(C) is approved by the Comptroller of the Currency for continued operation as a branch of the to the law and Regulation Q relate only to the resulting national bank. rates of interest that may be paid on such foreign The Comptroller of the Currency may not grant approval under clause (C) of this paragraph if a State time deposits; such deposits continue to be subject bank (in a situation identical to that of the national to other requirements of the law and Regulation bank) resulting from the conversion of a national Q, such as restriction on payment of time deposits bank would be prohibited by the law of such State from retaining and operating as a branch an iden- before maturity. The texts of the Act and of the tically situated office which was a branch of the na- Board's amendment to Regulation Q are as tional bank immediately prior to conversion. follows: "(2) A national bank (referred to in this para- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 FEDERAL RESERVE BULLETIN • OCTOBER 1962 AN ACT State laws relating to bank mergers, as of April 1, 1962, has been prepared by the Legal Division To permit domestic banks to pay interest on time deposits of foreign governments at rates differing of the Board of Governors, with the assistance from those applicable to domestic depositors. of the Counsel for the Federal Reserve Banks. Be it enacted by the Senate and House of Representatives of the United States of America in Copies of the compilation may be obtained upon Congress assembled, That the fourteenth paragraph request. of section 19 of the Federal Reserve Act (12 U.S.C. 371b) is amended by adding at the end thereof the Orders Under Bank Merger Act following sentence: "During the period commencing on the effective date of this sentence and ending upon The Board of Governors of the Federal Reserve the expiration of three years after such date, the provisions of this paragraph shall not apply to the System has issued the following Orders and Staterate of interest which may be paid by member banks ments with respect to applications for approval on time deposits of foreign governments, monetary of the merger of certain banks: and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member.". PEOPLES UNION BANK AND TRUST SEC. 2. Subsection (g) of section 18 of the COMPANY, McKEESPORT, PENNSYLVANIA Federal Deposit Insurance Act (12 U.S.C. 1828(g) is amended by adding at the end thereof the following In the matter of the application of Peoples sentence: "During the period commencing on the Union Bank and Trust Company for approval of effective date of this sentence and ending upon the expiration of three years after such date, the pro- merger with The Bank of Glassport. visions of this subsection shall not apply to the rate of interest which may be paid by insured non- ORDER APPROVING MERGER OF BANKS member banks on time deposits of foreign governments, monetary and financial authorities of foreign There has come before the Board of Governors, governments when acting as such, or international pursuant to the Bank Merger Act of 1960 (12 financial institutions of which the United States is a U.S.C. 1828(c)), an application by Peoples Union member.". Bank and Trust Company, McKeesport, Pennsyl- Approved October 15, 1962. vania, a member bank of the Federal Reserve AMENDMENT TO REGULATION Q System, for prior approval by the Board of the merger of that bank and The Bank of Glassport, Effective October 15, 1962, paragraph (a) Glassport, Pennsylvania, under the charter and of Section 217.3 is amended to read as follows: title of the former. As an incident to the merger, SECTION 217.3—MAXIMUM RATE OF INTEREST the present office of The Bank of Glassport would ON TIME AND SAVINGS DEPOSITS. be operated as a branch of the Peoples Union (a) Maximum rate prescribed from time to time. Bank and Trust Company. Notice of the proposed Except in accordance with the provisions of this merger, in form aproved by the Board, has been part, no member bank shall pay interest on any time deposit or savings deposit in any manner, directly published pursuant to said Act. or indirectly, or by any method, practice, or device Upon consideration of all relevant material whatsoever. No member bank shall pay interest on any time deposit or savings deposit at a rate in in the light of the factors set forth in said Act, excess of such applicable maximum rate as the Board including reports furnished by the Comptroller of Governors of the Federal Reserve System shall of the Currency, the Federal Deposit Insurance prescribe from time to time; and any rate or rates which may be so prescribed by the Board will be Corporation, and the Department of Justice on set forth in supplements to this part, which will the competitive factors involved in the proposed be issued in advance of the date upon which such rate or rates become effective. During the period com- merger, mencing October 15, 1962, and ending upon the IT IS HEREBY ORDERED, for the reasons set forth expiration of three years after such date, the proin the Board's Statement of this date, that said visions of this paragraph shall not apply to the rate of interest which may be paid by member banks on application be and hereby is approved, provided time deposits of foreign governments, monetary and that said merger shall not be consummated (a) financial authorities of foreign governments when acting as such, or international financial institutions within seven calendar days after the date of this of which the United States is a member. Order or (b) later than three months after said date. Compilation of Federal and State Laws Dated at Washington. D. C. this 5th day of Relating to Bank Mergers October, 1962. A compilation of provisions of Federal and By order of the Board of Governors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1281 Voting for this action: Governors Balderston, Mills, Convenience and needs of the communities. Robertson, Shepardson, and Mitchell. Absent and not McKeesport (1960 population 45,489). is about voting: Chairman Martin and Governor King. 14 miles southeast of the downtown business (Signed) MERRITT SHERMAN, section of Pittsburgh. Glassport (1960 population Secretary. 8,418) is three miles southwest of McKeesport. [SEAL] The service area of Glassport Bank would be the STATEMENT area primarily affected by the proposal. Glassport The Peoples Union Bank and Trust Company, Bank does not offer certain services frequently McKeesport, Pennsylvania ("Peoples"), with de- offered by banks of comparable size. For example, posits of $112 million,* has applied, pursuant to it does not make instalment loans or furnish trust the Bank Merger Act (12 U.S.C. 1828(c)), for services. Consummation of the subject merger prior approval by the Board of the merger of that would make available to customers of Glassport bank and The Bank of Glassport, Glassport, Penn- Bank a larger loan limit and a more complete sylvania ("Glassport Bank"), with deposits of range of banking services. $5.7 million. The banks would merge under the Competition. Glassport Bank, the only bank in charter and title of Peoples, which is a State- Glassport, is three miles from the nearest office chartered member bank of the Federal Reserve of Peoples. However, since Glassport Bank serves System, and the single office of Glassport Bank primarily Glassport and its immediate environs, would become a branch of the resulting bank, in- there is hardly any competition between the two creasing the number of offices of Peoples from banks elsewhere, and the competition between 12 to 13. them in Glassport itself is not particularly keen. Under the Act, the Board is required to con- There are three banks with their main offices sider (1) the financial history and condition of in McKeesport. Peoples is the second largest, and each of the banks involved, (2) the adequacy of this position would not be altered by the proposed its capital structure, (3) its earnings prospects, merger. The third and smallest bank is operating (4) the general character of its management, (5) profitably and derives so little of its business whether its corporate powers are consistent with from Glassport that its competitive position would the purposes of 12 U.S.C, Ch. 16 (the Federal not be harmed by the subject merger. Deposit Insurance Act), (6) the convenience and The record is clear that consummation of this needs of the communities to be served, and (7) transaction would have only a minor effect on the effect of the transaction on competition (in- either the over-all competitive picture in the cluding any tendency toward monopoly). The McKeesport-Glassport area or in the entire Pitts- Board may not approve the transaction unless, burgh metropolitan area. after considering all these factors, it finds the Summary and conclusion. While consummation transaction to be in the public interest. of the proposed merger would eliminate the mod- Banking factors. The financial histories of the erate amount of competition between the two two banks are satisfactory; each has a sound fi- banks involved, it would provide the customers nancial condition; and both have adequate capital of Glassport Bank with a wider range of banking structures. The future earnings prospects of these services and would solve the serious management banks are regarded as satisfactory. The death early succession problem of the bank. Peoples is the in 1961 of the vice president and cashier of Glass- second largest bank in McKeesport and this posiport Bank and the death of his successor a year tion would not be altered by the proposal. There later left this relatively small bank with a serious would be little, if any, effect upon the competitive management succession problem. Consummation position of other banks in the McKeesport-Glassof the proposal would solve this problem, since port area. the satisfactory management of Peoples would Accordingly, the Board finds that the proposed operate the resulting institution. There is no in- merger is in the public interest, dication that the powers exercised by the banks involved are or would be inconsistent with the THE UNION AND NEW HAVEN TRUST purposes of 12 U.S.C, Ch. 16. COMPANY, NEW HAVEN, CONNECTICUT In the matter of the application of The Union * The figures throughout are as of June 30, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1282 FEDERAL RESERVE BULLETIN • OCTOBER 1962 and New Haven Trust Company for approval of Madison, Connecticut ("Madison Trust"), with merger with The Madison Trust Company. deposits of about $4 million as of March 5, 1962. Under the Agreement of Merger the banks would ORDER APPROVING MERGER OF BANKS merge under the charter and title of Union Trust, There has come before the Board of Gover- and the office of Madison Trust would become a nors, pursuant to the Bank Merger Act of 1960 branch of Union Trust. (12 U.S.C. 1828(c)), an application by The Under the Act, the Board is required to con- Union and New Haven Trust Company, New sider (1) the financial history and condition of Haven, Connecticut, a member bank of the Fed- each of the banks involved, (2) the adequacy of eral Reserve System, for the Board's prior ap- its capital structure, (3) its future earnings prosproval of the merger of that bank and The Mad- pects, (4) the general character of its manageison Trust Company, Madison, Connecticut, under ment, (5) whether its corporate powers are conthe charter and title of the former and, as an sistent with the purposes of 12 U.S.C, Ch. 16 incident to the merger, a branch would be oper- (the Federal Deposit Insurance Act), (6) the ated at the location of The Madison Trust Com- convenience and needs of the community to be pany. Notice of the proposed merger, in form served, and (7) the effect of the transaction on approved by the Board, has been published pur- competition (including any tendency toward suant to said Act. monopoly). The Board may not approve the Upon consideration of all relevant material in transaction unless, after considering all these the light of the factors set forth in said Act, in- factors, it finds the transaction to be in the public cluding reports furnished by the Comptroller of interest. the Currency, the Federal Deposit Insurance Cor- Banking factors. The financial condition, capiporation, and the Department of Justice on the tal structure, future earnings prospects, and mancompetitive factors involved in the proposed agement of each of the banks are satisfactory, as merger. would be true of the resulting bank. IT IS HEREBY ORDERED, for the reasons set forth There is no indication that the powers of either in the Board's Statement of this date, that said of the banks are, or would be, inconsistent with application be and hereby is approved, provided 12 U.S.C, Ch., 16. that said merger shall not be consummated (a) Convenience and needs of the communities. within seven calendar days after the date of this The economy of New Haven (1960 population Order or (b) later than three months after said about 152,000) is based upon heavy and light date. industry and is also influenced substantially by Dated at Washington, D. C, this 9th day of Yale University's location in the city. The pro- October, 1962. posed merger would have little effect on the con- By Order of the Board of Governors. venience and needs of the communities now served by Union Trust, which presently operates Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and Mitchell. seven offices in five cities all located in New Absent and not voting: Governors Robertson and Haven County. Union Trust is the third largest King. among the six commercial banks in New Haven (Signed) MERRITT SHERMAN, and as a result of the merger would advance to Secretary. second position but by only a narrow margin. [SEAL] Madison (1960 population about 4,500) is a growing residential and resort community, located STATEMENT in New Haven County on Long Island Sound, The Union and New Haven Trust Company, 19 miles east of New Haven. At the height of New Haven, Connecticut ("Union Trust"), with the tourist season, its population is estimated deposits of about $74 million as of October 10, to be about 15,000. Madison is primarily a resi- 1961, a State member bank, has applied, pursuant dential community with the customary retail and to the Bank Merger Act of 1960 (12 U.S.C. 1828 service establishments. Dairy and truck farming (c)), for the Board's prior approval of the merger are the main occupations in the outlying area. of that bank and The Madison Trust Company, Madison's population has increased rapidly in re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1283 cent years and there is every prospect this will THE MARINE CORPORATION, continue. MILWAUKEE, WISCONSIN Madison Trust is the only bank, commercial In the matter of the application of The Marine or savings, in Madison. Three other banks, one Corporation for prior approval of acquisition of slightly smaller and two somewhat larger, have voting shares of Marine National Bank of Waukeoffices from four to five miles away. As Consha, Waukesha, Wisconsin. necticut law prohibits the establishment by commercial banks of de novo branches in another ORDER APPROVING APPLICATION UNDER city in which any commercial bank has its head BANK HOLDING COMPANY ACT office, Madison Trust is the only bank which may There has come before the Board of Governow legally establish branches in Madison. The nors, pursuant to Section 3(a) (2) of the Bank growing Madison area would benefit by the pro- Holding Company Act of 1956 (12 U.S.C. 1842) posed merger as broader banking services would and Section 222.4(a)(2) of the Board's Regulathereby be made available and a basis laid for tion Y (12 CFR 222.4(a)(2)), an application bringing other competitive banking services into by The Marine Corporation, Milwaukee, Wisconthe community. sin, for the Board's prior approval of the acquisi- Competition. The nearest offices of Union Trust tion of 80 per cent or more of the voting shares and Madison Trust are about 19 miles apart. of Marine National Bank of Waukesha, Wauke- Between these offices, there are five offices of sha, Wisconsin. A Notice of Application was pubother commercial banks and one office of a savlished in the Federal Register on April 21, 1962 ings bank. Intervening offices and the distance (27 Federal Register 3871), providing for the between the offices of Union Trust and Madison filing of comments and views regarding the pro- Trust limit competition between them. Only a posed acquisition; the time provided by the notice slight amount of competition would be eliminated for filing comments and views has expired and no by the proposed merger. Consummation of this comments or views have been filed. proposed merger would have very little effect IT IS ORDERED, for the reasons set forth in the on banks in the New Haven area. It would also Board's Statement of this date, that the said aphave only a minor effect on banks in the Madison plication be and hereby is granted, provided that area which are well established and which serve the acquisition so approved shall not be consumtheir own trade areas. mated (a) within seven calendar days after the Summary and conclusion. Very little competidate of this Order or (b) later than three months tion will be eliminated by this proposed merger after said date, and that the Marine National inasmuch as there are several banking facilities Bank of Waukesha shall be opened for business between the nearest offices of the two banks not later than six months after said date. which are 19 miles apart. Dated at Washington, D. C, this 12th day of The Madison area is growing. A merger of September, 1962. these two banks will provide broader banking By order of the Board of Governors. services for which a need exists and will lay the basis for increased banking competition in the Voting for this action: Chairman Martin, and Governors Balderston, Mills, King, and Mitchell. Absent area and additional banking services for the pub- and not voting: Governors Robertson and Shepardlic. son. Accordingly, the Board finds the proposed mer- (Signed) MERRITT SHERMAN, Secretary. ger to be in the public interest. [SEAL] Orders Under Section 3 STATEMENT of Bank Holding Company Act The Marine Corporation, Milwaukee, Wiscon- The Board of Governors of the Federal Re- sin ("Marine"), a bank holding company, has serve System has issued the following Orders and applied, pursuant to Section 3(a)(2) of the Bank Statements with respect to applications by bank Holding Company Act of 1956 ("the Act"), for holding companies for approval of the acquisition the Board's prior approval of the acquisition of of voting shares of certain banks: 80 per cent or more of the capital stock of Marine Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 FEDERAL RESERVE BULLETIN • OCTOBER 1962 National Bank of Waukesha, Waukesha, Wiscon- tory; however, based on its projected deposits sin ("Bank"), a proposed new bank. and considering the satisfactory condition of Views and recommendations of the Comp- Marine's system, it appears that Bank will be optroller of the Currency. Pursuant to Section 3(b) erated in a sound manner and that its prospects of the Act, the Comptroller of the Currency was are favorable. Since the management of Bank is to asked for his views and recommendations. He be provided from Marine and its subsidiaries, it recommended approval of the application. appears that Bank will be satisfactorily managed. Statutory factors. Section 3(c) of the Act re- Bank will be located in the downtown section quires the Board to take into consideration the of the City of Waukesha, which is the county seat following five factors: (1) the financial history of Waukesha County and is located about 18 miles and condition of the holding company and bank west of Milwaukee. Its population is estimated at concerned; (2) their prospects; (3) the character 31,200. Bank's primary service area (from which of their management; (4) the convenience, needs, approximately 75 per cent of its deposits are and welfare of the communities and area con- expected to originate) is the City of Waukesha. cerned; and (5) whether or not the effect of the The City of Waukesha, which has many diversiproposed acquisition would be to expand the size fied industries employing more than 7,000 persons or extent of the bank holding company system and having an annual payroll in excess of $30 milinvolved beyond limits consistent with adequate lion, has experienced substantial growth in recent and sound banking, the public interest, and the years and will undoubtedly continue to grow as the preservation of competition in the field of bank- Milwaukee metropolitan area expands westward. ing. Although the facts presented do not disclose a Discussion. Marine presently owns a majority significant deficiency in banking services in the of the stock of 10 subsidiary banks, all in the area, the establishment of the proposed bank under State of Wisconsin. Of these, six are located in Marine's control would result in an additional the City of Milwaukee or elsewhere in Milwaukee source of banking service in Waukesha, which County, and the other four are in Green Bay, would add to the convenience of the public con- Madison, Neenah, and Pewaukee. As of Decem- cerned and would be beneficial to the needs of ber 31, 1961, the total deposits of all of Marine's the area. This factor lends support to approval subsidiaries were $344 million, equal to 7 per of the application. cent of the deposits of all commercial banks in With respect to the fifth factor, relating to adethe State of Wisconsin. The largest bank in the quate and sound banking, the public interest, and Marine system is the Marine National Exchange the preservation of competition in the field of Bank of Milwaukee, which held deposits of almost banking, it is noted that Marine has only one $200 million at the end of 1961. subsidiary in Waukesha County, the Waukesha The financial history, condition, and manage- County Marine Bank, the nearest office of which ment of Marine are satisfactory and its prospects is situated in the town of Pewaukee, six miles are favorable. from Waukesha. Other of Marine's subsidiary Preliminary approval of an application to organ- banks, as previously mentioned, are located in the ize the Marine National Bank of Waukesha was City of Milwaukee, 15 to 20 miles from the progiven by the Comptroller of the Currency on posed location of Bank. March 5, 1962, subject to the condition, among At present, Waukesha is served by two local others, that Marine obtain prior approval of the commercial banks, the First National Bank of Board for acquisition of the stock of that bank. Waukesha (which also has a branch in Butler) The initial capital structure will be $500,000, con- and the Waukesha State Bank. As of December sisting of $200,000 common stock, $200,000 sur- 31, 1961, the total deposits of First National, inplus, and $100,000 undivided profits. Of the cluding those of its Butler branch, were approxi- 20,000 shares to be issued, 16,000 shares or 80 mately $59 million, and those of Waukesha State per cent will be purchased for cash by Marine. Bank were $16 million. The proposed bank would The balance of the shares, to the full extent not be the third banking office in Waukesha, and it is subscribed by individuals, will also be purchased estimated that at the end of three years it would by Marine. Bank, of course, has no financial his- have deposits of approximately $4 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1285 LAW DEPARTMENT Marine's present subsidiary in Waukesha the proposed acquisition. No comments or views County had deposits of $8.2 million at December have been received. 31, 1961. If the expected deposits of Bank at the IT IS ORDERED, for the reasons set forth in the end of its third year of operation were added to Board's Statement of this date, that said applicathe deposits of Marine's present subsidiary in tion be and hereby is granted, and the acquisition Waukesha County, Marine's banks in the county by Applicant of up to 100 per cent of the voting would have approximately 9 per cent of the De- shares of Central Bank of Montana is hereby apcember 31, 1961 deposits of all commercial banks proved; headquartered therein. Based on the foregoing PROVIDED, that such acquisition shall not be data, it is apparent that the local situation that consummated (a) within seven calendar days would exist upon establishment of the new bank after the date of this Order or (b) later than three would not constitute a deterrent to competition. months after said date; and In fact, it would probably lead to more vigorous PROVIDED FURTHER, that such acquisition shall competition by providing an additional source of not be consummated unless and until (a) cash with banking service in the immediate area. which to pay for the shares of Central Bank of For the foregoing reasons, the Board concludes Montana has been raised by sale of Applicant's that the proposed acquisition would not expand stock, or (b) a reliable and independent underthe size and extent of the Marine system beyond writer has given a firm and unconditional comlimits consistent with adequate and sound bank- mitment to provide Applicant with sufficient proing, the public interest, and the preservation of ceeds from the sale of Applicant's stock, within competition in the field of banking. three months of the date of this Order, to liquidate any indebtedness assumed or incurred by Appli- It is the judgment of the Board, upon consideracant in connection with the purchase of said tion of the facts of the case in the light of the shares. statutory factors and the general purposes of the Dated at Washington, D.C., this 3rd day of Oc- Act. that this application should be approved. tober, 1962. By order of the Board of Governors. MONTANA SHARES, INCORPORATED, GREAT FALLS, MONTANA Voting for this action: Governors Balderston, Mills, Robertson, Shepardson, and King. Voting against this action: Governor Mitchell. Absent and not voting: In the matter of the application of Montana Chairman Martin. Shares, Incorporated, Great Falls, Montana, for (Signed) MERRITT SHERMAN, prior approval of the acquisition of up to 100 per Secretary. cent of the outstanding voting shares of Central [SEAL] Bank of Montana, Great Falls, Montana. STATEMENT ORDER APPROVING APPLICATION UNDER BANK HOLDING COMPANY ACT Montana Shares, Incorporated ("Applicant"), Great Falls, Montana, a registered bank holding There has come before the Board of Governors, company, has applied, pursuant to Section 3 (a) pursuant to Section 3(a) (2) of the Bank Holding (2) of the Bank Holding Company Act of 1956 Company Act of 1956 (12 U.S.C. 1842) and Sec- ("the Act"), for the Board's prior approval of tion 222.4(a) (2) of Federal Reserve Regulation Y the acquisition of up to 100 per cent of the out- (12 CFR 222.4(a)(2)), an application on behalf standing voting shares of Central Bank of Montana of Montana Shares, Incorporated ("Applicant"), ("Central"), Great Falls, Montana.1 Great Falls, Montana, for the Board's prior approval of the acquisition of up to 100 per cent 1 Applicant has also filed applications with the of the outstanding voting shares of Central Bank Board for permission to acquire more than 50 per of Montana, Great Falls, Montana. cent of the voting shares of Citizens Bank of Montana, Havre, Montana, and up to 100 per cent of the A Notice of Receipt of Application was pubvoting shares of Liberty County Bank, Chester, Monlished in the Federal Register on March 15, 1962 tana, both of which banks are presently subsidiaries (27 F.R. 2496), which provided an opportunity of Applicant. All three applications were approved by for submission of comments and views regarding the Board at the same time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1286 FEDERAL RESERVE BULLETIN • OCTOBER 1962 Views and recommendations of supervisory au- by a public offering of Applicant's stock. At the thority. As required by Section 3(b) of the Act, present time, Applicant's capital structure conthe Board gave notice of the application to the sists of "Class A" and "Class B" stock; the "Class State Superintendent of Banks for the State of A" stock has preferential rights in regard to Montana, who expressed no objection to approval. dividends and liquidation and is, in effect, pre- Statutory factors. Section 3(c) of the Act re- ferred stock. However, Applicant proposes to quires the Board to take into consideration the undertake a recapitalization plan whereby a single following five factors: (1) the financial history class of common stock would be issued in exand condition of the holding company and the change for all outstanding shares of the present bank concerned; (2) their prospects; (3) the "Class A" and "Class B" stock, and additional character of their management; (4) the con- shares of this common stock would then be offered venience, needs, and welfare of the communities to the public. and the area concerned; and (5) whether the ef- The financial history and condition and manfect of the acquisition would be to expand the agement of Applicant and Central are reasonably size or extent of the bank holding company sys- satisfactory. While Applicant's prospects are not tem involved beyond limits consistent with ade- unfavorable, as hereinafter discussed it appears quate and sound banking, the public interest, and that they might be somewhat bettered as a result the preservation of competition in the field of of the acquisition proposed. The prospects of banking. Central are considered to be generally favorable. Discussion. Applicant presently has six sub- Inasmuch as Applicant's prospects are largely sidiary banks, all in Montana, having one office dependent upon the prospects of its banking subeach and total deposits of about $27.5 million, sidiaries, to the extent the prospects for continued based on figures for December 31, 1961. The ap- growth on the part of any of its banks are unproximate deposits of Applicant's subsidiary banks favorable Applicant's prospects also are adversely as of that date were as follows: Citizens Bank of affected. Five of the six subsidiary banks of Ap- Montana, Havre, $12.3 million; Miners National plicant are located in areas of the State devoted Bank of Butte, Butte, $6 million; First State Bank predominantly to agriculture and ranching. In of Chinook, Chinook, $2.8 million; Liberty County recent years, drought conditions have created prob- Bank, Chester, $2.8 million; Northern Montana lems in the areas served by these banks which in- State Bank, Big Sandy, $2.5 million; and Farmers- evitably affect local banks. Clearly, the future Merchants Bank, Rudyard, $1 million. growth of these banks will be contingent, to a The bank proposed to be acquired, Central, is large degree, on improvements in income received located in Great Falls, the largest city in Montana from sale of crops and livestock by farmers and (with a population based on the 1960 Census of ranchers in the areas served. In light of these about 55,000). Central's primary service area circumstances, it is possible that Applicant's prosencompasses the city of Great Falls and its en- pects would be enhanced to some degree by having virons. Six other banks are located within Central's a subsidiary in Great Falls, one of the fastest growprimary service area, four of which are in Great ing trade areas in the State, where the economic Falls proper.2 Central commenced operations on factors influencing the banking business are less July 10, 1961, and as of December 31, 1961, had affected by the vagaries of weather and farm intotal deposits of approximately $2.8 million. Cen- come. tral is by far the smallest of the five banks in Great So far as concerns the convenience, needs, and Falls. welfare of the banking public in Great Falls and Applicant proposes to purchase shares of Cen- the areas served by Applicant's present subtral for cash. The necessary funds are to be raised sidiaries, it is believed that the proposed acquisition would have little, if any, effect. Central and 2 Each of these four other banks in Great Falls is a Applicant now are affiliates within the meaning subsidiary of a holding company. Two are controlled of Section 2(b) of the Banking Act of 1933 and by First Bank Stock Corporation (Minneapolis, Min- Central is now correspondent for each of Apnesota), one is controlled by Northwest Bancorporaplicant's subsidiaries. The active senior managetion, Minneapolis, Minnesota), and one is controlled by Western Bancorporation (Los Angeles, California). ment of Applicant and Central is identical, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1287 LAW DEPARTMENT loan participations, pooling of experience, and not appear to be inconsistent with the public common supervision are already in effect with interest. respect to Central and Applicant's subsidiary From the foregoing discussion, it is readily apbanks. It is conceivable that with Central for- parent that the circumstances surrounding this mally integrated into the holding company sys- proposed acquisition do not militate strongly in tem, more assistance might be given the bank favor of either approval or denial, but based on in such matters as investments, accrual account- the relevant facts considered in light of the general ing, and possibly additional services at some purposes of the Act and the factors enumerated future date. Also, Central could possibly have in Section 3(c) thereof, approval of the proposed recourse to some additional capital through the acquisition would appear to be consistent with the holding company if augmentation should become statutory objectives and the public interest. Hownecessary, thereby contributing in some degree to ever, as previously noted, an integral part of the the assurance of Central's strength and stability. proposal embodied in the application is that the On balance, therefore, it would appear that the funds with which to purchase shares of Central are circumstances attending the proposed acquisition, to be acquired by means of a public offering of insofar as they relate to the convenience, needs, the Applicant's stock. It is the judgment of the and welfare of the areas concerned, lend some Board that the application should be approved but support to approval of the application. that in the light of all the circumstances, includ- Likewise, support for approval may be found in ing the fact that Applicant has only a small amount the circumstances relating to the fifth statutory of quick assets, with the major portion of its assets factor; namely, whether the proposed acquisition represented by its investment in subsidiaries, such would expand the size of the bank holding com- approval be subject to the express condition that pany system involved beyond limits consistent Applicant not acquire shares of Central unless and with adequate and sound banking, the public in- until cash with which to pay for such shares has terest, and the preservation of competition in the been raised by sale of Applicant's stock, or a firm field of banking. and unconditional commitment to that end, to be If Central were to be acquired, Applicant's sub- effectuated within three months of the date of sidiary banks (including Central) would have, the Order approving the application, has been based on December 31, 1961 data, 3.5 per cent of obtained from a reliable and independent underthe deposits of all Montana Banks, and 2.4 per writer. cent of the deposits of Great Falls banks. In Great Falls, as previously noted, the other four banks DISSENTING STATEMENT OF GOVERNOR MITCHELL (all larger than Central) are now subsidiaries of Montana banking is dominated by holding comholding companies, none of which is headquar- panies, a fact that may well be due to the meshtered in Montana, and in these circumstances Cen- ing of Montana economic characteristics and needs tral's acquisition by the one small Montana bank with holding company attributes and capabilities. holding company is not significant from the view- Bank holding companies can contribute to the point of holding company domination of the area. convenience and needs of the community and to Applicant's present subsidiary banks are located the adequacy and strength of a banking system in at considerable distances from Great Falls (the three main ways. nearest is about 75 miles away), and there ap- Firstly, a regionally based holding company may pears to be no significant competition between act to increase the mobility of funds through Central and these subsidiaries. Consequently, no more intensive use of the participations apparatus, substantial competition would be eliminated. Fur- especially if its constituent banks bracket regions ther, the Great Falls banks, other than Central, are with seasonally diversified credit demands or with well established and the acquisition would not varying capacities to generate deposits and loans. have an adverse effect on their competitive posi- Holding company banking falls between the cortion, particularly in view of the fact of their size respondent and branching alternative in its deand their affiliation with holding companies very velopment of the information function so essential much larger than Applicant. to the efficient performance of credit markets. The acquisition of Central by Applicant would Secondly, a holding company may act to in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1288 FEDERAL RESERVE BULLETIN • OCTOBER 1962 crease the strength and facilitate the growth of cent of the voting shares of the Liberty County constituent banks by providing capital and per- Bank, Chester, Montana. sonnel reservoirs. Thirdly, the holding company may become, in ORDER APPROVING APPLICATION UNDER BANK essence, a central staff organization to affiliated HOLDING COMPANY ACT banks providing expertise unavailable to banks op- There has come before the Board of Governors, erating as separate entities. In this capacity, the pursuant to Section 3(a)(2) of the Bank Holdholding company would make available to its ing Company Act of 1956 (12 U.S.C. 1842) and affiliates investment counsel and portfolio man- Section 222.4(a)(2) of the Board's Regulation agement. It would be the vehicle for standardiza- Y (12 CFR 222.4(a)(2)), an application by tion and automation of procedures. Montana Shares, Incorporated ("Applicant"), If the larger issue of whether the holding com- Great Falls, Montana, a registered bank holding pany form of banking organization possesses incompany, for the Board's prior approval of Apnate advantage over a system of independent plicant's acquisition of up to 100 per cent of the correspondents is waived {Morgan New York voting shares of one of its present subsidiary State Corporation, 48 F.R. BULLETIN 567, 58Iff), banks, the Liberty County Bank, Chester, Monand if it is assumed, arguendo, that the dominance tana. of the holding company form in the State of A Notice of Receipt of Application was pub- Montana is a fair index of its superior efficiency lished in the Federal Register on July 12, 1962 as a mechanism for the allocation of credit in that (27 F.R. 6636), which provided an opportunity State, what is the measure of the Applicant in this for submission of comments and views regarding proceeding? I find it unimpressive. Evidence of the proposed acquisition. No comments or views the workings of the participations apparatus is not have been received. reassuring. I am troubled by the paucity of evidence that would suggest efforts to create a staff IT IS ORDERED, for the reasons set forth in the Board's Statement of this date, that said applicaorganization to render services such as those tion be and hereby is granted, and the acquisition mentioned above. The vague alternative formulaby Applicant of up to 100 per cent of the voting tions offered by the Applicant to rationalize the shares of Liberty County Bank is hereby approved, corporate structure of the holding company seem provided that such acquisition shall not be conindicative, if anything, of a lack of plan of direcsummated (a) within seven calendar days after tion for the group. the date of this Order or (b) later than three Lastly, I am troubled by the fact that the Central months after said date. Bank of Montana, all of the stock of which (ex- Dated at Washington, D. C, this 3rd day of cept for directors' qualifying shares) is now owned October, 1962. individually by the President of the holding com- By order of the Board of Governors. pany system, was purchased through the medium of a bank loan covering the entire purchase price.1 Voting for this action: Governors Balderston, Mills, Robertson, Shepardson, and King. Voting against this Might not this transaction be made to appear to be action: Governor Mitchell. Absent and not voting: an exemplary use of bank credit, inasmuch as it Chairman Martin. has secured the Board's implicit approval as a (Signed) MERRITT SHERMAN, collateral factor in the transaction here under con- Secretary. sideration? [SEAL] MONTANA SHARES, INCORPORATED, STATEMENT ' GREAT FALLS, MONTANA Montana Shares, Incorporated ("Applicant"), Great Falls, Montana, a registered bank holding In the matter of the application of Montana company, has applied, pursuant to Section 3(a) Shares, Incorporated, Great Falls, Montana, for prior approval of the acquisition of up to 100 per 1 Governor Mitchell dissents, for the reasons set forth in his Dissenting Statement accompanying the 1 This is also true of the Farmers and Stockmens Board's Order of this date in the matter of the pro- Bank of Valier, another potential subsidiary of the posed acquisition of Central Bank of Montana by the holding company. Applicant herein. