Federal Reserve Bulletin, 1962-11
FEDERAL RESERVE November 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 Stability in the Labor Market 1385 Flow of Funds Seasonally Adjusted 1393 Automation at Commercial Banks 1408 Quarterly Survey of Consumer Buying Intentions 1421 j Law Department 1427 Announcements 1447 ;! National Summary of Business Conditions 1448 Guide to Tabular Presentation 1450 | Financial and Business Statistics, U. S. (Contents on p. 1451) 1452 j International Financial Statistics (Contents on p. 1525) 1526 j Board of Governors and Staff 1542 j Open Market Committee and Staff; Federal Advisory Council 1543 j Federal Reserve Banks and Branches 1543 1 !; Federal Reserve Board Publications 1545 ! : Index to Statistical Tables 1547 i Map of Federal Reserve System Inside back cover ji Volume 48 * Number u 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
Stability in the Labor Market NONFARM EMPLOYMENT has changed than that in the labor force. As in the little from the new high it reached in July. two preceding upswings, employment in in- This stability contrasts with a sizable in- dustrial activities has not regained its precrease in the first half of the year. Private ceding cyclical high. Unemployment has nonfarm employment was a little lower in remained at a higher level than in other October than in July. In the public sector postwar cyclical expansions. State and local government employment The annual increase in average hourly continued to grow rapidly. earnings in manufacturing has been smaller In manufacturing, employment has been reduced since midyear, although it has been NONFARM EMPLOYMENT stable since July; maintained in the automobile and defense- I persons related industries in which demands are strong. Employers have tended to follow cautious hiring policies and also have taken care of variations in their short-term needs for labor by adjusting the length of the workweek. In October the workweek still averaged more than 40 hours, but it was down significantly from its spring high. Both the labor force and unemployment have fluctuated irregularly during the year. manufacturing employment down slightly In October, after allowance for seasonal influences, the unemployed represented 5.5 per cent of the labor force. This rate was within the narrow range that has prevailed all year. In the cyclical upswing from the low in February 1961, periods of sharp gains in NOTE.—Bureau of Labor Statistics data adjusted for seasonal nonfarm employment have alternated with variation. Latest figures shown, Oct. 1962. periods of little change, or decline. Over since 1960 than in earlier years and smaller the whole interval, employment has risen than the gain in output per manhour. Averless than it had in the comparable period age labor costs per unit of output—includof earlier postwar expansions. ing added fringe benefits—are apparently Growth in the labor force since the pre- no higher today than in 1959. recession high in economic activity in the spring of 1960 has been less than had been CHANGES IN EMPLOYMENT officially projected. Over the same period the Since midyear, declines in employment in gain in employment has been even smaller industrial activities, particularly manufac- 1385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1386 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 turing, have been about offset by increases ther loss of 90,000 in the current recovery elsewhere. period. In October, seasonally adjusted manufac- Manufacturing. In each of the past three turing employment totaled 16.8 million, cyclical expansions, manufacturing employabout the same as in September but 130,000 ment has failed to return to its prerecession below the June level, as small but wide- level. Such employment is now about 1 milspread declines were reported in both du- lion below the postwar high in 1953. A rable and nondurable goods lines. An imdecline of almost 2 million, or 15 per cent, portant exception is the automobile indusin the number of production workers has try where both output and employment have been only partly offset by an increase of been at high levels. In primary metals, em- 850,000 in employment of nonproduction ployment was down 10 per cent from its workers. Over the same period manufac- April high, as steel output declined sharply turing output has risen 25 per cent. In the following negotiation of labor-management current expansion, however, the short-fall in contracts. employment from the preceding peak has In other industrial activities—mining, been considerably less than in earlier cycles. construction, transportation, and public In comparison with levels of early 1960, utilities—employment has been stable or reductions in manufacturing employment down slightly. In nonindustrial activities, have been concentrated in durable goods employment in government and in private lines. Employment in October was down services has continued to expand, but in most in primary metals. Here the reduction trade it has changed little. of 150,000 was much larger than in each of Changes since cyclical high in 1960. Nonthe preceding two cycles. Expanded defense farm employment in October, at 55.6 milrequirements and strong demand for cars lion, was about 1 million larger, after seahave resulted in higher levels of employment sonal adjustment, than at the preceding in the electrical machinery, ordnance, and cyclical high in the spring of 1960. This transportation equipment industries. In other was a smaller gain than in the comparable durable goods industries reductions have period of earlier postwar cycles. Furthergenerally been small. more, a continued downward trend from Although consumer expenditures for noncycle to cycle in employment in some indusdurable goods have risen fairly steadily, emtrial activities has resulted in the displaceployment in these industries in October was ment of a large number of unskilled and about the same as in early 1960. A small semiskilled older workers. decline during the recession was followed As compared with the preceding cyclical by a corresponding increase. high in May 1960, employment in October In contrast with employment, the averwas up 850,000 in government, 500,000 in age workweek in manufacturing has fluctuservice activities, about 150,000 in finance, and a similar number in trade. Despite sub- ated cyclically around a horizontal trend. In stantial cyclical recovery, manufacturing em- October, the seasonally adjusted workweek ployment was down 200,000. In construc- was 40.1 hours, about as high as at the comtion, mining, and transportation, in which parable stage of the previous cycle. Overtime employment declined a total of 330,000 hours have been at advanced levels in recent during the recession, there has been a fur- months. The average factory workweek has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STABILITY IN THE LABOR MARKET 1387 been declining, however, and in October was 0.7 of an hour below its April high. EiPlOYlEMT if ii s*r«i<t, trrie, tut ItvtriMit froi 1956 Maintenance of a relatively long workweek in the face of a stable-to-weak labor market suggests that many employers prefer - - 120 to pay overtime wages rather than add new workers. This choice reflects the cost of 51BV Ct -^- - 110 fringe and other benefits that accrue to new employees and the provisions in some recent TRADE . . - - — •' 100 labor-management contracts for supplementary payments to many employees who work less than a 40-hour week. 1 ! 1 1 „, 90 140 Nonmanufacturing activities. In activities such as construction, transportation, and raining, employment has declined somewhat further in this cyclical expansion. For these groups taken as a whole the loss of employ- ST G AT O E V E A R N N D ME LO NT C AL • / 120 ment since the spring of 1960 has been sharper than it was in earlier cycles. - 110 In the expanding trade and service acjS 11012 A. GOV ER N MEN T ,-'" tivities employment gains have been smaller than in most previous postwar cyclical ex- - 100 / pansions. The slowdown has been more pronounced in trade than in services. In ~_ 1 1 1 I i i _ retail trade new merchandising techniques Jowi !• otfctr •oiwiMiocttrUg sectors no have been introduced rapidly to meet competitive conditions. Although productivity data in trade are difficult to interpret, there — 100 TRANSPORTATION is some evidence of more rapid gains recently than earlier in the postwar period. 90 Needs for education, health, and other services continue to put pressure on State 80 and local governments, and employment there has increased nearly 740,500 since I I I I I L 70 May 1960. After several years of little 110 growth, Federal Government employment increased by 120,000 between early 1961 CONSTRUCTION 100 and October 1962. COMPOSITION OF EMPLOYMENT 90 Major changes in the occupational composition of employment reflect, in part, more I I I I rapid growth in demand for services, public 1956 195* 1960 and private, than for goods and, in part, dif- NOTE.—Based on Bureau of Labor Statistics data. Service includes finance. Latest figures shown, Oct. 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1388 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 ferential rates of productivity gain. Services ONE-FOURTH of the labor force and ONE-HALF of the and Government have employed a growing long-term unemployed are semiskilled or unskilled proportion of all employees; together these activities now account for 36 per cent of NONFARM LABOR FORCE nonfarm employment compared with 30 per cent in 1956. The proportion in trade, about S U E N M S IS K K IL IL L L E E D D , , P M R A O N F A ES G S E I R O I N A A L L , , 20 per cent, has shown little change in recent NO EXPERIENCE CLERICAL, SALES years. Industrial activities have employed a declining proportion. The number of workers on farms has continued its long-run decline. The ratio of white collar to blue collar workers has risen almost without interrup- LONG-TERM UNEMPLOYED tion in recent years. Demands for professional and managerial workers continue strong. A record number of persons are now employed in this group, and they continue to account for a growing proportion of all jobs. Employment of clerical personnel has also risen sharply over the past 6 years. Among sales workers, increases in employ- NOTE.—Bureau of Labor Statistics data on occupations for Oct. 1962. ment have been relatively moderate. Salaried employees in manufacturing have continued to increase in both number and rel- force; the range this year has been from ative importance, but not so rapidly as 5.3 to 5.8 per cent. earlier. In October 1.8 million persons, or more than two-fifths of the unemployed, had been One effect of the increased demand for looking for jobs for only a short time—less white collar workers has been that employthan 5 weeks. The number in this group ment of adult women, both full-time and has been relatively high throughout the part-time, has risen faster than that of adult year. men. Women account for three-fifths of the Long-term unemployment has tended to total gain in nonfarm employment in the last 6 years, and they now hold more than one- increase in recent years. About 1 million perthird of all nonfarm jobs. The sharpest in- sons, one-fourth of all the unemployed, had crease has been among women 35 to 64 been looking for work at least 15 weeks. This years of age. was 200,000 more than before the recession and double the number in 1956. This group UNEMPLOYMENT of the unemployed showed a rapid cyclical Fewer persons were unemployed in Octo- decline in the second half of 1961, but the ber, after allowance for seasonal influences, number has changed little this year, after althan in any month last year, but more than lowance for seasonal influences. in earlier postwar expansion periods. The Unskilled, semiskilled, and inexperienced October figure was 4 million. Unemploy- workers account for more than half of the ment was 5.5 per cent of the civilian labor long-term unemployed. Most of the ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STABILITY IN THE LABOR MARKET 1389 perienced workers in this group had pre- the chart. Women now account for nearly viously been engaged in industries that have two-fifths of all the unemployed as compared been curtailing their work forces. Once they with one-third in April-May of 1960. The lose their jobs, these workers tend to remain high female unemployment rate apparently unemployed for long periods unless their reflects the continued large inflow of women skills and education are in demand in ac- into the labor market at a time when job tivities with expanding employment. In con- opportunities for them have been expanding trast, employment of managerial, profes- less rapidly than earlier. sional, and other white collar workers has Unemployment is a persistent and severe continued to increase, and this group ac- problem in many major labor market areas. counts for a small proportion of the long- But the number of areas with substantial term unemployed. labor surplus—that is, with unemployment Unemployment has remained high among rates of 6 per cent or more—has declined youths. Many of these have dropped out of this year. In September, 44 of the 150 major school before graduating. Insufficient edu- labor market areas were in this category. cation and lack of experience have contrib- This was less than half as many as in the uted to their difficulty in finding jobs in the spring of 1961 but more than in early 1960. current labor market. Of all the unemployed Unemployment has remained high in steel about 800,000 persons, or one-fifth, are producing centers and in some other areas with a heavy concentration of durable goods teen-aged youths. industries and mining. Unemployment rates have been higher for adult women than for men, as shown in A number of measures have been adopted to alleviate unemployment. The Area Redevelopment Act of 1961 provides assist- UNEMPLOYMENT RATE changes littli ii 1962. ance to depressed areas, largely in the form Percent of loans and grants for industrial development. The Manpower Development Act of 1962 provides for training or retraining to help unemployed workers obtain jobs in expanding activities. The Public Works Act of 1962 provides $400 million for public works in areas with high unemployment. CONTINUES higher for adult women than men - - LABOR FORCE FEMALES 20 YEARS AND OVER In the first 10 months of 1962, the total / labor force averaged 74.8 million persons, A / \ 600,000 more than in the corresponding f MALES period of 1961 (after allowance for the in- EARS AND OVEt 20 troduction of 1960 Census data into the estimating procedure in April 1962). The __ i 1 i 1 | armed services and the civilian labor force 1956 1958 I960 1962 each rose by 300,000. The increase in the total was considerably smaller than the pro- NOTE.—Bureau of Labor Statistics data, seasonally adjusted. Unemployment rate is percentage of civilian labor force unem- jected growth of about 1.1 million. ployed. Latest figures shown, Oct. 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1390 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 The number of workers added to the rate. Another factor is that demands for labor force since 1956 has averaged about labor have been strongest in those occupa- 700,000 per year. Over this period the labor tions which require extensive education, force participation rate (proportion of pop- and some youths have remained in school ulation age 14 or over in the labor force) longer and thus delayed their entrance into has been declining, in contrast to the rise the labor force. Furthermore, with the rapid earlier in the postwar period. The estimated expansion and liberalization of retirement participation rate this year is 57.5 per cent programs, many older workers may have compared with 59.3 per cent in 1956. withdrawn from the labor force earlier than expected. The Bureau of Labor Statistics recently 1AB0R FORCE partfcl|i«tioH rat* Julius revised its projections of the labor force to take into account data from the 1960 Census of population and changes in trends of participation rates by age-sex groups. The labor force is now expected to increase 12.6 million in the 1960's rather than 13.5 million as estimated earlier. Because the actual 1962 level is below the new projection, an average annual increase of 1.4 million workers over the next 3 years will be necessary if the labor force is to reach the 78.9 million now projected for 1965. Whether it expands this fast will depend in large part on whether the econ- 1950 1957 19S4 1956 1958 1960 1962 omy provides job opportunities for the growing number of potential workers. NOTE.—Bureau of Labor Statistics data. The participation rate is total labor force as a per cent of the noninstitutional population 14 years of age or over. LABOR INCOME Among male teenagers and older workers The rate of increase in hourly wages has conparticipation rates have declined much more tinued to slow in recent years, as the chart sharply than had been anticipated. In most on page 1391 shows. Excess industrial other age-sex groups, increases in labor capacity and heightened competition in force rates have also been smaller, or re- product markets have intensified producer ductions greater, than had been projected attempts to minimize costs. Meanwhile, for the period. easier conditions in labor markets, especially The slower labor force growth in recent among semiskilled factory workers, have years reflects a combination of economic, tended to weaken bargaining positions of social, and demographic forces. Higher the unions. Moreover, pressure for wage levels of unemployment and fewer job op- increases from rising prices has greatly diportunities have been important in limiting minished, and automatic wage gains based growth of the labor force, as is suggested on increases in consumer prices have been by the decline in the over-all participation smaller than in earlier years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STABILITY IN THE LABOR MARKET 1391 Total wages and salaries in October were After allowance for price changes, the about 5 per cent higher than a year earlier. average annual increase in weekly earnings Such income has changed little since mid- in manufacturing has been over 2 per cent year, however, because of the leveling off a year since 1960. This is a larger gain in in employment and a shorter workweek in purchasing power than in preceding years manufacturing. Manufacturing. Manufacturing workers on the average earned $2.40 per hour in October. This was slightly more than at the be- RATE OF INCREASE ti tariiifi dtcliies is most iitatri** ginning of the year and was 2.6 per cent above October 1961. Labor contracts AVI1AOI ANNUtl •*!( Of negotiated this year tended to provide ..1.IL.1.C.T..ID. . M»OOtJlT . ,,,,1^3 i, ,,j m7 :o , smaller increases than obtained in earlier contracts; in some instances, contracts did MANUFACIUSfNG not provide for any increase in wage rates. In addition, fewer workers have received deferred wage increases under long-term MINING 2.70 contracts than in previous years. In consequence, in those industries in CONSTRUCTION 3.17 which contracts have been negotiated this year—such as steel, aluminum, and lumber —wage gains have been less than the aver- TSADE 1.94 age for all factory workers. On the other hand, in the auto, rubber, and fabricated metals industries, where deferred wage increases were negotiated before 1962, in- 2 3 creases have been above average. Per cent During the recovery of 1961 weekly earn- NOTE.—Average hourly earnings data from Bureau of Labor Statistics. Annual rate of increase for 1960-62 period for railings rose somewhat more than hourly earn- roads based on Jan.-June average for 1962, all others based on Jan.-Sept. average. ings as the workweek lengthened and overtime and other premium payments increased when both wage rates and consumer prices the amount of take-home pay. In recent were rising more rapidly. months weekly earnings have been relatively Productivity gains in manufacturing have stable. In October they were $96.72, 2.3 per been somewhat in excess of wage increases. cent higher than a year earlier. Hence, labor costs per unit of output, includ- Increases in weekly earnings over the past ing an estimate for changes in fringe benefits, year have been largest in fabricated metals; declined in 1961 and 1962 and are probmachinery; transportation equipment; stone, ably no higher now than in 1959. These clay, and glass; and food. Smaller than aver- changes in wages and productivity have conage increases were typical in nondurable siderably reduced earlier pressure of labor goods industries. In primary metals average costs on prices. weekly earnings were smaller than last year Nonmanufacturing. Wage gains in nonbecause of a shorter workweek and no manufacturing activities have also tended to change in wage rates. be smaller in recent years than earlier. But Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1392 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 over the past year average hourly earnings in earlier retirement, and other means to mainmost nonmanufacturing industries for which tain jobs. data are available have risen slightly more In the steel industry, contract negotiathan in manufacturing. tions started early and were concluded by Increases have been largest in the con- the end of March, 3 months before the construction, retail trade, and communications tract expiration date. The agreement proindustries. Average weekly earnings in retail vided for no wage increase in the first year trade have not gone up so rapidly as hourly and it did not include a cost of living escaearnings because of a larger proportion of lator clause, but it does permit a reopening part-time workers. on wage rates upon 90 days notice after A two-phase pay increase has recently May 1,1963. The union will be free to strike been enacted for Federal civilian employees. if no agreement is reached. The first phase was effective in October; the The steel agreement liberalized pension, second will become effective January 1, insurance, and supplemental unemployment 1964. The annual cost of the first phase is benefits and seniority provisions. It also proestimated at $650 million; after the second vided for a new fund to be financed by emphase becomes effective, the total annual ployer contributions of 3 cents per manhour. This fund is to be used to encourage cost is estimated at about $1 billion. Postal workers to retire earlier and to provide for service employees were granted increases of longer vacations. 8.6 per cent this autumn and another 2.6 per Many new contracts contain provisions cent will be effective in 1964. For classified for longer vacations and earlier retirement, employees the increases average 5.6 and with the expressed purpose of creating ad- 4.1 per cent. Larger than average increases ditional employment. The arrangement were given to the middle and higher salary reached by can companies and the steel grades to make their pay more nearly comworkers union included a major innovation parable with private industry. —13 weeks of paid vacation every 5 years to workers with 15 years of seniority. Thus COLLECTIVE BARGAINING far, efforts by unions to obtain a shorter This year unions again have tended to put workweek have been generally unsuccesmajor emphasis on job security rather than ful. Nevertheless, the 35-hour week is still on wage gains. They have demanded special high on union priority lists for future negocontract arrangements, shorter workweeks, tiations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Flow of Funds Seasonally Adjusted THIS BULLETIN presents the first publi- year movements characteristic of financial cation of the Federal Reserve flow of funds flows have seriously impeded cyclical analysystem of accounts on a seasonally adjusted sis of this type. Eliminating seasonal inbasis.1 Tables similar to those published reg- fluences from the flow of funds system puts ularly without adjustment appear on pages the accounts on a basis much closer to the 1508-23; the table numbers in this article principal measures of economic activity and refer to those tables. focuses analysis directly on cyclical aspects A major purpose of the flow of funds sysof relationships. tem, discussed more fully in the 1959 presentation of unadjusted accounts, is to pro- REVIEW OF RESULTS vide a framework for relating financialmarket developments on the one hand to Some salient features of the adjusted data production, income, consumption, saving, are presented in the 11 charts on the next and capital formation on the other. Until two pages. These charts, based mainly on now few of the major series on financial the new summary tables on pages 1510 and flows have been available in seasonally ad- 1512, sketch three aspects of financial flows justed form, however, and the large intra- in the United States in recent years—the relation of borrowing to economic activity, 1 Structure and uses of the quarterly flow of funds sources of funds flowing into certain forms accounts are described in the August 1959 BULLETIN, p. 828, in which the unadjusted accounts were first of credit, and the relation between total borpublished. The system has been maintained on a cur- rowing and private investment in financial rent basis since 1959 with BULLETIN tables and supplementary publications. The original work on this assets. The charts illustrate general forms form of accounts was done by Morris A. Copeland, of cyclical movements in a few summary now of Cornell University, and was published in his Study of Money flows in the United States (National totals of the accounts. These movements re- Bureau of Economic Research, New York, 1952). A flect certain structural relations that were set of annual accounts developed by the Board staff from Copeland's system was published in Flow of present during the 1950's, in particular on Funds in the United States, 1939-1953 (Board of the supply side of credit markets, but that Governors of the Federal Reserve System, Washington, D.C., 1955). The quarterly accounts introduced are often obscured by short-run fluctuations in 1959 represent a considerable reconstruction of the in financial-market flows. accounts as published in 1955. Borrowing and economic activity. Total bor- NOTE.—The seasonally adjusted flow of funds accounts have been put together by the Flow of Funds rowing by nonfinancial sectors moves closely Section of the Board's Division of Research and over the cycle with both total private invest- Statistics under direction of Stephen Taylor, Chief. The work has been facilitated in a number of ways ment and with changes in gross national by advice and assistance of the Bureau of Labor product, as illustrated in Chart 1. During the Statistics, cooperation of the Board's computer staff, and continuing interest in the project by M. H. last 10 years borrowing has reached peak Schwartz, Assistant to the Director of the Board's rates almost simultaneously with private in- Division of Research and Statistics. 1393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1394 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 BORROWING AND TOTAL DEMAND BANK DEPOSITS BILLIONS OF DOLLARS SEASONALLY ADJUSTED AT ANNUAL RATES 20 10 DEMAND: CHANGE IN GNP CONSUMERS 10 10 -TIME: 10 CONSUMERS A CORPORATIONS 10 1 I 1 J 1 J I 20 FEDERAL OBLIGATIONS TOTAL BORROWING — 30 10 _ t Aftar •limination of trend I 1 1 I I 1 I - BANKING —- 20 SHORT-TERM DEMAND .T SYSTE V M V 20 ~ 10 V 10 I - - 10 XJ PRIVATE INVESTORS BUS. INVENTORIES 10 — 20 1 1 1 , 1 1 1 1 11 1 1 1 1 1 1 1 \ i LONG-TERM DEMAND OTHER SECURITY MARKETS 80 TOTAL ISSUES 20 iz v - 10 FIN. INSTITUTIONS 10 PVT. LONG-TERM BORROWING -PRIVATE INVESTORS 10 10 i i ii J L J 1 1 I I I I 1954 1956 1958 1960 1962 1954 1956 1958 1960 1962 NOTE.—For notes to these charts see p. 1407. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS SEASONALLY ADJUSTED 1395 SOURCES OF CREDIT ADVANCED PRIVATE FINANCIAL INVESTMENT I I I I I I I T T T T I 70 BILLIONS OF DOLLARS 50 SEASONALLY ADJUSTED AT ANNUAL RATES 60 40 TOTAL 50 30 40 20 30 30 \ 20 v •-' V 20 PRIVATE v 10 FINANCIAL INVESTMENT 10 PRIVATE LIQUID ASSETS INSURANCE AND PENSION FUNDS 0 - J FEDERAL OBLIGATIONS 10 1 I I I 10 1954 1956 1958 1960 1962 1954 1956 1958 1960 1962 NOTE.—For notes to these charts see p. 1407. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1396 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 vestment, and these peaks have occurred at several less aggregative comparisons. Within cyclical stages when GNP was expanding the total of private borrowing, business demost rapidly rather than when GNP itself mand for bank credit matches inventory was at peak levels. Both borrowing and in- movements closely on a seasonally adjusted vestment have thus been distinctly leading basis (Chart 2), more closely than in unseries relative to GNP during the period.2 adjusted data or for corporate and non- Although the movements are closely con- corporate business separately. There is evigruent, the relation does not appear to be dence here of a variety of seasonal sources based on any single force such as inventory of short-term funds and of interbusiness fimovement.3 In the 1955 expansion the rise nancing relations that are cleared from the in borrowing was almost entirely in credit data when component series are put together flows to consumers and business. In 1958- in the form shown here. 59, on the other hand, Federal borrowing The relation between private long-term contributed at least as much to the move- borrowing and fixed investment is considment as private credit demand and was the erably less close (Chart 3). Decisions to source of the large rise in borrowing at that borrow in long-term forms are influenced time relative to private investment and GNP both by previous financing and by expectachanges. The pattern here is thus of a simple tions on future capital needs, income, and conformity in totals overlying a complex market conditions. These considerations inand shifting structure of components. To troduce a flexibility into the timing of longidentify cause-and-effect relations that are term borrowing that is irrelevant to the consistent both with the simplicity of the major forms of short-term borrowing and totals and the complexity of the parts will that makes analysis of credit demand more require intensive further study of the data. complex than in short-term markets. The other charts on page 1394 present Deposit and security flows. Charts 4, 5, and 6 show the flow of funds in four of the a The term "private" as used in flow of funds tables major transaction accounts summarized in and in this presentation refers to domestic nonfinancial Table 3. Chart 4 presents the sometimes sectors other than the Federal Government—consumers, nonfinancial business, and State and local govern- parallel and sometimes opposing movements ments. Financial sectors are consistently excluded in in consumer and business cash holdings. It use of the term. also indicates the recent increases in vola- Private total investment in Chart 1 consists of private outlays for physical assets, net foreign investment, tility of time deposit flows. These moveand net lending to the Federal Government. Apart ments can be interpreted only as elements from statistical discrepancies, it is equal to gross private saving and is financed by that saving either di- of broader financial relationships discussed rectly or through financial flows. below, since they combine a variety of ef- Total borrowing in the chart consists of net funds raised in credit markets by all nonfinancial sectors— fects of cyclical easing and tightening of private, Federal Government, and foreigners. It exfinancial positions and of shifts in interestcludes trade credit, noncorporate equities, and miscellaneous financial flows. While no single measure of rate structure. Chart 5 illustrates the major credit flows can be isolated as an unduplicated agtransfers of Government security holdings gregate of primary borrowing in the economy, the total shown here appears to be a useful proxy. Con- between banks and private investors that tent of the series is outlined in notes to the chart. have characterized shifts in credit ease and 3 In fact the single important departure in fit occurred during the 1959 steel strike, which disturbed restraint in financial markets since the Treasthe cyclical pattern of inventory movement but had ury-Federal Reserve accord. no visible effect on credit demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS SEASONALLY ADJUSTED 1397 Chart 6, on flows into non-Federal securi- miscellaneous sources as retained earnings ties, is interesting for its evidence on re- by financial institutions. As Chart 7 indisponses to sudden bursts of new flotations cates, these sources have been either small such as that in the second quarter of 1961. in the aggregate or, in the case of insurance In several of these incidents the initial rise and pension reserves, relatively stable in appears to be absorbed by private investors the short run. There has been thus a close and to be followed by a reaction in the next structural relation in the economy between quarter in the form of large institutional pur- total credit demands and private financial chases combined with sharply lower private investment: any sizable shift in borrowing, buying of securities. Whether these are real whether upward or downward, must be paror only statistical patterns needs further in- alleled by a change in private flows into vestigation. financial assets, because there is no sub- Charts 4-6 can be put into economic stantial alternative source of funds. context most directly by relating them to The relation, moreover, is more specific the second page of charts, which focuses than this since, as Chart 9 illustrates, almost on connections between total borrowing and all of any large change in private investprivate investment in financial assets—cash, ment flows occurs in liquid assets—deposits savings accounts, and securities. In terms of and Federal obligations—and relatively the flow of funds matrix, the emphasis in this little in other forms of financial investment.4 second group is on interrelations within a While private purchases of private securities set of columns—for a sector group—rather are volatile and responsive to changes in than the view along rows—that is, for indi- financial market conditions, such purchases vidual markets—as in Charts 4-6. have been too small a part of total financial Total credit demand and private supply of flows to absorb any significant change in funds. Borrowing and private financial in- credit demand. A high rate of borrowing, vestment, shown in Chart 7, necessarily whether private or Federal, has thus been move closely with one another, since the accompanied almost necessarily by a high private investment total includes directly or rate of growth in private liquid assets. Priindirectly all of the major volatile elements vate investors do not have the capacity to on the supply side of credit markets. It in- meet a large shift in credit demands through cludes, for example, the flow of private investment forms other than liquid assets. funds into bank deposits, both demand and A substantial flexibility begins to appear time, and thus reflects movements in bank on the supply side of the market only in the credit flows financed by such deposits. All forms that private liquid-asset investment credit flows financed by private deposits at takes. Chart 10 illustrates the large shifts in financial intermediaries are transferred in liquidity flows that have occurred over the this way to the private investment total. * Long-term as well as short-term Government With intermediaries' credit flows from securities have been included in the liquid asset series in these charts to avoid the sudden movements deposits represented in this way, there re- in the data that occur when a large issue moves from mains a relatively small set of credit sources long-term to short-term classification. Such passage of-time effects tend to dominate the data on a quarother than private investment: Federal lendterly basis. Computations are now in process that ing programs, funds supplied by foreigners, will yield a more stable measure of short-term Government securities; when the results are available, insurance and pension reserves, and such they will be introduced into the accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1398 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 last decade among three types of assets— charts constitute a backdrop for analysis of cash, time deposits and savings accounts, almost any financial developments coverand U.S. Government securities. Private net ing entire markets. They represent only genpurchases of Governments have fluctuated eral tendencies, to be sure, and many imover a wide range throughout the last dec- portant aspects of the relations are yet to ade, reflecting primarily, as illustrated in be brought out, particularly as to the dis- Chart 5, large cyclical swings in bank de- tribution of consumer asset holdings and the mand for Government securities. sources of consumer demand for financial These shifts into and out of Governments assets. Even the rough sketch given here has imhave been clearly mirrored by opposite shifts plications on the nature of financial-market in flows into deposits. In 1954 the response behavior, however. Thus, the limited cato monetary ease and bank absorption of pacity demonstrated by private investors for Government securities was a rapid growth direct buying of private securities means in private demand deposits. In recent years, that any large movement in private demand however, with yields on time deposits infor credit, whether through loans, mortcreasing, private investors have made ingages, or securities, has tended to be abcreasing use of these deposits as an altersorbed within a few months by financial innative to demand deposits for holding stitutions, which in turn have supplied priliquidity balances, and during the 1958 vate investors with an equivalent volume of and 1961 recessions the shift from Governliquidity instruments. In times of financialment securities was reflected to a large exmarket ease the liquidity instruments tent in time- as well as demand-deposit flows. supplied have taken the form mainly of de- Over the decade the increasing cost of holdposit claims on the institutions themselves, ing cash balances has resulted in less use of while when markets were tight they have cash as a store of value, and demand for been mainly Government securities sold cash has become more specifically limited from institutions' portfolios. to transactions balances. Because intermediaries tend to specialize The shift from demand to time deposits in different types of lending, the form in received its sharpest impetus in the rise last which borrowers want to raise funds may not January in rates paid on bank time deposits; match closely the preferences of institutions the effect shows clearly in Chart 10. The with available funds. When they do not, the shift was probably less direct than the chart process of reconciling the types of credit that suggests, because the data indicate some re- borrowers want, the type of asset that indistribution of Governments among holders stitutions prefer, and the types of liquid asduring the period (Charts 8 and 11). The sets that private investors prefer can cause final effect, however, was on demand and temporary but widespread unsettlement in time deposits alone; neither the total liquid- financial markets. asset flow nor net private buying of Gov- Whether the structural relations indicated ernments was visibly affected during the by these charts will continue into the 1960's quarter. is a question that must be faced directly The structural relations between credit when the data are used for long-range prodemand and supply suggested by these jections of flows in financial markets. Fi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS SEASONALLY ADJUSTED 1399 nancial markets are continually evolving in the income and product accounts, resystems, and in several of the charts move- combined for the flow of funds tables. The ments in the most recent years deviate fairly only important exceptions are corporate clearly from the regularities of the 1950's. profit tax payments (as distinguished from Generalizations from the past to the future accruals) and the division of business inmust thus be guarded and to the extent pos- ventory into corporate and noncorporate sible should be based on trends in economic components. Neither series was available forces underlying the data rather than on the from the Commerce Department, and each data themselves. was adjusted by the X-9 version of the Census Bureau's Method II program. Financial flows. Almost all of the finan- SEASONAL ADJUSTMENT PROCEDURES cial accounts included in the seasonally ad- Adjustment of the flow of funds accounts justed system reflect new seasonal adjustto eliminate seasonal movements was done ments, since with one exception—consumer in three separate steps: adjustment of the instalment credit—no financial data were nonfinancial accounts, adjustment of finan- available in adjusted form applicable to flow cial flows, and balance of the adjusted of funds accounts. Adjustment of financial matrix. Although large parts of the accounts flows raised questions that were resolved in were initially adjusted by computer methods, several ways for various parts of the acthe final system of data cannot be said to counts. Financial accounts in flow of funds represent any single adjustment program or are net series that represent simultaneously procedure. This is partly because several both (1) changes over a period in levels of forms of computer program were used in assets and debts and (2) gross borrowing adjusting the financial accounts and partly less debt repayments (for debts) and gross because the requirement that the adjusted purchases less gross liquidation of holdings matrix be forced to balance required modi- (for assets). In adjusting these accounts a fication of individual seasonal adjustments choice exists among (1) adjusting the flows throughout the system to bring the data into directly, (2) adjusting levels of assets and mutual consistency. debts and taking flows as increments in Nonfinancial accounts. The adjusted series adjusted levels, and (3) adjusting gross included in the table for nonfinancial ac- flows and taking net flows as increments. counts—income, taxes, current outlays, sav- Although there are sharp conceptual difing, and capital formation—are not new ferences between adjustments made on difdata. Nonfinancial series in the unadjusted ferent bases, their effects in computation are flow of funds are all derived directly from the generally not large, and practical consideraunadjusted income and product accounts tions tend to dominate the choice of method published by the Department of Commerce, used. For the present adjustment, the deand adjusting these flow of funds series con- cision was made to adjust the net-flow data directly.5 Since financial flows on a net basis sisted almost entirely of using the same derivation procedures on the seasonally ad- 5 The alternative of using increments in adjusted justed Commerce Department data. levels of assets and liabilities raises the problem that The resulting accounts thus reflect almost when seasonal factors are allowed to shift from one year to the next, as is common in current seasonal exclusively the seasonal adjustments used adjustment procedures, increments in adjusted levels Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1400 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 can be and frequently are negative as well sources of funds for a sector equal total as positive, they must be adjusted additively uses of funds by definition (when the sta- —by a seasonal addend—rather than by tistical discrepancy is included as a use). multiplicative seasonal factors, which imply Simultaneously, in each row of the matrix a zero lower limit to the series being ad- total purchases in a market equal total sales justed. in that market. This condition holds in For the major financial accounts in the the unadjusted matrix and can reasonably system—those that are large and cyclically be demanded of the adjusted matrix as well. important and that have large seasonals— The adjusted matrix, that is, should preseasonal adjustments were computed by an serve internal consistency among transacadditive version of the Bureau of Labor Sta- tions in the system, with a balanced matrix tistics adjustment procedure.6 Since these of seasonals eliminated from all of the data series dominate the financial matrix as a simultaneously. whole, the seasonals computed for them by Additive seasonal adjustment can in fact the BLS program correspondingly dominate preserve matrix balance, but only on the the adjusted tables published here. very restrictive condition that every series For less important financial series ad- in the system be adjusted by a single standditive adjustment was approximated with the ard sequence of addition and subtraction Census Bureau's Method II program—a operations.7 This would be a dubious promultiplicative program—by adding positive cedure, however, since it would not permit constants to the series before adjustment and recognition of extreme values in series. Aldeducting the constant from the adjusted lowance for extremes is common to all modseries. Extremely minor series were either ern adjustment procedures and is essential adjusted by shorthand techniques or en- to achieving reasonable results. When it is tered in the accounts without adjustment. introduced, however, the sequence of arithmetic steps is no longer identical for all Balancing the seasonally adjusted matrix. series in the system, and the adjusted matrix, A major problem in seasonally adjusting the as a result, is no longer in balance. flow of funds system originates in the nature The balance problem is important only of the system as a closed matrix of balanced if the discrepancies that arise from seasonal accounts. In each column of the matrix total adjustment are sizable enough to affect analysis. Early results of the flow of funds adover any 12-month period do not equal the actual flows that occurred during that year. This may not justment revealed that many accounts are be a real problem conceptually, but a requirement not far from balance in adjusted form, parthat adjusted flows over a year add to actual annual flows is useful for the flow of funds accounts in ticularly those that are stable cyclically and several ways, such as in integrating financial with that have only minor seasonals. There are a nonfinancial accounts. Such a requirement has therefore been adopted and is reflected in the tables. number of major accounts, nevertheless— It has the effect of dissociating seasonally adjusted money supply, Federal securities, business flows from adjusted levels to some extent, but it may be possible with further work to integrate ad- sectors, Federal Government, and banking justed levels and flows more closely. The third —where cyclical, seasonal, and irregular inoption—adjusting gross flows—is impossible for most fluences are all large and where imbalances series since the relevant data do not exist. 