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1289 (2) of the Bank Holding Company Act of 1956 lishment of banking policies to be followed. ("the Act"), for the Board's prior approval of The prospects of Applicant appear fairly favorthe acquisition of up to 100 per cent of the voting able, and those of Liberty are generally favorable, shares of one of its present subsidiary banks, the assuming continuation of, or improvement in, the Liberty County Bank ("Liberty"), Chester, Mon- present operating policies of the bank and the tana.2 economic condition of the area served. Views and recommendations of supervisory au- Inasmuch as no significant change will occur thority. As required by Section 3(b) of the Act, either in the nature or scope of Liberty's operathe Board gave notice of the application to the tions as a result of the proposed transaction, it State Superintendent of Banks for the State of follows that there will be no material effect on Montana, who expressed no objection to approval. the convenience, needs, and welfare of the com- Statutory factors. Section 3(c) of the Act re- munity and area concerned. quires the Board to take into consideration the Similarly, in view of Applicant's present effecfollowing five factors: (1) the financial history tive control of Liberty, it does not appear that and condition of the holding company and bank the acquisition of additional shares of Liberty's concerned; (2) their prospects; (3) the character stock will have any measurable impact on banking of their management; (4) the convenience, needs, competition, or that it will produce any significant and welfare of the community and area concerned; expansion in size or extent of Applicant's holding and (5) whether the effect of the acquisition would company system, or that the public interest would be to expand the size or extent of the bank hold- be adversely affected. ing company system involved beyond limits con- It is the judgment of the Board that the circumsistent with adequate and sound banking, the pub- stances surrounding the proposed acquisition lic interest, and the preservation of competition in would, on balance, in light of the general purthe field of banking. poses of the Act and the factors enumerated in Discussion. Applicant now owns 25 per cent of Section 3(c) thereof, justify approval. the outstanding shares of Liberty and, for all practical purposes, exercises effective control over MONTANA SHARES, INCORPORATED, the policies of the bank. It is proposed that, GREAT FALLS, MONTANA through the offering of common stock of Applicant In the matter of the application of Montana in exchange for shares of Liberty not now owned Shares, Incorporated, Great Falls, Montana, for by Applicant, Applicant's ownership would be inprior approval of the acquisition of more than creased to an absolute majority, conceivably as 50 per cent of the voting shares of Citizens Bank much as 100 per cent, of the outstanding shares of of Montana, Havre, Montana. Liberty. The financial history and condition and man- ORDER APPROVING APPLICATION UNDER BANK agement of Applicant and Liberty are reasonably HOLDING COMPANY ACT satisfactory. The proposed acquisition would ap- There has come before the Board of Governors, pear to have no adverse effect upon these statu- pursuant to Section 3(a) (2) of the Bank Holdtory factors; indeed, it is possible that there could ing Company Act of 1956 (12 U.S.C. 1842) and be a favorable impact on Liberty's financial con- Section 222.4(a)(2) of the Board's Regulation dition and management, because of Applicant's Y (12 CFR 222.4(a)(2)), an application by greater financial interest and responsibilities arising Montana Shares, Incorporated ("Applicant"), out of absolute voting control and the assurance Great Falls, Montana, a registered bank holding of freedom in management selection and estab- company, for the Board's prior approval of Applicant's acquisition of more than 50 per cent 2 Applicant has also filed two other applications of the voting shares of one of its present subwith the Board, one for permission to acquire more sidiary banks, the Citizens Bank of Montana, than 50 per cent of the voting shares of another present subsidiary, Citizens Bank of Montana, Havre, Havre, Montana. Montana, and the other for permission to acquire up A Notice of Receipt of Application was pubto 100 per cent of the outstanding voting shares of lished in the Federal Register on July 12, 1962 Central Bank of Montana, Great Falls, Montana. All (27 F.R. 6636), which provided an opportunity three applications were approved by the Board at the same time. for submission of comments and views regarding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 FEDERAL RESERVE BULLETIN • OCTOBER 1962 the proposed acquisition. No comments or views of their management; (4) the convenience, needs, have been received. and welfare of the community and area concerned; IT IS ORDERED, for the reasons set forth in the and (5) whether the effect of the acquisition would Board's Statement of this date, that said applica- be to expand the size or extent of the bank holding tion be and hereby is granted, and the acquisition company system involved beyond limits consistent by Applicant of more than 50 per cent of the vot- with adequate and sound banking, the public ining shares of Citizens Bank of Montana is hereby terest, and the preservation of competition in the approved, provided that such acquisition shall not field of banking. be consummated (a) within seven calendar days Discussion. Applicant now owns 28 per cent after the date of this Order or (b) later than three of the outstanding shares of Citizens, and, for all months after said date. practical purposes, exercises effective control over Dated at Washington, D. C, this 3rd day of the policies of the bank. It is proposed that, October, 1962. through the offering of common stock of Ap- By order of the Board of Governors. plicant in exchange for shares of Citizens not now Voting for this action: Governors Balderston, Mills, owned by Applicant, Applicant's ownership would Robertson, Shepardson, and King. Voting against this be increased to an absolute majority of the outaction: Governor Mitchell. Absent and not voting: standing shares of Citizens. Chairman Martin. (Signed) MERRITT SHERMAN, The financial history and condition and man- [SEAL] Secretary. agement of Applicant and Citizens are reasonably STATEMENT 1 satisfactory. The proposed acquisition would ap- Montana Shares, Incorporated ("Applicant"), pear to have no adverse effect upon these statutory Great Falls, Montana, a registered bank holding factors; indeed, it is possible that there could be company, has applied, pursuant to Section 3(a) (2) a favorable impact on Citizens' financial condition of the Bank Holding Company Act of 1956 ("the and management, because of Applicant's greater Act"), for the Board's prior approval of the ac- financial interest and responsibilities arising out quisition of more than 50 per cent of the voting of absolute voting control and the assurance of shares of one of its present subsidiary banks, the freedom in management selection and establish- Citizens Bank of Montana ("Citizens"), Havre, ment of banking policies to be followed. Montana.2 The prospects of Applicant appear fairly favor- Views and recommendations of supervisory au- able, and those of Citizens are generally favorable, thority. As required by Section 3(b) of the Act, assuming continuation of or improvement in the the Board gave notice of the application to the present operating policies of the bank and the State Superintendent of Banks for the State of economic condition of the area served. Montana, who expressed no objection to ap- Inasmuch as no significant change will occur proval. cither in the nature or scope of Citizens' opera- Statutory factors. Section 3(c) of the Act re- tions as a result of the proposed transaction, it quires the Board to take into consideration the follows that there will be no material effect on the following five factors: (1) the financial history convenience, needs, and welfare of the comand condition of the holding company and bank munity and area concerned. concerned; (2) their prospects; (3) the character Similarly, in view of Applicant's present effective control of Citizens, it does not appear that the 1 Governor Mitchell dissents, for the reasons set acquisition of additional shares of Citizens' stock forth in his Dissenting Statement accompanying the Board's Order of this date in the matter of the pro- will have any measurable impact on banking composed acquisition of Central Bank of Montana by the petition, or that it will produce any significant ex- Applicant herein. pansion in size or extent of Applicant's holding 2 Applicant has also filed two other applications with company system, or that the public interest would the Board, one for permission to acquire up to 100 be adversely affected. per cent of the voting shares of another present subsidiary, Liberty County Bank, Chester, Montana, and It is the judgment of the Board that the circumthe other for permission to acquire up to 100 per cent stances surrounding the proposed acquisition of the outstanding voting shares of Central Bank of would, on balance, in light of the general purposes Montana, Great Falls, Montana. All three of these of the Act and the factors enumerated in Section applications were approved by the Board at the same time. 3(c) thereof, justify approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN OFFICERS AT of Bank Operations, a member of the Board's FEDERAL RESERVE BANKS staff since 1939, will be the Assistant Director. Effective October 1, 1962 Mr. Harry A. Shuford was appointed President of the Federal Reserve RESERVE CLASSIFICATIONS Bank of St. Louis for the remainder of the 5-year Reserve cities are listed below, together with the term that began March 1, 1961. He succeeds Mr. member banks therein that as of September 28, Delos C. Johns who retired. Mr. Shuford joined 1962, were maintaining reserves at the requirethe Federal Reserve Bank of Dallas in 1948 as ments established by the Board of Governors for Counsel, was appointed Vice President and Gen- banks in such cities.1 Net demand deposits of these eral Counsel in 1952, and became First Vice Presbanks are subject to a reserve requirement of ident of that Bank in 1959. He received his B.S. I6V2 per cent; these deposits are subject to a rein Commerce and IX.B. degrees from Southern serve requirement of 12 per cent at all other mem- Methodist University, Dallas. ber banks. Time deposits are subject to a reserve Mr. Philip E. Coldwell was appointed First requirement of 5 per cent at all member banks. Vice President of the Federal Reserve Bank of Dallas to succeed Mr. Shuford. Mr. Coldwell joined the Federal Reserve System at the Kansas DISTRICT 1 City Bank in 1951. He transferred to Dallas in Boston 1952 as Industrial Economist, was made Director First National Bank of Research in 1954, a Vice President in 1960, and National Shawmut Bank Vice President and Economic Advisor in May of New England Merchants National Bank this year. Mr. Coldwell holds B.A. and M.S. de- Old Colony Trust Company grees from the University of Illinois and a Ph.D. State Street Bank and Trust Company from the University of Wisconsin. DISTRICT 2 RESIGNATION OF DIRECTOR Mr. Carl A. Gerstacker, who had served as a New York director of the Detroit Branch of the Federal Re- Bank of New York serve Bank of Chicago since January 1961, re- Bankers Trust Company signed effective October 1. Mr. Gerstacker is Chase Manhattan Bank Chairman of the Board, The Dow Chemical Com- Chemical Bank New York Trust Company pany. Midland, Michigan. Federation Bank and Trust Company First National City Bank CHANCES IN THE BOARD'S ORGANIZATION Grace National Bank In recognition of the substantial growth and ex- Irving Trust Company panding potential of automatic data processing Manufacturers Hanover Trust Company requirements within the Board's organization, the Marine Midland Trust Company Board of Governors has established a Division Meadow Brook National Bank, Spring Gardens, of Data Processing, effective January 1, 1963. New York (branch in Manhattan) Mr. M. H. Schwartz, Assistant to the Director Morgan Guaranty Trust Company of the Division of Research and Statistics, a Schroder Trust Company member of the Board's staff since 1951 and Sterling National Bank and Trust Company previously with the Federal Reserve Bank of Trade Bank and Trust Company New York for four years, will be the Director United States Trust Company of the new Division. Mr. Lee W. Langham, Chief of the Call Report Section in the Division ! The names of banks are not necessarily the full legal titles. 1291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 FEDERAL RESERVE BULLETIN • OCTOBER 1962 DISTRICT 2—Cont. DISTRICT 5 Buffalo Baltimore Liberty Bank and Trust Company First National Bank of Maryland Manufacturers and Traders Trust Company Maryland National Bank Marine Trust Company of Western New York Union Trust Company Charlotte DISTRICT 3 First Union National Bank of North Carolina North Carolina National Bank Philadelphia Wachovia Bank and Trust Co., Winston-Salem, Central Penn National Bank North Carolina (branch in Charlotte) First Pennsylvania Banking and Trust Company Fidelity Philadelphia Trust Company Richmond Girard Trust Corn Exchange Bank Bank of Virginia Philadelphia National Bank Central National Bank Provident Tradesmens Bank and Trust Com- First and Merchants National Bank pany Southern Bank and Trust Company State-Planters Bank of Commerce and Trusts DISTRICT 4 Washington, D. C American Security and Trust Company Cincinnati First National Bank Central Trust Company National Bank of Washington Fifth Third Union Trust Company National Savings and Trust Company First National Bank Riggs National Bank Provident Bank Southern Ohio National Bank DISTRICT 6 Cleveland Atlanta Central National Bank Bank of Georgia Cleveland Trust Company Citizens Trust Company National City Bank Citizens and Southern National Bank, Savannah, Society National Bank Georgia (branch in Atlanta) Union Commerce Bank First National Bank Fulton National Bank Columbus Trust Company of Georgia City National Bank and Trust Company Huntington National Bank Birmingham Ohio National Bank Birmingham Trust National Bank First National Bank Pittsburgh Commonwealth Bank and Trust Company Jacksonville Mellon National Bank and Trust Company Atlantic National Bank Pittsburgh National Bank Barnett National Bank Union National Bank Central National Bank Western Pennsylvania National Bank, McKees- Florida National Bank port, Pennsylvania (branch in Pittsburgh) Jacksonville National Bank Toledo Nashville National Bank of Toledo Commerce Union Bank Ohio Citizens Trust Company First American National Bank Toledo Trust Company Third National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1293 DISTRICT 6—Cont. DISTRICT 8 New Orleans St. Louis Bank of New Orleans and Trust Company Boatmen's National Bank Hibernia National Bank First National Bank National American Bank of New Orleans Mercantile Trust Company National Bank of Commerce Security Trust Company Whitney National Bank Little Rock Miami Bank of Arkansas Florida National Bank and Trust Company at Commercial National Bank Miami First National Bank Pan American Bank of Miami Union National Bank The First National Bank of Miami Worthen Bank and Trust Company Louisville DISTRICT 7 Citizens Fidelity Bank and Trust Company Chicago First National Lincoln Bank American National Bank and Trust Company Kentucky Trust Company Central National Bank Liberty National Bank and Trust Company Continental Illinois National Bank and Trust Louisville Trust Company Company Memphis Drovers National Bank Exchange National Bank First National Bank First National Bank National Bank of Commerce Harris Trust and Savings Bank Union Planters National Bank LaSalle National Bank National Stock Yards Live Stock National Bank National Stock Yards National Bank of Na- National Boulevard Bank tional City Northern Trust Company Sears Bank and Trust Company DISTRICT 9 Des Moines Minneapolis Bankers Trust Company First National Bank Central National Bank and Trust Company Marquette National Bank Iowa-Des Moines National Bank Midland National Bank Detroit Northwestern National Bank Bank of the Commonwealth Helena City National Bank of Detroit Commerce Bank and Trust Company Detroit Bank and Trust Company First National Bank and Trust Company Manufacturers National Bank Michigan Bank, National Association Union Bank and Trust Company National Bank of Detroit St. Paul Indianapolis American National Bank American Fletcher National Bank and Trust First National Bank Company Northwestern National Bank Indiana National Bank Merchants National Bank and Trust Company DISTRICT 10 Milwaukee Denver First Wisconsin National Bank American National Bank Marine National Exchange Bank Central Bank and Trust Company Marshall and Ilsley Bank Colorado National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 FEDERAL RESERVE BULLETIN • OCTOBER 1962 DISTRICT 10—Cont. DISTRICT 11—Cont. Denver—Cont. Houston Denver United States National Bank Bank of the Southwest National Association First National Bank First City National Bank Houston Bank and Trust Company Kansas City, Missouri Houston National Bank City National Bank and Trust Company National Bank of Commerce Columbia National Bank Texas National Bank Commerce Trust Company First National Bank San Antonio Livestock National Bank Alamo National Bank Mercantile Bank and Trust Company Bexar County National Bank Merchants-Produce Bank Frost National Bank Traders National Bank of Kansas City Groos National Bank Union National Bank National Bank of Commerce Oklahoma City City National Bank and Trust Company DISTRICT 12 Fidelity National Bank and Trust Company Los Angeles First National Bank and Trust Company Liberty National Bank and Trust Company Citizens National Bank Security-First National Bank Omaha Union Bank First National Bank United California Bank Omaha National Bank Packers National Bank Portland Stock Yards National Bank of South Omaha First National Bank of Oregon United States National Bank Oregon Bank United States National Bank Pueblo First National Bank Salt Lake City Republic National Bank Continental Bank and Trust Company First Security Bank of Utah, National Associa- Tulsa tion, Ogden, Utah (branch in Salt Lake City) First National Bank and Trust Company Tracy-Collins Bank and Trust Company Fourth National Bank Walker Bank and Trust Company National Bank of Commerce Zions First National Bank National Bank of Tulsa San Francisco DISTRICT 11 Bank of American, N. T. and S. A. Dallas Bank of California, N.A. First National Bank Crocker-Anglo National Bank Mercantile National Bank Golden Gate National Bank National Bank of Commerce Pacific National Bank Republic National Bank San Francisco National Bank Texas Bank and Trust Company of Dallas The Sumitomo Bank of California Wells Fargo Bank El Paso El Paso National Bank Seattle State National Bank National Bank of Commerce Fort Worth Pacific National Bank Continental National Bank Peoples National Bank of Washington First National Bank of Forth Worth Seattle First National Bank Forth Worth National Bank Seattle Trust and Savings Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1295 In the period between the March 15, 1960, call Fort Worth, Texas date, when the list was previously published (see Gateway National Bank BULLETIN for May 1960, pp. 497-501) and the Houston, Texas Gulf Coast National Bank September 28, 1962, call date, the following banks Southern National Bank were granted permission to maintain the same reserves against deposits as are required to be San Antonio, Texas Citizens National Bank maintained by banks outside reserve cities. Main Bank and Trust Company Boston, Massachusetts United States Trust Company Los Angeles, California Wilshire National Bank of Los Angeles New York, New York Amalgamated Bank of New York SUPPLEMENT TO BANKING AND American Trust Company MONETARY STATISTICS First National City Trust Company A fourth pamphlet, entitled "Banks and the The Gotham Bank Monetary System," Section 1 of Supplement to The Merchants Bank Banking and Monetary Statistics, is now available for distribution. Copies may be obtained for 35 Chicago, Illinois Lake Shore National Bank cents each from the Division of Administrative Lake View Trust and Savings Bank Services, Board of Governors of the Federal Re- Mercantile National Bank serve System, Washington 25, D. C. Merchandise National Bank For announcements of previous pamhlets, see Northwest National Bank BULLETINS for January 1962, page 38; March Pueblo, Colorado 1962, page 300; and August 1962, page 993. Arkansas Valley Bank Dallas, Texas INDUSTRIAL PRODUCTION—1957-59 BASE Empire State Bank of Dallas The Federal Reserve index of industrial produc- El Paso, Texas tion has been shifted to a 1957-59 base, seasonal Southwest National Bank of El Paso adjustment factors have been reviewed, and a few Houston, Texas of the underlying production series have been Citizens State Bank revised for the last few years. Fidelity Bank and Trust Company The detailed results of the revision will be avail- San Antonio, Texas able about the middle of November in a pamphlet First National Bank of San Antonio entitled "Industrial Production—1957-59 Base." In addition, the following newly organized or For a description of the pamphlet see page 1273 new member banks were granted permission to of this BULLETIN. Copies of the pamphlet may be maintain the same reserves against deposits as arc obtained for SI.00 per copy or $.85 per copy for required to be maintained by banks outside re- 10 or more for single shipment. Orders should serve cities during this period. be addressed to the Division of Administrative Services, Board of Governors of the Federal Sys- Minneapolis, Minnesota Franklin National Bank of Minneapolis tem, Washington 25, D.C. St. Paul, Minnesota Summit National Bank of St. Paul ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Denver, Colorado The following banks were admitted to Member- Cherry Creek National Bank of Denver ship in the Federal Reserve System during the Colfax National Bank of Denver period September 15, 1962 to October 15, 1962: Oklahoma City, Oklahoma Indiana Central National Bank of Oklahoma City Monon The Monon Bank Tulsa, Oklahoma New Jersey City National Bank Ewing Township The Ewing Bank and Dallas, Texas Trust Company Casa Linda National Bank of Dallas South Dakota El Paso, Texas Bassett National Bank of El Paso Yankton Valley State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication October 16 Most measures of business activity changed little passenger equipment rose further while output of in September. Industrial production, nonagricul- industrial and commercial equipment changed tural employment, and the unemployment rate little. remained at their August levels while construction Output of materials has been stable since May. activity increased and retail sales declined. Bank In September, iron and steel production rose modcredit rose further reflecting continued expansion erately further while construction materials dein loans. clined somewhat. Output of nondurable materials INDUSTRIAL PRODUCTION changed little, according to preliminary figures. Industrial production was unchanged in September and, at the July-August level of 119 per CONSTRUCTION cent of the 1957 average, the index remained about New construction activity rose somewhat fur- 5 per cent above the level of last autumn. Output ther in September to a seasonally adjusted annual changes in September were generally small among rate of $63.0 billion. Residential activity increased both final products and materials. slightly, following two months of small decreases. Auto assemblies have shown little change since Public construction also increased slightly while July, after allowance for the model changeover most types of business construction changed little. and other seasonal influences. Output of other consumer durable goods, which had declined about 5 per cent from an advanced level in the spring, was EMPLOYMENT maintained in September and production of ap- Seasonally adjusted employment in nonfarm esparel was unchanged from the second quarter tablishments was unchanged in September followlevel. ing a slight decrease in August. Employment at Activity in business equipment industries inautomobile plants, which had declined substancreased further, to a level 12 per cent above a year tially in August, recovered in association with proearlier, although the rate of advance slackened in duction of 1963 models but small decreases oclate summer. After July production of freight and curred in most other manufacturing industries. Among nonmanufacturing lines, a large rise in INDUSTRIAL PRODUCTION State and local government employment was about offset by small decreases in construction and retail trade. Average weekly hours in manufacturing increased somewhat after having declined moderately from a high in April. The unemployment rate remained at 5.8 per cent. DISTRIBUTION Retail sales declined somewhat in September reflecting a further decrease at durable-goods stores. Sales of new autos declined substantially, in part because supplies of some 1962 cars were limited in the last month before introduction of the 1963 models. Sales at department stores rose Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for September. 2 per cent and equaled the high reached in March. 1296 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1297 COMMODITY PRICES declined. The money supply increased slightly following a decline in August. Time deposits at Between mid-September and mid-October prices commercial banks rose substantially further. of steel in the far west were reduced and prices of aluminum sheets and woodpulp were lowered. The Total reserves and required reserves of member 1963 autos were introduced at prices about the banks increased in September. Excess reserves desame as a year ago, and prices of most other in- clined but borrowings from the Federal Reserve dustrial materials and finished products remained also decreased somewhat. Reserves were supplied stable. Livestock prices declined following a sharp by an increase in float and were absorbed by a rise in early September when marketings were further gold outflow, an increase in currency in temporarily curtailed. In mid-October average circulation, and a reduction in Federal Reserve prices of livestock were unchanged from August holdings of U. S. Government securities, but were more than 5 per cent above a year ago. SECURITY MARKETS BANK CREDIT AND RESERVES Total commercial bank credit, seasonally ad- Common stock prices declined moderately bejusted, increased further in September. Total loans tween mid-September and mid-October. Bond increased substantially as security loans rose yields generally declined somewhat while the rate sharply and other major categories of loans also on 3-month Treasury bills fluctuated narrowly increased. Holdings of U. S. Government securities around 234 per cent. INTEREST RATES RETAIL TRADE 1957-59 - 100 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 August, for otker series, September. figures shown are for week ending October 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SYMBOLS AND ABBREVIATIONS e Estimated IPC Individuals, partnerships, and corporations c Corrected A Assets p Preliminary L Liabilities r Revised rp Revised preliminary S Financial sources of funds: net change in liabilities i, 11, U Financial uses of funds: net acquisitions of in, iv Quarters assets n.a. Not available n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par- S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is millions) N.S.A. Monthly (or quarterly) figures not adjusted .... (1) Zero, (2) no figure to be expected, or (3) for seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (I) a decrease, (2) a negative figure, or (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. Govt. 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 QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page A nnually—cont. Issue Page Flow of funds Aug. 1962 1056-72 (Feb. 1962 238-^4 Selected assets and liabilities of Federal busi- Banking and monetary statistics, 1961 -{Mar. 1962 362-63 ness-type activities July 1962 904 I May 1962 652-55 Banks and branches, number of, by class and Seniiannually State Apr. 1962 482-83 Banking offices: Analysis of changes in number of Aug. 1962 1073 Income and expenses: On, and not on, Federal Reserve Par List, Federal Reserve Banks Feb. 1962 234-35 number of Aug. 1962 1074 Member banks: Calendar vear /May 1962 644-51 Annually Calendar year jJuly J%2 9Q2 Operating ratios Apr. 1962 484-86 Bank holding companies: Insured commercial banks July 1962 903 List of, Dec. 31, 1961 June 1962 762 Banking offices and deposits of group banks. Stock Exchange firms, detailed debit and credit Dec. 31, 1961 \ug. 1962 1075 balances Sept. 1962 1234 1298 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 1 300 Reserve Bank discount rates; margin requirements; reserve requirements 1304 Federal Reserve Banks 1306 Bank debits; currency in circulation 1308 Money supply; banks and the monetary system 1310 Commercial and mutual savings banks, by classes 1312 Commercial banks, by classes 1316 Weekly reporting member banks 1318 Business loans 1321 Interest rates 1322 Security prices; stock market credit; open market paper 1323 Savings institutions 1324 Federal finance 1326 Security issues 1331 Business finance 1333 Real estate credit 1335 Consumer credit 1338 Industrial production 1342 Business activity 1348 Construction 1348 Employment and earnings 1350 Department stores 1352 Foreign trade 1353 Wholesale and consumer prices 1354 National product and income series 1356 Flow of funds, saving, and investment 1358 Guide to tabular presentation 1298 Index to statistical tables 1383 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). 1299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1300 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other TV than member bank Member bank P d e o r a i r t o e d U. S. Govt securities Dis- Gold c u u r r y - r C e i n u n c r y - T u r r e y as- with r F es . e R rv . e B s, an!cs O F t . h R er . reserves Total S r o o i u u g g h t- h t t R m c a h g e e a p r n e s u t e e r s - - c v o a a a u n n d n c d - e ts s Float 1 T ta o l - 2 stock s o t i a n u n g t- d- c t c u i i o r la n - - h in ol g d s - Tr u e r a y s- F ei o g r n - Other1 co a u c- nts B F W . a n i R t k h s . r C c a e o u n n i d r c n - y 3 Total Averages of daily figures 1929—June 179 179 978 61 317 4,0^4 7,018 4 400 210 30 in 376 9 314 9 314 1933—June 933 250 12 708 4,030 ?95 5,455 272 81 164 350 9 711 1939—Dec 510 9 S10 8 83 61? 17 518 7,956 7 609 2,402 616 739 248 11 473 11 473 1941—Dec 719 ? ?19 5 170 404 77,7S9 3,739 10,985 2,189 592 1,531 292 P 8P 81? 1945_Dec 3,708 ?3 708 381 65274,744 70,047 4 37? ?8,45? 2,269 625 1,247 i93 16,077 16 0?7 1950 Dec .... 0 345 336 9 142 1 117 606 99 879 4,679 806 1,290 615 920 353 739 17 391 17 391 1951—Dec 3,409 23,310 99 657 1,375 25,446 22,483 4,701 29, 139 1,280 271 571 264 796 20,310 ... 20,310 1952—Dec 4 400 73 876 524 1,633 1,262 77 ?99 73 ?76 4 806 30 494 1,271 569 745 790 832 71 180 71 180 1953—Dec 5,639 95, 718 421 448 1,018 77,107 77,078 4,885 30,968 767 602 466 390 908 19 9^0 19,970 1954 Dec 4 917 888 29 407 992 ^6 317 71 711 4,98? 30 749 805 443 439 365 929 19 979 19 079 1955—Dec .. . 4 60^ -M318 284 840 1 38976,853 71 ,689 5 008 31 765 111 434 459 394 983 19 "M0 19,^40 1956—Dec 4,765 24*498 267 706 1,633 77,156 71 94? 5 064 31,775 772 463 372 747 998 19 535 19 535 1957 Dec .. . 98^ 73 615 367 716 1 44396, 186 769 5,144 31 93? 768 385 345 186 1 063 19 19 470 1958—Dec 26,312 26,216 96 564 1,49628,412 20,563 5 230 32,371 691 470 262 337 1,174 18.899 18,899 1959—Dec .... 27,036 26,993 43 911 1,426 29,435 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—June 26,935 26,927 8 66 1,265 28,304 17,475 5,432 32,246 411 515 205 250 1,038 16,547 2,495 19,042 1961—Sept 77,563 97 558 38 1,445 ?9,080 17,446 556 3? 719 411 473 285 31? 1 071 16 556 19 367 Oct 28,044 27 997 47 67 1,35829,504 17 328 5 569 32,864 415 469 254 305 1,014 17082 2.578 19 660 Nov ... 616 78 53? 84 107 1,377 30,14? 17 180 5 583 33 755 414 483 258 744 1 068 17 183 657 19 840 Dec ?9'098 79 061 37 152 1,921 31,?17 16 9?9 5 587 33 954 422 514 229 744 1 112 17 ?59 9 859 70 118 1962—Jan ?8 519 78 478 41 93 1,807 30 468 16 85? 5 588 33 791 441 417 234 788 1 042 17 195 9 894 70 089 Feb . 78 384 78 377 7 118 1,290?9,839 16 793 5 586 37,848 449 426 211 979 1 096 16916 9 655 19 571 Mar 28 570 28 524 46 156 1,293 30,063 16707 5 588 32 996 439 448 215 272 1,049 16939 2,608 19547 Apr 29 143 29 015 128 134 1,317 30,634 16 564 5 588 33 235 428 485 220 350 985 17083 2,640 19723 May ?9 503 29 457 46 128 1,326 30991 16456 5 594 33,377 419 551 221 351 1,048 17 17? 9 695 19 817 June 29 568 29,510 58 154 1,508 31,265 16434 601 33 626 402 514 269 322 971 V,196 2,728 19924 July 29 581 29,540 41 109 1,736 31475 16 310 602 33989 398 490 273 312 654 272 2,774 20 046 Aug 30088 30,074 14 143 1,330 31,600 16 136 598 33 962 c405 524 200 335 764 17 144 2,777 19921 Sept 29 921 29,865 56 91 1,760 31 807 16079 5 548 34 003 399 500 211 296 799 17227 p2, 810 037 Week ending— 1961 Aug. 2 ?7 319 27.7-29 90 75 1,081 ?8 508 17 577 5 5?7 3? 450 444 456 238 306 969 16699 587 19786 9 77 614 77 484 130 123 1,00678 777 17 548 5 543 3? 564 423 467 234 304 024 16 85? <y356 19 ^08 16 27 471 27,275 196 62 1,10928 676 17,601 5,545 32,664 422 498 257 275 ,039 16,667 2 530 19 197 23 27 197 27,191 6 39 1,41028 681 17,602 5,548 32,594 423 488 243 292 ,108 16,682 2 520 19 202 30 27,276 27,276 37 1,101 28 447 17,579 5,552 32,474 416 498 230 298 1,109 16,554 2 606 19 160 Sept. 6 27,840 27,840 57 99928 931 17,451 5,553 32,664 406 469 270 303 ,111 16,712 I402 19 114 20 27,8 3 0 3 3 0 2 9 7 7 ,8 3 0 ^ 3 0 io 4 2 5 8 1 1 ,1 8 8 4 6 3 2 7 9 9 ,0 ? 5 M 2 1 1 7 7 ,4 4 5 5 1 1 5 5 , , 5 5 5 5 3 4 3 3 2 ? ,8 7 3 7 6 5 4 4 1 1 4 3 4 5 6 6 9 6 2 2 7 8 5 2 3 3 1 1 9 3 [ I , 0 0 8 4 8 8 1 1 6 6 ,6 8 5 6 5 1 5 6 4 1 3 ? 1 1 9 9 4 1 7 9 3 8 27 77 77,197 29 1,723 ?8 986 17 451 5 560 3? 61? 414 436 296 370 .049 16 871 9 648 19 519 Oct. 4 97,834 11 36 1,332 ?9 ?37 17 380 5 563 3? 678 408 422 300 1,054 17 036 9 569 19 605 11 78,195 78,143 52 31 1,257 79 517 17 350 5,565 37.886 417 450 261 363 1,052 17 005 9 19 18 . . . 78 no 120 147 1 305?9 737 17,336 5,568 33,010 422 479 248 30( 99? 17 9 6">0 19 804 25 27,819 27,79 28 57 1,63029,544 17,302 5,572 32,849 414 486 249 268 991 17,162 2 663 19825 Nov. 1 28,052 28,039 76 1,23829,404 17,302 5,576 32,802 410 491 241 30: 990 17,045 2 706 19,751 8 49 466 29 93 1 1309Q 760 17,791 5 579 37 967 423 475 273 992 17"Ml 430 19671 15 ^8,466 28 380 86 125 1,186?9 817 17 776 5 583 33 402 476 247 253 992 17 084 9 657 19 741 22 28,58 28,46 127 92 1,743 30,465 17,190 5,585 33,350 414 506 309 251 1,144 17,265 2 629 19,894 29 ... 28,874 28,760 114 103 1,492 30,510 16,975 5,586 33,503 415 456 210 213 1,143 17,132 2,810 19,942 Dec 6 9Q 974 9Q 974 36 1 27930 63 16 5,588 33 579 416 501 216 1 143 17 OFP 9 19764 13 79,334 9Q 40 1,363 30 780 16 96 5 590 33 937 423 460 247 998 1 131 16 906 9 836 749 20 29,007 29,007 109 2,240 31,40 16,920 5,588 34,072 424 600 215 219 1,102 17,277 2,957 20,234 27 28,893 ,84 ""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 28 Jan. 3 28,93 ,720 21 356 2,355 31,695 16,889 5,586 33,919 429 44 290 297 1,053 17,740 3,062 20,802 10 ,784 J\ 67 79 2,059 30 16,883 5 587 33 661 434 380 240 1 043 17 4^1 9 871 9Q9 2 1 4 7 78 '279 22 2 8 8 8PI 19 7 8 2 9 1 1 , , 8 7 7 8 0 6 3 3 0 0,1 5 8 ?9 1 1 6 6,8 8 3 3 9 9 5,5 5 8 8 9 6 3 3 3 3,0 3 7 8 0 6 4 4 4 4 0 2 4 4 3 3 9 5 2 22 3 0 2 ? 3 9 0 ? 5 1 1 ,0 0 4 4 0 3 1 1 7 7 0 1 9 3 4 0 9 9 878 2 1 0 9 056 31 28,310 28,310 94 1,227 29,67 16,832 5,590 32,793 45C 424 213 296 1,042 16,882 2,876 19,758 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1301 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 r ie u e s s e e r- - c D o a a u n i d s d n - - ts Float t T a o l - 2 s G to o c ld k T r s c o e r u t i a u e n n u r n a r y g c t - - d s y - - r c C e t c u i i n u i o n l r c a r 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 i s y n th - m F r e e F . e o m r s i - R e g b r . n v e B r e s a O b , n a t k h n s e k r c O F o a . u t c h n - R e ts r . B W F. a i n t R h k M . s e r m e c r C s e o b a e n u n i e r n c r d r v y - e 3 b s an T k otal Averages of daily figures Week ending— 1962 Feb. 7 28,588 28,588 122 117 29,873 16,804 5,584 32,776 460 359 223 277 ,042 17,125 2,573 19,698 14 28,575 28,575 120 1,05029,791 16,789 5,585 32,888 448 444 197 25: ,022 16,914 2,606 19,520 21 28,090 28,06: 28 122 1.65529,913 16,790 5,586 32.870 447 433 197 274 ,163 16,904 2,676 19,580 28 28,285 28,285 108 1,340 29,778 16,790 5,588 32,857 439 470 227 285 ,156 16,721 2,764 19,485 Mar. 7 28,433 28,419 14 156 1,339 29,,'974 16,772 5,587 32,908 440 401 214 283 ,100 16,987 2,497 19,484 14 28,502 28,463 39 118 1,2 >,917 16,724 5,590 33,066 441 461 224 234 ,053 16,751 2,597 19,348 21 28,487 28,415 72 198 1,446 30U,76 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 1,248 30,121 16,666 5,587 32,951 433 481 197 318 1,028 16.966 2,682 19,648 Apc-»?::::::: 29,150 28,996 154 140 1,02930,361 16,609 5,591 33,050 433 400 220 351 1,025 17,080 2,583 19,663 29,281 29,134 147 125 156 30,603 16,609 5,589 33,274 432 458 252 327 1,030 17,027 2,477 19,504 18 29,030 28,957 73 140 , 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 1,500 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 1,351 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 1,245 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 1,667 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 1,191 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 1,21131,198 16,434 5,597 33,534 413 474 209 367 1,077 17,155 2,646 19,801 13 29,672 29,672 107 1330044 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 1,66831,236 16,433 5,600 33,584 396 550 343 266 886 17,244 2,818 20,062 Wy,?::::::: 29,884 29,707 177 153 1,498 31,597 16,435 5,600 33,863 391 533 330 290 699 17,527 2,713 20,240 29,962 29,870 92 81 1,627 31,729 16,412 5,602 34,155 394 452 294 301 700 17,447 2,694 20,141 18 29,304 29,304 178 2,039 31,561 16,298 5,601 34,091 388 496 315 298 607 17,265 2,829 20,094 25 29,230 29,230 74 1,968 31,315 16,269 5,603 33,901 404 551 221 317 641 17,152 2,850 20,002 Aug. 1 29,592 29,592 85 346 31,066 16,168 5,604 33,813 414 428 234 343 643 16,962 2,876 19,838 8 30,194 30,194 171 150 31,559 16,148 5,603 33,938 417 488 217 331 692 17,226 2,589 19,815 15 30,177 30,160 145 ,279 31,642 16,148 5,596 34,059 402 598 198 375 703 17,050 2,763 19,813 22 29,902 29,890 171 1,684 31,795 16,147 5,597 34,003 397 553 189 325 827 17,247 2,763 20,010 29 30,019 30,019 92 1,287 31,433 16,112 5,601 33,870 404 502 192 314 820 17,044 2,870 19,914 Sept. 5 30,412 30,264 148 105 1,134 31,685 16,098 5,556 33,977 404 459 175 315 866 17,143 2,696 19,839 12 30,396 30,269 127 89 400 31,921 16,093 5,550 34,167 392 503 204 293 839 17,165 2,787 19,952 19 29,748 29,748 36 ; ,955 16,067 5,544 34,045 390 579 222 284 774 17,273 2,f~" 20,159 26 29,340 29,340 152 2,176 31,702 16,068 5,548 33,882 401 494 219 283 760 17,278 '2,916 '20,194 End of month 1962 July 29,786 29,786 73 1,138 31,040 16,147 5,603 33,869 404 390 248 355 642 16,885 3,054 19,939 Aug 3 29 0 , , 8 3 2 5 5 8 2 3 9 0 , , 8 2 2 4 5 6 112 1 4 0 8 1 1 1, , 7 1 8 2 1 4 3 3 1 1 , , 6 6 1 9 8 0 1 1 6 6 . , 0 0 9 6 8 8 ' 5 5 , , 5 5 4 52 8 ' 3 3 3 3 , , 9 88 3 1 2 H 3 0 9 5 4 4 4 7 0 8 0 2 1 2 6 9 8 3 3 1 1 1 8 8 7 7 5 1 6 1 17 7 , , 3 1 2 1 1 0 ' 3 2 , , 0 5 2 6 2 1 2 1 0 9 , , 1 9 3 8 2 2 Sept Wednesday 1962 Aug. 1 29,959 29,959 194 1,08431,280 16,148 5,601 33,845 423 333 256 344 639 17,189 3,024 20,213 8 3 3 0 0 , , 1 2 7 6 3 4 3 30 0 , , 1 1 4 7 3 3 121 6 3 4 2 7 9 , 9 3 3 8 4 8 3 3 1 2 , , 7 0 9 2 6 0 1 1 6 6 , , 1 1 4 4 8 8 5 5, , 5 6 9 0 6 4 3 3 4 4 , , 0 0 4 3 2 2 4 4 2 0 1 4 5 5 9 9 7 2 1 17 9 8 7 3 33 4 6 0 6 8 9 3 9 4 1 17 7 , , 3 2 7 6 3 7 2 3 , , 7 0 9 7 8 7 2 2 0 0 , , 0 4 6 5 5 0 15 29.958 29,873 85 548 ,29531,837 16,148 5,598 33,930 409 593 170 316 828 17,338 3,074 20,412 3O;i43 30,143 118 ,00531,300 16,098 5,603 33,897 414 490 169 313 817 16,901 3,172 20,073 29'.'.'.'.'.'.'. 30,560 30,327 233 119 136 31,849 16,098 5,550 34,128 420 454 177 310 851 17,157 2,1 20,025 Sept. 5 30,267 30,196 71 175 477 31,953 16,068 5,541 34,146 396 627 218 275 777 17,123 3,124 20,247 29,668 29,668 69 2,11231,883 16,068 5,545 33,960 404 583 228 292 773 17,256 3,152 20,408 \9....... 29,102 29,102 773 1,64131,550 16,068 5,550 33,849 405 511 251 290 757 17,105 '3,210'20,315 26 * 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

1302 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS [In millions of dollars] Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e re - d Excess B F r i a o n . a n w g R t k s - . s Free T h o e t l a d l qu R i e r - ed Excess B F r i a o n . a n w g t R k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e re - d Excess B F r i o a n . a n w g R t k s - . s s r e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 j 1 -62 [ 1 9 9 3 39 3 _ _ D ju e n c e 1 1 2 1 , , 1 4 6 7 0 3 6 1 , , 4 79 6 7 2 5,0 3 1 6 1 3 18 3 4 5,0 1 0 7 8 9 5,6 8 2 6 3 1 3,0 7 1 9 2 2 2,61 6 1 9 2,61 6 1 9 1,1 2 4 1 1 1 6 1 0 3 1 3 1 5 7 4 8 0 5 7 4 8 0 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 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 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 6V 1,199 ,191 8 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,353 3 641 -61 1 1 9 9 5 5 2 3 — — D D e e c c 2 1 1 9 , , 1 9 8 2 0 0 2 1 0 9 , , 4 2 5 2 7 7 7 6 2 9 3 3 1, 4 5 4 9 1 3 -8 2 7 5 0 2 4 5 , , 7 3 6 5 2 7 4 5 , , 7 3 4 2 8 8 3 1 0 4 4 1 8 1 6 5 — - 1 4 0 5 1 6 , , 2 4 9 0 5 6 , .2 4 9 0 5 9 A 23 3 2 7 ! ! -2 -3 3 6 6 1954_Dec 19,279 18,576 703 246, 457 4,508 4,497 12 62 -50 ,210 ,210 J \5 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 ,164' 2 85; -83 1956—Dec 19,535 18,883 652 -36 4,448 4,392 57 147 -91 ,149 ,138 12 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 It 139 -105 ,136 ,1271 8 K5i -77 1958—Dec 18.899 18,383 516 5571 -41 4,033 4,010 102 -81 ,077 ,0701 7 39| -31 1959_Dec 18,932 18,450 482 906 -424 3.920 3,9301 99 -109 ,038 ,038 104! -104 I 1 9 9 6 6 0 1 — — D Ju e n c e 1 1 9 9 , , 2 0 8 4 3 2 1 1 8 8 , , 5 4 2 3 7 0 7 6 5 1 6 2 8 6 7 3 6 5 6 4 9 9 3 3, ; 6 6 9 8 8 7 3 3 . , 6 6 5 5 8 8 1 ; -10 19 4 1 0 0 9 9 5 7 8 0 9 9 5 6 3 4 '4 6 -4 5 i 29 1961—Sept 19,367 18,783 584 37 547 3,686 3,6811 40 2 966 963 Oct 19,660 19,153 507 65 442 3,733 3,716 6 12 983 985 23! -24 Nov 19,840 19,218 622 105 517 3,697 3,660 16 14 98: 982 16! -13 Dec 20,118 19,550 568 149 419 3,834 3,826 37 -50 987 987 -22 7 1962—Jan 20,089 19,473 616 70 546 3,811 3,763 48 41 987 982 5 Feb 19,571 19,069 502 68 434 3.680 3,664 17 955 954 1 4! -3 Mar 19,547 19,077 470 91 379 3,693 3,705 -12 -24 964 949 15 21! -6 Apr 19,723 19,213 510 69 441 3,752 3.692 60 50 940 953 -13 7! -20 May 19,817 19,320 497 63 434 3,724 3J13 10 990 983 7 4i 3 June 19,924 19,453 471 100 371 3,781 3,774 7 -12 976 977 -1 -3 July 20,046 19,514 532 89 443 3,766 3,732 34 18 1,000 989 10 6 Aug 19,921 19,358 563 127 436 3,709 3,684 24 7 1,017 1,013 4 is! -14 Sept ^20,034^19,578 M56 80 3.718 3,723 -4 -19 1,021 1,022 -1 -10 Week ending— I 1961— Sept. 6 19,114 18,573 541 57 484 3.673 3,622 51 957 958 -1 13. ... 19,198 18,609 589 27 562 3,627 3,625 2 947 952 -5 c 20.... 19,473 18,906 567 44 523 3,744 3,738 -6 979 972 7 3 27 . ... 19,519 18,862 657 27 630 3,713 3( 23 960 1 1962—Apr. 4 19,663 19,146 517 75 442 3,728 3,709 10 939 938 19,504 19,060 444 60 384 3,629 3,620 938 936 -7 18!!!! 19,686 19,194 492 75 417 3,667 3,664 947 949 -3 -13 25 . ... 19,878 19,328 550 85 465 3,753 3,732 97: 966 1 May 2. . . . 19,868 19,410 458 63 395 3,828 3,792 985 987 -2 -11 9.... 19,852 19,393 459 46 413 3,757 3,743 995 988 6 3 16 19,815 19,328 487 64 423 3,695 3,680 978 982 -4 -9 23 19,831 19,299 532 47 485 3,727 3,707 989 980 9 8 30 19,809 19,202 607 86 521 3,765 3,683 1,006 974 32 31 June 6.... 19,801 19,289 512 55 457 3,740 3,733 962 970 -7 13 19.638 19,245 393 47 346 3,691 3,689 963 959 4 4 20 20,038 19,568 470 124 346 3,831 3,807 982 986 -4 -12 27.... 20,062 19,569 493 168 325 3,827 3,813 993 986 7 6 July 4.... 20,240 19,697 543 120 423 3,907 3,867 1,012 999 14 10 11 20,141 19,595 546 55 491 3,764 3,746 980 985 -5 — 5 18 20,094 19,532 562 163 399 3,694 3,f~~ 981 986 -4 -15 25.... 20,002 19,427 575 59 516 3,753 3,678 984 972 12 10 Aus- I:::: 19,838 19,404 434 70 364 3,768 3.753 1,024 1,016 8 5 19,815 19,325 490 156 334 3,706 3; 704 1,012 1.010 2 181 -16 2 15 2.... 2 1 0 9 , , 0 81 1 3 0 1 1 9 9 , , 2 4 1 6 6 8 5 5 9 4 7 2 1 15 3 6 0 4 3 6 8 7 6 3 3 , , 6 7 6 1 7 6 3 3 , , 6 7 3 0 0 4 , 9 0 9 2 7 6 ,0 9 2 9 2 9 -2 4 i! - — 2 " 5 >2 29. . . . 19,914 19.379 535 73 462 3,691 3,677 ,024 ,019 5 -5 Sept. 5 19,839 19.418 421 94 327 3,697 3,689 ,024 .021 3 10; 12.... 19,952 19;427 525 77 448 3,676 3,664 15 -3 ,015 ;oo9 6 19 20,159 19.643 516 25 491 3,777 3,749 28 ,024 ,026 10! -5 26 ?>20,194 19;687 141 "366 3,751 3,744 37 -29 ,031 ;025 91 -12 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1303 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued [In millions of dollars] Other reserve citybanks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t ld al Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 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 1.188 1,568 897 671 3 668 1941 Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 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 -203 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 1960—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 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 6,393 524 502 Dec 8,367 8,308 59 39 20 6,931 6,429 502 471 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 -4 6,896 6,473 423 34 389 July 8,309 8,266 43 40 3 6,972 6,526 445 29 416 Aug 8,179 8,129 49 47 2 7,017 6,531 486 45 441 Sent 8 19^ 8 166 26 26 "1 103 P6 667 "436 30 ^406 Week ending 1961 Sept. 6 7.953 7,855 98 13 85 6,531 6,137 393 44 349 n 7,896 7,854 42 12 30 6,727 6,178 549 15 534 20 ,. 8,001 7,972 30 15 15 6,749 6,225 524 13 511 27 - ., . 8,012 7,971 42 12 29 6,832 6,244 587 11 576 1962 -Apr. 4 8,199 8,143 56 17 40 6,796 6,356 440 45 395 11 8.165 8,118 47 26 21 6,773 6,387 386 17 369 18 8,205 8,171 11 11 15 6,867 6,409 458 23 435 25 8,223 8,182 41 -12 6,929 6,448 481 18 463 Mav .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 6,458 352 318 20 8,307 8,274 33 64 -31 6,919 6,501 418 401 8,325 8,288 38 69 -31 6,918 6,483 435 372 .lulv 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 7.094 6,556 538 15 523 25 8,298 8,243 55 22 33 6,966 6,532 433 35 398 Auc. ! 8,172 8,142 30 27 4 6,874 6,493 381 40 340 8 8,151 8,121 30 66 -34 6,945 6,491 455 54 401 15.. 8,158 8,088 70 49 21 6,991 6,499 492 50 443 8.232 8,199 33 52 -19 7,035 6,543 492 38 454 29'.'.'.'. ..'."..'.'.".'. 8,138 8,104 34 21 13 7,061 6,580 481 34 447 Sept. 5 8,154 8,126 29 20 9 6,964 6,582 382 56 326 12.. 8.157 8,120 37 2i 13 7,104 6,633 470 29 441 19. 8,211 8,181 30 27 7,147 6,687 460 19 441 26.. 8,223 8,200 22 -39 ^7,187 "469 24 "445 62 1 This total excludes, and that in the preceding table includes, $51 Nov. 1959; thereafter on closing figures for balances with F. R. Banks million in balances of unlicensed banks. and opening figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each NOTE.—Averages of daily figures. Beginning with Jan. 1962 reserves day. are estimated except for weekly averages. Borrowings at F. /?. Banks: Based on closing figures. Total reserves held: Based on figures at close of business through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1304 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Sept. 30 date rate Sept. 30 date rate Sept. 30 date rate r Boston Aug. 23,1960 Aug.23, 1960 Aug. 23,1960 New York... Aug. 12,1960 Aug.12, 1960 June 10,1960 Philadelphia.. Aug. 19,1960 Aug.19, 1960 Aug. 19,1960 Cleveland.... Aug. 12,1960 Aug.12, 1960 Aug. 12,1960 Richmond. .. Aug. 12,1960 Aug.12, 1960 Aug. 12,1960 Atlanta Aug. 16,1960 Aug.16, 1960 Aug. 16,1960 Chicago Aug. 19,1960 Aug.19, 1960 June 10,I960 5 St. Louis Aug. 19,1960 Aug.19, 1960 Aug. 19,1960 4*4 Minneapolis.. Aug. 15,1960 Aug.15, 1960 Aug. 15,1960 f Kansas City.. Aug. 12,1960 Aug.12, 1960 Aug. 12,1960 Dallas Sept. 9,1960 Sept. 9, 1960 Sept. 9,1960 San Francisco Sept. 2,1960 Sept. 2, 1960 June 3,1960 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F. R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturities not over 6 months and 9 months, respectively, and advances maturity: 90 days. 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 2*4-3*4 1950 1957_Cont. Aug. 21 Nov. 15 1933 Dec. 2 Mar. 3 3*4 4 1953 1958 Apr. 7 3 H Jan. 16 Jan. 22 May 26 i* 23 24 Oct. 20 Mar. 7 1954 13 1934 Feb. 5 21 Feb. 2 1% 15 Apr. 18 , Mar. 16 1*4 Apr. 14 May 9 , 16 Aug. 15 , 1935 May 21 Sept. 12 Jan. 11 23 May 14 1955 Oct. 24 Apr. 14 Nov. 7 1937 15 Aug. 27 1 -2 May 2 W4 1959 Sept. 4 1 -1*4 Aug. 4 , 4-2V4 Mar. 6 2*£-3 -2% 16 Apr. 11 1942 Sept. 1 9 2!.'.'!! -2*4 M Ju a n y e 2 1 9 2 3 -3*4 Oct. 15 13 , Sept. 11 30 Nov. 18 18 23 1946 1956 1960 Apr. 25 June 3 3*4-4 May 10 10 3*4-4 Aug. 24..... 14 1948 Aug. 12 3 Jan. 12 1 -WA 1*4 Sept. 9 19 WA 1957 Aug. 2 1 3 3 1% 1* -1 4 % IB 3 3 - * 3 4 1/2 In effect S 19 e 6 p 2 t. 30 1 Preferential rate of *£ 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. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75. The rates charged by the F. R. Bank of N. Y. on repurchase contracts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 1305 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS [Per cent of deposits] [Per cent per annum] Net demand deposits 2 Time deposits Effective date Type of deposit Central Ja 1 n 9 . 3 6 1, Ja 1 n 9 . 5 7 1, Ja 1 n 9 . 6 2 1, Effective dateJ C r b e e c a s n i n e t t r k y r v s a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i n e e t d r r y v v e e C ba o tr n u y k n s - Savings deposits held for: banks L 1 e v s e s a t r h a o n r m 1 o y r e e ar } 2* 3 { 1 3 4 1/2 In effect Dec. 31, 1948.. 26 22 16 71/2 7% Postal savings deposits held for: L 1 e y s e s a t r h a o n r m 1 o y r e e ar } ** 3 I f 3 4 i/2 1949_M J A u u a n g y e . 3 1 0 1 , , , 5 J 1 u 1 ly 1.. 2 W 4 A 2 2 0 1 1 1 1 4 3 5 7 6 5 7 6 Othe 6 r 1 t m y im e o a e n r t d o h e r s p - m 1 o s o y i r t e s e a p r. ayable in: } 2* 3 / 4 A S A e u u p g g t . . . 2 1 5 6 1 , 18 lfA 11* 12 5 90 days-6 months 21/2 1951—Jan. 11, 16 23 19 13 6 6 Less than 90 days 1 Jan. 25, Feb 1.. 24 20 14 1953—July 1, 9 22 19 13 j 954_June 16, 24 21 5 5 NOTE.—Maximum rates that may be paid by member banks as estab- July 29, Aug. 1.. 20 18 12 lished by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in 1958—Feb. 27, Mar. 1. 191/2 171/2 11% any event exceed the maximum rate payable by State banks or trust com- Mar. 20, Apr. 1.. 19 17 11 p b a a n nk ie s is o n lo l c ik at e e d d . e po E s f i f t e s c u ti n ve d er F t e h b e . l 1 a , w s 1 9 o 3 f 6 t , h m e a S x t i a m te u m in w ra h t i e c s h t t h h a e t m m e a m y b b er e A A p or r . . 