8 Described in "The BLS Seasonal Factor Method," June 21, 1962, prepared by Abe Rothman, Office 7 Under no conditions can balance be maintained of Statistical Standards, Bureau of Labor Statistics. with multiplicative—factor or ratio—adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS SEASONALLY ADJUSTED 1401 from seasonal adjustment are correspond- in general, constitute a distortion of seaingly serious. For these accounts some form sonals for the sake of balance alone. It of internal reconciliation is necessary if mar- represents, rather, a use of information ket-wide analysis is to have meaning. from outside a series to refine an adjustment One balancing procedure possible is to originally based only on internal evidence of establish a residual entry in each row and the series itself. The resulting matrix of column to be derived from adjusted data for seasonals incorporates into each cell data all other entries in the account; the seasonal- from the entire system and has a probability ity of such residuals would be whatever is re- of having improved, on balance, the acquired to balance the adjusted account. Such curacy of the seasonals taken as a set. residuals are used, and are in fact a neces- For the tables published on pages 1508-23 sity, in assembling the unadjusted accounts. of this BULLETIN, forcing of simultane- In the adjusted system, however, the use of ous balance was applied to a submatrix of residuals throws away information, since 18 strategic accounts—10 sectors and 8 every series in the unadjusted accounts, transaction categories. These accounts, towhether derived directly or as a residual, gether with illustrative balancing adjusthas economic content and contributes some ments for one period, are shown in the table evidence on the seasonality of the matrix below. The rest of the system consists of (1) as a whole. nonfinancial accounts that incorporate the In order to use all such evidence, the ad- seasonal adjustments in income and product justed system was brought into balance by data and (2) financial accounts with small a procedure that forces all sector and trans- seasonal adjustment discrepancies that can action accounts (rows and columns of the easily be eliminated residually without real matrix) into consistency simultaneously. In loss of accuracy. this procedure the seasonal of every cell of Balancing the 10x8 submatrix consisted the matrix is subject to some degree of modi- of altering each of the cells of the submatrix fication in order to bring the structure as a by an amount that helped eliminate discrepwhole into balance. Such forcing does not, ancies in seasonals in both the row and the ADJUSTMENTS USED IN BALANCING THE FLOW OF FUNDS MATRIX, FOURTH QUARTER OF 1961 [In millions of dollars] Sector Adjust- Item s C um on e - rs N n b o u o n s n i c f n o a e r r s m p s . F b n a u e r s s m i s - N p t o c i o o o n r n r f a - i s - n. F G ed o e v r t a . l g S l o a o t n v c a a d t t s e l . a M u t t t a o i h e r n o y s e ri - - b C m c a o i n e a m k r l - s - F n in .e a . n c c . e d T a i c s r c a ti r n o e s n p - . di m sc e r n e t p. Interbank transactions * . 34 -34 Demand deposits and currency: Private 124 -46 -51 -40 -121 -38 -172 Federal 405 22 94 43 564 Federal oblisations • ... 188 -105 -167 -36 -75 -340 11 -524 Bank loans nee -20 -28 -35 -81 36 -128 Trade credit -8 -26 -17 j -52 Proprietors' net investment in noncorp business 174 -120 -52 Sector discreoancv 392 -46 15 -31 -22 -61 32 -4 269 Adjustment discrepancy 878 -151 -109 -249 253 -118 -81 -542 79 -43 1 Adjustment to be divided among member bank reserves, member NOTE.—These figures are modifications of original seasonal adbank borrowing, vault cash, and Federal Reserve float. justments to eliminate discrepancies arising from seasonal adjustment. Amounts are quarterly rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1402 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 column in which that cell stands. To find row and another for the column of each such amounts by trial and error throughout cell, and weighted by the volatility index of the matrix for each of the 42 periods in the that cell to find the adjustment to be made in flow of funds quarterly data was clearly im- the cell in balancing the submatrix. A calpracticable, and some form of computed set culation of this type was made for each of of adjustments was an operating necessity. the 42 periods covered by the data. Once the Computed distribution of discrepancies basic form of such a system is established, is possible provided a rule can be established it proceeds rapidly on a computer, taking to control the distribution. The rule used less than a minute per matrix from start for the present accounts was based on the to delivery of revised seasonally adjusted view that adjustments in the seasonals for cells.8 individual cells should be held to a minimum Bringing the matrix into balance by this for the matrix as a whole consistent with procedure is clearly more mechanical than bringing the system into balance. the usual editing procedure of eliminating The "minimum" here is relative—series extremes and abrupt shifts in seasonals from with large movements or high volatility or a series before subjecting it to seasonal adboth should be subject to larger adjustments 8 One characteristic of this balancing procedure is than others, since there is greater uncerthat it does not upset the relation of adjusted series tainty, in dollar amounts, as to the appro- to annual totals. If each series adds to actual annual priate seasonal adjustment for such series. totals before balance, then the matrices of seasonal adjustments add to zero over the year, including ad- Before computing the balance, therefore, justment discrepancy elements of those matrices. As each cell was given a weight that measured a result the modifications made in balancing also add to zero over the year, and each adjusted series its relative alterability, based on the average adds to its annual total after, as well as before, modidollar volatility of the series over the 10- fication for balance. It may be noted that two of the transaction acyear period 1952-61. The computation then counts in the balance matrix—the interbank account consisted of finding a set of adjustments to and proprietors' net equity—are measured statistically so as to disallow discrepancies of any form, the matrix of seasonals that would eliminate whether seasonal or other. For proprietors' net all discrepancies from that matrix while at equity, moreover, no seasonal movement has ever the same time minimizing the sum, over the been estimated. The role of these two accounts in the system is to extend the flexibility of the balance matrix, of relative adjustments in individual mechanism. cells. The interbank account, which is a combination of relations between the Federal Reserve and commer- Balancing the matrix of seasonals thus cial banks through reserves, member bank borrowamounts to computing a constrained mini- ing, float, and vault cash, is fairly volatile both seasonally and otherwise and is therefore subject to mum sum of adjustments, where the consome modification to the extent that it helps balance straint is that the adjustments add to the accounts for both subsectors of the banking system simultaneously. discrepancies to be eliminated. More spe- Proprietors' net equity was brought in because cifically, the computation consisted of solv- it is statistically one of the least measureable series ing a system of 17 linear equations in 17 in the system. To the extent that adding irregular movements to it helps balance the consumer and variables, one for each column and each row noncorporate accounts seasonally adjusted, there may of the submatrix except one, which was be evidence here as to the actual fluctuations in the series itself. There irregulars, having been derived in derived residually from the solution for the balancing the seasonally adjusted accounts, must be rest of the system. The 17 variables, when carried back to the unadjusted accounts, because they are to be interpreted as modifications of the series found, were combined in pairs, one for the itself rather than of seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS SEASONALLY ADJUSTED 1403 justment. If one is working within a matrix, As shown in the table, the $23 billion (anhowever, normal editing becomes clumsy nual rate) change in tax seasonal was acand complex, because all aspects of a dis- companied by an equal and opposite shift turbance must be dealt with simultaneously in consumer saving, which in turn was rein both sector and transaction accounts. flected in several types of consumer finan- A simple example of such a disturbance cial transaction. Because the shift in seais the shift in the due date for personal taxes sonal for saving was virtually as abrupt as from March 15 to April 15. This shift, that for taxes, it was too sharp to be folmade in 1955, caused straightforward and lowed closely in the original seasonal adabrupt change in seasonal pattern arising justment for financial flows, which turned from a change in regulations; if possible, out to be shifted by only $13 billion when it should be allowed for in seasonal adjust- the adjustment for the sector discrepancy ment. The seasonal in tax payments, how- was included. The effect here was a net adever, is closely tied to seasonals in the justment discrepancy of $10 billion. The types of financial assets that consumers use corresponding Federal Government discrepto pay taxes, to the seasonals in Federal ancy was $15 billion. borrowing and cash balances, and probably At this point, in normal editing practice, to other seasonals in the system. These fi- the $10 billion gap in consumer seasonal nancial flows associated with taxes must be movement must be distributed among finanidentified before any adequate allowance cial flows on an appropriate basis. The evifor the change in regulations can be made. dence of the raw adjustments is that the The accompanying table summarizes the flows most significantly affected by the tax major items connected with the tax shift. shift were neither cash nor savings accounts, which had virtually no shift in seasonals, but rather Government securities, corporate and EFFECTS OF SHIFT IN TAX SETTLEMENT DATE FROM municipal securities, and consumer credit. MARCH 15 TO APRIL 15 This in itself is a remarkable finding on in- [Annual rates in billons of dollars] terrelations among transaction accounts. The Shift of seasonal problem remains, nevertheless, that if seafrom I to II i Sector and item sonals in these accounts are altered by hand Before After balance balance to eliminate the consumer discrepancy, the row (transaction) accounts are out of bal- Consumer: Personal taxes ... 22.8 22.8 ance until offsetting changes are made for Gross saving .... -23.2 -23.2 other investor sectors or for issuers of the Gross investment... -11.7 -17.7 F C e a d s e h ral obligations - - 0 4 . . 4 0 - - 3 6 . . 6 8 securities.9 Then those sector accounts are Private securities -3.5 -3.5 Less: Consumer credit 2.8 2.8 out of balance until other seasonals are Other -1.0 -1.0 modified. Discrepancy... -1.6 -5.2 The balance calculation described earlier Federal Government: Surplus 21.0 21.0 is an alternative to this procedure. As the Ne C t f a in sh ancial investment 4 4 . . 7 0 1 7 3. . 7 2 table indicates, the balancing operation Less: Net funds raised -2.0 -7.8 Other -1.3 -1.3 9 For private securities the associated shift along the Discrepancy 1.6 7.4 row occurred mainly in purchases by security dealers and banks. About a quarter of the total shift was in 1 Net increase in average second-quarter seasonal less net increase in average first-quarter seasonal from 1953-54 to 1956-57. net issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1404 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 brought the shifts in the financial-flow sea- sities, such as the speculative disturbance in sonal considerably closer to the seasonal in Government securities markets in mid-1958. saving, having allocated about two-thirds of Such shocks appear in the adjusted data as the difference to sharper shifts for consumer large irregular movements in numerous cash and Government securities and the rest forms of financial flows, and starting with to the consumer discrepancy. The operation balanced seasonal adjustments it is possible clearly allocated too much to cash in this to isolate the set of irregulars in a period as case. Part of the shift should have gone to a single interrelated system. As a system, private securities, but these were not in the large irregulars can bring out interconnecmatrix to be balanced. tions among financial markets in peculiarly The inability to cope with the shift in sharp form, and from early evidence it apsecurity purchases and issues in this example pears that these interconnections are exillustrates a special problem in balancing tremely widespread. Further study of such seasonals, whether by editing or computa- data can probably articulate many aspects tion. If, as suggested by the data, seasonals of financial-market mechanism that until shifted sharply in several parts of security now could be recognized only in general markets with the change in consumer tax and unqualified terms. payment schedule, this shift was accompanied in other sectors by shifts in other sea- RELATION TO PRECEDING FLOW OF sonals such as those for liquid assets and FUNDS PUBLICATIONS bank borrowing. In seasonal adjustment, The seasonally adjusted accounts published however, all of these shifts would be underhere are almost identical in structure—defistated by approximately the same relative nition of sectors and transaction accounts— amounts, and there would be no evidence in with the unadjusted accounts introduced discrepancies for nonconsumer sectors that and described in the August 1959 BULLEadjustments had been inadequate. Including TIN. Reprints of that description are availprivate securities in the balance matrix able on request. Three changes in structure would therefore not in itself have corrected introduced at this time are described below. the overadjustment of consumer cash, since Statistically, the adjusted data are fully it would not have revealed the presence of consistent with the unadjusted accounts pubunder-adjustments throughout entire systems. This suggests that the balance opera- lished in the August 1962 BULLETIN, on tion should be expanded to include other in- pages 1056-72. With minor exceptions, the dicators of poor adjustment than the pres- sector summary tables are also unchanged in ence of absence of discrepancies in the ac- format. counts, and tests in that direction will be Summary tables. The most prominent tried in coming months. change in the system introduced with these An interesting byproduct of balancing tables is a reconstruction of the two sumseasonals is the possibility of establishing mary tables, Tables 2 and 3. Table 2 now balanced matrices of the irregular compo- presents on one page a condensed statement nents of flows for particular periods of in- of national saving and investment (Part I), terest. Financial markets occasionally ex- a summary of credit flows most immediately perience shocks of various types and inten- related to saving and investment (Part II), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS SEASONALLY ADJUSTED 1405 and a brief recapitulation of credit flows ticularly private investors. Where private through financial institutions (Part III). investment does not parallel total borrowing, Table 3 in its new form presents certain the reason can be found in Federal cash or major transaction accounts that are of in- lending, foreign flows, insurance and penterest for current analysis—demand depos- sions, or the miscellaneous group, sources its, time and savings accounts, Federal and n.e.c.12 other securities, mortgages, and bank loans.10 Most of the large responses to develop- Table 2, Part II—the credit flow sum- ments in financial markets, however, are to mary—is the only significant departure in be found within the total for private finanform from former flow of funds tables. It cial investment in the form of shifts of flows constitutes a balanced account in which the among cash, time deposits, and Federal setotal of borrowing by nonfinancial sectors is curities. A comparison of 1957, 1958, fully accounted for on the supply side of and 1959 in the annual columns of the table credit markets by financial flows from non- brings out some of the variety of relationfinancial sectors. ship among movements present in the table.13 In the summary of supply, lending by Part III of Table 2 summarizes the agfinancial intermediaries has thus been re- gregate flows through intermediaries that moved by consolidation, with the sources have been consolidated out of Part II. Furof intermediaries' funds that financed the ther detail on intermediaries' flows can be lending substituted for such lending. For found in Table 4, Parts G and H. example, bank credit is reflected in the Structural changes. The most important table as changes in cash balances and time structual change introduced with these acdeposits of private sectors, the Federal Gov- counts is the removal of security credit from ernment, and foreign investors, by retained the totals for credit-market borrowing. Seincome of banks included in "sources n.e.c," curity loans act primarily to supply bank and by stock issues to the extent that such credit to security markets on a short-run stocks are bought by nonfinancial sectors basis and do not constitute, in general, part rather than by other financial institutions. of the basic demand for credit in the econ- Each of the financial sectors has been han- omy. Although movements in security credit dled comparably.11 are rarely large, they occasionally are sig- The purpose of this treatment is to pre- nificant enough to give a misleading impressent movements in borrowing in direct rela- sion of credit movements if they are intion to the effects such movements have on cluded in the total. They are now shown in financial assets of nonfinancial sectors, par- 13 Fluctuations in sources n.e.c. arise mainly from 10 The term "transaction account" refers to rows sporadic discrepancy movements remaining in finanin the matrix form of the system shown in Table cial-sector accounts. These discrepancy shifts are 1 as distinct from the sector accounts in Table 4, partly statistical and partly the result of seasonal which are columns of the matrix. Tables 3 and 4 adjustment. Both types will be reduced with further thus summarize the same material in cross sections work on the accounts. along different dimensions of the matrix. 13 Consumer security credit—borrowing to carry u Although insurance and pension funds are viewed securities—is a negative component of private finanin the flow of funds system as private claims, they cial investment in Table 2, Part II. This credit is are markedly different in character from deposits supplied largely by banks, either directly or through and securities and have been segregated in the table loans to brokers, and is reflected in the table in the to limit the private financial investment total to distribution of bank sources of funds, as described flows subject to short-run discretionary action. earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1406 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 the matrix and sector tables as an item sep- nancial transactions as a liability of the inarate from credit-market flows but are in- surance sector and an asset of consumers cluded in total borrowing and lending.14 and business. The total flow—the difference In the second change in structure con- between net accruals and net cash payments sumer-held savings bonds and Postal Savings —is occasionally as large as $1 billion at System deposits are now classified as Federal annual rates and is reflected in the accomobligations. Savings bonds and PSS deposits panying sector tables. are ambiguous financial instruments, serving both as redeemable savings deposits and PUBLICATION SCHEDULE as advances of funds to a nonfinancial sec- According to present plans, current data for tor, the Federal Government. The flows are the adjusted flow of funds accounts will be normally small, however, and including published quarterly in the BULLETIN on a them in Federal obligations simplifies a sumschedule similar to that maintained since mary use of the accounts. 1959 for the unadjusted accounts. Annual The third structural change, in the treatrevisions of the accounts to reflect revisions ment of nonlife insurance companies, is in income and product accounts and new mainly technical. The income of these comfinancial data will be published in the Aupanies has until now been the only element gust BULLETIN of each year, and changes of nonfinancial data not directly derived in seasonal adjustments of the accounts will from the Commerce Department's income appear at that time. and product accounts. To close this re- Flow of funds supplements presenting maining gap between income and product data for all periods and all accounts will and flow of funds accounts, the nonlife continue to appear annually as soon as the premium and benefit transactions have been tables can be assembled following the Aushifted from a cash to the accrual basis gust revisions. These supplements will inreflected in tax returns and national income. clude summaries of annual flows, seasonally Shifts to accrual accounting required estabadjusted and unadjusted quarterly flows, lishment of a new financial claim of policy year-end levels of assets and liabilities, and holders for prepaid premiums and unpaid other information on the accounts that may benefits. This claim was introduced into the appear useful from time to time. Publicaaccounts and included in miscellaneous fition of the 1962 supplement has been delayed in order that it may include the season- 14 Eliminating security credit from credit-market totals does not eliminate all credit flows of that na- ally adjusted accounts as well as unadjusted ture, because some borrowing to carry securities is data as revised in August 1962. A notice classified elsewhere in financial statistics and is not of the publication of this supplement will identifiable as such. This change presumably adjusts for the major part of the problem, however. appear in the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS SEASONALLY ADJUSTED 1407 NOTES TO CHARTS Chart Table Section Line 2 Inventories 2 I J Data for the charts are taken from Tables 2 and 3 Bank loans 3 VI B (pp. 1510 and 1512). In all except Chart 6, the series 3 Fixed investment 2 I K plotted are centered, 2-quarter moving averages of the Long-term borrowing 2 II O 4 Demand deposits 3 I G, H data in the tables. Financial flows are characteristically Time deposits 3 II C, F more volatile from quarter to quarter than income and 5 Federal obligations 3 III E, L product flows, even after seasonal adjustment. The 6 Finan. institutions 3 IV J, K, and L fluctuations reflect primarily the use of short-term Private investors 3 IV G, H, and I 7 Total 2 II A less U financing to cushion the first impact of large security Other series 2 II U through Z flotations and to shift timing of long-term financing 8 Savings accounts 1 II H from one quarter to another. These short-run move- Cash 3 I G ments are important in the short run, but they obscure Federal obligations n III F 9 Total 2 II Z the underlying cyclical relationships that most of the Liquid assets 2 II AA charts are intended to illustrate. Such movements have Private securities 2 II AH less AI therefore been eliminated from the charts by the 10 Private liquid assets 2 II AC, AD, AG shortest moving average possible with quarterly data. 11 Cash 4 D P Time deposits 3 II C Chart 6 presents flows without smoothing in order to Federal obligations 3 III I bring out the short-run relationship mentioned in the text. 1962 data are shown directly in all charts. NOTES TO TABLES Chart 1. Private total investment is discussed in footnote 2 (p. 1396); in Table 2, Part I, it consists Cash balances shown in Part II of Table 2 are on a of line H, Gross national investment, less lines E and bank-record basis for both the Federal Government G, saving by Federal Government and financial sectors. (line U) and private investors (line AC). This treat- Total borrowing is taken from Table 2, Part II; it is ment differs from the asset side of the demand-deposit line A, total net funds raised by nonfinancial sectors, transaction account—Table 3, Part I—which is on less line U, changes in Federal cash balances. Move- holder-record basis. The difference between bank and ments in Federal cash are an element of credit supply holder record consists mainly of mail float—checks in that offsets equivalent movements in Federal borrow- transit that are temporarily not in any depositor's ing to a large extent as a component of credit demand. cash-balance record. This difference appears in Table Netting Federal cash movements against borrowing 3, Part I as a discrepancy on line L for the Federal eliminates a volatility of the total that is largely tech- Government and on line M for private depositors. For nical rather than part of major financial-nonfinancial the Federal Government, bank record appears in the relationships. table as line B. Trend is removed from both investment and borrow- Net issues of other securities, Table 3, Part IV, exing in Chart 1 to facilitate comparison with GNP clude investment-company shares. These shares are changes, in which the corresponding growth compo- netted against investment-company purchases of senent is reflected as a nearly constant additive element curities (lines N, O, and P) and are included in conof the series. sumer net purchases, line G. Other charts. Sources for the other charts are shown For notes to Table 4, see August 1962 BULLETIN, in the next column. p. 1063 and August 1959 BULLETIN, p. 846ff. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Automation at Commercial Banks • Commercial banks have already made cial banks. The major purpose of the survey substantial strides toward automation, and was to provide information needed by the even greater advances are in prospect within Federal Reserve System in adapting its op- 3 years on the basis of firm plans already erations to advancing technology in the field made. of bank bookkeeping, including arrange- • Nearly half of all banks with total ments for processing the increasing flow of deposits of $25 million or more are using, magnetic ink encoded checks through the or are planning to use, automated equip- clearing facilities of the Reserve Banks. ment—mainly general purpose electronic The survey included all 974 commercial computer systems—for some of their book- banks with total deposits of $25 million or keeping operations. Nearly all large banks more; 972 of these banks submitted comand an appreciable number of smaller banks pleted questionnaires.1 The reporting form are acquiring such systems. is reproduced at the end of this article. • Regular checking accounts rank foremost among the banking operations to which STATUS OF AUTOMATION automated procedures are being applied. On the March 1962 survey date, more than Other operations with a high volume of 45 per cent of all commercial banks with bookkeeping activity, such as special checktotal deposits of $25 million and over, or ing accounts and consumer loans, are close 447 banks, had already automated some behind. Automation is being least extenpart of their bookkeeping operations or had sively applied in various low-volume operadefinite plans for automation within 3 years, tions, particularly time certificates of deas shown in Table 1. Almost seven-eighths posit, commercial loans, and trust activities. of these automating banks are moving • Preprinting of checks in magnetic ink toward advanced systems built around an with transit number and routing symbol is expected to be almost universal within 3 1 Unless otherwise indicated, all references to banks years. Encoding of checks with dollar in this article relate to commercial banks with total amount of check, however, will be confined deposits of $25 million or more. In seven Federal Reserve districts, appreciable numbers of smaller banks mainly to larger banks. Only about one-fifth were surveyed on a selective basis. The Districts inof the banks with total deposits of $25 mil- volved are Boston, New York, Richmond, St. Louis, Kansas City, Dallas, and San Francisco. The total lion or more plan to encode checks sent to number of smaller banks reporting was 1,841. the Federal Reserve or to correspondent NOTE.—The survey of commercial bank automation was conducted under the supervision of James B. banks for collection. Eckert, Chief of the Banking Section of the Board's These are some of the findings of a survey Division of Research and Statistics. Assistance in conducted by the Board of Governors of planning the survey was provided by various Federal Reserve System groups having responsibilities relating the Federal Reserve System, in cooperation to automation. Mr. Robert R. Wyand, II, Economist with the Federal Reserve Banks, in March in the Banking Section, was responsible for developing the statistical procedures for processing and sum- 1962 to determine the existing status and exmarizing the data. This article was prepared by Mr. pected progress of automation at commer- Eckert and Mr. Wyand. 1408 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AUTOMATION AT COMMERCIAL BANKS 1409 electronic computer; the remainder will em- banks—those with total deposits of $500 ploy mainly conventional punch-card ac- million or more—are installing computers. counting equipment. Most of them already have the equipment Computers were already in operation or on hand. were being installed for 178 banks. These The proportion of banks with computer banks hold roughly 40 per cent of all com- systems, either existing or planned, becomes mercial bank deposits. As might be ex- progressively smaller for banks in the pected, in view of the high initial cost of such smaller size classes, particularly for banks systems and the risks involved in moving with total deposits of less than $100 milinto relatively untried fields, larger banks lion. Nevertheless, 77 banks with total dehave been in the vanguard in adopting com- posits in the $25 million-$50 million range, puter systems. All but 2 of the 60 largest or 17 per cent of all such banks, are adopting TABLE 1 AUTOMATION AT COMMERCIAL BANKS, BY SIZE OF BANK Size of bank Total (total deposits, in millions of dollars) banks Item 1,000 and over 500-1,000 250-500 100-250 50-100 25-50 Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per ber cent ber cent ber cent ber cent ber cent ber cent ber cent Total banks reporting 972 100.0 23 100.0 37 100.0 65 100.0 174 100.0 230 100.0 443 100.0 Nonautomating banks 525 54.0 1 2.7 3 4.6 45 25.9 131 57.0 345 77.9 Automating banks 447 46.0 23 100.0 36 97.3 62 95.4 129 74.1 99 43.0 98 22.1 C O o th m e p r uter 3 6 8 5 2 3 6 9 . . 7 3 23 100.0 35 1 9 2 4 . . 7 6 5 8 4 8 1 3 2 . . 1 3 11 1 5 4 6 8 6 . . 0 1 7 2 8 1 3 9 3 . . 1 9 7 2 7 1 1 4 7 . . 7 4 Status of computer automation Total banks . . 382 100.0 23 100.0 35 100.0 54 100.0 115 100.0 78 100.0 77 100.0 With computer systems: In operation . 116 30.4 17 73.9 20 57.1 25 46.3 27 23.5 16 20.5 11 14.3 In process * 62 16.2 1 4.3 6 17.1 9 16.7 20 17.4 8 10.3 18 23.4 Planned 2 204 53.4 5 21.7 9 25.7 20 37.0 68 59.1 54 69.2 48 62.3 Type of computer Total banks 382 100.0 23 100.0 35 100.0 54 100.0 115 100.0 78 100.0 77 100.0 With general purpose computers: Total . 245 64.1 21 91.3 30 85.7 45 83.3 82 71.3 45 57.7 22 28.6 Large 16 4.2 9 39.1 3 8.6 2 3.7 1 1.3 1 1.3 70 18.3 8 34.8 15 42.9 13 24.1 18 15.7 11 14.1 5 6.5 Small 159 41.6 4 17.4 12 34.3 30 55.6 64 55.7 33 42.3 16 20.8 With special purpose computers 84 22.0 2 5.7 5 9.3 17 14.8 25 32.1 35 45.5 Other 11 2.9 2 8.7 1 2.9 1 1.9 2 1.7 2 2.6 3.9 Unspecified 42 11.0 2 5.7 3 5.6 14 12.2 6 7.7 17 22.1 Arrangement for management of computer systems Total banks 382 100.0 23 100.0 35 100.0 54 100.0 115 100.0 78 100.0 77 100.0 With arrangements to— Operate own computer: 322 84.3 23 100.0 35 100.0 52 96.3 98 85.2 61 78.2 53 68.8 Two or more banks cooperating... 22 5.8 9 7.8 6 7.7 7 9.1 Contract for computer services 3.... 32 8.4 5 4.3 11 14.1 16 20.8 Unspecified 6 1.6 2 3.7 3 2.6 1 1.3 1 Includes banks at which computers are being installed and banks NOTE.—Details may not add to totals because of rounding. Figures in the process of converting from one computer to another. relating to planned computer and sorter systems refer only to that 2 Includes banks with computers on order and banks with definite equipment already on order or definitely planned to be operating plans to begin using computer systems within 3 years. within 3 years. 3 Includes banks contracting for computer services with a correspondent bank or an outside service bureau. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1410 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 computer systems. For most of these 77 deposits of $100 million or more, are using banks, however, the computers are still in or plan to use more than one computer, the planning stage. almost all general purpose machines. For On the other hand, nearly all banks auto- nearly half of these banks, two computers mating with noncomputer systems are small were already in operation or being installed banks. In those districts in which the survey on the survey date. In many cases, banks was extended to some of the banks with were using or planning to use two computers total deposits of less than $25 million, pros- of the same general type. pective automation at such banks was found Nearly all banks reporting large and to be negligible. medium-size general purpose computers are Substantial progress toward automation using either magnetic tape or a combination was reported in all Federal Reserve districts, of punch cards and magnetic tape as the with the percentage of banks using or medium for reading data into the computer planning computers ranging from 32 to 61 and deriving output, as shown in Suppleper cent, as shown in Supplementary Table mentary Table 2. This is also true for most 1. The San Francisco District, in which banks using small general purpose combranch banking is extensive, shows the larg- puters, although about one-fourth of these est proportion of computer-system banks, as banks reported punch-card input-output fawell as an unusually large proportion of cilities. Banks using special purpose combanks with systems already in operation or puters reported using punch-card facilities being installed. more than other types, but an appreciable Type of computer. Nearly two-thirds of the number of such banks also reported using banks adopting computer systems are using magnetic tape and punch paper tape. general purpose machines capable of adap- Arrangements for management. About 85 tation to many types of bookkeeping opera- per cent of the banks adopting computer tions. The 16 banks reporting large general systems are purchasing or leasing the equippurpose computers are mainly those with ment on an individual bank basis. This is total deposits of $500 million or more, and true for all such banks with total deposits most of these machines are already in opera- of $250 million or more and for the pretion, as shown in Supplementary Table 2. dominant proportion of all smaller banks. Medium-size computers were reported in ap- A total of 32 banks, or less than 10 per cent preciable numbers by banks in all size of all computer-system banks, are contractgroups down to total deposits of $50 million, ing with a correspondent bank or an outside while small computers were reported mainly service firm to provide them with computer by banks in the $50 million-$500 million services. range of total deposits. Almost half the Nearly 200 banks, mainly the larger ones, medium-scale and more than half of the report that they are planning to make their small-scale computers were either in opera- deposit accounting and sorting services tion or being installed on the survey date. available to other banks. On the other hand, For the most part smaller banks are the only about 80 banks with deposits of $25 ones adopting special purpose computers. million or more indicate that they plan to Such computers include those with special have one or both of these services performed capacity for handling large files of data. for them by other banks or by outside serv- A total of 94 banks, mainly those with ice organizations. Of the 1,841 respondent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AUTOMATION AT COMMERCIAL BANKS 1411 banks with total deposits of less than $25 vestment was enacted on October 23 of million, 206 or about one-tenth reported this year.3 As a result of this legislation, plans to use outside check processing serv- more medium-size and small banks should ices.2 These data suggest that competition be able to avail themselves of the economies among large city banks for the check proc- possible only through use of the more adessing business of smaller banks may become vanced types of electronic computer systems. quite active and that the use of automated The survey shows that banks participating services among smaller banks may spread in cooperative ventures or contracting for more rapidly than projected by these banks computer services generally have the use of at the time of the survey. larger computers than banks of comparable An additional 22 banks indicated that size purchasing or leasing their own equipthey were arranging cooperative facilities ment. with other banks to perform their computer MAGNETIC INK CHARACTER operations, despite the legal difficulties in RECOGNITION SORTERS doing so. At the time of the survey, invest- A total of 361 banks, or nearly two-fifths of ment in the stock of service corporations was all banks with deposits of $25 million or not permissible for Federally supervised more, are now using or plan to use magnetic banks, but legislation permitting such inink character recognition (MICR) equip- 2 Since several districts surveying smaller banks ment for sorting and reading checks and restricted coverage to banks most likely to be inter- other bank documents, as shown in Table 2. ested in automation, this proportion is higher than would be true for smaller banks generally. 5 Bank Service Corporation Act, Public Law 87-856. TABLE 2 MICR SORTER EQUIPMENT AT COMMERCIAL BANKS, BY SIZE OF BANK Size of bank Total (total deposits, in millions of dollars) banks Item 1,000 and over 500-1,000 250-500 100-250 50-100 25-50 Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per ber cent ber cent ber cent ber cent ber cent ber cent ber cent Total banks reporting 972 100.0 23 100.0 37 100.0 65 100.0 174 100.0 230 100.0 443 100.0 Status of sorter equipment Banks with sorters In operation 165 17.0 18 78.3 23 62.2 36 55.4 44 25.3 28 12.2 16 3.6 In process ^ 34 3.5 5 13.5 3 4.6 9 5.2 7 3.0 10 2.3 Planned 2 162 16.7 5 ii.7 7 18 9 20 30.8 56 32.2 37 16.1 37 8.4 Banks not planning sorters 611 62.9 2 5.4 6 9.2 65 37.4 158 68.7 380 85.8 Arrangements for management of sorter equipment Total banks 361 100.0 23 100.0 35 100.0 59 100.0 109 100.0 72 100.0 63 100.0 With arrangements to— Operate own sorter: Single bank 315 87.3 23 100.0 35 100.0 57 96.6 95 87.2 56 77.8 49 77.8 Two or more banks cooperating. . 15 4.2 7 6.4 5 6.9 3 4.8 Contract for sorter services 25 6.9 1 1.7 3 2.8 10 13.9 11 17.5 Unspecified 6 1.7 1 1.7 4 3.7 1 1.4 1 Includes banks at which sorters are being installed. 2 Includes banks with sorters on order and banks with definite plans to begin using sorters within 3 years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1412 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 In general, such sorters are one essential of volume of bookkeeping activity; and they a fully automated system for processing are receiving the most attention in bank checks, incorporating an electronic com- automation planning. Within 3 years sevenputer. However, 56 banks that are acquiring eighths, or 388, of the automating banks computers have no plans for MICR sorters, will have coverage in this area, as shown in and 19 banks acquiring sorters have no Table 3. Other high-volume activities that plans for computers. In both instances most are being extensively automated include speof these banks fall in the smaller size classes. cial checking accounts and consumer loans, Sorters are already in operation at 165 each reported by more than 70 per cent of banks and are being installed at 34 other the automating banks, and savings accounts, banks; and 162 banks have such units on which were reported by almost 60 per cent. order or definitely planned. Practically all More than half report coverage for mortbanks with deposits of $250 million and over gage loans and payroll accounts. Receiving are using or have firm plans for MICR sort- least attention are operations generally ining equipment. The proportion of banks volving small volume and little processing, using sorters decreases rapidly as size of including time certificates of deposit and bank decreases, with sorters reported by time deposits, open account; commercial only 14 per cent of banks with deposits from loans; and trust activities. $25 million to $50 million. Most banks own Implementation of automation plans, or lease sorters, operating them under single- however, is less advanced for regular checkbank management, but 15 smaller banks ing accounts than for any other operation. are planning cooperative facilities for pro- By the March survey date, only 16 per cent viding sorter services, and 25 are contract- of the banks automating regular checking ing for such services with correspondent accounts had covered more than 80 per banks or data-processing organizations. cent of all such accounts within the bank. An additional 52 per cent indicated that they APPLICATIONS OF AUTOMATION would achieve nearly complete coverage Statistical operations involving routine proc- with the use of equipment on hand or on essing of large numbers of transactions are order, while 22 per cent of the banks had particularly well suited for automation. yet to order the equipment. The extensive Banks have a large number of such opera- work and planning involved in converting tions. The recent development of equipment regular checking accounts to MICR systems, capable of reading data imprinted with mag- together with lags in the availability of netic ink has greatly enhanced the possibil- equipment, account in large part for the ities for realization of the economies of auto- limited progress reported thus far in automation in banking. As might be expected, mating these accounts. the survey shows that banks are employing In contrast, banks reported that they had automated procedures in a variety of opera- made most progress in implementing plans tions, with the extent of automation depend- for automating their payroll accounts. ing on the volume of transactions as well as Nearly three-fifths of all the banks that are the adaptability of the operation to available planning to automate these accounts reautomation procedures. ported almost complete coverage as of the For example, in most banks regular survey date. Substantial progress also was checking accounts give rise to the largest reported in automating consumer loan and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AUTOMATION AT COMMERCIAL BANKS 1413 personal trust accounts. In each of these counting equipment, which has been availareas, however, existing automation is able for a long time. Although planned automainly through conventional punch-card ac- mation in these areas involves increased TABLE 3 AUTOMATION OF ACCOUNTS BY COMMERCIAL BANKS Equipment on hand or on order Total Type of account au a t c b o c a m o n u a k n t s i t n s g Total M ce o n r t e a t u h t a o n m 8 a 0 ti o p n er 80 o p r e l r e s c s ent E p q l u a i n p n m e e d nt automation Currently Planned planned Number of banks Deposit: Regular checking 388 303 60 201 42 85 Special checking 358 285 86 166 33 73 Savings 259 168 51 107 10 91 Other time 92 64 27 36 1 28 Loan: Consumer 322 248 123 115 10 74 Mortgage 235 164 74 83 7 71 Commercial 147 91 27 61 3 56 Trust: Personal 172 145 101 41 3 27 Transfer agent or registrar 129 106 63 40 3 23 Other 140 111 71 37 3 29 Other: Transit 192 102 7 78 17 90 Payroll 235 197 138 58 1 38 Percentage distribution Deposit: Regular checking 100.0 78.1 15.5 51.8 10.8 21.9 Special checking 100.0 79.6 24.0 46.4 9.2 20.4 Savings 100.0 64.9 19.7 41.3 3.9 35.1 Other time 100.0 69.6 29.3 39.1 1.1 30.4 Loan: Consumer 100.0 77.0 38.2 35.7 3.1 23.0 Mortgage 100.0 69.8 31.5 35.3 3.0 30.2 Commercial 100.0 61.9 18.4 41.5 2.0 38.1 Trust: Personal 100.0 84.3 58.7 23.8 1.7 15.7 Transfer agent or registrar 100.0 82.2 48.8 31.0 2.3 17.8 Other 100.0 79.3 50.7 26.4 2.1 20.7 Other: Transit 100.0 53.1 3.6 40.6 8.9 46.9 Payroll 100.0 83.8 58.7 24.7 .4 16.2 As percentage of the 447 automating banks Deposit: Regular checking 86.8 67.8 13.4 45.0 9.4 19.0 Special checking 80.1 63.8 19.2 37.1 7.4 16.3 Savings 57.9 37.6 11.4 23.9 2.2 20.4 Other time 20.6 14.3 6.0 8.1 .2 6.3 Loan: Consumer 72.0 55.5 27.5 25.7 2.2 16.6 Mortgage 52.6 36.7 16.6 18.6 1.6 15.9 Commercial 32.9 20.4 6.0 13.6 .7 12.5 Trust: Personal 38.5 32.4 22.6 9.2 .7 6.0 Transfer agent or registrar 28.9 23.7 14.1 8.9 .7 5.1 Other 31.3 24.8 15.9 8.3 .7 6.5 Other: Transit 43.0 22.8 1.6 17.4 3.8 20.1 Payroll 52.6 44.1 30.9 13.0 .2 8.