2 1 4 7 1 18 8 i/2 I61/2 paid by insured nonmember commercial banks, as established by the I960—Sept. 1 171/2 F.D.I.C., have been the same as those in effect for member banks. Nov 24 12 Maximum rate payable on all types of time and savings deposits: Dec. 1 I6I/2 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2i/2 per cent. In effect Oct. 1, 1962... I6V2 12 5 5 MARGIN REQUIREMENTS Present legal requirement: [Per cent of market value] Minimum 10 7 3 3 Maximum 4 22 14 6 6 Effective date 1 When two dates are shown, first-of-month or midmonth dates record Regulation changes at country banks, and other dates (usually Thurs.) record changes Oct. 16, July 28, July 10, at central reserve or reserve city banks. 1958 1960 1962 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. Regulation T: 3 Authority of the Board of Governors to classify or reclassify cities as For extensions of credit by brokers and central reserve cities was terminated effective July 28, 1962. dealers on listed securities 90 70 50 4 Before July 28, 1959, the minimum and maximum legal requirements For short sales 90 70 50 for central reserve city banks were 13 and 26 per cent, respectively, and Regulation U: the maximum for reserve city banks was 20 per cent. For loans by banks on stocks 90 70 50 NOTE.—All required reserves were held on deposit with Federal Reserve Banks, June 21, 1917, until late 1959, Since then, member banks have also been allowed to count vault cash as reserves, as follows: Country NOTE.—Regulations T and U, prescribed in accordance with Securities banks—in excess of 4 and 2x/i per cent of net demand deposits effective Exchange Act of 1934, limit the amount of credit that may be extended on Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and a security by prescribing a maximum loan value, which is a specified reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 percentage of its market value at the time of extension: margin require- and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. ments are the difference between the market value (100%) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS [In millions of dollars] Reserve city banks Reserve city banks All All Item member Country Item member Country banks New City banks banks New City banks York of Other York of Other City Chicago City Chicago Four weeks ending Aug. 22, 1962 Four weeks ending Sept. 19, 1962 Gross demand: Gross demand: Total 125,500 24,168 6,177 48,840 46,315 Total 127,145 24,399 6,219 49,059 47,468 Interbank 13,561 3,998 1,232 6,802 1,530 Interbank 13,923 3,988 1,257 7,031 1,647 U. S. Govt 5,576 1,192 323 2,208 1,853 U. S. Govt 6,279 1,245 353 2,455 2,226 Other 106,363 18,978 4,623 39,829 42,933 Other 106,943 19,167 4,608 39,574 43,595 Net demand l 105,061 19,869 5,297 40,350 39,545 Net demand l 105,772 19,824 5,324 40,295 40,328 Time 75,957 8,381 2,759 29,595 35,222 Time 76,581 8,477 2,804 29,679 35,621 Demand balances due Demand balances due from domestic banks. . 6,883 111 1,944 4,734 from domestic banks. 7,183 117 90 1,959 5,017 Currency and coin 2,748 208 37 855 1,648 Currency and coin 2,810 217 38 873 1,682 Balances with F. R. Balances with F. R. Banks 17,121 3,506 978 7,323 5,313 Banks 17,156 3,493 984 7,292 5,387 Total reserves held 19,869 3,714 1,015 8,178 6,961 Total reserves held 19,966 3,710 1,022 8,165 7,069 Required. 19,353 3,697 1,012 8,137 6,506 Required 19,467 3,695 1,019 8,133 6,620 Excess T 516 17 3 41 455 Excess 499 15 3 32 449 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F. R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1306 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION [In millions of dollars] Wednesday End of month Item 1962 1962 1961 Sept. 26 Sept. 19 Sept. 12 Sept. 5 Aug. 29 Sept. Aug. Sept. Assets Gold certificate account 14,596 14,596 14,597 14,609 14.611 14,596 14,609 16,034 Redemption fund for F. R. notes 1,200 1,203 1,203 1,208 1,206 1,200 1,208 1,065 Total gold certificate reserves 15,796 15,799 15,800 15,817 15,817 15,796 15,817 17,099 Cash 383 379 365 367 394 397 403 423 Discounts and advances: Member bank borrowings 762 58 164 108 107 37 90 26 Other 11 11 11 11 11 11 2 Acceptances—Bought outright 34 34 34 34 34 36 35 35 Held under repurchase agreement U. S. Govt. securities: Bought outright: Bills 1,840 2,406 2,934 3,065 2,970 2,373 2,984 2,959 Other 9,538 9,538 9,538 9,538 9,5i8 9,538 9,538 1,632 Notes 13,772 13,772 13,772 13,772 13,733 13,837 13,772 19,670 Bonds 3,952 3,952 3,952 3,952 3.922 4,077 3,952 3,527 Total bought outright 29,102 29,668 30,196 30,327 30,143 29,825 30,246 27,788 Held under repurchase agreement 71 233 112 11 Total U. S. Govt. securities 29,102 29,668 30,267 30,560 30,143 29,825 30,358 27,799 Total loans and securities 29,909 29,771 30,476 30,713 30,295 29,909 30,494 27,862 Cash items in process of collection 5,464 6,992 5,358 4.451 4,415 5,041 3,998 4,317 Bank premises . 107 107 107 107 107 107 107 110 Other assets: Denominated in foreign currencies 350 335 333 333 366 350 317 411 other 291 277 260 243 223 307 229 272"' Total assets 52,300 53,660 52,699 52,031 51,617 51,907 51,365 50,083 Liabilities P R notes 28,815 28,929 29,098 29,084 28.821 28,859 28,900 27,640 Deposits: 17,105 17,256 17,123 17,157 16,901 17,321 17,110 17,105 U S Treasurer General account 511 583 627 454 490 400 478 348 Foreign 251 228 218 177 169 229 168 312 Other 290 292 275 310 313 318 311 273 Total deposits 18,157 18,359 18,243 18,098 17,873 18,268 18,067 18,038 Deferred availability cash items 3,823 4,880 3,881 3,315 3,410 3,260 2,874 2,966 Other liabilities and accrued dividends 64 67 72 71 68 70 75 91 Total liabilities 50,859 52,235 51.294 50,568 50,172 50,457 49,916 48,735 Capital Accounts Capital paid in 462 461 461 460 460 462 460 432 Surplus . • 888 888 888 888 888 888 888 817 Other capital accounts 91 76 56 115 97 100 101 99 Total liabilities and capital accounts 52.300 53,660 52,699 52.031 51,617 51,907 51,365 50,083 Contingent liability on acceptances purchased for foreign correspondents 68 68 69 70 72 68 71 123 U. S. Govt. securities held in custody for foreign account 6,738 6,674 6,535 6,452 6,450 6 767 6 407 6,036 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 30,625 30,679 30,686 30,598 30,550 30,609 30,505 29, 194 Collateral held against notes outstanding: Gold certificate account 7,795 7,755 7,785 7,745 7.775 7,795 7,745 9,065 Eligible paper 68 8 9 12 12 15 10 U. S. Govt. securities, 23,839 23,895 23,885 23,885 23,855 23,839 23,885 21,480 Total collateral 31,702 31,658 31,679 31?637 31,642 31,646 31,645 30,555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1307 STATEMENT OF CONDITION OF EACH BANK ON SEPTEMBER 30, 1962 [In millions of dollars] Item Total Y N o e r w k P p d h h e il i l a - a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M a i p n o n l e i - s K C a i n t - y Dallas F c S i r s a a c n n o - I Assets Gold certificate account 14.596 680 3,492 737 1,160 1,015 852 2.532 634 328 686 562 1,918 Redemption fund for F. R. notes. .. 1,200 281 73 103 73 215 50 29 47 38 125 Total gold certificate reserves 15,796 748 3.773 810 1,263 1,113 925 2.747 684 357 733 600 2,043 F. R. notes of other Banks. 519 54 112 35 15 61 Other cash 397 281 66 13 13 58 Discounts and advances: Secured by U. S. Govt. securities.. 9! 10 Other Acceptances: Bought outright 36J.. Held under repurchase agreement. U. S. Govt. securities: Bought outright 29.825 1,550 7,392 1.702J 2,506 1.938 1.601 5,052 1,180 599 1.298 1,206 3,801 Held under repurchase agreement. Total loans and securities 29.909 1.554 7,440 1.703 2.507 1.943 1,602 5,058 1,181 599 1,308 1.212 3,802 I Cash items in process of collection. . 6.211 460 1.245 3211 556! 480 419 98: 239 193! 2911 299 726 Bank premises 107 3 9 3! 8| 5 14 24 6 4; 13 11 Other assets: Denominated in foreign currencies. 350 20 j n 16! | 15! 47 All other 307 18 25 20i 181 J4j 40 Total assets 53.596 2.881 12.815 2.968 4.453 3,636 3,076 9,008 2,168 1.215J 2,396 2,192' 6.788 Liabilities F. R. notes 29.378 1.7241 6.817J 1-805! 2.577 2,435 .6931 5.368 1.238 564 1,201 3.085 Deposits: Member bank reserves 17.321 694! 4,439 785j 1.330 728 9251 2.618 661 454 864 •^49 2.874 U. S. Treasurer—General account.. 400 16 68 13 25 36 24 50 22 16j 39 13 58 Foreign 229 2 66 131 21 10 1 31 5! 9 13 30 Other 318 257| i 3 1 1 51 Total deposits 18.268 721 4,830 1,377 777 963! 2.700 691 475j 913 996 3,013 j I Deferred availability cash items 4,430 363 760 265 3 601 351 3381 722 141 2181 240! 486 70 4 17 4 j 4 41 11 10 Other liabilities and accrued dividends. 52.146 2,812 12.424J 2,886J 4.319J 3.567 2.99S| 8.801 2.118 1.182 2.335! 2,110! 6.594 Total liabilities Capital Accounts 462 22 124 43 j 22| 251 65 16 20! 26 62 Capital paid in 888 42 243 83 40 471 124 31 20! 37j 50 120 Surplus 100 5 24 5j 8 7 6J 18 3 2! 4! "6 12 Other capital accounts Total liabilities and capital accounts.. 53.596 2,881 12.815 2,968 4,453| 3,636 3,076 9,008 2,168 1,215 2,396 ,192! 6.788 Ratio of gold certificate reserves to I deposit and F. R. note liabilities combined (per cent): Sept. 30, 1962 33.2 30.6 32.4 31.0 31.9 34.7 34.8 34.0 35.5, 34.4; 34.7! 32. .3 33.5 Aug. 31, 1962 33.4 31.7 33.8 30.7 32.9! 33.9 33.2 34.4 34.1 30.7! 33.6 33.8J 33.0 Sept. 30, 196! 37.1 36.8 36.0 36.4 37.8| 38.6 34.4 37.6 37.0 33.1 37.9! •37.4i 39.0 Contingent liability on acceptances purchased for foreign correspondents 3 191 3 4 9 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 30,609 1,783 7,074 1,867 2,740 2.518 1,764 5.490 1,297 660 1.238 931 3.247 Collateral held against notes outstanding: Gold certificate account 7,795 480 1,600 465 720 750 485 1,400 340 130 310 215 900 Eligible paper 12 1 1 10 U. S. Govt. securities 23,839 1,390 5,600 1,500 2,100 1,784 1,400 4,300 1,010 550 950 755 2^500 Total collateral. 31,646 1,870 7,200 1,966 2,820 2.534 1,885 5,700 1,351 680 1,270 970 3.400 1 After deducting $254 million participations of other F. R. Banks. 3 After deducting $49 million participations of other F. R. Banks 2 After deducting $163 million participations of other F. R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1308 FEDERAL RESERVE BANKS; 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 Sept. 26 Sept. 19 Sept. 12 Sept. 5 Aug. 29 Sept. Aug. Sept. Discounts and advances—Total 773 69 175 119 118 48 101 28 Within 15 days 759 56 162 105 104 33 87 24 16 days to 90 days 14 13 13 14 14 15 14 4 Acceptances—Total 34 34 34 34 34 36 35 35 Within 15 days 10 8 7 9 11 11 9 10 16 days to 90 days 24 26 27 25 23 25 26 25 U. S. Government securities—Total 29,102 29,668 30,267 30,560 30,143 29,825 30,358 27,799 Within 15 days* 219 541 722 805 403 290 407 227 16 days to 90 days 4,653 4,720 4,652 4,763 4,844 4,949 4,968 1,245 91 days to 1 year 11,794 11,971 12,457 12,556 12,517 11,960 12,547 11,916 Over 1 year to 5 years 9,987 9,987 9,987 9,987 9,940 10,127 9,987 11,908 Over 5 years to 10 years 2,253 2,253 2,233 2,233 2,225 2,300 2,233 2,274 Over 10 years 196 196 216 216 214 199 216 229 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS [In millions of U. S. dollar equivalents] End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d a i r a s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an g N u l e a i t l n h d d e e s r r - s f S ra w n i c ss s 1962 Feb 9 * 7 1 1 Mar 84 * 50 32 1 1 Apr 84 * 50 32 1 1 May 134 50 * 50 32 1 1 June 439 50 50 250 50 27 11 1 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts 1 Annual rate of turnover [In billions of dollars] of demand deposits 1 All Leading centers 337 other Leading centers 337 c)ther Period re c p e o n r te ti r n s g New York 6 others 2 r c e e p n o te rt r i s n 3 g New York 6 others 2 r c e e p n o t r s t r i s n 3 g 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 3^.5 24 5 I960 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 1961 . . 3,111.1 1,278.8 622.7 1,209.6 70.0 36.8 26.1 1961—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 . 291.8 115.7 121.9 57.9 59.4 108.8 110.5 77 3 83 0 41 3 43 0 27 8 28 7 July 279.7 114.4 111.4 59.0 57.5 112.3 110.7 77.3 76.1 42 1 41 2 28 6 28 5 Aug . '281.1 115.8 110.8 57.4 57.5 r110.7 '112.8 78.8 74.3 41.1 39.9 28.3 27.9 Sept 263.3 120.9 109.7 58.1 53.4 107.6 100.1 82.2 81.1 P41.0 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 1309 DENOMINATIONS IN CIRCULATION [In millions of dollars] Total Coin and small denomination currency Large denomination currency End of period i c n u l c a i - rtion1 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 1960 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 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 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 3 5 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 ^88 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 6M 2 580 484 91 2,188 6,686 10,622 9,367 2,795 6,032 238 294 3 5 Apr 33,159 231742 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 Julv. 33 869 24 327 2 671 1 512 94 2 214 6,814 11,021 9,542 2,868 6,134 239 294 3 5 Aug 33,932 24,364 2; 687 1,502 93 2,210 6,832 11,040 9,568 2,870 6,163 237 291 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 denomination by amounts of unassorted currency (not shown separately). NOTE.—Condensed from Circulation Statement of United States Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION [In millions of dollars] Held in the Treasury Currency in circuLition ! Held by Total out- F. R. Kind of currency A sta u 1 n g 9 d . 6 i 2 3 n 1 g , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s A B a g a n e n d n k t s s Au 1 g 9 . 6 2 31, Ju 1 ly 9 6 3 2 1, Au 1 g 9 . 6 1 31, certificates Agents Gold 16 098 (15 817) 2 281 Gold certificates (15 817) 3 13,001 2,816 F R notes 30,506 78 1,604 28,824 28,698 27,517 Treasury currency—Total 5,548 (2,253) 35 405 5,108 5,171 5,092 Standard silver dollars . 487 86 25 9 367 363 335 Silver bullion . .. 2,168 2,168 Silver certificates (2,253) 324 1,930 1,950 2,045 Subsidiary silver coin . 1,726 6 40 1,680 1,673 1,563 Minor coin 646 1 6 639 635 593 United States notes 347 3 26 318 317 315 In process of retirement 4 175 * 1 174 233 242 Xotal—Aug 31,1962 552,152 (18,070) 394 13,001 4,825 33,932 July 31 1962 5 52 265 (18,126) 404 13,055 4,937 33,869 Aue 31 1961 5 52,141 (19,556) 394 14,371 4,767 32,609 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Estimated for other items; gold certificates are secured by gold, and silver certificates totals for Wed. dates shown in table on p. 1301. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $156 million reserve against United States notes. are shown in parentheses. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Fund—Board of Governors, F.R.S., and (2) the Redemption Fund for NOTE.—Condensed from Circulation Statement of United States F.R. notes. Money issued by the Treasury. For explanation of currency reserves and • Redeemable from the general fund of the Treasury. Beginning with security features, see the Circulation Statement or the Aug. 1961 BULL., Aug. 1962, excludes $58 million which was determined, pursuant to the p. 936. Old Series Currency Adjustment Act, to have been destroyed or lost. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1310 MONEY SUPPLY MONEY SUPPLY AND RELATED DATA [In billions of dollars] Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time , U.S. deposits deposits I Govt. Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - ! Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - l | d d ep em os a it n s d i 1954—Dec. 132.3 27.4 104.9 48.4 135.6 27.9 107.7 48.0 5.0 1955—Dec.. 135.2 27.8 107.4 50.2 138.6 28.4 110.2 49.6 3.4 1956—Dec.. 136.9 28.2 108.7 52.1 140.3 28.8 111.5 51.4 3.4 1957—Dec. 135.9 28.3 107.5 57.5 139.3 28.9 110.4 56.7 3.5 1958—Dec. 141.2 28.6 112.6 65.5 144.7 29.2 115.5 64.6 3.9 1959—Dec. 142.0 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec. 141.2 28.9 112.2 72.7 144.7 29.6 115.2 72.1 4.7 1961—Dec. 145.7 29.6 116.1 82.5 149.4 30.2 119.2 81.8 4.9 1961—Sept.. 143.5 29.2 114.3 80.5 143.1 29.3 113.8 80.9 5.2 Oct... 144.2 29.3 114.9 81.3 144.5 29.4 115.1 81.5 6.4 Nov.. 144.9 29.4 115.5 82.0 146.3 29.7 116.6 81.5 5.8 Dec... 145.7 29.6 116.1 82.5 149.4 30.2 119.2 81.8 4.9 1962—Jan... 145.9 29.7 116.3 84.1 149.0 29.5 119.5 83.5 3.8 Feb... 145.5 29.7 115.8 85.8 145.3 29.3 115.9 85.4 4.6 Mar.. 145.7 29.9 115.8 87.5 144.2 29.6 114.6 87.4 5.1 Apr... 146.1 30.0 116.0 88.7 146.2 29.8 116.4 88.9 3.8 May.. 145.7 30.0 115.7 89.6 143.6 29.8 113.8 89.9 7.0 June.. 145.6 30.1 115.4 90.7 144.0 30.0 113.9 91.1 7.2 July.. 145.7 30.2 115.5 91.8 '144.3 30.3 H14.0 92.2 7.1 Aug.. '145.1 30.2 114.9 92.5 143.8 30.3 113.5 93.0 6.8 Sept.^ 145.3 30.2 115.1 93.4 145.0 30.3 114.6 93.9 7.2 Half month 1962—June 1. '145.7 30.1 '115.6 90.4 '144.4 30.1 '114.3 90.9 6.0 M45.4 30.2 M15.2 90.9 H43.5 30.0 H13.5 91.4 ''8.4 July 1. 145 30.2 115.5 91.6 144.0 30.5 U13.5 92.1 8.2 145. 30.2 115.5 91.9 144.7 30.2 114.5 92.3 6.0 Aug. 1. 145.6 30.2 115.4 92.2 145.0 30.4 114.6 92.7 5.4 144.8 30.2 114.6 92.7 142.6 30.2 112.4 93.2 8.1 Sept. 1. 145.4 30.2 115.2 93.1 145.2 30.5 114.7 93.6 6.6 145.3 30.2 115.1 93.7 144.7 30.2 114.5 94.2 7.8 Not seasonally adjusted Not seasonally adjusted I Money supply Money supply en W di e n e g k — Total C c u o r m re p n o c - y D c d o e e m m po a p s n o it d - d ju e T p s a i t o m d e s - d e i ^ ts d d e G e U p m o o .S v a s n i . t t . d s1 en W di e n e g k — Total C c u o r m re p n o c - y Demand de T p a i d m o - s e it s I | j de G U m o . a v S n t . . d nent nent nent 1961—June 7., 140.9 29.0 111.9 78.3 4.0 1962—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. 1. 145.0 30.0 114.9 92.5 5.8 9. 142.4 29.4 113.0 80.0 5.1 8. 145.2 30.5 114.7 92.6 5.6 16. 142.4 29.3 113.1 80.2 4.8 15. 144.8 30.4 114.4 92.8 5.0 23. 140.5 29.2 111.3 80.3 6.1 22., 142.5 30.4 112.1 93.0 '8.4 30. 140.9 29.0 111.9 80.4 5.6 29., 142.7 30.1 112.6 93.3 7.9 Sept. 6. 142.0 29.4 112.6 80.6 5.4 Sept. 5. 143.8 30.4 113.5 93.5 7.8 13. 143.6 29.4 114.2 80.8 3.6 12. 145.5 30.5 115.0 93.6 6.1 20. 144.6 29.3 115.3 80.9 4.4 19. 146.0 30.3 115.7 93.8 6.3 27. 142.3 29.1 113.3 81.0 5.9 26" 144.1 30.1 114.0 94.0 8.1 Oct. 4. 142.6 29.2 113.3 81.3 8.1 Oct. 144.8 30.2 114.6 94.7 8.2 11. 143.6 29.6 113.9 81.5 6.2 18. 145.0 29.5 115.5 81.5 6.9 1 At all commercial banks. the U. S. Govt., less cash items in process of collection and F. R. float; (2) foreign demand balances at F. R. Banks; and (3) currency outside the NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL., Treasury, the F. R. S., and the vaults of all commercial banks. Time pp. 941-51. Money supply consists of (1) demand deposits at all com- deposits adjusted are time deposits at all commercial banks other than mercial banks other than those due to domestic commercial banks and those due to domestic commercial banks and the U. S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND THE MONETARY SYSTEM 1311 CONSOLIDATED CONDITION STATEMENT [In millions of dollars] Assets Liabilities and capital Bank credit a T s o se ta ts l , net— Treas- ! Total Date Gold s r t c o u e a u u n r n r t c y d - - y - Total Lo n a e n t s, U. S. m G C o e o r v m c e i r a - n l men F t e d se e c r u al rities O s r e i t t c h i u e e s - r c l a i i a n a p t n i b e i e t d t i s a l- l, c d u T e r a p o r n o e t d s a n i l c ts y c C o m a a a u p n i 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 5,499 216 26 11,819 64,698 55,776 8,922 1933 June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 • 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188.148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1959—Dec. 31 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 I960—Dec. 31 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961 June 30 17.550 5.437 269,828 145,784 96.121 68.104 27.253 764 27.923 292.816 265.604 27,212 1961-Sept. 27 17,500 5,600 276,600 147,200 100,200 72,400 27,100 700 29,200 299,600 271,100 28,500 Oct. 25 17,300 5,600 278,300 147,800 101,500 72,800 28,000 700 29,000 301,200 272,400 28,800 Nov. 29 17,000 5,600 280,000 149,000 101,900 72,400 28,800 800 29,100 302,600 273,000 29,600 Dec. 30.......... 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Jan. 31 16,800 5,600 282,600 150,000 102,700 73,500 28,500 700 29,800 305,000 276,300 28,600 Feb. 28 16,800 5,600 283,000 151,500 101,400 72,300 28,400 700 30,200 305,400 276,400 29,000 Mar. 28 16,600 5,600 284,800 153,300 100.400 71,000 28,800 700 31,100 307,000 278,100 28.900 Apr. 25.. 16,500 5,600 287,400 154,900 100,600 71,000 29,000 700 31,800 309,400 280,700 28,700 May 30.. 16,400 5,600 288.900 156,200 100,900 70,700 29,600 700 31,800 310,900 281,600 29,300 June 30 16,435 5,598 293.212 159,463 101,052 70,722 29,663 667 32,697 315,245 286,968 28,275 July 25.. 16,200 5,600 291;700 158,200 100,300 70,500 29,200 700 33,200 313,500 284,800 28,600 Aug. 29 rr 16,100 5,600 293,900 159,400 101,000 70,200 30,100 700 33.600 315,600 285.300 30,300 Sept. 26; 16,100 5,600 297,100 162,900 100,300 70,600 29,100 700 33.900 318,700 289;100 29,600 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) <seasonally adjustedl Not seasonally adjusted Time 3 U.S.Government Date Total o b r u C e a t n u n si c r k d y - s e d j m e u D p a s a d t o e n e - - s d d it 2 s Total 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 d o t e n e - - s d d it 2 s Total m b C e a o r n m c k ia s - l M s b a a v u n i t k n u s g a * s l S P a S t o e v y s m i s t n - a g l s e n F i e o g t r n 5 - , T h c i u r o n a e r g l s y a d h s s - - sa c m a c v o A n i i e m a n t r d l g - - s B F a A . n R t k . s banks 1929—June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933—June 30 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939 Dec. 30 36,194 6,401 29,793 27,059 15,258 10 523 1,278 1,217 2,409 846 634 1941—Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945—Dec. 31 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24 608 977 1947_Dec. 31.... 110,500 26,100 84 400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 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.... 140,200 28,200 112000 144,824 29,422 115,402 101,779 65,884 34,947 948 3,203 391 5,319 504 1960—Dec. 31.... 139,200 28,200 111000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6, 193 485 1961—June 30.... 140,900 28,200 112700 139,649 29,361 110,288 117,280 79,092 37,486 702 1,250 379 6,638 408 1961 -Sept.27.... 141,900 28,500 113400 141,000 28,600 112,400 119,400 80,800 37,900 700 1,400 400 8,400 500 Oct. 25.... 143,800 28,800 115000 144,300 28,700 115,700 120,100 81,400 37,900 700 1,300 400 6,000 400 Nov.29.... 143,400 28,600 114800 145,200 29,100 116,200 119,800 81,200 38,000 700 1,200 400 5,700 500 Dec. 30.... 144,800 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.... 143,700 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.... 144,400 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.... 144,000 29,200 114 800 141,900 28,900 113,000 127,600 87.700 39.200 600 1,300 400 6,500 500 Apr. 25.... 145,800 29,200 116 600 145,800 28,900 116,900 128,400 88,600 39,200 600 1,300 400 4,200 600 May 30.... 143,500 29,200 114 300 141,900 29,300 112,600 130,000 90,100 39,300 600 1,300 400 7,500 600 June 30.... 143,300 29,300 114,000 142,522 3O;433 112,089 132,106 91,734 39,791 581 1,508 379 9,841 612 July 25.... 144,300 29,400 114,900 144.200 29,500 114,700 132,600 92,000 40,000 600 1,300 400 5,800 600 Aug.09 rp 142,900 29,300 113,600 141,600 29,500 112,100 133.800 93,100 40,200 600 1,200 400 7,700 500 Sept.26P.'.'. 144,400 29,300 115,100 143,500 29,400 114,100 135;000 94,000 40,500 600 1,300 400 8,300 500 * 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, For description of series and back data see Feb. 1960 BULL., pp. 133-36. Postal Savings System, and Treasury currency funds (the gold account, 2 Other than interbank and U. S. Govt., less cash items in process of Treasury currency account, and Exchange Stabilization Fund). collection. For description of statement and back figures (except for seasonally 3 Other than interbank, Treasurer's open account, and those of Postal adjusted money supply), see Jan. 1948 BULL., pp. 24-43, except that Savings System in banks. stock of F. R. Banks held by member banks is included in other securities 4 Before June 30, 1947, includes a small amount of demand deposits. and in capital and misc. accounts, net, and balances of the PSS and the Beginning with June 1961 includes amounts reported by insured mutual ESF with the Treasury are netted against capital and misc. accounts, net. savings banks as demand deposits, previously reported as time deposits Except on call dates, figures are partly estimated and are rounded to or other liabilities. nearest $100 million. 5 Reclassification of deposits of foreign central banks in May 1961 reduced this item by $1,900 million ($1,500 million to time and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1312 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— Cla a s n s d o d f a b t a e nk Total Loans Securities a C ss a e s ts h i c b T a i a l l p o i i n a t i t d i t a - e a l s l Total i Interbank1 Dema O nd ther r B i o n o w g r s - - c T a o p t i a ta l l N ba b u o n e m f r ks - U.S. Other ac- De- Time Time 3 Govt. counts2 U.S. Other Govt. All banks: 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31... 140,227 30,362101,288 8.57735,415 177,332 165,612 14,065 105,935 45,613 22710,54214,553 1947_Dec. 31 V 134,924 43,002 81,19910,72338,388 175,091 161.865 12,793 240 1,346 94,381 53,105 6611,94814,714 1960—Dec. 31.. 238,623144,764 67,242 26,61753,022 298,126 266,196 17,080 1,800 5,949 133,408107,959 167 24,53913,986 1961—June 30. . 242,192146,164 68,10427,92:3 46,457 295,567 262.547 13,633 462 6,368 125,219116,865 :,40513,977 Sept. 27. . 250,870149,300 72,42029, 1"50 44,950 302,980 267,05013,930 470 8,160 125,480119,010 2,230 25,98013,965 Dec. 30. . 256,700154,318 72,71529,66757,368321,394 287,17617,914 482 5,952 141,979120,848 4"8~2" 26,22713,928 1962—Feb. 28 . . 256.100153,580 72,340 30 180 48,540311,910275,17014,110 510 5,090 130,570124,890 2,31026,39013,941 Mar. 28. . 257.520155,460 70,960 31.100 45,560310,230 273,72013,750 510 6,260 125980127,220 2,420 26,47013,930 Apr. 25. . . 259,680156,920 70,950 31 810 46,190312,940276,44013,730 520 3 130 180128,090 2,360 26,56013,920 May 30.. . 260,500158,050 70,680 31 770 46,210 313,720276,97013,200 520 7,170;126 370129,710 2,070 26,78013,926 June 30.. 263,542160,123 70,72232697 49,612320,638 14,400 526 9,5591128845131,855 796 27,03613,934 July 25... 263,570159,920 70,460 33 190 45,440 200 279,68013,830 520 5,530127510132,290 1,930 26,88013,931 Aug. 29 rP. 265,700161,980 70,160 33 560 45,480 280 28031013,840 510 7,450 124960133,550 2,750 27,10013,932 Sept. 26*>. 269,110164,690 70,550 33870 47,400 323,690 286,04014,530 510 8,090128 160134,750 2,610 27,23013,933 Commercial banks: 1941_Dec. 31 .. 50,746 21,714 21,808 22526,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31.. 124.019 26,083 90,606 3313344,88066160,312150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31 4. 116,284 38,057 69,221 006 3377,550022155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1960—Dec. 31.. 199,509117,642 61,003 20864 52,1150 257,552229,84317,079 1,799 5,945133,379 71,641 163 20,98613,472 1961—June 30. . 201,848117,953 61,824 22,,00717 14455,,5 95253,,749224,99713,633 461 6,362125,161 79,380 443 21,74513,463 Sept. 27. . 209,910120,520 66,130 23,260 4444,113300 226600,556600 222299,08013,930 470 8,160125,420 81,100 2,230 22,25013,451 Dec. 30.. 215,441124,925 66,578 23,99 375566,443322 227788,65611 224488,68917,914 481 5,946141,920 82,429 4'7"1' 22,45913,432 1962—Feb. 28. . 214,260123,780 66,030 24450 47,670 268540 236. 14,110 510 5,090130,510 86,130 2,310 22,57013,428 Mar. 28. . 215,180125,380 64,440 25 360 44;680 266340 234. 13,750 510 6,260125,920 87,990 2,420 22;63013,417 Apr. 25. . 217,390126,610 64,650 26 130 45;390 269 180 237! 13,730 520 3,920130,120 88,910 2,360 2275013,407 May 30.., 217,960127,480 64,400 26080 45 390 269 690 237! 13,200 520 7,170 112266,310 90,380 2,070 22;93013,414 June 30.. 220,670129,193 64,443 27034 48728 276,220 245, 14,400 525 9,554128,785 92,034 786 23;18313,422 July 25.. 220,410128,730 64,180 27500 44600 271 520 239, 13,830 520 5,530127,450 92,310 1,930 23;02013,419 Aug. 29 r» 222,140130,430 63,850 27860 44670 273230 240. 13,840 510 7,450124,900 93,350 2,750 23;20013,421 Sept. 26*. 225,270132,840 64,250 28,180 46630 278400 245, 14,530 510 8,090128,100 94,250 2,61023;33013,417 Member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,070 29,845138,304129,67013,576 64 222,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. 97,846 32,628 57,914 7,30432,845132,060122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1960—Dec. 31.. 165,619 99,933 49,10616,579 45756 216,577193,02916,436 1,639 5,287 112,393 57,272 13017,398 6,174 1961—June 30.. 168,049 99,992 50,36117,696 40084 213,719189,22613,077 276 5,731 105,568 64,574 38218,027 6,141 Sept. 27. . 174,936102,355 53,86318,71938582 219,287192,30513,325 282 7,293 105,312 66,093 2,12818,386 6,132 Dec. 30.. 179,599106,232 54,05819,308 49 579 2351,1"2 209,63017,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Feb. 28.. 178,389105,144 53,46719.778 41 894 226,210198,38013,560 332 525109,671 70,292 2,26418,749 6,099 Mar. 28.. 179,254106,600 52,036 20618 39091224,114196,59513,209 335 631105,552 71,868 2,38018,785 6,085 Apr. 25. . 180,872107,424 52,103 21 34539;662 226; 198,67413,178 340 506109,048 72,602 2,31918,877 6,074 May 30... 181,180107,980 51,913 287 39702 226; 198,97812,689 345 463105,629 73,852 2,00219,015 6,073 June 30.. 183,497109,212 52,065 ,219 42853 232359 20605713,796 351 734108,014 75,162 73519,179 6,070 July 25.. 183,008108,767 5511,661122 22,629 39,001227806 200;48213,241^ 347 952106,611 75,331 1,870 1199,0601 6,062 Aug. 29.. 184,398110,331 51,149 22 39,107 229;231200,66713,232 338 695104,280 76,122 2,68219,212 6,060 Sept. 26». 186,641112,-240 51,271 " 30 40,877 233;279 204,99513,878 337 284106,702 76,794 2,58519,28l!6,053 Mutual savings banks: 1941—Dec. 31.. 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31.. 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 31 «. 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 Sept. 27.. 40,960 28,780 6,290 5,890 820 42,420 37,970 37,910 3,730 514 Dec. 30.. 41,259 29,393 6,136 5,730 936 42,833 38,487 38,420 3,768 514 1962—Feb. 28.. 41,840 29,800 6,310 ,730 870 43,370 38,820 38,760 3,820 513 Mar. 28. . 42,340 30,080 6,520 ,740 880 43,890 39,290 39,230 3,840 513 Apr. 25.. 42,290 30,310 6,300 ,680 800 43,760 39,240 39,180 3,810 513 May 30.. 42,540 30,570 6,280 ,690 820 44,030 39,390 39,330 3.850 512 June 30.. 42,872 30,930 6,278 ,663 884 44,418 39,888 39,821 3,853 512 July 25. . 43,160 31,190 6,280 .690 840 44.680 40.040 39,980 3,860 511 Aug. 29 r*> 43,560 31,550 6,310 5,700 810 45,050 40;260 40,200 3.900 511 Sept. 26*. 43.840 31,850 6,300 5,690 770 45,290 40.560 40,500 3.900 511 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL AND MUTUAL SAVINGS BANKS 1313 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 s1 c b T a i a l l o p i n i a t t i d i a t - e a l s l Total i Interbank 1 Dema O n t d her 1 B * o o r w - - c c T a o o a p u t c i n a t - t a l s l N ba b u o n e m f k r s - G U o .S v . t. Other co a u c n - ts2 m D a e n - d Time U.S. Time Govt. Other Reserve city member banks: New York City:5 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1960—Dec. 31 27,726 18,465 6,980 2,282 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 Sept. 27 29,453 18,183 8,402 2,$ 8,066 39,540 31,890 3,905 173 1,485 19,317 7,009 1,106 3,670 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—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 ,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 ,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 30 30,396 19,224 7,659 3,513 9,552 41,910 35,039 4,517 210 1,918 20,296 8,098 381 3,761 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 Aug. 29 (old basis) 29,672 19,319 6,619 3,734 7,942 39,576 31,775 3,836 210 1,315 18,247 8,167 ,225 3,764 13 Aug. 29 (new basis) 30,090 19,619 6,709 3,76: 8,026 40,085 32,214 3,844 210 1,332 18,552 8,276 ,242 3,806 16 Sept. 26P 30,497 20,234 6,421 3,842 40,868 33,033 3,990 208 1,459 19,054 8,322 • 1,384 3,809 16 City of Chicago:5 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 I960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—June 30.. 7,020 4,249 2,058 714 1,899 9,068 8,037 1,125 380 4,602 1,920 10 848 10 Sept. 27 7,278 4,212 2,229 838 1,864 9,296 8,153 1,211 476 4,527 1,931 94 856 9 Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 1,624 369 5,268 2,008 35 870 9 1962—Feb. 28 7,508 4,509 2,078 921 1,896 9,576 8,285 1,183 222 4,673 2,190 209 874 9 Mar. 28 7,652 4,503 2,183 966 1,788 9,613 8,208 1,194 323 4,383 2,292 329 870 9 Apr. 25 7,504 4,557 1,880 1,067 1,912 9,592 8,421 1,177 158 4,676 2,392 73 877 9 May 30 7,631 4,592 1,926 1,113 1,928 9,720 8,524 1,118 356 4,548 2,483 75 884 9 June 30 7,937 4,672 1,936 1,329 1,893 10,009 8,810 1,128 546 4,520 2,598 34 894 9 July 25 7,765 4,510 1,907 1,348 1,860 9,795 8,584 1,203 256 4,489 2,619 75 890 9 Aug. 29 (old basis) 7,883 4,570 1,923 1,390 1,801 9,852 8,580 1,193 361 4,353 2,656 117 895 9 Aug. 29 (new basis) 8,201 4,761 2,001 1,439 1,870 10,247 8,934 1,201 384 4,554 2,778 122 925 12 Sept. 26*> 8,293 4,879 2,028 1,386 1,997 10,469 9,087 1,243 440 4,569 2,820 163 930 12 Other reserve city: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 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 I 2,844 353 1960—Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42:,,"267 22,525 73 6,423 217 1961—June 30 63,670 39,747 18,053 5,870 1166,529 82,141 73,557 6,335 62 2,241 39,72125,199 131 6,684 205 Sept. 27 66,473 41,021 19,291 6,16116,041 84,480 74,956 6,786 64 2,909 39,409 "2-5,789 844 6,775 205 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—Feb. 28 67,806 41,986 19,183 6,637 16,884 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 7,082 16,089 86,762 77,084 6,678 73 2,213 39,743 28,377 836 7,087 206 Apr. 25 69,238 42,984 18,891 16,641 87,944 78,042 6,675 77 1,280 41,,266 28,744 ,013 7,106 206 May 30 69,433 43,304 18,585 16,523 88,089 77,911 6,314 78 2,688 39,61129,220 ,058 7,162 206 June 30 70,145 43,824 18,627 17,602 89,885 80,631 6,622 75 3,670 40,60129,663 240 7,201 206 July 25 70,305 43,969 18,482 16,409 88,886 78,686 6,633 79 1,927 40,367 "2,9680 ,159 7,181 207 Aug. 29 (old basis) 70,333 44,540 17,987 16,180 88,626 78,317 6,662 74 2,639 39,126 29,816 ,058 7,214 200 Aug. 29 (new basis) 69,597 44,049 17,819 16,027 87,722 77,524 6,646 74 2,599 38,620 29,585 ,036 7,142 194 Sept. 26*> 69,932 44,389 17,809 7,73416,897 88,950 78,946 7,010 66 2,839 39,,259 29,772 938 7,148 193 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 ,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 ,056 432 28,37814,560 23 2,934 6,519 1960—Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 ,778 1,783 43,~3~9-5 -2~9,on 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, 121 6,861 5,911 Sept. 27 71,732 38,938 23,941 8,85312,610 85,971 77,306 ,424 2,423 42,413 30,820 84 7,085 5,904 Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 ,925 1,641 46,201519 31,364 40 7,088 5,885 31,832 1962—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 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 2,046 42,292 34,227 263 7,228 5,845 June 30 75,019 41,492 23,843 9,685 13,* 90,555 81,577 ,529 2,601 42,596 34,803 80 7,323 5,842 July 25 75,467 41,436 24,228 9,803 13,154 90,135 81,147 ,482 1,832 42,767 35,029 243 7,241 5,833 Aug. 29 76,510 41,902 24,620 9,988 13,184 91,177 81,995 ,541 2,380 42,554 35,483 282 7,339 5,838 Sept. 26^ 77,919 42,738 25,01310,16813,495 92,992 83,929 ,635 2,546 43,820 35,880 100 7,394 5,832 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1314 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 Tota Securities a C ss a e s t h sl c b T a i a l l o p i i n a t t i d i a t - e a l s l Total i Interbank1 Dema O n t d her r B i o n o w g r s - - c c T a o o p u t i n a ta t l s l N b b a u o n e m f r ks - G U o .S v . t. Other co a u c n - ts2 m D a e n - d Time U. S. Other Time Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 ,762 41,29815,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,,227766 -2,9876 215 8,67113,297 1947_Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,975 34,882 61 9,73413,398 1958—Dec. 31.. 183,596 97,730 65,66920,198 48,689 236,724 214,48515,653 2,209 4,241 129,214 63,168 6718,15413,101 1959—Dec. 31.. 188,790110,299 58,348 2200,143 49,158 242,828 218,47415,500 1,358 5,037 130,720 65,858 60219,206 13,107 I960—Dec. 31.. 198,011117,092 60,46820,451 51,836 255,669 228,40116,921 1,667 5,932 132,533 71,348 14920,62813,119 1961—Dec. 30.. 213,904124,348 66,026 2233,531 56,086 276,600 247,17617,737 333 5,934141,050 82,122 462 22,08913,108 1962—June 30.. 219.163128.613 63,92126,630 48.415 274,318 243,85614,235 388 9,529 127,990 91,714 773 22,810 13,104 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,64ol 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 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 53,541 19.278 45 5,409 5,005 1958—Dec. 31.. 99,277 52,627 35,71410,936 26,781 128,397 116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—Dec. 31.. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,015 36,421 34010,302 4,542 1960—Dec. 31.. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 39,546 11111,098 4^30 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,: ,441 22511,875 4,513 1962—June 30.. 119.241 69,771 34,50814,962 26,860 149,559 133,728 8,154 123 5,424 69,256 50,770 37912,243! 4,500 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24.688 22,259 3,739 621 13,874! 4,025 1 2,246, 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4.411 8,166 24,168 7,986 130 2,945! 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068! 9,062 9 3,055! 1,918 1958—Dec. 31.. 55,588 31,435 18,585 5,568 16,407 73,620 66,102 6,192 1,420 1,530 40,640 16,320 10 5,817 1.734 1959—Dec. 31.. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962! 1.691 1960—Dec. 31.. 58,073 36.240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299! 1,644 1961—Dec. 30.. 63,196 38.924 17,971 6,302 18,501 84.303 74,119 6,835 199 2,066 43,303 "2'1,716 213 6,763 1,600 1962—June 30.. 64,256 39.442 17.557 7,257 15,993 82.800 72.329 5,641 227 3,310 38,758 24,392 355 6,936 1.570 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 9591 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 2621 4 149 12,366 6,558 11,227711 66,447788 1958—Dec. 31.. 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,14014,095 3,232 6,948 1961—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 1962—June 30.. 35,681 19.409 11,860 4,412 5,563 41,975 37,814 440 795 19,97616,565 3,633 7,036 Noninsured non- I member commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 3291 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.. 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—Dec. 31.. 1,480 534 589 358 309 1,858 1,429 150 83 873 311 3501 366 1960—Dec. 31.. 1,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1 1 9 9 6 6 1 2 — — D Ju e n c e . 3 3 0 0 . . . . 1 1 , , 5 5 3 0 6 7 5 5 7 8 7 0 5 5 5 2 3 3 4 4 0 0 6 4 3 3 4 1 6 3 1 1 , , 9 9 6 0 1 2 1 1 , , 5 4 1 4 3 : 1 1 6 7 5 7 1 1 4 3 8 7 8 79 6 5 9 1 3 3 0 2 7 0 3 3 7 7 0 2 ; ! 3 3 2 1 3 8 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31 4 18,454 5,432 11,318 1,703 4,659 23,334 21,591 4391 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 572i 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 I960—Dec. 31.. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 6431 160 657 20,98614,388 3,590 7,300 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 7191 178 565 22,32515,286 3,822 7,320 1962—June 30.. 37,188 19,989 12,383 4,816 5,876 43,877 39,256 6051 174 819 20,77116,886 4,005 7,353 Insured mutual savings banks: 1941—Dec. 31. 1,693 642 629 421 151 1,958 1,789 1,789 164! 52 1945_Dec. 31. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,20' 12 12,192 1,252 194 1958—Dec. 31. 28,980 19,180 5,215 4,585 752 30.189 27,277 2 3 28 27,243 2,473 241 1959—Dec. 31. 30,580 20,942 5,016 4,622 686 31J43 28,57^ 2 3 28 28,544 2,654 268 1960—Dec. 31. 33,794 23,852 4,787 5,155 766 35,092 31,502 1 4 29 31,468 2,998 325 1961—Dec. 30. 35,660 25,812 4,690 5,158 828 37,065 33,400 I 6 256 33,137 3,191 330 1962—June 30. 36,989 27.179! 4,708| 5,10: 779| 38,366 34,581 1 5 275> 34,300 3,259 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL AND MUTUAL SAVINGS BANKS 1315 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 s1 b c T a i a l l o p i i n a t i t d i t a - e a l s l Total i Interbank * Dema O n t d her r B i o n o w g r s - - c c T o a a o p u c t i n - a t t a l s l b N a b o n u e f k m r s - G U o .S v . t. Other cou ac n - ts 2 m D a e n - d Time 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 6 8 738 1,077 496 1945—Dec. 31 5 361 1,198 3 522 641 180 5 596 5 022 2 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 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 1 6,404 1 705 249 I960—Dec. 31 5,320 3,270 1,453 597 107 5,481 4,850 4 850 555 189 1961—Dec. 30 5 600 3 581 1 446 572 108 5 768 5 087 1 4 5 083 577 184 1962—June 30 5,882 3,751 1,570 561 104 6,052 5,306 1 15 5.291 594 181 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 all nonmember and member commercial and $400 million demand to other demand). banks; stock savings banks and nondeposit trust cos. are included with 2 Includes other assets and liabilities not shown separately. commercial banks. Member banks include 1 national bank in the 3 See note 4 on page 1311. Virgin Islands that became a member in May 1957, 2 noninsured non- 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 deposit trust cos. and, before July 1962, mutual savings banks that noninsured nonmember commercial banks with total loans and invest- became members of the Federal Reserve System during 1941 (3 before ments of about $110 million were added, and 8 banks with total loans Jan. 1960, 2 until June 1961, and 1 until July 1962). These banks were and investments of $34 million were transferred from noninsured mutual excluded from commercial banks. savings to nonmember commercial banks. Comparability of figures for classes of banks is affected somewhat 5 These data reflect the reclassification of New York City and city of by changes in F. R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962, For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962 BULLETIN, p. 993. Figures are partly estimated except on call dates. () Beginning with Feb. 1960 reserve city banks with total loans and For revisions in series before June 30, 1947, see July 1947 BULL., investments of $950 million and total deposits of $1,070 million were pp. 870-71. reclassified as country banks. Beginning with Aug. 23, 1962 (Topeka and Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city banks with total loans and investments of $500 million and total deposits nf S600 million were reclassified as country banks. LOANS AND INVESTMENTS AT COMMERCIAL BANKS [In billions of dollars] Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i Loans i Total i Loans l G U o . v S t . . Other G U o . v S t . . 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—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 i 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 215.0 124.5 64.6 25.9 214.8 124.0 64.7 26.1 May. 216.4 124.8 65.5 26.1 215.3 124.8 64.4 26.1 June 220.3 126.6 66.6 27.1 219.2 127.7 64.4 27.0 July ........ 217.8 126.1 64.1 27.6 217.8 126.1 64.2 27.5 Aug., 220.3 127.3 65.0 28.0 219.0 127.3 63.9 27.9 Sept.*1, 222.0 129.7 64.3 28.0 223.1 130.6 64.3 i Adjusted to exclude interbank loans. Dec. 31 call dates). For description of seasonally adjusted series and back data, see July 1962 BULL., pp. 797-802. NOTE —Data are for last Wed. of month (except for June 30 and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1316 COMMERCIAL BANKS LOANS AND INVESTMENTS BY CLASS OF BANK [In millions of dollars] Loans l Investments For To purchasing financial U. S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e t n d s a s t t l s - i Total i C m d t a c i r o u n n i i e a s m a d - r - l l - - A c tu u a g l r l r - - i- o b k a T s r r e n e o o r d c c - s a u r r o r i y t t T i h i e n o e s g rs b i a T n n o s k ti s tut o io T th n o e s rs R t e a e s t - a e l O u v i d t t a i n h o i d l - - e s - r Other Total Bills sec c C t u a i e f t r i e i r - t - s ies Notes Bonds s S g r l a o i e o t t n c c a i v e d u a t t e s l - . O s r e i t t h c ie e u s r dealers Total: 2 1947—Dec. 31..116,284 38,05718,1671,660 8301,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,276 3,729 1960—Dec. 31..199,509117,642 4-3,1255,676 3,2841,833 966 7,106 2188,,771133 26,396 2,90161,003 8,072 2,92019,013 30,99817,570 3,294 1961—Dec. 30..215,441124,925 45; 172 6;248 4^56 2; 134 1,033 7,311 30,,320 27,847" 4"1"2 66,57811,488 2114 ,64120,3453,592 1962—Mar. 26 e.215,750125,910 44,940 6,560 3,7302:, 0"8~0" 2,570 6,460 3300,,690 27 640 64,570 9,420 3,740 24,86026,55021,"710 33,560 June 30..220,670129,193 45,909 6,8013,254 2,005 1,474 7,22132,036 29,444 713 64,443 8,320 3,629 26,04126,45323,1653,869 All insured: 1941—Dec. 31. 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,6513,333 1945—Dec. 31. 121,809 25,765 9,4611,314 3,164 3,606 49 4,677 2,361 132 88,912 2,45519,07116,04551,342 3,8733,258 1947—Dec. 31. 114,274 37,58318,0121,610 823 1,190 114 9,266 5,654 91467,941 2,124 7,552 5,918 52,347 5,129 3,621 1960—Dec. 31. 198,011117,092 42,957 5,628 3,247 1,811 965 7,090 28,602 26,2632,88360,468 7,994 2,884 18,868 30,72217,300 3,150 1961—Dec. 30. 213,904124,348 44,965 6,211 4,030 2,107 1,027 7,29630,21127,7083,339966 66",02611,356 2,098 2""65 ,14'"5 26,426 20^68 3 ,462 1962—Mar. 26. 214,261125,337 44,742 6,523 3,706 2,0592,556 6,446 "3,057827-" 3,662222 64,034 9,298 3,706 24*,68626,343 448 3,442 June 30. 219,163128,613 45,717 6,766 3,234 1,981 1,469 7,200 31,91529,299 3,69263,921 8,226 3,577 25^886 2-'6,231 883 3,747 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 885555 3,1333,378 47 3,455 1,900 1,057 7788,338 2,27516,98514,27144,807 3,254 2,815 1947—Dec. 31.. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4'5",295 4,199 3,105 1960—Dec. 31..165,619 99,933 39,2883,5093,124 ,564 947 726 22 51821,622 2,694 49,,106 6,402 2,29615,072 25,33514,1412,439 1961—Dec. 30..179,599106,232 40,9313,934 3,877 ,827 1,014 893 23,998877 22,852 3,198 54-,,1058 9,229 1,842 2"1 ,339900 2211,59816,6912,617 1962—Mar. 26..179,272106,765 40,638 4"; 0~7~8" 3,550 ,777 2,510 6,060 24,27122,7691 " 3 J424 51.924 7,262 3,184 20 123 21,35417,994 22,589 June 30..183,497109,212 41,435 4,220 3/ ,699 1,453 6J789 25,362 24,006 3,480 52,065 6,467 2,984 21 367 21,24719,3212,899 New York City: 3 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31..26,143 7,334 3,044 2,453 ,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1960—Dec. 31..27,726 18,46510,876 1,574 399 500 1,799 868 1,930 940 6,980 1,422 578 1,708 3,272 1,964 317 1961—Dec. 30. 30,297 19,53511,278 1,956 467 376 1,711 934 2,072 1,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Mar. 26.. 29,930 19,79511,064 12 2,031 456 798 1,463 992 2,035 1,452 6,805 1,471 603 2,410 2,320 3,045 285 June 30.. 30,396 19,22410,980 10 ,512 409 568 1,774 ,084 2,075 1,321 7,659 1,989 492 2,931 2,247 3,158 355 City of Chicago: - 1941—Dec. 31. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1960—Dec. 31. 7,050 4,485 2,690 322 134 564 196 421 197 1,882 132 37 663 1,050 607 76 1961—Dec. 30. 7,606 4,626 2,609 354 137 669 221 476 229 2,041 478 92 728 743 816 124 1962—Mar. 26. 7,687 4,494 2,677 202 130 575 235 447 270 2,223 681 202 647 693 886 83 June 30. 7,937 4,672 2,659 265 147 611 278 456 298 1,936 200 151 844 741 1,150 179 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 3,661 205 427 503 17 1,459 855 38729,552 1,034 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 1,342 ,053 I960—Dec. 31. 62,953 40,00216,223 887 719 739 351 3,216 9,005 8,721 90917,396 2,031 794 5,461 9,111 4,817 738 1961—Dec. 30. 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 728 1962—Mar. 26. 68,373 42,58816,690 1,116 912 749 ,179 2,872 9,748 9,177 98018,779 2,038 1,333 7,872 7,535 6,278 728 June 30. 70,145 43,82417,077 1,1"84 727 556 3,14810,272 9,6821,12918,627 1,611 1,267 8,186 7,563 6,867 827 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 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1960—Dec. 31. 67,890 36,981 9,499 2,589 508 293 29 1,14712,44910,550 647 22,848 2,817 7,240 11,903 6,752 ,308 1961—Dec. 30. 73,131 39,69310,165 2,811 591 438 116 1,25113,24211,132 75124,407 3,614 566 9,560 10,667 7,530 1,500 1962—Mar. 26. 73,282 39,88810,207 2,928 405 442 448 1,14913,29711,110 72124,117 3,071 1,047 9,193 10,806 7,785 .493 June 30. 75,019 41,49210,719 3,007 424 416 240 1,25613,72811,792 73223,843 2,667 1,075 9,405 10,696 8,146 ,539 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 1,078 625 1960—Dec. 31. 33,910 17,719 3,8382,167 161 269 379 6,205 4,774 20711,904 1,670 624 3,941 5,668 3,431 857 1961—Dec. 30. 35,856 18,700 4,2412,314 179 306 418 6.341 4,995 214 12,525 2,259 272 4,947 5,046 3,655 976 1962—June 30. 37,188 19,989 4,474 2,580 165 306 431 6,682 5,439 233 12,383 1,853 64: 4,675 5,210 3,845 971 1 Beginning with June 30, 1948, figures for various loan items are available before 1947; summary figures for earlier dates appear in the shown gross (i.e., before deduction of valuation reserves); they do not preceding table. add to the total and are not entirely comparable with prior figures. Total 3 Central reserve city banks; redesignation as reserve city not effective loans continue to be shown net. until July 28, 1962. 2 Breakdowns of loan, investment, and deposit classifications are not For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1317 RESERVES AND LIABILITIES BY CLASS OF BANK [In millions of dollars] Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a . r i n e v t R - k h e . s s r C c e a o n n u i c d r n - y b m a a w B d n e n a o i c s k t l - e t - h i s s c 4 j p u m D o s a d a t s d e e e n i - - - t d d s 5 m D e I s o n t - t i e c r 4 ba e F n i k g o n r- 6 G U o .S v . t. S g l a o o t n c a v d a t t e l . c C h c o a f e e e i f n e c f r r d i t d s k - i ' s - , IPC I b n a t n e k r- P G U S i o a n o a . n s g S v v t d s a . - t. l S g l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p n - l i t - s etc. 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 34,383 6510,059 1960—Dec. 31.... 16,720 3,346 13,681 115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 16320,986 1961—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. 26e... 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 June 30.... 16,839 3,185 11,799 114,043 13,185 1,215 9,554 11,814 4,437 112,534 525 300 6,341 85,393 78623,183 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 14920,628 1961—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 46222,089 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 81,4122,117 22,442 June 30 16,839 3,168 11,524 113,136 13,053 1,182 9,529 11,727 4,390 111,874 388 300 6,290 85,124 77322,810 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 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1960—Dec. 31 16,720 2,518 8,582 94,594 14,875 1,561 5,287 9,016 4,244 99,134 1,639 237 3,559 53,477 13017,398 1961—Dec. 30.... 16,918 2,813 8,724 100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 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 June 30 16,839 2,399 7,182 93,555 12,633 1,163 8,734 9,107 4,080 94,826 351 274 5,096 69,793 73519,179 New York City:3 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 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—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 June 30 3,495 165 106 15,796 3,643 874 1,918 327 2,390 17,580 210 53 221 7,824 381 3,761 City of Chicago ;3 1941—Dec. 31 1,021 43 298 2,215 1 077 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 1960—Dec. 31.... 899 33 171 3,968 1,327 53 327 298 102 4,499 61 2 7 1,521 35 822 1961—Dec. 30.... 889 37 158 3,809 1,578 45 369 315 124 4,830 14 5 8 1,996 35 870 1962—Mar. 26.... 981 34 94 3,782 1,090 39 369 222 85 4,022 16 5 8 2,280 357 870 June 30 916 31 94 3,728 1,083 44 546 330 109 4,082 18 7 10 2,581 34 894 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 l945_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—Dec. 30.... 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—Mar. 26.... 7,445 897 2,137 34,137 6,460 231 2,436 3,057 773 35,939 73 110 2,512 25,684 752 7,070 June 30 7,406 764 2 111 33,710 6,394 228 3,670 3,191 907 36,504 75 110 2,706 26,847 240 7,201 Country: 1941_Dec. 31 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 ,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 ,755 23 1,783 5,083 713 37,598 37 122 1,562 27,327 23 6,599 1961—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 1,438 14 1,940 5,093 570 36,429 45 103 2,125 31,304 126 7,237 June 30 5,023 1,438 4,872 40,321 ,512 17 2,601 5,261 676 36,660 48 104 2,158 32,541 80 7,323 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 I960—Dec. 31 828 5,099 20,525 578 65 657 2,658 357 17,970 160 25 985 13,378 33 3,590 1961—Dec 30 876 5,446 21 994 649 70 565 2 755 402 19 168 178 23 1,094 14,169 33 3,822 1962—June 30 . 787 4,617 20,489 553 52 819 2,707 356 17,708 174 26 1,245 15,614 52 4,005 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