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1414 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 use of computers, conventional systems will straight numeric system for numbering both remain dominant in payroll and personal their deposit accounts and their loan actrust accounts even after planned expansion counts, a substantial number will continue has been completed. to use a modified alpha-numeric system. The existing automation of nonsavings A total of 231 banks, or more than onetime deposits, mortgage loans, and com- half of all automating banks, report that mercial loans is mainly through conventional they would be able to obtain figures through punch-card systems. When the proposed ex- their automated systems for the classificapansion is complete, however, each of these tions of deposits and loans as required in types of accounts will be more than 50 per official Reports of Condition. Moreover, 134 cent computer automated. banks report that their automated systems At the time of the survey, very little auto- could provide totals for the suggested demation of transit activities had been mand and time deposit classifications deachieved. A total of 192 banks, or 43 per veloped by the Federal Reserve System as a cent of the automating banks, however, ex- guide to automating banks, and 123 banks pect to have transit activities automated report that provision has been made to adopt within 3 years. the System's recommendations at a later date.4 The classifications currently in effect, ACCOUNT NUMBERING AND however, provide considerably less detail CLASSIFICATION than those suggested by the Federal Reserve. Banks that plan to automate their deposit accounting or that have already done so MAGNETIC INK PREPRINTING AND ENCODING have adopted modified versions of either a straight numbering of accounts or an alpha- A prerequisite to the use of MICR sorters is numeric system. The simple alpha-numeric the preprinting of checks or other documents system generally is modified by dividing the with magnetic ink characters. Banks may alphabet into small sections, for example, have one or more of three different cate- AAA-AIA, AJA-ARA, etc. Within these gories of information mechanically recorded alphabetic sections, new accounts are in- on checks: bank transit number and routing serted at the next unassigned number in- symbol to facilitate forwarding and creditstead of in strictly alphabetic positions. A ing of checks between banks; dollar amount further modification involves the segrega- of check to permit automatic debiting, credtion of groups of accounts for special han- iting, and verifying of proper amounts; and dling, such as high activity accounts, trusts, individual account identification to faciliinterbank accounts, public funds, and em- tate internal bookkeeping at the payee bank. ployee accounts. At the time of the survey more than 400 The straight numeric system generally is banks, or 43 per cent of all banks surveyed, modified by grouping numbered accounts by were preprinting more than four-fifths of type, for example, special checking, regular their checks with magnetic ink characters checking, and commercial accounts. Fre- showing transit number and routing symbol. quently, broad alphabetic groups are main- Almost all the banks were preprinting some tained within each category of numbered of their checks, as shown in Table 4. Furaccount. Although a majority of the auto- 4 See Federal Reserve BULLETINS, July 1960 and mating banks have adopted a modified May 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AUTOMATION AT COMMERCIAL BANKS 1415 ther rapid progress in the use of magnetic were planning such encoding, using equipink symbols is in prospect; 467 banks plan ment on hand or on order. to have all checks preprinted by the end of In seven Federal Reserve districts some this year, and 724 by mid-1963. Only 7 banks with total deposits of less than $25 small banks have no plans for preprinting. million were surveyed regarding the use of Almost one-third of the respondents, or magnetic ink encoding procedures and 312 banks, have already acquired or have equipment. A substantial number of these ordered equipment to encode the dollar smaller banks are preprinting checks with amounts on checks in magnetic ink charactheir transit-routing numbers. But only a ters, as shown in Table 5. At the time of the survey, only 25 banks were encoding the few will encode the dollar amounts on dollar amounts on checks sent to Federal checks sent out for collection, and a very Reserve Banks or to correspondent banks small number of these banks will operate for collection, and an additional 200 banks their own electronic sorting equipment. TABLE 4 STATUS OF MAGNETIC INK CHECK PREPRINTING AT COMMERCIAL BANKS Size of bank (total deposits, in millions of dollars) Total banks ,000 and over 500-1,000 250-500 100-250 50-100 25-50 Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per ber cent ber cent ber cent ber cent ber cent ber cent ber cent Total reporting banks 972 100.0 23 100.0 37 100.0 65 100.0 174 100.0 230 100.0 443 100.0 Banks preprinting checks Per cent of checks preprinted: l None 24 2.5 2 5.4 1 1.5 1 .6 7 3.0 13 2.9 1- 20 S7 5 9 1 2.7 15 8 6 11 4.8 30 6.8 21-40 85 O -J 2 8.7 1 2.7 2 3.1 12 6.9 24 10.4 44 9.9 41-60 149 15.3 4 17.4 4 10.8 11 16.9 23 13.2 34 14.8 73 16.5 61- 80 . . .. 241 24.8 3 13.0 11 29.7 22 33.8 46 26.4 63 27.4 96 21.7 81-100 416 42.8 14 60.9 18 48.6 29 44.6 77 44.3 91 39.6 187 42.2 Schedule for adopting 100 per cent preprinting Schedule: Mar 1 June 30 1962 174 17.9 4 17 4 9 24.3 7 10.8 26 14.9 43 18.7 85 19.2 July 1-Dec. 31, 1962. 293 30.1 9 39.1 15 40.5 18 27.7 63 36.2 61 26.5 127 28.7 Jan. 1-June 30 1963 257 26.4 5 21.7 7 18.9 23 35.4 52 29.9 64 27.8 106 23.9 July 1-Dec. 31, 1963 81 8.3 3 13.0 2 5.4 9 13.8 11 6.3 26 11.3 30 6.8 During 1964 54 5.6 1 4.3 2 5.4 2 3.1 8 4.6 12 5.2 29 6.5 I 1 n 9 d 6 e 5 f in o i r t e later 9 n 3 9 1 . 6 3 1 4.3 1 1 2 2. . 7 7 6 9.2 1 2 2 6 1. .9 1 221 9. . 1 9 52 8 1 1 1 . . 8 7 No plans for preprinting 7 .7 1 .4 6 1.4 1 Checks preprinted in magnetic ink characters with transit number and routing symbol in March 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1416 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 TABLE 5 ACQUISITION AND USE OF EQUIPMENT FOR MAGNETIC INK CHECK ENCODING Size of bank (total deposits, in millions of dollars) Total banks Item 1,000 and over 500-1,000 250-500 100-250 50-100 25-50 Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per ber cent ber cent ber cent ber cent ber cent ber cent ber cent 972 100.0 23 100.0 37 100.0 65 100.0 174 100.0 230 100.0 443 100.0 Banks with equipment for encoding dollar amounts on checks, total... 312 32.1 23 100.0 32 86.5 47 72.3 98 56.3 57 24.8 55 12.4 157 16.2 16 69.6 24 64.9 31 47.7 42 24.1 26 11.3 18 4.1 On order 1 • .•••• 155 15.9 7 30.4 8 21.6 16 24.6 56 32.2 31 13.5 37 8.4 Banks encoding dollar amounts on checks for outside clearing, total.. 225 23.1 17 73.9 27 73.0 32 49.2 72 41.4 35 15.2 42 9.5 25 2.6 6 26.1 2 5.4 3 4.6 9 5.2 3 1.3 2 .5 Planned using available equipment.. 76 7.8 3 13.0 17 45.9 14 21.5 23 13.2 8 3.5 11 2.5 Planned using equipment on order.. 124 12.8 8 34.8 8 21.6 15 23.1 40 23.0 24 10.4 29 6.5 1 Excludes 43 banks with equipment on order as well as on hand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AUTOMATION AT COMMERCIAL BANKS 1417 SUPPLEMENTARY TABLE 1 STATUS OF AUTOMATION AT COMMERCIAL BANKS, BY FEDERAL RESERVE DISTRICT Banks using or planning computers Total Per cent District banks reporting Total In operation Being installed l Planned 2 reporting computers Number Per cent Number Per cent Number Per cent Number Per cent Total 972 38.9 378 100.0 116 30.7 62 16.4 200 52.9 Boston . 59 40.7 24 100.0 10 41.7 3 12.5 11 45.8 New York 146 41.1 60 100.0 20 33.3 9 15.0 31 51.7 Philadelohia 57 40.4 23 100.0 7 30.4 5 21.7 11 47.8 Cleveland 81 34.6 28 100.0 7 25.0 2 7.1 19 67.9 66 34.8 23 100.0 9 39.1 3 13.0 11 47.8 Atlanta 94 38.3 36 100.0 3 8.3 7 19.4 26 72.2 Chicago 191 31.9 61 100.0 16 26.2 12 19.7 33 54.1 St Louis 50 38.0 19 100.0 7 36.8 1 5.3 11 57.9 28 35.7 10 100.0 5 50.0 4 40.0 1 10.0 Kansas City 55 43.6 24 100.0 5 20.8 2 8.3 17 70.8 Dallas 74 36.5 27 100.0 9 33.3 3 11.1 15 55.6 San Francisco 71 60.6 43 100.0 18 41.9 11 25.6 14 32.6 1 Includes banks at which computers are being installed and banks NOTE.—Details may not add to totals because of rounding. Figures in the process of converting from one computer to another. relating to planned computer systems refer only to equipment already 2 Includes banks with computers on order and banks with definite on order or definitely planned to be operating within 3 years. plans to begin using computer systems within 3 years. SUPPLEMENTARY TABLE 2 COMPUTER SYSTEMS AT COMMERCIAL BANKS, BY TYPE OF COMPUTER General purpose All Special types purpose Otl Item Total Large Medium Small Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per ber cent ber cent ber cent ber cent ber cent ber cent ber cent Total banks reporting computers 382 100.0 245 100.0 16 100.0 70 100.0 159 100.0 84 100.0 153 100.0 Status of automation In operation . 116 30.4 86 35.1 13 81.3 22 31.4 51 32.1 20 23.8 10 18.9 In process 2 62 16.2 44 18.0 1 6.3 11 15.7 32 20.1 17 20.2 1 1.9 Planned 3 200 52.4 113 46.1 2 12.5 36 51.4 75 47.2 47 56.0 40 75 5 Unspecified 4 1.0 2 .8 1 1.4 1 .6 3.8 Arrangements for management Operate own computer: Single bank 319 83.5 200 81.6 14 87.5 47 67.1 139 87.4 80 95.2 39 73.6 Two or more banks cooperating 22 5.8 16 6.5 11 15.7 5 3.1 2.4 4 7.5 Contract for computer services 32 8.4 25 10.2 2 12.5 11 15.7 12 7.5 1.2 6 11.3 Unspecified 9 2.4 4 1.6 1 1.4 3 1.9 1 1.2 4 7.5 Type of input-output Punch-card 78 20 4 38 15.5 38 23.9 26 31 0 14 26 4 121 31.7 91 37.1 13 81.3 37 52.9 41 25.8 14 16.7 16 30.2 Punch-card and magnetic tape 123 32.2 107 43.7 3 18.8 28 40.0 76 47.8 5 6.0 11 20.8 Punch oaoer taDe 10 2.6 1 .4 1 1.4 8 9.5 1 1.9 Unsoecificd 50 13.1 8 3.3 4 5.7 4 2.5 31 36.9 11 20.8 1 Includes 42 banks that did not identify their computers. 3 Includes banks with computers on order and banks with definite 2 Includes banks at which computers are being installed and banks plans to begin using computer systems within 3 years. in the process of converting from one computer to another. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1418 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 SUPPLEMENTARY TABLE 3 AUTOMATION OF ACCOUNTS AT COMMERCIAL BANKS BY METHOD Punch-card accounting Computer Type of account Total Current Planned Total Current Planned Number of banks Deposit: Regular checking 18 12 6 285 48 237 Special checking 38 31 7 247 55 192 Savings 34 29 5 134 22 112 Other time 26 20 6 38 7 31 Loan: Consumer 103 91 12 145 32 113 Mortgage 74 57 17 90 17 73 Commercial 24 18 6 67 9 58 Trust: Personal 99 92 7 46 9 37 Transfer agent or registrar, 63 54 9 43 9 34 Other 69 63 6 42 8 34 Other: Transit 1 1 101 7 94 Payroll 119 110 9 78 28 50 NOTE.—Figures refer to banks using equipment already on hand or on order. SUPPLEMENTARY TABLE 4 PROVISION AND USE OF DEPOSIT ACCOUNTING AND SORTING SERVICES Number of banks Percentage of all banks within size class Size of bank Providing services Using Providing services Using (total deposits, in millions of dollars) deposit deposit Total accounting accounting reporting Deposit and/or Deposit and/or accounting Sorting sorting accounting Sorting sorting services services All classes 972 190 197 83 19.5 20.3 8.5 1 000 or more 23 12 12 52 2 52 2 500-1,000 37 24 20 64.9 54.1 250-500 65 32 31 49.2 47.7 1.5 100-250 174 61 68 7 35.1 39.1 4 0 50-100 230 35 37 20 15.2 16 1 8 7 25 50 443 26 29 55 5.9 6.5 12.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AUTOMATION AT COMMERCIAL BANKS 1419 CONFIDENTIAL F.R. Form approved Budget Bureau No. 55-6201 February 1962 FEDERAL RESERVE SURVEY OF COMMERCIAL BANK AUTOMATION Please complete this form and mail one copy to the Federal Reserve Bank in your District on or before March , 1962, Name of bank_ Address Number of banking offices Name, title, and address of officer responsible forbank'sautomation program This questionnaire is concerned with bank automation, particularly as it involves (1) preprinting checks with MICE transit number and routing symbol, (2) encoding the dollar amounts of checks, and (3) using computer or punch card accounting equipment in the performance of various bookkeeping functions. If your bank is now doing or pinna to do any of these, please complete this questionnaire and return it. If you have no definite automation plans, complete only Item 1 below on MICR and return this form to the Federal Reserve Bank in your District. 1. MICR (Magnetic Ink Character Recognition) - Deposit Accounting and Transit* a. What percentage of the checks drawn on your bank are now preprinted with your Transit Number- Routing Symbol in magnetic ink characters? When do you expect that all (or most) of the checks drawn on your bank will be so preprinted? Do you have on hand, on order, or are you planning to order high-speed electronic equipment for deposit accounting or transit? Yes // No /"7 (1) If yes, do you plan to provide deposit accounting services for other banks? Yes /~7 No /"7 Sorting services? Yes £J No £] (2) If no, do you plan to make use of deposit accounting or sorting services provided by another bank or service organization? Yes // No /"7 Do you have on hand or on order equipment to encode the dollar amounts on the checks? Yes /"7 No /"7 (1) If on hand: Are you presently encoding the dollar amounts on the checks that you send to Federal Reserve Banks or correspondent banks for collection? Yes /"7 No /"7 If not presently encoding such checks, do you plan to do so? Yes /7No O If yes» when? (2) If on order: When will equipment be delivered? _________ Do you plan to encode the dollar amounts on the checks that you send to Federal Reserve Banks of correspondent banks for collection? Yes /"7 No /"7 If yes, when will you start? Computer Equipment. List below the computer equipment (including magnetic ink character recognition sorters) in use or planned for your bank. Identify each separate computer system detailing (on an attached sheet if necessary) peripheral equipment (including number of tape units). Make and model Input-output number Management arrangement S t a t us facilities Owned or Coopera- Independent In Being On order or (Check one or bothT leased by tive service opera- installed firm plans On-line Magyour bank ven- bureau or tion or in pro- to convert punch netic only ture correspondent cess of within 3 card tape Computers bank conversion years O O a 0 O O D o a a a a O a a o a o o a o a a a a a 0 o o a o a o a o o a o o 0 MICR sorters o o o o a o o o a o a a o o a a a o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1420 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 - 2 - 3« I ftf"ied Applications of Automation. Please indicate by check marks in the appropriate squares of a, b, and c below all existing and planned applications of automation in your bank and supply the requested information about each application in the adjoining columns. Applications Currently Automated Application Type of system Cover ace Computer Punch card Approximate percentage Number of accounting of total number of offices specified accounts affected a in bank O / / Regular checking accounts a D /"7 Special checking accounts a D n Savings deposits a O £J Other time deposits a D /""7 Consumer loans o D /~7 Mortgage loans a a n Commercial loans a a £7 Transit o o £J Payroll /"7 Trust accounting (specify) a a £J Other (specify) a o a o a o b. Breakdown identical to 3a. above. c. Breakdown of accounts identical to 3a., but the only data requested were dates for completion of planned automation. k. Classification of Deposits and Loans. a. Can the automated portion of your accounting system provide figures for the classifications of deposits and loans required in the Call Report of Condition? Yes /"*7 No /"7 b. Can the automated portion of your accounting system provide totals for the demand and time deposit classifications suggested in the Federal Reserve Bulletins of July 1960 and May 1961 (reprints attached)? Yes // No fj Has provision been made in your automated or planned accounting system to provide this information at a future date? Yes f~f No /"7 c. Within the automated portion of your existing or planned accounting system, what information is contained in the master file about each loan and deposit account — for example, type of business, location of customer, average size of account, etc.? Describe classifications in detail on a separate sheet or attach prepared materials showing breakdowns. d. Please describe on a separate sheet or submit prepared materials coi^taining a detailed description of the account numbering system, including check digit system, used for your deposit and loan accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Quarterly Survey of Consumer Buying Intentions CONSUMER PLANS to buy automobiles tion expecting no change was correspondand household durable goods continued ingly smaller. The proportion of families strong in October, according to data from who expected lower incomes or who were the Quarterly Survey of Consumer Buying uncertain about their future income pros- Intentions. Plans to buy new automobiles pects remained unchanged at a level well and household durable goods increased below that of the corresponding period of more from July to October than they had in 1961. In the recent Survey about the same either of the two preceding years. Plans to number of families as in the April and July buy used automobiles showed little change, Surveys reported that their incomes were compared with small increases in other re- equal to or higher than those a year earlier. cent years.1 Automobiles. Reported plans to buy new In October the number of consumers automobiles within 3 or 6 months, already reporting plans to buy automobiles within at high levels for July, increased slightly the next 6 or 12 months or reporting plans more from July to October than in the corto buy household durable goods within 6 responding period of 1960 or 1961. Remonths were all appreciably larger than a ported plans to buy in 6 to 12 months folyear earlier. Moreover, more families than lowing the Survey also advanced more than in other recent Octobers reported that they in either of the two preceding years. The definitely would buy or that they would buy proportions of families in October who rewithin the first 3 months. Plans to buy ported plans to buy new cars within each houses declined slightly from July to Oc- of the planning intervals covered by the tober but in October were close to the year- Survey were well above the corresponding earlier level. proportions reported in October 1960 and Consumers continued to report favorable 1961. expectations about prospective changes in In October, 6-month plans to buy used income. The proportion expecting higher automobiles were about the same as in Ocincomes over the next year was slightly tober 1961, after having been above yearlarger in October than in July; the propor- earlier levels in April and July. Definite plans to buy and plans to buy within 3 1PThis article presents the findings of the October months, however, were reported more often 1962 Quarterly Survey conducted by the U. S. Buthan in either of the two preceding October reau of the Census. The Quarterly Survey is conducted under the supervision of Mona E. Dingle of Surveys. the Board's staff and James C. Byrnes of the Bureau The number of consumers reporting disof the Census. The current article was prepared by Theodore G. Flechsig. Articles covering the previous satisfaction with the cars they owned was Quarterly Surveys appeared in earlier issues of the about the same this October as it was a year BULLETIN. A description of the Survey appeared in the BULLETIN for September 1960, pp. 977-1003. earlier. Six per cent said they had been 1421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1422 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 AUTOS AND HOUSES - PLANS TO BUY Household durable goods. Six-month plans WITHIN 6 MONTHS Per cent to buy household durable goods increased slightly more from July to October than in the same period of 1961 and considerably more than in 1960. Reported plans to buy each of the household items included in the Survey were higher than or about the same as a year earlier. Expected purchases of television sets, clothes dryers, and radio and phonographic equipment were particularly strong. As indicated in the chart, 6-month plans per 100 families were about the same as in October I960, after having been below the WITHIN 12 MONTHS corresponding 1960 levels in earlier Surveys this year. However, because these proportions are based on an expanding number of households, the number of plans was actually about the same in July 1962 as two years earlier and in October was slightly JAN. APR. JULY OCT. JAN. larger than in October I960.2 Plans to buy NOTE.—Plans to buy new automobiles and used automobiles include pro rata shares of planners undecided between new and used. These proportions differ from the proportions shown household durable goods within 3 months, in Table 1, which include only specific plans to buy either new or used cars. moreover, continued at a substantially shopping for a new or used car in the weeks immediately preceding the Survey, com- HOUSEHOLD DURABLE GOODS - PLANS TO BUY pared with 5 per cent in October 1961 and WITHIN 6 MONTHS No per 100 fam amities slightly more than 6 per cent in October - - 1960. 1960 - 24 In each quarter of this year consumer —— 1962 1961 purchases of new cars have been substan- 1 1 -- 16 tially larger than in the corresponding quar- WITHIN 3 MONTHS ter of 1961 and for the first 9 months were about one-fifth larger than in the same period of 1961. Consumer reports of used car - 6 purchases showed little change from the second to the third quarter this year, in contrast with substantial declines in the three JAN. APR. JULY OCT. JAN. NOTE.—Plans to buy items listed in Table 3. preceding years. According to Survey reports, purchases of used cars in the third 2 In terms of the number of plans or purchases, it should be kept in mind that reported proportions are quarter were considerably above the third based on the total number of households, which inquarter totals for 1961 and earlier years, crease by about 1 million units, or 2 per cent, per year. Thus 20.7 plans per 100 families in the recent while purchases in the first half had been Survey is equivalent in numbers to about 21.5 plans equal to those in the first half of 1961. per 100 families in October 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1423 higher level than in the corresponding Sur- SAMPLING ERRORS OF PROPORTIONS vey of the two preceding years. The chances are 68 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number Families interviewed in October reported of percentage points shown below. 12.6 purchases of household durable goods Reported percentage Number of per 100 families for the third quarter, com- households (in millions) 2 or 98 5 or 95 10 or 90 25 or 75 50 pared with 11 per 100 families in the second quarter. The increase between quarters 1 .8 1.3 1.8 2.6 3.0 2 .6 .9 1.3 1.8 2.1 was about the same as in 1961. The total 5 .4 .6 .8 1.2 1.4 number of purchases by consumers in the 10 .3 .4 .6 .8 1.0 20 .2 .3 .4 .6 .7 third quarter was about 10 per cent larger 50 .1 .2 .3 .4 .4 than the number reported for the corresented by the Survey (or portion of the sponding quarter of 1960 and 1961. This Survey) rather than in terms of the actual is the fourth consecutive quarter in which number of households sampled. The chances reported purchases of household durable are 68 in 100, or about 2 in 3, that an goods have exceeded the year-earlier total. estimate from the Survey would differ from Houses. Plans to buy houses within 6 or a complete census by less than the sample 12 months declined slightly from July to errors shown in the table and 95 in 100 October, compared with a similar decline that the difference would be less than twice in the same period of 1960 and no change the errors shown. in the corresponding period of 1961. The second table shows the approximate Slightly fewer families in October than a number of households by income and age year earlier expected to buy houses, and groups. The estimated size of each subfewer expressed definite plans to buy. In group may be used in the first table to July, plans had been slightly higher than in obtain the approximate sampling error for July 1961. According to Survey data, in that subgroup in preceding Surveys as well the third quarter purchases of new and exas in the October 1962 Survey. isting houses continued to show little change from year-earlier levels. SAMPLE SIZE FOR SPECIFIED GROUPS Sampling variability. Data from Quarterly Surveys are based on about 17,000 inter- Families or households 1 views and, as is true of all sample surveys, Group characteristic Proportion Approximate numin October ber applicable to may differ because of sampling variability 1962 all Surveys Survey (in millions) from data that would be obtained if a complete census were taken. The reliability of Total 100.0 54 estimates of percentages obtained from the Income: 2 Under $3,000 27.3 15 Survey depends on the size of the estimated $3,000-$4,999 20.4 12 $5,000-57,499 23.7 12 $7,500-$9,999 11.6 6 percentage and the size of the total sample $10,000 and over 10.7 5 Not ascertained 6.2 4 —or portion of the sample—on which the Age of head : percentage is based. Under 35 23.0 13 35-54 41.6 23 Sampling errors are shown in the table 55 and over 35.3 18 for selected percentages and sample sizes. iFor the Quarterly Survey, data are collected only from the The sample sizes are expressed in terms of principal family in the household. Therefore the number of families is the same as the number of households. the estimated number of households repre- 2 Total money income before taxes of family in 12 months immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1424 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 TABLE 1 PLANS TO BUY HOUSES AND DURABLE GOODS, 1960-62 1 1960 1961 1962 Buying plan Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Percentage of all families New or used automobile: 2 Planning to buy within 12 months 17.1 16.8 18.6 17.9 16.6 17.4 18.5 18.1 18.9 17.4 19.5 Doesn't know about 12-month plan 7.5 7.1 7.1 7.4 7.6 7.3 8.0 7.7 7.9 7.6 8.0 Planning to buy within 6 months 8.8 8.1 9.1 9.0 8.4 8.4 9.1 9.1 10.2 8.8 9.5 Doesn't know about 6-month plan 3.0 2.8 2.8 2.7 2.9 2.9 3.1 3.0 3.3 2.9 3.2 Has shopped for automobile 3 5.5 4.9 6.3 4.5 5.1 4.6 5.0 4.3 5.4 4.6 6.0 Dissatisfied with automobile owned 8.7 8.0 9.6 10.0 8.9 9.1 9.2 10.3 9.8 9.1 New automobile: Planning to buy within 12 months 7.0 6.9 7.9 7.4 6.8 7.6 8.1 7.8 7.7 7.4 9.1 Planning to buy within 6 months 3.3 3.1 3.7 3.5 3.1 3.4 3.7 3.7 3.4 3.4 4.1 Degree of certainty: Definitely 1.5 1.2 1.5 .4 1.1 1.4 1.6 1.5 1.5 1.4 1.8 Tim P M r i o a n y b g b a o e b f l y planned purchase: .9 1.0 1. . 2 9 . . 1 0 1. . 1 9 1 1 . . 1 0 1. . 2 9 1 1. . 0 2 1 1 . . 0 0 1. . 0 9 1 1 . . 2 2 First 3 months 1.2 .9 1.3 .0 .9 1.1 1.4 1.1 1.3 1.1 1.6 Second 3 months 1.3 1.4 1.4 .6 1.4 1.5 1.5 1.7 1.3 1.4 1.6 Doesn't know when in 6 months .7 .7 .9 .9 .8 .9 .9 .9 Used automobile: Planning to buy within 12 months 7.2 7.2 8.0 8.3 7.7 7.9 8.2 8.2 9.2 8.1 8.3 Planning to buy within 6 months 3.9 3.8 4.0 4.5 4.1 4.2 4.4 4.3 5.6 4.5 4.4 Degree of certainty: Definitely .3 1.4 .2 1.5 .6 .5 .4 1.5 2.0 1.7 .6 Probably .2 1.2 .3 1.4 .3 .2 .5 1.4 1.8 1.3 .4 Maybe .3 1.2 .4 1.6 .3 .5 .5 1.4 1.8 1.5 .5 Timing of planned purchase: First 3 months .4 1.4 .3 1.3 .7 .6 .4 1.3 2.1 1.7 .7 Second 3 months .3 1.2 .7 2.0 .3 .6 .7 1.8 1.9 1.3 .5 Doesn't know when in 6 months 1.1 .9 1.2 1.1 .0 .3 1.2 1.6 1.5 .2 House (new or existing): Planning to buy within 24 months 11.1 11.2 10.6 10.3 10.0 10.0 10.6 9.8 10.0 10.1 10.4 Doesn't know about 24-month plan 6.2 6.6 6.8 6.4 6.3 6.1 6.4 6.1 6.4 6.0 6.7 Planning to buy within 12 months 5.3 5.4 5.0 4.8 5.1 5.0 5.1 4.8 5.2 5.2 4.9 Degree of certainty: Definitely 2.2 2.2 2.0 1.9 2.1 2.0 2.2 1.7 2.0 2.3 2.0 Probably 1.6 1.6 1.5 1.5 1.5 1.6 1.6 1.5 1.5 1.5 1.4 Maybe 1.5 1.5 1.5 1.4 1.4 1.4 1.3 1.6 1.7 1.4 1.6 Timing of planned purchase: First 6 months 2.5 2.4 1.9 1.9 2.3 1.9 2.0 1.8 2.3 2.3 1.8 Second 6 months 1.3 1.7 1.9 1.5 1.4 1.7 1.8 1.5 1.3 1.6 1.8 Doesn't know when in 12 months.... 1.4 1.3 1.1 1.4 1.3 1.4 1.3 1.5 1.6 1.3 1.3 Doesn't know about 12-month plan 2.4 2.4 2.5 2.1 2.2 2.2 2.3 2.0 2.3 2.3 2.3 Plans per 100 families Household durable goods: 4 Planning to buy within 6 months 21.9 20.1 21.0 20.5 20.2 18.4 19.6 18.8 20.1 19.3 20.7 Degree of certainty: Definitely 7.7 6.5 7.4 6.3 6.5 6.2 7.0 6.5 7.1 6.9 7.3 Probably 5.8 5.0 5.5 5.4 5.6 4.8 5.0 5.1 5.2 4.6 5.0 Maybe 8.5 8.6 8.1 8.8 8.1 7.3 7.6 7.2 7.9 7.8 8.4 Timing of planned purchase: First 3 months 7.4 5.9 6.8 5.1 6.7 5.8 6.9 4.8 7.2 6.8 7.7 Second 3 months 7.7 7.4 8.2 8.8 7.8 7.4 7.1 8.8 7.1 7.3 7.8 Doesn't know when in 6 months 6.7 6.7 6.0 6.6 5.7 5.2 5.6 5.2 5.8 5.2 5.2 Doesn't know about 6-month plan 5.4 4.7 4.5 4.7 5.0 4.6 4.6 5.2 5.1 4.5 4.7 Major household durable goods: 5 Planning to buy within 6 months 13.9 14.0 13.8 13.7 13.0 12.8 13.1 12.2 13.0 13.2 13.5 Degree of certainty: Definitely 4.7 4.4 4.7 4.1 4.1 4.1 4.5 4.1 4.4 4.7 4.6 Probably 3.1 3.0 3.1 3.0 3.1 3.1 2.8 2.8 3.0 2.8 2.8 Maybe 6.2 6.7 5.9 6.6 5.8 5.6 5.9 5.3 5.7 5.8 6.1 Timing of planned purchase: First 3 months 3.8 3.8 4.2 3.5 3.7 3.9 4.5 3.2 4.0 4.5 4.7 Second 3 months 4.9 4.7 5.1 5.1 5.0 4.7 4.3 5.0 4.5 4.6 4.9 Doesn't know when in 6 months 5.2 5.4 4.5 5.1 4.2 4.2 4.3 4.0 4.5 4.1 3.9 Doesn't know about 6-month plan 2.7 2.9 2.6 2.9 2.8 2.9 2.9 2.9 3.0 2.9 3.0 1 As reported in interviews in the first month of each calendar 4 Sum of plans to buy washing machines, refrigerators, television quarter. Interviews are taken in the week that includes the 19th of sets, air conditioners, clothes dryers, radio and phonographic equipthe month. Planning period begins on the date of interview. ment, and dishwashers. 2 Includes those undecided between new and used. 5 Sum of plans to buy first three items listed'in note 4. 3 In the weeks immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1425 TABLE 2 PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1960-62 1960 1961 1962 Planning period, and income or age group Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Planners as a percentage of all families in group Planning to buy new automobile within 6 months: All families 3.3 3.1 3.7 3.5 3.1 3.4 3.7 3.7 3.4 3.4 4.1 Income: * Under $3,000 .9 .8 .6 .6 .8 .7 .7 .9 .9 .9 $3,000-54,999 1.7 1.5 2.4 1.9 1.7 2.2 2.3 2.0 1.8 2.1 2.6 $5,000-$7,499 4.5 3.6 4.5 4.1 3.8 3.8 3.4 3.8 3.5 3.6 4.6 $7,500-$9,999 5.5 6.6 6.8 6.3 4.8 6.0 6.7 6.3 6.2 5.7 6.8 $10,000 and over 9.6 9.9 11.7 11.3 9.6 11.0 13.4 11.5 9.4 9.8 12.2 Age of head: Under 35 3.3 3.4 3.7 3.6 3.2 3.3 3.4 4.1 3.4 4.0 4.4 3 55 5 - a 5 n 4 d over 4 2 . . 1 3 2.1 2.9 2.5 2.4 2.3 2.7 4 2 . . 1 9 4.0 4.1 2 5 . . 8 1 2.8 2.1 Planning to buy used automobile within 6 months: All families 3.9 3.8 4.0 4.5 4.1 4.2 4.4 4.3 5.6 4.5 4.4 Income: l Under $3,000 2.6 2.9 2.9 2.8 2.5 2.7 3.0 2.3 4.0 2.8 3.4 $3,000-$4,999 4.3 4.1 4.4 4.9 5.1 4.5 4.7 5.3 5.8 5.2 5.0 $5,000-$7,499 4.9 4.6 4.9 6.0 4.6 5.3 5.7 6.1 6.7 5.8 5.6 $7,500-$9,999 4.8 5.4 5.6 4.9 5.4 5.2 5.5 3.9 7.0 5.2 4.7 $10,000 and over 3.3 4.1 3.9 4.8 4.3 4.7 4.1 4.8 5.4 5.1 4.1 Age of head: Under 35 6.8 6.6 6.7 7.1 6.8 7.1 7.0 7.4 9.9 7.5 7.2 35-54 4.3 4.0 4.3 5.0 4.8 4.7 4.8 4.6 6.2 5.2 5.0 55 and over 1.4 1.5 1.6 2.0 1.5 1.6 2.1 1.8 2.0 1.7 1.9 Planning to buy house within 12 months: All families 5.3 5.4 5.0 4.8 5.1 5.0 5.1 4.8 5.2 5.2 4.9 Income: l Under $3,000 1.7 2.1 1.8 1.5 1.7 2.2 2.4 1.7 2.3 2.1 1.9 $3,000-$4,999 5.1 5.4 4.9 4.1 4.8 4.8 4.6 4.7 4.5 4.8 4.8 $5,000-$7,499 7.1 7.3 7.0 6.6 6.4 6.7 6.1 6.2 6.6 6.7 5.6 $7,500-$9,999 8.4 8.6 8.4 7.3 7.9 7.9 7.8 6.4 7.4 8.2 7.4 $10,000 and over 10.2 9.1 7.3 8.6 8.1 7.7 9.5 8.7 9.0 8.6 9.0 Age of head: Under 35 9.4 9.8 9.2 8.8 9.3 9.9 9.5 9.2 9.7 9.4 9.1 35-54 5.6 5.5 5.1 5.1 5.1 4.7 5.3 4.9 5.2 5.8 5.2 55 and over 2.0 2.2 2.0 1.7 2.1 2.1 2.0 1.6 2.3 2.0 2.0 Plans per 100 families in group Planning to buy household durable goods within 6 months: 2 All families 21.9 20.1 21.0 20.5 20.2 18.4 19.6 18.8 20.1 19.3 20.7 Income: 1 Under $3,000 12.1 11.1 10.8 10.0 10.4 10.7 10.9 10.0 11.7 10.5 11.1 $3,000-$4,999 19.3 18.8 19.6 15.0 15.9 14.8 16.5 16.4 17.0 16.6 17.0 $5,000-$7,499 24.0 24.1 24.9 24.7 21.4 20.5 21.1 21.4 22.0 22.0 24.5 $7,500-$9,999 30.8 29.8 32.2 31.5 28.6 28.4 30.2 25.9 25.8 24.8 29.1 $10,000 and over 43.8 39.1 41.1 40.8 39.7 34.0 37.5 34.2 36.8 34.6 34.6 Age of head: Under 35 32.0 29.8 31.2 27.3 29.6 26.9 28.1 27.6 31.5 29.0 29.6 35-54 24.4 22.0 23.7 23.9 21.8 20.2 21.3 21.3 21.5 21.7 23.9 55 and over 11.9 11.2 10.6 11.8 12.0 10.4 11.8 9.7 11.0 10.3 11.0 Planning to buy major household durable goods within 6 months: 3 All families 13.9 14.0 13.8 13.7 13.0 12.8 13.1 12.2 13.0 13.2 13.5 Income: l Under $3,000 9.9 9.8 9.2 8.5 8.7 9.5 9.5 8.7 9.5 9.1 9.6 $3,000-$4,999 13.3 14.0 14.4 11.6 11.5 11.4 12.4 11.6 12.0 12.9 12.6 $5,000-$7,499 14.5 16.3 15.9 16.2 13.7 13.6 13.9 13.4 14.2 15.3 15.2 $7,500-$9,999 17.0 18.0 19.0 18.5 15.2 18.7 17.7 15.1 15.2 15.4 17.0 $10,000 and over 21.4 22.4 21.4 23.1 21.5 19.2 20.2 17.8 18.9 18.1 19.2 Age of head: Under 35 19.8 19.5 19.7 17.5 18.3 17.8 18.3 17.2 19.2 19.8 18.3 35-54 15.0 15.3 15.3 15.5 13.7 14.0 14.0 13.5 13.8 14.2 15.5 55 and over 8.6 8.7 8.2 8.9 8.6 7.9 8.6 7.2 7.9 7.9 8.1 1 Total money income before taxes of family in 12 months immedi- sets, air conditioners, clothes dryers, radio and phonographic equipately preceding interview. ** ment, and dishwashers. 2 Sum of plans to buy washing machines, refrigerators, television 3 Sum of plans to buy first three items listed in note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1426 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 TABLE 3 PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1960-62 [Percentage of all families] 1960 1961 1962 Type of durable good Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Washing machine . 6.0 5.9 5.5 5.5 5.3 5.1 5.4 5.2 5.4 5.3 5.3 Refrigerator 3.8 4.0 3.4 3.7 3.6 3.4 3.3 3.1 3.4 3.6 3.3 Television set 3.9 4.2 4.3 4.9 Air conditioner 3.4 1.4 1.3 2.0 2.6 1.2 1.9 2.6 1.3 l.l Clothes dryer 1.8 2.0 2.3 1.9 1.8 1.7 1.9 1.8 1.8 2.1 2.4 Radio and phonographic equipment * 1.9 1.9 2.7 2.1 2.1 2.1 2.5 2.3 1.9 1.9 2.8 .8 .8 .8 .8 .8 .7 .8 .6 .8 .8 .8 1 Radios or phonographs (or their component parts) together costing $100 or more. TABLE 4 PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1960-62 * [Percentage of all families] 1960 1961 1962 Item Jan.- Apr.- July- Oct.- Jan.- Apr.- July- Oct.- Jan.- Apr.- July- Mar. June Sept. Dec. Mar. June Sept. Dec. Mar. June Sept. Automobile: New . 2.7 3.2 2.8 2.8 2.1 2.2 2.2 2.9 2.3 2.9 2.6 Used 5.0 5.7 5.2 4.9 5.1 5.9 5.4 5.1 5.1 5.8 5.7 House (new or existing) 2 .8 1.4 1.4 1.2 1.0 1.1 1.4 1.2 .9 1.2 1.3 ^Washing machine 2.4 2.7 2.8 2.9 2.2 2.5 2.8 2.8 2.3 2.6 2.7 Refrigerator 1.6 2.4 2.7 1.9 1.7 2.2 2.8 1.9 1.7 2.4 3.1 Television set 3.3 2.9 3.4 4.8 2.8 2.7 3.3 5.2 3.1 2.8 3.4 Air conditioner .3 1.0 .2 .2 .8 1.0 .3 .2 1.5 1.0 Clothes dryer ... . . .. .6 .5 .7 1.1 .7 .4 .6 1.0 .7 .4 .7 Radio and phonographic equipment 3 1.0 .9 1.0 2.9 .9 1.0 1.0 2.8 1.0 1.0 1.2 Dishwasher .3 .3 .3 .4 .2 .3 .3 .5 .2 .3 .3 1 As reported in month immediately following purchase period. chases of new houses. 2 Estimates are subject to somewhat larger sampling errors than 3 Radios or phonographs (or their component parts) together other data because of special problems involved in estimating pur- costing $100 or more. TABLE 5 PAST AND EXPECTED CHANGES IN INCOME, 1960-62 [Percentage distribution of families] 1960 1961 1962 Direction of change Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Current income compared with a year earlier: Higher 22.2 21.5 23.2 22.6 20.7 20.6 22.6 22.2 23.1 21.1 22.1 Same 61.3 61.9 58.7 57.9 59.9 61.0 59.9 60.2 61.6 63.7 62.3 Lower ... 15.5 15.7 17.0 18.7 18.5 17.6 16.6 16.5 14.6 14.4 14.6 Doesn't know 1.0 .9 1.1 .8 .8 .9 .9 1.0 .8 .8 1.1 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current: 1 Higher 24.2 24.6 24.5 24.6 23.9 24.7 23.7 24.0 24.2 23.2 24.4 Same 60.2 59.6 59.2 57.2 59.4 58.5 59.3 60.0 60.3 61.2 59.8 Lower 5.6 5.9 5.8 6.0 5.4 5.8 5.7 5.0 5.1 5.1 5.2 Doesn't know 10.0 9.8 10.5 12.2 11.4 11.0 11.3 11.1 10.4 10.6 10.5 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Expected a year hence. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Interest on Time Deposits of Bank for In the case presented, the shares of the mutual International Settlements fund (open-end investment company) are technically not issued at the time they are sold by the The opinion of the Board of Governors has underwriter and distributor. Several days may been requested as to whether time deposits of the elapse from the date of sale before a certificate Bank for International Settlements with member can be delivered by the transfer agent. The specific banks would be exempted from interest rate limi- inquiry to the Board was, in effect, whether the tations under Public Law 87-827, approved Octo- 7-day period after which a purchase transaction ber 15, 1962, amending Section 19 of the Federal must be liquidated or canceled for nonpayment Reserve Act. In the light of the general purposes should run, in the case of mutual fund shares, of that statute and the nature of the organization from the time when a certificate for the purchased and functions of the Bank for International Set- shares is available for delivery to the purchaser, tlements, the Board has concluded that the phrase instead of from the date of the purchase. "monetary and financial authorities of foreign Under the general rule of Section 220.4(c)(2) governments" is susceptible of construction as in- that is applicable to purchases of outstanding cluding the Bank for International Settlements securities, the 7-day period runs from the date of and, therefore, time deposits with member banks purchase without regard to the time required for by that agency, when acting in such capacity, the mechanical acts of transfer of ownership and would be covered by that statute. delivery of a certificate. This rule is based on the principles governing the use of special cash accounts in accordance with which, in the absence of Time of Payment for Mutual Fund Shares special circumstances, payment is to be made Purchased in a Special Cash Account promptly upon the purchase of securities. The Board has recently considered the ques- The purpose of Section 220.4(c)(3) is to retion whether, in connection with the purchase of cognize the fact that, when an issue of securities mutual fund shares in a "special cash account" is to be issued at some fixed future date, a security under Federal Reserve Regulation T, the 7-day that is a part of such issue can be purchased on a period with respect to liquidation for nonpay- "when-issued" basis and that payment may reament is that described in Section 220.4(c)(2) or sonably be delayed until after such date of issue, that described in Section 220.4(c)(3). subject to other basic conditions for transactions in a special cash account. Thus, unissued securities Section 220.4(c)(2) provides as follows: should be regarded as "made available for deliv- "In case a customer purchases a security (other than ery to purchasers" on the date when they are suban exempted security) in the special cash account and does not make full cash payment for the security stantially as available as outstanding securities are within 7 days after the date on which the security is available upon purchase, and this would ordiso purchased, the creditor shall, except as provided in narily be the designated date of issuance or, in subparagraphs (3)-(7) of this paragraph, promptly cancel or otherwise liquidate the transaction or the the case of a stock dividend, the "payment date." unsettled portion thereof." (Emphasis supplied) In any case, the time required for the mechanics of transfer and delivery of a certificate is not Section 220.4(c)(3), one of the exceptions material under Section 220.4(c)(3) any more referred to, provides in relevant part as follows: than it is under Section 220.4(c)(2). "If the security when so purchased is an unissued Mutual fund shares are essentially available security, the period applicable to the transaction under subparagraph (2) of this paragraph shall be 7 days upon purchase to the same extent as outstanding after the date on which the security is made available securities. The mechanics of their issuance and by the issuer for delivery to purchasers." (Emphasis of the delivery of certificates are not significantly supplied) 1427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1428 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 different from the mechanics of transfer and ments, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or simidelivery of certificates for shares of outstanding lar functions performed for a bank. securities, and the issuance of mutual fund shares (c) The term "bank service corporation" means a is not a future event in a sense that would warrant corporation organized to perform bank services for two or more banks, each of which owns part of the the extension of the time for payment beyond that capital stock of such corporation, and at least one afforded in the case of outstanding securities. of which is subject to examination by a Federal supervisory agency. Consequently, the Board has concluded that a (d) The term "invest" includes any advance of purchase of mutual fund shares is not a purchase funds to a bank service corporation, whether by the of an "unissued security" to which Section purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold 220.4(c)(3) applies, but is a transaction to which and delivered, or services rendered prior to the mak- Section 220.4(c) (2) applies. ing of such payment. SEC. 2. (a) No limitation or prohibition otherwise Compilation of Federal and State Laws imposed by any provision of Federal law exclusively relating to banks shall prevent any two or more banks Relating to Bank Holding Companies from investing not more than 10 percentum of the paid-in and unimpaired capital and unimpaired sur- A compilation of provisions of Federal and plus of each of them in a bank service corporation. State laws relating to bank holding companies, as (b) If stock in a bank service corporation has been held by two banks, and one of such banks ceases of June 1, 1962, has been prepared by the Legal to utilize the services of the corporation and ceases Division of the Board of Governors, with the to hold stock in it, and leaves the other as the sole assistance of the Counsel for the Federal Reserve stockholding bank, the corporation may nevertheless continue to function as such and the other bank may Banks. Copies of the compilation may be ob- continue to hold stock in it. tained upon request. SEC. 3. Whenever a bank (referred to in this section as an "applying bank") subject to examination by a Bank Service Corporations Federal supervisory agency applies for a type of bank services for itself from a bank service corporation The Act of Congress, approved October 23, which supplies the same type of bank services to another bank, and the applying bank is competitive 1962 (Public Law 87-856), the so-called "Bank with any bank (referred to in this section as a "stock- Service Corporation Act," authorizes all banks holding bank") which holds stock in such corporasubject to Federal supervision to invest in corpo- tion, the corporation must offer to supply such services by either— rations whose purpose is to provide clerical, book- (1) issuing stock to the applying bank and furkeeping, accounting, and statistical services. The nishing bank services to it on the same basis as to Board of Governors issued a statement on Octo- the other banks holding stock in the corporation, or ber 23, 1962, to all State chartered member (2) furnishing bank services to the applying banks, explaining the provisions of the Bank bank at rates no higher than necessary to fairly Service Corporation Act. The texts of the Act reflect the cost of such services, including the reasonable cost of the capital provided to the corporaand of the Board's Statement read as follows: tion by its stockholders, at the corporation's option, unless comparable services AN ACT at competitive overall cost are available to the applying bank from another source, or unless the furnishing To authorize certain banks to invest in corporations of the services sought by the applying bank would be whose purpose is to provide clerical services for beyond the practical capacity of the corporation. In them, and for other purposes. any action or proceeding to enforce the duty imposed Be it enacted by the Senate and House of by this section, or for damages for the breach thereof, the burden shall be upon the bank service corporation Representatives of the United States of America to show such availability. in Congress assembled, That for the purposes SEC. 4. No bank service corporation may engage of this Act— in any activity other than the performance of bank services for banks. {a) The Term "Federal supervisory agency" means the Comptroller of the Currency, the Board of SEC. 5. (a) No bank subject to examination by a Governors of the Federal Reserve System, or the Federal supervisory agency may cause to be per- Board of Directors of the Federal Deposit Insurance formed, by contract or otherwise, any bank services Corporation. for itself, whether on or off its premises, unless as- (b) The term "bank services" means services such surances satisfactorv to the agency prescribed in as check and deposit sorting and posting, computa- subsection (b) of this section are furnished to such tion and posting of interest and other credits and agency by both the bank and the party performing charges, preparation and mailing of checks, state- such services that the performance thereof will be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1429 subject to regulation and examination by such agency Bank service corporations. "Bank service corporato the same extent as if such services were being per- tion" is defined in the Act to mean "a corporation orformed by the bank itself on its own premises. ganized to perform bank services for two or more (b) The assurances required by subsection (a) banks, each of which owns part of the capital stock of of this section shall be given, in the case of— such corporation, and at least one of which is subject to examination by a Federal supervisory agency." (1) a national banking association or a bank operating under the code of laws for the District While initially at least two or more banks must of Columbia, to the Comptroller of the Currency; own stock in a bank service corporation, the Act provides that if one bank ceases to hold such stock (2) a bank (other than a bank described in and to utilize the services of the corporation, the paragraph (1)) which is a member of the Federal remaining bank may continue to hold stock of and Reserve System, to the Board of Governors of the be serviced by the corporation. Federal Reserve System; and Bank service corporations are prohibited from per- (3) a bank (other than a bank described in forming any services for persons or organizations paragraph (1) or (2)) whose deposits are insured other than banks. Another provision of the Act is by the Federal Deposit Insurance Corporation, to intended to prevent any unfair or anti-competitive use the Board of Directors of the Federal Deposit In- of a bank service corporation to the disadvantage of surance Corporation. a nonstockholding bank applying for service from Approved October, 1962. the corporation. Examination and regulation. Under Section 5 of STATEMENT OF THE the Act, no State member bank "may cause to be BOARD OF GOVERNORS OF THE performed, by contract or otherwise, any bank serv- FEDERAL RESERVE SYSTEM ON THE ices for itself, whether on or off its premises, unless assurances satisfactory to" the Board of Governors BANK SERVICE CORPORATION ACT of the Federal Reserve System are furnished to it "by both the bank and the party performing such Purpose of the Statement. The purpose of this services that the performance thereof will be subject statement is to provide some initial guidance to to regulation and examination by" the Board of State banks that are members of the Federal Reserve Governors "to the same extent as if such services System relative to the so-called "Bank Service Cor- were being performed by the bank itself on its own poration Act," which became effective on the ap- premises." (Section 5 of the Act also applies to naproval date shown on the cover page hereof. A copy tional banks and nonmember insured banks; but, as to of the text of the Act is attached to this statement. them, the assurances described in the section must The Act involves an area of relatively recent de- be furnished to the Comptroller of the Currency or velopment and is the first Federal legislation to deal the Federal Deposit Insurance Corporation, as the with the subject specifically. None of the provisions case may be.) of the Act has a delayed effective date. While all With respect to Section 5 of the Act, the Senate banks are not expected to have the same immedi- Committee on Banking and Currency stated that the ate interest therein, the Act or some of its pro- Federal supervisory agencies "must be able to examine visions will have a present interest to many banks all of the banks' records, and they must be able to which contemplate or now have arrangements for exercise proper supervision over all the banks' activiutilizing bank services of the kind covered by the ties, whether performed by the banks' employees on Act. Accordingly, this statement sets forth or sum- their premises or by anyone else on or off the banks' marizes salient features of the Act and refers in premises. This examination and this supervision cansome detail to the provisions of Section 5 of the not be frustrated by a transfer of the banks' records Act relating specifically to the assurances concerning to some other organization or by having some other regulation and examination required to be furnished organization carry out all or part of the banks' to the appropriate Federal supervisory agency which, functions." (S. Rept. No. 2105, 87th Cong, on H. R. in the case of State member banks, is the Board of 8874, Sept. 18, 1962, p. 3.) Similarly, the Com- Governors of the Federal Reserve System. mittee on Banking and Currency of the House of Representatives stated that "it would obviously be Bank investment in bank service corporations. The unwise to permit banks to avoid the examination and legislative history of the Act contains numerous supervision of vital banking functions by the simple recognitions of the need to enable banks to utilize expedient of farming out such functions." (H. Rept. modern automated equipment by means of their No. 2062, 87th Cong, on H. R. 8874, July 30, 1962, ownership of stock in corporations referred to in the P- 2.) Act as "bank service corporations." To facilitate this objective, the Act provides that Assurances of banks and suppliers of bank serv- "No limitation or prohibition otherwise imposed by ices. The assurances required by Section 5 of the any provision of Federal law exclusively relating to Act in the case of a State member bank should be banks shall prevent any two or more banks from furnished to the Board of Governors through the investing not more than 10 percentum of the paid-in Federal Reserve Bank of the district. The Act requires and unimpaired capital and unimpaired surplus of such assurances from the party or organization pereach of them in a bank service corporation." This forming the bank services, as well as from the bank 10 per cent investment ceiling applies to loans and which the services are performed. Assurances are other advances of funds, as well as the purchase of required whether the services are performed under stock. pre-existing arrangements or new arrangements, and The Act, however, does not authorize a State bank whether the services are performed by bank service to invest in a bank service corporation if the bank is corporations or others. not permitted to do so under the applicable State law. Unless and until further experience with the new Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1430 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 legislation should indicate a need for other or more Inquiries concerning the Act. Inquiries concerning detailed procedures, it will be satisfactory for the the Act as it relates to State member banks should be required assurances to be furnished to the Board addressed to the Federal Reserve Bank of the district of Governors by a letter addressed by the State in which the inquiry arises. member bank to the Federal Reserve Bank, stating in substance that the bank and the servicing agency have agreed that the performance of the services Termination of Proceeding Regarding will be subject to regulation and examination by the Adequacy of Capital Funds Board of Governors to the same extent as if the services were being performed by the Bank itself on its own premises. With respect to any service ar- The Board of Governors, on October 30, 1962, rangement in existence at the effective date of the Act, it is expected that the letter of assurance will issued an Order terminating the administrative be received by the Federal Reserve Bank as promptly proceeding involving The Continental Bank and as practicable, preferably within 30 days from such Trust Company, Salt Lake City, Utah. The text date. As to any service arrangement entered into or renewed after the effective date of the Act, the letter of the Order is as follows: of assurance should be received by the Federal Reserve Bank prior to the performance of any services under such arrangement. Such letters need not THE CONTINENTAL BANK AND TRUST be furnished, unless specifically requested by the Board of Governors, in connection with arrange- COMPANY, SALT LAKE CITY, UTAH ments for the performance of legal services or administrative services such as transportation services In the matter of The Continental Bank and or guard services. Arrangements for bank services needed because of emergencies or short periods of Trust Company, Salt Lake City, Utah. unusually heavy work may also be made without furnishing such letters where it would be impracticable ORDER TERMINATING PROCEEDING to do so. This proceeding was initially instituted by an "Bank services." In connection with Section 5 of the Act, as well as in other connections, references Order of the Board of Governors of the Federal are made in the Act to "bank services." That term is Reserve System dated June 29, 1956, in which defined in the Act to mean "services such as check and deposit sorting and posting, computation and the Board ordered a hearing to determine (1) posting of interest and other credits and charges, the adequacy or inadequacy of the net capital and preparation and mailing of checks, statements, notices, surplus funds of the Continental Bank and Trust and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed Company of Salt Lake City, Utah (hereinafter for a bank." called the "Bank"), (2) the additional amount of As previously noted, numerous recognitions appear capital funds, if any, needed by the Bank, and in the Act's legislative history of the need for banks and their customers to benefit from the use of modern (3) what period of time would be reasonable in automated equipment. Of further relevance with re- which to allow the Bank to increase its capital spect to the meaning of "bank services" are the statefunds to make them adequate. ments quoted above from the reports of the congressional committees. Bearing importantly upon the By an Order dated July 18, 1960, [1960 F R meaning of "bank services" also is the following fur- BULLETIN, page 860] based upon evidence conther quotation from page 3 of the Report of the Senate Committee: tained in the record of that hearing, to the extent indicated in that Order, and upon examination "The authority to examine and supervise banks is broad and must be vigorously exercised. At the same time sound and supervisory reports of the Bank equally availdiscretion must be used. Banks have always employed others to do many things for them, and they will have to continue able to the Bank, the Board found that the Bank's to do so, and the bill is not intended to prevent this or to make it more difficult. For example, banks have employed net capital and surplus funds as of that date were lawyers to prepare trust and estate accounts and to prosecute judicial proceedings for the settlement of such accounts. Banks inadequate in relation to the character and condihave employed accountants to prepare earnings statements and balance sheets. Banks have employed public relations and tion of its assets and to its deposit liabilities and advertising firms. And banks have employed individuals or firms to perform all kinds of administrative activities, including other corporate responsibilities, and ordered that armored car and other transportation services, guard services and, in many cases, other mechanical services needed to run within six months of the date of the Order the the banks' buildings. It is not expected that the bank supervisory agencies would find it necessary to examine or regulate Bank, by the sale of common stock for cash, effect any of these agents or representatives of a bank, except under an increase in its net capital and surplus funds in the most unusual circumstances. The authority is intended to be limited to banking functions as such. the amount of not less than $1,500,000. "The committee is aware also that, during emergencies and short periods of unusually heavy work, performance of bank Upon failure of the Bank to comply with such services by outside organizations may be necessary and may involve no problems from the point of view of bank examina- Order of July 18, 1960, the Board on June 28, tion and supervision. The committee expects the bank supervisory agencies to make sure that the authority vested in them 1961, issued an Order for a hearing at which the under the bill and their general supervisory authority are exercised with this need in mind." Bank might show cause why the Board should Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1431 not require it to surrender its stock in the Federal Capital stock $3,510,000 Reserve Bank of San Francisco and to forfeit all Surplus 1,700,000 rights and privileges of membership in the Fed- Undivided profits 505,000 eral Reserve System for failure to comply with the Reserves 785,000 Bank's Condition of Membership No. 2; which provides: $6,500,000 In addition the Bank's letter of October 9, 1962, "The net capital and surplus funds of such bank shall be adequate in relation to the character and represented that the Bank would continue to imcondition of its assets and to its deposit liabilities and prove its capital structure through net retained other corporate responsibilities, and its capital shall not be reduced except with the permission of the earnings. Board of Governors of the Federal Reserve System." The Board has considered the fact that during The Show Cause Hearing was held before a the period between the aforesaid July 18, 1960 duly appointed Hearing Examiner on October 29, Order and the June 30, 1962 Report of Condition the Bank had increased its capital accounts by 1962, the record of such hearing was closed on $388,530 from retained earnings, which together the same date by the Hearing Examiner, and such with the additional $1,111,000 will result in a total record has been certified by the Hearing Examiner capital account increase since July 18, 1960 of to the Board. $1,499,530. The Board has further considered The record so certified contains a letter adsuch changes as have occurred since July 18, 1960 dressed by the Bank to the Board under date of in the amount, character, and condition of the October 9, 1962, enclosing a resolution of its Bank's assets and in its deposit liabilities and other Board of Directors which sets forth a plan for incorporate responsibilities. The Board has also creasing the Bank's capital accounts. In substance noted that through earnings retained since the that plan provides: commencement of this proceeding in 1956, the 1. By the end of 1962 the capital, surplus, un- Bank had increased its capital structure as of June divided profits, and unapplied reserve accounts 30, 1962 from $3,488,202 to $5,389,350. With of the Bank will be increased to a total of not less the addition of the aforesaid $1,111,000 by year end 1962, the Bank will have increased its capithan $6,500,000, which will require a cash intal structure by somewhat more than $3,000,000 crease of not less than $1,111,000 over the June since the commencement of this proceeding. 30, 1962 total of these accounts. On the basis of these considerations the Board 2. This cash increase of $1,111,000 in its capiaddressed a letter to the Bank dated October 11, tal structure will be accomplished by the Bank in 1962, which is a part of the certified record, the following manner: stating that accomplishment of the plan set forth a. The issuance and sale of additional common by the Bank would constitute sufficient cause for stock for cash in the amount of $540,000; and terminating this proceeding. b. Cash dividends from the two wholly owned Accordingly, the Board finds that, in the light building subsidiaries of the Bank; cash proceeds of the Bank's current capital condition as reof the liquidation of the Paramount Life Insur- flected by the latest report of examination of the ance Company of Texas; and the declaration of a Bank, and by the Bank's latest reports of condistock dividend in lieu of the Bank's 1962 year-end tion and of income and dividends, the anticipated cash dividend, the total of such dividends and accomplishment within a reasonable period of proceeds of liquidation amounting to $571,000. time of the actions to increase the Bank's capital 3. This $1,111,000 cash increase in the Bank's funds, as described in the resolution of the Bank's Board of Directors enclosed with the said letter capital structure will be allocated as follows: from the Bank dated October 9, 1962, constitutes $810,000 to capital stock, sufficient cause for termination of this proceeding. $270,000 to surplus, and IT IS HEREBY ORDERED that the capital adequacy $31,000 to undivided profits and/or reserves. proceeding involving the Bank, originally insti- 4. Upon the accomplishment of this capital in- tuted by the Board's Order of June 29, 1956, crease the Bank will have: and culminating in the Board's Order to Show Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1432 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 Cause and for Hearing Thereon of June 28, 1961, of the proposed merger, in form approved by the and the hearing held on October 29, 1962, pur- Board, has been published pursuant to said Act. suant to that Order, is hereby terminated, on the Upon consideration of all relevant material in condition that if within the period of time pro- the light of the factors set forth in said Act, inposed by the Bank, or by such later date as the cluding reports furnished by the Comptroller of Board, for good cause shown, may hereafter spec- the Currency, the Federal Deposit Insurance Corify, the Bank shall not have furnished the Board poration, and the Department of Justice on the with satisfactory evidence that the Bank has sub- competitive factors involved in the proposed stantially accomplished the actions described in merger, the resolution of its Board of Directors enclosed IT IS HEREBY ORDERED, for the reasons set forth with such letter of October 9, 1962, then and in in the Board's Statement of this date, that said that event this Order shall be deemed to be of no application be and hereby is approved, provided effect and the Board may then reopen the record that said merger shall not be consummated (a) of the Show Cause Hearing or take such other within seven calendar days after the date of this action as may be appropriate in the circumstances Order or (b) later than three months after said at that time. date. Dated at Washington, D. C, this 30th day of Dated at Washington, D. C, this 12th day of October, 1962. October, 1962. By order of the Board of Governors. By order of the Board of Governors. Voting for this action: Chairman Martin, and Gov- (Signed) MERRITT SHERMAN, ernors Balderston, Mills, and Shepardson. Absent and Secretary. not voting: Governors Robertson, King, and Mitchell. [SEAL] (Signed) MERRITT SHERMAN, Secretary. Orders Under Bank Merger Act [SEAL] The Board of Governors of the Federal Reserve STATEMENT System has issued the following Orders and Statements with respect to applications for approval Union Trust Company of Maryland, Baltimore, of mergers of certain banks: Maryland ("Union Trust"), with deposits of $286.6 million as of December 30, 1961 (adjusted for two mergers heretofore consummated UNION TRUST COMPANY OF MARYLAND, in 1962), has applied, pursuant to the Bank BALTIMORE, MARYLAND Merger Act (12 U.S.C. 1828(c)), for prior approval by the Board of the merger of that bank In the matter of the application of Union Trust and The Liberty Bank, Easton, Maryland ("Lib- Company of Maryland for approval of merger erty Bank"), with deposits of $7 million as of the with The Liberty Bank. same date. The banks would merge under the charter and title of Union Trust, which is a State- ORDER APPROVING MERGER OF BANKS chartered member bank of the Federal Reserve There has come before the Board of Governors, System, and the three offices of Liberty Bank pursuant to the Bank Merger Act of 1960 (12 would become branches of Union Trust, increas- U.S.C. 1828(c)), an application by Union Trust ing the number of offices of Union Trust from Company of Maryland, Baltimore, Maryland, a 35 to 38. member bank of the Federal Reserve System, for Under the Act, the Board is required to conprior approval by the Board of the merger of that sider (1) the financial history and condition of bank and The Liberty Bank, Easton, Maryland, each of the banks involved, (2) the adequacy of under the charter and title of the former. As an its capital structure, (3) its earnings prospects, incident to the merger, the three offices of The (4) the general character of its management, (5) Liberty Bank would be operated as branches of whether its corporate powers are consistent with the Union Trust Company of Maryland. Notice the purposes of 12 U.S.C, Ch. 16 (the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1433 Deposit Insurance Act), (6) the convenience and them. The service areas of Union Trust and Libneeds of the communities to be served, and (7) erty Bank do not overlap, and each draws only a the effect of the transaction on competition (in- negligible amount of business from the area of cluding any tendency toward monopoly). The the other. There is virtually no competition be- Board may not approve the transaction unless, tween them. after considering all these factors, it finds the The small banks in the areas surrounding transaction to be in the public interest. Easton, Trappe, and Hillsboro serve principally Banking factors. The financial history of Union their own communities and would probably not Trust is satisfactory, its asset condition is sound, be perceptibly affected by this merger. Upon and its capital structure is adequate. Its manage- consummation of this merger there would be in ment is good and its earnings prospects are Easton one branch of Union Trust (third largest favorable. The financial history of Liberty Bank bank in Maryland), two branches of Maryland is also satisfactory; however, its financial condi- National Bank (the largest bank in the State), tion is only fair, its earnings have been below and one unit bank, The Talbot Bank of Easton. average, and its capital structure is less than desir- The proposed transaction would probably have no able. Liberty Bank has a serious management suc- deleterious effect upon competition in Easton. cession problem which this merger would correct. Consummation of this proposal would cause This transaction would have the effect of adding Union Trust to hold only .2 per cent more of the management strength and of establishing a basis total commercial bank deposits of Maryland, and for improved earnings that does not presently exist its position as third largest bank in the State would on the part of the offices of Liberty Bank. No not change. indication exists that there is or would be any Summary and conclusion. There is little, if inconsistency with the purposes of 12 U.S.C., Ch. any, competition between Liberty Bank and Union 16. Trust which would be eliminated by this merger, Convenience and needs of the communities. and the over-all effect upon competition for other Thirty-three of the offices of Union Trust are in banks in the area should not be appreciably ad- Baltimore or within twenty miles of the city limits verse. This merger would not materially increase (city population 939,000 and metropolitan area Union Trust's percentage of total bank deposits population 1,785,000). The other two are in Salis- in Maryland, and its relative size among the banks bury (city population about 16,300 and trade area in the State would not change. Consummation of population of 225,000) on the Eastern Shore of the proposal would not only provide the people Maryland. The main office of Liberty Bank is in within the service area of Liberty Bank with Easton (city population about 6,300), which is 60 broader banking services but would also solve the miles from Baltimore and 45 miles from Salisbury. management succession and capital problems of There is a branch of Liberty Bank in Trappe, 8 Liberty Bank. miles south of Easton, and one in Hillsboro, 15 Accordingly, the Board finds the proposed miles northeast of Easton. merger to be in the public interest. The merger would affect principally those people living in the service area of Liberty Bank. GARY TRUST AND SAVINGS BANK, The Hillsboro and Trappe offices of Liberty Bank GARY, INDIANA would offer a number of new banking services and the Easton office would become another In the matter of the application of Gary Trust source of certain services. For example, larger and Savings Bank for approval of merger with loans, consumer loans, and trust services would Lake County State Bank. be available at all three. Competition. The nearest offices of the two ORDER APPROVING MERGER OF BANKS banks involved in this proposal are those at Trappe and Salisbury, 38 miles apart. There are There has come before the Board of Governors, several other banking offices in the area between pursuant to the Bank Merger Act of 1960 (12 these offices of Liberty Bank and Union Trust. U.S.C. 1828 (c)), an application by Gary Trust This merger would have little, if any, effect upon and Savings Bank, Gary, Indiana, a member bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1434 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 of the Federal Reserve System, for the Board's Lake County Bank would become branches of prior approval of the merger of that bank and Bank of Indiana. Lake County State Bank, East Gary, Indiana, Under the Act, the Board is required to conunder the charter of the former and title of Bank sider (1) the financial history and condition of of Indiana and, as an incident to the merger, the each of the banks involved, (2) the adequancy of two offices of Lake County State Bank would be its capital structure, (3) its future earnings prosoperated as branches of Bank of Indiana. Notice pects, (4) the general character of its management, of the proposed merger, in form approved by the (5) whether its corporate powers are consistent Board, has been published pursuant to said Act. with the purposes of 12 U.S.C, Ch. 16 (the Fed- Upon consideration of all relevant material in eral Deposit Insurance Act), (6) the convenience the light of the factors set forth in said Act, in- and needs of the community to be served, and cluding reports furnished by the Comptroller of (7) the effect of the transaction on competition the Currency, the Federal Deposit Insurance Cor- (including any tendency toward monopoly). The poration, and the Department of Justice on the Board may not approve the transaction unless, competitive factors involved in the proposed after considering all these factors, it finds the merger, transaction to be in the public interest. IT IS HEREBY ORDERED, for the reasons set forth Banking factors. The financial condition and in the Board's Statement of this date, that said capital structure of each of the banks are satisapplication be and hereby is approved, provided factory, as would be true of the resulting bank. that said merger shall not be consummated (a) The earnings prospects of the resulting bank would within seven calendar days after the date of this be satisfactory. Lake County Bank's management Order or (b) later than three months after said succession problem would be relieved by the mandate. agement of Gary Trust. There is no indication that the powers of either Dated at Washington, D. C, this 30th day of of the banks are or would be inconsistent with October, 1962. 12 U.S.C, Ch. 16. By Order of the Board of Governors. Convenience and needs of the communities. Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and Mitchell. Gary, Indiana (1960 population about 178,000), Absent and not voting: Governors Robertson and is a growing industrial city situated on Lake Michi- King. gan and is one of the leading steel producing areas (Signed) MERRITT SHERMAN. in the United States. The steel industry provides Secretaiy. employment for over one-half of the Gary labor [SEAL] force. Banking services in Gary are supplied by Gary National Bank, by far the largest bank in STATEMENT the metropolitan area, which operates twelve offices, and Gary Trust, which operates three offices. Gary Trust and Savings Bank, Gary, Indiana Lake County Bank has its main office in East ("Gary Trust"), with deposits of about $27 mil- Gary (1960 population about 9,300) and operates lion,* has applied, pursuant to the Bank Merger a branch at Hobart (1960 population about Act of 1960 (12 U.S.C. 1828(c)), for prior ap- 18,600) located to the south of East Gary. These proval by the Board of the merger of that bank communities are mostly residential in character and Lake County State Bank, East Gary, Indiana and the principal employment is provided by the ("Lake County Bank"), with deposits of about nearby steel plants. $4.3 million.* The banks would merge under the The proposed merger would provide home owncharter of Gary Trust, which is a state-chartered ers, small businessmen, and salaried individuals, member bank of the Federal Reserve System, and which constitute the population of the East Gary under the title of Bank of Indiana. Bank of Indiana area, with more complete and broader banking would have five offices as it would continue the services. three offices of Gary Trust and the two offices of Competition. Although East Gary and Hobart are contiguous to Gary, there is little overlapping * As of March 26, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1435 of the service areas of the two banks involved Trust Company, White Plains, New York, a memin this merger. The main offices of Gary Trust ber of the Federal Reserve System, for the Board's and Lake Couny Bank are seven miles apart and prior approval of the merger of that bank and no offices of the respective banks are closer than The Gramatan National Bank and Trust Company four miles to each other. There appears to be only of Bronxville, Bronxville, New York, under the a small amount of competition between these charter and title of County Trust and, as an incibanks. dent to the merger, the two offices of Gramatan Gary National Bank has long been the dominant National would be operated as branches of County institution in the Gary metropolitan area. This Trust. Notice of the proposed merger, in form bank operates 12 of the 17 offices operated by approved by the Board, has been published purthe two Gary banks and the Lake County Bank, suant to said Act. and holds over 82 per cent of the IPC deposits Upon consideration of all relevant material in held by these three banks. Among its offices is the light of the factors set forth in said Act, includone in Hobart which now competes with a branch ing reports furnished by the Comptroller of the of the much smaller Lake County Bank. Under Currency, the Federal Deposit Insurance Corporathe proposal, the Hobart office of Lake County tion, and the Department of Justice on the com- Bank would become an office of the Bank of In- petitive factors involved in the proposed merger, diana, and this should increase competition in the IT IS HEREBY ORDERED, for the reasons set forth Hobart area. in the Board's Statement of this date, that said Since the present management of Gary Trust application be and hereby is approved, provided acquired control of that bank about three and that said merger shall not be consummated (a) one-half years go, the bank's deposits have in- within seven calendar days after the date of this creased from approximately $16 million to about Order or (b) later than three months after said $25 million. Consummation of the proposal would date. extend the services of that aggressive management Dated at Washington, D. C, this 7th day of into a new area. November, 1962. Summary and conclusion. Very little competi- By order of the Board of Governors. tion will be eliminated by this proposed merger, Voting for this action: Unanimous, with all members and a basis would be provided for the resulting present. bank, with stronger management, to compete more (Signed) MERRITT SHERMAN, aggressively and effectively with the much larger Secretary. bank which presently competes directly with both [SEAL! of the merging banks. The proposed merger would provide broader and more complete banking serv- STATEMENT ices in the City of East Gary. Accordingly, the Board finds the proposed The County Trust Company, White Plains, merger to be in the public interest. Westchester County, New York ("County Trust"), with deposits of $516.2 million,* has applied, pursuant to the Bank Merger Act of 1960 (12 THE COUNTY TRUST COMPANY, U.S.C. 1828 (c)), for prior approval by the WHITE PLAINS, NEW YORK Board of the merger of that bank and The Gra- In the matter of the application of The County matan National Bank and Trust Company of Trust Company for approval of merger with The Bronxville, Bronxville, Westchester County, New Gramatan National Bank and Trust Company of York ("Gramatan"), with deposits of $16.2 mil- Bronxville. lion.* The banks would merge under the charter and title of County Trust, which is a member State bank of the Federal Reserve System. As an ORDER APPROVING MERGER OF BANKS incident to the merger, the two offices of Gra- There has come before the Board of Governors, matan National would become branches of County pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828 (c)), an application by The County ! As of December 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1436 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 Trust, increasing the number of offices of County 485 in 1960), county seat of Westchester County. Trust from 43 to 45. County Trust's 36 other branches are located in Under the Act, the Board is required to con- most of the larger towns and villages in Westsider (1) the financial history and condition of chester County. each of the banks involved, (2) the adequacy Gramatan's main office and one branch are of its capital structure, (3) its future earnings located in the Village of Bronxville (population prospects, (4) the general character of its man- of 6,744 in 1960) about nine miles south of White agement, (5) whether its corporate powers are Plains. The bank's service area, i.e., the area from consistent with the purposes of 12 U.S.C. Ch. 16 which it derives more than 75 per cent of its (Federal Deposit Insurance Act), (6) the con- deposits by individuals, partnerships, and corvenience and needs of the community to be porations ("IPC deposits"), is principally resiserved, and (7) the effect of the transaction on dential and includes portions of the adjacent comcompetition (including any tendency toward mo- munities of Eastchester, Tuckahoe, Yonkers, and nopoly). The Board may not approve the trans- Mt. Vernon, and has an estimated population of action unless, after considering all these factors, 40,000. it finds the transaction to be in the public interest. Gramatan, as noted previously, has not provided Banking factors. The financial history of each all normal banking services to Bronxville and bank is satisfactory. Both have sound financial environs. For many years about 90 per cent of conditions, adequate capital structures, and the the bank's loan portfolio has consisted of instalfuture earnings prospects of County Trust are ment loans originating, not in Westchester County, favorable. This would be true also of the resultbut in the eastern and southeastern parts of the ing bank, which would be under the competent United States. Such loans as are made by Gramanagement of County Trust. Gramatan, with matan within the Bronxville area carry higher a good earnings record, is facing a management interest rates than do similar loans at County succession problem as the bank's chief executive Trust; and consequently, consummation of the officer has announced his intention to retire this proposed merger would provide to the Bronxyear, and efforts thus far to find a qualified sucville area a source of credit at lower rates, and cessor have not been fruitful. This situation is would eliminate the "home office protection" complicated by virtue of the unusual lending opwhich under New York law, now prevents other erations of Gramatan, which consist mostly of banks from establishing new branches in Bronxinstalment loans originating outside Westchester ville. The result should be increased competition County. Consummation of the proposal would not and improved banking services in the Bronxville only solve Gramatan's management problem, but area. the resulting arrangement would provide more Competition. Gramatan's unusual type of operalocal use of banking resources at the two offices tion has minimized its competitive ability and little now operated by Gramatan. competition exists between it and County Trust. There is no indication that the powers of either Nine commercial banks with head offices in of the banks are or would be inconsistent with Westchester County are currently operating 65 12 U.S.C, Ch. 16. banking offices, and two of these have a total of Convenience and needs of the communities. Westchester County is a rapidly growing area six branches approved but not yet opened. Four which adjoins New York City on the north. The New York City banks, three of which are in the county, which had a population of about 809,000 multi-billion dollar deposit category, are curin 1960, is primarily residential, although it has rently operating seven branch offices in the county experienced important business growth in recent and two of these have eight additional offices apyears. Continued substantial growth both in popu- proved but not yet opened. lation and business is expected. The proposed County Trust is the largest commercial bank merger would have little effect on the convenience with head office in Westchester County. If the and needs of the communities now served by proposed merger were consummated, County Trust County Trust, which has its main office and six would hold 49 per cent of the IPC deposits in of its branches in White Plains (population 50,- the county held by commercial banks. This would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1437 LAW DEPARTMENT be an increase of only 1.6 per cent, however; and Orders Under Section 3 County Trust's size has had no adverse effect of Bank Holding Company Act upon the other county-headquartered banks, which The Board of Governors of the Federal Reserve now hold a larger percentage of commercial bank- System has issued the following Orders and Stateing business in the county than they held at the ments with respect to applications by bank holdend of 1956. Five of these other banks show a ing companies for approval of acquisitions of votmuch higher rate of growth than County Trust. ing shares of certain banks: The movement of New York City banks into the area weakens any tendency toward dominance of THE FIRST VIRGINIA CORPORATION, county banking by County Trust. ARLINGTON, VIRGINIA Following the proposed merger, there would remain numerous alternative banking offices in In the matter of the applications of The First or near to Gramatan's present service area, includ- Virginia Corporation for approval of the acquisiing ten branches of three banks with home offices tion of voting shares of Southern Bank of Norfolk, in Westchester County and two branches of large Norfolk; Peoples's Bank, Mount Jackson; Shenan- New York City banks. Consummation of the pro- doah County Bank and Trust Company, Woodposal also would terminate the "home office pro- stock. tection" now prevailing in Bronxville, as noted above; and this would likely result in increased ORDER APPROVING APPLICATIONS competition. Applications for branches by banks UNDER BANK HOLDING COMPANY ACT not presently operating offices in Bronxville have There have come before the Board of Goverbeen filed, contingent on consummation of this nors, pursuant to Section 3(a) (2) of the Bank merger. Holding Company Act of 1956 (12 U.S.C. 1842) Summary and conclusion. The slight increase in and Section 4(a)(2) of the Federal Reserve banking concentration that would result from the Regulation Y (12 CFR 222.4(a) (2) ), three appliproposed merger would be more than offset by cations for the Board's prior approval of the the positive benefits that would flow therefrom. acquisition of 80 per cent or more of the outstand- The elimination of the "home office protection" ing voting shares of each of the following three presently existing in Bronxville can be expected banks in the Commonwealth of Virginia: to result in increased competition. Moreover, the (1) Southern Bank of Norfolk, Norfolk; share of commercial bank deposists in Westchester (2) Peoples' Bank, Mount Jackson; County held by County Trust and Gramatan has (3) Shenandoah County Bank and Trust Comdeclined during the past five years. This, together pany, Woodstock. with the present activity of New York City banks As required by Section 3(c) of the Act, notice in establishing branches in Westchester County, of each of these applications was given to the substantially lessens any tendency toward domi- Commissioner of Banking of the Commonwealth nance of county banking by County Trust. of Virginia, who expressed no objection to ap- Such slight competition as exists between County proval thereof. In addition, notices of receipt of Trust and Gramatan consist primarily of com- these applications were published in the Federal petition for deposits and not for loans, largely be- Register on February 10, 1962 (27 Fed. Reg. cause of Gramatan's emphasis on instalment loans 1300), February 10, 1962 (27 Fed. Reg. 1300), originating outside of Westchester County. The and April 14, 1962 (27 Fed. Reg. 3618), respecproposed merger would not only solve the man- tively, providing an opportunity for submission of agement succession problem at Gramatan, which comments and views regarding the proposed acis closely related to the bank's unusual type of quisitions. The time for filing such comments and business, but would enable County Trust to pro- views has expired and all comments and views vide a full range of banking services at the pres- filed with the Board have been considered by it. ent offices of Gramatan. IT IS HEREBY ORDERED, for the reasons set forth Accordingly, the Board finds the proposed in the Board's Statement of this date, that said merger to be in the public interest. applications be and hereby are approved, provided Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1438 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 that none of the acquisitions so approved shall eral, equally applicable in all three instances. be consummated (a) within seven calendar days Similar considerations with respect to each of the after the date of this Order or (b) later than banks involved, as well as considerations relating three months after said date. to the fourth and fifth statutory factors, require Dated at Washington, D. C, this 18th day of separate treatment. October, 1962. First Virginia Corporation. First presently con- By order of the Board of Governors. trols 6 banks, all in Virginia, having a total of 22 Voting for this action: Chairman Martin, and Gov- offices and total deposits of $116 million,* taking ernors Balderston, Mills, Shepardson, King, and into account First's subsequent acquisition of Mitchell. Absent and not voting: Governor Robertson. Richmond Bank and Trust Company and the (Signed) MERRITT SHERMAN, consolidation in 1962 of Mount Vernon Bank and Secretary. Trust Company with Old Dominion National [SEAL] Bank of Fairfax County (now Mount Vernon National Bank and Trust Company of Fairfax STATEMENT County). Of the system's total deposits, about $47 million are held by Old Dominion Bank, Arl- The First Virginia Corporation ("First" or "Apington. The three subsidiaries other than those plicant"), Arlington, Virginia, a registered bank already mentioned are The National Bank of holding company, has filed three separate applica- Manassas, Manassas; The Purcellville National tions, pursuant to Section 3 (a) (2) of the Bank Bank, Purcellville; and Falls Church Bank, Falls Holding Company Act of 1956 ("the Act"), for Church. the Board's approval of the acquisition of 80 per Consideration of the financial condition and cent or more of the outstanding voting shares of history, the prospects, and the management of each of the following banks in Virginia: First and of its system as a whole, discloses nothing (1) Southern Bank of Norfolk, Norfolk that would weigh materially for or against approval ("Southern-Norfolk"); of the present applications. In its Statement on the (2) Peoples' Bank, Mount Jackson ("Peoples'denial of First's application to acquire stock of Mt. Jackson"); and Farmers and Merchants National Bank, Win- (3) Shenandoah County Bank and Trust Comchester, Virginia, the Board expressed views adpany, Woodstock ("Woodstock Bank"). verse to the two-class stock structure of First, Statutory factors. With respect to each such principally on the ground that it represented an acquisition, Section 3(c) of the Act requires the inequitable distribution of voting power among Board to take into consideration the following the corporation's stockholders (1962 F. R. BULfive factors: (1) the financial history and condi- LETIN, page 1163). Since that time, the stocktion of the holding company and bank concerned; holders of First have approved amendments to (2) their prospects; (3) the character of their the Articles of Incorporation resulting in convermanagement; (4) the convenience, needs, and wel- sion to a single class of stock with uniform rights fare of the communities and the area concerned; and privileges, thereby removing this problem. and (5) whether the effect of the acquisition would First's financial history and condition are satisbe to expand the size or extent of the bank hold- factory and would be expected to continue to be ing company system involved beyond limits con- so whether or not the proposed acquisitions were sistent with adequate and sound banking, the consummated. First's banks have been operated public interest, and the preservation of competi- soundly and successfully. The prospects of the tion in the field of banking. system as presently constituted are satisfactory The Board has deemed it appropriate to con- and the addition of the proposed subsidiaries sider the three instant applications together, par- would not alter this conclusion. ticularly because of possible interrelations between Southern Bank, Norfolk. Southern-Norfolk, them in weighing their competitive effects under with about $27 million in total deposits or about the fifth statutory factor. Considerations relating to the holding company's financial history and * Unless otherwise stated, all figures herein are as condition, prospects, and management are, in gen- of December 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1439 LAW