1318 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Total Loans loans and Com- To brokers Wednesday m in a e v n n e d t s s t - 1 j i m u n s a v e t d e e n - s d t t s - 2 j L u o s a t d a e - n d s 2; i m n t a c r d n i e i a u a d r l s l - - A t c u u g r l r a - i l - G U a o n .S v d . t. de O al t e h rs er G U T o .S v o . t. oth O e s t r e h s - er For B - ank m D t e i o c s - - P s a a e N n l r e d s o s . nbank Real o A th l e l r V se t a r r i e l o v u - n e a s c t s u i e e r - s i- c t u ie ri s - c t s u i e e r - s i- c t u ie ri s - eign c m c o i e m a r l - - f C i e n O t a c S . n ., . Other Total- Leading Cities 1961 Sept. 6 115,519 114,270 69,662 31.548 1,116 264 1,853 103 ,355 572 1,249 3,274 1,818 13,058 16,273 1,572 13 116,648 115,106 70,306 31,728 1,134 477 1,978 107 ,373 559 1,542 3,286 1,852 13,101 16,282 1,571 20 117,251 115,920 71,025 31.937 1', 145 755 1,985 118 ,370 552 1,331 3,495 1,868 13,126 16.245 1,571 27. 118J06 117,103 70,989 31,805 1.166 739 1,8 109 .320 509 1,603 3,460 2,027 13,136 16,391 1,571 !962 Aug. i 124,212 122,314 75,732 33,146 1,221 363 1,916 ,303 740 1,898 3,717 2,542 14,525 17,895 1,728 8 122,947 121,149 75,236 33,120 1,214 199 1,886 ,299 753 1,798 3,480 2,536 14,542 17,856 1,728 15 124,437 122,717 76,074 33,360 1,218 452 2,009 ,306 739 1,720 3,602 2,584 14,604 17,847 1,730 22 123,850 122,328 75,924 33,418 ,230 349 1,876 ,298 740 1,522 3,557 2,582 14,656 17,869 1,730 29 124,105 122,068 75,975 33,44 ,230 298 1,926 ,300 744 2,037 3,505 2,599 14,696 17,883 1,728 124,449 122,592 76,211 33,392 243 304 1,976 .298 704 1,857 3,684 2,631 14,728 17,905 1,734 124,909 123,149 76,957 33,590 ,263 827 2,040 ,295 681 1,760 3,525 2,648 14,810 17,931 1,735 19.. 126,065 124,252 78,259 33,881 ,286 1,440 2,180 ,290 666 1.813 3,637 2,683 14,877 17,970 1,733 26 125,344 124,140 78,178 34,063 .296 1.178 2,188 .26< 650 1.204 3,530 2,6" " 14.927 18.034 1,734 New York City 1961 Sept. 6, 28.169 27,652 17,035 10,351 132 1,160 21 426 296 51 1,054 309 769 2,954 441 13..... 28;768 28,298 17,365 10,409 276 1,250 20 432 280 470 1,094 312 778 2,951 441 20. 28,811 28,638 17,751 10,502 436 1,235 27 42< 263 173 1,197 347 784 2,968 441 27 29,174 28,879 17,734 10,48' 485 1,149 27 227 295 1,173 389 787 3,or 441 5962 Aug. I.... . 29,885 29,139 18,57 10,930 192 1,026 13 404 373 746 1,300 528 1,018 3,277 495 8... 29,039 28,40' 18,171 10,900 103 973 13 402 380 638 1,091 534 1,023 3,239 495 15 29,782 29,238 18,680 11,007 319 1,048 14 404 365 544 1,216 540 ,024 3,230 495 22 29,174 28,862 18,440 11,002 160 942 14 403 364 312 1,197 555 ,037 3,254 496 29 29,467 28,738 18,44^ 11,013 145 996 14 404 364 729 1,150 562 ,052 3,236 496 Sept. 5 ... 29,791 29.159 18,540 11,006 115 1,035 14 399 331 632 1,261 563 ,055 3,251 498 12 29,943 29;490 19,031 11,075 601 1,089 14 400 302 453 1,128 573 ,082 3,257 498 19.... 30,363 29,919 19,697 11,203 979 1,186 13 396 292 444 1,200 573 ,092 3,253 498 26 , . „ 29,872 29,669 19,590 11,300 834 1,186 13 38 27- 203 1,083 570 ,107 3,326 497 Outside New York City 1961 I Sept. 6. 87,350j 86,61* 52,62' 21,19 1,112 132 693 929 276 732 2,220 1,509 12,289 13,319 ,131 13.. 87,8801 86,808 52,94 21,319 1,130 201 728 941 279 ,072 2,192 1,540 12,323 13,331 ,130 20. 88,440 87,282 53,274 21,435 1,141 319 750 941 289 ,158 2,298 1,521 12,342 13,277 ,130 27 89,532 88,224 53,255 21,32 1,158 254 749 886 282 ,308 2,287 1,638 12,349 13,379 ,130 1962 Aug. I.. 94,327 93,17 57,158 22,216 1,213 171 890 899 367 ,152 2,417 2,014 13,507 14,618 ,233 8 93,908 92,748 57,065 22,220 1,206 96 913 897 373 ,160 2,389 2,002 13,519 14,617 ,233 15 94,655 93,479 57,394 22,353 1,210 133 961 902 374 ,176 2,386 2,044 13,580 14,617 ,235 22 94,676 93,466 57,484 22,416 1,222 189 934 895 376 ,210 2,360 2,027 13,619 14,615 ,234 29 94,638 93,330 57,528 22,429 1,223 153 930 896 380 ,308 2,355 2,037 13,644 14,647 ,232 Sept. 5.. 94,658 93,43. 57,67 22,38* 1,23 189 941 373 ,225 2,423 2,068 13,673 14.65' ,236 12 94,966 93,65' 57,92 22,515 1,25 226 951 895 379 ,307 2,397 2,075 13,728 14,67' ,237 19 95,702 94,33: 58,562 22,678 1,27 461 994 374 ,369 2,437 2,110 13,785 14.71' ,235 26 95,472 94,47 58,588 22,763 1,289 344 1,002 376 ,00 2,447 2,126 13,820 1;70 ,237 For note see p. 1320. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1319 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Investments Cash assets 3 Total U. S. Government securities assets— Total Wednesday Notes and bonds Other a B nc a e l- s a B n a c l e - s Currency se R rv e- es o A th l e l r lia ti b e i s li- Cer- maturing— secu- Total with with and with assets and tifi- rities domes- for- coin F. R. capital Total Bills cates W i i n th- 1 to After ba ti n c ks b e a i n g k n s Banks accounts lyear 5 years 5 years Total- Leading Cities 1961 Sept. 6 33,321 5.556 1,516 6,244 15.887 4,118 11.287 16,973 3,001 132 1,377 12,463 4,410 148,166 13 33,171 5.457 1,508 6,22r 15,847 4,130 11,629 17,211 2,955 141 1,475 12,640 4,420 151,134 20 33,181 5; 469 1.550 6,284 15.792 4,086 11.714 17,452 2,875 142 1,449 12,986 4,370 151,402 27 34,414 6.717 1,548 6,310 15J76 4.063 11.700 16,727 2,824 153 1,490 12,260 4,474 151,540 1962 Aug. 1 31,638 3,573 2,085 6,737 14,667 4,576 14,944 17,453 2,911 152 ,483 12,907 4,754 159,825 8 30,959 3,035 2,077 6,664 14,626 4,557 14,954 17,178 2,683 150 ,499 12,846 4,725 156,300 15 31,747 3,283 2,971 r7,251 r12,967 5,275 14,896 17,448 2,999 159 ,508 12,782 4,559 161,317 2 2 2 9 3 3 1 1 , , 4 0 5 7 0 5 2 3 , , 8 10 3 3 3 2 2 , , 9 9 8 6 0 8 r r 7 7, , 4 3 8 5 5 6 ' r 1 1 2 2 , , 7 5 9 6 0 4 5 5 , , 2 2 2 2 1 5 1 15 4 , , 0 9 1 5 8 4 1 1 7 7 , , 4 0 7 8 3 9 2 2 , , 6 6 7 7 9 4 1 16 6 1 4 , , 5 6 6 3 9 0 1 1 3 2 , , 0 6 6 2 1 4 4 4, , 5 4 9 4 9 3 1 1 5 5 7 7 , , 2 5 1 2 9 7 Sept. 5 31,370 3,194 2,939 7,530 12,466 5,241 15.011 17,329 2,901 157 ,525 12,746 4,628 158,747 12 30,917 3,034 2,921 7,432 12,366 5,164 15,275 17,576 2,964 159 ,670 12.783 4,589 161,224 19 30,944 3,081 2,885 7,431 12,357 5,190 15,049 17,622 2,971 152 ,628 12:871 4,568 161,527 30.818 2.970 2.144 5,981 14.007 5,716 15,144 17.464 2,822 141 ,654 12", 847 4,544 150',833 26 New York City 1961 7,939 2,128 494 1,270 3,269 778 2,678 3,879 54 62 184 3,579 K924 37,419 Sept. 6 8.042 2,254 486 1,262 3,267 773 2,891 4,147 70 71 200 3,806 1,961 38,990 13 8.003 2,279 495 1,292 3,197 740 2,884 4,148 79 72 186 3,811 1,905 38,935 20 8.280 2,573 498 1.299 3.172 738 2,865 3.922 61 78 199 3,584 1,984 39,181 27. 1962 Aug. 1 6,895 ,469 442 1,467 2,513 ,004 3,670 4,065 64 77 214 3,710 ,899 40,621 8 6,556 ,198 437 1,424 2,499 998 3,674 3,918 80 78 219 3,541 ,935 38,681 15 6,895 ,303 729 1,541 2,145 ,177 3,663 3,783 75 92 216 3,400 ,838 40,756 22 6,721 ,212 688 1,521 2,157 ,143 3,701 4,115 72 84 221 3,738 ,824 39,087 29 6,560 ,024 698 1,523 2,169 ,146 3,731 3,891 66 88 230 3,507 ,927 39,310 Sept. 5 6,885 ,410 664 1,528 2,151 .132 3.734 3,682 67 83 230 3,302 ,904 39,074 12 6.538 ,205 659 1,507 2,088 ,079 3,921 4,094 61 87 240 3,706 ,887 40,410 19 6i 429 .095 676 1,506 2,084 ,068 3,793 3,915 67 83 230 3,535 1,887 40,403 26 6.266 969 476 1.239 2.392 ,190 3.813 4.050 61 72 242 3,675 I',844 40,091 Outside New York City 1961 25.382 3,428 1,022 4,974 12,618 3,340 8,609 13,094 2,947 70 1,193 8,884 2,486 110,747 ^ .!:::::::::: 25,129 3,203 1,022 4,967 12,580 3,357 8,738 13,064 2,885 70 1,275 8,834 2,459 112,144 20 25.178 3,190 1,055 4,992 12,595 3,346 8,830 13,304 2,796 70 1,263 9,175 2,465 112,467 27 26.134 4,144 1.050 5,011 12,604 3,325 8,835 12,805 2,763 75 1,291 8.676 2,490 112,359 1962 Aug. 1 24,743 2,104 1,643 5,270 12,154 3,572 11,274 13,388 2,847 75 1,269 9,197 2,855 119,204 8 24,403 ,837 1,640 5,240 12,127 3,559 11,280 13,260 2,603 72 1,280 9,305 2,790 117,619 15 24,852 ,980 2,242 r5,710 r10,822 4,098 11,233 13,665 2,924 67 1,292 9,382 2,721 120,561 22 24,729 ,891 2,292 r5,835 r10,633 4,078 11,253 13,358 2,607 80 1,348 9,323 2,619 118,440 29 24,515 ,809 2,270 r5,962 r10,395 4,079 11,287 13,198 2,608 73 1,400 9,117 2,672 117,909 Sept. 5 24.485 ,784 2,275 6,002 10,315 4,109 11,277 13,647 2,834 74 1,295 9,444 2,724 119,673 12 24', 379 ,829 2,262 5,925 10,278 4,085 11,354 13,482 2,903 72 1,430 9,077 2,702 120,814 19 24,515 ,986 2,209 5,925 10,273 4,122 11,256 13,707 2,904 69 1,398 9,336 2,681 121,124 26 24,552 2,001 1,668 4,742 11,615 4,526 11,331 13.414 2.761 69 1,412 9,172 2,700 119,742 For notes see p. 1320. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Cap- De- Other ital Wednesday ju u T s n o t a e t d a d l - 4 ju p m s o a d a t d s e e n i - - d t d s Total 6 IPC S l a o t n c a d a te l e F ig o n r - 7 G U o . v S t . . c m m D o ti e e m o c s r - - - - Total 8 S in a g v s - Oth S a e t n r a d t t e ime For- F B F r . a o n R m k . s F ot r h o e m rs li i a ti b e i s l- co a u c n - ts govt. cial IPC local eign 7 banks govt. Total— Leading Cities 1961 Sept. 6 28,475 61,791 87,72263,895 4,673 1,583 2,787 ,880 40,753 29,079 6,458 2,783 2,127 31 1,503 5,48812,669 13 30,896 63,341 89,95767,108 4,480 ,573 1,97411,787 40,939 29,110 6,589 2,809 2,126 11 2,025 5,52912,673 20 31,304 62,720 90,39465,689 4,494 ,635 3,62611,719 40,910 29,156 6,519 2,788 2,140 179 1,761 5,510 12,648 27 31,361 62,166 90,35464,480 4,693 ,643 5,53311,022 41,007 29,244 6,512 2,777 2,154 72 2,003 5,42212,682 1962 Aug. 1 38,769 62,451 91,52765,116 5,129 ,671 4,369 11,301 47,242 33,114 ,251 3,252 2,269 133 2,136 5,426 13,361 8 34,707 61,308 87,32663,018 4,953 ,611 3,070 11,498 47,381 33,242 ,260 3,233 2,289 566 2,219 5,43613,372 15 40,054 60,518 92,558833 6644,914 4,848 ,644 5,321 11,871 47,471 33,304 ,296 3,239 2,274 268 2,188 5,453 13,354 22 36,323 60,484 88,73562,687 4,697 ,605 5,413 11,077 47,588 33,374 ,354 3,246 2,259 494 2,002 5,370 13,338 29 35,630 60,638 87,90162,583 4,622 ,565 4,917 10,920 47,729 33,404 ,428 3,255 2,282 77 2,547 5,57513,390 Sept. 5 37,348 60,899 89,62563,769 4,819 ,571 4,451 11,934 47,723 33,481 ,402 3,222 2,264 58 2,435 5,483 13,423 12 139,636 62,094 91,773355 6666,878 4,389 ,575 3,24712,244 47,901 33,552 ,548 3,216 2,230 147 2,579 5,44813,414 19 140,077 61,758 92,17465,687 4,426 ,593 5,052 12,092 47,903 33,631 ,457 3,238 2,224 40 2,588 5,42413,398 138,524 61,073 90,42164,190 4,528 ,554 5,418 11,449 48,103 33,739 ,540 3,253 2,216 741 1,795 5,34413,429 26 New York City 1961 30,194 16,212 23,31916,595 246 1,159 709 2,951 6,875 2,711 2,149 247 1,636 713 2,876 3,631 Sept-,!:::::::: 31,214 16,818 24,22617,761 240 1,150 474 2,820 6,988 2,716 2,264 250 1,630 1,221 2,913 3,634 20 31,458 16,565 24,52017,181 274 1,229 909 2,975 6,938 2,730 2,186 248 1,642 984 2,792 3,619 27 31,608 16,160 24,65316,914 299 1,240 1,482 2,910 6,955 2,746 2,170 238 1,657 1,087 2,836 3,625 1962 Aug. 1 33,115 15,998 25,09916,743 296 1,229 1,246 3,083 8,016 3,643 2,375 197 1,620 1,026 2,702 3,778 8 30,962 15,295 22,897.15,728 256 ,198 886 2,927 8,065 3,677 2,388 195 1,623 115 1,085 2,738 3,781 15 33,214 15,119 25,12616,362 293 ,202 1,492 3,162 8,088 3,687 2,408 199 1,610 29 1,046 2,691 3,776 22 31,564 15,217 23,44215,756 247 ,165 1,457 2,794 8,122 3,700 2,438 201 1,604 108 976 2,676 3,763 29 31,523 15,139 23,35415,727 206 ,141 1,319 2,871 8,169 3,698 2,472 205 1,614 1,234 2,782 3,763 31,299 15,432 23,18215,943 320 ,167 1,231 2,822 8,117 3,705 2,437 201 1,595 1,270 2,723 3,774 Sept .!:::::::: 32,406 15,867 24,21916,888 255 ,147 834 3,032 8,187 3,727 2,519 193 1,569 59 1,487 2,683 3,775 19 32,402 15,806 24,27716,669 260 ,177 1,269 2,964 8,125 3,745 2,442 196 1,561 1,571 2,660 3,770 26 32,337 15,372 24,12116,281 233 ,155 1,446 2,978 8,216 3,771 2,503 208 1,551 *245 1,143 2,602 3,764 Outside New York City 1961 98,281 45,579 64,403 47,300 4,427 424 2,078 8,929 33,878 26,368 4,309 2,536 491 790 2,612 9,038 Sept-,!:::::::: 99,682 46,523 65,73149,347 4,240 423 1,500 8,967 33,951 26,394 4,325 2,559 496 804 2,616 9,039 20 99,846 46,155 65,874 4488,508 4,220 406 2,717 8,744 33,972 26,426 4,333 2,540 498 777 2,718 9,029 27 99,753 46,006 65,70147,566 4,394 403 4,051 8,112 34,052 26,498 4,342 2,539 497 916 2,586 9,057 1962 Aug. 1 , 105,654 46,453 66.428 48,373 4,833 442 3,123 8,218 39,226 29,471 5,876 3,055 649 133 1,110 2,724 9,583 8 103,745 46,013 64.429 47,290 4,697 413 2,184 8,571 39,316 29,565 5,872 3,038 666 451 1,134 2,698 9,591 15 106,840 45,399 67,45748,552 4,555 442 3,829 8,709 39,383 29,617 5,888 3,040 664 239 1,142 2,762 9,578 22 104,759 45,267 65,29346,931 4,450 440 3,956 8,283 39,466 29,674 5,916 3,045 655 386 1,026 2,694 9,575 29 104,107 45,499 64,54746,856 4,416 424 3,598 8,049 39,560 29,706 5,956 3,050 668 69 1,313 2,793 9,627 Sept. 5 106,049 45,467 66,44347,826 4,499 404 3,220 9,112 39,606 29,776 5,965 3,021 669 50 1,165 2,760 9,649 12 107,230 46,227 67,516 49",990 4,134 428 2,413 9,212 39,714 29,825 6,029 3,023 661 88 1,092 2,765 9,639 19 107,675 45,952 67,89 49,018 4,166 416 3,783 9,128 39,778 29,886 6,015 3,042 663 40 1,017 2,764 9,628 26 106,187 45,701 66,30047,909 4,295 399 3,97" 8,471 39,887 29,968 6,037 3,045 665 496 65f 2,742 9,665 * After deduction of valuation reserves. 6 Includes certified and officers' checks and deposits of mutual savings 2 Exclusive of loans to domestic commercial banks and after deduction banks, not shown separately. of valuation reserves; individual loan items are shown gross. 7 Deposits of foreign governments and official institutions, central banks, 3 Excludes cash items in process of collection. international institutions, banks in foreign countries, and foreign branches 4 Total demand and total time deposits. of U. S. banks other than reporting bank. 5 Demand deposits other than domestic commercial interbank and 8 Includes U. S. Govt., postal savings, domestic commercial interbank, U. S. Govt., less cash items in process of collection. and mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 1321 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS [Net change in millions of dollars] Week Month Quarter Half year Industry 1962 1962 1962 1962 1961 Sept. Sept. Sept. Sept. Aug. 26 19 12 29 Sept. Aug. July III 1st. Classification basis Old Durable goods manufacturing: Primary metals 1 7 -10 16 11 -49 -119 -12 -131 Machinery 18 44 -2 9 -18 69 -401 31 -50 138 89 Transportation equipment 1 89 -40 8 -18 57 80 -152 -15 27! 69 96 -100 Other fabricated metal products. . -14, 14 -10 -12 -9 -14 -26 -48 50j 76 126 Other durable goods 4I 14 4 9 -5 31 19 90 140 U2j 16 128 Nondurable goods manufacturing: P O F T C e o e h t t h x o e r e t m d o i r l , l i e e c n l s u i a o , q m l n s a u d p o r a u p r e n , r a f d a i r a n e b n i r l l n u , d e g b a t g b n o o e d b r o a d l c e s c a o ther - - 1 2 3 8 1 2 5 -2 - - 2 1 6 0 7 -1 3 1 7 6 2 5 5 -3 -6 2 1 1 9 0 -1 2 3 1 5 - - 1 1 5 6 3 1 1 1 0 7 1 - 1 2 2 5 0 6 5 2 1 7 I -1 - -7 3 - 0 7 1 7 5 9 | l -1 1 5 9 1 1 4 6 1 2 -1 - 1 1 5 4 3 6 4 2 2 7 4 -3 - 2 5 4 4 3 1 3 5 7 9 0 -4 - 2 1 6 9 8 7 7 7 7 9 6 4 -4 1 9 7 8 8 7 1 Mining, including crude petroleum 6 and natural gas 11 -1 16 3 -19 -101 -25 170 178 249 Trade: Commodity dealers -16 16 20 42 42 87 -161 -77 -237 -325 Other wholesale 5 7 8 8 32 32 -II 63 52 -18 34 Retail 4 29 -6 17 30 25! — 1S| 36 52 10 61 -175 Transportation, communication, and other public utilities., 103 48 12 212 94! 3J 309 -2.23 -510 -330 Construction _3 23 17 — 4 23 29 164 182 All other types of business, mainly 53 services 21 26! -40 21 127 205 406 Net change in classified loans 175 306! 165 602! 429; -39ll 640 116 80 196 -463 Commercial and industrial change—all weekly reporting banks 182| 291 198 -50 24! 621 -400! 709 340 94 434 2-387 1 Because of reclassifications 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 week 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 p A e a r r n i e d o a d lo A a l n l s 1— (tho 1 u 0 s — ands of 1 0 d 0 o — llars) 200 p A e a r r n i e d o a d lo A a l n l s I (thou 10 s — ands of 1 0 d 0 o — llars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.:1 19 large cities: New York City: 1961—Sept 4.75 5.65 5.36 5.06 4.64 1953 . 3.7 5.0 4.4 3.9 3.5 Dec . . .. 4.77 5.66 5.37 5.04 4.66 1954 3.6 5.0 4.3 3.9 3.4 1962—Mar 4.78 5.65 5.36 5.04 4.68 1955 . .. 3.7 5.0 4.4 4.0 3.5 Jure r4.19 '•5.64 r5.35 5.09 4.68 1956 4.2 5.2 4.8 4.4 4.0 Sept 4.77 5.60 5.35 5 14 4.65 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—Sept .. 5.05 5.86 5.53 5.18 4.93 I960 5 2 6.0 5.7 5.4 5.0 Dec 4.96 5.82 5.51 5.22 4.81 1961 5 0 5.9 5.5 5.2 4.8 1962—Mar 4.97 5.85 5.53 5.17 4.83 June.. 5.00 5.83 5.52 5.21 4.86 Sept. 5 00 5.87 5.51 5.20 4.87 Quarter:l 19 large cities: 11 southern and western cities: 1961—Sept 4.99 5.87 5.52 5.19 4.82 1961—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 '5.88 5.53 5.25 r4.84 June.. ... 5.33 6.01 5.65 5.39 5.12 Sept .... 4.99 5.86 5.53 5.21 4.82 Sept 5.32 5.98 5.65 5.28 5.12 1 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%; NOTE.—Weighted averages. For description see Mar. 1949 BULL., Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4%; 1958— pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1953-Apr. 26, 1953. Jan. 22, 4; Apr. 21, 3Vi; Sept. 11, 4; 1959—May 18, 4%; Sept. 1, 5; and Changes thereafter occurred on the following dates (new levels shown, in I960—Aug. 23, 41/1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable)4 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period paper, placed acceptm 4 o - n to th s 6 - *• m d 3 i o - r n e to c th t l s 6 y - , 2 90 a n d c a e y s s , 3 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie rk ld et (m y B i a e i r l l l d k s ) et Other 5 3 is - y s u t e o e a s r 5 6 - 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—Sept 3.05 2.68 2.84 2.304 2.28 2.689 2.68 3.03 3.77 Oct 3.00 2.79 2.75 2.350 2.30 2.702 2.66 2.90 2.97 3.64 Nov 2.98 2.74 2.75 2.458 2.48 2.686 2.70 2.90 2.95 3.68 Dec 3.19 2.93 2.87 2.617 2.60 2.875 2.88 2.97 3.03 3.82 1962—Jan 3.26 3.05 3.00 2.746 2.72 2.965 2.94 3.19 3.08 3.84 Feb 3.22 3.00 3.00 2.752 2.73 2.955 2.93 3.21 3.11 3.77 Mar 3.25 3.02 3.00 2.719 2.72 2.883 2.87 2.98 2.99 3.55 Apr 3.20 3.09 3.00 2.735 2.73 2.838 2.83 2.90 2.94 3.48 May 3.16 2.95 2.91 2.694 2.68 2.789 2.78 2.91 2.98 3.53 June 3.25 3.02 2.90 2.719 2.73 2.804 2.80 2.89 3.02 3.51 July 3.36 3.20 3.07 2.945 2.92 3.085 3.08 3.17 3.23 3.71 Aug 3.30 3.12 3.11 2.837 2.82 3.005 2.99 3.10 3.13 3.57 Sept 3.34 3.13 3.09 2.792 2.78 2.947 2.93 2.99 3.00 3.56 Week ending— 1962—Sept. 1.... 3.30 3.10 3.08 2.806 2.80 2.916 2.93 3.02 3.06 3.52 8.... 3.25 3.13 3.06 2.834 2.82 2.977 2.95 3.04 3.08 3.56 15.... 3.35 3.13 3.06 2.789 2.78 2.911 2.93 3.00 3.01 3.59 22 3.38 3.13 3.10 2.796 2.77 2.962 2.93 2.98 2.97 3.57 29.... 3.38 3.13 3.13 2.749 2.75 2.938 2.90 2.93 2.95 3.51 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance cos., for varying maturi- closing bid prices. ties in the 90-179 day range. 5 Certificates of indebtedness and selected note and bond issues. 3 Averages 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 United and local rating group price ratio price ratio States Total i (longterm) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 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 5.88 1961. 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2.98 4.74 1961—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 4.87 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 5.00 Apr 3.89 3.21 2.98 3.55 4.63 4.33 5.02 4.46 4.86 4.56 4.45 3.05 May. 3 88 3 21 2.98 3.55 4.58 4.28 5.00 4.42 4.83 4.50 4.45 3.32 June 3 90 3 31 3.06 3.65 4.59 4.28 5.02 4.45 4.86 4.47 4.52 3.78 6.41 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 Aus .. 3.97 3.38 3.10 3.74 4.64 4.35 5.06 4.51 4.90 4.50 4.55 3.57 Sept 3.94 3.28 3.01 3.66 4.61 4.32 5.03 4.45 4.88 4.49 4.50 3.60 Week ending— 1962—Sept. 1 3.94 3.31 3.03 3.66 4.63 4.33 5.05 4.48 4.90 4.50 4.52 3.56 8 3.96 3.30 3.02 3.66 4.62 4.33 5.04 4.47 4.89 4.50 4.50 3.59 15 3.95 3.29 3.02 3.66 4.61 4.32 5.03 4.46 4.88 4.50 4.50 3.55 22 3.94 3.27 3.01 3.66 4.61 4.31 5.03 4.44 4.88 4.50 4.50 3.54 29 3.93 3.26 3.00 3.65 4.60 4.31 5.02 4.44 4.87 4.49 4.49 3.72 Number of issues .. ... 4-10 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- figures Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number of from Moody's Investors Service series. corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1323 SECURITY PRICES Bonds Common stocks Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Period ( G t U l e o o r . n m S v g . t ) - . g n (h r M ic a i i g d u p h e - a ) - l ( g C h r p r a i a o o g t d - r e h e - - ) Total d t I r u n i s a - - l R ro a a i d l- P u i u l t t i i b y c l - - Total To M tal anu r D a fa b u c l - t e urin N r d a g o b u n l - e - T p t r o i a o r n n ta s - - P u l i u i t t c i b y l - - - T n s a a e r i f c n a n r i v e d d - c - e e , , M in i g n- s s t h h a i ( a o n n o i r n f g d u es s - ) 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—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 . 86.07 110.2 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 Aug ., .,., ., „. 86.64 110.1 95.3 58.52 61.29 28.09 56.96 119.5 110.4 109.1 111.7 90.6 160.7 143.6 92.7 3,368 87.02 112.1 95.8 58.00 60.67 27.68 56.96 117.9 108.9 106.2 111.5 88.5 158.2 141.6 92.3 3,310 Week endine- 1961 Septr 1 87.03 111.4 95.6 58.96 61.71 28.43 57.60 120.6 111.4 109.9 112.8 91.5 161.8 146.6 93.3 2,866 8 86.85 111.4 95.6 58.36 61.03 28.12 57.34 119.0 109.8 107.9 111.6 90.7 159.9 144.1 92.6 3,024 15. , . .. 86.98 111.9 95.7 58.69 61.45 28.00 57.33 120.1 111.3 109.0 113.6 89.8 160.1 143.8 93.9 2,924 87.03 112.4 95.8 58.66 61.40 27.61 57.43 117.7 108.6 105.4 111.7 87.2 158.8 141.6 91.7 3,519 29. 87.20 112.7 96.0 56.36 58.87 27.08 55.82 114.6 106.0 102.5 109.2 86.2 154.1 136.8 90.8 3,713 Number of issues 15 17 500 425 25 50 300 193 108 85 18 34 45 10 NOTE.—Annual data are averages of monthly data. Monthly and Common stocks, Standard and Poor's index based on averages of daily weekly data are computed as follows: figures; Securities and Exchange Commission index on weekly closing U. S. Govt. bonds, derived from average market yields in preceding prices. table on basis of an assumed 3 per cent, 20-year bond, averages of daily Volume of trading, average daily trading in stocks on the N. Y. Stock figures. Exchange for a 5Vi-h.our trading day. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond: Wed. closing prices. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit Net debit balances with Bank loans to others than Total N. Y. 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 3,280 164 181 221 2,362 996 I960—Dec 4,415 95 3,222 134 193 142 2,133 1,135 1961—Sept i 5,311 46 3,991 109 i !.32O 64 2,666 1,227 Oct 5,333 44 4,029 103 1,304 56 2,654 1,214 Nov. 5,460 39 4,141 102 1,319 51 2,752 ,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 Aui?... ....... '5,073 23 r3,773 80 1,300 35 2,472 ,130 Sept........ 5,155 27 3,886 81 1,269 49 2,689 ,090 1 Reclassification of loans reduced these items by $66 million, see borrowed includes borrowings from banks and from other lenders except Dec. 1961 Bull., p. 1436, note 3. member firms of national securities exchanges. NOTE.—Data in the first three cols, and last col. are for end of month, Bank loans to others then brokers and dealers: figures are for weekly in the other cols., for last Wed. 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 IS. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1324 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDIN [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 Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers * ly2 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 31 911 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 Aug 4,946 1.617 3,329 2,400 970 753 217 34 137 1,259 429 964 49 192 765 Sept. 4,875 1,730 3,145 2,422 946 740 207 35 123 1,318 452 964 59 191 757 Oct 5,119 1,818 3,301 2,491 1,035 829 206 38 117 1,301 457 949 91 225 769 Nov 5,349 [,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 [,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 5 864 .878 3 986 2,342 965 731 234 60 85 1,232 473 751 145 117 857 July 6,169 2,002 4,167 2,306 1,009 736 273 43 80 1,175 485 705 143 93 881 Aug 6,575 2,119 4,456 2,277 937 721 216 35 71 1,234 488 667 138 72 912 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 or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with 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 .S v . t. S l a o t n c a a d te l C r o a a r n t p d e o- a C s a se s t h s O as t s h e e t r s s l T u ia a t r o i b n p e t i d a s l 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 om or m tg i a tm ge e n lo ts a n 3 govt. other l 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 1 582 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 1 664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34 977 606 3,362 65,248 I 170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1961—July 27,972 385 6,314 685 5,160 835 620 41,970 37,450 852 3,668 66,544 [,792 28,179 431 6,320 686 5,137 821 629 42,202 37,549 935 3,718 64,910 I 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 I 546 Nov 28,680 469 6,172 677 5,042 847 642 42,529 37,892 857 3,779 59,882 1,533 Dec 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962—Jan 29,145 455 6,245 669 5,064 837 655 43,071 38,446 845 3,780 68,614 1,588 Feb 29,333 461 6,322 651 5,065 884 661 43,378 38,611 944 3,823 65 839 1 644 Mar . .. 29,563 508 6,531 633 5,090 896 676 43,897 39,083 973 3,840 69,223 1,698 Apr 29,833 468 6,315 607 5,055 817 671 43,766 39,032 923 3,811 73 401 1 817 May 30,087 537 6,331 587 5,057 829 670 44,100 39,216 1,016 3,868 78,707 1 897 June7" 30,398 519 6,296 582 5,069 883 675 44,421 39,642 921 3,859 79,248 1,940 July . . .. 30,688 506 6,285 577 5,135 837 678 44,706 39,814 1,021 3,871 84,357 1 994 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. 1311. 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 1325 LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities End of period T as o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 1 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 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 .285 44,057 40,666 3,391 35,236 3.119 3.869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4.188 4,624 1959 113,650 11,581 6,868 3,200 ,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11.679 6,427 3,588 ,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 ,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 Book value : 1959—Dec... 113,650 11,599 6,858 3,221 ,520 48,840 45,157 3,683 39,237 3.678 4,620 5.676 1960—Dec... 119,576 11,699 6,428 3,606 ,665 51,063 46,967 4,086 41,815 3,796 5,233 5,980 1961—July... 123,381 11,972 6,440 3,786 ,745 52,623 48,245 4,378 43,052 3,870 5,541 6,324 Aug.... 123,902 12,021 6,440 3,822 ,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 Sept.... 124,411 12,057 6,390 3,851 ,816 53,003 48,533 4,470 43,381 3,917 5,618 6,435 Oct.... 125,064 12,093 6,403 3,868 ,822 53,292 48,767 4,525 43,580 3,936 5,652 6,511 Nov.... 125,706 12,133 6,360 3,904 ,869 53,473 48,891 4,582 43,815 3,952 5,683 6,650 Dec... 126,589 11,893 6,104 3,922 ,867 53,938 49,158 4,780 44,241 3,966 5,720 6,831 1962—Jan 127,311 12,155 6,314 3,958 ,883 54,329 49,506 4,823 44,378 3,973 5,768 6,708 Feb.... 127,731 12,196 6,335 3,960 ,901 54,519 49,657 4,862 44,494 3,992 5,792 6,738 Mar.... 128,108 12,248 6,257 4,078 ,913 54,704 49,814 4,890 44,637 3.989 5,834 6,696 Apr.... 128,569 12,341 6,351 4,064 ,926 54,965 50,039 4,926 44,751 4,010 5,880 6,622 May... 128,931 12,323 6,325 4,050 ,948 55,274 50,307 4,967 44,946 4,024 5,927 6,4'37 June... 129,144 12,237 6,230 4,058 ,949 55,445 50,491 4,954 45,142 4,043 5,981 6,296 July... 130,002 12,418 6,406 4,062 1,950 55,697 50,706 4,991 45,340 4,097 6,038 6,412 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end 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." SAVINGS AND LOAN ASSOCIATIONS [In millions of dollars] Assets Liabilities Total Mortgage E pe n r 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 — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e 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 ?44 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1 411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1 430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 35,139 47,976 3,845 1,444 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 1960 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—Jniv 64 795 4,989 2,724 4,341 76,849 66,681 5,282 2,028 1,554 1,304 2 144 Aus 65 705 5 055 2,638 4,417 77,815 67 177 5 286 2,160 1,596 1,596 2 186 Sept 66 507 5,050 2,685 4,500 78,742 67,839 5,290 2,290 1,589 1,734 2 110 Oct 67,317 5,095 2,766 4,603 79,781 68,565 5,289 2,364 1,579 1,984 2,128 TSIov 68 069 5 177 2,850 4,801 80,897 69,340 5,293 2,445 1,558 2,261 2 028 Dec 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 1,547 1,114 1,908 1962 Tan 69,368 5,408 2,933 4,628 82,337 71,342 5,745 2,480 1,488 1,282 1,988 Feb 69 968 5 503 3 031 4,668 83,170 71,920 5,748 2,384 1,539 1,579 2 150 Mar 70 769 5,539 3,162 4,761 84,231 72,854 5,751 2,301 1,657 1,668 2,335 Apr 71,616 5,493 35O84 4,851 85,044 73,240 5,747 2,427 1,795 1,835 2,474 Mav 72,587 5,480 3,094 5,264 86,425 74,022 5,753 2,525 ,911 2,214 2,616 June 73,631 5,413 3,357 5,206 87,607 75,449 6,042 2,890 ,985 1,241 2,556 July , , 74,525 5,459 2,963 5,012 87,959 75,467 6,047 2,979 2,010 1,456 2,551 • 1 Includes other loans, stock in the Federal home loan banks, other 3 Consists of advances from FHLB and other borrowing. 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

1326 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 rects. Change Less: Less: Bu n d e g t et, f T P u l r n u u d s s : s t g I L n o e t v s r s t a . : - l j E r T e q c o u t t a s a l . l 2 s: Budget f T P u r l n u u d s s : s t m A L e d e n j s u t s s s : t 3 - E p T q a o u y a t t a l s l s . : payts. (d d i i e r n b e t ct a I g n e v by n e . s * t & . N c d a e o s b n h t - Eq N u e a t ls: & agen.) trusts Cal. year—1959 72,738 18,346 3,480 87,553 79,778 19,759 3,978 95,559 -8,006 10,112 -546 2,079 8,578 1960 79,518 21,773 2,946 98,287 77,565 21,285 4,156 94,694 3,593 -549 1,629 491 -2,669 1961 78,157 24,115 4,279 97,929 84,463 24,542 4,268 104,738 -6,809 6,791 -434 470 6,755 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 20,534 3,167 95,078 76,539 20,891 3,129 94,301 111 3,371 953 597 1,821 1961 77,659 23,583 3,946 97,242 81,515 23,016 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 10,141 1,449 43,992 40,217 10,483 2,013 48,687 -4,695 3,409 -182 468 3,124 1961— Jan.-June 42,330 13,442 2,497 53,249 41,298 12,533 2,990 50,840 2,408 -1,307 1,052 68 -2,426 July-Dec 35,826 10,673 1,782 44,680 43,165 12,010 1,278 53,898 -9,217 8,098 1,486 402 9,180 1962—Jan.-June? 45,534 13,664 2,004 57,173 44,503 12,107 2,917 53,693 3,480 2,911 1,969 521 422 Month: 1961—Aug 6,367 3,292 294 9,357 7,631 2,048 -873 10,552 -1,195 1,412 1,291 -442 563 Sept 8,945 1,478 180 10,236 6,771 2,203 709 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 1,934 519 8,576 292 -716 -860 114 30 1962— Jan 5,357 866 250 5,968 7,395 2,322 991 8,726 -2,758 608 -737 102 1,243 Feb 6,729 2,743 -98 9,567 6,858 2,027 -82 8,967 600 450 366 31 53 Mar 9,104 1,828 245 10,685 7,749 2,040 1,525 8,263 2,422 -641 329 223 -1,193 Apr 5,754 1,587 279 7,060 7,289 1,867 83 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 June*3 11,566 2,586 1,106 13,042 7,983 2,261 741 9,503 3,539 -675 581 41 -1,296 July 3,566 1,194 190 4,567 7,252 1,859 -203 9,314 -4,747 -62 -940 101 778 Aug.** 7,089 3,447 204 10.32:" 8,541 2,082 46 10,577 -249 4,266 1,511 411 2,344 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C sh h a b n a g l e a n i c n es Tre (e a n s d u r o e f r 's p e a r c i c o o d u ) nt Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r g c 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 ar a k n e c t e in In v U e . s t S . . p d g u i r i r b o n e l s c i s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance F. R. T an a d x O as n t s h e e t e ts r se o c f . 4 G se o c v . 4 t. debt banks a l c o c a t n s. 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: 1960—July-Dec -4,888 -341 19 -493 275 3,886 52 -1,594 6,411 485 5,165 761 1961—Jan.-June 1,032 906 266 -240 -710 -1,246 -274 283 6,694 408 5,453 833 July-Dec -7,339 -1,338 -137 394 1,221 7,198 199 -200 6,494 465 5,157 872 1962—Jan.-June*3 1,031 1,557 705 264 -1,666 2,032 -13 3,936 10,430 612 8,815 1,003 Month: 1961—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 I 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*7 3,583 325 -42 5 -651 -973 -43 2,290 10,430 612 8,815 1,003 July -3,686 -664 -163 -119 992 -325 85 -4,051 6,380 390 5,089 901 Aug -1,452 1,365 -356 46 -1,470 3,966 — 52 2,151 8,530 478 7,210 842 1 Primarily interest payments by Treasury to trust accounts and accumu- 4 Excludes net transactions of govt. sponsored enterprises. lat 2 i o I n n s c l t u o d U es . s S m . a e l m l p a l d o j y u e s e tm s e tr n u ts s t n f o u t n d sh s. own separately. 5 Primarily military defense, military assistance, and atomic energy. 3 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing NOTE.—Treasury Dept. & Bureau of the Budget. accounts, and (4) govt. sponsored enterprises. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1327 FEDERAL FISCAL OPERATIONS: DETAILS [In millions of dollars] Budget receipts Selected excise taxes (IRS data) Period Net 2 O T ag l r d e a - nsfe H r w i s a g t y h o - tru R s r . t e s - R. fu R n e d - s Total W h I e i n t l d d h i - v. t O ax t e h s er C r t a a o t x r io e p s n o -j i t c a E i x x s e e - s p m t E a l x o e m e n y - s t - O ce r t i e h p - e ts r Mfrs. tire. Fiscal year—-1959 67,915 7,920 2,074 525 5,114 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 1960... 77,763 10,122 2,539 607 5,237 96,96: 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 99,491 32,978 13,175 21,765 12,064 12,502 7,007 3,213 1,991 5,294 1962P.. 81,360 11,557 2,949 570 6,265 103,78636,216 14,404 21,296 12,749 12,726 6,395 3,341 2,026 5,536 Half year: I960—July-Dec.. 35,329 4,762 1,497 297 872 43,070 16,616 3,185 ,838 6,238 5,063 3,130 1,685 1,007 2,724 1961—Jan.-June.. 42,330 6,728 1,301 274 5,104 56,421 16,362 9,990 12,927 5,826 7,439 3,877 1,528 984 2,570 July-Dec 35,826 4,741 1,533 278 885 43,575 17,652 3,189 8,259 6,394 5,024 3,057 1,754 1,035 2,656 1962—Jan.-June*\ 45,534 6,816 1,416 292 5,380 60,211 18,564 1,215 13,037 6,355 7,702 3,338 1,587 991 2,880 Month: 1961— Aug.. 6,367 1,736 269 84 208 8,713 4,654 161 382 1,197 1,821 498 292 196 Sept.. 8,945 828 267 55 186 10,285 2,662 2,017 3,251 983 884 488 284 169 Oct... 3,141 239 258 1 162 3,811 1,399 215 408 1,102 241 446 344 184 Nov.. 6,424 1,189 231 76 86 8,007 4,767 123 377 1,123 1,266 351 343 184 Dec. 7,967 458 255 47 67 8,980 2,935 428 3,322 1,013 505 777 254 165 1962—Jan 5,357 152 233 11 73 5,959 1,245 2,325 466 1,009 353 561 224 140 Feb 6,729 1,620 207 81 743 9,773 5,124 786 400 967 2,080 416 189 116 1,524 Mar 9,104 1,119 248 50 1,813 12,354 2,896 832 5,879 1,140 1,188 419 313 215 Apr 5,754 729 230 13 1,417 8,153 1,017 4,330 445 959 745 657 245 158 May 7,024 2,181 264 82 1,101 10,658 5,287 955 469 1,157 2,266 524 305 169 1,356 June2*. 1,566 1,013 233 57 233 13,315 2,994 1,985 5,377 1,123 1,071 765 311 192 July 3,566 436 281 12 165 4,540 1,199 299 525 1,106 450 961 Aug 7.089 1,699 332 86 193 9,445 5,298 169 431 1,188 1,786 573 Budget expenditures Period Total 2 f t e i N n d o s e n a e - - a l 5 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 t N u u re a r r - c a t- l es t m C ra a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . 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 - . 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 I960.. 76,539 45,691 1,832 401 4,882 1,714 1,963 122 3,690 866 5,266 9,266 1,542 1961.. 81,515 47,494 2,500 744 5,173 2,006 2,573 320 4,244 943 5,414 9,050 1,709 1962?. 87,668 51,042 2,771 1,257 6,036 2,133 2,755 335 4,425 1,076 5,404 9,218 1,874 Half year: I960—July-Dec. 40,217 23,225 1,166 332 2,863 1,058 1,214 208 1,955 408 2,659 4,587 852 1961—Jan.-June. 41,298 24,269 1,334 412 2,310 948 1,359 112 2,289 535 2,755 4,463 856 July-Dec. 43,165 23,982 1,651 481 3,543 1,178 1,262 345 2,396 455 2,724 4,502 953 1962—Jan.-June" 44,503 27,060 1,120 776 2,493 955 1,493 -10 2,029 621 2,680 4,716 921 Month : 1961—Aug 7,631 4,046 256 89 711 236 273 I 34 421 139 494 739 ! 244 Sept 6,771 3,861 288 72 421 218 236 | 6 350 66 422 740 i 94 Oct 7,796 4,067 363 75 912 220 219 113 413 69 449 718 | 187 Nov 7,485 4,261 326 97 486 188 176 105 459 54 452 744 138 Dec 7,160 4,286 172 80 550 166 206 I -21 409 68 485 788 157 1962—Jan 7,395 4,290 237 96 394 154 190 41 467 113 503 808 186 Feb 6,858 4,099 236 101 371 167 258 72 123 108 457 764 118 Mar 7,749 4,598 233 140 504 134 311 19 367 102 449 733 161 Apr 7,289 4,314 273 141 363 143 214 381 84 438 780 175 May 7,229 4,786 -110 155 300 161 231 -29 297 98 434 780 129 Junep 7,983 4,970 246 142 562 196 290 -105 394 116 399 847 158 July. 7,252 3,947 95 135 664 191 156 190 453 84 442 834 138 Aug... 8,541 4,451 276 187 1,126 247 300 23 355 131 492 806 195 1960 1961 1962 1960 1961 3962 Item III IV II III IV HI IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts... 24.9 24.6 23.3 24.6 24.9 25.3 24.6 26.8 24.8 28.5 23.4 21.3 26.2 31.0 Payments.. 23.6 24.3 25.1 26.5 26 26.9 27.8 26.8 23.4 27.4 26.7 27.2 26.0 27.7 Net 1.3 3 -I .8 -1 g -1 .4 — 1.6 -3 .2 -3.9 1.4 1.1 -3 .3 -5 .9 ,3 3.2 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1328 U. S. GOVERNMENT SECURITIES TOTAL DEBT, BY TYPE OF SECURITY [In billions of dollars] Public issues 3 Total Total Marketable Nonmarketable End of period gross gross Con- Special debti direct vert- issues 6 debt 2 Total Total Bills Certifi- Notes Bonds' b i o b n le ds Total * 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 1960—Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Sept 294.0 293.7 245.8 191.9 41.9 5.5 65.2 i 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 I 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 I 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 Auu 302.3 301.8 252.5 199.3 43.6 20.4 58.1 77.2 4.2 49.0 47.7 45.4 Sept 300.0 299.5 251 .0 197.9 42.2 17.8 58.1 79.8 4.1 48.9 47.7 44.6 1 Includes some debt not subject to statutory debt limitation (amounting 5 Includes Series A investment bonds, depositary bonds, armed forces to $373 million on Sept. 30, 1962), and fully guaranteed securities, not leave bonds, adjusted service bonds, certificates of indebtedness—Foreign shown separately. series, and Rural Electrification Administration bonds, and, before 1956, 2 Includes non-interest-bearing debt, not shown separately. tax and savings notes, not shown separately. 3 Includes amounts held by U. S. Govt. agencies and trust funds, which 6 Held only by U. S. Govt. agencies and trust funds. totaled $11,633 million on Aug. 31, 1962. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on daily statement of U. S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES [Par value in billions of dollars] Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G U t e a r o . n u n v c S d s i t t . e . s B F. a n R k . s Total b m C a e n o r k m c s ia - 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 o p e n o r s - g S l a o o t n v c a d a t te s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r o t n e e n d i r g a - n l 3 i O t m n o t v r i h s s e e c s 4 r . funds l bonds securities 1941—Dec 64.3 9.5 2 3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1954—Dec 278.8 49.6 24.9 204.2 69.2 8.8 15.3 19.2 14.4 50.0 13.5 6.3 7.6 1955—Dec 280.8 51.7 24.8 204.3 62.0 8.5 14.6 23.5 15.4 50.2 14.5 7.5 8.1 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 22.3 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 19.7 18.2 45.7 20.0 13.0 11.2 1961—Aug 294.0 56.5 27.7 209.8 65.1 6.3 11.5 20.0 18.6 46.2 18.7 12.6 10.6 Sept 294.0 55.9 27.8 210.3 66.6 6.3 11.5 18.6 18.5 46.3 18.8 12.8 10.9 Oct 296.0 55.0 28.3 212.9 67.3 6.2 11.6 19.5 18.4 46.4 18.9 12.9 11.6 Nov 297.3 55.4 29.2 212.7 66.9 6.2 11.5 20.3 18.2 46.5 19.0 13.1 11.0 Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 19.4 18.3 46.4 19.2 13.4 11.6 1962—Jan 296.9 53.8 28.5 214.6 67.8 6.2 11.6 20.4 18.6 46.5 19.2 12.9 11.2 Feb 297.4 54.2 28.4 214.8 66.6 6.3 11.5 21.4 18.8 46.6 19.2 13.0 11.5 Mar 296.5 54.5 29.1 213.0 64.0 6.6 11.5 20.2 19.1 46.6 19.4 13.6 12.0 Apr 297.4 53.7 29.2 214.4 65.3 6.3 11.5 20.4 19.2 46.6 19.2 13.3 12.5 May 299.6 55.9 29.6 214.1 65.2 6.3 11.5 20.8 19.3 46.6 18.9 13.5 11.8 June 298.6 56.5 29.7 212.5 65.0 6.3 11.3 19.2 19.4 46.6 19.0 14.1 11.6 July 298.3 55.5 29.8 213.0 64.5 6.3 11.5 >-20.0 '19.6 46.7 M9.0 14.2 11.3 Aug 302.3 57.1 30.4 214.9 64.5 6.3 11.5 21.1 19.6 46.8 19.1 14.6 11.4 1 Includes the Postal Savings System. 