DEPARTMENT 9 per cent of the total for the City of Norfolk, is sufficient under the fourth statutory factor to has 9 banking offices, all located in the city. The weigh in favor of approval of this application. bank is strongly capitalized. Norfolk is a major With respect to competitive effects, the procommercial port of the United States, contains posed acquisition of Southern-Norfolk should tend a very large naval installation, and has experi- to intensify banking competition in a beneficial enced steady and considerable growth. However, way, in view of Southern-Norfolk's history and Southern-Norfolk does not appear to have shared present relative size. While Southern-Norfolk does in the benefits of such growth to the same extent have nine offices in Norfolk, it is clear enough as the other Norfolk banks, or to have expanded that its affiliation with the holding company should proportionately its scope and capacity to serve the on the whole tend towards a balancing of competigrowing needs of the area. The fact that South- tive strength rather than the contrary. ern-Norfolk is the smallest bank with offices in Present subsidiaries of First draw a small the city may have some bearing on this situation, amount of business from Norfolk, and Southernbut it appears that the bank has remained relatively Norfolk holds some loan and deposit accounts stationary more from a lack of progressive man- originating in the areas served by First's banks. agement policies than from other circumstances. However, the extent of present competition be- In summary, the financial history and condi- tween Southern-Norfolk and subsidiaries of First is not consequential in terms of the total business tion, prospects, and management factors as to of any of the banks involved, and even less so Southern-Norfolk are not such as to indicate that in terms of the total business of banks in the the bank cannot continue its sound operation incompetitive areas involved. The nearest office dependently, but strengthened management, toof a First bank to Southern-Norfolk is that of gether with a vitalization of policies and services Richmond Bank & Trust Company, some 90 miles would improve the bank's prospects. The assistdistant, and it appears that the elimination of ance that First proposes to provide in these reneither present nor potential competition between spects is therefore a consideration favorable to Southern-Norfolk and First's present subsidiaries approval of the acquisition of Southern-Norfolk. is a significant concern in connection with the The three other banks with offices in Norfolk proposed acquisition. and their total deposits as of year-end 1961 are Peoples* Bank, Mount Jackson. Peoples'-Mt. National Bank of Commerce—$197 million, The Jackson, with deposits of $2.8 million, has its only Seaboard Citizens National Bank—$72 million, office in Mount Jackson, Shenandoah County. Its and Bank of Virginia—$151 million (for all ofprimary service area (wherein 75 per cent or more fices; only three of its 17 branches are located in of its total deposits originate) is the town of Norfolk). It is not shown by Applicant that the Mount Jackson and the surrounding agricultural banking needs of the Norfolk area are not being area within a radius of approximately eight miles, conveniently met. On the other hand, the auspices having a population of about 12,000. The County's for economic growth in the Norfolk area are conpopulation of about 22,000 has been stable for sidered especially favorable. There is reason to years, as has the population of Mount Jackson, believe that the demand for credit and other banknow about 720. The County generally is rural in ing service will make full use of the potential as nature, with about 11 per cent of its populawell as the present capacity of the area's banks. tion employed in small industries. Thus, the assistance that First proposes to pro- Peoples' Bank is adequately capitalized and has vide to Southern-Norfolk would make an affirmabeen soundly operated. Its growth has been sometive contribution to the convenience, needs, and what slow as compared with other banks in the welfare of the Norfolk area, both directly and also area, but the bank's financial history and condiindirectly through making Southern-Norfolk a tion are generally satisfactory. As a subsidiary, more effective competitor. The extent to which the bank would have the benefit of First's auditing support will be provided by First either in the program. long or short run cannot be anticipated with cer- In view of the relatively stable economy of the tainty, but the likelihood that it will be provided present and potential service areas of the bank, and that it will be of positive benefit to the area it could reasonably anticipate maintaining a sound Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1440 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 condition, but its prospects for profit and growth The amount of existing or potential competition are naturally somewhat dependent on continuity between Peoples'-Mt. Jackson and present subsidof competent management. The operation of the iaries of First appears to be negligible. The nearbank since 1959 reflects the capable leadership of est office of a First subsidiary is that of Purcellits present chief executive officer. There is some ville National Bank, approximately 71 miles disquestion as to how long the bank as a small in- tant. The proposed acquisition would not by itself dependent institution would be able to retain his reduce alternative sources of banking service to services, and the bank anticipates some difficulty a material extent. in providing satisfactory management succession. For the reasons stated, the Board is of the It appears that First would be able to provide use- opinion that the acquisition of Peoples'-Mt. Jackful assistance in this regard, as well as with respect son alone would not have a significant adverse to the bank's lending and investment policies. Ac- effect on competition in the Mount Jackson area. cordingly, considerations as to both prospects and Possible elimination of competition among the management of the bank are somewhat favorable three proposed subsidiaries if the acquisitions are to the acquisition of Peoples'-Mt. Jackson by First. consummated must also be considered. Southern - There is little, if any, evidence that the banking Norfolk serves an area remote from both Peoples'needs of the Mount Jackson area are not now Mt. Jackson and Woodstock Bank, so that combeing conveniently and adequately served. The petitive considerations as to the Norfolk area stability of the economy argues against a signifi- need not be related to the other two acquisitions. cant present demand for expanded facilities or Woodstock Bank and Peoples', on the other hand, services. Two other smaller banks, with one office are both located in Shenandoah County, about each, are located within Peoples'-Mt. Jackson's 14 miles apart. Accordingly, the competitive relaprimary service area, and the Applicant states that tionship of those two banks and the effects of the other four banks in the County compete for the acquisition of both will be discussed following business from that area to some extent, although a discussion of the Woodstock Bank proposal in the largest of these four has only about $4.2 mil- the light of other statutory considerations. lion in deposits, and they are from 14 to 25 miles Shenandoah County Bank and Trust Company, distant from Mount Jackson. However, it appears Woodstock. Woodstock Bank, with one office and that the holding company affiliation might help to total deposits of $3.6 million, is located in Shenstimulate the economy of the area and thereby andoah County, about 30 miles southwest of Winpromote the welfare of its people. This prospect chester and 14 miles northeast of Mount Jackson. provides some support for approval of the pro- The bank's trade area is predominantly agriculposed acquisition of the bank by First, although tural with a relatively stable economy. The bank such support is limited by the absence of a showhas been operated soundly and conservatively. In ing of present or potential inadequancy of bankthe five years ending with 1961, the bank's rate ing facilities. of growth in deposits was the next to lowest among It does not appear that the acquisition of the seven banks in the County for the period Peoples'-Mt. Jackson by First and the proposed and in terms of dollar increase it ranked fifth, benefits of the affiliation would have the effect but the bank is well capitalized, and in all probof giving the bank an undue advantage over ability could continue to be operated soundly as its competitors, the nearest of which are about an independent institution. seven miles distant. While all the banks in the While there is no apparent need for the finan- County are relatively small, the limited demand cial support of a holding company, Woodstock for services that they cannot independently pro- Bank's performance indicates that its prospects vide and the nature of banking in the area limit could be improved. While significant economic accordingly the advantages of affiliation with a banking system of much greater resources. Thus, expansion is not predicted for the area, it would it does not appear that competition would be in- appear that the bank has not taken full advantensified for the remaining independent banks in tage of existing opportunities within the scope of such a way as to be harmful to them or to the conservative banking practice, particularly with general health of banking competition in the area. respect to lending policies, as to which First's ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1441 perience and advice could be beneficial. The in- mediate than they would in the case of Peoples'stitution of an auditing program and the avail- Mt. Jackson, whose nearest competitor is about ability of trust and investment assistance from seven miles away, but it would not appear that the First also also proposed contributions to the bank's acquisition of Woodstock Bank by First would prospects. have material adverse effects on competing banks. The present management of Woodstock Bank Thus, as in the case of Peoples'-Mt. Jackson, the is competent. However, successor management Board believes that the acquisition by First of must be provided before long and, as with other Woodstock Bank alone would not have significant banks in the same size range, Woodstock Bank's adverse effects on competition in the Woodstock own capacity to provide it is limited. While this area. is not in itself a strong reason for approval of the As for the combined effect on competition of acquisition of the bank by First, such added as- the acquisition of both Peoples'-Mt. Jackson and surance of management continuity as the affilia- Woodstock Bank by First, the two banks for the tion would provide is a favorable consideration. most part serve their respective communities and As indicated, affiliation with First's holding com- surrounding areas, although their primary service pany system should be of some benefit to Wood- areas overlap slightly in the area of Edinburg, stock Bank with respect to its prospects and its which is about midway between Mount Jackson management. This benefit should in turn be re- and Woodstock. Analysis indicates that the two flected in benefit to those who are or may be served banks are alternative banking sources to some by the bank. How important this is to the conven- extent for the areas they serve but, with the posience, needs, and welfare of the community and sible exception of loan business drawn by Peoples' the area depends on the total availability of re- from the service area of Woodstock, the amount quired banking service. In Woodstock itself ( popu- of business drawn by each bank from the service lation about 2,100), there is one other bank with area of the other is not large, even as a proporabout $3 million in total deposits. Also located tion of each bank's own totals. In view of the other in Woodstock Bank's primary service area is Farm- alternative sources of banking service, including ers Bank of Edinburg (deposits of $1.8 million). the bank in Edinburg, another bank in Woodstock, The other four banks in Shenandoah County com- and the other banks in the County to a lesser pete within Woodstock Bank's primary service extent, the amount of active competition that area to a slight extent. Thus, there are banking would be eliminated by First's acquisition of both alternatives available to the Woodstock area, and Peoples' and Woodstock Bank and the effect of it does not appear from the evidence before the that elimination on banking competition in the Board that banking needs therein are not being area generally cannot be regarded as substantial met with reasonable convenience. However, it in its importance to the public. The acquisition of appears that the affiliation of Woodstock Bank both Peoples'-Mt. Jackson and Woodstock Bank with First's system might tend to improve the by First would combine about 30 per cent of the general level of banking service presently avail- deposits and about 25 per cent of the loans of able and thereby be of benefit to the community. the County's banks under common control. How- The situation of Woodstock Bank is similar to ever, since the total volume of business of the that of Peopdes'-Mt. Jackson in this respect. two banks is to a considerable degree drawn from The competitive situation of Woodstock Bank separate competitive areas, it is only a qualified in its own area is also somewhat similar to that of measure of concentration. Peoples'-Mt. Jackson. As noted above, there are Having found that the competitive effects of two other banks in the primary service area of the proposed acquisitions of Peoples' and Wood- Woodstock Bank: National Bank of Woodstock stock Bank in their respective service areas are in Woodstock, and Farmers Bank of Edinburg, not adverse to approval of the two applications about seven miles distant, which is also in the when considered independently, the Board finds primary service area of Peoples'-Mt. Jackson. Be- further that, while some competition between the cause of the competitor in Woodstock, the effects two banks would be eliminated by First's acquision other banks of any improvement in Woodstock tion of both, that fact is not, in the general context Bank's competitive position would be more im- of banking competition and service in the area, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1442 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 sufficiently adverse to outweigh the other con- ration would become a bank holding company by siderations noted as favorable to approval of each acquiring substantially all of the voting stock of application. two banks named therein, and said Order was Conclusion. As indicated, the Board is of the made subject to the proviso "that Whitney Naview that the proposed acquisitions would not ex- tional Bank in Jefferson Parish shall be opened pand the size of the holding company beyond for business within six months after said date"; limits consistent with the preservation of competi- and tion in the field of banking in the local competi- WHEREAS, Whitney Holding Corporation has tive areas principally concerned. Moreover, the applied to the Board for modification of said pro- Board concludes that the proposed acquisitions viso for the reason that compliance within the would not unduly expand the size or extent of time prescribed therein apparently will not be the holding company on either a regional or state- feasible, and it appears to the Board that good wide basis, considering the size of the proposed cause exists for modification of the terms of the subsidiaries, their competitive range, and their proviso with respect to the period of time pregeographic distribution relative to each other and scribed therein; to present subsidiaries of First. The three acquisi- IT IS HEREBY ORDERED, that said Order be, and tions would increase First's percentage of bank- it hereby is, amended so that said proviso shall ing offices in the State from 3.5 to 5.3 and its read as follows: "provided further that Whitney percentage of total banking deposits in the State National Bank in Jefferson Parish shall be opened from 3.3 to 4.2. While First would, by these three for business not later than November 4, 1963." acquisitions, be extending its interest at a distance Dated at Washington, D. C, this 19th day of from the area of its principal operations, this October, 1962. would not appear to be inconsistent with adequate By order of the Board of Governors. and sound banking. (Signed) MERRITT SHERMAN, Upon consideration of all the relevant facts in Secretary. the light of the factors set forth in Section 3(c) [SEAL] of the Act and the underlying purposes of the Act, it is the Board's judgment that the proposed acqui- VIRGINIA COMMONWEALTH CORPORAsitions would be consistent with the public interest TION, RICHMOND, VIRGINIA and that the three subject applications should be approved. In the matter of the application of Virginia Commonwealth Corporation for permission to be- WHITNEY HOLDING CORPORATION, come a bank holding company by acquiring stock NEW ORLEANS, LOUISIANA of five banks in Virginia. In the matter of the application of Whitney ORDER APPROVING APPLICATION UNDER Holding Corporation for approval of its becoming BANK HOLDING COMPANY ACT a bank holding company by acquiring the stock There has come before the Board of Governors, of Crescent City National Bank, New Orleans, pursuant to Section 3(a)(l) of the Bank Holding Louisiana, and Whitney National Bank in Jefferson Company Act of 1956 (12 U.S.C. 1842) and Parish, Jefferson Parish, Louisiana. Section 4(a)(l) of the Board's Regulation Y (12 CFR 222.4(a)(l)), an application by Virginia ORDER EXTENDING PERIOD OF TIME Commonwealth Corporation, Richmond, Virginia, PRESCRIBED BY PROVISO IN ORDER OF APPROVAL for the Board's prior approval of action whereby WHEREAS, by Order dated May 3, 1962, the Applicant would become a bank holding company Board of Governors, pursuant to Section 3 (a) (1) through the acquisition of more than 50 per cent of the Bank Holding Company Act of 1956 (12 of the voting shares of The Bank of Virginia, U.S.C. 1842) and Section 222.4(a) (1) of Federal Richmond, Virginia, The Bank of Henrico, Sand- Reserve Regulation Y (12 U.S.C. 222.4(a)(l)), ston, Virginia, The Bank of Salem, Salem, Virapproved action whereby Whitney Holding Corpo- ginia, The Bank of Occoquan, Occoquan, Virginia, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1443 and the Bank of Warwick, Newport News, Vir- of Salem, Salem, Virginia ("Salem"), with deposits ginia. of $8.9 million; The Bank of Occoquan, Occo- As required by Section 3(c) of the Act, the quan, Virginia ("Occoquan"), with deposits of Board notified the Commissioner of Banking for $6.4 million; and the Bank of Warwick, Newport the State of Virginia of the receipt of the applica- News, Virginia ("Warwick"), with deposits of tion and requested his views. The Commissioner $15.2 million. stated in writing that his office knew of no reason The Bank of Virginia is the fourth largest bank why it should not be approved. in the State and would be the principal bank in Notice of receipt of said application was pub- the proposed holding company system. With conlished in the Federal Register on May 18, 1962 trol of that bank and the four smaller banks, the (27 F. R. 4748), which notice provided an oppor- group would still rank fourth in total deposits, tunity for the filing of comments and views re- although very close in size to the National Bank garding the proposed acquisitions, and the time for of Commerce, of Norfolk, which would retain filing such comments and views has expired and third place. all comments and views filed with the Board have The Bank of Virginia has 19 offices distributed been considered by it. in five areas, in the Richmond metropolitan area, IT IS HEREBY ORDERED, for the reasons set forth in Petersburg, in Norfolk, in Newport News, and in the Board's Statement of this date, that the said in Roanoke. Acquisition of the bank in Occoquan application be and hereby is granted, and the ac- would give Applicant representation in the northquisition by Applicant of more than 50 per cent ern part of the State. of the voting shares of the above-mentioned banks A chief admitted advantage to Bank of Virginia is hereby approved, provided that such acquisition from the formation of the proposed holding comshall not be consummated (a) within seven calen- pany system arises out of statutory restrictions on dar days after the date of this Order or (b) later further branching in Virginia. All of that Bank's than three months after said date. branches were acquired before a "freeze" imposed by the State legislature in 1948. In 1962, the re- Dated at Washington, D. C, this 25th day of striction was relaxed somewhat, but only to per- October, 1962. mit city banks to establish additional branches in By order of the Board of Governors. the city where the head office of the bank is lo- Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and King. Ab- cated (in this case, in Richmond), or within five sent and not voting: Governors Robertson and miles of the city limits. As a result, Bank of Vir- Mitchell. ginia can only establish more branches in the re- (Signed) MERRITT SHERMAN, maining areas of the State where it now has inter- Secretary. ests, or in other areas, through mergers. [SEAL] Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the STATEMENT following five factors: (1) the financial history Virginia Commonwealth Corporation, Rich- and condition of the holding company and the mond, Virginia ("Applicant"), has applied, pur- banks concerned; (2) their prospects; (3) the suant to Section 3(a)(l) of the Bank Holding character of their management; (4) the conven- Company Act of 1956 ("the Act"), for the Board's ience, needs, and welfare of the communities and prior approval of action that would result in area concerned; and (5) whether or not the effect Applicant becoming a bank holding company— of the acquisitions would be to expand the size namely, acquisition of more than 50 per cent of or extent of the bank holding company system the voting shares of The Bank of Virginia, Rich- involved beyond limits consistent with adequate mond, Virginia, with deposits of $151 million;* and sound banking, the public interest, and the The Bank of Henrico, Sandston, Virginia ("Hen- preservation of competition in the field of banking. rico"), with deposits of $3.2 million; The Bank Banking factors. The financial history, condition, prospects, and management of the five banks * Unless otherwise indicated, deposit and loan fig- are satisfactory, as are the proposed financial ures herein stated are as of December 31, 1961. structure, proposed management, and prospects of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1444 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 the Applicant. Virginia Commonwealth Corpora- In this connection, Applicant contends that the tion was incorporated as a Virginia corporation on holding company will better be able to raise the January 11, 1962, for the purpose of acquiring capital needed to keep pace with industrial expanmore than 50 per cent of the outstanding shares sion in the State than could the individual banks. of, and furnishing services to, the banks proposed It does not appear to the Board that it would to be acquired by it. Its management is to be made be substantially easier for the banks to raise capital up largely of officers of the banks involved, who through the holding company system, as apparently are regarded as competent. none of the banks has experienced difficulty in The Bank of Virginia was organized in 1922, the past in floating new issues of stock when as a Morris Plan bank. Ten of its branches and needed. On the other hand, basically, additional two facilities are located in the Richmond metro- capital is justified by deposit growth, and to the politan area, three branches in Norfolk, and one extent that general improvements in management branch each in Portsmouth, Petersburg, Roanoke, and efficiency of the subsidiary banks promoted and Newport News. As of December 31, 1961, deposited growth, their prospects would be im- Bank of Virginia had loans of $93 million. proved. Henrico was organized in 1957, with major Ready access to the automated equipment alassistance from Bank of Virginia. It now operates ready installed by Bank of Virginia should also two branches, and the Virginia State Corporation improve the operating efficiency of the small banks Commission has authorized the opening of an and facilitate their growth, thus improving their additional branch. It offers general commercial prospects. banking other than trust services, and had $2.4 Turning to the third factor, the character of the million of loans on December 31, 1961. management of the Applicant and the banks con- Occoquan has its main office in the town of cerned, it appears that Bank of Virginia has for Occoquan, and has three branches, all within some years maintained a strong training program. Prince William County, about 75 to 85 miles Through the extension of this program, Applicant north of Richmond. It is the third largest of the argues, it will be able to supply the smaller banks five banks located in that county. The bank and with officers who are more qualified than those its branches are situated between Washington, which the banks individually could attract or D. C, and Quantico, and the area is predomi- develop. nantly residential. It has loans of $3.8 million. Against this contention, it can be urged that, Salem was organized in 1891. The bank did on Applicant's own showing, the present managenot operate any branches until 1961 when it estab- ment of all the banks is satisfactory, and there is lished a branch in a shopping center in Roanoke no reason to suppose, except in the case of one of County adjacent to the city of Roanoke. Loans them, which has recently had a management sucoutstanding total $6 million. cession problem, that they will be unable to at- Warwick was organized in 1941 in what was tract capable officers in the future. Despite past then the town of Hilton Village in Warwick performance in this regard, however, it would ap- County. Subsequently the county became an in- pear that since Applicant will be able to place corporated city, and later was consolidated with officers from the smaller banks for periods of the city of Newport News. Warwick operates two training in the more specialized departments of branches in Newport News and has made applica- the large bank, and can offer executives of the tion for a branch to be located in adjacent York smaller banks better opportunities of promotion, County. Its total loans amount to $7.5 million. and advantage would accrue to the smaller banks As to the prospects of the proposed holding under this factor. company, Applicant argues that a notable eco- Convenience and needs of communities. The nomic surge forward which Virginia has made in fourth factor, the convenience, needs, and welfare recent years requires, and will require, stronger of the communities and the areas concerned, is banking sources, and that creation of the bank of course intimately interwoven with the first holding company system will help provide such three. Additional arguments which have been sources with a corresponding opportunity for brought forward under the fourth factor include growth of the five banks as well as of Applicant. the fact that Bank of Virginia has a sizable and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1445 active trust department, and Applicant plans to "The proposed formation of a holding commake expert advice and guidance in the trust field pany, which standing alone may appear of not available to the smaller banks, although it does too great significance, may actually be the not propose to establish trust departments in the incipient step which will trigger other and more three which have none. A second point made by substantial conglomerations resulting in Vir- Applicant is that the greater ease of arranging ginia banking in every community being domiparticipations within the holding company system nated by a small number of large holding comwould have the effect of raising the effective (al- panies with a consequent diminution in the though not the legal) lending limit of its subsid- number of smaller, locally controlled banks." iary banks. While the contemplated guidance on trust mat- The Board agrees with the inference in the ters would be of some assistance to the smaller statement by the Department of Justice that the banks and to their communities, the scale of their lessening of present competition which is likely future operations will probably not justify much to result from the proposed acquisitions is not suftrust activity. As to the second point, the smaller ficient to require denial of the application. Occobanks have been able to arrange participations with quan is about 85 miles from Richmond, and there correspondent banks, particularly with Bank of is no existing competition between Occoquan and Virginia, when needed, and should be able to Bank of Virginia. In the case of Henrico, the continue doing so were they to remain independent close relationship with Bank of Virginia, as well of the system. as the location of Henrico in suburbs of the city, where the larger bank is not represented, has fore- Competitive effect. The final factor, whether the stalled the development of competition between effect of the proposed transaction would be to them. expand the size or extent of the bank holding com- In the case of Salem, Applicant urges with some pany involved beyond limits consistent with adereason that the degree of existing competition with quate and sound banking, the public interest, and the Roanoke branch of Bank of Virginia is slight the preservation of competition in the field of and due to special, self-terminating factors. banking, is more difficult to analyze. However, As to Warwick, the $1.05 million of deposits the Board is of the opinion that the proposed and $.9 million of loans of Bank of Virginia's holding company system will remain well within Newport News branch which originate in the prilimits consistent with adequate and sound bankmary service area of Warwick are equivalent to ing, and so far, will be consistent with the public 6.9 per cent of the deposits and 12.2 per cent of interest. the loans of the Bank of Warwick. The deposits Applicant's banks would have about 5 per cent and loans of Warwick which orginate in the priof the offices and deposits of all banks in the State. mary service area of Bank of Virginia's branch are In the areas where more than one of the proposed less significant from the competitive point of view, subsidiaries have offices, the group's proportion as five commercial depositors, two of whom are of deposits would be about 10 per cent in the case directors of Warwick, account for about $.3 milof the Roanoke and Salem banks and 11 per cent lion of the $.35 million of such deposits, and three of banks in the Richmond metropolitan area. In commercial customers, two of whom are direc- Newport News, the subsidiary banks would have tors, account for about 85 per cent of the $.2 about 26 per cent of combined bank deposits, million of such loans. considerably less than that of the largest bank in In addition, the size and number of alternative the city. The merger of that bank with First and banking sources which would remain would tend Merchant's National Bank of Richmond, on Oc- to mitigate the lessening of competition which can tober 31, 1962, will make it a branch of the largest be expected to result from approval. bank in the State. The statement that approval of this application On the question whether there will be a signifi- will "trigger other and more substantial conglomcant lessening of competition in the field of bank- erations," as urged by the Department of Jusing as a result of approval, the Department of tice, seems to imply that approval will in some Justice has urged that fashion commit the Board to approving future ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1446 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 plications. But it is the statutory duty of the Board While the shoe industry is, of course, different to determine the point at which a line should from the banking industry, it may be relevant to be drawn, deterring further concentration of bank- note that in its recent decision in Brown Shoe Co. ing facilities, and it has done so. In one recent v. United States, the Supreme Court found that case, the matter of the application of Morgan New supporters of the 1954 amendment to Section 7 York State Corporation, where the proposed sys- of the Clayton Act "indicated that it would not tem would have included the fifth largest bank in impede, for example, a merger between two small New York City, and six of the largest banks in companies to enable the combination to compete the respective upstate New York areas, thus widen- more effectively with larger corporations dominating the competitive gap between the larger and the ing the relevant market" and held that "Congress smaller banks in the cities concerned, the Board indicated plainly that a merger had to be functionfound that this prospective result compelled the ally viewed, in the context of its particular indusconclusion that formation of the holding company try." Indeed, the Court described as a "mitigating would have adverse consequences for the compe- factor" a "demonstrated need for combination to titive banking structure of the State and required enable small companies to enter into a more meandenial. (48 F. R. BULLETIN 567, May 1962) ingful competition with those dominating the rele- Approval of the application of First Bancorpo- vant markets." (370 U.S. 294 at 319, 321-322, 346 ration of Florida similarly would have united four (June 25, 1962)) In the present case, uniting the powerful banks already "strongly entrenched" in four smaller banks with Bank of Virginia should the State's four largest metropolitan areas. The enable all these banks to compete more effectively, Board found that since "Among relatively large both with the larger banks in their own areas and and aggressive banks competing for the business with the powerful Richmond and out-of-state of sophisticated customers such as other banks, banks which are now active in the Virginia banksmall advantages can be decisive," it was "prob- ing field. Nor under all the circumstances does it able that the competitive ability of the remaining appear that the remaining smaller independent major correspondent banks would be seriously banks would be adversely affected. diminished" and denied the application. (48 F. R. Viewing the relevant facts in the light of the BULLETIN 979 at 982, August 1962) general purposes of the Act and the factors enu- By contrast, the proposed holding company merated in Section 3(c), as well as the cited opinwould not be the dominant banking institution in ion of the Supreme Court, it is the judgment of the any area in which it operated. Four of the banks Board that the proposed acquisitions would be are relatively small, and there would be no change consistent with the statutory objectives and the in the relative rank of the principal State banking public interest and that the application should be organizations as a result of approval. granted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements APPOINTMENT OF DIRECTOR banking system experiences in the closing months On November 8, 1962, the Board of Governors of the year. In addition, the reserves thus supannounced the appointment of Max P. Heaven- plied will help in providing for the longer-term rich, Jr., of Saginaw, Michigan, as a director of growth in bank deposits needed to facilitate the the Detroit Branch of the Federal Reserve Bank expansion of economic activity and trade. of Chicago, for the unexpired portion of a term Reserves supplied in this manner substitute for ending December 31, 1963. Mr. Heavenrich is a corresponding amount of reserves supplied President and General Manager, Heavenrich Bros, through Federal Reserve purchases of Governand Co., Saginaw. As a director of the Detroit ment securities in the open market, most of Branch he succeeds Mr. Carl A. Gerstacker, which, because of the characteristics of the mar- Chairman of the Board, The Dow Chemical ket, would necessarily be in short-term securities. Company, Midland, Michigan, who recently re- Thus, this method of supplying reserves will signed. minimize downward pressures from System purchases upon short-term market rates, which is CHANGES IN BOARD'S STAFF desirable in the present circumstances in order Effective October 19, 1962, Mr. Albert R. Koch, to keep incentives for short-term capital flows an Adviser in the Division of Research and Sta- abroad from becoming stronger. In addition, the tistics since January 1960, was appointed Asso- reduction in the requirement will make reserves ciate Director, and Mr. Daniel H. Brill, an Asso- available directly to banks throughout the counciate Adviser in the Division since January 1960, try, to be used by them as their own local cirwas appointed an Adviser. cumstances dictate to support seasonal or other changes in earning assets and deposits. RESERVE REQUIREMENTS In taking this action, the Board took into ac- On October 18, 1962, the Board of Governors count the character of the growth in deposits of the Federal Reserve System announced a re- at commercial banks this past year. Net increases duction from 5 per cent to 4 per cent in the in savings and time deposits during 1962 have reserves against savings and time deposits that been comparatively large, in response to widemember banks are required to maintain with spread offering by banks of higher rates of inter- Federal Reserve Banks. The reduction in require- est for such deposits. In these circumstances, the ments became effective at the beginning of the Board felt a lower requirement behind these denext reserve computation periods, October 25, posits would be appropriate. 1962, for reserve city banks and November 1, 1962, for all other member banks. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM This action reduced member bank required re- The following bank was admitted to Memberserves by an estimated $767 million—$410 milship in the Federal Reserve System during the lion at reserve city banks and $357 million at all period October 15, 1962, to November 15, 1962. other member banks. The release of these reserves, coming at this time, will assist in meeting New Jersey the heavy seasonal needs for reserves that the Hillside Hillside State Bank 1447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication November 16 Industrial production, construction activity, and was maintained at the advanced levels prevailing nonagricultural employment continued to change since July. little in October. Retail sales rose, as buying of Declines in output of materials were widespread autos increased sharply after introduction of the but generally small. Production of nonferrous 1963 models. Commercial bank credit continued metals, construction materials, and textiles and to expand, reflecting mainly an increase in loans. most other nondurable materials was reduced Common stock prices, after declining further in somewhat. Output of iron and steel changed little. response to the Cuban crisis in late October, rose sharply. CONSTRUCTION INDUSTRIAL PRODUCTION New construction activity in October—at a seasonally adjusted annual rate of $63 billion— Industrial production in October remained at was unchanged from the August-September level. the August-September level of 120 per cent of the Private residential construction, which had 1957-59 average. While output of business equipchanged little through the summer, declined modment rose further, production of materials deerately, and industrial, commercial, and most clined somewhat and output of consumer goods other types of private activity also declined. Pubchanged little. lic construction, however, increased sharply. Auto assemblies, after allowance for the sharp recovery from the model changeover low, remained at about the level prevailing since July. EMPLOYMENT Production of other consumer durable goods de- Seasonally adjusted employment in nonfarm clined, however, reflecting mainly reductions in establishments continued to change little in Octotelevision sets and furniture. In the business equipber. Employment increased further in services and ment industries, output of farm machinery and State and local government but changed little in freight and passenger equipment increased while manufacturing, trade, and most other lines. Averoutput of industrial and commercial machinery age weekly hours and earnings in manufacturing declined somewhat. The unemployment rate was INDUSTRIAL PRODUCTION 5.5 per cent, compared with 5.8 per cent in August 1957-59 = 100 and September and an average of 5.5 per cent in the first seven months of this year. FINAL PRODUCTS, DISTRIBUTION Retail sales rose 2 per cent in October and were 8 per cent higher than a year earlier. After newmodel introductions around the first of the month, deliveries of domestic autos increased sharply to a NONDURABLE - MANUFACTURES seasonally adjusted annual rate of about 8 million units in October; sales in early November were not 100 far below this advanced rate. Department store sales declined in October, primarily reflecting ab- 90 1963 1959 normal temperatures in some parts of the country Federal Reserve indexes, seasonally adjusted. Monthly fig- that limited consumer interest in winter clothing. ures, latest shown are for October. 1448 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 1449 COMMODITY PRICES about $780 million of reserve funds. Over the four weeks ending November 14, total reserves The wholesale commodity price index was declined $915 million. Reserves were absorbed stable in late October and early November. In rethrough a reduction in Federal Reserve holdings sponse to the Cuban crisis, basic commodity prices of U. S. Government securities, a decrease in float, rose in spot and futures markets, and in early Noan outflow of gold, and an increase in currency in vember, prices of rubber, burlap, and some other circulation. Both excess reserves and member bank commodities remained moderately higher than beborrowings from the Federal Reserve increased fore the crisis. Prices of lead increased, partly besomewhat between mid-October and mid-Novemcause of a strike affecting output at some domestic ber. mines. On the other hand, prices of aluminum scrap and steel scrap declined and pig iron prices were reduced. Among finished goods, price in- SECURITY MARKETS creases of up to 5 per cent were announced for Bond yields generally declined further between tires and refrigerators; prices for both of these mid-October and mid-November, with yields on products had been below a year ago. corporate and State and local government bonds setting new lows for this year and those on Treas- BANK CREDIT AND RESERVES ury issues approximating their previous 1962 lows. Total commercial bank credit, seasonally ad- Rates on 3-month Treasury bills increased to justed, continued to rise in October, reflecting about 2.80 per cent. mainly expansion in all major categories of loans. After declining further in initial response to the The money supply increased and time deposits at Cuban crisis, common stock prices increased commercial banks rose substantially further. sharply in heavy trading. In mid-November, aver- In late October and early November, a reduc- age prices were 15 per cent above the June low tion from 5 per cent to 4 per cent in reserves re- and 17 per cent below the peak reached in Dequired against time and saving deposits released cember 1961. INTEREST RATES RETAIL TRADE 1957-59 = 100 RETAIL SALES DEPARTMENT STORES LONGTER/ GOVERNMENT 5E •A 'In hi u % f j S F C O R UNT TREASURY - RATES B11L S TOTAL LESS AUTOMOTIVE GROUP 1 ! i I I I I I 1958 I960 1 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 September, for other series, October. figures shown are for week ending November 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated IPC Individuals, partnerships, and corporations c Corrected A Assets p Preliminary L Liabilities r Revised rp Revised preliminary S Financial sources of funds: net change in liabilities i, n, 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 (1) 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. Goyt. agencies as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page A nnually—cont. Issue Page Flow of funds Nov. 1962 1508-23 (Feb. 1962 238-44 Selected assets and liabilities of Federal busi- Banking and monetary statistics, 1961 jMar. 1962 362-63 ness-type activities July 1962 904 (May 1962 652-55 Banks and branches, number of, by class and Semiannually 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 year 644-51 902 Annually 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 Aug. 1962 1075 balances Sept. 1962 1234 1450 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. 1452 Reserve Bank discount rates; margin requirements; reserve requirements. 1456 Federal Reserve Banks. 1458 Bank debits; currency in circulation. 1460 Money supply; banks and the monetary system. 1462 Commercial and mutual savings banks, by classes. 1464 Commercial banks, by classes. 1468 Weekly reporting member banks. 1470 Business loans 1473 Interest rates 1474 Security prices; stock market credit; open market paper. 1475 Savings institutions 1476 Federal finance 1478 Security issues 1483 Business finance 1485 Real estate credit 1487 Consumer credit 1490 Industrial production 1494 Business activity 1498 Construction 1498 Employment and earnings 1500 Department stores 1502 Foreign trade 1503 Wholesale and consumer prices 1504 National product and income series. 1506 Flow of Funds, saving, and investment 1508 Guide to tabular presentation 1450 Index to statistical tables 1547 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 obtainedlargely from derived from regular reports made to the other sources. For many of thebanking 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 (seelist of publieral finance, and Federal business-type activi- cations at end of the BULLETIN). 1451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1452 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 P d e o a r r i t o e d T U o . t S a . l G B o o r o v i u u g t g . h t h - t s t ecu R m c a r e h i g e t p a r i n u e e s t s e e r s - - c v D a o a a i n u n d s c n d - - e t s s Float 1 T ta o l - * s G to o c ld k T r s c o t e u i r u a n u n r e n r g t c y a - - d y s - - r c C t e c u i i n i u o n l r a c r n - y - - T h c i u r o n a r e l g s d y a h s - s- Tr t u h w e r a a i y t n s h - m r F e e s F . e m e o i R r g r b v . n - e e B r s, a O b n t a k h n s e k r i c O F o t a . u c h n e R - t r . s B F W a . n i R t k h M . s e r m e r s C c b a e e o e n n u r r i v d c r n e y - b 3 s j an T k otal Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941_Dec 2,219 2,219 170 2,404 22.759 3,239 10,985 2,189 592 1,531 292 12.812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20.310 1952—Dec 24.400 23,876 524 1,633 262 27,299 23,276 4.806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24.602 24,318 284 840 ,389 26.853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24 765 24,498 267 706 ,633 27.156 21,942 5.064 31,775 772 463 372 247 998 19.535 19.535 1957—Dec 23,982 23,615 367 716 ,443 26,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,628 304 18,932 1960—Dec 27.248 27,170 78 94 ,665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2.595 19,283 1961—June 26,935 26,927 8 66 ,26528,304 17,475 5,432 32,246 411 515 205 250 ,038 16,547 2,495 19,042 1961—Oct.. 28.044 27,997 47 67 ,358 29,504 17,328 5,569 32,864 415 469 254 305 ,014 17,082 2,578 19,660 Nov 28,616 28,532 84 107 ,377 30,142 17,180 5,583 33,255 414 483 258 244 ,068 17,183 2,657 19,840 Dec... 29,098 29,061 37 152 ,92131,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Jan... 28,519 28,478 41 93 807 30,468 16,852 5,588 33,291 441 417 234 288 ,042 17,195 2,894 20,089 Feb 28.384 28,377 7 118 290 29,839 16,793 5,586 32,848 449 426 211 272 ,096 16,916 2,655 19,571 Mar 28,570 28,524 46 156 293 30,063 16,707 5,588 32,996 439 448 215 272 ,049 16,939 2,608 19,547 Apr... 29,143 29,015 128 134 317 30,634 16,564 5,588 33,235 428 485 220 350 985 17,083 2,640 19,723 May 29,503 29,457 46 128 326 30,991 16,456 5,594 33,327 419 551 221 351 1,048 17,122 2,695 19,817 June 29,568 29,510 58 154 508 31,265 16,434 5,601 33,626 402 514 269 322 971 17,196 2,728 19,924 July 29,581 29,540 41 109 736 31,475 16,310 5,602 33,989 398 490 273 312 654 17.272 2,774 20,046 Aug 30,088 30,074 14 143 330 31,600 16,136 5,598 33,962 405 524 200 335 764 17,144 2,777 19,921 Sept 29,921 29,865 56 91 760 31,807 16,079 5,548 c34,004 C398 500 211 296 799 17,227 2,807 20,034 30,241 30,178 63 76 1J705 32,057 16,050 5,552 34,110 404 517 216 320 710 17,382*>2,822 '20,205 Oct Week ending— 1961 "•M:::::::. 27,840 27,840 57 999 28,931 17,451 5,553 32,664 406 469 270 303 1,111 16,712 2,402 19,114 27,803 27,803 28 ,186 29,052 17,451 5,553 32,836 414 469 275 319 1,088 16,655 2,543 19,198 20 27,330 27,320 10 45 ,843 29,251 17,451 5,554 32,775 413 566 282 313 1,048 16,861 2,612 19,473 27 27,200 27,197 3 29 ,723 28,986 17,451 5,560 32,612 414 436 296 320 1,049 16,871 2,648 19,519 Oct. 4 27,834 27,823 11 36 ,332 29,237 17,380 5,563 32,678 408 422 300 281 1,054 17,036 2,569 19,605 11 28,195 28,143 52 31 ,257|29,517 17,350 5,565 32,886 417 450 261 363 1,05" 17,005 2,421 19,426 18 28,250 28,130 120 147 ,305 29,737 17,336 5,568 33,010 422 479 248 300 998 17,184 2,620 19,804 25 27,819 27,791 28 57 ,630 29,544 17,302 5,572 32,849 414 486 249 268 991 17,162 2,663 19,825 Nov. 1 28,052 28.039 13 76 ,238 29,404 17.302 5,576 32,802 410 491 241 303 990 17.045 2,706 19,751 8 28.495 28.466 29 93 ,130129,760 17.291 5,579 32.967 423 475 273 258 992 17 241 2,430 19,671 15 28.466 28.380 86 125 ,18629.817 17,276 5,583 33 222 40: 476 247 253 992 17,084 2,657 19,741 22 28,588 28,461 127 92 ,743 30,465 17,190 5,585 33,350 414 506 309 251 1,144 17,265 2.629 19,894 29 28,874 28,760 114 103 ,492 30,510 16,975 5,586 33,503 415 456 210 213 1,143 17,132 2,810 19,942 Dec. 6 29,274 29,274 36 279 30,631 16,975 5,588 33,579 416 501 216 258 1,143 17,082 2,68: 19,764 13 29,334 29,334 40 30,780 16,961 5,590 33,937 423 460 247 228 1,131 16,906 2,836 19,742 20 29,007 29,007 109 240 31,401 16,920 5,588 34,072 424 600 215 219 l,10f 17,277 2,957 20,234 27 28,893 28,845 48 218 526 31,685 16,889 5,584 34,171 421 511 207 238 1,106 17,506 2,84f 20,348 1962 Jan. 3 28,931 28,720 211 356 2,355 31,695 16,889 5,586 33,919 429 441 290 297 1,053 17,740 3,062 20,802 10 28,784 28,717 67 79 2,059 30,972 16,883 5,587 33,661 434 380 240 261 1,043 17,421 2,871 20,292 17 28,520 28,501 19 89 870 30,529 16,839 5,586 33,386 440 435 23: 29: 1,040 17,130 2,926 20,056 24 28,279 28,279 72 786 30,185 16,839 5,589 33,070 44: 439 220 305 1,043 17,094 2,878 19,972 31 28,310 28,310 94 227 29,678 16,832 5,590 32,793 450 424 213 296 l,04f 16,882 2,876 19,758 Feb. 7 28,588 28,588 12: 117 29,873 16,804 5,584 32,776 460 359 223 277 1,042 17,125 2,573 19,698 14 28,575 28,575 120 050 29,791 16,789 5,585 32,888 448 444! 197 252 1,022! 16,914 2,606 19,520 21 28,090 28,062 28 12: ;655 29,913 16,790 5,586 32,870 447 433| 19 274 1,163! 16,904 2,676 19,580 28 28,285 28,285 108 1,340 29,778; 16.790 5,588 32,85^" 439 470 227 285 1,156, 16,721 2,764 19,485 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 1453 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 a ri r t o e d T U o . t S al . G B o o r o v i u g u t g . h t - h t s t ecu R m c a r e h i g e t p a i r n e u e s t s e e r s - - c v D o a a a n u n i d s c d n - - e ts s Float i t T a o P - s G to o c ld k T r s c o e t u r i a u n n e u r n r y g a c t - - d y s- - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr t u h e w r a a i s n y th - m F r e e . F e m s o i R e g r b r . n - v e B r e s a O b , n a t k h n s e k r i c O F o a . u t c h n - R e ts r . B W F. a i n t R h k M . s e r m e c r C s e b o a e n u e n i r n c r r d v - y 3 e b s an T k otal Averages of daily figures Week ending— 1962 Mar. 7. 28,433 28,419 14 156 ,339 29,974 16,772 5,587 32,908 440 401 214 283 1,100 16,987 2,497 19,484 14. 28,502 28,463 39 118 ,252 29,917 16,724 5,590 33,066 441 461 224 234 1,053 16,751 2,597 19,348 21. 28,487 28,415 72 198 ,446 30,176 16,709 5,586 33,048 446 460 219 224 1,027 17,048 2,617 19,665 28. 28,679 28,651 28 151 ,24830,121 16,666 5,587 32,951 433 481 197 318 1,028 16,966 2,682 19,648 Apr. 4. 29,150 28,996 154 140 ,02930,361 16,609 5,591 33,050 433 400 220 351 1,025 17,080 2,583 19,663 11. 29,281 29,134 147 125 ,156 30,603 16,609 5,589 33,274 432 458 252 327 1,030 17,027 2,477 19,504 18. 29,030 28,957 73 140 ,412 30,622 16,585 5,584 33,356 425 480 204 364 960 17,002 2,684 19,686 25. 29,033 28,882 151 150 ,500 30,722 16,523 5,586 33,244 428 518 209 354 963 17,115 2,763 19,878 May 2. 29,188 29,093 95 128 ,35130,704 16,494 5,590 33,133 419 607 213 366 958 17,091 2,777 19,868 29,634 29,467 167 112 ,245 31,025 16,490 5,594 33,267 419 502 224 372 956 17,369 2,482 19,851 16! 29,532 29,511 21 129 ,276 30,970 16,456 5,595 33,406 423 537 219 342 996 17,098 2,717 19,815 23. 29,341 29,341 112 ,667 31,153 16,434 5,593 33,327 419 599 237 327 1,132 17,138 2,693 19,831 30. 29,560 29,560 151 ,19130,935 16,434 5,594 33,331 418 524 208 344 1,130 17,007 2,802 19,809 June 6 29,837 29,837 117 ,211 31,,198 16,434 5,597 33,534 413 474 209 367 1,077 17,155 2,646 19,801 13 29,672 29,672 107 ,30431,115 16,435 5,602 33,663 402 503 211 339 1,056 16,976 2,662 19,638 20 29,433 29,356 771 180 ,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 87! 216 ,668 31,236 16,433 5,600 33,584 396 550 343 266 886 17,244 2,818 20,062 July 4 29,884 29,707 177 153 1,498 31,597 16,435 5,600 33,863 391 533 330 290 699 17,527 2,713 20,240 11 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 2,03931,561 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 1,346 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 1,150 31,559 16,148 5,603 33,938 417 488 217 331 692 17,226 2,589 19,815 15 30,177 30,160""\7 145 1,27931,642 16,148 5,596 34,059 402 598 198 375 703 17,050 2,763 19,813 22 . ..29,902 29,890 12 171 1,684 3311,795 16,147 5,597 34,003 397 553 189 325 827 17,247 2,763 20,010 29 30,019 30,019 92 1,28731,433 16,112 5,601 33,870 404 502 192 314 820 17,044 2,870 19,914 Sept. 5 30,412 30,264 148 105 134 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 36 136 31,955 16,067 5,544 34,045 390 579 222 284 774 17,273 2,886 20,159 26 29,340 29,340 152 176 31,702 16,068 5,548 33,882 401 494 219 283 760 17,278 2,913 20,191 Oct. 3 29,959 29,946 13 74 1,74731,816 16,068 5,552 33,909 407 476 217 323 754 17,352 2,822 20,174 10 30,682 30,546 136 56 1,,6"4-5 "3"2,416 16,067 5,555 34,102 410 513 243 314 751 17,706 2,627 20,333 17 30,480 30,385 95 82 1,,633 32,229 16,067 5,551 34,256 397 480 214 336 717 17,445 2,861 20,306 24 29,931 29,931 67 2,083 32,116 16,052 5,551 34,115 398 519 211 315 684 17,476^2,882 '20,358 31 29,888 29,853"•'35 91 1,475 31,491 16,006 5,552 34,039 409 541 207 311 672 16,872*>2,935 •19,807 End of month 1962 Aug... 30,358 30,246 112 101 1,124 31,618 16,098 5,548 33,932 394 478 168 311 871 17,110 3,022 20,132 Sept... 29,825 29,825 48 1,78131,690 16,067 5,551 33,893 390 400 229 318 756 17,321 2,566 19,887 Oct... 30,201 29,953 248 219 1,17131,625"15,978 5553 *>34,090 513 182 309 827 16,821*3,238 '20,059 Wednesday 1962 30,560 30,327j 136 31,849 16,098 5,550 34,128 420 454 177 310 851 17,157 2,868 20,025 30,267 30,196 1,477 31,953 16,068 5,541 34,146 396 627 218 275 777 17,123 3,124 20,247 19 29,668 29,668 2, 112 31,883 16,068 5,545 33,960 404 583 228 292 773 17,256 3,152 20,408 26 29,102 29,102 1,641 31,550 16,068 5,550 33,849 405 511 251 290 757 17,105 3,209 20,314 Oct. 3. 30,568 30,476 1,511 32,277 16,068 5,554 33,976 416 492 196 330 752 17,737 2,946 20,683 10. 30,529 30,457 1,332266 31,981 16,068 5,557 34,252 414 492 227 307 749 17,164 2,957 20,121 17. 30,193 30,193 1,763 32,162 16,068 5,550 34,187 403 479 206 322 688 17,495 3,156 20,651 24. 29,833 29,833 1,524 31,547 16,018 5,552 34,043 410 495 217 297 688 16,967^3,170*>20,137 31. 30,201 29,953 1,171 31,625^15,978*>5,553^34,090 P4U 513 182 309 827 16,821?3238 *>20,059 1 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
1454 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 ld al qu R i e re - d 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 ld al qu R i e re - d 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 ld al qu R i e re - d Excess B F r i a o n . a n w g t R k s - . s se F r r e v r - e e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 — 62 1933 June i 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939 Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 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 6 7 1950 Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952 Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 —4 232 — 236 1953 Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 — 36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 -1 15 -16 1955 Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957 Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 —77 1958 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959 Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 — 109 1,038 1 038 104 — 104 I960 Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 — 4 1961 June 19 042 18 430 612 63 549 3,698 3,658 40 40 970 964 6 1 5 1961 Oct 19,660 19,153 507 65 442 3,733 3,716 16 4 12 983 985 -1 23 —24 Nov 19,840 19,218 622 105 517 3,697 3,660 37 23 14 985 982 3 16 -13 Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962 Jan . . .. 20,089 19,473 616 70 546 3,811 3,763 48 7 41 987 982 5 3 2 Feb 19,571 19,069 502 68 434 3,680 3,664 17 6 11 955 954 1 4 2 Mar 19,547 19,077 470 91 379 3,693 3,705 -12 12 -24 964 949 15 21 -6 Apr .. 19 723 19,213 510 69 441 3,752 3,692 60 10 50 940 953 -13 7 — 20 May........ 19,817 19,320 497 63 434 3,724 3,713 11 1 10 990 983 7 4 3 19,924 19,453 471 100 371 3,781 3,774 7 19 -12 976 977 -1 2 -3 July .. 20 046 19,514 532 89 443 3,766 3,732 34 16 18 1,000 989 10 4 6 Aus 19,921 19,358 563 127 436 3,709 3,684 24 17 7 1,017 1,013 4 18 -14 Sept 20 034 19,576 458 80 378 3,718 3,723 -4 15 — 19 1,021 1 022 -1 9 — 10 Oct 220,505 M84 65 2419 3,774 3,736 38 4 34 1,036 1,032 5 6 1 Week ending— 1961—Oct. 4.... 19,605 19,121 484 34 450 3,794 3,768 26 24 985 982 3 3 1 11 8.... 1 19 9 , , 8 4 0 2 4 6 1 1 8 9 , , 9 2 3 3 3 0 4 5 9 7 3 4 1 2 4 9 5 4 42 6 9 4 3 3, , 7 6 1 5 6 4 3 3, , 7 6 0 4 6 9 1 6 1 ii 6 9 9 6 8 8 0 9 9 6 8 8 3 -3 78 6 -81 c 25 19,825 19,277 548 56 492 3,772 3,768 4 7 -3 1,001 998 4 17 -13 1962—May 2 19,868 19,410 458 63 395 3,828 3,792 36 36 985 987 -2 9 — 11 9. ... 19 852 19 393 459 46 413 3 757 3,743 14 14 995 988 6 3 3 16 19,815 19,328 487 64 423 3,695 3,680 15 5 10 978 982 -4 5 -9 23 19,831 19,299 532 47 485 3,727 3,707 20 20 989 980 9 8 30 19,809 19,202 607 86 521 3,765 3,683 82 82 1,006 974 32 1 31 June 6.... 19 801 19 289 512 55 457 3,740 3,733 7 7 962 970 — 7 — 7 13 19,638 19,245 393 47 346 3,691 3,689 2 1 1 963 959 4 4 20.... 20,038 19,568 470 124 346 3,831 3,807 24 36 -12 982 986 —4 7 -12 27 20,062 19,569 493 168 325 3,827 3,813 14 35 -22 993 986 7 1 6 July 4 20,240 19,697 543 120 423 3,907 3,867 40 30 10 1,012 999 14 4 10 20,141 19,595 546 55 491 3,764 3,746 19 11 8 980 985 -5 -5 18 20,094 19,532 562 163 399 3,694 3,688 7 40 -33 981 986 -4 11 -15 25 20,002 19,427 575 59 516 3,753 3,678 75 75 984 972 12 2 10 Aug. 1.... 19 838 19,404 434 70 364 3,768 3,753 15 15 1,024 1,016 8 3 5 8 19,815 19,325 490 156 334 3,706 3,704 3 18 -15 1,012 1,010 2 18 -16 15.... 19,813 19,216 597 130 467 3,667 3,630 37 8 29 997 999 -2 23 -25 22 20,010 19,468 542 156 386 3,716 3,704 12 40 -27 1,026 1,022 4 26 -22 29 19,914 19,379 535 73 462 3,691 3,677 15 8 7 1,024 1,019 5 10 -5 Sept. 5 19,839 19,418 421 94 327 3,697 3,689 8 8 1,024 1,021 3 10 -7 12.... 19,952 19,427 * 525 77 448 3,676 3,664 12 15 1,015 1,009 6 9 q 19.... 20,159 19,643 516 25 491 3,777 3,749 28 28 1,024 1,026 -2 3 -5 26 20,191 19,687 504 141 363 3,751 3,744 8 37 -29 1,031 1,025 6 18 -12 Oct. 3 20,174 19,728 446 63 383 3,810 3,785 25 6 19 1,037 1,032 5 1 4 10.... 20,333 19,854 479 44 435 3,779 3,764 15 15 1,042 1,040 4 9 -5 17.... 20,306 19,821 485 71 414 3,721 3,729 -8 14 -22 1,035 1,035 9 -9 24 220,358^19,852 ^506 56 3,772 3,755 18 3 15 1,041 1,042 2 -2 31.... 219,807 M52 79 3,735 3,674 61 61 1,014 1,009 5 5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 1455 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued [In millions of dollars] Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l 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 ks . 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—Oct.. 8,147 8,122 26 18 6,797 6,330 466 20 446 Nov.. 8,241 8,184 57 44 13 6,917 6,393 524 22 502 Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Jan... 8,311 8,257 54 34 20 6,979 6,471 509 26 483 Feb.. 8,094 8,047 47 25 22 6,842 6,405 437 33 404 Mar.. 8,106 8,065 41 26 15 6,784 6,358 426 32 394 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 Sept.. 8,192 8,166 26 26 7,103 6,665 438 30 408 Oct.. , 8,203 8,174 29 24 7192 P6,179 Ml 3 31 "382 Week ending— 1961_Oct. 4.. 8,127 8,066 61 10 50 6,699 6,304 395 23 372 11., 8,068 8,023 45 12 33 6,736 6,294 441 11 430 18., 8,216 8,191 25 32 -7 6,892 6,350 541 24 517 25., 8,188 8,161 27 20 7 6,864 6,350 514 12 502 1962—May 2. 8,233 8,199 34 19 14 6,822 6,432 390 35 355 9. 8,249 8,214 35 18 17 6,851 6,448 403 25 377 16. 8,220 8,192 28 20 8 6,921 6,473 447 34 414 23. 8,194 8,155 39 20 19 6,921 6,457 464 26 438 30. 8,230 8,119 110 24 86 6,809 6,427 382 61 321 June 6. 8,201 8,152 49 26 23 6,897 6,434 463 29 433 13 8,174 8,139 36 13 23 6,810 6,458 352 33 318 20 8,307 8,274 33 64 -31 6,919 6,501 418 17 401 27 8,325 8,288 38 69 -31 6,918 6,483 435 63 372 July 4 8,433 8,342 91 57 34 6,888 6,488 399 29 369 11 8,359 8,322 36 13 23 7,037 6,542 496 31 464 18 8,324 8,301 24 97 -73 7,094 6,556 538 15 523 25 8,298 8,243 55 22 33 6,966 6,532 433 35 398 Aug. 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 22 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 24 13 7,104 6,633 470 29 441 19 8,211 8,181 30 3 27 7,147 6,687 460 19 441 26 8,223 8,200 22 62 -39 7,186 6,717 469 24 445 Oct. 3 8,232 8,206 26 28 -2 7,095 6,705 391 28 363 10 8,299 8,268 31 11 20 7,213 6,782 431 24 407 17 8,287 8,267 20 16 4 7,263 6,791 473 32 441 24 8,281 8,244 37 26 11 PI,262 ^6,811 M51 25 H26 31 7,943 7,905 38 30 7116 6167 '349 44 ^305 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. R. 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
1456 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 Oct. 31 date rate Oct. 31 date rate Oct. 31 date rate Boston Aug. 23,1960 Aug. 23, 1960 Aug. 23, 1960 f New York... Aug. 12,1960 Aug. 12, 1960 June 10, 1960 Philadelphia.. Aug. 19,1960 Aug. 19, 1960 Aug. 19, 1960 r Cleveland Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 Richmond... Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 Atlanta Aug. 16,1960 Aug. 16, 1960 Aug. 16, 1960 Chicago Aug. 19,1960 Aug. 19, 1960 June 10, 1960 St. Louis Aug. 19,1960 Aug. 19, 1960 Aug. 19, 1960 Minneapolis.. Aug. 15,1960 Aug. 15, 1960 Aug. 15, 1960 Kansas City.. Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 Dallas Sept. 9,1960 Sept. 9, 1960 Sept. 9, 1960 San Francisco Sept. 2,1960 Sept. 2, 1960 June 3. 1960 i 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 1950 xv \t 1957—Cont. Aug. 21 , Nov. 15 1933 25 Dec. 2 Mar. 3 P 4 1953 1958 Apr. 7 Jan. 16 Jan. 22 May 26 23 24 , Oct. 20 Mar. 7 1934 Feb. 5 1954 2 1 1 3 , 2IV Feb. 2 15 Apr. 18 , Mar. 16 Apr. 14 , May 9 , 16 Aug. 15 , 1935 May 21 Sept. 12 , Jan. 11 23 May 14 1J4-2 Apr. 14 1955 , O N c o t. v . 24 7 2 2% 1937 15 S A e u p g t . . 2 4 7 1 I - - 1 2 V4 A M u a g y . 4 2 , Mar. 6 1959 12!!!!!! 16 O A c p t r . . 3 1 1 0 5 1 1942 N Se o p v t . . 2 1 1 9 3 3 8 J M S u e a n p y e t. 2 1 1 1 9 2 8 1 , 1946 1956 1960 Apr. 25 Apr. 13 June 3 May 10 20 , 10 Aug. 24 , 14 Jan. 12 1948 1 frf 31 A Se u p g t . . 1 9 2 , 19 1957 1962 In effect Oct. 31.. 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, sec 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-^2. 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 1457 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS [Per cent of deposits] [Per cent per annum] Net demand deposits2 Time deposits 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 date i 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 r r d y v v e e C ba t o r n u y k n s - Savings deposits held for: banks 1 year or more I ** 3 { k Less than 1 year m In effect Dec. 31, 1948.. 26 22 16 IVi Postal savings deposits held for: Less than 1 year 3 { k 1949— J M un ay e 30 1 , , J 5 uly 1.. 2 § 4 * 2 2 1 0 1 1 5 4 7 6 6 7 Aug. 1,11 19Vi 13 5 Other time deposits payable in:* Aug. 16, 18 g* 19 12 5 6 1 m ye o a n r th or s - m 1 o y r e e ar 3 { k A Se u p g t . . 25 1 1 18 8 1/i 90 days-6 months 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 1954—June 16,24 21 5 5 1 For exceptions see Oct. 1962 BULL., p. 1279. July 29, Aug. 1.. 20 18 12 lish N e O d T E by .— t M he a x B im oa u r m d r o a f t es G o th v a e t r n m o a rs y u b n e d p e a r i d p r b o y v i m si e o m ns b e o r f b R an e k g s u l a a s ti o e n s ta Q b- . 1958—Feb. 27, Mar. 1. \VA HK Under this Regulation the rate payable by a member bank may not in Mar. 20, Apr. 1.. any event exceed the maximum rate payable by State banks or trust com- Apr. 17 ii* panies on like deposits under the laws of the State in which the member Apr. 24 16Vi bank is located. Effective Feb. 1, 1936, maximum rates that may be 1960—Sept. 1 paid by insured nonmember commercial banks, as established by the Nov. 24 171/2 12 F.D.I.C., have been the same as those in effect for member banks. Dec. 1 161/2 Maximum rate payable on all types of time and savings deposits: Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2^ 1962—Oct 25 Nov 1 4 per cent. In effect Nov. 1, 1962. . 16i/2 12 4 4 MARGIN REQUIREMENTS [Per cent of market value] Present legal requirement: Minimum 10 7 3 3 Maximum 4 22 14 6 6 Effective date Regulation 1 When two dates are shown, first-of-month or midmonth dates record Oct. 16, July 28, Julv 10, changes at country banks, and other dates (usually Thurs.) record changes 1958 1960 1962 at central reserve or reserve city banks. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Regulation T: due from domestic banks. For extensions of credit by brokers and 3 Authority of the Board of Governors to classify or reclassify cities as dealers on listed securities 90 70 50 central reserve cities was terminated effective July 28, 1962. For short sales 90 70 50 4 Before July 28, 1959, the minimum and maximum legal requirements Regulation U: for central reserve city banks were 13 and 26 per cent, respectively, and For loans by banks on stocks 90 70 50 the maximum for reserve city banks was 20 per cent. NOTE.—All required reserves were held on deposit with Federal Reserve NOTE.—Regulations T and U, prescribed in accordance with Securities Banks, June 21, 1917, until late 1959. Since then, member banks have Exchange Act of 1934, limit the amount of credit that may be extended on also been allowed to count vault cash as reserves, as follows: Country a security by prescribing a maximum loan value, which is a specified banks—in excess of 4 and 2^ per cent of net demand deposits effective percentage of its market value at the time of extension: margin require- Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and ments are the difference between the market value (100%) and the maxi- reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 mum loan value. and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. 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 Sept. 19, 1962 Four weeks ending Oct. 17, 1962 Gross demand: Gross demand: Total 127,145 24,399 6,219 49,059 47,468 Total 129,833 25,015 6,353 49,867 48,598 Interbank 13,923 3,988 1,257 7,031 1,647 Interbank 14,487 4,162 1,299 7,304 1,721 U. S. Govt 6,279 1,245 353 2,455 2,226 U. S. Govt 7,265 1,549 449 2,774 2,493 Other 106,943 19.167 4,608 39,574 43,595 Other 108,082 19,303 4,605 39,790 44,384 Net demand l 105,772 19,824 5,324 40,295 40,328 Net demand 1 107,650 20,171 5,400 40,841 41,238 Time 76,581 8,477 2,804 29,679 35,621 Time 77,321 8,547 2,840 29,932 36,002 Demand balances due Demand balances due from domestic banks. 7,183 117 90 1,959 5,017 from domestic banks. 7,404 118 96 2,038 152 Currency and coin 2,810 217 38 873 1,682 Currency and coin 2,806 223 38 866 679 Balances with F. R. Balances with F. R. Banks 17,156 3,493 984 7,292 5,387 Banks 17,445 3,542 998 7,394 5,511 Total reserves held 19,966 3,710 1,022 8,165 7,069 Total reserves held 20,251 3,765 1,036 8,260 7,190 Required 19,467 3,695 1,019 8,133 6,620 Required 19,773 3,756 1,033 8,235 6,749 Excess 499 15 3 32 449 Excess 478 9 3 25 441 i 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
1458 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION [In millions of dollars] Wednesday End of month Item 1962 1962 1961 Oct. 31 Oct. 24 Oct. 17 Oct. 10 Oct. 3 Oct. Sept. Oct. Assets Gold certificate account 14,481 14,526 14,578 14,590 14,596 14,481 14,596 15,926 Redemption fund for F. R. notes 1,211 1,208 1,212 1,200 1,198 1,211 1,200 1,102 Total gold certificate reserves 15,692 15,734 15,790 15,790 15,794 15,692 15,796 17,028 Cash 366 368 367 354 379 366 397 404 Discounts and advances: Member bank borrowings 207 145 161 76 153 207 37 57 Other 12 11 11 16 11 12 11 2 Acceptances—Bought outright 34 34 34 34 34 34 36 38 Held under repurchase agreement U. S. Govt. securities: Bought outright: Bills 2,378 2.258 2,618 2,882 2,984 2,378 2,373 3,242 Certificates—Special Other 9,542 9,542 9,542 9,542 9,542 9,542 9,538 1,654 Notes 13,902 13,902 13,902 13,902 13,849 13,902 13,837 19,769 Bonds. 4,131 4,131 4,131 4,131 4,101 4,131 4,077 3,603 Total bought outright. 29,953 29,833 30,193 30,457 30,476 29,953 29,825 28,268 Held under repurchase agreement 248 72 92 248 Total U. S. Govt. securities 30,201 29,833 30,193 30,529 30,568 30,201 29,825 28,268 Total loans and securities 30,454 30,023 30,399 30,655 30,766 30,454 29,909 28,365 Cash items in process of collection 5,064 5,235 6,314 4,881 5,306 5,064 5,041 4,462 105 106 106 107 107 105 107 110 Other assets: Denominated in foreign currencies 214 350 355 360 360 214 350 All other 385 368 352 330 310 385 307 329 Total assets 52,280 52,184 53,683 52,477 53,022 52,280 51,907 50,698 Liabilities F R notes 29,031 28,985 29,129 29,186 28,943 29,031 28,859 27,798 Deposits: Member bank reserves 16,821 16,967 17,495 17,164 17,737 16,821 17,321 16,888 U. S Treasurer—General account 513 495 479 492 492 513 400 502 182 217 206 227 196 182 229 249 Other 309 297 322 307 330 309 318 555 Total deposits 17,825 17,976 18,502 18,190 18,755 17,825 18,268 18,194 Deferred availability cash items 3,893 3,711 4,551 3,555 3,795 3,893 3,260 3,279 Other liabilities and accrued dividends 75 72 79 70 71 75 70 69 Total liabilities 50,824 50,744 52,261 51,001 51,564 50,824 50,457 49,340 Capital Accounts Capital paid in 463 463 462 462 462 463 462 433 Surplus 888 888 888 888 888 888 888 817 Other capital accounts 105 89 72 126 108 105 100 108 Total liabilities and capital accounts 52,280 52,184 53,683 52,477 53,022 52,280 51,907 50,698 Contingent liability on acceptances purchased for foreign correspondents 69 68 68 69 68 69 68 117 U. S. Govt. securities held in custody for foreign account .... 7,137 7,171 7,079 6,883 6,841 7,137 6,767 5,988 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 30,815 30,831 30,874 30,769 30,650 30,815 30,609 29,463 Collateral held against notes outstanding: Gold certificate account • . .. 7,810 7.810 7,780 7,805 7,795 7,810 7,795 8,535 Eligible paper 20 12 9 7 17 20 12 23 U. S. Govt. securities 24,159 24,059 24,099 24,079 23,859 24,159 23,839 21,835 Total collateral... 31,989 31,881 31,888 31,891 31,671 31,989 31,646 30,393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 1459 STATEMENT OF CONDITION OF EACH BANK ON OCTOBER 31, 1962 [In millions of dollars] Item Total Boston 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 ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 14,481 780 3.675 697 1,088 1,067 809 2,491 630 309 593 551 1 791 Redemption fund for F. R. notes 1,211 70 287 72 104 94 72 213 51 28 52 38 130 Total gold certificate reserves 15,692 850 3,962 769 1,192 1,161 881 2,704 681 337 645 589 1,921 F. R. notes of other Banks 457 36 132 62 20 28 38 26 12 33 13 18 39 Other cash.... 366 27 61 23 28 22 30 64 18 13 11 13 56 Discounts and advances: Secured by U. S. Govt. securities... 205 2 8 2 23 19 10 114 7 1 11 8 Other 14 3 3 I 1 1 2 * • 1 Acceptances: Bought outright 34 34 Held under repurchase agreement.. U. S. Govt. securities: Bought outright 29,953 1,472 7,424 1,709 2,517 1,947 1,607 5,074 1,185 601 1,304 1,211 3,902 Held under repurchase agreement.. 248 248 Total loans and securities 30,454 1,477 7,717 1,712 2,541 1,966 1,618 5,190 1,192 602 1,315 1,220 3,904 Cash items in process of collection... 6,239 483 1,233 369 506 449 448 1,005 283 203 316 254 690 Bank premises 105 3 8 3 7 5 14 24 6 4 7 13 11 Other assets: Denominated in foreign currencies.. 214 10 159 12 20 10 11 30 7 5 9 12 29 Allother 385 19 97 22 31 24 22 64 16 8 17 16 49 Total assets 53,912 2,905 13,269 2,972 4,345 3,665 3,062 9,107 2,215 1,205 2,333 2,135 6,699 Liabilities F R notes 29,488 1,723 6,850 1,802 2,581 2,456 1,716 5,376 1,248 563 1,201 873 3,099 Deposits: Member bank reserves 16,821 634 4,742 741 1,162 720 840 2,574 641 413 771 909 2 674 U. S. Treasurer—General account.. 513 36 54 30 31 66 35 52 33 28 46 43 59 F O o th re e i r gn 3 1 0 8 9 2 8 2 2 4 5 5 0 11 1 2 7 8 3 1 1 0 25 2 6 1 4 * 8 10 2 5 5 3 * Total deposits. 17,825 678 5,091 782 1,212 797 886 2,653 681 445 826 963 2,811 Deferred availability cash items 5.068 430 915 301 413 338 377 859 232 162 242 214 585 Other liabilities and accrued dividends. ' 75 4 21 4 5 5 4 12 3 2 2 3 10 Total liabilities . .... 52,456 2,835 12,877 2,889 4,211 3,596 2,983 8,900 2,164 1,172 2,271 2,053 6,505 Capital Accounts Capital paid in 463 22 125 26 43 22 25 65 16 11 20 26 62 Surplus 888 42 243 51 83 40 47 124 31 20 37 50 120 Other capital accounts 105 6 24 6 8 7 7 18 4 2 5 6 12 Total liabilities and capital accounts.. 53,912 2,905 13,269 2,972 4,345 3,665 3,062 9,107 2,215 1,205 2,333 2,135 6,699 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Oct. 31, 1962 33.2 35.4 33.2 29.8 31.4 35.7 33.9 33.7 35.3 33.4 31.8 32.1 32.5 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 32.1 33.5 Oct 31 1961 36.7 36.5 38.2 33.6 36.6 38.9 34.2 35.3 37.0 30.1 35.7 36.1 38.6 Contingent liability on acceptances purchased for foreign correspondents .. , 69 3 319 4 6 3 4 10 2 2 3 4 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 30 1,791 7 174 1,860 735 2,562 789 5,536 1 303 653 1,238 928 3 ?46 Collateral held against notes outstanding: Gold certificate account 7,810 480 1,6C0 465 720 755 485 1,400 340 130 320 215 900 20 2 7 11 U. S. Govt. securities 24,159 1,370 5,800 1,500 "2 ,100 1,824 1,400 4,300 1,010 550 950 755 2,600 Total collateral 31,989 1,850 7,400 1,967 2,820 2,579 1,885 5,700 1,357 680 1,281 970 3,500 1 After deducting $155 million participations of other F. R. Banks. 3 After deducting $50 million participations of other F. R. Banks. 2 After deducting $132 million participations of other F. R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1460 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 Oct. 31 Oct. 24 Oct. 17 Oct. 10 Oct. 3 Oct. Sept. Oct. Discounts and advances—Total 219 156 172 92 164 219 48 59 Within 15 days 203 142 158 78 149 203 33 53 16 days to 90 days 15 14 14 14 15 15 15 6 91 days to 1 year 1 1 Acceptances—Total 34 34 34 34 34 34 36 38 Within 15 days 7 8 8 7 9 7 11 10 16 days to 90 days 27 26 26 27 25 27 25 28 U. S. Government securities—Total 30,201 29,833 30,193 30,529 30,568 30,201 29,825 28,268 Within 15daysi 3,922 388 444 717 754 3,922 290 405 16 days to 90 days 1,491 4,600 4,744 4,906 4,977 1,491 4,949 1,332 91 days to 1 year 12,077 12,134 12,294 12,195 12,175 12,077 11,960 11,990 Over 1 year to 5 years 10,183 10,183 10,183 10,183 10,142 10,183 10,127 12,016 Over 5 years to 10 years 2,325 2,325 2,325 2,325 2,317 2,325 2,300 2,287 Over 10 years 203 203 203 203 203 203 199 238 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 ar ia 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 r w an is c s s 1962—Feb.. 9 7 1 Mar. 84 50 32 1 Apr., 84 50 32 1 May, 134 50 50 32 1 June 439 50 50 250 50 27 11 July. 418 50 50 250 50 16 1 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts * Annual rate of turnover [In billions of dollars] of demand deposits * All Leading centers 337 other Leading centers 337 other Period re c p en o t r e ti r n s g New York 6 others 2 r c e e p n o te r r ti s n 3 g New York 6 others 2 r c e e p n o te r r ti 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 1 19 9 5 5 7 6 2 2 , ,3 20 5 0 6 . . 6 8 8 8 8 1 8 5 . . 5 9 ••••••• 4 4 6 8 2 9 . . 9 3 9 9 2 7 1 9 . . 9 0 4 4 9 5 . . 5 8 2 3 8 0 . . 8 4 2 2 1 3 . . 8 0 1958 2 439 8 958.7 487.4 993.6 53 6 30 0 22 9 1959 2,679.2 1,023.6 545.3 1,110.3 56.4 32.5 24.5 1960 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—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 5 281.1 115.8 110.8 57.4 57.5 110.7 112.8 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 41 8 41 2 27 3 27 3 Oct 308.7 124.5 127.5 62.3 64.1 112.4 117.2 82.9 82.3 P44.6 H3.9 P28.5 ^28.5 1 Excludes interbank and U. S. Govt. demand accounts or deposits. 3 Before April 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U. S. CURRENCY 1461 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 - rtion i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 1,533 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961—Sept. 32,658 23,415 2,506 1,475 2,163 6,656 10,527 9,243 2,766 5,926 241 301 3 5 Oct.. 32,836 23,552 2,532 1,494 89 2,180 6,671 10,586 9,283 2,773 5,959 241 301 3 5 Nov. 33,538 24,154 2,563 1,534 90 2,246 6,866 10,856 9,384 2,814 6,021 241 299 3 5 Dec, 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—Jan.. 32,774 23,400 2,552 1,485 91 2,178 6,575 10,519 9,374 2,804 6,027 239 297 3 5 Feb.. 32,880 23,530 2,562 1,477 91 2,178 6,644 10,579 9,350 2,791 6,017 239 296 3 5 Mar. 33,018 23,651 2,580 1,484 91 2,188 6,686 10,622 9,367 2,795 6,032 238 294 3 5 Apr.. 33,159 23,742 2,612 1,497 92 2,190 6,680 10,670 9,418 2,812 6,066 238 294 3 5 May, 33,518 24,057 2,637 1,515 93 2,225 6,789 10,798 9,461 2,831 6,089 238 295 3 5 June, 33,770 24,267 2,652 1,516 93 2,231 6,837 10,937 9,503 2,850 6,111 239 295 3 5 July. 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 Sept. 33,893 24,305 2,701 1,518 93 2,211 6,801 10,980 9,588 2,864 6,188 237 291 3 5 i 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] HeldL in the Treasury Currency in circulation * Held by Kind of currency T S s o t e a t 1 p a n 9 t l d . 6 o i 3 2 n u 0 g t , - A g s a o s g l s i d a l e v i c a n e u n s r r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s A B F a g a . n e n R d n k . t s s Se 1 p 9 t. 6 3 2 0, Au 1 g 9 . 6 3 2 1, Se 1 p 9 t. 6 3 1 0, certificates Agents Gold 16,067 (15,796) 2 271 (15,796) 312,980 2,816 F. R. notes 30 609 84 1,751 28,774 28,824 27,548 Treasury currency—Total 5,551 (2,241) 35 398 5,119 5,108 5,110 Standard silver dollars... . 487 85 22 10 370 367 337 Silver bullion 2,156 2,156 Silver certificates (2,241) 3i3 1,928 1,930 2,049 Subsidiary silver coin 1 738 8 42 1,689 1,680 1,572 M^inor coin 649 1 5 642 639 598 United States notes.... 347 3 27 316 318 314 In process of retirement 4 174 * 1 174 174 241 Total Sept 30 1962 5 52,228 (18,037) 390 12,980 4,964 33,893 Aug 31 1962 5 52,152 (18,070) 394 13,001 4,825 33,932 Sept 30 1961 5 52,133 (19,471) 400 14,283 4,792 32,658 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. 1453. 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
1462 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 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 - i 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 e - d1 d d e e p m os a i n ts d l 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 i45.6 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—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 30.3 114.0 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 93.8 7.2 Oct 146.1 30.3 115.8 94.6 146.5 30.4 116.1 94.9 7.3 Half month 1962—July 1 145.7 30.2 115.5 91.6 144.0 30.5 113.5 92.1 8.2 145.7 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 93.6 144.7 30.2 114.6 94.1 7.8 Oct. 1 146.1 30.3 115.8 94.3 145.7 30.6 115.2 94.7 8.2 146.2 30.3 115.9 95.0 146.2 30.3 117.0 95.2 6.5 2 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Time U.S. Week Time U.S. ending— Total C c u o n r m r e e n p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju ep s a t o d e s - d it i s d d e G e p m o o a v s n i t t . d s1 ending— Total C c u o n r m r e e n p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju e s p a t o d e s - d it i s d d e G e p m o o v a s n i t t . d s1 1961—July 5.. 140.5 29.2 111.3 79.3 6.1 1962—July 143.3 30.2 113.1 91.9 9.5 12., 141.3 29.4 111.9 79.3 4.5 143.9 30.6 113.4 92.1 8.2 19., 141.9 29.2 112.7 79.5 3.1 144.7 30.4 114.3 92.2 6.6 26. 141.8 29.0 112.8 79.7 2.8 144.3 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 SepM:: ••143.9 30.4 113.5 93.5 7.8 13. 143.6 29.4 114.2 80.8 3.6 145.5 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 94.1 8.1 Oct. 4. 142.6 29.2 113.3 8.1 Oct. 3. 144.9 30.2 114.7 94.3 8.2 11. 143.6 29.6 113.9 6.2 10. 145.4 30.6 114.8 94.6 8.9 18. 145.0 115.5 6.9 17. 146.8 30.5 116.3 94.9 7.4 25. 145.0 115.7 81.6 6.2 24. 146.7 30.4 116.3 95.1 6.9 31. 147.7 30.2 117.5 95.3 5.8 Nov. 1. 145.8 29.2 116.6 81.7 5.6 146.0 29.7 116.3 81.7 5.8 Nov. 7. 147.1 29.7 117.4 81.7 4.8 14. 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 (I) 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 1463 CONSOLIDATED CONDITION STATEMENT [In millions of dollars] Assets Liabilities and capital Total Bank credit assets, Treas- net— Date Gold s r t c o e u a u n u r n r y c t d - - y - Total Lo n a e n t s, U. S. G m C o e o v r m c e i r a - n l men F t e d se e c ra u l rities O se t c h u e - r c l T a i i a a p t o n i b i e t d t i a s a l l - l, c d u e T r a p o r n o e t d s n a i l c ts y C c m o a a a u p n i c n s i d - c t t a s . l , ing Total and Reserve Other rities net net savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 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.. 22,1Z1 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-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.. 16,435 293,212 159,463 101,052 70,722 29,663 667 32,697 315,245 286,968 28,275 July 25.. 16,200 291,700 158,200 100,300 70,500 29,200 700 33,200 313,500 284,800 28,600 Aug. 29P 16,100 293,900 159,400 101,000 70,200 30,100 700 33,600 315,600 285,300 30,300 Sept. 26 * 16,100 297,100 162,800 100,300 70,600 29,100 700 33,900 318,700 289,200 29,500 Oct. 31» 16,000 5,600 300,600 164,100 102,300 71,700 30,000 700 34,300 322,100 291,800 30,400 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted1 Not seasonally adjusted Time 3 U.S. Government Date 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 t o d 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 e m u D p a s a t o d e e n - s - d d i t 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 F n i e o g t r n s - , T h c i u r o n a e r l g s a y d h s s - - sa c m a c v o A n i e i m a n t d r l g - - s B F a A . n R t k . s banks 1929—June 29 26,179 3,639 22,540 28,611 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,i66 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 28,200 112,000 144,824 29,422 115,402 101,779 65,884 34,947 948 3,203 391 5,319 504 1960—Dec 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—June 30.... 140,900 28,200 112,700 139,649 29,361 110,288 117,280 79,092 37,486 702 1,250 379 6,638 408 1961—Oct. 25.... 143,800 28,800 115,000 144,300 28,700 115,700 120,100 81,400 37,900 700 1,300 400 6,000 400 Nov.29.... 143,400 28,600 114,800 145,200 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 30,433 112,089 132,106 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.29P... 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.26^.. 144,400 29,300 115,100 143,500 29,400 114,100 135,200 94,000 40,600 600 1,300 400 8,300 500 Oct. 31*»... 145,100 29,400 115,700 146,800 29,700 117,100 136,300 95,000 40,700 600 1,200 400 6,600 500 1 Series begin in 1946 • data are available only for last Wed. of the month. NOTE.—Includes all commercial and mutual savings banks, F. R. Banks, 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 * 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 or 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 $4C0 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1464 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 te ank Total Loans G U o S .S v e . t c . urit O ie t s her a C ss a e s t h s1 c c b T o a i a l a l u o p i i n c a t n t i d - i t - a e t a l s s l 2 Total i m D I a n e n t - e d rba T n i k m 1 e U.S D . ema O nd ther Time 3 r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N b a u o n e f m r ks - 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 8,414 14^,:826 1945—Dec. 31.. 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 22710,542 14^,,;553 1947—Dec. 31 <. 134,924 43,002 81,199 10,723 38,388 175,091 161,86512,793 240 1,346 94,381 53,105 6611,948 114,714 1960—Dec. 31.. 238,623144,764 67,242 26,617 53,022 298,126 266,19617,080 1,800 5,949133,408107,959 167 24,539 113,986 1961—June 30.. 242,192146,164 68,104 27,923 46,457 295,567 262,54713,633 462 6,368 125,219116,865 4.5_2_ 2 5,405 113,977 Oct. 25.. 251,150149,370 72,820 28,960 46,140 304,230 269,03014,530 480 5,680128,700 119,640 1,830 25,760 13,951 Dec. 30.. 256,700154,318 72,715 29,667 57,368 321,394 287,17617,914 482 5,952141,979120,848 4•8 2 26,227* 13,946 1962—Mar. 28.. 257,520155,460 70,960 31,100 45,560 310,230 273, 13,750 510 6,260 125980 127,220 2,420 26,470 13,930 Apr. 25. . 259,680156,920 70,950 31;810 46;190 312,940 276; 13,730 520 3,920130,,180 128,090 2,360 26,,5 f6"013,920 May 30.. 260,500158,050 70,680 31;770 46210 313.720 276; 13,200 520 7,170126,370 129,710 2,070 26i,,'78013,926 June 30.. 263,542160,123 70,722 32!697 49612 320,638 285; 14,400 526 9,559 131,855 796 27,,103613,934 July 25.. 263,570159,920 70,460 33!190 45,440 316,200 279; 13,830 520 5,530127,510 132,290 1,930 26,880 13,931 Aug. 29*. 265,700161,980 70,160 33!560 45;480 318.280 280; 13,840 510 ,450124,960 133,550 2,750 27,,10013,932 Sept. 26 r* 269,080164,640 70,560 33;880 47,480 323,770 286; 14,530 510 8,0990 128 134,880 2,610 27,,L25013,933 Oct. 31*. 272,270166,350 71,660 34;260 50;510 33O3 130 292; 15,260 510 6,330134 135,980 2,780 27,,446013,924 Commercial banks: 1941—Dec. 31.. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945_Dec. 31.. 124,019 26,083 90,606 7,331 34,806 160,312150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31 *. 116,284 38,057 69,221 9,006 37,502 155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 I960—Dec. 31.. 199,509117,642 61,003 20,864 52,150 257,552 "2"2,9843 17,079 1,799 5,945133,379 71,641 163 20,98613,472 1961—June 30.. 201,848117,953 61,824 22,071 .. , ,. ,99713,633 461 6,362 125,161 79,380 443. 21,,7.45 ._ 13,463 Oct. 25.. 210,290120,470 66,630 23,190 45,320 261,910 231,05014,530 480 5,680 128,640 81,720 1,830 22,060 13,437 Dec. 30.. 215,441124,925 66,578 23,937 56,432 278,561248,68917,914 481 5,946 141,920 82,429 47122,4•5"9 13,432 1962—Mar. 28.. 215,180125,380 64,440 25,360 44,680 266340 234, 13,750 510 6,260125,920 87,990 2,420 22630 13,417 Apr. 25. . 217,390126,610 64,650 26;130 45,390 269180 237. 13,730 520 3,920130,120 88,910 2,360 22750 13,407 May 30.. 217,960127,480 64,400 26080 45,390 269690 237; 13,200 520 7,170126,310 90,380 2,070 22930 13,414 June 30.. 220,670129,193 64,443 27,034 48,728 276220 245 i 14,400 525 9,554128,785 92,034 786 23 18313,422 July 25.. 220,410128,730 64,180 27;500 44,600 271520 239. 13,830 520 5,,530127,450 92,310 1,930 23020 13,419 Aug. 29*. 222,140130,430 63,850 27;860 44,670 273230 240; 13,840 510 7,450 112244,900 93,350 2,750 23200 13,421 Sept. 26*. 225,270132,840 64,250 28180 46,630 278400 245 i 14,530 510 8,090128,100 94,250 2,610 23, 13,417 Oct. 31 P. 228,460134,400 65,450 28610 49,690 284790 251, 15,260 510 6,330 "1"3,3970 95,300 2,780 23, 13,413 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 '2"9,845138,304129,67013,576 64 222,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. 97,846 32.628 57,914 7.,304 32,845132,060122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 I960—Dec. 31.. 165,619 99,933 49,106 16,579 45,756 "21"6 ,571793,02916,436 ,639 5,287112,393 57,272 130 17,398 6,174 1961—June 30.. 168,049 99,992 50,36117,696 40,084 213,719189,22613,077 276 5,731 105,568 64,574 38218,027 6,141 Oct. 25.. 175,084102,107 54,29018,687 39,721220,414 '1-9"3,86313,913 293 5,020 110088,063 66,574 ,80818,293 6,122 Dec. 30.. 179,599106,232 54,05819,308 49,579 235; 112 209,63017,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Mar. 28.. 179,254 106,600 52,036 20,618 39091224,114 196,59513,209 335 5,631 105,552 71,868 2,380 18,785 6,085 Apr. 25.. 180,872107,424 52,103 345 39 662 226;233198,674 13,178 340 3,506 109,048 72,602 2,31918,877 6,074 May 30.. 181,180 1"0,7980 51,913 ,287 39702 226 i556 198 12,689 345 6,463 105,629 73,852 2,00219,015 6,073 June 30.. 183,497109.212 52,06522,,:219 42853 232359 206; 13,796 351 8,734108,014 75,162 73519,179 6,070 July 25.. 183,008108,767 51,612 22 629 39001227,806 200,482 13,241 347 4,952 106,611 75,331 1,870 1"9,060 6,062 Aug. 29.. 184,398110,331 51,149 22 918 39 107 229.231200,66713,232 338 6,695 104,280 76,122 2,682 19,212 6,060 Sept. 26*. 186,641112,240 51,271 "' 279 204, 13,878 337 7,284 106,702 76,794 2,58519,281 6,053 Oct. 31*. 189,420 "1"1,3711 52,23823,47143,686 239,009 210, 14,577 339 5,700112,045 77,667 2,722 1"9,466 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 Oct. 25.. 40,860 28,900 6,190 5,770 820 42,320 37,980 37,920 3,700 514 Dec. 30.. 41,259 29,393 6,136 5,730 936 42,833 38,487 38,420 3,768 514 1962—Mar. 28.. 42,340 30,080 6,520 5,740 880 43,890 39,290 39,230 3,840 513 Apr. 25.. 42,290 30,310 6,300 5,680 800 43,760 39,240 39,180 3,810 513 May 30.. 42,540 30,570 6,280 5,690 820 44,030 39,390 39,330 3,850 512 June 30.. 42,872 30,930 6,278 5,663 884 44,418 39,888 39,821 10 3,853 512 July 25.. 43,160 31,190 6,280 5,690 840 44,680 40,040 39,980 3,860 511 Aug. 29*. 43,560 31,550 6,310 5,700 810 45,050 40,260 40,200 3,900 511 Sept. 26 r* 43,810 31,800 6,310 5,700 850 45,370 40,690 40,630 3,920 511 Oct. 31*. 