4 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes holdings by banks in territories and insular possessions, institutions, and corporate pension funds. which amounted to about $70 million on Dec. 31, 1961. 3 Includes investments of foreign balances and international accounts NOTE.—Reported data for F. R. Banks and U. S. Govt. agencies and i n the United States. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. GOVERNMENT SECURITIES 1329 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY [Par value in millions of dollars] Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 rs 0 20 O y v e e a r rs Total Bills Other All holders: 1959—Dec. 31. 188,269 78,456 39,643 38,813 61,609 23,625 16,494 1960—Dec. 31. 189,015 73,830 39,446 34,384 72,298 18,684 13,224 10,979 1961—Dec. 31. 195,965 84,428 43,444 40,984 66,360 19,782 11,976 13,419 1962—June 30. 196,072 86,957 42,036 44,921 58,527 26,049 9,319 15,221 July 31. 196,870 87,758 42,838 44,920 58.540 26,045 9,313 15,213 U. S. Govt. agencies and trust funds: 1959—Dec. 31.... 7,394 1,037 260 777 1,909 1,882 1,917 650 I960—Dec. 31 8,116 1,482 591 891 2,431 1,602 1,461 1,140 1961—Dec. 31 8,484 1,252 583 669 1,860 1,594 1,756 2,022 1962—June 30 8,991 1,687 799 1,116 2,266 1,431 2,492 July 31 9,216 1,872 1,003 1.136 2,267 1,435 2,506 Federal Reserve Banks: 1959—Dec. 31.... 26,648 18,654 2,626 16,028 6,524 677 765 28 I960—Dec. 31.... 27,384 15,223 3,217 12,006 10,711 1,179 243 28 1961—Dec. 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—June 30 29,663 17,197 2,961 14,236 10,033 2,219 151 63 July 31 29.786 17,197 2.834 14,363 10,156 2,219 151 63 Held by public: 1959_Dec. 31. 154,227 58,765 36,757 22,008 53,176 21,066 13,812 7,407 1960—Dec. 31. 153,515 57,125 35,638 21,487 59,156 15,903 11.520 9,811 1961—Dec. 31. 158,600 65,526 39,512 26,014 55,763 15,961 io;oi6 11,334 1962—June 30. 157.418 68,073 38,276 29,797 47,378 21,564 7,737 12,666 July 31. 157,868 68,689 39,001 29,688 47,248 21,559 7.727 12,644 Commercial banks: 1959—Dec. 31........ 51,841 11,198 5,011 6,187 28,778 9,235 2,173 457 1960—Dec. 31 54,260 14,697 6,976 7,721 31,596 5,654 1,775 538 1961—Dec. 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962—June 30 57,038 21,511 7.090 34,421 25,817 7,870 1,390 450 July 31 56,531 21,158 6.931 1.4.227 25,589 7,945 1,384 454 Mutual savings banks: 1959—Dec. 31 6,129 486 191 295 .401 2,254 1,427 560 I960—Dec. 31 5,944 480 144 336 ,544 1,849 897 1.174 1961—Dec. 31 5,867 686 181 505 ,514 1,708 662 1,298 1962—June 30 5,996 824 307 517 .455 1,882 505 1,330 Julv 31 5,993 856 348 508 .460 1,847 504 1,326 Insurance companies: 1959—Dec. 31.. 9,175 1,024 416 608 2,279 2,422 1960—Dec. 31.. 9,001 940 341 599 2,508 2.076 1961— Dec. 31.. 9,020 1,228 442 786 2 222 1^625 1962—June 30.. 9,049 1,195 450 745 2'l25 1,814 July 31.. 9,195 1,340 592 i 748 2,128 1.812 Nonfinancial corporations: 1 1959—Dec. 31 1960—Dec. 31 10,741 8,340 5,599 2,741 2,269 1961—Dec. 31 10,547 8,697 5,466 3,231 1,747 1962—June 30... 9.887 8,329 5,213 3,116 1,380 July 31 10,168 8,625 5,481 3,144 1,373 Savings and loan associations: * 1959—Dec. 31 1960—Dec. 31 2,454 322 163 159 858 1961—Dec. 31 2,760 446 155 291 895 1962—June 30. 2,811 477 182 295 705 July 31 2,830 472 183 289 707 State and local governments: : 1959—Dec. 31 I960—Dec. 31 10,957 3,933 2,643 1,290 1,785 828 1,382 1961—Dec. 31 10,893 3,974 2,710 1,264 I 1,320 842 1,250 1962—June 30.. 11,863 4,854 3,527 1,327 I 1 ,100 1.066 961 July 31 12,044 4,994 3,614 l,3S0 i 1,088 1,071 959 i All others: 1959—Dec. 31 I960—Dec. 31 60.158 28,413 19,772 8,641 18,596 2,587 1961—Dec. 31 60^440 29,346 20,596 8,750 17,314 3,012 1962—June 30 60,774 30,883 21,506 9,377 14,795 3,689 July 31 61,108 31,244 21,853 9,391 14,901 33625 1 First reported separately in the Feb. 1960 Survey. Monthly figures ketable issues held by groups, the proportion held on latest date and the for Feb.-May 1960 shown in the Sept. 1960 Treasury Bull., pp. 55-56. number of reporting owners surveyed were: (1) about 90 per cent by the 2 First reported separately in the Dec. 1961 Survey. Monthly figures 6,195 commercial banks, 508 mutual savings banks, and 813 insurance for Dec. 1960-Sept. 1961 shown in the Feb. 1962 Treasury Bull, pp. 59-60. cos. combined; (2) about 50 per cent by the 473 nonfinancial corps, and 488 savings and loan assns.; and (3) about 60 per cent by 484 State and NOTE.—Direct public issues only. Based on Treasury Survey of local goyts. Ownership. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and F. R. Banks, all those not reporting in the Treasury Survey, including investor groups but for other groups are based on Treasury Survey data. Of total mar- not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1330 U. S. GOVERNMENT SECURITIES DEALER TRANSACTIONS [Par value, in millions of dollars] U. S. Government securities By maturity By type of customer Period U.S. Govt. Dealers and brokers agency Total securities Within 1-5 5-10 After Com- All 1 year years years 10 years U.S. mercial other Goyt. Other banks securities 1961—Aug 1,395 1,173 162 41 19 423 32 519 421 56 Sept 1,442 1,185 177 47 34 406 25 608 403 99 Oct 1,690 1,389 254 27 20 547 38 695 410 61 Nov 1,686 1,295 309 41 43 514 33 691 448 90 Dec 1,653 1,328 228 45 52 540 29 698 386 69 1962—Jan 1,717 1,478 149 64 26 538 25 716 438 Feb 1,970 1,520 295 95 60 565 36 832 537 83 Mar 1,675 ,332 217 69 56 569 33 659 414 80 Apr 1,689 ,350 180 114 45 541 42 653 453 90 May 1,694 ,338 218 114 24 564 35 662 433 90 June 1,681 ,357 191 100 33 553 29 652 446 89 July 1,682 ,457 139 63 23 529 34 621 498 82 Aug 1,603 .318 158 94 33 542 27 600 435 78 Week ending— 1962 -Aug. 1 1,652 ,374 143 108 25 482 28 668 474 67 8 1,784 ,508 122 125 29 634 31 634 485 89 15 1,580 ,305 149 95 31 539 22 616 403 69 22 1,593 ,284 180 88 41 545 27 618 404 82 29 1,601 ,303 181 81 35 550 31 540 480 76 Sept. 5 1,244 ,068 112 41 22 339 18 505 383 65 12 2.445 ,786 382 225 52 709 53 1,023 660 158 19 1,516 ,130 225 129 32 486 44 599 388 90 26 1,799 .308 324 130 38 604 43 662 491 88 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 contracts. Averages of daily figures based on the number of trading do 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 Commercial banks U. S. Period Govt. All Corpora- All All Within 1-5 After agency Period sources New Else- tions i other maturities 1 year years 5 years securities York where City 1961—Aug 2,535 2,350 175 10 103 Sept...... 2,497 2,339 144 15 107 1961—Aug 2,584 655 434 1,220 275 Oct 3,227 3,044 194 -12 105 Sept 2,416 688 574 982 171 Nov 3,807 3,272 464 71 140 Oct 3,077 926 735 ,029 387 Dec . , 2,939 2,655 260 23 86 Nov 3,915 1,173 870 ,477 393 Dec 3,088 725 744 ,345 275 1962—Jan 2,778 2,589 184 5 93 Feb 2,265 1,914 297 54 115 1962—Jan 2,740 482 596 ,341 320 Mar...... 3,056 2,721 228 106 168 Feb 2,296 426 449 ,218 203 Apr 3,771 3,388 252 131 193 Mar 3,025 855 637 ,299 235 May 3,642 2,985 403 255 196 Apr 3,621 976 835 ,354 456 June 3.777 3,398 261 118 293 May 3,738 978 769 ,612 379 July 2.881 2,818 94 -32 232 June 3,900 1,092 720 ,798 290 Aug 2.647 2,484 72 91 165 July 3,053 636 521 1,631 266 Aug 2,597 460 405 ,438 294 Week ending— Week ending—- 1962—Julv 4.. 3,481 3,266 172 45 328 11.. 3,203 3,110 99 -6 258 1962—July 4... 3,862 1,035 655 1,737 434 18.. 3,051 2,999 95 -44 209 11... 3,380 763 648 1,637 332 25.. 2,586 2,580 64 -58 208 18. .. 3,193 761 588 1,626 218 25... 2,710 407 402 1,697 204 Aug. 1 . . 2,391 2,340 107 -55 202 8.. 2,482 2,285 80 118 168 Aue. 1 ... 2,492 408 387 1,489 207 15. . 2,673 2,472 77 124 159 8. . . 2,207 306 340 1,346 215 22.. 2,843 2,654 75 115 156 15. .. 2,484 411 360 1,428 284 29. . 2.607 2,468 71 69 169 22. .. 2,913 675 453 1,464 321 29. .. 2,693 427 442 1,505 319 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 delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note of the opposite table on this page. 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 1331 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OUTST AN DING SEPTEMBER 30, 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 notes—Cont. Treasury bonds—Cont. Oct. 4, 1962 1,901 Mar. 21, 1963 700 Oct. 1, 1964... . ..1*4 490 Mar. 15, 1966-71.. .2*4 1,412 Oct. 11, 1962 1,902 Mar. 28, 1963 700 Nov. 15, 1964 4% 4,195 June 15, 1967-72... 2 *i 1,331 Oct. 15, 1962 2,003 Apr. 15, 1963 2,001 Apr. 1, 1965 . .1*2 466 Sept. 15, 1967-72... 21/2 ,952 Oct. 18, 1962 1,903 July 15, 1963 2,004 May 15, 1965 45/8 2,113 Nov. 15, 1967 3% 3,604 O N N c o o t v v . . . 2 8 5 1 , , , 1 1 1 9 9 9 6 6 6 2 2 2 1 1 1 , , , 8 9 9 9 0 0 9 3 1 :e F r e ti b f . i ca 1 te 5 s , 1963 3*4 5,719 O A Fe p c b r t . . . 15 1 1 , , , 1 1 1 9 9 9 6 6 6 6 5 6 3 1 Y i 1 y % /2 2 3, 6 3 1 7 1 1 5 5 4 D A M e u a c g y . . 1 1 1 5 5 5 , , , 1 1 19 9 9 6 6 6 8 7 8 - . 7 .. 2 .. . . . . 3 2 3 7 Y * /8 A 4 • 1 '> , , , 2 4 8 5 2 6 8 1 0 Nov. 15, 1962 1,901 May 15, 1963 3*4 5,279 Aug. 15, 1966 4 4,454 Feb. 15, 1969 4 1,844 Nov. 23, 1962 1,901 Aug. 15, 1963 3Vz 6,851 Oct. 1, 1966 .1*4 357 Oct. 1,1969 4 2,538 Nov. 29, 1962 1,902 Apr. 1, 1967.. U/2 200 Aug. 15, 1971 4 2,806 Dec. 6, 1962 2,003 Treasury notes Aug. 15, 1967 3V4 5.281 Nov. 15, 1971 3% 1,204 Dec. 13, 1962...... 2,001 Oct. 1, 1962 iy2 590 Aug. 15, 1972 4 ,579 Dec. 20, 1962 2,002 Nov. 15, 1962 3Y4 1,143 Treasury bonds Nov. 15, 1974 3% 1,171 Dec. 27, 1962 2,001 Nov. 15, 1962 3*4 6,082 Dec. 15, 1959-62. ..2*4 2,269 May 15, 1975-85.. .4*4 470 Jan. 3, 1963 700 Feb. 15, 1963 2% 1,487 Dec. 15, 1960-65 2.. 2^4 1,485 June 15, 1978-83... 3*4 1,593 Jan. 10, 1963 700 Feb. 15, 1963 3*4 2,257 June 15, 1962-67... 2y2 1,462 Feb. 15, 1980 4 1,446 Jan. 15, 1963 2,001 Apr. 1,1963 .1*4 533 Aug. 15, 1963 2*4 4,317 Nov. 15, 1980 .3*2, 1,915 Jan. 17, 1963 700 May 15, 1963 4 1,183 Dec. 15, 1963-68... 21/2 1.817 May 15, 1985 3*4 1,131 Jan. 24, 1963 703 May 15, 1963 3*4 3.035 Feb. 15, 1964 3 2J00 Feb. 15, 1990 3*4 4,915 Jan. 31, 1963 700 Oct. 1,1963. li/2 506 June 15, 1964-69... 2*4 2,634 Aug. 15, 1987-92... 4*4 365 Feb. 7,1963 700 Nov. 15, 1963 4% 3,011 Dec. 15, 1964-69... 2*2 2,551 Feb. 15, 1995........3 2,627 Feb. 14, 1963 704 Apr. 1,1964 1*4 457 Feb. 15, 1965 2% 4,682 Nov. 15, 1998 .3*4 4,461 Feb. 21, 1963 700 May 15, 1964 43/4 4,933 Mar. 15, 1965-70.. .2*4 2,424 F M e a b r . . 2 7 8 , , 1 1 9 9 6 6 3 3 7 7 0 0 0 0 M Au a g y . 1 1 5 5 , , 1 1 9 9 6 6 4 4 3% 5 2 3 . , 3 89 16 3 M Au a g y . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3*/ 3 4 3 1 , , 5 48 9 4 7 Co I n n v v e e r s t t i m bl e e n b t o S n e d r s ies B Mar. 14, 1963 701 Aug. 15, 1964 3^ 5,019 Nov. 15, 1966.. 3VS 2,438 Apr. 1, 1975-80... 2 M 1 Tax anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of 2 Partially tax-exempt called for redemption on Dec. 15, 1962. U. S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES [In millions of dollars] Al issues (new capital and refunding) Issuesfor new capital Type of issue Type of issuer 3 Total Use of proceeds 3 amount Period deliv- Total g G o a e t b a n i l l o e i n - r- s R n e u v e e- PHA 1 l G o u a o . n v s 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 4 ered 5 Total c E a d ti u o - n b R r a o i n d a d g d e s s i U tie ti s l - 6 H in o g u s 7 - V a a e n i t d s e ' r- O p p o t u h s r e e - s r 1954 6,969 3,380 3,205 374 9 2,047 1.463 3,459 6.789 1,432 2,136 1,270 456 162 1 m 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 8 6,925 4,792 1,967 66 99 1,489 1,272 4,163 6,568 6,874 2,524 1,036 1,516 113 333 ,352 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 ,657 1959 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 683 1960 7 302 4,677 2 097 403 125 1,110 1 985 4,206 7,112 7,257 2,411 1 007 1 318 425 201 1961 8,562 5,721 2,406 315 120 1,928 2,164 4,470 8,298 8,460 2,821 1,167 1,700 385 478 1961—May 643 414 217 12 18 209 417 672 641 290 33 161 6 150 June.... 1,036 628 394 15 193 264 580 709 1,034 224 257 272 10 271 July 488 318 103 52 16 115 111 262 965 485 160 69 93 52 110 Aug.. . . 605 423 112 60 10 134 163 309 517 604 281 55 86 61 121 Sept 742 570 168 4 289 124 328 578 734 282 49 147 4 100 152 Oct 680 516 150 15 225 76 378 716 678 193 58 125 30 65 208 Nov 793 376 326 79 12 103 402 288 614 789 150 284 101 80 175 Dec 675 371 297 1 6 39 325 311 877 606 194 112 162 9 128 1962--Jan.'... 885 497 348 7 218 348 320 706 876 324 252 94 33 172 Feb.'... 1,189 803 299 80 7 202 296 691 805 1.132 386 265 157 87 •" "25 211 M Ap a r r.'... 6 8 4 8 1 4 6 3 0 9 0 8 2 1 3 6 5 9 ""ioi 1 8 4 7 6 2 1 2 1 6 9 3 6 5 3 6 7 0 2 1.1 7 3 0 0 3 6 8 2 6 9 4 2 2 6 2 7 3 1 1 1 3 1 7 1 1 4 5 5 0 10 4 6 120 May.... 822 606 205 10 206 148 468 885 807 330 28 184 58 207 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. 8 Beginning with 1957 this figure differs from that shown on the follow- 3 Classifications before 1957 as to use of proceeds and type of issuer ing page, which is based on Bond Buyer data. The principal difference are based principally on issues of $500,000 or more; smaller issues not is in the treatment of U. S. Govt. loans. classified. As a result some categories, particularly education, are understated 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

1332 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 J>eriod 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 d S a te l . Other 4 Total Total P li u c b ly - v P at r e i- ly fe P r r r e e - d C m o o m n - Total Total m N on ew ey6 O p p o t u h s r e e - s r m s r e i o t e c i f e n u s t offered placed 1954. ?Q 765 1?,53? 458 6,969 289 9,516 7,488 4,003 3 484 816 1,213 9,365 ^,490 6,780 709 1,875 1955. 76,77? 9,6?8 746 5,977 182 10, ?40 7 4,119 3,301 635 2,185 10 049 I*821 7,957 864 1,227 1956. ??,405 5,517 169 5,446 334 10 939 8,00? 4,225 3,777 636 2,301 10,749 10,384 9,663 771 364 1957. 30J 571 9.601 572 7 6,958 557 1?,884 ,957 6,118 3,839 411 2,516 12 661 12.447 11,784 214 1958. 34,44^ 1?,063 2,321 7,449 1,052 11,558 9,653 6,332 3,3?0 571 1,334 11 372 K),823 9 907 915 549 1959. 31,074 1? 3?? 707 7,681 616 9 748 7,190 3,557 3,63? 531 2,027 9,527 c>,392 8,578 814 135 1960. 7,7541 7 906 1,672 7,230 579 10,154 8081 4,806 3,?,75 409 1,664 9,924 <>,651 8,758 895 271 1961. 35 494 1?,?53 1,448 8,345 302 n,147 9 4,706 4,7?0 449 3,273 12,874 1 ,979 10,829 150 895 1961—July.. 1,901 342 463 20 1,075 817 424 392 20 239 1,049 1,028 846 182 22 Ane.. ?,064 39? 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 ?J564 643 48 1,155 845 336 509 12 298 1,129 1,090 952 138 40 Nov 2,404 357 225 789 46 987 414 348 41 184 961 948 908 40 13 Dec... 2,094 341 654 4 1,094 784 217 567 26 284 1,071 1,000 930 70 71 1962--Jan... 3,506 589 246 866 159 647 504 273 ?3? 2 141 632 592 507 85 39 Feb. 2,537 361 156 1,123 13 884 728 497 232 9 146 866 859 792 67 7 Mar 1 877 37^ 621 38 847 638 386 ^53 5 204 823 807 709 97 16 Apr... 4,075 1,506 461 877 14 ?17 881 654 ??7 120 216 1,185 [,113 1,033 80 72 May.. 2,149 352 897 99 801 667 247 420 14 120 785 760 621 139 25 June.. 2,422 363 760 67 1,232 1,063 488 575 46 124 1,214 1,132 953 180 82 July 1,646 358 641 31 616 552 200 352 32 32 607 590 531 59 17 :Proposed uses of net proceeds,major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment OJ New ment o' New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1954 2,044 190 831 93 501 770 ?,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 ?,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 ?0 ,474 14 1,384 21 1,815 17 1957. 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958. 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959. 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 1960 1,997 79 794 30 672 39 ,754 51 1,036 1 2,401 71 1961. 3,708 306 1,095 46 680 26 2,892 104 1,421 378 2,176 36 1961 TnW 428 12 98 2 11 * 269 3 16> * 206 4 Aug 255 25 83 i 1 69 1 215 2 13 127 2 Sent 252 8 76 ( 1 28 111 * 7* 105 1 Oct 271 28 ! 146 1 60 * 306 8 2* 281 2 Nov 215 10 61 * 56 362 8C 174 2 306 18 151 7 32 1 168 40 4:> 302 6 1962 Tl»" 205 14 99 1 23 1 89 24 T 102 Feb 131 2 52 • 45 * 148 4 36:> 122 1 Mar 318 2 75 2 74 * 193 1 2 126 10 Apr 384 67 103 3 28 !. . . 377 Si * 134 1 May 270 5 100 1 38 198 16 [ 91 3 June 342 14 90 4 48 * 410 56 ! 7<) 163 7 July, 211 I 6 33 * 21 124 5 8*I 4 113 2 1 Gross proceeds are derived by multiplying 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 gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1333 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] 1960 1961 1962 Industry 1957 1958 1959 1960 1961 IV III IV Manufacturing Total (180 corps.): Sales 114,229105,134118,423123,126 122,632 30,526 28,651 31,233 29,541 33,207 33,291 34,591 Profits before taxes 13,349 10,466 14,090 13,463 13.293 3,083 2,693 3,478 2,961 4,161 3,908 4,097 Profits after taxes 7,177 5,714 7,440 7,121 7,180 1,703 1,436 1,838 1,618 2,288 2,033 2,094 Dividends 4,192 4,078 4,342 4,464 4,710 1,201 1,103 1,111 1,117 1,380 1,154 1,158 Nondurable goods industries (79 corps.):1 Sales 41,704 41,541 45,442 47,277 49,226 11,971 11,831 12,133 12,205 13,056 12,793 12,984 Profits before taxes 5,010 4,402 5,648 5,570 5,659 1,302 1,324 1,385 1,406 1,545 1,461 1,501 Profits after taxes 2,944 2,574 3,210 3,210 3,246 764 757 772 796 921 816 815 Dividends 1,776 1,785 1,912 1,953 2,036 528 486 486 488 577 512 513 Durable goods industries (101 corps.):2 Sales 72.525 63,593 72,981 75,849 73,406 18,556 16,820 19,100 17,336 20,151 20,499 21,607 Profits before taxes 8,339 6,065 8,442 7,893 7,634 1,781 1,368 2,094 1,555 2,616 2,447 2,596 Profits after taxes 4,233 3,140 4,231 3,911 3,935 910 679 1,066 822 1,367 1,217 1,278 Dividends 2,416 2,294 2,430 2,510 2,674 673 618 625 629 803 642 644 Selected industries: | Foods and kindred products (25 corps.): Sales 9,987 10,707 11,303 11,901 12,578, 3,O9o! 3,021 3,154 3,233 3,169 3,231 3,267 Profits before taxes 1,024 1,152 1,274 1,328 1,424| 334! 319 360 379 365 336 355 Profits after taxes 497 555 604 631 672 162 150 170 179 174 160 167 Dividends 289 312 344 367 392 95 95 96 99 101 103 103 Chemicals and allied products (21 corps.): Sales 10,669 10,390 11,979 12,411 12,788 2,981 2,979 3,250 3,210 3,348 3.372 3,567 Profits before taxes 1,823 1,538 2,187 2,010 2,015 423 438 514 499 564 545 586 Profits after taxes 948 829 1,131 1,061 1,063 238 229 267 260 306 279 297 Dividends 737 111 799 795 843 230 193 189 191 270 198 196 Petroleum refining (16 corps.): Sales 13,463 12,838 13,372 13,815 14,409 3,694 3,488 3,398 3,424 4,100 3,771 3,612 Profits before taxes 1,325 919 1,187 1,267 1,255 325 354 270 292 339 343 300 Profits after taxes 1,075 791 969 1,026 1,011 248 272 214 243 283 262 227 Dividends 512 516 518 521 528 133 129 134 131 133 139 142 Primary metals and products (35 corps.): Sales 22,468 19,226 21,035 20,898 20,155 4,500 4,396 5,189 5,235 5,335 5,733 5,527 Profits before taxes 2,977 2,182 2,331 2,215 2,020 343 309 560 550 602 620 505 Profits after taxes 1,540 1,154 1,222 1,170 1,090 182 166 295 299 329 320 267 Dividends 873 802 831 840 844 219 207 208 208 221 209 210 Machinery (25 corps.): Sales 15,115 14,685 17,095 16,826 17,531 4,297 4,137 4,367 4,295 4,732 4,537 4,916 Profits before taxes 1,457 1,463 1,890 1,499 1,675 323 362 398 384 530 454 490 Profits after taxes 729 734 934 763 837 167 178 202 191 267 225 239 Dividends 416 422 448 482 497 123 121 125 124 128 129 130 Automobiles and equipment (14 corps.): Sales 23,453 18,469 22,731 25,738 22,781 6,521 5,293 6,309 4,604 6,577 6,904 7,512 Profits before taxes 2,701 1,332 2,985 3,185 2,788 832 478 840 319 1,151 1,096 1,254 Profits after taxes 1,354 706 1,479 1,527 1,408 400 223 417 173 596 531 595 Dividends 805 758 807 833 967 228 205 207 207 348 215 216 Public Utility Railroad: Operating revenue 10,491 9,565 9,825 9,514 9,189 2,303 2,129 2,289 2,355 2,414 2,296 2,408 Profits before taxes 1.058 843 845 648 625 168 27 137 184 278 133 Profits after taxes 737 602 578 445 382 142 -12 74 122 200 66 Dividends 438 419 406 385 356 125 86 91 67 112 84 Electric power: Operating revenue 9,670 10,195 11.129 11,906 12,594 3,015 3,314 3,007 3,050 3,223 3,399 3,210 Profits before taxes 2,579 2,704 2,983 3,163 '3,331 761 918 767 802 844 1,051 835 Profits after taxes 1,413 1,519 1,655 1,793 1,894 452 523 447 447 477 585 472 Dividends 1,069 1,134 1,219 1,307 1,375 337 343 344 335 353 366 371 Telephone: Operating revenue 6,467 6,939 7,572 8,111 8.615 2,077 2,090 2,139 2,156 2,230 2,245 2,296 Profits before taxes 1,562 1,860 2,153 2,326 2.478 594 587 614 620 657 648 678 Profits after taxes 788 921 1,073 1,155 1,233 294 290 307 310 326 320 335 Dividends 613 674 743 806 867 207 210 214 218 225 231 232 1 Includes 17 cos. in groups not shown separately. Data obtained from Federal Communications Commis- 2 Includes 27 cos. in groups not shown separately. NOTE.—Manufacturing corps. Data are obtained primarily from published co. reports. Railroads. Interstate Commerce Commission data for Class I line- mg 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 Freeudeerraail iinnccoommee itaa.xxecss aanndu duiivviidueennduss.. Froorr ddeessccrriippttiioonn ooif sseerriieess sseeee electric utilities, except that quarterly figures on operating revenue and JTnu*n-*e** 11 9O4/49O BTJUTTLTTL ., p-rp^f.* 6£/6£'2")- 6£6> £.( /mmannnunfrancntfuiriifning^)i; MTVyaf"«r*.. 11904^2" ! TB>UrTTL TL ., *p»»p*. profits before taxes are partly estimated by the Federal Reserve to include 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). affiliated nonelectric operations. Back data available from Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1334 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- AU 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 45,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1958 37.4 18.6 18.8 12.4 6.4 1956 13,201 5.038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1959 47.7 23.2 24.5 13.7 10.8 1957 14.350 10,741 9.638 2,584 7,053 4,712 1,024 3.688 1960 45.4 22.4 23.0 14.4 8.6 1961 45.6 22.3 23.3 15.0 8.3 1 19 9 5 5 9 8 . 1 12 4 , , 8 7 5 6 5 1 4 5 , , 8 2 5 9 8 6 9 7 , , 4 9 6 9 5 8 7 9 , , 1 6 2 7 5 3 3 3 , , 8 0 1 4 7 9 4 5 , , 0 8 7 5 6 6 5 5 , , 0 7 8 3 8 0 1 1 , , 4 8 7 0 9 9 3 3 , , 6 9 0 2 9 2 1960—11 51.9 25.2 26.6 13.4 13.3 I960 12,958 4.760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 Ill 46.5 22.6 23.9 14.1 9.8 1961 16,745 (S.967 9,778 9,205 4,090 5,114 7,540 2,876 4,664 IV 45.3 22.0 23.3 14.2 9.0 1961 II ... 5,566 ,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 ,406 1,820 1,668 730 938 1,558 676" 882 II . 4,097 ,633 2,463 2,606 793 1 ,813 1,491 840 651 1962—I 50.1 24.4 25.6 15.8 9.8 II 50.9 24.9 26.1 15.8 10.3 NOTE.—Securities and Exchange Commission estimates reflect cash transactions only. Unlike data shown on p. 1332 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. 1332. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS [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 . .1 Other G U o . v S t . .l 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 I960 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—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—1 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 1 8 109 5 13 6 41 8 II 141.1 310.5 36.1 19.3 3.3 140.0 98.7 13.1 169.4 1.8 111.6 13.6 42.4 1 Receivables from, and payables to, the U. S. Govt. exclude NOTE.—Securities and Exchange Commission estimates; excludes amounts offset against each other on corps.' books. banks, savings and loan associations, and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT [In billions of dollars] Transportation Year Total M fa i c a n t n u g u r- - M in i g n- R ro a a i d l- Other 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 ot A he U r 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 l.l 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 1.4 2.9 33.5 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 III.. 8.7 3.6 .6 1.5 2.9 34.7 1957 37.0 16.0 L.2 1.4 1.8 6.2 3.0 7.4 IV.. 9.5 4.1 .7 1.5 3.2 35.4 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 1962—1. . . 8.0 3.4 .6 1.1 2.9 2,5.1 I960 35.7 14.5 1.0 1.0 1.9 5.7 3.1 8.4 II... 9.5 4.0 .9 1.4 3.3 37.0 1961 . ... 34.4 13.7 1.0 .7 1.9 5.5 3.2 8.5 Ill 3. 9.5 3.9 .7 1.5 3.4 37.8 19623 37.2 14.6 1.1 .8 2.1 5.4 3.7 9.5 IV3. 10.2 4.4 .7 1 5 3 ** 38 0 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 1335 MORTGAGE DEBT OUTSTANDING [In billions of dollars] All properties Nonfarm Farm ho O ld th e e rs r 2 1- to 4-family houses co m M m u er lt c i i f a a l m p i r l o y p a e n rt d ies 3 Fnd of period h A o er l l s d l - tu F i t i n c i n i s o a a t n l i n - s - 1 a U c g i . e e S n s . - v o I i a t d n h n u d e d a i r - l s s h A e o r l l s d l - Total 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 Total tu F i t n i i n o s a t n i n - s . 1 O h e o th r l s d e - r h A e o r l l s d l - tu F i t n i c i n o i s a a t n i l n - s - l 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^ 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 Ill 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 23.4 52.7 35.0 17.7 13.1 4.7 8.4 1961—If 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 II*' 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 Ill" 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 IV*" 225.3 172.6 11.8 40.9 211.1 153.4 129.1 24.3 57.7 38.5 19.2 14.2 5.0 9.2 1962—Ir 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; includes 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, Fanners Home Admin- Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculistration, and Federal land banks, and in earlier years RFC, 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: includes 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 1 Mutual savings bank holdings2 Residential Residential End of period Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a o t r h m n e - r Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4 772 3 395 856 521 4,208 3 387 797 24 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956. 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957.................. 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958. 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 . .. 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7 622 2 451 55 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—-II 28,463 20,334 5,978 3,032 11,324 6,484 1,646 25,849 23,293 6,571 8,879 7,843 2,503 53 Ill 3 28,693 20,399 5,906 2,919 11,574 6,651 1,643 26,430 23,835 6,832 8,941 8,062 2,542 53 IV 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—1 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 HI. . 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 I 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,781 26,909 8,340 9,384 9,185 2,822 51 II 32,194 22,049 6,195 2,593 13,260 8,218 1,927 30,638 27,632 8,662 9,502 9,469 2,954 51 1 Includes loans held by nondeposit trust cos. but not bank trust depts. series for all commercial and mutual savings banks in the United States 2 Data for 1941 and 1945, except for totals, are special F. R. estimates. and possessions; first and third quarters, estimates based on FDIC data 3 Reflects a $40 million reclassification of loans from commercial for insured banks beginning in 1962. For earlier years the basis for and industrial to real estate by 1 bank. first and third quarter estimates included F. R. commercial bank call NOTF.—Second and fourth quarters, Federal Deposit Insurance Corp. data and data from National Assn. of Mutual Savings Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) No of arm Nonfarm Period Total Total FHA- g V u A ar - - Other i Farm1 Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 19S5 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 19^6 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 1960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6 553 24 815 3,170 1961 Aug . 557 517 r117 r17 383 40 r43,263 r40 153 r9,555 r6 657 r23 941 3 110 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 3,171 560 495 122 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 3,190 521 452 104 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 July 625 580 129 36 415 45 45,340 42,030 9,970 6,431 25,629 3,310 Aug 637 597 118 38 441 40 45,576 42,247 10,005 6,412 25,830 3,329 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 year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [Tn millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period] Total By type of lender (N.S.A.) Period Total* s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - 2 Period S.A.2 N.S.A. i a n S l s g o a s s a n v n s - & . p I c a n a o n s n m u c i e e r - - s b C m c a o i n e a m r k l - s - M b s i a u n a n t g v u k s - a s l 1941 ,379 437 5R1 4,578 1941. 4,732 1,490 404 1,165 218 1945 . . ,913 181 1,358 5,376 1945. 5,650 2,017 250 1,097 217 1955 1 .255 3 984 5J55 31,408 1,404 5,883 24,121 1955. 28,484 10,452 ,932 5,617 1,858 1956 10 325 699 4,6^0 35,729 1,486 6,641 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 osn 5,17? 45,627 2,206 7,077 36,344 1958. 27,388 10,516 ,460 5,204 1,640 1959. 15 151 5 ^0} 6,613 53,141 2 99*! 7 186 42,960 1959. 32,235 13,094 ,523 5,832 1,780 I960 14,304 4 678 6,13? 60,070 3 524 7,222 49,324 1960. 29,341 12,158 ,318 4,520 1,557 1961 17-364 5 081 7,?07 68,833 4,167 7,152 57,514 1961. 31,157 13,662 ,160 4,997 1,741 1961 1961 Aue 1,763 498 78S 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 1,346 111 483 179 Oct 1,629 464 696 67,317 4,061 7,152 56,104 Sept., 2,723 2,777 1.248 101 441 174 Nov 1,529 436 64 S 68,069 4,125 7,176 56,768 Oct.. 2,775 2,961 1,304 109 468 174 Dec 1,500 417 598 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 1,303 36? 509 69,968 4,241 7,160 58,567 Jan 2,696 2,459 1,041 88 400 138 Mar ,611 464 633 70,769 4,276 7,170 59,323 Feb 2,682 2,238 971 79 374 114 Apr ,661 512 635 71,616 4,312 7.122 60,182 Mar 2,670 2,627 1,172 90 442 120 M^av . ... .857 584 739 72,587 4,332 7,132 61,123 Apr 2,745 2,704 1,210 89 482 131 June ,936 572 823 73,631 4,355 7,119 62,157 May 2,836 2,983 1,350 100 534 154 July ,839 515 796 74,525 4,379 7,102 63,044 June 2,891 3,075 1,391 107 542 177 ,965 528 903 75,483 4,392 7,091 64,000 July 3,134 1,382 107 549 201 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 Federal Re- 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 1337 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 Governmentunderwritten Period Mortgages Prop- Mortgages End of Con- Total h N om ew es is E ti x n - g e P c r t o s j - i m p e r e i o m r n t v y t - e s - 2 Total 3 period Total Total s F u i H n re - A d - a g V n u t A a e r e - - d ti v o e n n a - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1955 88.2 38.9 14.3 24.6 49.3 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1956 99.0 43.9 15.5 28,4 55.1 1956. 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67,6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959.. 7,694 2,563 3,507 628 997 2,787 2,051 730 1960 141.3 56.4 26.7 29.7 84.8 1 1 9 9 6 6 1 0 6 6 , , 5 2 4 9 6 3 2 1 , , 1 7 9 8 7 3 2 2, , 9 4 8 0 2 3 7 9 1 2 1 6 9 85 8 5 2 1 1 , , 9 8 8 2 5 9 1 i, , 5 1 5 70 4 ! 4 6 2 5 8 6 1961 " 153.4 59.1 29.5 29.6 94.3 1960 I 133.1 54.5 24.6 29.9 78.6 1961—Aug 647 164 299 96 88 182 113 68 n 135.9 55.0 25.2 29.8 80.9 Sept 569 147 I 276 73 74 168 98 70 138.8 55.7 26.0 29.7 83.2 O N c o t v 5 6 9 2 9 2 1 1 4 7 8 4 ! 2 3 8 1 5 0 8 6 3 5 7 8 3 3 2 2 0 0 1 6 1 1 1 1 4 8 8 8 6 7 T IV il 141.3 56.4 26.7 29.7 84.8 Dec.... 553 153 i 273 62 65 197 112 84 1961—IP 143.3 57.1 27.4 29.7 86.2 1962—Jan 617 179 301 74 63 227 127 99 I U T P IP 1 1 4 4 9 6. . 5 9 5 58 7 . . 7 8 2 2 8 8 . . 8 0 2 2 9 9 . . 9 8 9 8 1 8 . . 2 7 Feb 474 150 ] 248 26 50 175 95 80 153.4 59.1 29.5 29.6 94.3 Mar 541 157 I 261 70 53 205 115 90 Apr 515 132 ! 240 88 56 182 99 83 1962—IP 156.0 59.9 30.3 29.6 96.1 May 560 140 I 263 87 70 184 96 88 June 643 !37 267 143 96 207 108 99 July 678 144 289 164 81 219 109 110 NOTE.—For total debt outstanding, figures are Aug 670 157 308 130 75 247 120 127 FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank 2 1 N M o o t n o th rd ly in f a i r g i u ly re s s ec d u o r e n d o t b r y e f m le o ct r tg m a o g r e t s g . age amendments included in annual totals. A Bo d a m rd in , is F t e ra d t e i r o a n l . Housing Administration, and Veterans 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Administration and Veterans Administration data. FHAinsured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Period Ad- Repay- Members' End of period) ments vances ments deposits period Total F su H in re A - d - a g V n u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s- - ed Total S te h r o m rt i - L te o rm ng 2 - 1945 278 213 195 176 19 46 1955. 2.615 901 1,714 411 62 76 1955 . .. 1,251 702 1,417 991 426 698 1956. 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957... 1,116 1,079 1,265 731 534 653 1958. 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959. 5,531 2,546 2,985 1,907 568 1959 2,067 1,231 2,134 1 1Q? 942 589 1960. 6.159 3,356 2,803 1,248 357 576 1960 1,943 2,097 1,981 1,089 892 938 1961. 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1961—Auer 5,804 3,245 2,559 71 3 593 1961—Sept 244 120 2.124 1,233 892 1,022 Sept 5,841 3,281 2,561 76 10 626 Oct 257 179 2,202 1,239 963 1,008 Oct 5,916 3,345 2,571 108 ? 653 Nov 263 178 2,287 1,269 1,018 1,029 Nov 6,004 3,417 2,587 121 3 656 Dec 510 135 2,662 1,447 1,216 1,180 Dec 6,093 3,490 2,603 127 ?, 631 1962—Jan 265 608 2,320 1,293 1,027 995 1962 Tan 6,186 3,566 2,620 124 1 637 Feb 145 236 2,228 1,228 1,000 1,007 Feb 6,248 3,618 2,630 102 7 605 Mar 204 281 2,151 1,170 981 1,109 Mar 6,231 3,653 2,578 97 80 613 Apr 382 209 2,323 1,244 1,079 1,096 Apr 6,151 3,616 2,535 60 106 562 May 295 189 2,429 1,319 1,110 1,107 May 6,120 3,627 2,493 82 76 527 June 503 165 2,767 [,569 1,198 1,192 June 6,035 3,571 2,464 52 101 504 July 480 387 2,860 1,708 1,151 976 July 5 989 3,557 2,432 34 47 485 Aug 312 225 2,948 1,787 1,161 954 Aug 5.969 3,556 2,413 35 19 442 Sept 279 180 3,046 1,835 1,211 984 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 Homes 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

1338 CONSUMER CREDIT TOTAL CREDIT [In millions of dollars] Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co O g p n o a s t p o h u e d e m r r s er e a r n l R n o d i e a z p n m a a s t i o i r o i d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3 087 845 1 645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1955 38,807 28,883 13,437 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1956 42,262 31,648 14,348 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,848 33,745 15,218 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 44,984 33,497 14,007 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,331 39,034 16,209 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5 329 3,333 1961 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 1961—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 4,778 4 517 3,426 Nov 55,451 42,419 16,960 11,215 3,192 11,052 13,032 4,880 4,684 3,468 Dec. 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 1962—Jan . . .. 56,278 42,846 16,878 11,605 3,131 11,212 13,432 4,906 4 892 3 634 Feb 55,592 42,632 16,900 11,380 3,099 11,253 12,960 4,931 4,294 3,735 Mar 55,680 42,704 17,039 11,256 3,084 11,325 12,976 5,056 4 191 3 729 Apr 56,650 43,285 17,343 11,333 3,094 11,515 13,365 5,111 4,451 3,803 May 57,593 43,893 17,683 11,423 3,131 11,656 13,700 5,238 4 683 3 779 June 58,277 44,559 18,033 11,555 3,156 11,815 13,718 5,227 4,739 3,752 July 58,521 44,967 18,291 11,570 3,182 11,924 13,554 5,203 4 607 3,744 Aug... 59,146 45,514 18,530 11,648 3,216 12,120 13,632 5,274 4,638 3,720 1 Holdings of financial institutions; holdings of retail outlets are in- mortgage loans. The estimates include data for Alaska beginning with cluded in other consumer goods paper. Jan. 1959 (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For back data see the following NOTE.—Consumer credit estimates cover loans to individuals for BULLS.: Apr. 1953 (includes a description of the series); Oct. 1956; household, family, and other personal expenditures, except real estate Nov. 1958 and 1959; and Dec. 1957, 1960, and 1961. INSTALMENT CREDIT [In millions of dollars] Financial institutions Retail outlets End of period Total Total 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 fin s C u an m o c n e e - r * 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 l u e b 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 194s 2 462 1,776 745 300 102 629 686 131 240 17 28 270 1955 28,883 24,375 10,601 8,424 1,678 2,623 1,049 4,508 1,511 1.044 365 487 1.101 1956 31,648 26,905 11,777 9,045 2,014 2,940 1,129 4,743 1,408 1,187 377 502 I 269 1957 33,745 29,078 12,843 9,487 2,429 3,124 1,195 4,668 1,393 1,210 361 478 I 226 1958. 33,497 28,514 12,780 8,699 2,668 3,085 1,282 4,983 1,882 1,128 292 506 1,175 1959 39,034 33,359 15,227 10,108 3,280 3,337 1,407 5,676 2,292 1,225 310 481 368 I960 42,588 36,974 16,672 11,228 3,923 3,670 1,481 5,615 2,414 1,107 333 359 402 J961 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 I 080 322 359 I 401 1961 Aug 42 090 37,320 17,065 10,886 4,207 3,659 1,503 4,769 1,896 1,001 314 359 I 199 Sept 42,039 37,188 16,909 10,882 4,233 3,650 1,514 4,850 1,979 1,009 315 360 I 187 Oct. 42,181 37,191 16,877 10,866 4,269 3,671 1,508 4,990 2,097 1,014 315 359 I 205 Nov ... 42,419 37,240 16,836 10,878 4,317 3,684 1,525 5,179 2,213 1,034 314 360 I 258 Dec 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 1,080 322 359 I 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 I 352 Feb 42 632 37,469 16,726 11,133 4,311 3,783 1,516 5,163 2,167 I 039 311 358 I 288 Mar 42,704 37,509 16,779 11,049 4,355 3,795 1,531 5,195 2,227 1,018 305 356 I 289 43,285 37,965 17,042 11,121 4,449 3,826 1,527 5,320 2,339 1,011 303 351 I 316 May 43,893 38,453 17,316 11,199 4,543 3,836 1,559 5,440 2,430 1,011 301 345 I 353 44,559 39,010 17,610 11,325 4,640 3.876 1,559 5,549 2,522 1,008 303 336 1 380 July 44 967 39,426 17,815 11,435 4,705 3,907 1,564 5,541 2,517 I 009 302 327 1 386 Aug 4S 514 39,894 18,005 11,543 4,808 3,948 1,590 5,620 2.581 .019 303 317 1,400 1 Consumer finance cos. included with "other" financial institutions dealers is included with ''other" retail outlets. until Sept. 1950. 2 Includes mail-order houses. See also NOTE to table above. 3 Automobile paper only; other instalment credit held by automobile Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1339 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 ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a o t m o p h n d e e e - r r s r e R l m r t o a e n i a o n p o i n z d d n a a s - ir - l s P o o a e n r n a - s l End of period Total 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 d e - r r r s m i R z lo o a e a d a n p ti n e d a o r s i n n r - I i ! j l s P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1955 8,424 6,882 1,048 28 466 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,045 7,166 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,487 7,271 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,699 6,165 1,717 36 781 1958 .... 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,108 6,976 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3.196 1960 11,228 7,284 2,739 139 1,066 I960 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—Aug. 10,886 6,756 2,865 149 1,116 1961—Aug 17,065 5,312 2,860 2,936 2,190 3,767 Sept. 10,882 6,650 2,937 153 1,142 Sept 16,909 5,284 2,822 2,826 2,197 3,781 Oct.. 10.866 6,621 2,929 157 1,159 Oct. 16,877 5,308 2,825 2,769 2,198 3,777 Nov. 10,878 6,611 2,940 160 1,167 Nov 16,836 5,314 2,852 2,700 2,195 3,775 Dec. 11,052 6,590 3,100 161 1,201 Dec 16,843 5,307 2,862 2,684 2,180 3,810 1962—Jan.. 11,190 6,535 3,286 162 1,207 1962—Jan 16,759 5,292 2,871 2,631 2,147 3,818 Feb. 11,133 6,528 3,232 162 1,211 Feb 16,726 5,309 2,881 2,594 2,119 3,823 Mar. 11,049 6,554 I 3,118 163 1,214 Mar 16,779 5,364 2,918 2,549 2,100 3,848 Apr. 11,121 6,642 i 3,078 165 1,236 17,042 5,472 2,993 2,535 2,106 3,936 May 11,199 6,766 3,021 167 1,245 May!!!!!!!!! 17,316 5,590 3,063 2,551 2,123 3,989 June 11,325 6,892 3,002 168 1,263 June 17,610 5.716 3,130 2,574 2,141 4,049 July. 11,435 6,994 2,997 171 1,273 July 17,815 5,814 3.169 2,590 2,158 4,084 Aug. "',543 7.088 2,985 17! 1 ,299 Aug 18.005 5.900 3,193 2,581 2,176 4,155 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS [In millions of dollars] [In millions of dollars] Siiigle- Other Repair payment Charge accounts End of period Total m A o u b t i o l - e s c u o m n e - r mo a d nd ern- s P o e n r a - l loans paper goods ization loans End of period Total Service paper loans Com- Other De- credit mer- finan. part- Other Credit cial insti- ment retail cards2 1939 789 81 24 15 669 banks tutions stores1 outlets 1941 957 122 14 785 1945 . . 731 54 % 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 QS4 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 8,024 1,400 681 698 5,244 1956 . 10 614 2 843 410 893 3,842 260 2,366 1957 11,103 2,937 427 876 3^953 317 2^593 1960 . .. 9 074 1 665 771 800 5.837 1958 ... 11,487 3,156 471 907 3,808 345 2,800 1961 9,685 1,842 763 836 6,244 1959 12,297 3.582 547 958 3^753 393 3,'064 1961—Aug 9,369 1,774 755 826 6,015 I960 13,169 3,884 623 941 3,952 436 3,333 Sept 9,397 1,786 753 830 6,028 1961 13,976 4,224 731 948 4^027 463 3^583 Oct 9,448 1,800 756 828 6,064 Nov 9 526 I 823 756 837 6,110 1961—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 I 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 4,279 777 594 3,139 458 3,729 July 10,176 ,987 769 853 6,567 Apr.. 13,365 4,390 721 620 3,367 464 3,803 A,ug 10.346 2,032 779 869 6,666 May. 13,700 4,421 817 636 3,571 476 3,779 June. 13,718 4,439 788 612 3,635 492 3,752 July.. 13,554 4,430 773 569 3,518 520 3,744 NOTE.—Institutions represented are consumer finance cos., credit Aug.. 13,632 4,425 849 570 3,521 547 3.720 unions, industrial loan cos., mutual savings banks, savings and loan is., and other lending institutions holding consumer instalment loans. 1 Includes mail-order houses. See NOTE to first table on preceding page. 2 Service station and misc. credit-card accounts and home-heating-oil accounts. See NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1340 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 r e n p 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.1 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 1959 2 47,818 17,544 13 982 2 222 14 070 I960 49,313 17,408 14 470 2 212 15 223 1961 47,984 15,779 14,477 2,049 15,679 1961—Aug 4,038 4,234 ] ^05 1,212 1,229 186 206 1,338 1,404 Sept 3,942 3,789 ,271 ,168 1,199 1,200 175 184 1,297 1,237 Oct 4.209 4,244 ,405 ,452 1,254 1,300 173 186 1,377 1,306 Nov . ... 4,317 4,275 ,511 ,402 1,249 1,327 174 177 1,383 1,369 Dec 4,315 4,754 .471 ,289 1,316 1,750 159 145 1,369 1,570 1962—Jan 4,194 3,756 1,474 ,320 1,185 1,039 157 120 1,378 1,277 Feb 4 302 3,566 1,496 284 1,281 972 168 122 1 357 1 188 Mar 4,363 4,301 1,526 ,574 1,257 1,161 172 154 1,408 1,412 Apr 4,625 4,658 1,606 ,688 1,382 1,287 169 175 1,468 1,508 May 4,593 4,858 1,604 ,787 1,312 1,346 185 210 1,492 1,515 June 4,477 4,830 1,536 755 1,308 1,358 169 192 1,464 1,525 July 4,580 4,641 1,601 1,709 1,332 1,249 194 211 1,453 1,472 Aug 4,580 4,792 1,578 1,686 1,325 1,331 176 206 1,501 1,569 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 1959 2 42,435 15,411 12,402 1,765 12 857 I960 45,759 16,172 13,574 1,883 14,130 1961 47,412 16,262 14,233 2,012 14,905 1961—Aug 3,994 4,053 1.362 1.396 1.197 1.198 170 174 1.265 1,285 Sept 3,956 3,839 L,35O 1,327 ,190 1,159 170 169 I 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 1,359 1,355 ,188 1,197 166 168 I 304 1,317 Dec 4,051 4,010 1,361 1,389 ,233 1,194 168 160 1,289 1,367 1962—Jan 3,979 4,073 1,380 1,402 ,147 1,205 164 166 1,288 1,300 Feb 4,066 3,780 1,369 1,262 ,253 1,197 166 154 I 278 1,167 Mar 4,094 4,229 1,393 1,435 ,226 L.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 ,234 1,256 170 173 1,358 1,374 June 4 159 4,164 I 402 1,405 ,230 1,226 166 167 t 361 1 366 July 4,239 4,233 1,430 ,451 ,271 1,234 182 185 1,356 1,363 Aug 4,194 4,245 1,417 1.447 ,257 1,253 166 172 1,354 1,373 Net change in credit outstanding 3 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 I960 3 554 1,236 896 329 1 093 1961 572 -483 244 37 774 1961—Aug 44 181 -60 15 31 16 32 73 119 Sept -14 -50 -79 -159 9 41 5 15 51 53 Oct 181 142 33 11 44 79 c 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 July 341 408 171 258 61 15 12 26 97 109 Aug 386 547 161 239 68 78 10 34 147 196 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. NOTE.—Estimates are based on accounting records and often include Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1341 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [In millions of dollars] Total Commercial banks S c a o le m s p f a i n na ie n s ce Ot i h n e s r t itu fi t n io an n c s ial 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 9,654 6,563 1959 2 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—Aug 4,038 4,234 1,476 1,559 853 927 J 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 1,078 1 034 685 723 Nov 4,317 4,275 1,557 1,456 957 924 1,115 1,118 688 111 Dec . 4,315 4,754 1,546 1,431 1,076 1,086 1,071 1,240 622 997 1962—Jan . .... 4,194 3,756 1,515 1,441 907 821 I 058 944 714 550 Feb 4,302 3,566 1,557 1,359 975 797 1,064 918 706 492 Mar 4,363 4,301 1,580 1,593 928 917 1,122 1,118 733 673 Apr 4,625 4,658 1,646 1,747 994 997 1,148 1,158 837 756 May 4,593 4,858 1,642 1,807 991 1,046 ,176 1,209 784 796 June 4,477 4,830 1,639 1,784 961 1,067 1,125 1,195 752 784 July 4,580 4,641 1,681 1,756 982 1,045 1,131 1,161 786 679 Aug 4,580 4,792 1,646 1,732 961 1,044 1,176 1,238 797 778 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 1959 2 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—Aug 3,994 4,053 1,535 1,560 906 933 988 999 565 561 Sept .. 3,956 3,839 1,521 1,486 883 862 982 930 570 561 Oct 4,028 4,102 1,523 1.569 918 967 997 983 590 583 Nov 4,017 4,037 1,495 1,480 899 912 1,031 1,040 592 605 Dec . 4,051 4,010 1,509 1,424 931 912 1,008 1,081 603 593 1962 Jan . 3,979 4,073 1,486 1,525 874 867 1,022 1,027 597 654 Feb 4 066 3,780 1,469 1,392 971 904 996 910 630 574 Mar 4,094 4,229 1,517 1,540 950 1,001 1,020 1,047 607 641 Apr 4,108 4,077 1,472 ,475 935 934 1,043 1,037 658 631 May 4,180 4,250 1,492 1,533 961 968 1,061 1,073 666 676 June . 4,159 4,164 1,489 .490 952 941 1,045 1,058 673 675 July 4,239 4,233 1,524 1,551 938 935 ,053 1,060 724 687 Aug 4,194 4,245 1,522 1,542 909 936 1.056 1,068 707 699 Net <:hange in credit outstanding 3 1955 5,315 1,805 2,280 840 390 1956 2 766 1,176 622 733 235 1957 2,096 1,066 442 665 — 75 1958 — 249 -63 -788 289 315 1959 2 5,535 2,447 1,409 986 693 I960 3,554 1,446 1,120 1,051 -61 1961 . • 572 169 -174 609 -32 1961 Aus 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 95 140 300 238 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 M^ar 269 72 63 53 -22 -84 102 71 126 32 517 581 165 263 68 72 105 121 179 125 May 413 608 150 274 30 78 115 136 118 120 June 318 666 150 294 9 126 80 137 79 109 July 341 408 157 205 44 110 78 101 62 -8 Aug 386 547 124 190 52 108 120 170 90 79 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