43,810 31,950 6,210 5,650 820 45,340 40,740 40,680 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 1465 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 t a e nk Total Loans Securities a C ss a e s t h s1 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 Interbank * Dema O n t d her r B in o o g w r - - s 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 Oct. 25 28,746 18,022 7,942 2,782 8,168 38,857 31,455 3,903 178 967 19,323 7,084 860 3,692 14 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—Mar. 28 29,650 19,494 6,826 3,330 8,480 40,147 32,496 3,885 209 1,255 19,481 7,666 1,073 3,689 13 Apr. 25 29,855 19,380 6,948 3,527 8,063 39,851 32,214 3,859 208 860 19,667 7,620 1,065 3,714 13 May 30 29,534 19,223 7,167 3,144 8,292 39,746 32,586 3,902 211 1,373 19,178 7,922 606 3,741 13 June 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,All 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 1,225 3,764 13 Aug. 29 (new basis) 30,090 19,619 6,709 3,762 8,026 40,085 32,214 3,844 210 1,332 18,552 8,276 1,242 3,806 16 Sept. 26* 30,497 20,234 6,421 3,842 8,488 40,868 33,033 3,990 208 1,459 19,054 8,322 1,384 3,809 16 Oct. 31* 31,196 20,693 6,684 3,819 10,491 43,634 35,766 4,350 205 1,287 21,501 8,423 1,333 3,853 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 ',312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 ,380 327 4,899 1,530 35 822 10 1961—June 30 7,020 4,249 2,058 714 1,899 9,068 8,037 ,125 380 4,602 1,920 10 848 10 Oct. 25 7,562 4,359 2,364 839 1,841 9,561 8,250 ,255 304 4,728 1,949 254 855 9 Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 ,624 369 5,268 2,008 35 870 9 1962—Mar. 28 7,652 4,503 2,183 966 1,788 9,613 8,208 ,194 323 4,383 2,292 329 870 9 Apr. 25 7,504 4,557 1,880 ,067 1,912 9,592 8,421 ,177 158 4,676 2,392 73 877 9 May 30 7,631 4,592 1,926 ,113 1,928 9,720 8,524 ,118 356 4,548 2,483 75 884 9 June 30 7,937 4,672 1,936 ,329 1,893 10,009 8,810 ,128 546 4,520 2,598 34 894 9 July 25 7,765 4,510 1,907 ,348 1,860 9,795 8,584 ,203 256 4,489 2,619 75 890 9 Aug. 29 (old basis) 7,883 4,570 1,923 ,390 1,801 9,852 8,580 ,193 361 4,353 2,656 117 895 9 Aug. 29 (new basis) 8,201 4,761 2,001 ,439 1,870 10,247 8,934 ,201 384 4,554 2,778 122 925 12 Sept. 26* 8,293 4,879 2,028 ,386 1,997 10,469 9,087 ,243 440 4,569 2,820 163 930 12 Oct. 31* 8,552 4,961 2,175 ,416 2,073 10,815 9,380 ,281 366 4,826 2,892 267 944 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 28,990 11,423 1 2,844 353 1960—Dec. 31 62,953 40,002 17,396 5,554 1188,668 83,464 75,067 7,989 326 1,960 42, ,525 73 6,423 217 1961—June 30 63,670 39,747 18,053 5,87016,529 82,141 73,557 6,335 62 2,241 39,72125,199 131 6,684 205 Oct. 25 66,833 40,961 19,642 6,23016,469 85,283 75,960 7,183 64 1,930 40,778 "2'6,005 616 6,794 206 Dec. 30 68,565 42,379 19,748 6,438 20,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—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 7,363 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 7,544 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 7,694 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 7,854 1166,409 88,886 78,686 6,633 79 1,927 40,367 "2"9,680 ,159 7,181 207 Aug. 29 (old basis; 70,333 44,540 17,987 7,806 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 7,729 16,027 87,722 77,524 6,646 74 2,599 38,,620 29,585 1,036 7,142 194 Sept. 26* 69,932 44,389 17,809 7,734 16,897 88,950 78,946 7,010 66 2,839 39,25929.772 938 7,148 193 Oct. 31* 71,007 45,155 17,947 7,905 17,046 90,244 80,217 7,235 71 2,063 40,78130,067 892 7,190 193 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 22: 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1960—Dec. 31 67,890 36,981 22,848 8; 060 14,74084,126 76,004 ,778 1,783 43,,395 29,011 23 6,599 5,932 1961—June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 ,406 1,730 41,413 30,820 121 6,861 5,911 Oct. 25 71,943 38,765 24,342 8,83613,243 86,713 78,198 ,572 1,819 43,234 31,536 78 6,952 5,893 Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 ,925 1,641 46,21131,832 40 7,088 5,885 1962—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, ,227 263 7,228 5,845 June 30 75,019 41,492 23,843 9,685 13,806 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, ,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 Oct. 31* 78,665 42,902 25,43210,331 14,076 94,316 84,965 ,711 1,984 44,93736,285 230 7,479 5,832 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1466 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 Total Loans Securities a C ss a e s t h sl 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 * Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b 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. Time Govt. Other Insured commercial banks: 1941—Dec. 31. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 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 80,276",876 215 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 65,669 20,198 48,689 236,724 214,48515,653 2,209 4,241 129,214 63,168 6718,15413,101 1959—Dec. 31. 188,790110,299 58,348 20,143 49,158 242,828 218,47415,500 1,358 5,037130,720 65,858 602 19,206 13,107 1960—Dec. 31. 198,011117,092 60,468 20,451 51,836 255,669 228.40116,921 1,667 5,932132,533 71,348 149 20,62813,119 1961—Dec. 30. 213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934141,050 82,122 462 22,08913,108 1962—June 30. 219,163128,613 63,92126,630 48,415 274,318 243,85614,235 388 9,529127,990 91,714 773 22,81013,104 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 4 3,640 5,117 1945—Dec. 31. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,664 5,017 1947—Dec. 31. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,54119,278 45 5,409 5,005 1958—Dec. 31. 99,277 52,627 35,714 10,936 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 71,01536,421 34010,302 4,542 I960—Dec. 31. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 '3"9,546 11111,098 4,530 1961—Dec. 30. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,292 45,441 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 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 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 39,974 16,406 240 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 43,30321,716 213 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 3,360 959 6,810 1945_Dec. 31. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1958—Dec. 31. 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959—Dec. 31. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,732 1"3,059 2,944 6,878 I960—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 21,45614,979 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 nonmember commercial banks: 1941_Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2 2 , , 2 0 1 0 1 9 4 3 7 1 4 8 1 1 , , 6 2 9 8 3 0 2 25 0 5 0 5 5 1 7 4 6 2 2 , , 7 6 6 4 8 3 2 2 , , 4 2 5 5 2 1 177 181 185 1 1 , 8 9 05 1,392 4 3 7 6 8 5 4 4 2 3 7 2 9 5 7 78 1 3 4 1947—Dec. 31* 1958—Dec. 31.. 1,568 484 707 377 301 1,927 1,532 146 163 890 325 6 332 399 1959—Dec. 31.. 1,480 534 589 358 309 1,858 1,429 150 83 873 311 12 350 366 1960—Dec. 31.. 1,498 550 535 413 314 1,883 1,443 159 132 846 293 14 358 352 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—June 30.. 1,507 580 523 404 313 1,902 1,442 165 137 795 320 372 318 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. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1958—Dec. 31.. 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 1959—Dec. 31.. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 1960—Dec. 31.. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20; 986 14,388 3,590 7,300 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 3,822 7,320 1962—June 30.. 37,188 19,989 12,383 4,816 5,876 43,877 39,256 605 174 819 20,77116,886 4.00S 7,353 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1 19 9 4 4 7 5 — — D D e e c c . . 3 3 1 1 . . . . 1 1 2 0 , , 6 8 8 4 3 6 3 3 , , 0 5 8 6 1 0 7 8 , ,1 1 6 6 5 0 9 6 5 0 8 6 4 6 2 7 9 5 1 13 1 , , 4 4 9 2 9 4 1 1 0 2 , , 3 2 6 0 3 7 12 12 1 1M 0 2 , 9 35 2 1 1 1 , , 0 2 3 5 4 2 1 1 9 9 4 2 1958—Dec. 31.. 28,980 19,180 5,215 4,585 752 30,189 27,277 28 27,243 2,473 241 1959—Dec. 31.. 30,580 20,942 5,016 4,622 686 31,743 28,577 28 28,544 2,654 268 1960—Dec. 31.. 33,794 23,852 4,787 5,155 766 35,092 31,502 2931,468 2,998 325 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37,065 33,400 256 3333,137 3,191 330 1962—June 30.. 36,989 27,179 4,708 5,102 779 38,366 34,581 27534,300 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 1467 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued [Amounts in millions of dollars Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . c t. urit O ie t s her a C ss a e s t h s1 c b c o T a i a u a l o p i n c n t t i - d i a t t e s a l s l 2 Total» m I D n a e t n - e d rba T nk im * e U. D S. ema O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i n - a t t a l s l b N a b o u n e f m r ks - 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 4 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 1463. 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. 6 See note 6, Oct. 1962 BULL., p. 1315. For revisions in series before June 30, 1947, see July 1947 BULL., pp. 870-71. LOANS AND INVESTMENTS AT COMMERCIAL BANKS [In billions of dollars] Seasonally adjusted Not seasonally adjusted Securities Securities Period Total i Loans * Total1 Loansl U.S. Other U.S. Other Govt. Govt. 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 I960 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—Oct 207.1 118.6 65.3 23.2 208.3 118.5 66.6 23.2 Nov 208.3 119.4 65.3 23.6 209.1 119.5 66.2 23.4 Dec 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962 Jan 210.7 120.8 65.7 24.2 210.9 119.6 67.2 24.1 Feb 213.3 122.6 66.1 24.6 211.6 121.1 66.0 24.5 Mar 215.2 123.8 66.1 25.3 212.4 122.6 64.4 25.4 Apr 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 Aue 220.3 127.3 65.0 28.0 219.0 127.3 63.9 27.9 Sept.** 222.0 129.7 64.3 28.0 223.1 130.6 64.3 28.2 Oct p ... 224.4 131.7 64.1 28.6 225.7 131.6 65.5 28.6 * 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
1468 COMMERCIAL BANKS LOANS AND INVESTMENTS BY CLASS OF BANK [In millions of dollars] Loans 1 Investments For To purchasing financial U. S. Government Class of lo T a o n t s a l l C m o e m r- - o s r e c c a u r r r i y ti i e n s g institutions Other securities State b c a a n ll k d a a n te d i m n a v e n e n d s t t s - Total d t a c i r u n n i i a a s d - l - l A c tu a u g r l l r - - i- b k d a T r e e n o o a r d s - l- ot T h o ers ba T n o ks o T th o ers R t e a e s t a - e l u v i d t a i n o i d l - - s - Other Total Bills c C t a i e f t i e r - - s Notes Bonds s g r l a o i e o t n c c i v e d u a t s l - . O s r e i t t h c i e e u r s ers Total: 2 1947—Dec. 31. 116,284 38,057 18,,1 67_1,,.6.6.0 830 1,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 276 3,729 1960-Dec. 31. 199,509117,642 43,125 5,676 3,284 1,833 966 7,106 2>88,,771133 26,396 2,90161,003 8,072 2,920 19,,013 30,998 570 3,294 1961—Dec. 30. 215,441124,925 45,172 6,248 4,056 2,134 1,033 7,31130,320 27,847 3,412 66,57811,488 2,114 2266,336 26,,66441120,3.4 .5. 3,592 1962—Mar. 26 • 215,750125,910 44,940 6,560 3,730 2,0802,570 6,446600 30,690 27,890 3,640 64,570 9,420 3,740 24,860 26,,5555550 02 21,710 3,560 June 30. 220,670129,193 45,909 6,8013,254 2,005 1,474 7,22132^036 29 713 64,443 8,320 3,629 26,041226,644533 2233165 3,869 All insured: 1941—Dec. 31. 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31. 121,809 25,765 9,4611,314 3,164 3,606 49 4,677 2,3611,132 88,912 2,45519,07116,045 51,342 3,873 3,258 1947—Dec. 31., 114,274 37,58318,0121,610 823 1,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 I960—Dec. 31. 198,011117,092 42,957 5,628 3,2471,811 965 7,090 28,602 26,263 2,883 60,468 7,994 2,884 18,868 30,722 17,300 3,150 1961—Dec. 30. 213,904124,348 44,965 6,2114,030 2,107 1,027 7,296 30,211 27,708 3,396 66,02611,356 2,098 26,145 26,426 20,068 3,462 1962—Mar. 26. 214,261125,337 44,742 6,523 3,706 2,059 2,556 6,446 30,578 27,752 3,622 64,0349,298 3,706 24,686 26,343 21,448 3,442 June 30. 219,163128,613 45,717 6,766 3,234 1,981 1,469 7,200 31,915 29,299 3,692 63,9218,226 22,883 Member, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.107,183 22,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,0577 788,338 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 4,81545,295 4,199 3,105 1960—Dec. 31.165,619 99,933 39,288 3,509 3,124 1,564 947 6,726 22,518 21,622 2,694 49,1066,402 2,29615,072 25,33514,1412,439 1961—Dec. 30.179,599106,232 40,931 3,934 3,877 1,827 1,014 " 3,198 54,058 9,229 1,842 "2 1;3 39900 2 211,59816,6912,617 1962—Mar. 26.179,272106,765 400, 6'3~8~ 4', 078 3,5"5""0 '1, 77—72,510 3,424 51,9247,262 3,184 20123 21,35417,994 22,589 June 30.183,497109,212 411,435 4,220 3,088 1', 6"9~9 1,453 6;789 25,362 24,006 3,480 52,0656,467 2,984 21367 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 2,4531,172 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 18,46510,876 101,574 399 500 1,799 868 1,930 940 6,980 1,422 578 1,708 3,272 1,964 317 1961—Dec. 30..30,297 19,53511,278 231,956 467 376 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 22,031 456 798 1,463 992 2,0351,452 6,805 1,471 603 2,410 2,320 3,045 285 June 30..30,396 19,22410,980 101,512 409 568 1,774 ,084 2,075 ,321 7,659 1,989 492 2,931 2,247 3,158 355 City of Chicago: 3 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 1,3421,053 1960—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 1,179 2,872 9,748 9,177 98018,779 2,038 1,333 7,872 7,535 6,278 728 June 30..70,145 43,824 1"7,0771,184 727 556 3,14810,272 9,682 ,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 1,147 12,44910,550 647 22,848 2,817 888 7,24011,903 6,7521,308 1961—Dec. 30..73,131 39,69310,165 2,811 591 438 116 1,251 13,24211,132 75124,407 3,614 566 9,56010,667 7,5301,500 1962—Mar. 26.. 73,282 39,88810,207 2,928 405 442 448 1,149 13,29711,110 72124,117 3,071 1,047 9,19310,806 7,7851,493 June 30.. 75,019 4i;492 10,719 3,007 424 416 240 1,256 13,72811,792 732 "2,3843 2,667 1,075 9,40510,696 8,1461,539 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 3,883388 2,167 161 269 379 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, 4-7•4 2,580 165 306 431 6,682 5,439 23312,383 1,853 645 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 1469 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 t l k - e t - h i s s c 4 ju p m D s o d a a t e s d e e n - i - - d t d s 5 m D e I o s n t - t i e c r 4 l> e a F n ig o k 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 13,681115,120 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 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Mar. 26«... 16,520 3,760 11,270114,720 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 11,799114,043 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 13,409114,292 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 13,871121,671 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 11,039113,838 12,625 1,128 6,768 11,192 3,522 110,793 364 284 6,013 81,4122,11722,442 June 30 16,839 3,168 11,524113,136 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1960—Dec. 31.... 16,720 2,518 8,582 94,594 14,875 1,561 5,287 9,016 4,244 99,134 1,639 237 3,559 53,477 13017,398 1961—Dec. 30.... 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 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 :* 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 I960—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:* 1941—Dec. 31.... 1,021 43 298 2,215 j mi 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 1945_Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947_Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 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 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1960—Dec. 31.... 5,070 1,534 5,655 40,917 ,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 1,512 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 1960—Dec. 31 828 5,099 20 525 578 65 657 2,658 357 17,970 160 25 985 13,378 33 3,590 1961—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 sayings 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
1470 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Loans Wednesday m i T l n o a e v o n a n e t n d a s t s t s l - 1 j i m u n a s a v e n t d e e n d - s d t t s - 2 j L us o a t d a e - n d s 2\ i C n m t a c r o d n i i e a m u a d r l l s - - - A t c u u g r l r a - i l - G U c T a t u o i . n o e S n v d s . - t b . d r e o O a k c t l s u t e i e e h e r r r - s i s e s - r G U c t s u T i o . e e S r v o - s i . - t . oth O c e t u t i r h e s n s e - r F ei o g r n B - ank c m m D c o t e i i o e m a c s - r - l - - f P s C i a e a n O e N t n l a c r S e d . s . o n , s . . nba O n t k her e R s e ta a t l e o A th l e l r V se t a r r i e l v o u - e n a s - Total- Leading Cities 1961 Oct. 4 ... 117,677 116,175 70,726 31,786 1,179 474 1,853 104 1,317 522 ,502 3,389 2,143 13,140 16,396 1,577 11........... 118,561 116,984 70,989 31,849 1,180 711 1,982 99 1,305 535 ,577 3,219 2,128 13,196 16,359 1,574 18 119,473 117,777 71,466 32,020 1,189 1,013 1,932 96 1,301 530 ,696 3,174 2,180 13,221 16,379 1,569 25....... . ... 118.242 117.035 71,093 31,877 1,205 750 1,993 103 1,304 530 ,207 3,047 2,191 13,247 16,413 1,567 1962 sept,l::::::::::: 124,449 122,592 76,211 33,392 1,243 304 1,976 1,298 704 ,857 3,684 2,631 14,728 17,905 1,734 124,909 123,149 76,957 33,590 1,263 827 2,040 1,295 681 ,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 1,290 666 ,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 1,269 650 ,204 3,530 2,696 14,927 18,034 1,734 Oct. 3...... 126,698 124,897 77,726 34,081 ,318 661 2,131 1,270 642 ,801 3,572 2,707 14,940 18,062 1,741 10........... 126,104 124,344 77,708 34,085 ,327 758 2,123 1,272 652 ,760 3,429 2,724 15,008 17,991 1,741 17........... 126,955 125,093 77,981 34,221 ,340 823 2,142 1,285 648 ,862 3,422 2,737 15,084 17,939 1,742 24..... 125,924 124,200 77,441 34,009 ,351 614 2,069 1,288 653 ,724 3,314 2,703 15,155 17,947 1,742 127,402 125.533 78,765 34,290 ,384 1,186 2,196 1,301 663 ,869 3,432 2,712 15,203 18,065 1,748 31 New York City 1961 28,531 28,233 17,471 10,511 254 1,115 421 235 298 1,151 412 785 2,999 441 Oct. 4........ 28,741 28,435 17,679 10,517 420 1,226 415 237 306 1,070 417 794 2,995 441 11........ ... 29,469 28,760 17,969 10,603 673 1,171 413 231 709 1,041 418 801 3,026 437 18 28,453 28,210 17,609 10,546 431 1,146 414 231 243 995 418 3,023 437 25 1962 **•£:::::::::: 29,791 29,159 18,540 11,006 115 1,035 399 331 632 1,261 563 ,055 3,251 498 29,943 29,490 19,031 11,075 601 1,089 400 302 453 1,128 573 ,082 3,257 498 19.... 30,363 29,919 19,697 11,203 979 1,186 396 292 444 1,200 573 ,092 3,253 498 26 29,872 29,669 19,590 11,300 834 1,186 387 274 203 1,083 570 ,107 3,326 497 Oct. 3........... 30,117 29,399 19,131 11,298 454 1,128 387 272 718 1,104 546 ,109 3,311 499 10 29,852 29,157 19,045 11,270 512 1,073 385 274 695 1,052 545 ,123 3,290 499 17 30,175 29,393 19,151 11,345 549 1,091 390 267 782 1,066 549 ,146 3,227 499 24 29,771 29,051 18,903 11,234 470 1,039 385 280 720 1,018 547 ,173 3,235 500 31........... 30,568 30,065 19,747 11,357 961 1,125 384 297 503 1,118 557 ,179 3,244 502 Outside New York City 1961 Oct. 4........... 89,146 87,942 53,255 21,275 ,170 220 738 896 287 1,204 2,238 1,731 12,355 13,397 ,136 11 89,820 88,549 53,310 21,332 ,171 291 756 890 298 1,271 2,149 1,711 12,402 13,364 ,133 18 90,004 89,017 53,497 21,417 ,180 340 761 299 987 2,133 1,762 12,420 13,353 ,132 25 89,789 88,825 53,484 21,331 ,196 319 847 890 299 964 2,052 1,773 12,439 13,390 ,130 1962 Sept-£:::::::::: 94,658 93,433 57,671 22,386 ,235 189 941 899 373 1,225 2,423 2,068 13,673 14,654 ,236 94,966 93,659 57,926 22,515 ,255 226 951 895 379 1,307 2,397 2,075 13,728 14,674 ,237 19 95,702 94,333 58,562 22,678 ,278 461 994 894 374 ',369 2,437 2,110 13,785 14,717 ,235 26 95,472 94,471 58,588 22,763 ,289 344 1,002 882 376 ,001 2,447 2,126 13,820 14,708 ,237 Oct. 3........... 96,581 95,498 58,595 22,783 ,310 207 1,003 883 370 ,083 2,468 2,161 13,831 14,751 ,242 10 96,252 95,187 58,663 22,815 ,320 246 1,050 887 378 ,065 2,377 2,179 13,885 14,701 ,242 17 96,780 95,700 58,830 22,876 ,333 274 1,051 895 381 ,080 2,356 2,188 13,938 14,712 ,243 24 96,153 95,149 58,538 22,775 ,342 144 1,030 903 373 ,004 2,296 2,156 13,982 14,712 ,242 31 96,834 95,468 59,018 22,933 ,370 225 1,071 917 366 1,366 2,314 2,155 14,024 14,821 ,246 For note see p. 1472. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS 1471 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Investments Cash assets 3 Total U. S. Government securities Wednesday Total Bills c C t a i e f t i e r - - s W 1 i y i N n t e h a o - r m te a s 5 t u a 1 y n r e i t d a n o r g b s — o 5 n A d y f s e te a r rs O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i i a c c t k l e e h - s s s- b a w e B f a n o i n i a c g r t k l e n - h - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e t R k h - e . s s a o s A t s h e l e l t r s a c l c T i a c a a t p o i o b n e i t u i d t s a l a n i l - l ts Total— Leading Cities 1961 Oct. 4 33,643 6,109 1,530 6,311 15,652 4,041 11,806 17,249 2,93! 152 1,336 12,829 4,420 151,753 11 34,240 5,607 1,514 6,319 16,769 4,031 11,755 16,973 2,833 150 1,444 12,546 4,411 152,835 18 34,608 6,059 1,516 6,305 16,733 3,995 11,703 17,415 2,937 138 1,460 12,88C 4,427 154,439 25 34,327 5,879 1,507 6,285 16,682 3,974 11,615 17,461 2,761 150 1,483 13,06' 4,426 151,630 1962 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 26 30,818 r2,963 r2116 r5,938 14,092r5,709 15,144 17,464 2,822 141 ,654 12,84^ 4,544 159,833 Oct. 3 31,995 4,310 2,102 5,925 13,989 5,669 15,176 18,025 3,004 147 ,506 13,368 4,560 162,241 10 31,513 3,972 2,096 5,884 13,925 5,636 15,123 17,171 2,762 144 ,609 12,656 4,569 160,490 17 31,846 4,356 2,096 5,863 13,916 5,615 15,266 17,712 2,979 144 ,591 12,998 4,510 164,094 24 31,444 4,019 2,105 5,819 13,871 5,630 15,315 17,211 2,790 146 1,610 12,665 4,520 160,500 31,432 4,017 2,098 5,758 13,897 5,662 15,336 17,390 2,975 245 1,585 12,585 4,710 164,676 31 New York City 1961 7,853 2,205 499 1,340 3,068 741 2,909 4,256 183 3,920 1,937 38,972 Oct. 4 7,875 1,996 500 1,320 3,317 742 2,881 4,003 210 3,640 1,918 39,274 11 7.921 2,083 504 1,337 3,265 732 2,870 3,663 192 3,337 1,947 39,568 18 7,823 1,995 506 1,341 3,267 714 2,778 4,349 205 4,006 1,913 38,502 25 1962 Sept. 5 6,885 1,410 664 ,528 2,151 1,132 3,734 3,682 67 83 230 3,302 1,904 39,074 12 6,538 1,205 659 ,507 2,088 1,079 3,921 4,094 61 87 240 3,706 1,887 40,410 19 6,429 1,095 676 ,506 2,084 1,068 3,793 3,915 67 83 230 3,535 1,887 40,403 26 6,266 969 476 ,239 2,392 1,190 3,813 4,050 61 72 242 3,675 1,844 40,091 Oct. 3 6,435 1,222 477 ,235 2,321 1,180 3,833 4,235 90 79 229 3,837 1,858 40,491 10 6,357 1,124 478 ,237 2,357 1,161 3,755 3,743 66 77 263 3,337 1,848 39,743 17 6,446 1,248 473 ,222 2,357 1,146 3,796 3,832 98 79 233 3,422 1,816 41,034 24 6,326 1,178 477 ,200 2,339 1,132 3,822 3,900 58 76 232 3,534 1,824 40,141 31 6,527 1,454 456 ,140 2,329 1,148 3,791 4,148 110 128 229 3,681 1,903 42,844 Outside New York City 1961 Oct. 4 25,790 3,904 1,031 4,971 12,584 3,300 8,897 12,993 2,854 1,153 8,909 2,483 112,781 11 26,365 3,611 1,014 4,999 13,452 3,289 8,874 12,970 2,747 1,234 8,906 2,493 113,561 18 26,687 3,976 1,012 4,968 13,468 3,263 8,833 13,752 2,859 1,268 9,543 2,480 114,871 25 26,504 3,884 1,001 4,944 13,415 3,260 8,837 13,112 2,693 1,278 9,061 2,513 113,128 1962 Sept. 5 24,485 1,784 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 1,829 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 1,986 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 rl,994 rl,640 '4,699 11,700 r4,519 11,331 13,414 2,761 69 1,412 9,172 2,700 119,742 Oct. 3 25,560 3,088 ,625 4,690 11,668 4,489 11,343 13,790 2,914 68 1,277 9,531 2,702 121,750 10 25,156 2,848 ,618 4,647 11,568 4,475 11,368 13,428 2,696 67 1,346 9,319 2,721 120,747 17 25,400 3,108 ,623 4,641 11,559 4,469 11,470 13,880 2,881 65 1,358 9,576 2,694 123,060 24 25,118 2,841 ,628 4,619 11,532 4,498 11,493 13,311 2,732 70 1,378 9,131 2,696 120,359 31 24,905 2,563 ,642 4,618 11,568 4,514 11,545 13,242 2,865 117 1,356 8,904 2,807 121,832 For notes see p. 1472. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1472 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday ju u T s n o t a e t d a d l - 4 ju p m D s o a d a t d s e e e n i - - - d t d s 5 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 .S v . t. c m m D o ti e e o m c s r - - - - Total 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 l O i i a t t i b h e i e s l r - c C o i a t a u c a p n - l - ts govt. cial IPC local eign 7 banks govt. Total— Leading Cities 1961 Oct. 4 132,067 61,54: 90,894 64,305 4,739 1,624 5,02311,922 41,173 29,400 6,498 2,775 2,180 24 1,744 5,185 12,733 11 132,999 62,189 91,74165,924 4,374 1,586 4,66911,993 41,258 29,466 6,512 2,757 2,205 75 1,780 5,23212,749 18 134,387 63,410 93,17067,325 4,407 1,721 4,36612,270 41,217 29,516 6,499 2,709 2,174 19 1,934 5,37312,726 25 131,705 63,920 90,463 66",365 4,505 1,634 3,62811,414 41,242 29,565 6,485 2,703 2,180 226 1,544 5,419 12,736 1962 Sept. 5 137,348 60,899 89,62563,769 4,819 1,571 4,451 11,934 47,723 33,481 8,402 3,222 2,264 58 2,435 5,48313,423 12 139,636 62,094 91,,773355 6"6,878 4,389 1,575 3,24712,244 47,901 33,552 8,548 3,216 2,230 147 2,579 5,44813,414 19 140,077 61,758 92,174 65,687 4,426 1,593 5,05212,092 47,903 33,631 8,457 3,238 2,224 40 2,588 5,42413,398 26 138.524 61,073 90,42164,190 4,528 1,554 5,418 11,449 48,103 r33,735 r8,544 3,253 2,216 741 1,795 5,34413,429 Oct. 3 141,070 60,744 92,845 64,085 4,631 1,533 7,02212,121 48,225 33,921 8,566 3,218 2,177 117 2,343 5,24313,468 10 139,490 61,377 91,059 64,492 4,491 1,500 4,86812,168 48,431 34,058 8,647 3,188 2,185 54 2,247 5,231 13,468 17 142,578 61,511 94,07167,053 4,350 1,534 4,82912,814 48,507 34,126 8,664 3,165 2,199 136 2,616 5,28213,482 24 139,300 62,311 90,684 6"5,269 4,623 1,689 3,986 1111,542 48,616 34,185 8,696 3,148 2,232 122 2,311 5,281 13,486 143,170 63,025 94,512 66,996 5,017 1,681 4,28312,030 48,658 34,246 8,688 3,144 2,231 160 2,433 5,35213,561 31 New York City 1961 31,634 15,955 24,58916,733 275 1,209 1,328 3,058 7,045 2,761 2,207 255 ,680 951 2,725 3,649 Oct. 4 31,758 15,838 24,67517,016 277 1,197 1,254 2,971 7,083 2,770 2,219 252 ,698 1,091 2,765 3,655 11 32,389 16,758 25,36117,795 327 1,308 1,158 2,956 7,028 2,769 2,211 242 ,663 720 2,801 3,658 18 31,154 16,512 24,12617,059 310 1,208 956 2,871 7,028 2,787 2,198 238 ,665 45 813 2,827 3,663 25 1962 Sept. 5 31,299 15,432 23,18215,943 320 1,167 1,231 2,822 8,117 3,705 2,437 201 ,595 1,270 2,723 3,774 12 32,406 15,867 24,21916,888 255 1,147 834 3,032 8,187 3,727 2,519 193 ,569 59 1,487 2,683 3,775 19 32,402 15,806 24,27716,669 260 1,177 1,269 2,964 8,125 3,745 2,442 196 ,561 1,571 2,660 3,770 26 32,337 15,372 24,12116,281 233 1,155 1,446 2,978 8,216 3,771 2,503 208 ,551 245 1,143 2,602 3,764 Oct. 3 32,976 15,369 24,74016,151 297 ,110 2,082 3,008 8,236 3,788 2,562 197 1,517 1,123 2,604 3,788 10 32,408 15,344 24,10915,962 312 ,114 1,441 3,024 8,299 3,819 2,584 197 1,519 939 2,608 3,788 17 33,382 15,189 25,08416,797 295 ,112 1,409 3,275 8,298 3,840 2,563 191 1,524 1,255 2,567 3,790 24 32,745 15,604 24,41716,344 268 ,282 1,134 3,033 8,328 3,848 2,560 191 1,549 1,019 2,568 3,789 31 35,064 15,953 26,74917,290 486 269 1,280 3,291 8,315 3,860 2,549 193 1,538 1,333 2,640 3,807 Outside New York City 1961 Oct. 4 00,433 45,587 66,305 47,572 4,464 415 3,695 8,864 34,128 26,639 4,291 2,520 500 11 793 2,460 9,084 11 01,241 46,351 67,066 48,908 4,097 389 3,415 9,022 34,175 26,696 4,293 2,505 507 70 689 2,467 9,094 18 01,998 46,652 67,809 49,530 4,080 413 3,208 9,314 34,189 26,747 4,288 2,467 511 19 ,214 2,572 9,068 25 00,551 47,408 66,337 49,306 4,195 426 2,672 8,543 34,214 26,778 4,287 2,465 515 181 731 2,592 9,073 1962 Sept- ,2:::::::: 06,049 45,467 66,443 47,826 4,499 404 3,220 9,112 39,606 29,776 5,965 3,021 669 50 ,165 2,760 9,649 07,230 46,227 67,516 49,990 4,134 428 2,413 9,212 39,714 29,825 6,029 3,023 661 88 ,092 2,765 9,639 19 07,675 45,952 67,897 49,018 4,166 416 3,783 9,128 39,778 29,886 6,015 3,042 663 40 ,017 2,764 9,628 26 06,187 45,701 66,300 47,909 4,295 399 3,972 8,471 39,887 29,964 6,041 3,045 665 496 652 2,742 9,665 Oct. 3 08,094 45,375 68,105 47,934 4,334 423 4,940 9,113 39,989 30,133 6,004 3,021 660 117 ,220 2,639 9,680 10 07,082 46,033 66,950 48,530 4,179 386 3,427 9,144 40,132 30,239 6,063 2,991 666 54 ,308 2,623 9,680 17 09,196 46,322 68,98750,256 4,055 422 3,420 9,539 40,209 30,286 6,101 2,974 675 96 ,361 2,715 9,692 24 06,555 46,707 66,267 4"8,925 4,355 407 2,852 8,509 40,288 30,337 6,136 2,957 683 102 ,292 2,713 9,697 31 08,106 47,072 67,763 49,706 4,531 412 3,003 8,739 40,343 30,386 6,139 2,951 693 160 ,100 2,712 9,754 1 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 corrmercial 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 1473 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 O 3 c 1 t. O 2 c 4 t. O 1 c 7 t. O 1 c 0 t. O 3 ct. Oct. Sept. Aug. III II I 1st. 1st. Classification basis New Old Durable goods manufacturing: Primary metals — 1 -3 2 -25 -25 -11 24 -49 -119 -12 -131 T •M ra a n c s h p in o e r r t y ation equipment -6 16 - -1 2 3 7 - - 4 2 -10 - - 2 1 3 8 - - 5 4 8 4 6 5 9 7 8 2 0 -1 3 5 1 -5 2 0 7 1 6 3 9 8 9 8 6 9 -100 Other fabricated metal products.. . 8 -7 -10 -3 ji -14 -26 -9 -14 -48 50 76 126 Other durable goods -1 -10 -10 -10 -30 31 19 140 112 16 128 Nondurable goods manufacturing: 1 Food, liquor, and tobacco 48 -27 118 9 70 217 160 52 111 -152 -345 -497 -498 Textiles apparel and leather. -35 -52 -45 -13 -8 -153 -13 101 96 42 247 289 177 Petroleum refining 23 8 -14 -12 6 11 7 12 -14 -53 -67 1 O1 Chemicals and rubber 4 -5 -1 -3 -4 -10 -51 -26 -154 37 39 76/ 81 Other nondurable goods -19 -30 -13 6 H -63 17 25 7 164 10 174 Mining, including crude petroleum and natural gas -14 -1 3 9 16 12 3 -19 -25 8 170 178 249 Trade: Commodity dealers 24 34 27 25 17 126 42 42 87 -161 -77 -237 -325 Other wholesale -1 -13 20 2 10 19 32 32 63 52 -18 34}-175 Retail 25 25 44 36 18 148 30 25 36 52 10 61 Transportation, communication, and other public utilities 132 -74 -3 19 14 88 212 94 309 -223 -288 -510 -330 10 -9 4 -2 -10 -6 -4 23 29 164 18 182 53 All other types of business, mainly services 37 6 4 -47 -13 -13 26 -40 8 127 79 205 406 Net change in classified loans 248 -199 118 19 2 188 602 429 640 116 80 196 -463 Commercial and industrial change— all weekly reporting banks 281 -212 136 14 18 227 621 488 709 340 94 434 2-387 1 Because of ^classifications as of Sept. 27, 1961, many categories are 2 Reflects new coverage; see June 1961 BULL., p. 654. not strictly comparable with prior data; for example, new "mining" NOTE.—Data for sample of about 200 banks reporting changes in their includes a part of old "other manufacturing and mining," with which larger loans; these banks hold about 95 per cent of total commercial and it is compared; a part of "metals and metal products"; and coal, crude industrial loans of all weekly reporting member banks and about 70 per petroleum, and natural gas from old "petroleum, coal, chemicals, and cent of those of all commercial banks. rubber." "Other durable" and "other nondurable" were in old "other End-of-week date shown. Figures for periods other than 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 Area All (thousands of dollars) Area All (thousands of dollars) period loans 1— 10— 100— 200 period loans 1— 10— 100— 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: i 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 4.79 5.64 5.35 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: I 1 9 9 6 5 0 9 5 5 . . 2 0 6 5 . . 0 8 5 5 . . 7 5 5 5 . . 4 2 4 5. . 0 9 1961— D Se e p c t 4 5 . .0 9 5 6 5 5 . . 8 8 2 6 5 5 . . 5 5 1 3 5 5 . . 2 1 2 8 4 4 . . 8 9 1 3 1961 5.0 5.9 5.5 5.2 4.8 1962—Mar 4.97 5.85 5.53 5.17 4.83 5.00 5.83 5.52 5.21 4.86 Sept 5.00 5.87 5.51 5.20 4.87 Quarter:! 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 4.84 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, 3%; 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, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1474 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 m 4 p o - a n t p o t e h r s 6 , - 1 m d 3 p i o - r l n a e to c c th e tl s 6 d y - , 2 9 a 0 a c n d c c a e e y p s s t , - 3 on i R s s a n u t e e e w M y a ie r l k d et on R is s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l k d s ) et Other 5 i 3 s - s y 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—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 June 3.25 3.02 2.90 2.719 2.73 2.804 2.80 2.89 3.02 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 Oct 3.27 3.04 3.03 2.751 2.74 2.859 2.84 2.90 2.90 3.46 Week ending— 1962—Oct. 6. 3.38 3.20 3.13 2.752 2.75 2.902 2.89 2.90 2.92 3.44 13. 3.25 3.02 3.00 2.760 2.76 2.864 2.86 2.87 2.91 3.46 20. 3.25 3.00 3.00 2.749 2.74 2.843 2.84 2.92 2.88 3.46 27. 3.25 3.00 3.00 2.742 2.74 2.828 2.83 2.91 2.89 3.48 Nov. 3. 3.15 2.95 3.00 2.686 2.74 2.774 2.82 2.90 2.87 3.45 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 loca rating group price ratio price ratio ( S l t o a n te g s - Total i term) 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 1960 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 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 Aug 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 Oct 3.89 3.21 2.94 3.62 4.57 4.28 4.99 4.40 4.85 4.46 4.49 3.71 Week ending— 1962—Oct. 6 3.90 3.26 3.00 3.65 4.59 4.29 5.00 4.42 4.85 4.48 4.50 3.72 13 3 90 3.25 2.99 3.65 4.57 4.28 4.99 4.40 4.85 4.46 4.47 3.66 20 3 88 3 17 2.89 3.59 4.57 4.27 4.98 4.40 4.85 4.46 4.48 3.68 27 3.89 3.16 2.88 3.58 4.57 4.27 4.98 4.39 4.85 4.46 4.51 3.79 Nov. 3 3.87 3.15 2.88 3.53 4.57 4.26 4.99 4.40 4.86 4.45 4.49 3.69 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 1475 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 ( r M i h c a i i d g u p e h - 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 ia s - - l R ro a a i d l- P u i H u t t i b y l e - - Total Tot M al anu r D f a a b u c l - t e urin N r g a d o b u n l - e - T p t r o i a o r n n ta s - - P u l i u t i t i o y b l- - T n s a a r e i f n c a n r i e v d d - c - e e , , M in i g n- s s t h h a a i ( o n o n i r n f d u g 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—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 Sept.. 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 Oct... 87.73 114.4 96.6 56.17 58.66 27.40 55.63 114.3 105.6 102.5 108.4 86.6 154.3 135.9 91.3 3,423 Week ending— 1961—Oct. 6.. 87.61 113.3 96.6 56.30 58.82 26.99 55.78 116.6 107.6 104.8 110.3 87.0 157.4 139.4 92.5 2,791 13.. 87.64 114.1 96.7 57.10 59.61 27.40 56.83 116.2 107.3 104.3 110.1 87.8 156.9 138.6 93.3 2,365 20.. 87.79 115.0 96.8 56.63 59.10 27.38 56.41 113.2 104.3 100.7 107.8 85.5 153.6 135.6 90.1 3,336 27.. 87.74 114.5 96.5 54.58 56.98 27.43 53.89 111.2 103.0 100.2 105.5 86.1 149.4 129.8 89.2 5,012 Nov. 3.. 87.94 115.1 96.6 56.73 59.36 28.19 55.65 118.0 109.7 106.5 112.8 90.4! 156.0 138.9 93.4 4,015 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-nour 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 Month se T cu o r t i a ti l es N. f i Y rm . s S s to ec c u k r e E d x c b h y a — nge bro c k h e a r s s i n a g n d a n d d e a c l a e r r r s y i f n o g r — pur- Money borrowed on— Cust n o e m t ers' other than free U. S. Govt. credit securities U. S. Govt. Other U. S. Govt. Other U. S. Govt. Other balances securities securities securities securities securities securities 1958—Dec. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Dec. 4,461 150 3,280 164 1,181 221 2,362 996 1960—Dec. 4,415 95 3,222 134 1,193 142 2,133 1,135 1961—Oct.. 5,333 44 4,029 103 1,304 56 2,654 1,214 Nov. 5,460 39 4,141 102 1,319 51 2,752 1,213 Dec. 5,602 35 4,259 125 1,343 48 2,954 1,219 1962—Jan.. 5,464 34 4,111 111 1,353 51 2,860 1,225 Feb., 5,426 34 4,066 133 1,360 71 2,812 1,190 Mar. 5,457 34 4,083 105 1,374 52 2,912 1,154 Apr. 5,491 36 4,079 117 1,412 57 3,015 1,110 May 5,408 35 4,000 91 1,408 44 2,845 1,205 June, 4,938 32 3,605 92 1,333 46 2,194 1,374 July. 4,876 29 3,562 83 1,314 32 2,091 1,252 Aug. 5,073 23 3,773 80 1,300 35 2,472 1.130 Sept. r5,156 27 r3,887 81 1,269 49 2,689 rl,091 Oct.. 5,165 25 3,864 81 1,301 29 2,596 1,126 NOTE.—Data in the first three cols, and last col. are for end of month, Bank loans to others than 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 N. Y. member firms of the N. Y. Stock Exchange carrying margin accounts, as and Chicago banks. Accordingly, for that period the fifth col. includes reported to the Exchange. Customers' debit and free credit balances any loans for purchasing or carrying such securities at other reporting exclude balances maintained with the reporting firm by other member banks. Composition of series also changed beginning with July 1959; firms of national securities exhanges and balances of the reporting firm revised data for the new reporting series (but not for the breakdown of and of general partners of the reporting firm. Balances are net for each loans by purpose) are available back through July 1958 and have been customer—i.e., all accounts of one customer are consolidated. Money incorporated. borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1476 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F. R. Goods stored in or Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers 1 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 3 2,751 840 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 1960 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—Sept 4,875 J.730 3 145 2,422 946 740 207 35 123 1,318 452 964 59 191 757 Oct 5,119 1,818 3,301 2,491 1,035 829 206 38 117 1,301 457 949 91 225 769 Nov 5,349 1,868 3,481 2,555 1,122 871 251 43 110 1,280 461 939 98 287 770 Dec . 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962—Jan 5,556 1,762 3,794 2,621 1,163 804 359 45 120 1,294 477 946 74 271 853 Feb 5,520 ,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 [,883 3,757 2,392 981 763 218 36 94 1,281 479 826 74 158 855 May 5,917 1,869 4,048 2,345 949 733 216 33 112 1,251 462 787 96 145 855 June. 5,864 878 3,986 2,342 965 731 234 60 85 1,232 473 751 145 117 857 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 Sept 6,573 2,228 4,345 2,281 952 748 204 36 68 1,225 520 674 144 73 870 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. nvestors. MUTUAL SAVINGS BANKS [Amounts in millions of dollars] Loins Securities Total End of period M ga o g r e t- Other G U o .S v . t. g S l a o o t n c a v d a t t e l . C ot r o a h a n r e t p d e r o - i a C s a se sh ts O as t s h e e t r s a s l s a T u i s a a t c r o e i b n p c e t t i d t l s s a l s 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 N c M u o m o m r b m t e g r i a t g m e A e n m lo ts o a n u 3 nt 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 « 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 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_Aug 28,179 431 6,320 686 5,137 821 629 42,202 37,549 935 3,718 64,910 1,536 Sept 28,335 455 6,305 687 5,118 867 654 42,422 37,859 823 3,739 65,662 1,526 Oct 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 1,546 Nov 28,680 469 6,172 677 5,042 847 642 42,529 37,892 857 3,779 59,882 1,533 Dec 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962—Jan 29,145 455 6,245 669 5,064 837 655 43,071 38,446 845 3,780 68,614 1,588 Fefe 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 I 897 June 30,398 519 6,296 582 5,069 883 675 44,421 39,642 921 3,859 79,248 [,940 July 30,688 506 6,285 577 5,135 837 678 44,706 39,814 1,021 3,871 84,357 1 994 Aug 31,000 560 6,311 568 5,149 808 677 45,073 40,029 1,127 3,917 83,803 2,088 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 Sec note 4, p. 1463. 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 1477 LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities End of period Total Mort- Real Policy Other assets Total U St n a i t te e d s Sta lo te c a a l ndForeign' Total Bonds Stocks estate assets 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—Aug.... 123,902 12,021 6,440 3,822 ,75!* 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 5,8£0 6,622 May... 128,931 12,323 6,325 4,050 ,948 55,274 50,307 4,967 44,946 4,024 5,927 6,437 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 ,950 55,697 50,706 4,991 45,340 4,097 6,038 6,412 Aug 130,596 12,459 6,385 4,090 ,984 55,927 50,908 5,019 45,576 4,106 6,079 6,449 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 End of assets2— loan period M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i lia T b o il t i a ti l es S c a a v p i i n ta g l s u R n e d a s i n v er d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n ce s s i s n Other co m m e m nt i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 i 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958. 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 ,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 ,293 874 1,285 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 ,186 968 1,359 1961 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 ,547 1,114 1,908 1961—Aug 65,705 5 055 2,638 4,417 77,815 67,177 5,286 2,160 .596 1,596 2,186 Sept 66,507 5,050 2,685 4,500 78,742 67,839 5,290 2.290 ,589 1,734 2,110 Oct., 67,317 5,095 2,766 4,603 79,781 68,565 5.289 2,364 ,579 1,984 2,128 Nov 68,069 5,177 2,850 4,801 80,897 69,340 5,293 2,445 ,558 2,261 2,028 Dec 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 ,547 1,114 1,908 1962-Jan 69,368 5,408 2,933 4,628 82,337 71,342 5,745 2,480 ,488 1,282 1,988 Feb 69,968 5,503 3,031 4,668 83,170 71,920 5,748 2,384 ,539 1,579 2,150 Mar 70,769 5,539 3,162 4,761 84,231 72,854 5,751 2,301 ,657 1,668 2,335 Apr 71,616 5,493 3,084 4,851 85,044 73,240 5,747 2,427 ,795 1,835 2,474 May 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 >,010 1,456 2,551 Aug 75,542 5,448 2,924 5,117 89,031 76,115 6,047 3,071 *,999 1,799 2,518 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 Sayings 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
1478 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 Bu n d e g t et, T f P u r l n u u d s s s : t g I L n o e t v s r s t a . : - ! E r T e q o c u t t a s a l . l s 2 : Budget T f P u r l n u u d s s s : t m A L d e e n j s u t s s s : t 3 - E p T q a o u y t a t a l s l s . : p re a o c y r t t s s . . C (d d h i e i a r n b n e t c g t e a I g L n e e v b n s e y s . s * : t & . L N c d e a e o s s b n s 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 I960.... 77,763 20,534 3,167 95,078 76,539 20,891 3,129 94,301 111 3,371 953 597 1,821 1961.... 77,659, 23,583 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... 35,329i 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—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** 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 10,328 8,541 2,082 46 10,577 -249 4,266 1,511 411 2,344 Sept 10,053 1,622 532 11,140 7,327 2,362 1,049 8,639 2,501 -2,309 -624 21 -1,706 Effects of operations on Treasurer's account Change in Treasurer's account Net operating transactions Net financing transactions cash balances (end of period) 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 T fu 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 t r s se o c f . 4 G se o c v . * 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 ,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 1962P.. -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.-JuneP.. 1,031 1,557 705 264 -1,666 2,032 -13 3,936 10,430 612 8,815 1,003 Month: 1961—Sept 2,174 -726 663 108 662 35 -20 2,936 8,956 348 7,754 853 Oct -4,655 -1,015 170 33 828 1,911 30 -2,759 6,197 502 4,834 861 Nov -1,060 479 -560 28 -191 1,350 -17 63 6,261 489 4,930 842 Dec 807 -450 106 168 540 -842 95 234 6,494 465 5,157 872 1962—Jan -2,038 -1,455 337 165 1,137 345 4 -1,513 4,981 362 3,552 1,067 Feb -129 716 -66 102 -437 470 12 644 5,626 449 4,172 1,005 Mar 1,356 -212 915 55 13 -896 -62 1,293 6,919 403 5,568 948 -1,535 -279 10 -43 455 864 395 -924 5,995 569 4,150 1,276 MPay!'.'.'.'.'.'. -205 2,461 -449 -21 -2,182 2,222 -319 2,145 8,140 526 6,623 991 JuneP 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 Sept 2,727 -739 541 41 572 -2,344 60 738 9,268 400 7,919 949 1 Primarily interest payments by Treasury to trust accounts and accumu- 4 Excludes net transactions of govt. sponsored enterprises. ations to U. S. employees trust funds. 5 Primarily military defense, military assistance, and atomic energy. 2 Includes small adjustments not shown separately. 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 1479 FEDERAL FISCAL OPERATIONS: DETAILS [In millions of dollars] Budget receipts Selected excise taxes (IRS data) Transfers to trusts Indiv. taxes Period Net 2 Old- High- R r . e - R. fu R n e d - s Total W he it ld h- Other C r t a a o t x i r o e p s n o- ta c E i x x s e e - s p m t E a l x o e m n e y - s t - O ce r t i e h p - e ts r Liquor b T ac o c - o a M t n a d i f l r e r s r e . s 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 I960.... 77,763 10,122 2,539 607 5,237 96,962 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 99,49132,978 13,175 21,765 12,064 12,502 7,007 3,213 1,991 5,294 1962*... 81,360 11,557 2,949 570 6,265 103,786 3"'6,216 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 43,07016,616 3,185 8,838 6,238 5,063 3,130 1,685 1,007 2,724 1961—Jan.-June... 42,330 6,728 1,301 274 5,104 56,42116,362 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 43,57517,652 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 60,21118,564 11,215 13,037 6,355 7,702 3,338 1,587 991 2,880 Month: 1961—Sept 8,945 828 267 55 186 10,285 2,662 2,017 3,251 983 884 488 284 169 Oct 3,141 239 258 162 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 1,277 Dec 7,967 458 255 47 67 8,980 2,935 428 3,322 1,013 505 777 254 165 1962—Jan 5,357 152 233 11 73 5,959 1,245 2,325 466 1,009 353 561 224 140 Feb 6,729 1,620 207 81 743 9,773 5,124 786 400 967 2,080 416 189 116 1,524 Mar 9,104 1,119 248 50 1,813 12,354 2,896 832 5,879 1,140 1,188 419 313 215 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 82 101 10,658 5,287 955 469 1,157 2,266 524 305 169 1,356 June? 11,566 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 1,106 450 961 257 148 Aug 7,089 1,699 332 86 193 9,445 5,298 169 431 1,188 1,786 573 289 197 jn.a. Sept 10,053 911 287 50 111 11,414 2,980 2,092 3,533 1,103 962 744 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 t N u a ra t- l t m C r a 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 1960.. 76,539 45,691 1,832 401 4,882 1,714 1,963 122 3,690 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 ,257 6,036 2,133 2,755 335 4,425 ,076 5,404 9,218 1,874 Half year: 1960—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 92S Month: 1961—Sept.. 6,771 3,861 288 72 421 218 236 6 350 66 422 740 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 -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 -10 381 84 438 780 175 May.. 7,229 4,786 -110 155 300 161 231 -29 297 98 434 780 129 June*. 7,983 4,970 246 142 562 196 290 -105 394 116 399 847 158 July... 7,252 3,954 95 135 664 191 156 190 460 84 442 834 138 Aug... 8,541 4,448 276 187 ,126 247 300 23 348 131 492 806 195 Sept... 7,327 4,035 204 141 570 268 224 -19 415 125 401 813 150 1960 1961 1962 1960 1961 1962 Item IV II III IV II III IV III IV II III Seasonally adjusted Not seasonally adjusted Cash budget: Receipts 24.6 23.3 24.6 24.9 25.3 24.6 26.i 27.6 20.6 24.8 28.5 23.4 21 3 26.2 31,0 26.0 Payments... 24.3 25.1 26.5 26.2 26.9 27.8 26.1 28.0 24.5 23.4 27.4 26.7 27 2 26.0 27.7 28.5 Net. -1. -1.9 -1.4 -1.6 -3.2 -.3 -3.9 1.4 1.1 -3 .3 -5.9 .3 3.2 -2.5 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1480 U. S. GOVERNMENT SECURITIES TOTAL DEBT, BY TYPE OF SECURITY [In billions of dollars] Public issues3 Total Total Marketable Nonmarketable End of period gross gross Con- Special debti direct vert- issues* debt 2 Total Total Bills Certifi- Notes Bonds 4 b i o b n le ds Total 5 S in a g v s cates bonds 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1954 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 81.8 11.8 63.6 57.7 42.6 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959 Dec . 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961 Oct 296.0 295.7 248.8 195.2 42.6 5.5 67.8 79.3 4.7 48.9 47.7 43.9 Nov 297.3 297.0 249.4 195.6 43.4 5.5 71.5 75.2 4.7 49.1 47.8 44.2 Dec .. . 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962 Jan 296.9 296.5 250.8 197.6 43.9 5.5 71.6 76.6 4.5 48.6 47.5 42.3 Feb 297.4 297.0 250.8 197.6 44.2 12.4 64.4 76.6 4.5 48.7 47.5 42.8 Mar 296.5 296.1 249.7 196.5 43.0 12.4 64.5 76.6 4.4 48.8 47.6 42.8 Apr .... 297.4 297.0 251.2 198.1 43.4 12.4 64.5 77.8 4.3 48.8 47.6 42.1 May 299.6 299.2 251.2 198.2 43.7 13.5 65.4 75.5 4.3 48.7 47.6 44.3 June 298.6 298.2 249.5 196.1 42.0 13.5 65.5 75.0 4.3 49.2 47.6 44.9 July 298.3 297.9 250.1 196.9 42.8 13.5 65.5 75.0 4.3 49.0 47.7 43.8 A.U2 302.3 301.8 252.5 199.3 43.6 20.4 58.1 77.2 4.2 49.0 47 7 45 4 Sent • 300.0 299.5 251.0 197.9 42.2 17.8 58.1 79.8 4.1 48.9 47.7 44.6 Oct 302.6 302.1 254.3 201.3 46.1 17.9 57.6 79.7 4.0 48.9 47.7 43.9 1 Includes some debt not subject to statutory debt limitation (amounting 5 Includes Series A investment bonds, depositary bonds, armed forces to $372 million on Oct. 31, 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 $11,867 million on Sept. 30, 1962. * 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] Heldby— Held by the public E p n er d i o o d f T g d r o e o t b s a t s l ag G U t a e r o n . n u S v c d s . t i t e . s B F a . n R k . s Total b m C a e n o r k m c s i - a 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie r e - s - r c O a o t t r i h p o e n o r - s g S l a o o t n c v a a t d t s e l . Savi I n n g d s ividu O a t l h s er n F a i o t n a i r t o n e e n d i r g a - n l 3 O i t m n o t v r i h s s e e c s 4 r . funds 1 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 I960 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—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 r19.3 19.4 46.6 r18.9 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 19.0 14 2 11 3 Aue 302.3 57.1 30.4 214.9 64.5 6.3 11.5 21.1 19.6 46.8 19.1 14 6 rll 5 Sept 300.0 56.4 29.8 213.7 64.6 6.3 11.4 19.0 19.4 46.8 19.1 15.2 11.9 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 1481 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 8,085 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—Aug. 31. 199,295 93,728 43,637 50,091 52,806 27,885 9,309 15,567 Sept. 30. 197,951 84,467 42,236 42,231 58,158 32,411 7,353 15,562 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—Aug. 31 9,107 1,611 695 916 1,123 2,375 1,441 2,557 Sept. 30 9,343 1,220 605 615 1,345 2,814 1,407 2,557 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—Aug. 31 30,358 17,923 3,079 14,844 9,987 2,233 153 63 Sept. 30.... 29,825 17,200 2,373 14,827 10,127 2,300 135 64 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 10,016 11,334 1962—Aug. 31. 159,830 74,194 39,863 34,331 41,696 23,277 7,715 12,947 Sept. 30. 158,783 66,047 39,258 26,789 46,686 27,297 5,811 12,941 Commercial banks: 1959—Dec. 31. 51,841 11,198 5,011 6,187 28,778 9,235 2,173 457 I960—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—Aug. 31. 56,363 23,647 6,610 17,037 21,882 8,980 1,362 492 Sept. 30. 56,390 19,696 6,850 12,846 24,968 10,909 350 467 Mutual savings banks: 1959—Dec. 31... 6,129 486 191 295 1,401 2,254 1,427 560 1960—Dec. 31... 5,944 480 144 336 1,544 1,849 897 1,174 1961—Dec. 31... 5,867 686 181 505 1,514 1,708 662 1,298 1962—Aug. 31.. . 6,004 861 347 514 1,383 1,925 501 1,333 Sept. 30... 5,985 702 347 355 1,448 2,115 392 1,328 Insurance companies: 1959—Dec. 31... 9,175 1,024 416 608 2,279 2,422 2,396 1,054 I960—Dec. 31... 9,001 940 341 599 2,508 2,076 1,433 2,044 1961—Dec. 31.. 9,020 1,228 442 786 2,222 1,625 1,274 2,671 1962—Aug. 31... 9,255 1,559 545 1,014 1,875 1,821 1,095 2,905 Sept. 30.. 9,226 1,350 536 814 1,977 2,043 945 2,910 Nonfinancial corporations: l 1959—Dec. 31 1960—Dec. 31 10,741 8,340 5,599 2,741 2,269 58 39 33 1961—Dec. 31 10,547 8,697 5,466 3,231 1,747 72 22 1962—Aug. 31 10,777 9,371 5,826 3,545 1,225 135 17 29 Sept. 30 8,956 7,442 4,609 2,833 1,316 160 17 21 Savings and loan associations: : 1959—Dec. 31 1960—Dec. 31 2,454 322 163 159 858 473 396 406 1961—Dec. 31 2,760 446 155 291 895 617 371 431 1962—Aug. 31 2,811 444 160 284 661 949 265 491 Sept. 30 2,844 321 153 168 727 1,112 193 490 State and local governments: 2 1959—Dec. 31 1960—Dec. 31 10,957 3,933 2,643 1,290 1,785 828 1,382 3,029 1961—Dec. 31 10,893 3,974 2,710 1,264 1,320 842 1,250 3,507 1962—Aug. 31 12,061 5,070 3,541 1,529 943 1,097 972 3,979 Sept. 30 11,862 4,711 3,336 1,375 965 1,196 966 4,024 AH others: 1959—Dec. 31. 1960—Dec. 31. 60,158 28,413 19,772 8,641 18,596 4,965 5,598 2,587 1961—Dec. 31. 60,440 29,346 20,596 8,750 17,314 6,054 4,713 3,012 1962—Aug. 31 . 62,559 33,243 22,834 10,409 13,725 8,369 3,504 3,717 Sept. 30. 63,520 31,825 23,429 8,395 15,284 9,762 2,948 3,701 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 6,181 commercial banks, 508 mutual savings banks, and 812 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. O ftotal mar- not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1482 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 W 1 i y th ea in r y 1 ea -5 rs y 5 e - a 1 r 0 s 10 A f y t e e a r rs G U o .S y . t. Other m b C e a o r n m c k ia s - l o A th l e l r securities securities 1961—Sept ,442 ,185 177 47 34 406 25 608 403 99 Oct ,690 ,389 254 27 20 547 38 695 410 61 Nov ,686 ,295 309 41 43 514 33 691 448 90 Dec ,653 ,328 228 45 52 540 29 698 386 69 1962—Jan ,717 ,478 149 64 26 538 25 716 438 98 Feb ,970 ,520 295 95 60 565 36 832 537 83 Mar ,675 ,332 217 69 56 569 33 659 414 80 Apr ,689 ,350 180 114 45 541 42 653 453 90 May ,694 ,338 218 114 24 564 35 662 433 90 June ,681 ,357 191 100 33 553 29 652 446 89 July ,682 ,457 139 63 23 529 34 621 498 82 Aug ,603 ,318 158 94 33 542 27 600 435 78 Sept ,913 ,432 293 147 40 571 42 766 534 105 Week ending— 1962—Sept. 5.... ,244 ,068 112 41 22 339 18 505 383 65 12.... 2,445 ,786 382 225 52 709 53 1,023 660 158 19 ,516 ,130 225 129 32 486 44 599 388 90 26.... ,799 ,308 324 130 38 604 43 662 491 Oct. 3.... 2,209 324 154 42 636 34 857 681 83 10.... 1,714 ,287 261 137 28 651 33 649 381 170 17 2,064 ,678 247 119 20 685 37 796 546 110 24.... 1,622 ,260 180 142 40 594 42 600 387 108 31.... 2,379 799 331 229 20 790 49 929 611 90 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 U. S. Commercial banks Period mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 5 rs 5 A y f e te a r rs se a G c g u e o r n v i c t t i y . es Period sou A r l c l es Y N C o e it w r y k w E h ls e e r - e C t o io rp n o s r 1 a- o A th l e l r 1961—Sept 2,497 2,339 144 15 107 Oct 3,227 3,044 194 -12 105 1961—Sept 2,416 688 574 982 171 Nov 3,807 3,272 464 71 140 Oct 3,077 926 735 1,029 387 Dec...... 2.939 2,655 260 23 86 Nov 3,915 1,173 870 1,477 393 Dec 3,088 725 744 1,345 275 jl 962—Jan 2,778 2,589 184 5 93 Feb 2.265 1,914 297 54 115 1962—Jan 2,740 482 596 1,341 320 Mar 3^056 2,721 228 106 168 Feb 2,296 426 449 1,218 203 Apr 3 771 3,388 252 131 193 Mar 3,025 855 637 1,299 235 May 3,642 2,985 403 255 196 Apr 3,621 976 835 1,354 456 June 3,777 3,398 261 118 293 May 3,738 978 769 1,612 379 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 Sept 3,177 2,643 323 211 190 Aug 2,597 460 405 ,438 294 Sept 3,332 943 660 ,307 421 Week ending— Week ending— 1962—Aug. 1. . 2,391 2,340 107 -55 202 8.. 2,482 2,285 80 118 168 1962—Aug. 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 ,464 321 29... 2,693 427 442 ,505 319 Sep,^.. 2,923 2,892 17 14 167 3,087 2,988 70 29 154 Sept. 5... 2,990 519 494 1,490 488 19.. 3,128 2,265 490 372 167 12... 3,145 660 479 1,487 519 26.. 3,254 2,443 506 305 230 19. .. 3,903 1,395 793 ,263 453 26... 3,261 1,014 776 1,159 312 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 1483 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OUTSTANDING OCTOBER 31, 1962 [In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Nov. 1, 1962.. 1,901 Apr. 15, 1963 2,001 Nov. 15, 1964 4% 4,195 Mar. 15, 1966-71...2ft 1,412 Nov. 8, 1962.. 1,903 Apr. 18, 1963 700 Apr. 1,1965 lft 466 June 15, 1967-72... 2ft 1,329 Nov. 15, 1962.. 1,901 Apr. 25, 1963 700 May 15, 1965 45/8 2,113 Sept. 15, 1967-72. ~' 1,952 Nov. 23, 1962. . 1,901 July 15, 1963 2,004 Oct. 1,1965 lft 315 Nov. 15, 1967.... 3,604 Nov. 29, 1962., 1,902 Oct. 15, 1963 2,500 Feb. 15, 1966 3% 3,114 Dec. 15, 1967-72. 2,815 D D J D D a e e e e n c c c c . . . . . 2 2 1 6 0 7 3 3 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 2 2 2 2 . . . . . . , . . . 2 2 2 2 2 , , , , , 0 0 0 0 0 0 0 0 0 0 3 1 1 1 2 C F A M e e r u t a b i g y f . i . c a 1 1 1 t 5 5 e 5 , , s , 1 1 1 9 9 9 6 6 6 3 3 3 3 3 3 1 V f /2 t 4 5 5 6 , , , 7 8 2 1 5 8 9 1 4 A O A A A p u c p u t g r g r . . . . . 1 1 1 5 5 1 1 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 6 7 7 6 6 3 i l l } y f f t 4 t 4 2 4 5 , , 4 2 6 2 3 8 5 7 7 5 1 4 5 0 7 A M O F A e u u c a b g g t y . . . . 1 1 1 1 5 5 5 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 7 6 6 9 8 1 8 9 3 3 3 % 4 4 4 4 2 2 2 1 1 , , , , , 8 5 2 8 4 5 4 3 0 6 8 4 8 6 0 Jan. 10, 1963 . , 2,001 Treasury notes Oct. 1,1967 lft 5 Nov. 15, 1971 3% 1,204 Jan. 15, 1963., 2,001 Nov. 15, 1962 3% 1,143 Aug. 15, 1972 4 2,579 Jan. 17, 1963.. 2,000 Nov. 15, 1962 3V4 6,082 Treasury bonds Nov. 15, 1974 3% 1,171 Jan. 24, 1963.. 2,003 Feb. 15, 1963 2YS 1,487 Dec. 15, 1959-62... 214 2,269 May 15, 1975-85...4^ 470 J F F a e e n b b . . . 3 1 7 1 4 , , , 1 1 1 9 9 9 6 6 6 3 3 3 . . . . . . 7 7 7 0 0 0 0 0 4 A F M e p b a r . y . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 3 i V y2 4 4 2 1, ,2 1 5 5 8 3 7 3 3 D J A u e u n c g e . . 1 1 15 5 5 , , , 1 1 1 9 9 9 6 6 6 3 0 2 - - 6 6 5 7 2 .. . . . 2 2 2 % f f t t 4 1 1 , , , 3 4 4 8 6 1 5 2 7 J F N u e o b n v . e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 8 7 0 0 8 -83... 3 3 l f A 4 t 1 1 1 , , , 4 5 9 4 9 1 6 3 5 F F M e e b b a . . r . 2 2 7 1 8 , , , 1 1 1 9 9 9 6 6 6 3 3 3 . . . . . . 7 7 7 0 0 0 0 0 0 O M N c o a t v y . . 1 1 5 5 1 , , , 1 1 1 9 9 9 6 6 6 3 3 3 3 4 i V y % 2 4 3 3, , 0 5 0 1 0 3 1 6 0 D J F u e e n b c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 3 4 - - 6 6 8 9 . . . . . . 2 2 f f 3 t t 2 2 1 , , , 7 8 6 1 0 3 6 0 3 A M Fe u a b g y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 8 8 0 5 7 -92... 3 4 3 * 1 f 4 4 t 4 1 , , 9 1 3 1 3 6 5 1 5 Mar. 14, 1963.. 701 Apr. 1,1964 11/2 457 Dec. 15, 1964-69... 2ft 2,545 Feb. 15, 1995 3 2,614 Mar. 21, 1963.. 700 May 15, 1964 4% 4,933 Feb. 15, 1965 2% 4,682 Nov. 15, 1998 3ft 4,461 Mar. 22, 19631. 3,005 May 15, 1964 3% 3,893 Mar. 15, 1965-70... 2 ft 2,424 A A M p p a r r r . . . 2 1 4 8 1 , , , 1 1 1 9 9 9 6 6 6 3 3 3 . . . . . . 7 7 70 0 0 1 1 0 A A O u u c g g t. . . 1 1 5 5 1 , , , 1 1 1 9 9 9 6 6 6 4 4 4 1 3 1 V / 5 2 4 2 5, , 0 3 4 1 1 9 9 6 0 M A N u o a g v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 6 6 3V 3 % y 3 4 2 3 1 , , , 4 5 48 9 3 4 7 8 Co I A n n v p v e r e . r s t t i m b 1 l e e , n b 1 t o 9 S n 7 e d 5 r s i - e 8 s 0 B ... 234 4,037 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] All issues (new capilal and refunding) Issues for 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 lo G 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 R br a o i n d a d g d e s s i U tie ti s l - 6 H in o g u 7 s- V a a e n i t s d 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 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 5,383 1,455 698 1,399 258 110 1,464 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 1,352 1958 7 526 5 447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 1,683 I960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 1,894 1961 8,562 5,721 2,406 315 120 1,928 2,164 4,470 8,298 8,460 2,821 1,167 1,700 385 478 1,909 1961—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 33 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 Mar r 644 395 241 8 72 198 374 1,130 628 220 137 147 4 120 Apr.r... 896 601 180 101 14 66 266 563 704 874 274 111 152 106 230 May... 934 668 256 10 206 230 498 896 910 348 31 233 58 241 June 719 533 156 30 172 114 433 836 716 316 26 120 * ioo 153 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
1484 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 •p _ Period Bonds Stock tire- Total U.S. U.S. Total ment G U o . v S t. . 2 G a c g y o e v n 3 t - . S l a o t n c a a d te l Other 4 Total Total P li u cl b y - v P at r e i- ly Pre- Com- Total m N on ew ey6 p p o u s r e - s s ri e t c ie u s offered placed ferred mon 1954 . 29,765 12,532 458 6,969 289 9,516 1,488 4,003 3 484 816 1,213 9,365 7,490 6,780 709 1,875 1955 . 26,772 9,62« 746 5,977 182 10,240 1,420 4,119 3,301 635 2,185 10,049 8,821 7 957 864 1,227 1956 . 22,405 5,517 169 5,446 334 10,939 ,00? 4,225 3,777 636 2,301 10,749 10,384 9,663 364 1957 . 30,571 9.601 572 7 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11784 663 214 1958 . 34,443 12,063 2,321 7,449 1,052 11,558 ,653 6,332 3,320 571 1,334 11,372 10,823 9 907 915 549 1959 . 31,074 12,322 707 7,681 616 9,748 1,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960 . 27,541 7,906 1,672 7,230 579 10,154 f>,081 4,806 3,275 409 1,664 9,924 9,653 8 758 895 271 1961 . 35,494 12,253 1,448 8,345 302 13,147 9,475 4,706 4,720 449 3,273 12,874 11,979 108?9 1,150 895 1961—Aug . 2,064 392 250 603 5 813 637 225 411 45 131 793 762 662 100 31 Sept 1,913 338 193 699 5 678 460 123 336 17 201 658 647 612 36 11 Oct.... 4.410 2,564 643 48 1,155 845 336 509 12 298 1,129 1,090 138 40 Nov.... 2,404 357 225 789 46 987 762 414 348 41 184 961 948 908 40 13 Dec 2,094 341 654 4 1,094 784 217 567 26 284 1,071 1,000 930 70 71 1962—Jan . 3,506 1,589 246 866 159 647 504 273 232 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.... . 1,877 372 621 38 847 638 386 253 5 204 823 807 709 97 16 Apr 4,075 1,506 461 877 14 1,217 881 654 227 120 216 1,185 1,113 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 Aug.... . 4,042 2,408 150 559 17 907 825 477 348 24 58 894 734 647 87 160 Proposed UM* of set proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1954 2,044 190 831 93 501 ?,70 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 70 2,474 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 I960 1,997 79 794 30 672 39 7,754 51 1,036 1 2,401 71 1961 3,708 306 1,095 46 680 26 2,892 104 1,427 378 2,176 36 1961 Aug 255 25 83 1 69 1 215 2 13 127 2 Sept 252 8 76 1 28 111 105 1 Oct 271 28 146 1 60 * 306 8 25 281 2 Nov 215 10 61 56 362 80 174 2 Dec 306 18 151 7 32 1 168 40 42 302 1962 Jan .... 205 14 99 1 23 1 89 24 73 102 1 Feb 131 2 52 * 45 * 148 4 362 122 1 Mar 318 2 75 2 74 * 193 1 21 126 10 Apr . 384 67 103 3 28 377 88 * 134 1 May 270 5 100 1 38 198 16 64 91 3 June 342 14 90 4 48 * 410 56 19 163 7 July .. 211 6 33 * 21 124 5 113 2 A.U2 211 4 48 7 71 109 142 119 2 177 4 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 1485 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] 1960 1961 1962 Industry 1957 1958 1959 1960 1961 IV I II III IV I n 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 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 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.): * 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 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 3,090 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 1,063 238 229 267 260 306 279 297 737 717 799 795 843 230 193 189 191 270 198 196 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 1,090 182 166 295 299 329 320 267 873 802 831 840 844 219 207 208 208 221 209 210 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 729 734 934 763 837 167 178 202 191 267 225 239 416 422 448 482 497 123 121 125 124 128 129 130 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 1,058 843 845 648 625 168 27 137 184 278 133 186 Profits after taxes 737 602 578 445 382 142 -12 74 122 200 66 105 438 419 406 385 356 125 86 91 67 112 84 91 Electric power: Ooeratinc 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 r3 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 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 1,562 1,860 2,153 2,326 2,478 594 587 614 620 657 648 678 788 921 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. Telephone. Data obtained from Federal Communications Commis- 2 Includes 27 cos. in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corps. Data are obtained primarily from Lines and General departments of American Telephone and Telegraph published co. reports. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operat- Railroads. Interstate Commerce Commission data for Class I line- ing subsidiaries and the 2 affiliates. haul railroads. All series. Profits before taxes are income after all charges and before Electric power. Federal Power Commission data for Class A and B Federal income taxes and dividends. For description of series sec electric utilities, except that quarterly figures on operating revenue and June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp. 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
1486 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES [In billions of dollars] [In millions of dollars] Profits In- Profits Cash Undis- All types Bonds and notes Stocks Period before come after divi- tributed taxes taxes taxes dends profits Period New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1955 44.9 21.8 23.0 11.2 11.8 1956 44.7 21.2 23.5 12.1 11.3 1957 43.2 20.9 22.3 12.6 9.7 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 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 3,609 10,741 9.638 2,584 7,053 4,712 1,024 3.688 I960 45.4 22.4 23.0 14.4 8.6 1961 45.6 22.3 23.3 15.0 8.3 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1959 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 1960—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 HI 46.5 22.6 23.9 14.1 9.8 1961 16,745 6,967 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 n 5,566 1,808 3,758 3,273 1,255 2,018 2,293 553 1,740 1961 I 39.8 19.4 20.3 14.7 5.6 m 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 4,338 1,991 2,347 2,432 852 1,581 1,908 1,140 766 in 4 5 6 1 . . 3 4 2 25 2 . . 1 6 2 2 3 6 . . 7 3 1 1 4 5 . . 9 5 1 8 0 . . 7 8 IV 3,226 1,406 1,820 1,668 730 938 1,558 67« 882 IV 1962—III 4,097 1,633 2,463 2,606 793 1,813 1,491 840 651 50.1 24.4 25.6 15.8 9.8 1962 III 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. 1484 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. 1484. 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 r e ie 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 . . i Other taxes 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 21 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 L.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 L.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 L.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 L.8 109.5 14.1 40.3 1962 I 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 1.8 109.5 13.6 41.8 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] Year Total M fa i c a n t n u g u r- - M in in g - T R ra a n il s - port O a t t h io e n r P u u t t i b i e l s l i i - c c m C at o u io m n n i - - s Other1 Quarter Total m M a in n i f n g g d - . T p t o r i a r o n t n a s - - P u u t t i b e il s l i i - c oth A e l r l 2 a T ( r n S a o n . t t A u e a ) a l l road 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1961—1... 7.6 3.2 .6 J -1 2.7 33.9 1955 28.7 11.4 .0 .9 1.6 4.3 2.0 7.5 II... 8.6 3.7 .7 L.4 2.9 33.5 1956 35.1 15.0 .2 1.2 1.7 4.9 2.7 8.4 III.. 8.7 3.6 .6 L.5 2 9 34 7 1957 37.0 16.0 ? 1.4 1.8 6.2 3.0 7.4 IV.. 9.5 4.1 .7 L.5 3.2 35 4 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 L.O .9 2.0 5.7 2.7 8.2 1962—1... 8.0 3.4 .6 l.l 2.9 35 7 I960 35.7 14.5 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 .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 l.l .8 2.1 5.4 3.7 9.5 IV3. 10.2 4.4 .7 1.5 3.5 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 1487 MORTGAGE DEBT OUTSTANDING [In billions of dollars] All properties ]Nionfarm Farm Other Multifamily and holders 2 1- to 4-family houses commercial properties 3 End of period h A o er l l d s l - t F u 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 t F u i t i n i r s o ta t n i n - s . 1 O ho e th r ld s e - r Total tu F i t n i i n s o 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 i o s a a t n i l n - s - 1 h O ol 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 I960 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 I960—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—\P 210.3 160.2 11.3 38.8 197.0 143.3 119.8 23.5 53.7 35.7 18.0 13.3 4.7 8.6 Ilv 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—IP 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 IIP 236.5 181.6 12.1 42.8 221.5 160.0 135.2 24.8 61.5 41.1 20.4 14.9 5.3 9.7 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, Farmers 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 holdings 2 Residential Residential End of period Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a o t r h n m 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 4,379 336 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 5,461 471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1 588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1 648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 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 I960—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 ,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 ,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 ,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 ,716 28,015 25,318 7,634 9,192 8,492 2,645 51 m 29,920 20,953 5,905 2,676 12,372 7,227 740 28,589 25,892 7,811 9,231 8,850 2,646 51 rv 30,442 21,225 5,975 2,627 12,623 7,470 ,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962—1 30,844 21,211 6,003 2,547 12,661 7,817 ,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 NOTE.—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
1488 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g V n u t A e a e r - - d Other i Farm1 Total Total i F ns H u A re - d a g n V u t A e a e r - - d Other Farm 1941 6,442 5 529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1961 Sept r 512 474 106 16 352 38 43,427 40,299 9,595 6,622 24,082 3,128 Oct 580 541 112 24 405 39 43,580 40,435 9,574 6,592 24,269 3,145 Nov 590 543 110 26 407 47 43,815 40,656 9,620 6,566 24,470 3,159 Dec 878 826 134 44 648 52 44,241 41,070 9,664 6,552 24,854 3,171 1962 Jan 560 495 122 34 339 65 44,378 41,209 9,726 6,532 24,951 3,169 Feb 457 400 98 27 275 57 44,494 41,304 9.766 6,507 25,031 3,190 Mar. 521 452 104 33 315 69 44,637 41,425 9,797 6,498 25,130 3,212 Apr 481 425 86 28 311 56 44,751 41,516 9,821 6,478 25,217 3,235 May 591 535 99 39 397 56 44,946 41,683 9,853 6,461 25,369 3,263 June 576 532 103 33 396 44 45,142 41,856 9,884 6 444 25 528 3,286 July 625 580 129 36 415 45 45,340 42,030 9,970 6,431 25,629 3,310 A rig 637 597 118 38 441 40 45,576 42,247 10,005 6,412 25,830 3,329 Sept 566 530 109 41 380 36 45,758 42,413 10,051 6,403 25,959 3,345 i 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 [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total i By type of lender (N.S. A.) Period Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total* F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - 2 Period S.A.2 N.S.A. i a n l S s o g a s a s 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 i s a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941. 4,732 1,490 404 1,165 218 1945., 1,913 181 1,358 5,376 1945. 5,650 2,017 250 1,097 217 1955 11,255 3,984 5,155 31,408 1,404 5,883 24,121 1955. 28,484 10,452 1,932 5,617 ,858 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1956. 27,088 9,532 1,799 5,458 ,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 ,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958. 27,388 10,516 1,460 5,204 ,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959. 32,235 13,094 1,523 5,832 ,780 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1960. 29,341 12,158 1,318 4,520 ,557 1961 17,364 5,081 7,207 68.833 4,167 7,152 57,514 1961. 31,157 13,662 1,160 4,997 ,741 1961 1961 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 1,529 436 645 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 1,303 362 509 69,968 4,241 7,160 58,567 Jan... 2,696 2,459 1,041 88 400 138 Mar 1,611 464 633 70,769 4,276 7,170 59,323 Feb.., 2,682 2,238 971 79 374 114 Apr 1,661 512 635 71,616 4,312 7,122 60,182 Mar.. 2,670 2,627 1,172 90 442 120 May 1.857 584 739 72,587 4,332 7,132 61,123 Apr.., 2,745 2,704 1,210 89 482 131 June 1,936 572 823 73,631 4,355 7,119 62,157 May. 2,836 2,983 1,350 100 534 154 July 1,839 515 796 74,525 4,379 7,102 63,044 June. 2,891 3,075 1,391 107 542 177 Aug 2,036 540 920 75,542 4,399 7,093 64.050 July.. 2,973 3,134 1,382 107 549 201 Sept.? 1,713 485 735 76,299 4,410 7,082 64,807 Aug.. 3,333 1,501 123 563 201 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 1489 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 Total h N o M m ew e o s rtga h i g s o E e t m i s x n - e g s e P c r t o s j - 1 m p P r e i e r o m r n o t v y t p - e s - - 2 Total 3 h N o M m ew e o s rtga h i g o s E e t m i x s n - e g s E p n e d r io o d f Total Total s F u i H n re - A d - a g V n u t A a ee r - - d t C i v o e o n 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 I960 141.3 56.4 26.7 29.7 84.8 1960 6,293 2,197 2,403 711 982 1,985 i,554 428 1961* 153.4 59.1 29.5 29.6 94.3 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1960—11 135.9 55 0 25.2 29.8 80.9 1961—Sept. 569 147 276 73 74 168 98 70 Ill 138.8 55.7 26.0 29.7 83.2 Oct.. 599 148 285 83 83 201 114 86 IV 141.3 56.4 26.7 29.7 84.8 Nov. 622 174 310 65 73 206 118 87 Dec.. 553 153 273 62 65 197 112 84 1961—IP 143.3 57.1 27.4 29.7 86.2 UP 146.5 57.8 28.0 29.8 88.7 1962—Jan.. 617 179 301 74 63 227 127 99 III? 149.9 58.7 28.8 29.9 91.2 Feb.. 474 150 248 26 50 175 95 80 l\p 153.4 59.1 29.5 29.6 94.3 Mar. 541 157 261 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 M Ju a n y e . . 5 6 6 4 0 3 1 1 4 3 0 7 2 2 6 6 3 7 1 8 4 7 3 7 9 0 6 2 1 0 8 7 4 1 9 0 6 8 8 9 8 9 m> 160.0 60.4 30.9 29.5 99.6 July. 678 144 289 164 81 219 109 110 Aug. 670 157 308 130 75 247 120 127 NOTE.—For total debt outstanding, figures are Sept. 576 144 287 62 83 231 114 117 FHLBB and F.R. estimates. For conventional, figures are derived. 1 Monthly figures do not reflect mortgage amendments included in annual totals. Bo B a a rd se , d F e o d n e ra d l a H ta o u f s r i o n m g A F d e m de in ra is l tra H ti o o m n e , a L nd o a V n et B er a a n n k s 2 Not ordinarily secured by mortgages. Administration. 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 holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts r t i a o n d d ) ing (during mit- Period Ad- Repay- Members' End of period) ments vances ments deposits period Total F su H in re A - d - a g n V u t A e a e r - - d Pur- Sales bu d u r i n s s- - ed Total S te h r o m r t i - L te o rm ng 2 chases 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 J.192 942 589 I960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 ,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 ,447 1,216 1,180 1961 Sept 5,841 3,281 2,561 76 10 626 1961—Oct 257 179 2,202 1,239 963 1,008 Oct 5,916 3,345 2,571 108 2 653 Nov 263 178 2,287 1,269 1,018 1,029 Nov 6,004 3,417 2,587 121 3 656 Dec 510 135 2,662 1,447 1,216 1,180 Dec 6,093 3,490 2,603 127 2 631 1962—Jan 265 608 2,320 1,293 1,027 995 1962—Jan 6,186 3,566 2,620 124 1 637 Feb 145 236 2,228 1,228 1,000 1,007 Feb 6,248 3,618 2,630 102 7 605 Mar 204 281 2,151 1,170 981 1,109 Mar 6,231 3,653 2,578 97 80 613 382 209 2,323 1,244 1,079 1,096 Apr 6,151 3,616 2,535 60 106 562 M^y 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 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 Ang 5,969 3,556 2,413 35 19 442 Sept 279 180 3,046 ,835 1,211 984 Sept 5,951 3,552 2,400 32 12 429 Oct 383 338 3,091 ,876 1,215 1,016 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
1490 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 d e m e r r s er e a r n R l n o d e i a z p n m a a s t i o i r o l 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 1960 55,757 42,588 17,444 11,525 3.139 10,480 13,169 4,507 5,329 3,333 1961 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 1961—Sept 54,757 42,039 16,902 11,006 3,180 10,951 12,718 4,832 4,423 3,463 Oct 54,902 42,181 16,913 11,085 3,183 11,000 12,721 4,778 4,517 3,426 Nov 55 451 42 419 16,960 11 215 3,192 11,052 13,032 4,880 4,684 3,468 Dec 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 1962—Jan 56,278 42,846 16,878 11,605 3,131 11,232 13,432 4,906 4,892 3,634 Feb 55,592 42,632 16,900 11,380 3,099 11,253 12,960 4,931 4,294 3,735 Mar 55,680 42,704 17,039 11,256 3,084 11,325 12,976 5,056 4,191 3,729 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 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 Aus 59,146 45,514 18,530 11 648 3,216 12,120 13,632 5,274 4,638 3,720 Sept 59,236 45,621 18,467 11,698 3,233 12,223 13,615 5,288 4,623 3,704 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 m c k ia - s l fi S n c a o a l n s e . c s e u C n r i e o d n it s fin s C u a m n o c n e e - r 1 Other i Total D st m e o p r e e a n s r t t 2 - F st 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 o i s l - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1 605 320 496 206 188 395 1945 2 462 1 776 745 300 102 629 686 131 240 17 28 270 1955 28,883 24,375 10,601 8,424 1,678 2,623 1.049 4,508 1,511 1 044 365 487 1 101 1956 31,648 26,905 11,777 9,045 2,014 2,940 1,129 4,743 1,408 1,187 377 502 1,269 1957 33,745 29,078 12,843 9,487 2,429 3,124 1,195 4,668 1,393 1,210 361 478 1 226 1958 33,497 28,514 12,780 8,699 2,668 3,085 1,282 4,983 1,882 1,128 292 506 1,175 1959 39,034 33,359 15,227 10,108 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1 368 I960 42,588 36,974 16,672 11,228 3,923 3,670 1,481 5.615 2,414 1,107 333 359 1 402 1961 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 1,080 322 359 1 401 1961—Sept 42,039 37,188 16,909 10,882 4,233 3,650 1,514 4 850 1,979 1,009 315 360 1 187 Oct 42,181 37,191 16,877 10,866 4,269 3,671 1,508 4,990 2,097 1,014 315 359 1 205 Nov 42,419 37,240 16,836 10,878 4,317 3,684 1,525 5,179 2 213 1 034 314 360 1 258 Dec 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 1,080 322 359 1 401 1962—Jan 42,846 37,551 16,759 11,190 4,306 3,782 1,514 5,295 2,212 1 057 315 359 J 1*1 Feb 42,632 37,469 16,726 11,133 4,311 3,783 1,516 5,163 2,167 1,039 311 358 288 Mar 42,704 37,509 16.779 11,049 4,355 3,795 1,531 5,195 2,227 1 018 305 356 I 289 Apr 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 I 380 July 44,967 39,426 17,815 11,435 4,705 3,907 1,564 5,541 2,517 1,009 302 327 I 386 Aue 45,514 39,894 18,005 11,543 4,808 3,948 1,590 5,620 2,581 1 019 303 317 [ 400 Sept 45,621 39,954 18,020 11,533 4,840 3,969 1,592 5,667 2,647 1,018 301 308 1,393 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 1491 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 g O p c u o a o t m o p h n d e e e - r s r r R e l m r t o a e n i a o n p o i n z d d n a a s i - r - l s P o o a e n n r a - s l End of period Total m A pa o u p b t e o il r - e s p O g c u a o t o m p h o n e e d e - r r r s m i R z lo o a e a a n d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1955 8,424 6,882 1,048 28 466 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,045 7,166 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,487 7,271 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,699 6,165 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 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 ,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,052 6,590 3,100 161 ,201 1961.. 16,843 5,307 2,862 2,684 2,180 3,810 1961—Sept. 10,882 6,650 2,937 153 ,142 1961—Sept 16,909 5 284 2,822 2,826 2,197 3,781 Oct.. 10,866 6,621 2,929 157 ,159 Oct.. . . 16,877 5,308 2,825 2,769 2,198 3,777 Nov. 10,878 6,611 2,940 160 ,167 Nov 16,836 5,314 2,852 2,700 2,195 3,775 Dec. 11,052 6,590 3,100 161 ,201 Dec 16,843 5,307 2 862 2,684 2,180 3,810 1962—Jan.. 11,190 6,535 3,286 162 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 3,118 163 1,214 Mar 16,779 5,364 2,918 2,549 2,100 3,848 Apr. 11,121 6,642 3,078 165 1,236 Apr 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. 11,543 7,088 2,985 171 1,299 Aug 18,005 5,900 3,193 2,581 2,176 4,155 Sept. 11,533 7,057 2,973 172 1,331 Sept 18,020 5,900 3,158 2,586 2,187 4,189 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] Single- Other Repair payment Charge accounts End of period Total m A o u b to il - 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 36 14 785 1945 731 54 20 14 643 1939 2 719 625 162 236 1,178 518 1955 5,350 763 530 327 3,730 1941 3,087 693 152 275 1,370 597 1956 6,083 954 624 404 4,101 1945 3,203 674 72 290 1,322 845 1957 6,748 1,114 588 490 4,555 1958 7,035 1,152 565 595 4,723 1955 9,924 2,635 367 862 3 717 216 2,127 1959 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 I960 9,074 1,665 771 800 5.837 1958 ... 11,487 3,156 471 907 3 808 345 2 800 1961 .. . .. 9,685 ,842 763 836 6,244 1959 12,297 3.582 547 958 3,753 393 3,064 1961—Sept 9,397 1,786 753 830 6,028 I960 13,169 3,884 623 941 3,952 436 3,333 Oct 9,448 1,800 756 828 6,064 1961 13,976 4,224 731 948 4,027 463 3,583 Nov 9,526 ,823 756 837 6,110 Dec 9,685 1,842 763 836 6,244 1961—Sept 12,718 4,129 703 623 3,312 488 3,463 Oct... 12,721 4,125 653 656 3,382 479 3,426 1962—Jan 9,602 1,821 752 822 6,207 Nov... 13,032 4,158 722 717 3,498 469 3,468 Feb 9,610 1,824 749 818 6,219 Dec... 13,976 4,224 731 948 4,027 463 3,583 Mar 9,681 1,847 750 821 6,263 Apr 9,802 1,885 751 823 6,343 1962—Jan.... 13,432 4,203 703 804 3,614 474 3,634 May 9,938 1,919 756 841 6,422 Feb... 12,960 4,220 711 635 3,188 471 3,735 10,075 1,959 766 847 6,503 Mar... 12,976 4,279 in 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 Aug 10,346 2,032 779 869 6,666 May.. 13,700 4,421 817 636 3,571 476 3,779 Sept 10,401 2,044 780 874 6,703 June.. 13,718 4,439 788 612 3,635 492 3,752 July... 13,554 4,430 773 569 3,518 520 3,744 Aug... 13,632 4,425 849 570 3,521 547 3,720 Sept... 13,615 4,434 854 614 3,467 542 3,704 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
1492 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [In millions of dollars] Total Automobile paper Other consumer Repair and Personal loans goods paper modernization loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 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 1960 ... . 49,313 17,408 14,470 2,212 15,223 1961 47,984 15,779 14,477 2,049 15,679 1961—Sept 3,942 3,789 1.271 1.168 1,199 1,200 175 184 1,297 1,237 Oct 4,209 4,244 1,405 1,452 1.254 1,300 173 186 J.377 1,306 Nov 4,317 4,275 1,511 1,402 1,249 1,327 174 177 1,383 1,369 Dec 4,315 4,754 1,471 1,289 1,316 1,750 159 145 1,369 1,570 1962 Jan 4,194 3,756 1,474 1,320 1,185 1,039 157 120 1,378 1,277 Feb 4,302 3,566 t.496 1,284 1,281 972 168 122 1,357 1,188 Mar 4,363 4,301 1,526 1,574 1,257 1.161 172 154 1,408 1,412 Apr 4,625 4,658 1,606 1,688 1,382 1,287 169 175 1,468 1,508 4,593 4,858 1,604 1,787 1,312 1,346 185 210 L492 1,515 June 4,477 4,830 1,536 1,755 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 4,580 4,792 1,578 1.686 1,325 1,331 176 206 1,501 1,569 Sept 4,397 4,040 1,429 1,256 ,302 1,246 168 173 ,498 1,365 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—Sept 3,956 3,839 1.350 1,327 1.190 1.159 170 169 1,246 1.184 Oct 4,028 4,102 1,372 1,441 1,210 1,221 178 183 1,268 1,257 Nov 4,017 4,037 1,359 1,355 1,188 1,197 166 168 1,304 1,317 Dec 4,051 4,010 1,361 c1,289 1,233 1,194 168 160 1,289 1,367 1962 Jan 3,979 4,073 1,380 1.402 1,147 1,205 164 166 1,288 1,300 Feb 4,066 3,780 1,369 ,262 1,253 1,197 166 154 1.278 1,167 Mar 4,094 4,229 1,393 ,435 1,226 1,285 166 169 1,309 1,340 Apr 4,108 4,077 1,403 ,384 ,217 1,210 166 165 ,322 1,318 May 4,180 4,250 1,418 ,447 1,234 1,256 170 173 ,358 1,374 June 4,159 4,164 1,402 ,405 ,230 1,226 166 167 ,361 1,366 July 4,239 4,233 1,430 ,451 ,271 1,234 182 185 ,356 1.363 Aug 4,194 4,245 1,417 .447 1,257 1,253 166 172 ,354 1,373 Sept 4,232 3,933 1,403 1,319 ,276 1,196 166 156 ,387 1,262 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—Sept -14 -50 -79 -159 9 41 5 15 51 53 Oct 181 142 33 11 44 79 -5 3 109 49 Nov 300 238 152 47 61 130 8 9 79 52 Dec 264 744 110 * 83 556 -9 -15 80 203 1962—Jan 215 -317 94 -82 38 -166 -7 -46 90 -23 Feb 236 -214 127 22 28 -225 2 -32 79 21 Mar 269 72 133 139 31 -124 6 -15 99 72 517 581 203 304 165 77 3 10 146 190 413 608 186 340 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 97 109 386 547 161 239 68 78 10 34 147 196 Sept 165 107 26 -63 26 50 2 17 111 103 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 1493 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [In millions of dollars] Total Commercial banks S c a o le m s p f a in n a i n es ce Ot i h n e s r t it f u in ti a o n 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 8,886 9,654 6,563 1959 2 47,818 17,976 10,962 10,940 7,940 I960 49,313 18,269 11,211 12,073 7,762 1961 47,984 17,512 10,481 12,264 7,727 1961 Sept ... 3,942 3,789 1,438 1,371 828 809 1,023 958 653 651 Oct 4,209 4,244 1,533 1.536 913 951 1,078 1,034 685 723 Nov 4,317 4,275 1,557 ,456 957 924 1,115 1,118 688 111 Dec 4,315 4,754 1,546 1,431 1,076 1,086 1,071 1,240 622 997 1962 Jan 4,194 3,756 1,515 ,441 907 821 1,058 944 714 550 Feb 4,302 3,566 1.557 ,359 975 797 1.064 918 706 492 Mar 4,363 4,301 ,580 1,593 928 917 1,122 1,118 733 673 Apr 4,625 4,658 ,646 1,747 994 997 ,148 1,158 837 756 May 4,593 4,858 ,642 ,807 991 1,046 1,176 1,209 784 796 June • . 4,477 4,830 ,639 ,784 961 1,067 ,125 1,195 752 784 July 4,580 4,641 ,681 ,756 982 1,045 ,131 1,161 786 679 Aug 4,580 4,792 ,646 ,732 961 1,044 ,176 1,238 797 778 Sept 4,397 4,040 ,594 ,450 909 845 ,135 1,021 759 724 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 I960 45,759 16,832 10,229 11,022 7,676 1961 47,412 18,261 10,733 11,666 6,752 1961 Sept 3,956 3,839 1.521 1.486 883 862 982 930 570 561 Oct 4,028 4,102 ,523 1,569 918 967 997 983 590 583 Nov . ... 4,017 4,037 1,495 1,480 899 912 1,031 1,040 592 605 Dec 4,051 4,010 [,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 [,469 1,392 971 904 996 910 630 574 Mar 4,094 4,229 1,517 1,540 950 1,001 1,020 1,047 607 641 Apr 4,108 4,077 1,472 1,475 935 934 1,043 1,037 658 631 May 4,180 4,250 1,492 1,533 961 968 1,061 1,073 666 676 June •. 4,159 4,164 1,489 1,490 952 941 1,045 1,058 673 675 July 4,239 4,233 1,524 1,551 938 935 1,053 1,060 724 687 Aug .... 4,194 4,245 ,522 1,542 909 936 1,056 1,068 707 699 Sept 4,232 3,933 ,532 1,435 917 855 1,065 966 718 677 Net change 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 1959f2 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 Sept -14 -50 -124 -156 -6 -4 41 28 75 82 Oct 181 142 10 -33 -5 -16 81 51 95 140 Nov 300 238 45 -41 58 12 84 78 113 189 Dec 264 744 37 7 145 174 63 159 19 404 1962 Jan 215 -317 29 -84 217 138 36 -83 -67 -288 Feb 236 -214 88 -33 54 -57 68 8 26 -132 269 72 63 53 -22 -84 102 71 126 32 517 581 165 263 68 72 105 121 179 125 M^ay ... 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 Sept 165 107 62 15 -8 -10 70 55 41 47 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
1494 INDUSTRIAL PRODUCTION: S.A. MARKET GROUPINGS [1957-59= 100] Grouping 19 p p t 5 i o r o 7 o r n - - - 59 a 1 a v 9 g e 6 e r 1 - Sept. Oct. 196 N 1 ov. Dec. Jan. Feb. Mar. Apr. M 19 a 6 y 2 June July Aug. Sept. Total index. 100.OC 109. i 112. 113.5 114.8 115. 114. 116. 117. 117. 118.4 118. 119. 119. 119.8 Final products, total 47.35 111.3 112. 114. 116.4 116.9 115. 116.8 118. 118. 120.2 120. 121. 121.6 121.5 Consumer goods 32.3 112.7 113.4 115.9 117.5 117. 116.5 117. 118. 119. 121. 120.9 121. 120.9 121.0 Equipment, including defense. . . 15.04 108.3 110.8 112.4 114. 114. 112. 115.0 116. 118.5 120. 121. 123.2 123.5 Materials 52.65 108.4 110.S 112.9 113.9 114. 113.7 115.5 116. 117. 117.0 117. 117. 117. 118.2 Consumer goods Automotive products 3.21 111.8 102.8 116. 127.3 130.8 127.8 123.7 122.6 129.4 132. 126. 135.2 134.1 135.3 Autos 1.82 108.6 91.8 114. 131.5 136. 132.8 125.5 123. 133.9 140.8 129.3 142.4 140.0 141.2 Auto parts and allied products 1.39 116.0 117.2 119.0 121.6 123.7 121.1 121. 121.0 123.5 122.3 123.6 125. 126.3 127.5 Home goods and apparel 10.00 110.5 112 114.2 115.7 117.2 114.1 116.5 119.0 120.1 121.2 121.7 120.1 118.7 118.4 Home goods 4.59 112.2 115.9 116.0 117.9 120.3 118.8 120. 122.6 124.4 126.0 126.2 122.7 121.2 122.4 Appliances, TV, and radios. . 1.81 109.9 114. 113.8 115.7 116.3 114.0 116.0 120.3 123.8 124.2 123.3 118.5 115.2 115.5 Appliances 1.33 110. 117. 117.8 118 119.0 115. 114. 117.7 120.1 120.7 122.9 120.9 119.3 120.2 TV and home radios .47 107.8 104.7 102.4 107.8 108.5 110.1 118.8 127.5 134.2 133.9 124.7 112.0 103.7 102.1 Furniture and rugs 1.26 112.8 118. 118.5 120.7 120.1 118.5 121.0 121.5 123.8 124. 126.5 124.3 125. 127.9 Miscellaneous home goods... 1.52 114.5 116.0 116.5 118.3 125.2 124.8 125.1 126.3 125.6 129.5 129.3 126.2 123.4 126.2 Apparel, knit goods, and shoes. 5.41 109.0 110.1 112.6 113.9 114.6 110.2 113.2 116.0 116.5 117.1 118.0 118.0 116.5 Consumer staples 19.10 114.0 115.5 116. 116.8 116.1 115.8 116.6 118.0 117.1 118.8 119.2 120.3 119.7 119.9 Processed foods 8.43 110.5 112.0 112.8 112. 111.6 111.3 111.5 113. 113.6 114.3 112.8 115. 115.2 115.2 Beverages and tobacco 2.43 109.5 110.2 112.8 112.1 110.7 108.4 109.9 113.7 106.9 109.1 109.0 110.9 108.0 Drugs, soap, and toiletries 2.97 120.7 122.9 123. 125. 125. 123.6 126.6 127.5 125.8 129.9 131.9 131.5 131.0 132.0 Newspapers, magazines, and books 1.47 114.9 116.2 116.6 115. 115.2 116.2 116.9 116.6 115.7 117.4 117.7 117.7 117.0 117.4 Consumer fuel and lighting 3.67 119.2 120.7 122.4 122.5 122.7 124. 124.3 124.8 125.1 126.9 130.7 128.3 127.0 Fuel oil and gasoline 1.20 107.6 105.8 109. 110. 110.0 110. 111.1 111.3 110. 112.3 115.0 111.7 108.4 113.5 Residential utilities 2.46 124.9 127.9 128.5 128.3 128. 131. 130.8 131.5 132.3 134.0 138.4 136. 136.0 Electricity 1.7 125.3 127.9 129. 128.9 129.3 131. 131. 131.3 131.6 133.6 139.5 141.4 140.4 Gas .74 124.0 Equipment Business equipment 11.6. 110.1 112. 114.1 115.8 116.4 113.4 116.3 118.0 119.3 121. 123.1 124.4 125.5 125.8 Industrial equipment 6.85 107.4 108.4 110.4 111.8 113.4 112. 113.4 114. 115.1 116.7 118.5 119.0 119.2 119.4 Commercial equipment 2.4: 127.0 129.0 131.0 133.7 135.2 136.3 139.3 141.7 144.0 144.4 144.8 145.6 144.7 145.1 Freight and passenger equipment. 1.76 103.4 107.9 109.7 113.7 113.8 107.0 109.0 111.6 109.7 111.2 114.9 121.0 123.5 124.0 Farm equipment .61 93.4 91.1 85.1 91.3 90.3 87.8 94. 99. 102.6 105.6 110.4 110.4 110.8 101.9 Defense equipment 3.41 Materials Durable goods materials. 26.73 104.8 107.6 110.2 110.9 111.8 110.8 113.1 115.1 116.2 114.6 113.7 113.8 114.8 115.0 Consumer durable 3.43 107.9 106.7 109.3 114.0 120.3 120.5 119.2 124.1 134.7 134.5 127.0 134.2 130.6 131.8 Equipment 7.84 105.7 108.4 111.1 111.7 113.4 113.1 114.5 116.9 120.3 119.5 120. 119.3 119.2 121.3 Construction 9.17 105.2 107.3 107.9 107.5 106.5 103.0 107.3 109.9 110.7 111.4 111.8 112.1 112.6 113.4 Metal materials n.e.c... . 6.29 101.2 108.4 106.8 108.5 114.3 116.9 120. 118.1 114.6 104.5 99.4 96.4 98.5 100.4 Nondurable materials 25.92 112.1 114.3 115.7 116.9 118.0 116.6 117.8 118.6 117.9 119.3 120.5 120.3 120.7 121.5 Business supplies 9.11 110.5 111.3 112.3 114.2 114.9 113.1 115.0 115.8 114.1 116.1 116.9 116.1 116.5 117.8 Containers 3.03 111.3 114.0 114.6 117.2 117.1 114.1 116.7 119.7 113.1 115.9 117.5 117.2 116.4 119.2 General business supplies. 6.07 110.0 110.0 111.2 112.7 113.8 112.6 114.2 113.9 114.6 116.2 116.6 115.5 116.6 117.1 Nondurable materials n.e.c.. 7.40 120.6 125.5 127.5 128.8 132.0 128.8 130.4 132.5 131.3 133.9 135.9 135.3 135.5 137.3 Business fuel and power 9.41 107. 108.3 109.7 110.1 109.9 110.5 110.5 110.2 110.9 110.9 112.6 112.0 112.6 Mineral fuels 6.07 102.0 102.3 103.8 104.1 103.4 103.7 103.2 103.2 104.6 103.6 104.5 106.1 105.5 106.6 Nonresidential utilities. . . 2.86 121.0 123.9 124.7 125.4 126.0 127.5 128.0 128.0 127.7 130.2 131.4 130.9 129.1 Electricity 2.32 121.7 124.7 125.6 126.2 127.0 128.4 128.5 128.2 127.6 130.4 131.9 132.4 130.1 General industrial 1.03 114.8 117.5 118.3 118.8 119.9 121.9 122.4 121.3 122.7 121.6 122.6 124.1 122.0 Commercial and other. 1.21 129.1 132.5 134.0 134.7 135.2 136.4 136. 136.4 134.1 140.5 142.4 142.0 139.5 Gas .54 118.0 Supplementary groups of consumer goods Automotive and home goods. 7.80 112.0 110.5 116.2 121.8 124.6 122.6 121.8 122.7 126.5 128.9 126.5 127.9 126.5 127.8 Apparel and staples 24.51 112.9 114.3 115.8 116.1 115.8 114.6 115.9 117.6 117.0 118.4 118.9 119.8 119.0 118.9 See NOTE OH opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION: S.A. 1495 INDUSTRY GROUPINGS [1957-59= 100] 1957-59 1961 1961 1962 Grouping p p ti r o o o r n - - a a v g e e r- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index 100.00 109.! 112.0 113.5 114.8 115.6 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.6 119.8 Manufacturing, total 86.45 109.7 112.1 113.5 115.0 115.9 114.4 116.3 117.4 118.1 118.8 118.9 119.7 120.2 120.2 Durable 48.07 107.0 109.7 111.2 113.0 114.5 113.2 115.4 116.5 118.5 118.2 117.7 118.7 119.8 119.8 Nondurable 38.38 112.9 115.2 116.5 117.5 117.7 115.9 117.3 118.6 117.5 119.6 120.3 121.0 120.6 120.7 Mining 8.23 102.6 102.4 104.4 105.2 104.7 104.0 104.3 104.8 105.5 104. 104.6 106.1 105.5 106.0 Utilities 5.32 122.8 125.7 126.5 126.7 127.3 128.8 129.0 128.8 128.1 129. 132.4 133.5 132.3 133.0 Durable manufactures Primary and fabricated metals 12.32 102.2 109.3 108.7 109.4 112.0 111.5 115.1 115.3 114.1 108.3 106.3 106.3 108.2 709.7 Primary metals 6.95 98.9 110.0 106.7 106.2 111.0 111.9 117.5 116.6 112.4 101.3 96.8 96.6 99. 101.0 Iron and steel 5.45 96.5 106.9 103.8 103.9 110.6 112.9 117.7 118.5 112.6 96.5 89.5 87.8 92. 94.0 Nonferrous metals and products. 1.50 107.5 110.5 113.2 115.9 119.2 117.6 122.0 120.6 118.6 120.8 118.2 117.9 112.7 116.8 Fabricated metal products 5.37 106.5 108.5 111.3 113.5 113.3 111.0 111.9 113.6 116.3 117.4 118.5 118.8 119.9 119.6 Structural metal parts 2.86 105.2 106.5 109.4 109.8 110.0 107.3 108.6 110.2 113.7 115.7 116.4 115.6 115.2 115.6 Machinery and related products 27.98 108.8 109.3 112.4 114.9 116.6 115.4 116.8 118.2 121.2 122.9 122.9 124.8 125.6 725.7 Machinery 14.80 110.4 112.8 113.9 114.7 116.8 115.6 117.5 120.2 122.9 124.5 125.9 125.4 126.5 125.7 Nonelectrical machinery 8.43 106.5 109.6 110.0 110.1 111.6 110.1 112.4 115.2 117.8 120.0 121.8 121.9 124.6 122.7 Electrical machinery 6.