1342 INDUSTRIAL PRODUCTION: S.A. INDUSTRY AND SUMMARY MARKET GROUPINGS [1947-49= 100] a A v n e n ra u g a e l 1961 1962 Grouping 1960 1961* Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. INDUSTRY GROUPINGS Total index 164 165 172 168 171 173 174 172 174 176 177 179 179 180 180 Manufacturing, total 763 764 770 767 770 772 773 777 773 774 776 775 775 779 179 Durable ... 169 167 175 171 174 177 179 176 179 182 184 185 185 187 187 Nondurable 160 164 169 167 171 171 171 169 171 171 172 174 174 175 175 128 129 130 128 131 132 133 130 130 131 133 132 132 134 134 Utilities 287 314 316 317 315 314 318 319 321 320 326 334 335 333 Durable Manufactures Primary and fabricated metals 127 725 736 733 733 735 737 737 747 141 739 733 737 130 132 Primary metals ... 115 112 125 126 122 123 126 128 133 133 128 116 110 109 112 110 105 115 116 113 113 120 123 129 129 123 105 98 95 100 Fabricated metal products 145 143 151 144 150 153 153 151 151 153 155 158 162 162 162 Structural metal parts 155 154 164 157 161 161 159 155 157 158 163 168 170 169 169 Machinery and related products ... 205 202 270 203 208 274 277 273 275 220 224 228 229 233 234 Machinery.. 174 174 178 177 178 180 184 183 185 190 193 195 200 199 198 Nonelectrical machinery . ... 145 142 145 145 145 147 148 147 149 154 157 160 164 164 166 Electrical machinery 222 226 232 229 231 235 243 243 245 249 252 253 259 256 251 Transportation equipment 238 227 240 221 235 248 252 242 244 249 256 263 256 268 271 Motor vehicles and parts ... 168 151 169 139 157 169 175 166 166 171 181 187 179 191 190 368 376 375 385 388 399 400 388 393 398 394 403 401 409 424 Instruments and related products 221 220 227 225 225 229 228 226 223 224 227 231 236 237 238 Ordnance and accessories. .. . .. .... Clay, glass, and lumber.... ... 739 735 744 742 739 739 736 730 735 737 742 147 149 148 148 Clay, glass, and stone products 158 156 165 162 160 159 152 147 151 151 158 168 170 171 169 Lumber and products 118 116 120 119 114 116 118 112 126 122 124 122 125 122 124 Furniture and miscellaneous .. 153 754 157 755 760 764 763 755 759 764 769 173 174 172 171 Furniture and fixtures .... 171 171 176 176 177 183 183 175 179 184 188 192 194 190 190 Miscellaneous manufactures 138 140 142 142 145 148 146 143 143 148 154 157 157 158 155 Nondurable Manufactures Textile, apparel, and leather products 736 737 742 740 744 744 745 742 743 744 745 145 746 145 143 Textile mill products 121 124 129 131 132 131 132 130 132 136 134 136 138 135 Apparel products 158 158 165 159 166 165 167 161 164 163 165 164 164 165 161 Leather and products 113 113 116 112 117 119 123 117 117 114 118 119 117 113 Paper and printing . • 760 764 769 765 765 769 770 769 777 770 169 777 77/ 171 172 Paper and products . . . . . . ....... 172 182 189 187 188 187 192 189 193 191 189 191 190 190 191 Printing and publishing 151 153 155 155 155 157 156 156 157 156 156 158 159 158 160 Newspapers HO 139 140 140 140 142 142 142 141 140 140 141 141 142 146 Chemical, petroleum, and rubber products 224 234 243 239 245 245 247 243 247 246 249 257 260 262 260 Chemicals and products 255 269 277 276 280 282 285 281 288 284 288 296 299 302 299 Industrial chemicals 319 345 358 361 367 370 370 369 378 373 378 387 394 397 162 166 172 164 172 169 162 168 165 169 167 172 175 172 171 Rubber and plastics products .. 200 201 215 210 217 217 225 208 217 216 223 234 238 246 131 736 737 737 739 739 735 735 735 747 740 740 735 140 139 Foods and beverages 132 136 138 137 140 140 138 140 139 141 140 140 139 142 140 Food manufactures 135 139 140 140 142 142 142 142 142 144 144 144 142 144 143 119 124 127 126 128 127 122 727 124 127 123 124 124 124 Tobacco products . .... 130 134 135 133 140 140 136 730 132 139 139 137 129 129 Mining Coal oil and gas • • • 122 723 725 722 725 727 727 725 725 725 725 726 726 128 128 Coal 68 65 67 68 69 70 70 70 68 69 71 70 65 66 68 147 150 152 147 151 152 153 151 151 151 154 152 154 157 156 Oil and gas extraction 147 150 152 147 151 150 151 149 150 150 153 151 154 157 156 Crude oil 135 138 141 137 139 138 138 137 138 137 140 138 142 145 144 228 Oil and gas drilling 145 147 iii 141 147 161 165 159 150 155 156 151 146 149 148 164 764 160 762 765 770 769 767 764 766 765 173 167 168 167 134 134 124 130 137 146 155 155 155 154 143 139 131 132 125 195 194 198 196 199 193 181 166 173 177 192 207 205 206 210 Utilities Electric 289 308 317 319 320 316 316 321 320 322 319 327 337 >37 Gas 284 SUMMARY MARKET GROUPINGS 168 170 174 172 175 17S 179 176 177 180 181 183 184 185 185 161 164 169 164 168 170 172 170 170 172 173 175 175 176 175 195 196 198 201 203 207 208 204 208 210 211 214 217 221 223 Materials 160 161 168 165 16S 170 168 171 172 174 174 175 175 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: N.S.A. 1343 INDUSTRY AND SUMMARY MARKET GROUPINGS [1947-49=100] Annual average 1961 1962 Grouping 1960 1961*Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. INDUSTRY GROUPING Total index. 164 165 169 171 176 174 172 170 175 178 178 178 180 171 Manufacturing, total. 163 164 167 169 176 173 170 168 174 777 777 777 779 770 775 Durable 169 167 165 172 178 179 179 177 182 185 187 185 186 177 176 Nondurable 160 164 173 171 178 171 164 163 169 172 172 173 176 166 178 Mining 128 129 130 130 133 132 132 130 131 130 132 133 135 127 135 Utilities 287 Durable manufactures Primary and fabricated metals. 127 125 130 133 136 134 135 138 143 145 142 134 132 779 727 Primary metals 115 112 115 122 123 122 123 132 139 141 134 118 112 94 104 Iron and steel 110 105 108 116 116 114 117 127 134 135 126 106 99 '84 94 Fabricated metal products 145 143 153 150 154 153 153 148 148 151 155 158 162 157 163 Structural metal parts 155 154 161 159 165 165 164 155 156 158 162 166 170 166 170 Machinery and related products... 205 202 190 201 212 218 221 216 221 225 227 228 229 222 210 Machinery 174 174 170 178 181 182 185 183 189 193 195 195 199 188 190 Nonelectrical machinery 145 142 138 142 143 144 149 149 154 160 162 162 165 159 157 Electrical machinery 222 226 224 238 245 245 243 238 245 248 247 247 255 '233 244 Transportation equipment 238 227 196 215 241 260 262 253 255 259 263 265 257 259 215 Motor vehicles and parts 168 151 114 133 166 187 187 178 177 180 189 192 181 182 120 Aircraft and other equipment.. 368 376 366 380 386 398 402 396 402 407 398 398 399 '403 414 Instruments and related products. 221 220 223 226 226 231 230 226 225 226 230 230 235 232 237 Ordnance and accessories Clay, glass, and lumber 139 138 152 150 148 139 727 720 757 752 143 750 755 148 158 Clay, glass, and stone products. 158 156 171 167 167 160 148 138 143 147 161 171 174 173 178 Lumber and products 118 116 131 131 126 115 103 98 118 115 122 126 135 120 135 Furniture and miscellaneous.. 153 154 161 165 169 169 165 755 158 752 164 166 777 r165 775 Furniture and fixtures 171 171 180 182 186 185 186 172 178 181 183 184 189 185 195 Miscellaneous manufactures. 138 140 145 151 155 155 148 138 140 146 149 152 155 149 157 Nondurable manufactures Textile, apparel, and leather products. 136 757 149 133 148 141 755 757 750 752 147 144 146 '727 747 Textile mill products 121 124 130 127 136 131 127 128 134 137 132 137 139 116 135 Apparel products 158 158 176 148 171 160 152 155 174 177 171 164 164 147 168 Leather and products 113 113 120 112 118 116 113 115 125 124 119 112 118 104 Paper and printing 160 164 166 169 775 775 755 754 770 174 775 772 772 759 77/ Paper and products 172 182 192 189 200 190 173 183 194 197 195 191 195 172 196 Printing and publishing. 151 153 150 157 161 162 157 152 155 159 160 160 157 151 155 Newspapers 140 139 126 140 152 155 140 131 137 145 149 150 142 125 133 Chemical, petroleum, and rubber products. 224 234 241 239 247 246 242 243 250 252 254 257 263 r247 258 Chemicals and products , 255 269 275 274 281 282 278 277 287 291 295 298 r301 286 298 Industrial chemicals 319 345 352 353 365 372 370 367 380 383 385 389 392 378 Petroleum products 162 166 177 168 171 167 166 168 167 167 162 169 179 179 180' Rubber and plastics products 200 201 207 213 228 223 215 219 229 227 230 230 204 Foods, beverages, and tobacco 131 136 148 757 152 747 750 727 725 757 752 755 747 141 150 Foods and beverages 132 136 148 152 152 141 132 127 128 130 132 135 141 143 151 Food manufactures , 135 139 151 157 157 147 137 133 132 132 134 135 140 145 154 Beverages 119 124 137 127 132 114 110 101 108 121 124 132 147 137 Tobacco products 130 134 145 138 150 140 110 130 134 139 133 141 141 121 Mining Coal, oil, and gas 122 123 123 122 125 727 729 729 729 128 727 124 727 118 727 Coal 68 65 70 72 75 73 70 69 69 70 69 68 75 44 72 Crude oil and natural gas. 147 150 147 145 149 152 156 156 157 155 154 150 151 151 152 Oil and gas extraction.. 147 150 147 145 148 150 155 155 157 155 154 150 151 150 151 Crude oil 135 138 136 134 137 137 140 141 143 142 142 138 139 139 140 Gas and gas liquids.., 228 Oil and gas drilling 145 147 146 144 148 159 167 163 149 146 148 148 148 153 Metal, stone, and earth minerals. 164 754 775 779 750 754 749 755 745 745 752 186 188 184 184 Metal mining 134 134 143 150 151 133 124 122 127 126 135 160 162 152 144 Stone and earth minerals 195 194 210 209 210 195 175 150 158 166 188 212 214 217 225 Utilities Electric. 289 308 325 327 310 304 320 342 332 328 313 311 326 337 Gas 284 SUMMARY MARKET GROUPINGS Final products, total 168 170 172 176 1S2 179 176 174 178 181 181 181 185 179 182 Consumer goods 161 164 167 170 178 172 167 166 170 172 172 171 176 169 172 Equipment, including defense. 195 196 194 199 201 204 208 206 210 214 215 215 219 '216 218 Materials 160 161 166 166 171 170 168 167 172 174 175 175 176 164 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1344 INDUSTRIAL PRODUCTION: S.A. INDUSTRY GROUPINGS [1957= 100] 1957 A A v n e n r u a a g l e 1961 1962 Grouping proportion 1960 1961* Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total index 100.00 108 109 113 Ill 113 114 115 114 115 116 117 118 118 119 119 86.49 108 109 113 111 113 114 115 114 115 116 117 118 118 119 119 Durable . 49.66 104 103 108 105 107 109 110 108 110 112 113 114 114 115 115 Nondurable 36.83 113 117 120 119 121 121 122 120 122 122 122 124 124 125 124 Mining 8.55 97 98 99 97 100 101 101 99 99 99 101 101 100 102 102 Utilities 4.96 123 135 135 135 135 135 137 137 138 137 140 143 144 143 Durable Manufactures Primary and fabricated, metals 13.15 97 95 104 101 102 103 104 105 107 107 106 101 100 99 101 7.73 90 88 98 99 96 96 99 101 105 104 100 91 86 86 88 Iron and steel 6.21 88 84 92 93 90 90 96 98 104 103 98 84 78 76 80 5.42 106 105 111 105 110 112 112 110 111 112 113 116 119 119 118 Structural metal parts ... . . 2.91 104 103 110 105 108 107 106 104 105 106 109 112 114 113 113 Machinery and related products 28.98 106 104 108 105 107 110 112 110 HI 113 116 118 118 120 121 Machinery 15.31 106 106 109 108 108 110 112 111 113 116 118 119 122 121 121 8.92 102 100 102 102 102 103 104 103 105 108 111 113 115 116 117 Electrical machinery 6.39 112 114 118 116 117 119 123 123 124 126 128 128 131 130 127 10.76 102 97 103 95 101 106 108 104 105 107 110 113 110 115 116 Mx)tor vehicles and parts . . 5 04 115 103 116 95 107 116 119 114 114 117 124 128 122 131 130 Aircraft and other equipment 5.50 89 91 90 93 93 96 96 93 95 96 95 97 97 99 102 1.66 119 118 122 121 121 123 123 121 120 120 122 124 127 128 128 1 25 Clay glass and lumber 4.57 109 107 112 111 108 108 106 102 108 107 110 114 116 116 775 2.92 110 108 114 112 111 110 106 102 104 105 109 116 118 118 117 Lumber and products 1,65 107 105 109 107 103 105 107 101 114 111 112 111 113 111 112 Furniture and miscellaneous 2.96 116 117 120 120 121 124 124 120 121 125 129 131 132 131 130 1.48 120 120 123 123 124 128 128 123 125 128 131 134 136 133 133 Miscellaneous manufactures 1.48 113 114 116 116 119 121 120 117 117 121 126 129 129 129 127 Nondurable Manufactures Textile apparel and leather products 7.32 115 116 120 7/5 122 122 123 120 121 122 122 123 123 123 727 2.78 109 111 116 117 118 118 118 117 118 122 121 122 124 122 122 Apparel products 3.44 124 124 130 125 130 130 131 127 129 128 129 129 129 129 127 Leather and products 1.10 100 101 103 100 104 106 109 105 105 101 105 106 104 101 7.93 112 115 118 117 117 118 119 118 119 119 118 120 119 119 727 Paper and products 3.27 112 118 123 122 122 122 125 123 125 124 123 125 123 124 125 4.66 111 113 114 114 114 115 114 114 115 115 115 116 117 116 118 1.53 107 106 107 107 107 108 108 109 108 107 107 108 108 109 112 Chemical petroleum and rubbev products ...10.95 118 123 127 126 128 129 130 127 130 129 131 135 137 137 137 7.10 121 128 132 132 133 134 136 134 137 135 137 141 142 144 142 Industrial chemicals 3.61 127 137 142 143 146 147 147 146 150 148 150 154 156 158 Petroleum products 1.93 108 110 115 110 114 113 108 112 110 112 111 115 117 114 114 Rubber and plastics products . . .. 1.91 114 115 123 120 124 124 129 119 124 124 128 134 136 141 Foods beverages and tobacco 10.64 109 113 114 114 116 116 115 115 115 117 116 116 115 117 116 Foods and beverages 9.87 109 113 114 114 116 116 114 115 115 117 116 116 115 117 116 8.31 109 113 114 114 116 116 115 116 116 117 117 117 115 117 116 Beverages 1 56 108 112 115 114 116 116 110 115 112 115 111 112 113 113 Tobacco products .. . .77 114 118 119 116 123 123 120 114 116 122 122 120 114 114 Mining 7.05 96 97 98 96 98 99 99 98 98 98 100 98 99 100 100 Coal 1.30 83 80 81 82 84 86 86 86 83 84 86 85 79 80 83 5.75 98 100 102 99 101 102 103 101 101 101 103 102 103 105 104 Oil and gas extraction 4.98 100 103 105 101 104 104 103 102 103 103 105 104 106 108 107 4.33 98 100 103 99 101 100 100 99 100 100 102 101 103 105 104 Gas and gas liouids . . . .65 116 .77 85 86 82 83 86 95 97 93 88 91 92 88 86 87 87 hfetal stone and earth minerals • 1.50 105 105 103 104 107 109 108 103 105 106 108 111 107 108 707 .70 97 97 90 94 99 106 112 12 112 112 104 101 95 96 91 Stone and earth minerals . •. .80 112 112 114 113 115 111 104 96 100 102 111 119 118 118 121 Utilities Electric 3.76 123 131 135 136 137 135 135 137 137 137 136 140 144 144 Gas 1.20 123 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: S.A. 1345 MARKET GROUPINGS [1957= 100] Annual p 19 ro 5 - 7 Average 1961 1962 Grouping portion 1960 1961 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total index. 100.00 108 109 113 111 113 114 115 114 115 116 117 118 118 119 119 Final products, total. 46.75 777 112 115 113 115 117 118 116 777 775 779 720 727 722 722 Consumer goods 31.13 116 120 116 119 121 122 121 120 122 123 124 124 125 124 Equipment, including defense. 15.62 103 104 105 106 107 109 110 108 110 111 112 113 115 116 118 Materials 53.25 106 106 111 109 111 111 112 111 113 114 115 115 116 116 116 Consumer goods Automotive products 3.35 117 106 117 96 110 121 129 119 775 775 124 727 725 727 Autos 2.03 117 97 110 82 102 117 127 114 109 110 119 126 115 127 125 Auto parts and allied products 1,32 117 121 126 118 123 127 132 126 126 125 131 129 128 130 131 Home goods and apparel 9.60 116 117 122 120 121 121 125 121 723 725 727 725 128 727 124 Home goods 4.40 115 117 120 121 120 122 127 123 124 127 130 131 133 130 125 Appliances, TV, and radios 1,75 112 113 116 119 116 117 122 120 122 126 129 128 131 127 120 Appliances 1.26 118 118 121 126 124 124 127 126 126 129 132 132 134 131 129 TV and home radios. .49 96 103 102 100 98 101 108 104 113 118 123 117 123 114 97 Furniture and rugs 1.18 118 119 122 126 124 128 129 124 124 126 131 134 136 133 132 Miscellaneous home goods 1.47 117 119 124 120 122 123 131 127 126 128 130 133 134 130 125 Apparel, including knit goods and shoes 5.20 117 118 124 118 121 121 123 119 121 124 124 124 124 124 122 Consumer staples 18.18 113 117 119 119 120 120 119 120 720 727 727 727 723 723 723 Processed foods 8.11 109 113 114 114 115 115 114 114 114 115 116 116 116 117 117 Beverages and tobaccos 2.32 110 114 116 115 118 118 113 115 113 118 115 115 113 115 Drugs, soap, and toiletries 2.73 118 123 126 124 127 127 130 126 128 127 128 130 134 134 133" Newspapers, magazines, and books 1.44 113 117 117 119 118 118 116 119 118 118 118 119 120 120 116 Consumer fuel and lighting 3.45 119 126 130 127 129 129 129 132 132 132 132 133 138 138 Fuel oil and gasoline 1.19 106 108 111 104 109 112 109 112 113 113 111 112 116 112 iO9* Residential utilities 2.26 126 139 140 141 140 139 143 143 143 142 144 149 151 Electricity 1.57 127 i36 140 141 141 139 139 144 143 143 142 144 151 154 Gas .69 124 Equipment Business equipment 12.16 705 105 106 707 705 770 770 705 770 772 113 115 777 775 119 Industrial equipment 7.29 102 100 102 101 102 104 106 104 106 106 107 109 110 111 111 Commercial equipment , 2.46 118 124 127 128 129 131 132 131 133 135 138 140 141 142 141 Freight and passenger equipment. 1.83 101 99 98 105 106 111 106 101 103 107 105 107 110 113 117 Farm equipment .58 92 98 78 97 87 95 94 91 100 105 110 114 117 116 116 Defense equipment. 3.46 Materials Durable goods materials. 27.57 702 700 705 704 705 705 705 705 707 709 777 777 770 709 770 Consumer durable 3.67 109 100 115 99 101 106 112 112 111 115 120 128 121 126 127 Equipment 8.10 101 102 105 102 107 108 108 108 110 112 116 115 116 115 114 Construction 9.05 107 106 112 110 108 107 105 100 106 107 111 115 114 114 113 Metal materials n.e.c... 6.99 92 91 96 97 96 97 102 105 107 106 103 94 89 86 Nondurable materials 25.44 770 114 117 775 777 775 77P 777 77P 779 779 727 723 722 722 Business supplies 8.87 110 113 116 113 114 116 118 115 117 117 116 117 119 119 119 Containers 2.91 109 115 121 118 116 119 122 122 121 124 117 117 121 121 120 General business supplies. 5.96 111 111 113 111 112 115 115 112 114 113 115 118 118 118 117 Nondurable materials n.e.c.. 7.05 119 126 132 130 132 132 135 132 135 137 136 140 144 142 139 Business fuel and power 9.52 103 105 108 106 108 108 108 107 108 108 109 109 110 111 Mineral fuels 6.29 97 98 100 97 100 100 100 99 99 99 101 100 100 102 102 Non residential utilities 2.70 121 131 132 132 131 131 132 132 133 133 137 138 138 Electricity 2.19 120 128' 132 133 133 132 132 132 132 133 133 137 139 139 General industrial .99 115 118 122 122 121 120 122 126 128 128 125 126 129 130 Commercial and other. 1.12 127 139 143 146 147 146 144 141 140 141 142 149 151 150 Gas .51 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 116 112 118 110 116 122 128 121 120 122 127 129 128 129 126 Apparel and staples 23.38 114 117 120 118 120 120 120 120 120 122 121 122 123 124 123 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

1346 INDUSTRIAL PRODUCTION: N.S.A. INDUSTRY GROUPINGS [1957= 100] Annual 1957 Average 1961 1962 pro- Grouping portion 1960 1961?Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 100.00 108 109 Ill 113 116 115 113 112 115 117 117 117 119 113 117 Manufacturing total .. . 86.49 108 109 HI 113 117 115 113 112 116 118 118 118 119 113 116 Durable 49.66 104 103 102 106 110 111 110 109 112 114 115 114 115 109 109 36.83 113 117 123 121 126 122 116 116 120 122 122 123 r125 118 127 Mining 8.55 97 98 99 99 101 101 100 99 99 99 100 101 103 97 1(P Utilities 4.96 123 Durable Manufactures Primary and fabricated metals 13.15 97 95 99 102 104 102 103 705 109 111 108 102 101 97 97 7.73 90 88 91 96 97 96 97 104 110 110 105 93 88 74 82 6.21 88 84 87 93 93 91 94 101 107 108 101 85 80 r67 75 Fabricated metal products 5.42 106 105 112 110 113 112 112 108 109 111 113 116 119 115 119 2.91 104 103 108 106 110 110 110 104 104 106 108 111 114 111 113 28.98 106 104 98 104 109 113 114 112 114 116 118 118 118 115 109 15.31 106 106 104 109 111 111 113 112 115 118 119 119 122 115 116 8.92 102 100 97 100 101 101 105 105 109 112 114 114 116 112 110 Electrical machinery . . 6.39 112 114 113 121 124 124 123 121 124 126 125 125 129 '118 124 Transportation equipment 10.76 102 97 84 92 103 111 112 108 109 111 113 114 110 111 92 5.04 115 103 78 91 113 128 128 122 121 123 129 131 124 r125 82 Aircraft and other equipment 5.50 89 91 88 92 93 96 97 95 97 98 96 96 96 r97 100 1.66 119 118 120 121 122 124 124 122 121 122 124 124 127 125 127 1.25 4.57 109 107 118 117 115 108 99 93 102 103 111 117 122 116 123 Clay, glass and stone products 2.92 110 108 118 116 116 111 102 96 99 102 112 119 121 120 124 1.65 107 105 119 118 114 104 93 89 107 104 110 114 123 108 122 2.96 116 117 122 126 129 128 126 117 120 123 125 126 130 126 133 1.48 120 120 126 128 130 130 130 120 125 127 128 129 132 r129 137 Miscellaneous manufactures 1.48 113 114 119 123 127 127 121 113 115 119 122 124 127 122 128 Nondurable Manufacturers Textile apparel and leather products 7.32 115 116 126 113 125 119 115 116 127 129 124 122 124 r108 124 Textile'mill products 2.78 109 111 117 114 122 118 114 115 121 123 118 123 125 r104 122 3.44 124 124 139 116 134 126 119 122 137 139 135 129 129 132 1.10 100 101 107 100 105 103 100 102 111 110 106 100 105 '92 7.93 112 115 116 118 123 121 114 114 119 122 121 120 120 111 120 1.21 112 118 125 123 130 124 113 119 126 128 127 125 111 112 128 Printing and publishing 4.66 111 113 110 115 118 119 115 111 114 117 117 117 116 111 114 1.53 107 106 96 107 116 118 107 100 105 111 114 115 109 96 102 Chemical, petroleum^ and rubber products 10.94 118 123 126 126 130 129 127 127 131 132 133 135 138 '130 136 7.10 121 128 131 131 134 134 133 132 137 138 141 142 r143 136 142 3.61 127 137 140 140 145 148 147 146 151 152 153 155 156 M50 1.93 108 110 118 112 114 111 111 112 111 112 108 113 119 r120 120 Rubber and plastics products 1.91 114 115 118 122 131 128 123 125 131 130 132 132 138 r117 Foods beverases and tobacco •. 10.64 109 113 123 125 126 117 108 106 106 109 110 112 118 r118 125 9.87 109 113 123 126 126 117 109 105 106 108 110 111 117 118 125 8.31 109 113 123 128 127 119 111 108 107 108 109 110 114 r118 125 1.56 108 112 124 115 119 103 99 92 98 110 113 120 133 r124 Tobacco products .77 114 118 128 121 131 123 97 114 117 122 117 124 124 M06 Mining 7.05 96 97 96 95 98 100 101 101 101 100 100 97 99 92 99 Coal 1.30 83 80 85 87 91 89 85 84 84 85 84 82 92 54 87 Crude oil and natural gas 5.75 98 100 99 97 100 102 105 105 105 104 103 101 101 101 102 4.98 100 103 101 99 102 103 106 106 108 106 106 103 103 103 104 Crude oil 4.33 98 100 99 98 99 100 102 103 104 103 103 100 101 101 102 Gas and ?as liauids •. .65 116 .77 85 86 86 84 87 93 98 96 88 86 87 87 87 90 90 Metal stone and earth minerals 1.50 105 105 113 115 116 105 96 87 91 94 104 119 120 118 J18 .70 97 97 103 109 109 96 90 88 92 91 98 116 117 110 104 Stone and earth minerals .80 112 112 121 120 121 113 101 87 91 96 109 122 123 125 130 Utilities Electric 3.76 123 131 139 140 133 130 137 146 142 140 134 133 139 rl44 1.20 123 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: N.S.A. 1347 MARKET GROUPINGS [1957= 100] 1 pr 9 o 5 - 7 A av n e n r u a a g l e 1961 1962 Grouping portion 19601961* Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total index . . 100.00 108 109 Ill 113 116 115 113 112 115 117 117 117 119 113 117 46.75 111 112 775 116 779 775 775 77* 777 779 119 779 722 7/5 120 31.13 114 116 119 121 126 122 118 117 120 122 111 121 125 120 122 15.62 103 104 102 105 106 108 110 109 111 113 113 114 116 114 115 Materials..... 53.25 106 106 110 110 113 113 111 110 114 115 116 116 ^116 109 114 Consumer Goods 3.35 117 705 73 96 121 729 737 725 124 725 732 732 727 r124 76 Autos 2.03 117 97 39 77 115 134 136 124 ill 125 134 133 122 122 39 1.32 117 121 125 126 129 123 123 126 126 126 129 130 134 r126 133 Home goods and apparel 9.60 116 777 123 720 729 724 775 775 725 129 127 723 727 113 125 4.40 115 117 116 127 130 128 123 116 124 129 127 125 130 115 122 Appliances TV and radios 1.75 112 113 103 125 127 124 113 111 124 131 124 120 127 102 107 1.26 118 118 100 126 124 123 118 116 128 140 133 127 137 113 108 TV and home radios .49 96 103 111 125 136 128 102 99 113 107 103 102 103 74 103 1.18 118 119 123 129 131 130 132 120 127 128 129 127 130 '123 134 Miscellaneous home goods 1.47 117 119 126 129 133 130 128 120 123 127 128 131 133 123 131 AoDarel including knit Goods and shoes 5.20 117 118 130 113 127 121 113 116 128 130 126 122 124 112 128 Consumer staples 18.18 113 777 125 126 725 720 775 777 777 775 117 118 123 r123 128 8.11 109 113 123 128 127 118 111 107 106 107 109 110 114 117 126 Beverages and tobacco 2.32 110 114 125 117 123 109 99 99 104 114 114 121 130 118 2.73 118 123 127 125 129 127 126 125 128 128 129 130 135 135 Newspapers magazines and books 1.44 113 117 118 121 120 118 117 118 118 120 118 118 118 117 120 3.45 119 126 129 128 124 125 133 144 140 136 130 127 131 '135 Fuel oil and gasoline .. 1.19 106 108 113 106 108 111 114 116 114 110 106 109 114 '115 114 Residential utilities 2.26 126 Electricity . 1.57 127 136 137 139 131 130 146 166 159 153 142 132 138 '146 Gas .69 124 Equipment Business equipment. . • • • ... 12.16 105 705 103 705 707 705 777 709 772 114 775 775 118 116 116 7.19 102 100 101 102 102 103 106 104 105 107 108 109 111 110 110 Commercial equipment 2.46 118 124 126 128 130 132 134 132 135 137 138 139 142 139 141 Freight and passenger equipment 1.83 101 99 94 99 102 106 102 100 106 112 111 111 114 112 111 Farm equipment .58 92 98 71 87 85 85 90 93 110 120 126 120 119 104 99 3.46 Materials 27.81 102 700 703 104 707 707 705 705 705 770 112 777 777 104 106 Consumer durable . . .. 3.67 109 100 98 96 108 118 121 119 118 119 119 121 109 102 8.10 101 102 101 102 106 109 111 111 112 114 116 115 115 111 9.05 107 106 115 114 114 108 101 95 101 104 110 116 120 '115 120 Metal materials nee. 6.99 92 91 93 98 100 98 98 103 108 108 104 96 93 79 86 Nondurable materials . • • 25.44 110 114 777 775 720 779 775 777 720 727 727 727 123 r114 123 8.87 110 113 116 117 120 117 111 111 116 119 119 119 '120 111 120 2.91 109 115 130 125 124 115 105 113 118 124 120 121 127 116 132 General business supplies . • . 5.96 111 111 109 113 118 118 114 111 114 116 119 119 117 108 115 Nondurable materials nee 7.05 119 126 129 128 136 136 133 134 139 140 139 141 142 '130 139 Business fuel and power . . 9.52 103 105 108 107 108 108 109 109 110 109 108 107 110 105 112 6.29 97 98 98 97 100 100 101 102 103 102 101 99 101 93 100 2 70 121 Electricity. 2.19 120 128 U6 140 134 130 130 132 129 131 128 133 140 '142 .99 115 118 123 123 124 122 122 127 125 128 126 127 129 M26 1.12 127 139 158 158 146 139 141 140 136 136 133 141 153 Gas .51 121 33 Commercial and other .18 Supplementary groups of consumer goods 7.75 116 112 97 114 126 129 126 120 124 127 129 128 129 119 102 23.38 114 117 126 123 126 120 116 117 119 121 120 119 123 120 128 NOTE.—Published groupirgs 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 Prcductior—1959 Revision. Figures for individual series and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1348 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Industrial production fac M tu a r n in u g - 3 Prices 1 Nonag- Major industry Major market groupings s C tr o u n c - - r t i u c r u a l l - Freight Depart- Period Total groupings Final products Mate- tr c t a i o c o n t n s - 1 m t p o e e l t m o a n y l t - — - 2 p m E lo e m n y - t - P ro a l y ls - i l n o g a s d - 1 s s a t l o e r s e i s C um on e - r m W c s o o a h d m l o e i l t - e y - Mfg. M in i g n- U iti t e il s - Total s g C u o o m o n d e - s r E m qu en ip t - rials 1948 103 103 106 101 102 101 105 104 41 101.6 102.8 105.0 127.6 70 83.8 87.9 1949 98 98 94 108 99 101 94 96 44 99.1 93.8 97.2 108.2 67 83.0 83.5 1950 113 114 105 123 112 115 102 114 61 102.4 99.7 111.7 117.1 72 83.8 86.8 1951 123 123 115 140 121 114 142 124 63 108.3 106.4 130.1 121.5 76 90.5 96.7 1952 127 127 114 152 130 116 170 125 67 110 5 106 3 137.0 115.0 78 92.5 94.0 1953 138 139 117 166 138 124 182 137 70 113.7 111.9 151.7 116.6 80 93.2 92.7 1954 130 129 113 178 132 123 161 128 76 111.0 102.0 138.4 104.6 80 93.6 92.9 1955 146 145 125 199 144 136 172 147 91 114.7 105.8 153.6 115.3 88 93.3 93.2 1956 151 150 132 218 150 139 188 151 92 118.6 106.9 162.4 115.9 94 94.7 96.2 1957 152 150 132 233 152 141 189 151 93 119.7 105.0 164.3 108.2 96 98.0 99.0 1958 141 139 120 244 145 140 165 138 102 116.4 95.5 151.5 93.8 99 100.7 100.4 1959 159 158 125 268 162 155 188 157 105 120.8 100.3 170.3 97.9 105 101.5 100.6 I960 164 163 128 287 168 161 195 160 105 123.0 100.0 172.8 95.3 106 103.1 100.7 1961 ^164 ^161 108 122.4 95.9 170.5 91.2 109 104.2 100.3 1961—Aug 172 170 130 314 174 169 198 168 116 123.0 96.8 174.4 91.8 110 104.3 100.1 Sept 168 167 128 316 172 164 201 165 103 122.9 96.3 175.9 90.1 110 104.6 100.0 Oct 171 170 131 317 175 168 203 168 114 123.1 96.5 179.1 94.4 109 104.6 100.0 Nov 173 172 132 315 178 170 207 168 116 123.4 97.3 182.0 95.3 112 104.6 100.0 Dec 174 173 133 314 179 172 208 170 119 123.3 97.6 182.0 95.6 113 104.5 100.4 1962—Jan 172 171 130 318 176 170 204 168 115 123.2 97.1 175.9 93.9 109 104.5 100.8 Feb .. . 174 173 130 319 177 170 208 171 119 124.0 97.9 177.5 96.8 110 104.8 100.7 Mar 176 174 131 321 180 172 210 172 131 124.3 98.6 179.7 96.6 117 105.0 100.7 Apr . 177 176 133 320 181 173 211 174 121 125.1 99.8 182.5 96.1 113 105.2 100.4 May 179 178 132 326 183 175 214 174 117 125.4 100.0 183.5 94.0 114 105.2 100.2 June 179 178 132 334 184 175 217 175 120 125.7 100.1 186.5 89.9 111 105.3 100.0 July 180 179 134 335 185 176 221 175 117 125.9 ''99.9 183.5 89.6 114 105.5 100.4 Aug 180 179 134 333 185 175 223 175 118 125.7 99.0 184.0 90.2 105.5 100.5 Sept P179 ^186 ^176 ^223 ^175 ^125.7 ^188.7 88.4 •117 101.2 1 1957-59 = 100. Prices are not seasonally adjusted. and heavy engineering; does not include data for Alaska and Hawaii. 2 Employees only, excludes personnel in the armed forces. Employment and payrolls: Based on Bureau of Labor Statistics data; 3 Production workers only; payrolls are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. NOTE.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Corp. monthly index of dollarRailroads. value of total construction contracts, including residential, nonresidential, CONSTRUCTION CONTRACTS [In millions of dollars] 1961 1962 Type of ownership and 1960 1961 type of construction Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total construction . . 36,318 37,135 3,543 3,004 3,291 3,008 2,712 2,658 2,749 3,986 3,860 4,009 3,900 3,747 3 631 By type of ownership: Public 12,587 12,547 1,158 954 1,021 947 ,091 999 877 1 4751 2111227 331 731 1039 Private 23,731 24,588 384 2,050 2,270 7 066 1,671 1,736 1,871 2,511 2,650 9 9,569 7,516 9 591 By type of construction: Residential 15,105 16,123 1,589 1,381 1,498 1,306 1,125 1,190 1,192 1,552 1,816 1,819 1,656 1,623 Nonresidential 12,240 12,115 1,087 987 1,005 1,095 883 853 893 1 325 1 102 275 1 1 197 Public works and utilities 8,973 8,897 866 637 787 607 704 615 664 1,108 943 915 1,002 926 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 have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 1349 VALUE OF NEW CONSTRUCTION ACTIVITY [In millions of dollars] Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total Indu B s u - sine C ss om- Public O n d re t o e h s n n i e - - - 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 trial mercial utility tial 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 1 1 9 9 5 5 7 6 4 4 5 7 , , 8 84 1 5 5 3 3 3 3 , , 0 7 6 6 7 6 1 17 7 , , 0 6 1 7 9 7 1 1 2 1 , , 5 6 3 0 5 8 3 3, , 5 0 5 8 7 4 3 3 , , 6 5 3 6 1 4 4 5 , , 8 4 9 1 3 4 4 3 , , 2 7 1 8 2 2 1 1 4 2 , , 0 7 7 4 9 8 1 1 , , 2 3 8 6 7 0 4 4 , , 4 9 3 5 1 4 1 1 , , 2 3 7 4 5 4 6 5 , , 4 6 9 8 4 2 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 1959i 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 1,488 5,870 [,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—Sept 58 910 41,709 23,782 12 750 2 610 4,718 5 422 5,177 17 201 1 404 5,960 I 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 I 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 1,775 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 1,805 8,292 June 62,678 44,842 26,118 13,354 2,950 4,865 5,539 5,370 17,836 1,549 5,989 1,807 8,491 July . 62,084 44,908 25,987 13,516 2,962 5,110 5,444 5,405 17.176 1,170 5,876 809 8,328 Aug & 62,483 45,022 25,804 13,733 2,936 5,273 5,524 5,485 17J461 6,195 1,771 Sept v 62,953 45,371 26,059 13,767 2,930 5,214 5,623 5,545 17,582 1 759 1 Beginning with 1959, includes data for Alaska and Hawaii. 1959 are joint estimates of the Depts. of Commerce and Labor. NOTE.—Monthly data are at seasonally adjusted annual rates. Data beginning with June 1962 reflect minor revisions in seasonal Beginning with 1959, figures are Census Bureau estimates. Data before factors not yet incorporated in earlier figures. NEW HOUSING STARTS [In thousands of units] Annual rate, By area l By type of ownership S. A. Government- (private only) Private underwritten Period Total Non- Total N fa o rm n- p M o e li t t r a o n - p m o e li t t r a o n - Total fam 1- ily fam 2- ily f M am ul i t l i y - Public Total FHA VA 1953 J 104 804 300 1.068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 All 1,517 1,234 56 227 37 458 349 109 I960 1.296 889 407 1.252 995 44 214 44 336 261 75 1961 1,355 938 418 l',304 966 44 294 52 328 244 83 1961—Aug. ,326 1,301 130 88 42 127 95 3 29 3 34 26 8 Sept 1,383 I 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 [,257 87 63 24 82 54 3 25 4 23 17 6 1962 Jan ,273 1,247 83 60 23 81 54 3 23 2 23 18 4 Feb ,152 ,134 78 56 22 76 54 3 20 1 20 15 5 Mar ,431 [,407 118 84 34 115 80 5 31 3 27 21 6 Apr ,542 1,521 152 111 41 147 101 5 41 5 33 25 8 May [,579 1,566 156 112 44 154 107 5 42 2 34 26 8 June ,425 ,399 140 96 43 136 96 4 36 3 31 24 7 July P ,448 V .429 ^138 97 41 *> 134 96 4 35 33 25 7 521 V 492 *147 98 49 *146 P2 36 28 8 1 Beginning with 1959, based on revised definition of metropolitan areas. Statistics, for which annual totals are given including overlap for 1959. Data from Federal Housing Administration and Veterans Administration NOTE.—Beginning with 1959, Census Bureau series includes both represent units started, based on field office reports of first compliance farm and nonfarm series developed initially by the Bureau of Labor inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1350 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [In thousands of persons unless otherwise indicated] Civilian labor force Unemploy- Period i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed1 Not in the m ra e t n e t 2 population force Total In nonagri- In U pl n o e y m ed - (pe S r .A ce . nt) Total in c d u u lt s u t r r a ie l s agriculture 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 I960 3 125,368 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 Sept 128,372 73,670 71,123 67,038 61,372 5,666 4,085 54,701 6.8 Oct 128,571 74,345 71,759 67,824 61,860 5,964 3,934 54,226 6.7 Nov 128,756 74,096 71,339 67,349 62,149 5,199 3,990 54,659 6.1 Dec 128,941 73,372 70,559 66.467 62,049 4,418 4,091 55.570 6.0 1962 Jan .. 129,118 72,564 69,721 65,058 60,641 4,417 4,663 56,554 5.8 Feb 129,290 73,218 70,332 65,789 61,211 4,578 4,543 56,072 5.6 Mar 129,471 73,582 70,697 66,316 61,533 4,782 4,382 55,889 5.5 Apr 129,587 73,654 70,769 66,824 61,863 4,961 3,946 55,933 5.5 May 129,752 74,797 71,922 68,203 62,775 5,428 3,719 54,956 5.4 June 129,930 76,857 74,001 69,539 63,249 6,290 4,463 53,072 5.5 July 130,183 76,437 73,582 69,564 63,500 6,064 4,018 53,746 5.3 Aug 130,359 76,554 73,695 69,762 63,993 5,770 3,932 53,805 5.8 Sept 130,546 74,914 72,179 68,668 63,103 5.564 3,512 55,631 5.8 * Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimates. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [In thousands of persons] Period Total M t a u n r u in fa g c- 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 o u 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 1960 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—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 Tune 55,535 16,923 652 2,671 3,934 11,621 2,788 7,749 9,197 July 55,617 16,908 648 2,738 3,913 11,652 2,792 7,783 9.183 Aug.*1 55,556 16,793 648 2,736 3,931 11,629 2,796 7,813 9,210 Sept.*' 55,551 16,776 648 2,709 3,922 11,600 2,796 7,818 9.282 NOT SEASONALLY ADJUSTED 1961—Sept..... 54,978 16,646 676 3,021 3,971 11,378 2,770 7,612 8,904 Oct 55,065 16,607 668 2,981 3,953 11,450 2,758 7,618 9,030 Nov 55,129 16,658 667 2,825 3,943 11,611 2,757 7,596 9,072 Dec 55,503 16,556 657 2,575 3,927 12,181 2,756 7,573 9,278 1962—Jan... 53,737 16,370 647 2,298 3,863 11,270 2,1 AH 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 June 55,777 16,870 661 2,839 3,965 11.582 2,808 7,881 9.171 July 55,493 16,782 648 2,982 3,948 11,540 2,839 7,884 8,870 Aug.?' 55,732 16,931 660 3,037 3,962 11,560 2,841 7,875 8,866 S 56,222 17,100 658 2,972 3,953 11,615 2,810 7,865 9,249 i Data includes Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the NOTE.—Bureau of Labor Statistics; data include all full- and part- armed forces are excluded. time employees who worked during, or received pay for, the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1351 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1961 1962 1961 1962 Sept. July Aug.?' Sept.?3 Sept. July Aug.7' Sept.* Total 12,104 12,551 12,434 12,415 12,407 12,403 12,544 12,717 6,673 7,024 6,928 6,933 6,753 6,925 6,863 7,013 Ordnance and accessories 97 100 103 103 97 99 102 103 Lumber and wood products 539 543 543 538 565 568 573 564 Furniture and fixtures 306 320 320 316 314 313 323 324 Stone, clay, and glass products 460 467 468 459 477 476 481 476 Primary metal industries 950 920 912 903 955 903 908 908 Fabricated metal products 833 868 860 858 839 852 853 864 Machinery except electrical 965 1,029 1,034 1,023 960 1,020 1,015 1,018 Electrical machinery 957 1,057 1,044 1,028 982 1,031 1,040 1,055 1,037 1,164 1,091 1,157 1,013 1,121 1,009 1,130 Instruments and related products 224 231 232 229 226 226 230 231 Miscellaneous manufacturing industries.. .. 305 325 321 319 326 316 331 341 5,431 5,527 5,506 5,482 5,654 5,478 5,681 5,704 Food and kindred products 1,184 1,181 1,172 1,174 1,335 1.224 1,307 1 324 85 77 80 84 107 65 89 105 Textile-mill products 794 798 791 786 804 786 798 795 Apparel and other finished textiles 1,063 1,110 1,107 1,106 1,082 1,071 1,127 1,126 Paper and allied products 469 481 479 476 476 476 482 484 Printing, publishing and allied industries 595 599 598 597 599 592 596 601 Chemicals and allied products 507 528 525 519 509 521 524 521 Products of petroleum and coal 131 128 128 119 133 130 129 121 287 307 306 304 292 296 303 309 Leather and leather products 316 318 320 317 319 316 327 320 NOTE.—Bureau of Labor Statistics; data cover production and related for, the pay period ending nearest the 15th of th e month. workers only (full- and part-time) who worked during, or received pay HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES 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 Sept. July Aug.^ Sept.? Sept. July Aug.? Sept.? Sept. July Aug.p Sept.3* Total 39.6 40.5 40.2 40.4 92.73 96.80 95.75 97.03 2.33 2.39 2.37 2.^9 39.8 41.0 40.8 41.1 100.00 104.45 103.63 105.73 2.50 2.56 2.54 2.56 40.9 40.9 41.1 41.0 114.11 115.18 115.06 115.62 2.79 2.83 2.82 2.82 Lumber and wood products 39.5 40.4 40.5 40.5 81.00 80.40 82.20 82.20 2.02 1.99 2.00 2.00 Furniture and fixtures 40.4 40.6 40.5 40.6 79.52 78.18 80.54 81.14 1.93 1 94 1 95 96 41.0 41.4 41.2 41.2 97.47 100.67 101.57 101.26 2.36 2.42 2.43 > 44 Primary metal industries 40.1 39.6 39.7 39.7 118.19 116.62 116.23 118.21 2.94 2.96 2.95 2.97 Fabricated metal products .. . 39.6 41.1 41.0 41.2 99.45 104.30 105.32 107.17 2.48 2.55 2.55 2.57 Machinery except electrical 41.1 41.8 41.8 41.7 107.83 112.59 112.05 112.32 2.63 2.70 2.70 2.70 Electrical machinery 39.4 40.7 40.4 40.4 93.53 96.72 96.96 98.33 2.35 2.40 2 40 2.41 Transportation equipment 38.0 42.1 41.6 42.6 106.22 121.93 119.48 123.81 2.81 2.91 2.90 2.92 Instruments and related products 40.9 40.8 41.0 40.8 97.99 99.55 100.04 99.80 2.39 2.44 2.44 L 44 Miscellaneous manufacturing industries... 39.7 39.8 39.7 40.1 76.02 77.03 77.42 78.79 1.91 1.96 1.95 .96 Nondurable goods 39.2 39.8 39.4 39.6 83.74 86.80 86.18 86.18 2.12 2.17 2 16 1.16 40.9 41.6 40.6 40.9 89.44 93.66 91.24 91.52 2.15 2.23 2.20 > 0() Tobacco manufactures • • • 39.5 37.1 37.3 39.0 67.39 73.28 67.86 68.06 1.62 1.97 1.80 .66 Textile-mill products 40.4 40.7 40.4 40.2 66.09 68.21 68.38 67.37 1.64 1.68 1.68 68 34.4 36.4 36.1 36.5 56.93 60.76 61.79 61.85 1.65 1.66 1.67 .69 Paper and allied products 42.7 42.7 42.4 42.3 102.15 103.58 103.58 103.33 2.37 2.42 2.42 >. 49. Printing, publishing and allied industries.. 38.1 38.3 38.3 38.2 106.37 107.34 108.29 108.96 2.77 2.81 2.82 2.83 41.2 41.5 41.4 41.5 107.53 110.81 109.86 110.81 2.61 2.67 2.66 2.67 41.0 41.7 41.5 41.4 126.88 129.44 125.75 127.26 3.05 3.06 3.03 3.03 40.6 40.5 40.5 40.8 98.74 101.84 101.02 101.68 2.42 2.49 2.47 2.48 Leather and leather products 37.0 37.6 37.4 37.8 61.88 65.84 65.36 64.36 1.70 1.71 1.72 1 .73 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1352 DEPARTMENT STORES SALES AND STOCKS, BY DISTRICT [1957-59= 100] Federal Reserve district Period U S n t i a t te e s d Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES 1954 80 84 76 86 83 81 72 87 83 80 80 75 74 1955 88 91 80 93 92 89 81 95 90 85 88 84 82 1956 94 96 89 97 96 95 90 99 96 93 93 92 91 1957 96 96 95 98 98 97 94 100 97 97 94 96 93 1958 99 99 100 99 98 98 99 97 98 99 99 99 98 1959 105 104 105 104 104 105 107 104 104 104 107 105 109 I960 106 106 108 104 108 104 107 104 103 106 108 100 110 1961 109 112 112 107 110 107 109 105 103 108 111 102 115 SEASONALLY ADJUSTED 1961 Au<* no 112 114 107 111 108 '109 108 104 107 111 106 113 Sept no 111 110 105 no 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 no 112 108 110 104 98 104 105 101 119 Feb 110 101 112 104 109 110 118 103 108 103 114 no 120 M Ap a r r 1 1 1 17 3 1 11 22 3 1 1 1 1 9 9 n in o 1 1 1 1 8 2 1 10 14 8 1 1 2 0 6 8 1 10 12 8 1 11 0 1 7 1 1 0 1 9 6 1 11 18 5 1 1 0 0 6 4 1 1 2 1 3 8 May 114 110 113 115 117 114 117 112 113 108 116 108 121 June 111 112 108 107 no 109 115 108 105 106 111 107 123 July 114 115 113 109 114 111 118 112 112 116 112 123 Aug H15 117 117 112 109 118 112 108 118 107 124 NOT SEASONALLY ADJUSTED 1961—Au« 100 92 91 88 102 '97 '102 98 99 103 111 106 '110 Sept 109 112 110 105 109 107 105 108 106 116 117 98 116 Oct 112 121 121 113 110 114 no 109 108 115 111 103 112 Nov 134 146 146 145 140 133 129 129 128 125 128 120 134 Dec .. 204 224 213 202 210 206 201 191 185 190 195 184 217 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 112 115 113 112 114 112 115 108 105 112 111 103 116 May 110 108 109 no 111 109 111 111 113 103 113 104 110 105 108 105 102 102 101 104 103 97 106 105 96 117 July 96 87 86 84 95 94 106 92 94 88 105 102 112 Aug 96 94 92 99 109 101 103 106 108 119 STOCKS 1954 80 82 75 82 90 79 77 84 86 83 82 70 76 19S5 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 I960 109 108 110 105 113 108 107 108 103 108 109 106 114 1961 110 112 110 105 112 109 108 109 104 108 111 104 116 SEASONALLY ADJUSTED 1961 Aug 110 111 M09 105 111 107 '108 110 112 107 113 103 116 Sept 111 113 111 107 112 108 no 114 113 108 112 104 116 N Oc o t v 1 1 1 1 3 2 1 1 1 1 3 4 1 1 1 1 1 3 1 10 0 9 7 1 11 1 3 4 n 11 o 3 n n o o 1 1 1 1 3 3 1 1 1 1 4 6 1 1 0 0 9 8 1 n 1 o 0 1 1 0 0 5 6 1 11 1 8 7 Dec 113 116 112 109 115 113 113 119 110 in 106 118 109 1962 Jan 114 114 112 110 114 115 114 112 111 in 111 121 Feb 115 115 114 no 114 116 1i1n2 114 114 113 113 113 122 116 117 113 112 114 117 114 116 115 113 114 114 124 Apr 115 116 112 111 115 117 114 113 117 114 114 111 124 May 117 115 113 112 115 115 114 116 121 112 115 114 127 June 118 115 113 112 117 118 115 121 117 113 114 115 128 July 118 118 113 113 116 118 120 122 117 109 115 114 127 Aug 115 116 113 115 116 116 123 116 109 nn NOT SEASONALLY ADJUSTED 1961 Aug 109 109 '107 '101 110 108 '107 109 113 107 111 105 116 Sept 118 121 116 113 119 116 116 121 121 114 116 111 122 Oct 126 131 126 124 130 125 123 123 130 123 123 118 130 Nov ... . 130 135 131 127 133 129 129 126 131 126 127 121 134 Dec 103 108 105 100 105 104 98 101 106 104 103 98 108 1962—Jan 102 100 102 96 98 100 101 102 100 99 101 96 109 Feb 107 106 106 103 106 107 108 106 106 106 107 106 115 Mar 116 115 114 112 114 118 116 116 116 111 114 115 125 Apr 118 117 116 116 116 120 117 118 121 112 116 115 125 M^ay 117 116 115 114 115 117 113 119 120 111 114 112 125 June . 112 109 106 106 112 107 117 111 104 109 108 123 J A u u l g y P 1 H 1 7 2 1 1 0 1 8 4 1 11 0 3 2 1 1 0 0 3 9 1 11 1 5 2 118 no 1 1 1 2 9 2 1 1 1 1 2 7 ' n 10 o 7 110 109 ^1 1 2 2 6 3 116 NOTE.—Based on retail value figures; sales are average per trading day; For description of series and for back data beginning with 1947 see stocks are as of end of month or averages of monthly data. July 1962 BULL., p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1353 DEPARTMENT STORE MERCHANDISING DATA Amounts (in millions of dollars) Ratios to sales Period Out- Out- Stocks 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 . ce R i e p - ts orders orders orders 1953 406 ,163 421 408 401 3.0 4.1 1.0 1954 409 ,140 388 410 412 3.0 4.0 1.0 1955 437 ,195 446 444 449 2.9 4.0 1.0 1956 454 ,286 470 459 458 3.0 4.1 1.0 1957 459 ,338 461 461 458 3.1 4.1 1.0 1958 462 ,323 437 462 464 3.0 4.1 1.0 1959 488 ,391 510 495 498 3.0 4.1 1.1 1960 494 ,474 518 496 493 3.1 4.3 1.0 1961 503 ,485 530 508 512 3.1 4.3 1.0 1961—Aug.. '468 ,466 '649 '576 '550 '3.1 .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 .2 4.4 1.2 Nov.. 630 ,776 555 698 608 2.8 .9 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.. 507 ,571 499 489 531 3.1 1.0 4.1 1.0 June.. 472 ,509 679 410 590 3.2 1.4 4.6 .9 July.. 406 ,490 724 387 432 3.7 1.8 5.5 1.0 Aug.*5 479 ,567 681 556 513 3.3 1.4 4.7 1.2 NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts Receipts and new orders: monthly totals derived from reported figures reported by a selected group of department stores whose 1961 sales 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 3 Period Total military E -a x i c d l u s d h i i n p g ments 2 1960 1961 1962 1960 1961 1962 1960 1961 1962 Jan. 1,561 1,644 1,642 1,484 1,536 1,592 1,174 1,150 1,373 Feb 1,579 1,671 1,775 1,500 1,606 1,712 1,329 1,068 1,224 Mar... 1,753 1,933 1,845 1,636 ',888 1,783 1,410 1,255 1,386 Apr.... 1,817 1,707 1,881 1,703 ,648 1,799 1,294 1,063 1,333 May... 1,814 1,749 1,973 1,720 ,677 1,892 1,289 1,223 1,454 June... 1,742 1,699 1,970 1,642 ,644 1,894 1,332 1,232 1,350 July 1,702 1,637 1,709 1,632 ,558 1,622 1,183 1,285 1,337 Aug.. . , 1,619 1,669 1,683 1,556 ,598 1,635 1,259 1,252 1,359 Sept 1,612 1,631 1,559 ,557 1,193 1,197 Oct 1,746 1,890 1,692 ,817 1,184 1,364 Nov 1,799 1,818 1,726 ,759 1,197 1,342 Dec 1,806 1,827 1,752 ,777 1,175 1,295 Jan.-Au 13,587 13,709 14,478 12,873 13,155 13,929 10,270 9,528 10,816 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Excludes 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

1354 PRICES CONSUMER PRICES [1957-59= 100] Housing Read- Other Period it A em ll s Food Total Rent t e r G a l i n c e a i c d t s - y p S l a e e o u n t l r m i d o d - H n i f o n u i u s g r h s - s e - - H o h p t o i o e o u l r n s d a e - - p A a p re - l T p t o r i a r o t n n a s - - M c i a c 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 r o e v d d s - s fuels 1929 59.7 55.6 85.4 56.6 56.2 1933 45.1 35.3 60.8 42.7 42.8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 1953 93.2 95.6 92.3 90.3 91.4 90.9 103.7 87.9 97.8 92.1 83.9 88.1 93.3 92.8 1954 93.6 95.4 93.4 93.5 92.5 90.6 101.9 89.5 97.3 90.8 86.6 88.5 92.4 94.3 1955 93.3 94.0 94.1 94.8 94.9 91.9 100.0 90.8 96.7 89.7 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 95 9 95 9 98 9 93.7 98.4 91.3 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 96.9 100.8 100.5 97.3 99.7 96.5 95.5 97.1 96 9 98.5 1958 100 7 101.9 100.2 100.1 100.3 99 0 99 8 100.2 99 8 99 7 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 102.8 100.2 99.8 102.4 100.7 103.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 107.0 99.5 100.1 104.8 102.1 103.8 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.2 107.9 101.6 99.5 105.9 102.8 105.0 111.3 104.6 107.2 104.6 1961—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 Sept 104 6 102.6 104.0 104 7 107.8 100 7 99.7 105.9 103 6 106.0 111 9 104 8 107.9 105.0 Oct 104 6 102 5 104.1 104.8 107.8 101.5 99.5 106.2 103.9 106.7 112 3 104 6 108.3 105 0 Nov 104 6 101.9 104 2 104 9 107.8 102.1 99.3 106.4 103 7 106 8 112.4 104 8 108.1 105.0 Dec 104.5 102.0 104.4 105.0 107.8 102.8 99.2 106.4 103.5 106.0 112.5 105.2 108.2 104.9 1962—Jan 104.5 102.5 104.4 105.1 107.8 103.9 98.7 106.5 101.8 106.0 112.6 105.6 108.5 104.9 Feb 104 8 103.1 104.6 105.2 107.9 104 0 99.3 106 9 102.0 106.0 113.0 105.8 109.1 105.0 Mar 105 0 103.2 104.6 105.3 107.9 103 6 99.5 107 1 102.7 105.9 113.6 105.9 109.2 105.1 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 July 105.5 103.8 104.8 105.7 108.0 99.7 99.0 107.5 102.9 106.8 114.6 106.8 110.0 105.6 Aug 105.5 103.8 104.8 105.8 108.0 100.1 98.5 107.4 102.S 107.4 114.6 106.8 110.3 105.5 NOTE.—Bureau of Labor Statistics index for city wage-earner and clerical-worker families. WHOLESALE PRICES: SUMMARY [1957-59- 100] Other commodities Period m c t A o o ie m d l s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total 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 t a e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - c M e h r i a y n - - F t e u u t r r c n e . , 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. 102 8 94.1 95.9 96. 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. 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—Aug.. 100 1 96.7 r100.4 100.6 99.5 108.0 100.2 98.6 96.2 95.9 96.5 101.2 102.0 99.3 101.8 103.3 103.0 Sept. 100 0 95.2 100.2 100.7 99.7 108.4 99.6 98.3 96.3 95.6 98.9 101.3 102.0 99 4 101.8 103.8 103.0 Oct.. 100 0 95 1 100.4 100.5 100.1 108.9 99.0 98.2 96.2 94.8 99.6 100.9 102.1 99.4 102.1 103.8 100.7 Nov. 100.0 95.6 100.1 100.7 100.2 108.6 99.8 98 1 95.5 94.8 99.2 100.4 102.2 99.5 101.9 103.8 105.1 Dec., 100.4 95.9 100.9 100.9 100.3 108.2 100.6 98.1 94.5 94.6 99.6 100.6 102.3 99.3 101.6 103.8 106.3 1962—Jan.. 100 8 97.9 101.8 101.0 100.3 108.2 101.0 98 4 94.3 94.7 99 9 100.7 102.3 99.3 101.9 103.8 106.7 Feb.. 100 7 98.2 101.7 100 8 100.4 107.7 100 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 99.5 100.9 100.7 107.2 99.7 97.7 93.2 97.1 100.8 100.2 102.3 99.0 102.1 105.1 106.0 June. 100.0 95.3 r99.8 100.7 100.8 108.0 99.6 97.6 93.0 97.3 100.5 99.8 102.2 98.9 101.9 r104.1 105.4 July. 100.4 96.5 r100.8 100.8 100.9 r107.5 r100.0 97.2 r92.7 r97.5 r100.0 r99.7 r102.4 98.8 101.6 H04.0 r107.6 Aug., 100.5 97.7 101.5 100.6 100.8 107.3 99.5 97.0 92.7 97.5 99.7 99.8 102.3 98.7 101.6: 104.2 107.2 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1355 WHOLESALE PRICES: DETAIL [1957-59= 1003 1961 1962 1961 1962 Group Group Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce. 91.7 98.3 91.7 91.5 Woodpulp 95.0 93.6 93.6 93.6 Grains 97.3 99.9 99.1 98.1 Wastepaper 82.7 96.4 96.8 95.1 Livestock and poultry... 93.3 91.6 95.8 98.5 Paper 102.4 103.1 102.6 102.6 Plant and animal fibers.. 97.2 99.6 99.3 98.3 Paperboard 90.2 94.0 94.1 94.1 Fluid milk 103.6 97.0 99.8 100.8 Converted paper and paperboard. 95.4 101.6 101.0 100.4 Eggs 107.8 80.0 86.2 98.0 Building paper and board 100.8 95.5 96.3 97.0 Hay and seeds 105.6 106.3 105.3 105.2 Other farm products 92.9 92.5 92.5 89.9 Metals and Metal Products: Processed Foods: Iron and steel 100.9 98.9 98.9 99.1 Nonferrous metals 101.8 99.3 '99.0 99.0 Cereal and bakery products 105.0 107.8 108.1 108.0 Metal containers 102.0 103.7 103.7 103.7 Meat, poultry, and fish 95.8 95.7 99.0 101.0 Hardware 104.0 104.2 103.7 103.7 Dairy products and ice cream 107.2 105.0 "105.7 106.1 Plumbing equipment 104.1 99.5 98.1 97.6 Canned and frozen fruits, and veg- Heating equipment 95.0 92.9 92.9 93.0 etables 99.9 99.1 r98.7 97.4 Fabricated structural metal products. 98.9 98.3 98.3 98.3 Sugar and confectionery 99.9 102.4 102 2 102.7 Fabricated nonstructural metal prod- Packaged beverage materials 83.9 82.6 82.6 82.6 ucts 103.4 103.9 103.9 103.9 Animal fats and oils 88.6 85.7 85.8 89.4 Crude vegetable oils 100.5 80.8 78.2 78.5 Machinery and Motive Products: Refined vegetable oils 104.5 88.8 85.2 85.2 Vegetable oil and products 101.8 100.1 r94.5 92.9 Agricultural machinery and equip.... 107.4 109.5 109.5 109.4 Miscellaneous processed foods 106.0 101.8 101.0 101.1 Construction machinery and equip.. . 107.6 107.7 107.6 107.7 Metalworking machinery and equip... 106.5 109.7 109.6 109.5 Textile Products and Apparel: General purpose machinery and equipment 103.0 103.6 103.1 103.2 Cotton products. 100.2 102.0 101.9 101.8 Miscellaneous machinery 103.0 103.2 103.6 103.6 Wool products 97.8 99.1 '99.3 99.3 Special industry machinery and equip- Man-made fiber textile products 92.6 94.6 94.7 94.3 ment (Jan. 1961 = 100) 100.5 101.8 102.0 102.0 Silk products 117.1 130.7 130.2 132.4 Electrical machinery and equip 99.1 98.7 '98.4 98.2 Apparel 101.0 101.5 101.8 101.8 Motor vehicles 100.8 100.9 100.9 100.9 Other textile products 119.5 '123.5 121.1 119.0 Transportation equip., RR. rolling stock (Jan. 1961= 100) 100.3 100.5 100.5 100.5 Hides, Skins, Leather, and Products : Furniture and Other Household Dura- Hides and skins........ 122.2 108.5 104.2 105.1 bles: Leather 108.4 110.0 108.4 107.0 Footwear 107.4 108.7 108.8 108.8 Household furniture 102.6 103.9 104.1 104.0 Other leather products. 103.5 104.9 105.0 105.0 Commercial furniture 101.6 102.2 102.4 102.5 Floor coverings 99.7 96.9 96.7 96.7 Fuels and Related Products, and Power: Household appliances 95.1 94.3 ^93.9 93.6 Television, radios, and phonographs. 94.5 90.9 '90.8 90.8 Coal 96.7 94.6 95.3 95.6 Other household durable goods 102.6 103.2 103.0 102.9 Coke 103.6 103.6 103.6 103.6 Gas fuels (Jan. 1958= 100) 116.6 113.8 119.7 117.8 Nonmetallic Mineral Products: Electric power (Jan. 1958= 100).. . . 102.4 102.8 102.8 102.8 Crude petroleum and natural gasoline 98.0 98.2 98.2 98.2 Flat glass 96.2 98.0 98.0 98.0 Petroleum products, refined. 98.8 98.1 98.0 97.2 Concrete ingredients 102.9 103.2 103.3 103.3 Concrete products 102.5 102.6 102.8 102.8 Chemicals and Allied Products: Structural clay products 103.1 103.6 103.6 103.6 Gypsum products 105.0 105.0 105.0 105.0 Industrial chemicals. 97.7 96.2 96.1 95.9 Prepared asphalt roofing... 97.5 95.3 89.4 89.4 Prepared paint 103.7 103.8 103.8 103.8 Other nonmetallic minerals. 102.4 102.0 101.7 101.7 Paint materials 99.1 96.2 96.0 95.3 Drugs and Pharmaceuticals 97.6 97.0 95.1 95.1 Tobacco Products and Bottled Bev- Fats and oils, inedible 84.9 73.4 73.5 73.0 erages: Mixed fertilizers 103.2 103.9 103.9 103.9 Fertilizer materials 102.6 103.6 101.0 98.4 Tobacco products 102.0 102.0 102.0 102.0 Other chemicals and products 99.0 99.4 99.4 99.4 Alcoholic beverages 100.5 •101.1 100.7 101.1 Nonalcoholic beverages. 113.5 116.7 116.7 117.1 Rubber and Products: : Miscellaneous Products: Crude rubber 96.8 93.5 92.4 92.3 Tires and tubes 92.9 86.4 86.4 86.4 Toys, sporting goods, small arms 101.4 100.5 101.0 101.0 Miscellaneous rubber products. 99.4 99.4 99.1 Manufactured animal feeds 102.8 107.2 111.0 110.2 Notions and accessories 98.7 98.7 98.7 Lumber and Wood Products: Jewelry, watches, photo equipment.., 103.6 104.2 104.3 104.4 Other miscellaneous products , 101.7 100.9 101.0 101.0 Lumber.. 95.0 97.6 98.0 97.9 Millwork. 99.9 101.9 102.3 102.7 Plywood.. 97.0 93.3 92.8 92.7 NOTE.—Bureau of Labor Statistics index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1356 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [In billions of dollars] 1961 1962 Item 1929 1933 1941 1950 1957 1958 1959 1960 1961 II III IV Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7 513.1 522.3 538.6 545.0 552.0 Personal consumption expenditures. 79.0 46.4 81.9 195.0 285.2 293.2 313.5 328.5 338.1 335.5 340.1 346.1 350.2 354.9 Durable goods 9.2 3.5 9.7 30.4 40.4 37.3 43.6 44.8 43.7 43.5 44.0 46.6 46.3 47.2 Nondurable goods 37.7 22.3 43.2 99.8 137.7 141.6 147.1 151.8 155.2 153.9 156.2 157.2 159.9 161.3 Services 32.1 20.7 29.0 64.9 107.1 114.3 122.8 131.9 139.1 138.0 139.9 142.3 144.1 146.3 Gross private domestic investment. 16.2 1.4 18.1 50.0 66.1 56.6 72.7 72.4 69.3 67.6 72.4 76.6 75.9 77.4 New construction , 8.7 1.4 6.6 24.2 36.1 35.5 40.2 40.7 41.6 41.0 42.6 43.2 41.6 44.5 Residential, nonfarm 3.6 .5 3.5 14.1 17.0 18.0 22.3 21.1 21.0 20.1 21.9 22.8 21.2 23.3 Other 5.1 1.0 3. 10.1 19.0 17.4 17.9 19.7 20.5 20.8 20.7 20.4 20.5 21.2 Producers' durable equipment.. 5.9 1.6 6.9 18.9 28.5 23.1 25.9 27.6 25.5 24.6 25.8 27.4 27.6 28.9 Change in business inventories. 1.7 -1.6 4.5 6.8 1.6 -2.0 6.6 4.1 2.1 2.1 4.0 6.0 6.7 4.0 Nonfarm only , 1.8 -1.4 4.0 6.0 -2.9 6.5 3.7 1.9 1.8 3.8 5.9 6.6 3.9 Net exports of goods and services .2 1.1 .6 4.9 1.2 -.8 2.9 4.0 4.0 2.8 3.8 3.7 3.7 Exports 7.0 2.4 6.0 13.1 26.2 22.7 22.9 26.4 27.3 26.4 26.9 28.3 28.2 29.0 Imports 6.3 2.3 4.8 12.5 21.3 21.5 23.6 23.5 23.3 22.4 24. 24.5 24.5 25.3 Government purchases of goods and services. 8.5 8.0 24.8 39.0 86.5 93.5 97.2 99.7 107.4 106.0 106.9 112.1 115.2 116.0 Fe N de a r t a io l nal defense 1.3 2.0 r 1 16 3 . . 9 8 1 1 9 4. . 3 3 4 4 9 4 . . 7 4 4 52 4 . . 6 8 4 53 6 . . 6 2 5 4 3 5 . . 2 7 5 4 7 9 . . 0 0 5 4 6 9 . . 6 0 5 4 6 8 . . 5 4 5 5 9 0 . . 5 8 6 5 1 3 . . 9 0 6 5 2 3 . . 1 2 Other 1.3 2.0 i 3.2 5.2 5.7 8.3 7.9 8.1 8.7 8.5 8.7 9.2 9.6 9.5 Less: Government sales .4 .5 .5 .6 .6 .8 .6 .6 .6 .6 State and local 7.2 6.0 7.8 19> 36.8 40.8 43.6 46.5 50.4 49.4 50.4 52.6 53.3 54.0 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 408.6 401.3 428.6 440.2 447.9 443.9 450.4 463.4 467.4 470.8 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 [In billions of dollars] 1961 1962 Item 1929 1933 1941 1950 1957 1958 1959 1960 1961 II III IV National income 87.8 40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 424.3 431.3 444.0 448.9 456.7 Compensation of employees 51.1 29.5 64.8 154.2 255.5 257.1 278.5 293.7 302.2 300.2 304.5 309.9 315.2 321.7 Wages and salaries , 50.4 29.0 62.1 146.4 238.5 239.8 258.5 271.3 278.8 276.9 281.0 286.1 289.9 295.9 Private 45.5 23.9 51.9 124.1 198.4 196.6 213.1 222.9 227.0 225.8 228.8 232.5 235.0 240.1 M Go il v it e a r r n y ment civilian 4i6 4. . 9 3 8 1 . . 3 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 1 0. . 0 2 4 1 2 0 . . 2 0 4 1 2 0 . . 8 8 4 1 3 1 . . 7 2 4 1 4 1 . . 6 2 Supplements to wages and salaries , .7 .5 2.7 7.8 17.0 17.3 20.1 22.4 23.4 23.2 23.5 23.8 25.2 25.8 Employer contributions for social insurance 2.0 4.0 7.8 8.0 9.7 11.4 12.0 11.9 12.1 12.2 13.3 13.4 Other labor income '.4 .7 3.8 9. 9.4 10.4 11.0 11.4 11.3 11.4 11.6 12.0 12.3 Proprietors' income 14.8 5.6 17.4 37.5 44.5 46.1 46.5 46.2 47.8 47.2 48.1 49.5 49.1 49.5 Business and professional 8.8 3.2 10.9 23.5 32.7 32.5 35.1 34.2 34.8 34.5 35.1 36.0 36.2 36.8 Farm 6.0 2.4 6.5 14.0 11.8 13.5 11.4 12.0 13.1 12.7 13.1 13.6 12.9 12.8 Rental income of persons 5.4 2.0 3.5 9.0 11.9 12.2 11.9 11.9 12.3 12.2 12.3 12.5 12.6 12.8 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 47.2 45.6 45.5 45.0 46.0 51.1 50.4 50.7 Profits before tax 9.6 .2 77.0 40.6 43.2 37.4 47.7 45.4 45.6 44.8 46.3 51.4 50.1 50.9 Profits tax liability 1.4 .5 7.6 17.9 20.9 18.6 23.2 22.4 22.3 21.9 22.6 25.1 24.4 24.9 Profits after tax 8.3 -.4 9.4 22.8 22.3 18.8 24.5 23.0 23.3 22.9 23.7 26.3 25.6 26.1 Dividends 5.8 2. 4.5 9.2 12.6 12.4 13.7 14.4 15.0 14.8 14.9 15.5 15.8 15.8 Undistributed profits 2.4 -2.4 4.9 13.6 9.7 6.4 10.8 8.6 8.3 8. 8.7 10.8 9.8 10.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.5 -.3 -.5 .2 .2 -.3 .3 -.2 Net interest 6.4 5.0 4.5 5.5 13.4 14.8 16.4 18.1 20.0 19.8 20.3 21.0 21.5 22.0 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 1357 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [In billions of dollars] 1961 1962 Item 1929 1933 1941 1950 1957 1958 1959 1960 1961 II III IV Gross national product. 104.4 56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7 513.1 522.3 538.6 545.0 552.0 : Capital consumption allowances 8.6 7.2 9.0 19.1 37.4 38.6 41.0 C43.2 45.3 45.0 45.7 46.6 47.0 47.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 38.2 39.3 42.6 46.5 48.2 48.0 48.3 49.7 50.2 51.4 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 m ents , . . 6 3 . . 9 7 . . 4 5 .8 - 1 .6 .8 1.8 -3 2 . . 0 2.1 2.1 2.1 2.1 2.1 -1 2 . . 4 2.1 -.7 -1.5 -3.4 -3.1 -4.4 -3.1 -1.9 -4.0 Plu Subsidies less current surplus of government enterprises -.1 .1 .2 1.0 .4 .5 1.7 2.0 2.1 2.0 1.8 Equals: National income 87.8 40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 424.3 431.3 444.0 448.9 456.7 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 47.2 45.6 45.5 45.0 46.0 51.1 50.4 50.7 Contributions for social insurance .2 .3 2.8 6.9 14.5 14.8 17.6 20.6 21.6 21.5 21.8 22.1 23.6 23.9 Plus: Government transfer payments.. .9 1.5 2.6 14.3 20.1 24.5 25.4 27.3 31.3 31.2 31.6 31.6 31.9 32.0 Net interest paid by government. 1.0 1.2 1.3 4.8 6.2 6.2 1A 7.8 7.3 7.4 7.2 7.2 7.3 7.4 Dividends 5.8 2.1 4.5 9.2 12.6 12.4 13.7 14.4 15.0 14.8 14.9 15.5 15.8 15.8 Business transfer payments .6 .5 1. 1.8 2.1 2. 2.1 2.1 2.1 2.1 2.1 .7 2. Equals: Personal income 85.8 96.3 228.5 351.4 360.3 383.9 416.4 413.5 419.4 427.3 432.0 439.5 47.2 400.8 Less: Personal tax and nontax payments.. .. 2.6 3.3 20.8 42.6 42.3 46.8 52.8 52.5 53.0 54.6 56.4 57.7 7.5 51.4 Federal 1.3 .5 2.0 18.2 37.3 36.6 40.4 44.0 45.0 44.7 45.1 46.7 48.0 49.2 State and local. 1.4 1.0 1.3 2.6 5.3 5.7 6.4 7.4 7 7.8 7.9 8.0 8.4 8.5 Equals: Disposable personal income 83.1 45.7 93.0 207.7 308.8 317.9 337.1 349.4 363.6 361.0 366.3 372.6 375.6 381.8 Less: Personal consumption expenditures. . 79.0 46.4 81.9 195.0 285.2 293.2 313.5 328.5 338.1 335.5 340.1 346.1 350.2 354.9 Equals: Personal saving 4.2 -.6 11.1 12.6 23.6 24.7 23.6 20.9 25.6 25.5 26.3 26.5 25.4 26.9 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 293.8 296.3 310.7 317.3 327.3 325.5 329.7 334.5 336.6 340.9 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 Item 1960 1961 Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug.* Total personal income 400 8 416 4 418 3 419 7 423 6 427 8 430 5 428 8 431 9 435 2 438 3 4"*9 7 440 7 441 9 442 8 Wage and salary disbursements 271.3 278.8 280.7 281.4 283.6 286.4 288.3 287.4 290.3 292.2 295.3 295.0 296.9 297.8 295.7 Commodity-producing industries... 110.4 110.8 111.6 111.4 113.1 115.0 114.9 113.8 115.2 116.1 118.2 118.2 118.1 118.4 118.0 Manufacturing only 87.4 87.5 88.1 87.8 89.4 91.1 91.5 90.8 92.0 92. S 94.4 94.5 94.5 94.5 94.7 Distributive industries 71.8 72.9 73.2 73.4 73.6 73.5 74.5 74.4 75.0 75.4 75.8 76.1 76.2 76.4 76.7 Service industries 40.7 43.4 43.9 43.8 43.9 44.2 44.9 44. Q 45.1 45.3 45.6 45.9 46.5 46.7 46.9 Government 48.4 51 8 52.1 52.7 53.0 53.7 54.0 54.4 55.0 55.4 55.6 55.8 56 0 56 3 56 6 Other labor income 11 0 11 4 11 4 11 5 11 5 11 6 11 6 11 8 12 0 12 1 12 2 12 3 12 4 12 4 12 4 Proprietors* income 46.2 r47.9 48.2 48.3 49.1 49.9 49.7 49.2 49.0 49.3 49.4 49.6 49.5 49.6 49.7 Business and professional 34.2 34.8 35.1 35.2 35.6 36.1 36.2 36.1 36.2 36.4 36.6 36.8 36.8 36.9 37.0 Farm 12.0 13.1 13.1 13.1 13.5 13.8 13.5 13.1 12.8 12.9 12.8 12.8 12 8 12 7 12 7 Rental income 11 .9 12.3 P. 3 12.4 12.4 12.5 12.5 12.6 12.6 12.7 12.7 12.8 12 8 12 8 12 9 Dividends 14.4 15.0 14.9 15.0 15.3 15.4 15.9 15.6 15.8 15.9 15.8 15.8 15.8 15.7 15.6 Personal interest income 25.8 27.4 27.5 27.7 27.9 28.1 28.4 28.6 28.8 29.0 29.2 29.4 29.6 29.8 30.0 Transfer payments 29 4 33 4 33 0 33 1 33 5 33 8 34 0 13 9 33 8 34 5 34 2 34 2 34 1 34 2 34 5 Less: Personal contributions for social insurance 9 2 9 7 9 7 9.7 9.8 9 9 9 9 10 3 10.4 10 4 10 5 10 5 10 5 10 5 10 5 Nonagricultural income 384 7 399 1 401 0 402 3 405 9 409 5 412 7 411 6 414 8 418 0 421 2 422 6 423 5 424 8 425 7 Agricultural income 16.1 17.3 17.4 17.4 17.7 18.3 17.8 17.2 17.1 17.2 17.1 17.1 17.2 17.1 17.0 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

1358 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] 1960 1961 1962 Transaction category, 1957 1958 1959 1960 1961 or sector I II III IV I 11 III IV IP A Net national saving1 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 B Consumer and nonprofit 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 B C Farm and noncorp business 2.... -.4 -.1 -.7 1.2 .6 -1.5 -1.1 2.0 -1.3 C D Corporate nonfinancial business.. 5.3 3.1 i2.3 6.5 8.3 .2 1.3 2.5 2.4 -1.2 1.9 3.2 4.4 1.2 D E Federal Government * .. . . 3.7 -7.9 -4.5 4.3 -5.2 4.4 4.5 -.9 -3.7 1.0 1.8 -1.3 -5.3 .7 E F State and local governmentl -3.6 -5.0 -4.0 -3.4 -4.5 A -.7 -1.1 -.7 -1.0 -2.7 -1.5 -.6 F G Financial sectors 3.5 2.8 3.0 3.7 3.0 1*7 .4 2.0 — 4 1 1 3 1 4 1 1.3 G H Capital consumption 3 73.2 75.6 79.7 83.6 86.7 20.6 20.9 20.9 21.2 21.2 21.6 21.8 22.2 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 1.0 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 2.2 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 saving1 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 Q Consumer and nonprofit 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 Q R Farm and noncorp. business 12.0 11.9 12.6 12.9 13.0 2.8 3.1 2.6 4.4 3.7 1.8 2.1 5.4 2.0 R S Corporate nonfinancial business.. 26.3 24.9 35.6 31.4 34.9 6.3 7.6 8.8 8.8 5.2 8.5 9.9 11.3 8.1 S T Federal Government * 3.7 -7.9 -4.5 4.3 -5.2 4.4 4.5 0 -3.7 1.0 1.8 -2.7 -5.3 .7 T U State and local government* -3.6 -5.0 -4.0 -3.4 -4.5 -.4 -.7 -1.1 -.7 -1.0 -1.3 -1.5 -.6 U V Financial sectors ... . 3.7 3.0 3.3 4.0 3.3 1.8 .5 2^0 -.3 1.2 .4 1.5 .2 1.4 V W Gross national investment1 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 10.9 10.2 13.6 10.4 X Y Other gross private domestic fixed 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 18.2 15.4 Y Z Consumer and nonprofit 18 1 18 1 22.1 21.7 20.1 5.3 4.9 5.6 5 8 4 8 4 6 5 0 5 6 5.2 Z a Nonfarm residen. constrA.... 15.6 75.3 19.2 18.5 16.7 4.6 4.2 4.8 4.9 4.0 3.8 4.1 4.7 4.3 a b Plant and equip (nonprofit) . 2.5 2.7 2.9 3.2 3.4 .7 .8 .9 .9 .8 .8 .9 .9 .8 b c Farm business 4.0 4.4 4.7 4.2 4.6 1.1 1.2 1.1 .9 1.1 1.3 1.2 .9 1.1 c d Noncorp. nonfinan. business4.. 9.4 9.0 10.7 10.8 11.4 2.2 3.3 2.8 2.5 2.1 3.1 3.2 3.0 2.4 d e Corp. nonfinan. business 4 32.3 8 26.4 27.9 8 30.7 8 30.3 8 6.4 2 8.4 7.9 8.2 2 6.0 7.9 7.9 8.4 6.5 2 e f g Change in inventories 5 1.6 -2.0 6.6 4.1 2.1 4.8 3 * 1.1 * .8 3.6 g h Farm business .8 9 .1 .3 .1 .1 .1 .1 .1 * * h i j C N o o r n p c . o n r o p n f n in o a n n fi . n b an u sin b e u s s s iness .6 -2.6 ^ 6. . 1 4 2. . 8 9 1.8 3 1 . . 3 4 * 7 5 c .1 <-j n 2 .9 7 i j * 1 m Co N n e s t u m ac e q r u a is n . d o f n fi o n n a p n r . o f a it ssets. .. 2 1 4 6 4 . . 5 7 2 3 1 0 8 . . 9 9 3 1 3 1 2 . . 1 8 7 2 9 5. . . 6 4 7 3 1 3 1 7 . . . 6 8 8 5 3 . . 7 7 ~4.4 8.5 6 1 . . . 9 9 7 6 5^ .9 7 C 6 2 . . . 9 3 A 9 6* .3 .l 10 3 . . . 5 7 A 1 9 1. . . 1 1 7 m k 1 n Net increase in liabilities 11.8 12.0 20.3 16.2 15.8 2.1 5.1 4.0 5.1 1.2 4.7 3.1 6.8 1.9 n o Farm and noncorp. business... — 2.3 -2.1 -3.2 -3.4 -3.3 -1.9 -1.4 -1.4 \.A * -2.8 1.9 -2.4 0 1 1 — 1 0 — 4 c — 4 p 3 1 3 3 2.2 3.1 3.5 1.4 1.6 1.1 -1.1 3.0 2.3 -1.4 2.0 q r Corp nonfinan business . — 8 2 — 3 9 T -y -1.4 -3.8 -3.4 -2.6 — 1.0 -3.0 -1.8 r s Net acquis. offinan. assets. .. 4.2 10.3 12.4 2.4 11.3 -1.4 1.2 1.9 -2.0 4.8 2.9 5.6 -1.3 s t 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 t u Federal Government 3.6 O ' -5.1 3.8 -5.8 4.C 4.8 -A -4.3 1.1 -1.0 -6.6 * u \ y v x v Sta N N N t e e e e t t t a a a i n n c c d c q q r u u l e o i i a s s c . s . a e o o l f f i g f f n i i o n n l v a a ia e n n b r . . n il m a a it s s i e e s s n e e s t t t s s s . . . . . .. 3 2 . . 2 8 -5 9 2 1 . . . . 1 7 5 6 - 1 3 6 3 1 . . . . 4 1 5 2 -2 3 3 . . . 4 . 9 8 1 -4 3 3 9 . . . . 1 3 7 1 — 1 .%2 i — 4. 4 . g 6 -1 3 1 .0 . . . 3 6 6 - - 1 2 . . 1 5 7 .8 ' 2 1 . . 1 4 * - — 2 3 4 . . . 9 7 8 .6 -1. 5 1 0 . . 6 8 * -1 1 1 1 . . . . 9 0 0 0 w x v y z Net increase in liabilities.. .. 6.6 7.6 7.0 6.2 7.8 1.6 1.0 2.1 1.6 2.3 1.8 2.9 z aa Financial sectors 2.9 4.4 4.4 5.5 5.0 1.9 US 1.: 1.6 3.5 * 1.0 aa bb Net acquis. offinan. assets. . 23 9 36.1 30.1 34.1 45.4 -2.7 12'.] 10.2 U.3 14.6 13.7 16.9 2.8 bb c d c d Fin N a e n t c i i n a c l r t e r a a s n e s , i n d isc li r a e b p ilities.... - 2 2 1 . . 6 0 - 3 3 1 . . 8 7 - 2 3 5 . . 4 7 - 2 4 8 . . 6 6 - 4 3 0 . . 9 3 - -4 3 .7 .8 - 1 1 0 . . 0 8 -1 8 . . 2 3 14 1. . 9 2 - - 1 3 .2 .1 14.4 - 1 2 0 . . 4 3 16 1 . . 9 7 -3 1 . . 4 8 d c d c ee Discrepancy (P—W) 7 2.3 3.7 3.1 3.7 3.7 -4.6 4.3 1.9 -2.7 2.4 ee 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 6 Financial component of national investment equals net lending to nonfinancial outlays; investment, changes in financial assets and liabilities rest of world; financial flows among domestic sectors cancel out in only. Govt. current outlays include, and govt. (and national) investment national total. (Discrepancies in financial transactions attributed entirely excludes, govt. purchases of tangible assets. to domestic transactions.) Differs from U.S. "net foreign investment" 2 Annual figures for farm sector are retained earnings of corporate (net exports minus net unilateral transfers in national income accounts) farms; farm and nonfarm unincorporated businesses shown as having by discrepancy in rest-of-world account, which equals "errors and zero annual net saving. Quarterly figures for both sectors include seasonal omissions" in Dept. of Commerce balance-of-payments statement for net saving. See Aug. 1959 BULL., p.838. the United States. 3 Depreciation, accidental damage to fixed capital, and capital outlays 7 Saving and investment are equal in concept but may differ statistically charged to current account. Line H includes amounts for financial because of discrepancies. See Aug. 1959 BULL., p. 857. sectors not shown separately. For discussion see Aug. 1959 BULL., p. 836. 4 For consumers, 1- to 4-family dwellings, completed and purchases of NOTE.—Descriptions of sectors and of transaction categories are given additions and alterations. Investment of nonfarm business sectors in notes to tables and in "Technical Notes," Aug. 1959 BULL., pp. includes work in process on 1- to 4-family dwellings and other private 846-59. For latest detailed flow of funds/saving tables, see Aug. 1962 residential construction. BULL. 5 After inventory valuation adjustment. Notes to table on opposite page. 3 Mainly time deposits of State and local govts., corporate businesses, 1 Demand deposit liabilities of banking system are net of F. R. float and savings institutions. and cash items in process of collection as reported by commercial banks. 4 Assets in these categories are treated as consumer holdings. Sum of sector holdings (partly on holder-record basis) differs from liability 5 Marketable issues maturing within 1 year and, before 1956, savings total mainly because of mail float (checks in transit from drawers to notes. drawees). For further discussion, see Aug. 1959 BULL., p. 853. 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds reserves. held by other sectors included in Federal obligations category. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1359 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] 1960 1961 1962 Transaction category, 1957 1958 1959 1960 1961 or sector I II III IV I II III IV IP I. Demand deposits and currency A Net increase in commercial bkg. -.8 5.8 1.1 .1 5.6 -8.8 2.5 1.5 4.9 -8.0 3.8 3.2 6.7 -8.6 A B Net increase in assets, by sector .7 6.3 .2' .3 4.8 -7.1 2.4 1.6 3.3 -6.4 3.0 3.8 4.3 -6.2 B C Federal Government .2 .1 .7 .9 .3 -.4 2.8 .2 -1.7 — 1.7 2.0 2 4 —2 3 3 C D Other domestic sectors .3 6.1 -.6 4.1 -6.2 c 1.4 4.8 -4.6 1.1 1.3 6.3 -6.7 D F E C Fa o r n m su a m n e d r n a o n n d c o no rp n o p r r a o t f e it bus.... .7 Q 2 1 . . 5 2 -1 1 . . 2 0 -.5 .3 1.4 * - - 2 . . 1 4 - 1 .1 .8 2.0 — .3 — .*9 1 8 *8 — 8 F E G Corporate nonfinancial bus * 1.5 -1.0 -1.2 .9 -3.3 '.6 1.5 -3.8 1.0 .4 3.4 -4.5 G H State and local government.... .2 .2 .5 .2 .6 -.4 -.2 .8 -.5 .7 Q 1.3 — 1.1 H I Financial sectors .3 .7 .1 .5 1.2 -.4 -.2 .6 .4 .9 -.2 I J Rest of the world .2 .1 * .4 -.4 .3 * .1 .2 2 3 K Discrepancy (A—B) -1.5 -.5 .9 -.2 .8 -1.8 * -.2 1.6 -1.6 .7 -.6 2.3 -2.5 K 11. 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 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 bonds 2 -1.9 -.5 -1.8 -.3 .8 — .2 i * .3 .2 .2 ,2 D E Net increase in liab., by sector 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 E F Federal Government -2.2 -.7 -2.0 -.4 .7 -.2 _ 2 — .1 .2 1 2 2 1 F G Commercial banking 5.5 8.0 1.2 5.8 9.4 * 1.5 2.2 2.1 2.9 3.5 1 9 1 2 5 6 G 6.9 8.9 8.4 9.5 11.5 1.9 2.6 1.8 2,6 3.2 1.9 3.8 2.9 H I Net increase in assets, by sector 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 I J Consumer and nonprofit 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 T K Other domestic sectors ^ .3 2.0 -.9 2.2 2.5 .3 .6 1.1 1.7 .8 .2 2 1.9 K L Rest of the world (time deposits).. * .9 -.9 .3 . 6 — .2 .2 .3 .1 * .1 .3 '.1 * L 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 A 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 B C 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 C D Net increase in liab., by sector 4. . .. 9.2 10.4 11.7 11.3 12.0 2.8 2.8 2.8 3.2 2.7 3-? 2.7 D E Federal Government .6 1.0 1.0 1.0 1.0 .1 .1 .8 .1 * E F State and local government 1.6 1.7 1.9 2.1 2.3 .5 ,1 ,1 ,1 .6 .6 .6 .6 F G H P L r if i e v a i t n e s u n r o a n n i c n e s u c r o e m d p p a e n n i s e i s on plans. 4 2. . 8 2 4 2. . 9 7 5 3 . .2 5 4 3 . .4 7 5 3 . .5 0 1 i. . l 0 •7 .9 .8 .9 1. . 1 6 1 .8 ? 1 1 . 1 5 1 .8 2 H G 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 A 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 B 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 C D Other -4.4 10.2 5.9 3.1 -4.8 3.3 .6 — 4.1 "\9 — 4 2 — 4 2 4 8 1 2 — 7 D E State and local obligations 4.6 5.5 4.7 3.7 5.1 1.0 7 1.5 1.4 .9 1.7 1.2 2.1 E F Corporate and foreign bonds 7.5 6.8 4.5 5.6 5.5 1.2 1.2 1.3 \.9 .8 2.2 .9 1.7 1.0 F G Corporate stock 4.0 4.2 4.4 3.5 5.2 1.0 .9 .9 A 1.2 1.7 1.1 1.1 1.2 G H 1- to 4-family mortgages 8.6 10.1 13.2 10.4 12.1 2.2 2.8 3.0 2.0 3.2 3.4 3.5 2 6 H 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 19 I J Consumer credit 2.6 .1 6.2 4.4 1.4 -.7 2.4 .8 1.9 -2.1 1.0 2 ? 4 — 15 J K. Security credit . . . T 1.7 .1 .4 2.2 -1.6 .5 .6 .9 -.4 1.3 1.3 -1.0 K L Bank loans nee 2^3 1.2 7.4 2.8 3.1 .1 2 0 — 9 1 5 — 2 2 1 3 8 3 2 6 L M Other loans 2.6 2.0 3.2 6.1 4.3 2.4 1.5 .7 1.5 1.6 1.1 1.7 2.2 M N Funds raised by sector 36.7 45.8 60.7 40.5 51.6 3.0 10.5 14.9 13.7 16.4 21.5 8.0 N O p F C a o r n m su b m u e s r i n a e n s d s nonprofit 1 1 1 . . 1 7 1 1 1 . . 5 9 20 1. . 8 3 1 1 6 . . 2 2 1 1 5 . . 6 7 2i 4. . 0 1 - 5 .3 .1 1. . 1 6 4.6 9 3.1 4 _ 6 .8 2 1.9 6 O P Q Noncorporate nonfinancial bus... 1.2 2.2 3.2 2.2 2.1 * .7 -.3 1.8 — 1.9 .9 1.0 2.0 * Q R Corporate nonfinancial business.. 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 R 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 S 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 2.2 T 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 * U V Rest of the world 1.4 2.3 .8 2.0 2.7 .3 .5 .4 .7 .7 .1 .8 1.2 .8 V W Funds advanced, by sector 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 W X Consumer and nonprofit 8.3 4.7 12.9 2.0 2.0 3.8 — .9 1.0 — 2.0 4 — 1.1 1 4 1 2 ^ 6 X Y Farm and noncorp. business .1 -.1 .1 .1 .1 -.4 .3 -.2 .4 -.4 .2 -.1 .4 -.4 Y Z Corporate nonfinancial business.. .6 .8 6.4 -1.9 .2 -1.1 -2.0 1.0 -1.4 .6 -1.2 1.8 .3 Z a Federal Government .. . 2.4 1.7 3.8 2.4 2^8 * 1.4 .4 .6 .2 .1 1.2 1.2 .6 a b State and local government 2.2 1.5 3.4 2.2 2.2 1.1 .9 .3 1.0 .5 .3 .3 1.4 b c Commercial banking system 4.3 17.0 5.6 10.0 17.4 -7.9 5.2 4.8 7.8 -4.7 6.8 7.1 8.3 -2.5 c d Monetary authorities o 2.2 .3 .7 1.5 -1.4 1.2 .5 .4 -.7 .5 .5 1.1 .2 d e Commercial banks 14.9 5.3 9.3 16.0 -6.4 4.0 4.3 7.4 -4.0 6.2 6.6 7.1 -2.8 e f Securities. 1.3 10.4 -7.2 2.4 8.6 -5.6 .2 3.7 4.0 — 1.6 3.7 5 2 1 3 -18 f 3.8 4.5 12.5 6.9 7.4 - .9 3.7 .7 3.4 -2.4 2.5 1.3 5.8 — 1.0 g 7.2 9.3 10.7 9.3 12.0 2.2 2.3 2.6 2.2 2.8 3.0 3.3 3.0 3.3 h i Insurance sector 8.4 9.0 10.1 10.2 10.7 2.7 2.2 2.7 2.6 2.7 2.2 2.7 3.1 2.6 i j Finance n.e.c 2.3 1.9 4.6 5.0 3.7 .5 2.0 .8 1.8 -.5 1.5 1.0 1.9 -.2 j k Rest of the world .6 * 3.4 1.2 .8 .7 i .3 .3 .1 -.2 .7 .2 .2 k NOTE.—Data for excluded categories—trade credit, proprietors' net For other notes see opposite page. investment, gold, Treasury currency, and misc.—and more detail on sector transactions appear in other flow of funds/saving tables in Aug. 1962 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 1362 Gold production 1363 Net gold purchases and gold stock of the United States 1364 Estimated foreign gold reserves and dollar holdings 1365 International capital transactions of the United States 1366 U. S. balance of payments 1375 Money rates in foreign countries , . 1375 Foreign exchange rates 1377 Guide to tabular presentation 1298 Index to statistical tables 1383 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- 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1362 GOLD RESERVES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Intl. Esti- E pe n r d i o o d f w m t o o a r t t l a e d l d 1 M F ta u o r n n y d e- U S n ta it t e e d s r m w es o a t r t e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p h g . 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 14,775 126 126 103 915 324 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 1,134 327 960 43 71 42 I960 40,525 2,439 17,804 20,280 104 147 293 1,170 287 885 45 78 1961 Aug 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 1,203 289 932 48 86 Nov 2 059 17 021 190 159 302 I 234 285 941 49 87 Dec 41,150 2,077 16,947 22,125 190 162 303 1,248 285 946 48 88 1962 Jan 2 079 16,847 190 164 303 1,277 285 950 48 89 Feb 2 096 16 795 165 164 304 I 291 285 962 47 89 Mar 41,285 2,098 16,643 22,545 164 167 344 1,297 285 964 46 91 Apr 2,099 16,519 114 170 363 1,315 285 963 46 91 May 2 106 16 458 114 174 363 1 318 286 913 45 92 June P41.275 2,110 16,527 2*22,640 102 177 363 1*335 286 669 45 93 July 2,136 16,182 78 180 419 1,335 286 674 r44 Aug 2,155 16J39 419 1,342 683 44 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 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 1 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 43 130 1967 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 24 247 129 May . . 31 3 19 18 62 2,235 3,667 89 24 247 129 June 31 3 19 18 62 2,270 3,667 96 247 129 July 31 3 19 18 62 2,417 3,667 92 247 129 Aug 31 3 19 62 2,450 3,667 247 129 p E e n r d io o d f Iraq R l e a Ir 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 ,050 33 43 49 19 10 493 211 1959 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 I960 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961—Aug 84 18 2,225 130 116 1,581 30 53 47 22 448 179 Sept 84 18 2,226 140 116 ,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 ,581 30 53 47 28 444 361 Mar 98 18 2,229 140 109 ,581 30 53 47 446 379 Apr 98 18 2,234 140 109 ,581 30 53 47 446 386 May 98 18 2,240 140 107 ,581 30 53 47 447 407 June 98 18 2 242 151 106 ,581 30 53 47 454 432 July 18 2,244 172 ,581 30 53 47 455 446 Aug 18 2,244 581 30 53 47 467 468 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1363 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 m n te g 2 d . U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . - E E P F U < ments 3 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 2,185 19 104 134 174 3,231 180 398 4 -19 55 1961 Aug 272 180 2,428 19 104 139 174 3,486 180 398 5 91 Sept 277 180 2,472 19 104 139 174 3,553 180 398 5 164 50 Oct. 291 180 2,525 104 139 174 3,531 180 398 5 164 Nov. 301 180 2,505 104 139 174 3,556 180 398 6 183 Dec . 316 180 2,560 104 139 174 3,318 180 398 6 115 56 1962 Jan 331 181 2,505 104 140 174 3,410 180 398 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 2,409 104 140 174 3,525 180 398 6 165 June. 409 182 2,409 104 140 174 3,433 180 398 6 203 46 July 429 182 2,459 140 174 2,915 180 398 3 209 Aug 429 181 2,459 140 174 2,848 398 210 1 Includes reported gold holdings of central banks and govts. and 2 Beginning with Dec. 1958, Exchange Equalization Account gold international organizations, unpublished holdings of various central banks and convertible currency reserves, as reported by the U.K. Treasury; and govts., estimated holdings of the U.K. Exchange Equalization before that time, reserves of gold and U. S. and Canadian dollars. Account, and estimated official holdings of countries from which no 3 Net gold assets of BIS, i.e., gold in bars and coins and other gold reports are received; excludes U.S.S.R., other Eastern European coun- assets minus gold deposit liabilities. tries, and China Mainland. 4 Europeans Payments Union through Dec. 1958 and European Fund The figures included for the Bank for International Settlements are thereafter. the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the NOTE.—For back figures and description of the data in this and the gold deposited with the BIS is included in the gold reserves of individual following tables on gold (except production), see "Gold" Section 14, countries. Supplement to Banking and Monetary Statistics. 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 1 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 24.1 13.0 65.7 159.1 13.4 8.1 1 9 13 3 36 7 7 4 66 2 1956 975.0 556.2 18 8 22.3 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 29.8 12.3 61.6 158.8 11.6 7.2 ".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 ^ 8 13 9 38 1 5 8 64 8 I960 1,175.0 748.4 19.6 31.3 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—juiy 67.7 1.7 3.8 12.6 1.0 4 1 n 3 1 5 Aug 68.8 1.6 3.8 12.5 1.0 2 I i 3 4 5 Sept 68.5 1.6 4.5 12.1 .6 .3 4 3 2 5 Oct 68.9 1.6 3.9 12.7 .6 4 <\ 3 5 4 Nov 69.2 1.6 4.1 13.0 .9 4 I i 3 1 5 Dec 67.8 1.6 3.4 12.9 .5 .4 .1 3.3 .5 1962 Jan . . 70.6 1.6 3.5 12.6 7 4 2 9 5 Feb 67.4 1.6 3.2 11.4 .9 4 2 9 5 Mar 72.9 1.7 3.5 12.8 1.1 4 3 1 Apr 72.3 1.6 3.0 12.4 .9 .3 2 6 May 74.0 1.5 3.4 12.3 .6 3 0 June 75 2 1 6 3.1 11 8 4 9 July 76.3 4.0 11.9 4 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 Bureau of Metal Statistics. NOTE.—Estimated world production based on reports of the U. S. Bureau of Mines. Country data based on reports from individual countries Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1364 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 II III IV I II Western Europe: -6 -84 -83 — 1 — 39 — 17 3 3 -329 -39 -141 -144 — 63 — 81 -28 -35 68 34 266 173 —45 —98 Germany, Fed. Rep. of -226 -10 -34 -23 Italy — 349 100 — 55 — 5 25 -2 -2 6 0 1 - — 3 0 10 -249 — 25 — 25 31 32 -114 -i56 -58 -40 -47 -59 -16 -8 -215 20 -324 -125 -20 — 45 — 5 62 35 United Kincdom — 50 100 -900 -350 -550 -306 225 -55 -326 -181 -150 Bank for Intl Settlements — 20 -178 -32 — 36 — 23 Other -6 4 18 8 -21 -38 -96 -53 -3 * -14 -ii -15 Xotal . -378 -78 80 68 -2,326 -827 -1,718 -754 202 -246 -466 -290 -339 Canada 15 5 190 Latin American republics: Argentina 115 75 67 -50 -90 25 60 Mexico 80 -30 -20 -30 -200 65 Other 12 14 56 6 2 -16 -30 -19 5 -9 -4 -1 -1 Total 62 14 -28 81 69 19 -100 -109 5 —9 —4 24 59 Asia: -30 -157 -15 Other -10 -5 * 18 -4 -28 -97 1 -101 -27 -34 -20 -24 -16 Total -10 -5 * 18 -34 -186 -113 -101 -27 -34 -20 -24 -16 All other -1 1 14 -3 -5 -38 -6 i * -4 -1 3 Total foreign countries -327 -68 80 172 -2,294 -998 -1,969 -970 179 -288 -494 -291 -102 Intl. Monetary Fund 2 200 600 3 _44 2 300 150 150 Grand total -327 -68 280 772 -2,294 -1,041 -1,669 -820 179 -138 -494 -291 -102 1 Includes sales of $21 million to Lebanon and $48 million to Saudi amount of gold from the United States. Arabia. 3 Payment to the IMF of $344 million as increase in U. S. gold sub- 2 Proceeds from this sale invested by the IMF in U. S. Govt. securities; scription less sale by the IMF of $300 million (see also note 2). upon termination of the investment the IMF can reacquire the same U. S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U. S. MONETARY AUTHORITIES [In millions of dollars] End of period Changes in— End of period Changes in— Year Total Tot G al o i ld s T to re c a k sury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total Tot G al o i ld s T to re c a k sury h c F o u o l r d r r e e in i n g g c n s y 2 Total T g o o t l a d 1950 22,820 22,820 22,706 -1,743 -1,743 1961—Sept.... 17,519 17,457 17,376 62 -117 -73 1951 22,873 22,873 22,695 53 53 Oct.. . . 17,443 17,331 17,300 112 -76 -126 1952 23,252 23,252 23,187 379 379 Nov 17,148 17,021 16,975 127 -295 -310 1953 22,091 22,091 22,030 -1,161 -1,161 Dec... 17,063 16,947 16,889 116 -85 -74 1954 21,793 21,793 21,713 -298 -298 1962—Jan.... 16,963 16,847 16,815 116 -100 -100 1955 21,753 21,753 21,690 -40 -40 Feb.... 16,948 16,795 16,790 153 -15 -52 1956 22,058 22,058 21,949 305 305 Mar.... 16,873 16,643 16,608 230 -75 -152 1957 22,857 22,857 22,781 799 799 Apr 16,762 16,519 16,495 243 -111 -124 1958 20,582 20,582 20,534 -2,275 -2,275 May... 16,718 16,458 16,434 260 -44 -61 1959 19,507 19,507 19,456 -1,075 3-1,075 June... 17,081 16,527 16,435 554 363 69 July.... 16,678 16,182 16,147 496 -403 -345 1960 17,804 17,804 17,767 -1,703 -1,703 Aug 16,562 16,139 16,098 423 -116 -43 1961 17,063 16,947 16,889 116 -741 -857 Sept.P. . 16,532 16,082 16,068 450 -30 -57 1 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 8 on page 1373 for gold held under earmark at 2 For holdings of F. R. Banks only see pp. 1306 and 1308. F. R. Banks for foreign and international accounts. Gold under ear- 3 Includes payment of $344 million as increase in U. S. gold subscript mark is not included in the gold stock of the United States. ti on to the International Monetary Fund. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1365 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS [In millions of dollars] Dec. 31, 1960 June 30, 1961 Sept. 30, 1961 Dec. 31, 1961 Mar. 31, 1962 June 30, 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 & notesdollars & notesdollars & notes dollars & notes series series Western Europe: Austria 536 480 526 558 594 * 640 * Belgium 1,312 6 2 1,307 1 1,476 1 1,574 8 1,616 8 1,593 2 Denmark 85 28 31 81 31 79 30 83 30 80 29 83 29 Finland 87 * 112 134 138 138 133 2 France . . . 2,160 16 2,862 4 3,014 c 3 110 3,360 3 3,664 3 6,447 16 3 6,588 6,394 3 6,505 6,200 3 6,289 3 Greece . . 139 * * 136 * 120 * 154 189 * 206 * Italy 3,080 * * 3,059 * 3,377 * 3,459 3,416 3,429 * 1,779 13 4 1,735 3 1,804 2 1,797 1,822 2 1,888 2 Norway 112 143 148 134 132 135 128 135 126 142 93 131 85 636 1 1 546 1 523 1 542 1 532 1 584 Spain ... . .. 327 1 352 1 405 1 469 1 516 568 397 77 82 574 51 566 71 586 93 584 92 607 123 Switzerland .. . . 2,863 57 94 2,850 87 3,177 86 3 435 83 3 262 83 3,360 83 Turkey 152 * * 150 * 158 * 165 * 160 • 163 United Kingdom2 4,467 412 420 4,109 435 4,719 483 4,526 435 4,941 388 4,862 440 Other3 . 529 39 44 609 47 788 47 678 48 727 46 667 46 Total . 25,108 819 838 25,684 801 27,395 864 27 914 840 28 279 751 28,867 820 Canada 3,324 416 446 3,565 463 3,576 465 3,704 459 3,454 423 3,566 227 Latin America: Argentina 419 * 475 1 454 1 425 1 407 1 310 Brazil 481 2 2 474 2 551 1 513 1 492 1 509 1 Chile 180 * * 171 * 178 * 153 * 160 • 175 * Colombia 236 * 1 202 1 222 1 235 1 228 1 252 1 Cuba 78 39 1 59 * 46 * 44 * 40 • 38 * 68 1 * 83 * 70 • 70 • 82 • 76 * Mexico . 534 2 7 450 5 529 5 606 5 615 6 623 6 123 2 1 78 1 79 87 82 1 87 Peru 114 • * 118 * 123 131 137 • 137 * Uruguay. 231 1 1 230 1 229 1 237 255 1 259 1 796 3 1 826 1 846 1 815 1 796 760 1 Other4 370 9 303 57 297 77 278 192 328 188 413 156 Total 3,630 59 15 3,469 69 3,624 89 3,594 204 3,622 200 3,639 168 Asia: India 301 40 41 288 6 333 6 325 6 321 6 296 6 Indonesia 236 « 1 142 1 120 1 119 1 137 1 125 1 152 * * 178 * 167 * 161 * 165 * 155 * Japan 2,166 2 3 2,262 3 1,953 3 1,894 3 2,048 3 2,099 3 218 2 2 184 2 174 2 212 1 193 1 207 1 Thailand 290 * * 331 * 344 * 368 * 410 « 431 * Other 991 43 45 1,033 45 1,130 45 1,168 45 1,215 41 1,207 41 Total 4,354 87 92 4,418 57 4,221 57 4,247 56 4,489 52 4,520 52 Allother: Australia 235 * * 238 * 238 * 260 * 268 * 281 * South Africa 207 1 192 * 251 * 330 * 415 * 471 * U A R. (Egypt) 196 * * 190 * 189 * 189 * 190 * 193 * Other* 600 27 35 618 37 579 38 635 39 632 42 640 39 Total 1,238 28 35 1,238 37 1,257 38 1,414 39 1,505 42 1,585 39 Total foreign countries 6 37,654 1,409 1,426 38,374 1,427 40,073 1,513 40,873 1,598 41,349 1,468 42,177 1,306 International 6,394 884 900 6,451 1,011 5,480 1,127 5,881 1,240 6,503 1,087 6,676 1,009 Grand total6 44,048 2,293 2,326 44,825 2,438 45,553 2,640 46,754 2,838 47,852 2,555 48,853 2,315 5,558 512 536 5,179 518 5,863 567 5,841 520 6,357 474 6,326 525 1 The first column continues the series based on a 1955 survey and 5 Includes unspecified countries in Africa, Oceania, and Eastern reported securities transactions; the second is based on a survey as of Europe, and all Western European dependencies located outside Europe Nov. 30, 1960, and reported securities transactions in Dec. Data are not and Asia. available to reconcile the 2 series or to revise figures for earlier dates. 6 Excludes gold reserves of the U. S. S. R., other Eastern European 2 Gold reserves are estimated. countries, and China Mainland. 3 In addition to other Western European countries includes unpublished gold reserves of certain Western European countries; gold to be NOTE.—Gold and short-term dollars include reported and estimated distributed by the Tripartite Commission for the Restitution of Mone- official gold reserves, and official and private short-term dollar holdings tary Gold; European Fund; and the Bank for International Settlements (principally deposits and U. S. Treasury bills and certificates). U. S. (the figures for the gold reserves of the BIS represent the Bank's net Govt. bonds and notes are official and private holdings of U. S. Govt. gold assets; see note 1 to table on gold reserves). securities with an original maturity of more than 1 year. 4 Includes other Latin American republics and the Inter-American See also NOTE to table on gold reserves. Development Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1366 INTL. CAPITAL TRANSACTIONS OF THE U, S. 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 m G a e n r y - , United Canada A L m a e ti r n ica Asia O A th ll er Total Officials Other R F ep ed . . of K d i o n m g- Other Total 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 3 3,158 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— 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 7,774 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 Apr.. 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 May. 23,555 4,594 18,962 10,510 8,452 2,509 2,398 5,562 10,469 2,514 2,458 3,085 437 June. 24,103 4,566 19,537 11,293 8,243 2,622 2,262 5,709 10,592 2,897 2,526 3,101 421 July*. 23,654 4,846 18,808 10,838 7,970 2,542 1,851 5,217 9,610 3,120 2,546 3,083 449 Aug.? 24,214 5,009 19,205 11,218 7,987 2,591 1,846 5,289 9,726 3,416 2,496 3,108 458 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 - Franco Greece Italy 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- S l w a e n r it - d z- T k u e r y - Othei* 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 1,121 339 130 163 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__Aug 4,636 212 300 38 87 871 55 1,098 200 105 84 133 387 661 17 388 Sept 4,845 228 311 48 89 890 43 1,151 223 105 86 128 386 705 19 433 Oct 4,894 228 311 56 92 888 43 1,191 227 110 88 133 391 689 21 427 Nov 4,969 241 330 49 89 957 50 1,203 231 99 90 134 379 712 28 376 Dec 5,248 255 326 52 91 989 67 1,234 216 105 99 153 406 875 26 354 1962 Jan 5,283 256 357 52 90 1,083 76 1,248 218 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 1,187 241 112 86 165 403 818 20 342 Apr 5,377 229 293 49 74 1,261 104 1,185 247 141 98 160 391 806 19 321 May 5,562 238 293 60 70 1,445 103 [,147 259 123 108 153 415 830 16 302 June .. .. 5 709 277 258 52 71 1,394 110 1,187 307 101 130 159 425 951 23 263 July* 5,217 292 203 44 68 1,046 97 1,095 339 103 132 176 425 913 17 266 Aug p 5,289 316 184 52 70 1,080 98 1,244 258 117 137 144 463 832 17 279 lb. Latin America End of period 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 R m i D c e a i o n p 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- N S t A a i e u l n l t n r e h d i - s - ., a p P R m u a e n b a - - - , Peru g U u r a u y - V zu e e n l e a - Others nam lic of 1957 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 I960 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961 Aug 2,277 275 24 218 125 134 49 30 27 49 430 84 78 86 52 367 250 Sept 2,372 263 23 263 130 137 45 29 26 46 413 87 79 76 49 448 259 Oct 2,312 246 23 254 96 137 46 27 28 43 403 88 84 73 50 406 307 Nov 2,343 240 25 260 96 130 45 23 23 43 439 87 85 77 53 416 300 Dec 2,393 235 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 May 2,458 209 24 235 108 142 37 43 34 55 490 90 91 90 72 377 362 July2* 2 2 , , 5 5 4 2 6 6 2 2 3 0 1 8 2 2 5 3 2 2 2 0 3 0 1 1 1 3 2 0 1 14 5 9 9 3 3 7 7 4 4 3 8 3 3 5 6 4 5 2 2 4 5 8 1 9 7 9 8 6 7 8 8 7 7 9 9 0 6 7 7 9 3 3 4 6 3 2 3 3 39 8 9 7 Aug p 2,496 210 21 197 104 143 36 42 33 37 483 93 87 104 87 390 429 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. 1367 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued [Amounts outstanding; in millions of dollars] lc. Asia and All Other Asia All other Ko- End of period Total K H o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u e e b a - - , P p i i h p n i - e l- s Tai- T la h n a d i- Other Total A tr u a s l - ia A S f o r u i t c h a ( U E . g A y . p R t . ) Other lic of 1957 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 38 40 153 1958 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 125 1959 2,780 60 114 139 47 87 1,285 148 172 94 141 494 373 110 49 20 162 1960 3,115 57 54 178 22 75 ,887 152 203 84 186 217 352 88 29 22 181 1961—Aug., 3,038 53 78 78 39 64 ,766 186 174 89 237 275 349 79 40 21 181 Sept. 2.896 55 86 77 37 62 ,649 194 152 90 240 255 375 86 46 15 185 Oct.. 2,807 59 88 92 34 65 ,535 195 134 92 240 273 382 90 46 15 192 Nov. 2,819 59 90 82 31 62 ,532 198 150 90 248 276 385 91 44 12 199 Dec. 2,892 55 78 76 31 63 ,590 199 185 92 264 258 387 98 32 15 209 1962—Jan.. 2,926 59 75 86 34 63 ,599 188 202 98 276 246 415 127 32 21 204 Feb.. 2,990 57 74 100 35 87 ,628 187 171 103 293 255 378 95 36 14 205 Mar. 3,086 57 74 94 36 71 ,744 183 165 92 306 262 392 101 36 16 213 Apr.. 3,064 58 70 88 23 78 ,703 181 173 90 314 287 392 96 43 17 210 May, 3,085 61 54 80 18 76 .746 174 184 85 323 283 437 97 42 25 232 June. 3J01 56 49 82 26 76 ,795 164 179 85 327 261 421 104 39 19 222 July** 3,083 60 39 79 32 76 ,787 160 170 86 327 267 449 122 36 22 232 Aug.* 3.108 59 39 83 37 89 ,818 155 169 82 327 250 458 126 45 13 232 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 1.2 .5 1.2 Ceylon 44.1 34.4 6.9 n.a. Cyprus .3 .5 .7 China Mainland 7 . 36.0 35.8 34.8 34.6 Czechoslovakia 7.... .7 1.0 .9 Goa 2.5 2.3 1.4 .9 Hungary 1.3 1.0 1.0 Iraq 18.0 63.1 13.8 n.a. Iceland 3.5 2.7 5.1 3.1 Jordan 2.8 2.5 1.8 1.6 Ireland, Republic of 10.0 5.4 2.7 3.2 Kuwait 10.3 9.4 9.6 27.1 Luxembourg 16.1 7.2 12.6 16.1 Laos 20.9 21.0 5.0 n.a. Monaco 5.9 5.3 4.1 3.4 Lebanon 37.9 38.0 36.2 n.a. Poland 7 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. 7 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 Other Latin America: Syria 4.7 5.0 4.2 2.6 Bahamas 8 47.2 77.5 Viet-Nam 48.8 68.3 14.6 7.9 H P H N T C E B F a r h c o e o a i e r c u e r s i n a n m t a t a d i g a c W r d u u u h a o R d r a e g r a a y s W u i s t c a a e I . . n st d i I e n s d i f e e s d e a r n a d ti o F n r e 8 nch Guiana. 2 3 1 1 7 6 6 3 4 1 1 7 . . . . . . . . . 7 3 8 4 5 5 6 3 4 3 2 1 1 1 1 1 2 1 6 0 4 8 2 2 . . 5 8 7 9 7 6 5 5 3 2 2 1 1 1 1 1 4 7 1 1 1 0 5 9 . . . . . . . . . 6 3 7 4 9 7 3 0 8 2 3 1 1 1 1 9 4 3 3 4 7 3 4 . . . . . . . . . 9 9 6 5 5 8 3 3 0 Al A E l F L L G M M r t i i o l h b b h e a o g t a n d y e i r e h o n o r e c a r e i p i a c h i a r a r i c : a a o S o I a ( s m n i l n d a 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 3 1 7 1 3 . . . . . . . . 4 0 0 5 5 7 8 0 2 5 1 1 2 0 7 8 7 . . . . . . . . 0 6 4 6 3 8 7 6 6 1 9 5 4 6 . . . . . . . . 3 6 4 3 9 9 9 8 9 2 1 5 3 1 1 1 . . . . . . . . 1 4 9 0 5 8 7 1 Mozambique 2.9 2.0 2.2 1.6 Other Asia: New Caledonia 1.4 1.3 1.4 n.a. Aden....... 1.7 2.2 2.3 n.a. New Zealand 6.9 6.8 35.1 4.0 Afghanistan. 4.5 11.0 9.8 3.6 Rhodesia and Nyasaland, Federation of. .2 .3 3.9 n.a. Bahrain .9 .9 .5 Somali Republic 1.3 .8 3.5 1.7 Burma 5.9 4.3 .9 n.a. Sudan 5.2 1.6 1.9 n.a. Cambodia. . 24.9 19.7 10.9 15.3 Tunisia .3 8.4 2.8 1.2 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 subscription to the IMF paid in June 1959. NOTE.—For back figures and description of the data in this and the 4 Includes Bank for International Settlements. following tables on international capital transactions of the United States, 5 Beginning with 1960 includes Inter-American Development Bank. see "International Finance" Section 15, Supplement to Banking and Mone- 6 Except where noted, data based on reports by banks in the Second tary Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 INTL. CAPITAL TRANSACTIONS OF THE U. S. 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 in foreign and country Tr\ta] 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 2 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 Aug 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 1,379 2,226 1,891 117 219 100 Oct 22,235 19,783 8,899 9,485 ,398 2,293 I 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 ,496 2,362 1,974 149 238 150 1962—Jan 22,495 19,962 9,148 9,372 1,441 2,372 1,966 151 255 161 Feb 22,792 20,201 9,134 9,635 1,432 2,440 1.971 166 302 152 Mar 23,207 20,562 8,768 10,352 1,442 2,461 2,002 156 303 184 Apr 23,388 20,728 9,118 10,146 1,465 2,479 2,034 140 305 181 May 23,555 20,890 8,823 10,574 1,493 2,498 2,045 100 353 167 June 24,103 21,257 8,667 11,138 1,453 2,669 2,202 107 360 177 23,654 20,929 8,329 11,185 [,416 2,545 2,080 112 353 180 Aug.p 24,214 21,436 8,260 11,809 1,367 2,532 2,058 109 365 246 Area and country detail, June 30, 1962 Europe: 277 275 247 23 5 2 2 Belgium . 258 210 126 50 33 47 41 6 * 52 44 27 16 1 8 8 * * * Finland 71 70 49 18 2 1 * 1,394 1,333 265 1,027 42 55 48 4 3 6 Germany, Fed. Rep. of 2,622 2,586 285 1,878 423 33 27 1 5 3 Greece 110 95 67 28 * 15 15 Italy 1,187 1,084 220 710 154 28 25 2 i 75 Netherlands 307 241 104 127 11 66 62 1 3 101 65 47 4 14 36 35 1 Portueal 130 91 85 6 39 39 * * > Spain . 159 133 125 3 5 26 23 2 Sweden 425 410 104 296 11 16 15 1 * Switzerland 951 834 413 248 173 106 69 15 22 11 Turkey 23 21 21 2 2 * United Kingdom 2,262 1,813 1,109 624 79 393 145 35 214 55 12 12 10 2 1 1 * Other 251 236 85 58 93 11 11 * * 4 Total 10,592 9,552 3,387 5,109 1,055 886 568 61 256 155 Canada 2,897 2,605 1,638 951 16 283 211 30 42 8 Latin America: Argentina 208 103 90 10 3 105 98 1 6 25 8 8 * 17 17 * * Brazil 223 86 73 * 13 135 133 2 2 Chile 130 50 49 80 80 1 * Colombia 159 82 76 * 6 77 76 1 * Cuba 37 2 2 35 34 * Dominican Republic .... 48 32 27 4 16 16 * El Salvador 35 18 8 6 4 17 17 t Guatemala 52 30 20 4 6 22 22 * Mexico 517 286 249 * 37 231 227 4 * Neth., Antilles and Suri- 87 38 24 8 6 49 31 3 15 * Panama Rep of 87 12 12 1 75 66 2 7 Peru 90 29 29 61 58 2 * 79 37 34 2 42 36 5 * 362 138 137 223 220 1 2 * Other 387 258 147 3 66 45 125 110 7 8 4 Total 2,526 1,210 986 95 129 1,310 1,241 15 55 6 For notes tee end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL. CAPITAL TRANSACTIONS OF THE U. S. 1369 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total in P a f y o a re b i l g e n country U. S. U. S. currencies Total Deposits T bi r l e ls a s a u n ry d 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, June 30 1962—Cont. Asia: Hong Kong 56 26 21 5 30 28 * 2 India 49 42 27 8 7 7 7 * 1 Indonesia 82 80 71 9 * 2 2 Iran 26 20 20 7 7 * Israel 76 69 37 5 27 7 6 Japan 1,795 1,773 1,135 516 123 21 21 * * * Korea, Rep. of 164 162 160 3 2 2 Philippines . 179 153 135 3 15 27 26 Taiwan 85 77 71 * 7 8 8 Thailand 327 324 89 229 6 3 3 Other 261 217 162 35 20 43 41 * 2 1 Total 3,101 2,943 1,926 805 212 156 150 1 5 2 All other: Australia . 104 100 51 43 5 3 3 * * 1 Congo Rep of the 37 36 35 * 2 2 S U o u A t h R A ( f E ri g c y a pt) 3 1 9 9 3 1 5 8 3 1 5 2 5 * 1 2 * # * * * 1 Other 222 192 140 44 8 27 25 * 2 3 Total 421 381 274 92 15 34 32 * 2 6 Total foreign countries. 19,537 16,691 8,212 7,052 1,427 2,669 2,202 107 360 177 International 4,566 4,566 455 4 4,085 26 * * * Grand total 24,103 21,257 8,667 5 11,138 1,453 2,669 2,202 107 360 177 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 $2,782 million of nonnegotiable, non-interest-bearing specia which amounted to $3,595 million on Aug. 31, 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 $55 million of nonnegotiable, non-interest-bearing special 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 z w er i - t- U K n in it 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 land dom 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 S86 56 I960 3,614 32 82 34 60 245 264 717 421 1,356 1 052 69 1961 Aug 4,122 42 136 37 60 134 178 586 517 1,295 1 626 98 4,156 34 146 34 67 185 186 652 491 I 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 1,807 85 1962 Jan 4,570 40 157 36 68 163 214 678 483 1,425 1 892 92 Feb 4,688 44 155 39 71 160 215 683 496 1,456 1,964 89 Mar 4,868 49 144 37 76 159 222 687 540 1,496 2,051 94 Apr 4,849 44 161 41 68 142 207 664 517 1,520 2,046 101 May r4,836 55 139 37 68 158 229 686 r453 ,565 2,029 103 June 4,778 55 129 36 68 151 254 692 431 ,529 2,009 117 JUlyP rM,781 51 137 43 67 162 246 705 r?446 ,529 1,975 126 Aug.P 4,716 41 138 40 69 157 257 701 425 ,502 1,960 127 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

1370 INTL. CAPITAL TRANSACTIONS OF THE U. S. 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued [Amounts outstanding; in millions of dollars] 3a. 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 - 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 1 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 Aug 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 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 May 229 6 18 9 26 4 62 23 5 16 19 13 5 23 June 254 5 18 11 27 5 59 24 7 12 20 37 6 23 July*7. 246 7 19 13 28 5 57 23 8 12 16 27 6 25 Aug v 257 6 19 13 28 5 55 27 9 18 17 31 6 22 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 R m i D c e i a o n p 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- S t n A a i u l a n l n m r e d i - 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 1957 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958 1,099 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 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961—Aug 1,295 158 8 147 119 91 20 13 17 17 375 8 28 67 39 121 68 Sept 1,347 160 5 180 117 90 19 12 15 16 385 6 30 68 39 134 72 Oct. 1,412 171 5 233 116 87 19 12 14 17 385 8 30 71 45 124 74 Nov .. ...... 1,450 179 5 230 119 99 19 14 14 19 395 6 32 69 53 125 73 Dec 1,504 192 6 186 127 125 19 13 17 20 423 13 32 73 55 129 74 1962—Jan 475 179 5 129 126 134 18 12 14 19 411 9 43 71 61 122 71 Feb 1,456 184 6 130 125 160 19 11 16 19 396 6 41 70 62 141 68 Mar I 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 May [,565 204 5 173 139 163 17 14 9 17 427 9 59 80 61 117 71 June .529 188 6 200 154 143 17 15 10 13 408 7 41 81 68 108 71 July*3 1,529 182 6 199 164 147 18 15 11 14 393 7 37 83 63 111 80 Aug." 1,502 163 8 191 157 138 17 15 10 14 395 10 36 86 80 107 74 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 e - s 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 1 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—Aug 1.626 10 10 36 31 1.335 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 1,281 58 11 28 134 86 28 4 16 12 26 Nov 1,620 9 8 33 34 1,292 86 10 31 115 79 27 6 11 12 24 Dec 1,807 9 8 31 36 1,445 114 10 34 119 85 29 6 10 13 27 1962 Jan 1,892 10 10 30 36 ,515 133 11 34 114 92 31 6 11 14 31 Feb [,964 9 10 28 37 ,605 118 11 33 113 89 31 3 11 13 31 Mar > OS! 10 11 28 41 ,698 114 9 33 108 94 32 3 11 16 32 Apr 21046 12 13 30 39 ,688 108 9 33 114 101 33 4 11 21 32 May 2,029 11 12 32 43 ,678 107 6 30 110 103 33 4 11 22 33 2,009 11 14 24 39 .680 91 7 30 113 117 35 4 11 24 44 Julyi' 1,975 11 14 24 38 1,681 76 6 30 94 125 34 4 12 26 49 Aug.P 1,960 11 14 25 37 1,683 69 6 33 83 126 40 4 12 23 48 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. 1371 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 o a f n p d e c ri o o u d n , tr o y r area t L t e o r o m t n a — g l1 - Total Loans to C t o io ll n e s c- Deposits j Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners 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—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 ,003 617 708 1,785 458 287 171 Feb., 2,088 4,688 4,246 ,088 623 715 1,819 443 288 154 Mar. 2,134 4,868 4,399 ,214 644 732 1,809 470 304 166 Apr.. 2,086 4,849 4,393 ,236 679 726 1,752 456 271 184 May, 2,080 '4,836 '4,326 .304 570 711 '1,742 '510 293 '217 June. 2,175 4,778 4,299 ,314 539 698 1,749 479 313 165 J A u u ly q * . 2 2, , 1 1 8 8 8 8 '* 4 4 , , 7 7 1 8 6 1 '* 4 4 , , 2 2 6 9 5 6 , , 2 2 4 8 8 7 6 5 0 5 2 4 7 6 0 9 1 2 r*l 1 , ,7 7 2 5 3 5 451 3 2 0 9 6 2 ri» 1 1 5 79 9 Area and country detail, June 30, 1962 Europe: Austria... 55 5 5 2 Belgium.. 9 18 14 3 Denmark. 7 11 10 1 4 Finland. . 4 27 27 2 23 France... 24 55 47 14 14 Germany, Fed. Rep. of.. 70 129 110 34 35 19 23 Greece 7 5 4 * 4 * Italy 30 36 34 3 6 17 7 Netherlands 43 59 53 7 29 15 2 Norway 179 24 23 3 1 2 17 Portugal.... 24 7 6 1 2 Spain 7 12 It 4 4 Sweden.... 46 20 15 2 5 Switzerland. 10 68 36 9 15 6 25 Turkey 37 37 34 * 3 United Kingdom. 12 151 45 18 5 14 7 106 Yugoslavia 2 6 6 4 * 2 Other 2 23 22 1 5 13 Total. 531 692 507 140 110 122 186 | 158 27 Canada 291 431 239 14 92 7 126 192 ! 60 Latin America: Argentina 69 188 185 25 47 75 4 ; Bolivia * 6 6 4 1 Brazil 265 200 155 36 49 19 52 "45'Y Chile 21 154 153 27 23 24 81 Colombia. , . . 62 143 142 35 27 52 Cuba 1 17 17 1 16 * Dominican Republic 15 15 2 El Salvador 10 10 1 5 5 Guatemala 9 13 13 1 1 7 4 Mexico 186 408 405 185 76 34 111 Netherlands Antilles and Surinam Panama, Rep. of. 18 41 40 10 19 7 5 Peru 13 81 81 6 12 24 39 Uruguay 1 67 6 3 6 51 Venezuela 211 108 107 14 20 57 16 Other 84 71 70 16 29 18 Total. 947 ,529 1,475 363 285 316 511 53 50 For note sec end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1372 INTL. CAPITAL TRANSACTIONS OF THE U. S. 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 total1 Total Total Ba i o n n f s f k i t c s i i t a a u l n - d Others s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e w e p ig i o t n h s e it r s s Other tions Area and country detail, June 30, 1962—Cont. Asia: I 3 11 11 6 4 1 India 5 1 5 9 1 1 4 2 1 1 3 2 1 3 2 * 7 * 3 * * Iran 11 24 24 2 • 20 3 Israel 27 39 39 5 5 4 26 Japan 49 1,680 1,638 598 18 138 885 41 41 Korea, Rep. of * 6 6 * 5 Taiwan 61 91 7 91 7 77 2 3 1 3 1 9 * * Thailand 4 30 30 10 4 16 Other 10 95 94 62 4 23 5 * * * Total 239 2,009 1,967 m 32 209 949 42 42 * All other: Australia 46 35 31 2 3 15 11 4 1 2 Congo, Rep. of the 39 4 4 2 1 South Africa 29 11 10 * * 9 * 2 2 U.A.R. (Egypt) 2 24 23 6 * 1 16 Other 52 44 43 9 16 17 2 ;•• Total 168 117 111 19 19 43 29 6 3 3 Total foreign countries 2,175 4,778 4,299 1,314 539 698 1,749 479 313 165 1 Mainly loans with an original maturity of more than 1 year. 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 h u as r- es Sales c N h e a s t a s e l p e s s u o r- r ch P a u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le 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 I960 1,730 1,603 127 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 1961 1,744 1,231 512 172 3,384 3,161 223 802 1,262 -460 596 966 -370 1961—Aug 340 177 163 48 246 254 -8 37 36 1 41 65 -24 Sept 22 26 -4 -5 217 216 225 228 -3 41 59 -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 -40 Dec . 86 32 54 1 286 273 14 64 107 -43 59 140 -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 26 116 301 — 185 79 79 108 136 -28 -25 245 309 -64 56 136 -80 70 108 -38 julyP 146 119 26 31 168 200 -32 64 89 -24 48 37 11 Aug.27 135 347 -211 -32 163 156 7 50 65 -15 45 41 4 i 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. 1373 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 Total i Neth- Switz- United Latin Stocks Bonds Belgium France er- er- King- Other Total Canada Amer- All lands land dom Europe Europe ica other » 1958 -39 -56 17 -3 2 -8 19 -1 10 -86 23 1 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—Aug -8 2 -10 -2 * 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 -7 1 1 Nov 20 25 -5 *1 4 5 25 -20 3 18 -8 2 8 Dec 14 15 -1 1 1 1 21 -25 5 3 * 4 7 1962 Jan 37 54 -17 * 5 -2 46 10 -3 55 -19 4 -3 Feb 30 36 -6 1 5 -1 34 -2 * 37 -9 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 26 28 -2 1 2 4 21 13 2 43 1 -10 -8 June -64 -65 1 -2 -2 2 -6 -29 1 -36 -14 -4 — 9 JulyP -32 -13 -19 6 -28 -24 -13 * 4 Aug.p 7 7 * -1 -2 13 -10 2 1 1 -2 8 1 Includes transactions of international organizations. NOTE.—Statistics include small amounts of State and local govt. securities. 7. NET PURCHASES OR SALES BY FOREIGNERS 8. DEPOSITS, U. S. GOVT. SECURITIES, AND GOLD HELD AT OF LONG-TERM FOREIGN SECURITIES, BY AREA F. R. BANKS FOR FOREIGNERS [In millions of dollars] [In millions of dollars] Period na In ti t o e n r- al f c o T t r o r o e i u i t e g n a s n l - 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 c E u a s r to m d a y rked securities1 gold 1958 — 558 — 805 —72 — 543 5 —45 — 150 1959 — 157 — 593 -50 —443 11 -97 -15 1957 356 3,729 6 023 I960 -147 -498 -117 -196 -107 -41 -36 1958 272 3,695 8,538 1961 1 — 832 262 — 318 — 58 -121 — 73 1959 345 4,477 9 861 1960 . 217 5,726 11,843 1961—Aug.... 6 -29 -10 -17 -3 1 Sept.. 4 -24 -3 6 3 -7 -22 1961—Sept 312 6,036 11,525 Oct... -5 -47 -17 -7 1 -26 1 Oct 249 5,988 11,568 Nov.. 1 -83 -26 -15 -9 -15 -18 Nov 198 5,793 11,840 Dec. -7 -116 -85 -28 1 -9 6 Dec 279 6,006 11,905 1962—Jan... * -19 -9 22 _! -8 -23 1962—Jan 229 5,403 11,969 Feb.. -96 6 -22 2 4 -11 33 Feb 204 5,432 12,006 Mar.. -28 -54 -57 8 * -5 Mar 221 5,762 12,148 Apr.. -22 -24 -23 2 1 -3 1 230 5,551 12,230 May. -11 -174 -31 -91 -3 -26 -23 May 223 5,754 12,308 June. * -117 -66 -31 -18 -5 3 June 334 6,228 12,368 JulyP. -4 -10 9 8 * — 1 -26 July 248 6,026 12,678 Aug.p 4 -14 -14 4 * -5 1 168 6,407 12,689 Sept 229 6,767 12,687 1 U. S. Treasury bills, certificates of indebtedness, notes, and bonds; includes certificates of indebtedness payable in foreign currencies. nent to Banking and Monetary Statistics). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1374 INTL. CAPITAL TRANSACTIONS OF THE U. S. 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 3d revised ser.1 4th revised ser.1 3d revised ser. * 4th revised ser.* Area and country 1961 1962 1961 1962 1961 1961 1961 1961 II II III III IV I II II III III IV I Europe: 2 2 2 2 2 2 4 5 4 4 4 3 28 28 25 25 31 27 35 35 17 17 25 26 3 3 3 5 5 5 5 6 6 7 6 1 1 1 1 1 1 2 2 2 2 2 37 37 40 41 32 33 40 40 36 37 46 46 Germany Fed. Rep. of 40 40 40 40 34 30 68 68 74 76 78 101 2 2 2 2 2 2 3 3 2 2 3 3 Italy 23 23 30 30 31 24 35 36 34 34 47 51 68 68 48 49 44 43 22 22 23 23 28 35 6 6 9 9 10 8 7 7 7 8 10 10 1 1 1 3 4 6 6 5 7 6 7 5 5 8 10 10 10 9 9 12 12 8 8 6 6 6 8 19 19 18 19 19 21 Switzerland 47 47 39 39 39 25 19 19 15 16 18 28 Turkey 5 5 5 6 107 109 110 110 111 120 '224 '225 '187 '188 '198 194 1 2 3 5 2 2 2 2 2 2 Other 1 2 2 2 1 2 3 4 5 5 6 8 Total 385 388 370 371 366 350 '505 '509 '453 '460 '516 560 Canada 43 49 45 45 49 45 '540 '558 '653 '655 r607 687 Latin America: Argentina 10 10 7 7 6 6 29 30 31 32 36 36 1 1 1 1 1 2 2 3 3 3 Brazil 20 20 24 24 25 27 73 74 91 91 64 60 Chile 5 5 5 5 5 4 18 18 16 17 19 21 7 7 5 5 2 2 13 13 14 14 13 13 2 2 2 2 2 2 5 6 7 7 5 1 1 1 1 2 2 3 3 3 El Salvador 1 1 3 3 3 3 3 3 Guatemala 5 5 5 5 5 5 6 6 5 5 6 8 42 44 47 49 41 42 6 6 5 5 8 12 2 2 2 2 2 2 6 7 13 13 12 27 7 7 6 6 9 9 2 3 2 2 6 6 11 12 18 18 16 14 2 2 4 4 3 4 4 4 4 5 4 Venezuela ••• 23 23 21 22 20 19 35 36 57 58 46 46 Other 10 10 10 10 12 8 '27 '27 '44 '45 24 28 Total 102 102 106 109 105 126 '279 '286 '350 '356 r295 Asia: Hone Rone * 3 3 3 3 3 3 3 3 3 3 4 4 5 5 6 6 8 6 11 11 13 13; 12 15 10 10 7 7 6 6 3 3 3 3 2 3 5 5 5 5 5 6 7 7 7 7 8 8 Israel 2 2 3 3 5 3 8 8 8 8 10 11 Japan 67 68 71 71 62 68 55 56 63 63 '80 100 Korea, Rep. of. 7 7 7 7 8 9 1 1 1 1 i 4> 4t 1 2 1 72 72 72 72 7 3 3 3 3 3 3 3 3 3 3 3 3 3 Other 11 11 15 15 11 11 18 18 18 19 20 22 Total 114 114 122 122 114 115 117 118 127 129 r155 176 All other: Australia. • • . • • 15 15 11 12 11 13 19 19 21 22 25 Congo Rep of the * 4s • * 2 2 2 2 2 i South Africa 4 4 13 11 11 11 10 10 10 8 U A R fEevDt) 1 1 2 7 7 11 11 10 15 Other 11 11 13 13 18 15 16 16 19 19 18 14 Total 31 31 29 30 44 42 56 56 62 63 64 64 International * * 4! * * * * 1 1 673 684 672 676 680 677 '1,496 '1,528 '1,646 '1,664 '1,638 1,783 i Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through June 30, 1961 (3rd revised series), and on Sept. 30, 1961 (4th revised U. S. banks, and intercompany accounts between U. S. companies and 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 1375 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.. 5,848 5,950 6,448 6,280 6,882 6,581 7,270 6,820 6,952 6,656 7,638 6,995 7,791 Merchandise 4,074 4,058 4,343 4,615 5,008 4,691 5,145 5,012 4,922 4,673 5,308 5,015 5,505 Services2 1,774 1,892 2,105 1,665 1,874 1,890 2,125 lf"~ 2,030 1,983 2,330 1,980 2,286 [mpoits of goods and services, total... 5,964 6,228 5,944 5,740 6,045 6,018 5,385 5,276 5,595 6,078 5,974 5,882 6,271 Merchandise 3,879 3,847 3,974 3,830 3,858 3,551 3,484 3,400 3,458 3,682 3,974 3,946 4,078 Services 1,296 1,595 1,216 1,139 1,429 1,670 1,179 1,106 1,381 1,697 1,278 1,184 1,450 Military expenditures 789 786 754 771 758 797 722 770 756 699 722 752 743 Balance on goods and services1 -116 -278 504 540 837 563 1,885 1,544 1,357 578 1,664 1,113 1,520 Unilateral transfers (net) -581 -547 -675 -582 -620 -624 -680 -694 -706 -633 -696 -748 -720 Private remittances and pensions... -187 -214 -206 -201 -202 -207 -232 -216 -218 -213 -231 -228 -220 Government nonmilitary grants.... -394 -333 -469 -381 -418 -417 -448 -478 -488 -420 -465 -520 -500 U.S. long- and short-term capital (net). 3-1,032 -607 -595 -883 -1,131 -1,885 -1,372 -540 -1,104 -1,863 -1,268 -1,101 Private, total -738 -387 -838 -653 -741 » -1,545 -989 -955 -637 -1,372 -866 -686 Direct investment -442 -224 -419 -303 -331 -943 -733 -441 -324 -341 -369 -196 -449 Portfolio and short-term invest- -327 ment -296 -163 -419 -350 -410 -616 -812 -548 -631 -296 -1,003 -670 -237 Government 3-294 -220 243 -230 -390 -145 -340 -383 415 -467 -491 -402 -415 Foreign capital and gold (net) 1,440 620 851 1,014 1,239 1,156 506 185 916 1,460 752 402 Increase in foreign short-term assets and Government securities. . 3847 1,109 425 586 740 548 254 38 314 626 881 402 547 Increase in other foreign assets 195 164 123 215 180 54 -19 122 201 20 123 160 62 Gold sales by United States 4 3397 167 72 50 94 637 921 346 -330 270 456 190 -207 Errors and omissions 290 146 74 -100 -90 -476 16 -296 243 -565 151 -101 1 Excludes military transfers under grants. 4 Beginning with the first quarter of 1961, net of change in convertible 2 Includes military transactions. currencies held by Exchange Stabilization Fund. 3 Excludes additional U.S. subscription to International Monetary Fund of $1,375 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 Switzerland Month 3 T m r b e o i a l n s ls u t , h r s y i D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w 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 a 0 i a y l - s l s 9 s u - 0 , * 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 u e t n e t 1959—Dec. 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 1960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 .51 1.13 2.00 1961—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 L.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 1.31 1.35 2.00 Feb........ 3.11 2.63 5.65 5.41 4.72 4.00 3.56 1.88 2.06 1.02 .80 2.00 Mar 3.10 2.81 5.13 4.86 4.32 3.46 3.65 2.00 3.13 1.81 1.59 2.00 Apr 3.08 3.12 4.50 4.26 3.70 2.93 3.93 2.13 2.75 :2.13 1.75 2.00 May ,. 3.36 3.00 4.14 3.94 3.24 2.50 3.98 2.13 2.56 2.46 1.75 2.00 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 July ... 5.47 4.89 4.09 3.90 3.33 2.50 3.66 2.38 2.94 2.21 1.78 2.00 Aug........ 5.15 5.03 4.02 3.79 3.32 2.50 3.46 2.50 2.50 1.53 1.03 2.00 1 Based on average yield of weekly tenders during month. NOTE.—For description of rates and back data, see "International 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

1376 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANES [Per cent per annum] Rate as of Changes during the last 12 months Sept. 30, 1961 Rate Country 1961 1962 Se a p s t . o f 30, Per Month 1962 cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Argentina • 6.0 Dec. 1957 6.0 Austria . . 5.0 Mar. 1960 5.0 Belgium 4.75 Aug. 1961 4.5 4.25 4.6 3.75 3.75 Brazil 10.0 Apr. 1958 10.0 3.0 Nov. 1957 4.0 4.0 Canada ^ 2.84 Sept. 1961 2.75 2.75 3.24 3.35 3.42 3.37 3.32 3.77 16.0 5.5 5.5 Ceylon . ... 4.0 Aug. 1960 4.0 Chile2 15.88 July 1961 15.27 i4 62 14.62 Colombia • . ... 5.0 Aug. 1959 5.0 3.0 Apr. 1939 3.0 Cuba 6.0 Jan. 1960 6.0 Denmark • . . ...... 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 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 3.0 3.0 Iceland • ... 9.0 Dec. 1960 9.0 India4 4.0 May 1957 4.0 Indonesia 3.0 Apr. 1946 3.0 6.0 Nov. 1960 6.0 Ireland 6.75 Sept. 1961 5.94 5.56 5.44 4.70 4.31 4.09 4.00 4.00 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 7.3 Sept. 1961 7.3 Mexico 4.5 June 1942 4.5 3.5 Nov. 1959 4.0 4.0 New Zealand 7.0 Mar. 1961 7.0 Nicarasua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 9.5 Nov. 1959 9.5 Philippine Republic5 3.0 May 1961 6 0 6.0 Portucal 2.0 Jan. 1944 2.0 South Africa 5.0 May 1961 4.5 4.0 4.0 Spain 4.0 June 1961 4.0 Sweden 5.0 Jan. 1960 4.5 4 6 4.0 Switzerland 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 7.5 May 1961 7.5 United Kingdom 7.0 July 1961 6.5 6.0 6 5.0 4.5 4.5 Venezuela .... 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks the largest proportion of its credit operations. Other rates for some of was fixed at 6 per cent. Rates on loans to money market dealers will these countries follow: continue to be .25 of 1 per cent above latest weekly Treasury bill tender Argentina—3 and 5 per cent for certain rural and industrial paper, deaverage rate but will not be more than the bank rate. pending on type of transaction: 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at Brazil—8 per cent for secured paper and 4 per cent for certain agricultural the average rate charged by banks in the previous half year. Old redis- paper; c o o n u e- n e t i s g h r t e h m a e i a n c h su b m je o c n t t h to b o e l g d i n r n a i t n e g s p w r i o t v h i d M ed a y th e 1 i , r 1 a 9 m 59 o , u n b t u t i s t h r e e d r u a c t e e d s a b r y e p C a o p lo e m r b o i f a — up 3 .5 to p 1 e 5 r 0 c d e a n y t s, fo 3 r pe a r g r c ic e u n l t t u f r o a r l e a c n o d n om in i d c u s d t e r v ia e l l op d m ev en el t o p p m ap e e n r t rai 3 4 s e R R d a a b t t e y e s 1 a h . p 5 o p w p li e n e r s i c s t e o n f o t a r d f o v a r a d n e v a c a c e n b s c e m a s g o a o n i n n t l h s y t . in co w m h m ic e h r c th ia e l r p e a d p u e c r t io a n s w do e e ll s a n s o t a o ga cc in u s r t . o an f d u p e m to p l 5 oy y e e e a p rs a , p a e n r; d 2 per cent for specific small business, cooperative govt. securities and other eligible paper. Costa Rica—5 per cent for paper related to commercial transactions 5 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Cuba—5.5. per cent for sugar loans and 5 per cent for loans secured by under U. S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, national public securities; 1962, the rediscount rate for commercial bank financing of 9 categories Ecuador—6 per cent for bank acceptances for commercial purposes; of development loans was reduced from 6 to 3 per cent. Indonesia—various rates depending on type of paper, collateral, com- 6 On Mar. 8, 1962 the discount rate had been reduced to 5.5 per cent. modity involved, etc.; 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 govt. securities for commercial banks or brokers. For countries with Venezuela—4 per cent for rediscounts of certain agricultural paper and more than one rate applicable to such discounts or advances, the rate for advances against government bonds or gold and 5 per cent on adshown is the one at which it is understood the central bank transacts vances against securities of Venezuelan companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1377 FOREIGN EXCHANGE RATES [In cents per unit of foreign currency] Argentina Period (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) ( C ru ey p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n nc c ) e Official Free 1956. 5.556 2.835 222.76 8580 2.0030 101.600 20.946 14.482 .43540 1957. 5.556 2.506 222.57 8539 1.9906 104.291 20.913 14.482 .39946 .2376 1958. 5.556 2.207 223.88 8536 2.0044 103.025 21.049 14.482 .31181 .2374 1959. .2730 223.81 8619 2.0012 104.267 21.055 14.508 .31149 .2038 1960. .2026 223.71 8461 2.0053 103.122 21.048 14.505 .31118 120.389 1961. .2076 223.28 8481 2.0052 98.760 21.023 14.481 .31098 20.384 1961—Sept.. .2061 224.08 8634 2.0084 97.003 21.076 14.515 .31088 20.331 Oct.. .2056 224.33 8660 2.0085 97.039 21.094 14.521 .31085 20.337 Nov.. .2057 224.30 8648 2.0085 96.532 21.089 14.520 .31085 20.364 Dec. .2080 223.88 3.8671 2.0086 95.885 21.058 14.541 .31084 20.399 1962—Jan.. 1.2056 223.98 3.8647 2.0086 95.678 21.051 14.527 .31085 20.403 Feb.. 1.2054 224.27 3.8643 2.0086 95.335 21.039 14.522 .31072 20.402 Mar.. 21.2081 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 492.394 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 Aug.. 223.41 3.8700 2.0105 92.777 21.021 14.458 .31063 20.405 Sept.. 223.18 3.8700 2.0093 92.848 21.008 14.443 .31058 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 r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) ( Z p e N o a u e la w n n d d ) 1956 23.786 20.934 279.57 .16003 .27791 32.582 8.0056 26.113 276.80 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26.170 276.56 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 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 727.555 211.45 1961—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 Aug. 25.020 21.008 280.38 .16110 .27631 32.746 8.0056 27.742 277.61 Sept. 24.996 20.971 280.09 .16110 .27852 32.738 8.0056 27.755 277.32 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 o e p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n 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—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 23.162 280.66 Aug 13.994 3.4996 139.67 .6651 19.432 23.136 280.38 Sept 13.982 3.5018 139.52 .6659 19.410 23.129 280.09 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 on quotations beginning with Apr. 4, 1962. 4 Effective May 2, 1962, the par value of the Canadian dollar was set at NOTE.—Averages of certified noon buying rates in New York for 92.5 U. S. cents. cable transfers. For description of rates and back data, see "International 5 Based on quotations through July 10, 1962. Finance," Section 15 of Supplement to Banking and Monetary Statistics. 6 Effective Mar. 5, 1961, the par value of the deutsche mark was changed 1962. 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 1378 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1379 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

1380 FEDERAL RESERVE BULLETIN • OCTOBER 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 Alan R. Holmes Walter H. Rozell, Jr. William F. Treiber Charles A. Coombs Herbert H. Kimball H. L. Sanford Howard D. Crosse Robert G. Rouse Robert W. Stone Marcus A. Harris Todd G. Tiebout Philadelphia Karl R. Bopp Hugh Barrie Norman G. Dash Harry W. Roeder Robert N. Hilkert John R. Bunting David P. Eastburn James V. Vergari Joseph R. Campbell Murdoch K. Goodwin Richard G. Wilgus 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 Harry A. Shuford 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 Thomas A. Hardin Thomas W. Plant Philip E. Coldwell James L. Cauthen G. R. Murff W. M. Pritchett Ralph T. Green James A. Parker Thomas R. Sullivan San Francisco... Eliot J. Swan J. L. Barbonchielli E. H. Galvin John A. O'Kane H. E. i lemmings 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 Harreli 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

Federal Reserve Board Publications 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 INDUSTRIAL PRODUCTION—1959 REVISION. 1960. 229 pp. $.50. FUNCTIONS. 1961. 238 pp. ANNUAL REPORT OF THE BOARD OF GOVERNORS THE FEDERAL FUNDS MARKET—A Study by a OF THE FEDERAL RESERVE SYSTEM. Federal Reserve System Committee. 1959. Ill FEDERAL RESERVE BULLETIN. Monthly. Sub- pp. $1.00 per copy; in quantities of 10 or scription prices: (1) $6.00 per annum or $.60 more for single shipment, $.85 each. a copy in the United States and its posses- DEBITS AND CLEARINGS STATISTICS AND THEIR sions, Bolivia, Canada, Chile, Columbia, Costa Use (rev. ed.). 1959. 144 pp. $1.00 per Rica, Cuba, Dominican Republic, Ecuador, copy; in quantities of 10 or more for single Guatemala, Haiti, Republic of Honduras, shipment, $.85 each. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela. (2) Else- ALL-BANK STATISTICS, 1896-1955. Pt. I, U. S. Summary. Pt. II, Summaries by States and where, $7.00 per annum or $.70 per copy. other areas. 1959. 1,229 pp. $4.00. (3) In quantities of 10 or more copies sent to one address in the United States, $5.00 per THE FEDERAL RESERVE ACT, as amended through annum or $.50 per copy per month. October 1, 1961, with an Appendix containing FEDERAL RESERVE CHART BOOK ON FINANCIAL provisions of certain other statutes affecting AND BUSINESS STATISTICS. Monthly. Annual the Reserve System. 386 pp. $1.25. subscription includes one issue of Historical FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Chart Book. Subscription prices: (1) $6.00 1955. 390 pp. $2.75. per annum or $.60 per copy in the United States and the countries listed above. (2) Else- FLOW OF FUNDS/SAVING ACCOUNTS, 1946-60. Supp. 5. 1961. where, $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue BANKING AND MONETARY STATISTICS. 1943. 979 for single shipment, $.50 each. pp. $1.50. HISTORICAL CHART BOOK. Issued annually in SUPPLEMENT TO BANKING AND MONETARY STA- September. Annual subscription to monthly TISTICS. Sec. 1 Banks and the Monetary System. chart book includes one issue of the Historical. 1962. 35 pp. $.35. Sec. 10. Member Bank Re- Prices: (1) $.60 each in the United States and serves and Related Items. 1962. 64 pp. $.50. the countries listed above. (2) Elsewhere, $.70 Sec. 14. 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. RULES OF ORGANIZATION AND PROCEDURE—BOARD TREASURY-FEDERAL RESERVE STUDY OF THE GOV- OF GOVERNORS OF THE FEDERAL RESERVE SYS- ERNMENT SECURITIES MARKET. Pt. I. 1959. TEM. 1962. 40 pp. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Individual books $1.00 each; PUBLISHED INTERPRETATIONS of the Board, as of set of 3 books $2.50. January 1, 1961. $2.50. 1381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1382 FEDERAL RESERVE BULLETIN • OCTOBER 1962 REPRINTS REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1961. 15 pp. {From Federal Reserve BULLETIN unless preceded by an asterisk) REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. THE MONETARY SYSTEM OF THE UNITED STATES. THE MEANS OF ECONOMIC PROGRESS. Feb. 1962. Feb. 1953. 16 pp. 9 pp. INFLUENCE OF CREDIT AND MONETARY MEASURES MONETARY EXPANSION DURING 1961. Feb. 1962. ON ECONOMIC STABILITY. Mar. 1953. 16 pp. 7 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC INTEREST RATES ON TIME DEPOSITS, Mid-January STABILITY. May 1953. 7 pp. 1962. Feb. 1962. 5 pp. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Oct. CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. 1955. 40 pp. Mar. 1962. 8 pp. SURVEYS OF BANK LOANS FOR COMMERCIAL AND MONETARY FUND RESOURCES AND THE INTER- INDUSTRIAL PURPOSES. Business Loans of Mem- NATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp. ber Banks. Apr. 1956. 14 pp. Credit Lines BANKING AND MONETARY STATISTICS, 1961. Seand Minimum Balance Requirements. June lected series of banking and monetary statistics 1956. 7 pp. Member Bank Lending to Small for 1961 only. Feb., Mar., and May 1962. Business, 1955-57. Apr. 1958. 19 pp. Mem- 14 pp. ber Bank Term Lending to Business, 1955-57. QUARTERLY SURVEY OF CONSUMER BUYING IN- Apr. 1959. 16 pp. Security Pledged on Busi- TENTIONS. August 1962. 6 pp. (Also, similar ness Loans at Member Banks. Sept. 1959. 16 reprints from BULLS, for Dec. 1960, Mar., May., pp. Aug., and Nov. 1961, Mar. and May 1962.) OPEN MARKET OPERATIONS IN LONG-TERM SE- GROWTH IN INSTITUTIONAL SAVINGS. May 1962. CURITIES. Nov. 1958. 15 pp. 9 pp. *PART I, ALL-BANK STATISTICS, 1896-1955. Re- SURVEY OF COMMON TRUST FUNDS, 1961. May print of the U. S. Summary containing a de- 1962. 7 pp. (Also, similar reprint from May scription of revised statistics for all banks in 1961 BULL.) the United States, by class of bank, together MONETARY POLICY, BANK CREDIT, AND MONEY. with revised statistics. Apr. 1959. 94 pp. July 1962. 8 pp. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. SAVING, AND INVESTMENT. Aug. 1959. 49 pp. July 1962. 6 pp. REVISED SERIES FOR SEASONALLY ADJUSTED REVISION OF MONTHLY DEPARTMENT STORE IN- MONEY SUPPLY. Feb. 1960. 4 pp. DEXES. July 1962. 6 pp. CONSUMER BUYING INTENTIONS AND QUARTERLY ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. SURVEY OF CONSUMER BUYING INTENTIONS. 5 pp. Combined reprint. Sept. 1960. 31 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. IMPLEMENTATION OF THE 1959 ACT ON RESERVE 11 pp. REQUIREMENTS. Dec. 1960. 6 pp. REVISION OF WEEKLY DEPARTMENT STORE SALES SMALL BUSINESS FINANCING: CORPORATE MANU- Index. Aug. 1962. 3 pp. FACTURERS. Jan. 1961. 15 pp. THE BALANCE SHEET OF AGRICULTURE, 1962. STATISTICS ON THE GOVERNMENT SECURITIES MARKET. Apr. 1961. 8 pp. AUG. 1962. 10 pp. OWNERSHIP OF DEMAND DEPOSITS. Apr. 1961. INTEREST RATES IN THE CURRENT CYCLE. Sept. 3 pp. 1962. 9 pp. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER INTEREST RATES AND MONETARY POLICY. Sept. TIME DEPOSITS. May 1961. 2 pp. (Also, 1962. 28 pp. similar reprint from July 1960 BULL.) TREASURY AND FEDERAL RESERVE FOREIGN EX- CAPITAL MARKETS IN 1961. Sept. 1961. 7 pp. CHANGE OPERATIONS. Sept. 1962. 16 pp. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. U. S. BALANCE OF PAYMENTS IN 1962. Oct. 1962. 1961. 21 pp. (Also, similar reprint from Apr. 8 pp. 1957 BULL.) INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. 1962. 10 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1322, 1324 Deposits—Continued Agricultural loans of commercial banks, 1316, 1318 Banks, by classes, 1305, 1312, 1317. 1320. 1324 Assets and liabilities {See also Foreign liabilities and Federal Reserve Banks, 1306, 1373 claims): Postal savings, 1305, 1311 Banks and the monetary system, consoli- Discount rates, 1304, 1376 dated, 1311 Discounts and advances by Federal Reserve Corporate, current, 1334 Banks, 1300, 1306, 1308 Domestic banks, by classes, 1312, 1316, Dividends, corporate, 1333, 1334 1318, 1324 Dollar assets, foreign, 1365, 1373 Federal Reserve Banks, 1306 Automobiles: Earnings and hours, manufacturing indus- Consumer instalment credit, 1338, 1339, 1340 tries, 1348, 1351 Production index, 1342, 1345 Employment, 1348, 1350, 1351 Bankers' balances, 1317, 1319 Farm mortgage loans, 1335, 1336 {See also Foreign liabilities and claims) Federal finance: Banks and the monetary system, consolidated state- Cash transactions, 1326 ment, 1311 Receipts and expenditures, 1327 Bonds {See also U. S. Govt. securities): Treasurer's balance, 1326 New issues, 1331, 1332, 1334 Federal home loan banks, loans, etc.. 1337 Prices and yields, 1322, 1323 Federal Housing Administration. Brokers and dealers in securities, bank loans, etc., 1335, 1336, 1337 loans to, 1316, 1318 Federal National Mortgage Association. Business expenditures on new plant and equip- loans, etc., 1337 ment, 1334 Federal Reserve Banks: Business indexes, 1348 Condition statement, 1306 Business loans {See Commercial and industrial loans) U. S. Govt. securities held by, 1300. 1306. 1308. Capital accounts: 1328, 1329 Banks, by classes, 1312, 1317, 1320 Federal Reserve credit, 1300, 1306. 1308 Federal Reserve Banks. 1306 Federal Reserve notes, 1306, 1309 Carloadings, 1348 Finance company paper, 1322, 1324 Central banks, foreign, 1362, 1376 Financial institutions, loans to, 1316, 1318 Coins, circulation of, 1309 Float, 1300 Commercial banks: Flow of funds, saving and financial flows. 1358 Assets and liabilities, 1312, 1315, 1316 Foreign central banks, 1362, 1376 Consumer loans held by type, 1339 Foreign currencies, convertible, holdings by U. S. Number, by classes, 1312 monetary authorities, 1306, 1308, 1364 Real estate mortgages held, by type, 1335 Foreign deposits in U. S. banks, 1300. 1306. 1311. Commercial and industrial loans: 1317, 1320, 1373 Commercial banks, 1316 Foreign exchange rates, 1377 Weekly reporting member banks, 1318, 1321 Foreign liabilities and claims: Commercial paper, 1322, 1324 Banks, 1366, 1368, 1371, 1373 Condition statements {See Assets and liabilities) Nonfmancial concerns. 1374 Construction, 1348, 1349 Foreign trade. 1353 Consumer credit: Gold: Instalment credit, 1338, 1339, 1340, 1341 Earmarked, 1364 Major parts, 1338, 1340 Net purchases by U. S., 1364 Noninstalment credit, by holder, 1339 Production, 1363 Consumer price indexes, 1348, 1354 Reserves of central banks and governments, 1362 Consumption expenditures, 1356, 1357 Reserves of foreign countries and international Corporate sales, profits, taxes, and dividends, 1333, institutions, 1365 1334 Stock, 1300, 1311, 1364 Corporate security issues, 1332, 1334 Gold certificates, 1306, 1309 Corporate security prices and yields, 1322, 1323 Govt. debt {See U. S. Govt. securities j Cost of living {See Consumer price indexes) Gross national product, 1356, 1357 Currency in circulation, 1300, 1309, 1310 Customer credit, stock market, 1323 Hours and earnings, manufacturing indus- Debits to deposit accounts, 1308 tries, 1348, 1351 Demand deposits: Housing starts, 1349 Adjusted, banks and the monetary system, 1311 Adjusted, commercial banks, 1308, 1310, 1317 Industrial production index, 1342, 1348 Banks, by classes, 1305, 1312, 1320 Instalment loans, 1338, 1339, 1340, 1341 Turnover of, 1308 Insurance companies, 1325, 1328, 1329, 1336 Type of holder, at commercial banks, 1317 Insured commercial banks, 1314, 1316 Department stores: Interbank deposits, 1308, 1312. 1317 Merchandising data, 1353 Interest rates: Sales and stocks, 1348, 1352 Bond yields, 1322 Deposits {See also specific types of deposits): Business loans by banks, 1321 Adjusted, and currency, 1311 Federal Reserve Bank discount rates. 1304 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 FEDERAL RESERVE BULLETIN • OCTOBER 1962 Interest rates—Continued Reserves—Continued Foreign countries, 1375, 1376 Foreign countries and international institu- Open market, 1322, 1375 tions, 1365 Stock yields, 1322 Member banks, 1300, 1302, 1305, 1317, 1319 Time deposits, maximum rates, 1305 Residential mortgage loans, 1335, 1336, 1337 International capital transactions of the U. S., 1366 International institutions, 1362, 1364, 1365 Sales finance companies, consumer Inventories, 1356 loans of, 1338, 1339, 1341 Investments {See also specific types of investments): Saving: Banks, by classes, 1312, 1316, 1319, 1324 Flo w-of-funds series, 1358 Commercial banks, 1315 National income series, 1357 Federal Reserve Banks, 1306, 1308 Savings deposits {See Time deposits) Life insurance companies, 1325 Savings institutions, principal assets, 1324, 1325 Savings and loan associations, 1325 Savings and loan associations, 1325, 1329, 1336 Securities, international transactions, 1372, 1373 Labor force, 1350 Security issues, 1331, 1332, 1334 Loans {See also specific types of loans): Silver coin and silver certificates, 1309 Banks, by classes, 1312, 1316, 1318, 1324 State member banks, 1314 Commercial banks, 1315 State and municipal securities: Federal Reserve Banks, 1300, 1306, 1308 New issues, 1331, 1332 Insurance companies, 1325, 1336 Prices and yields, 1322, 1323 Savings and loan associations, 1325, 1336 States and political subdivisions: Loans insured or guaranteed, 1335, 1336, 1337 Deposits of, 1317, 1320 Holdings of U. S. Govt. securities, 1328 Manufactures, production index, 1342, 1348 Ownership of obligations of, 1316, 1324, 1325 Margin requirements, 1305 Stock market credit, 1323 Member banks: Stocks: Assets and liabilities, by classes, 1312, 1316 New issues, 1332 Borrowings at Federal Reserve Prices and yields, 1322, 1323 Banks, 1302, 1306, 1320 Deposits, by classes, 1305 Tax receipts, Federal, 1327 Number, by classes, 1313 Time deposits, 1305, 1310, 1311, 1312, 1317, 1320 Reserve requirements, by classes, 1305 Treasurer's account balance, 1326 Reserves and related items, 1300 Treasury cash, 1300, 1309, 1311 Weekly reporting series, 1318 Treasury currency, 1300, 1309, 1311 Mining, production index, 1342, 1348 Treasury deposits, 1300, 1306, 1326 Money rates {See Interest rates) Money supply and related data, 1310 Unemployment, 1350 Mortgages {See Real estate loans) U. S. balance of payments, 1375 Mutual savings banks, 1311, 1312, 1314, 1324, 1328, U. S. Govt. balances: 1329, 1335 Commercial bank holdings, by classes, 1317, 1320 Consolidated monetary statement, 1311 National banks, 1314 Treasury deposits at Federal Reserve National income, 1356, 1357 Banks, 1300, 1306, 1326 National security expenditures, 1327, 1356 U. S. Govt. securities: Nonmember banks, 1306, 1314, 1316, 1317 Bank holdings, 1311, 1312, 1316, 1319, 1324, 1328, 1329 Payrolls, manufacturing, index, 1348 Dealer transactions, positions, and financing, 1330 Personal income, 1357 Federal Reserve Bank holdings, 1300, 1306, Postal Savings System, 1305, 1311 1308, 1328, 1329 Prices: Foreign and international holdings, 1306, 1365 Consumer, 1348, 1354 International transactions, 1372 Security, 1323 New issues, gross proceeds, 1332 Wholesale commodity, 1348, 1354 Outstanding, by type of security, 1328, 1329, 1331 Production, 1342, 1348 Ownership of, 1328, 1329 Profits, corporate, 1333, 1334 Prices and yields, 1322, 1323 United States notes, outstanding and in circula- Real estate loans: tion, 1309 Banks, by classes, 1316, 1318, 1324, 1335 Utilities, production index, 1342, 1348 Type of mortgage holder, 1335, 1336, 1337 Type of property mortgaged, 1335, 1336, 1337 Vault cash, 1300, 1305, 1317 Reserve requirements, member banks, 1305 Veterans Administration, loans, etc., 1335, 1336, 1337 Reserves: Commercial banks, 1317 Weekly reporting member banks, 1318 Federal Reserve Banks, 1306 Foreign central banks and governments, 1362 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 °~THE FEDERAL RESERVE SYSTEM Q) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis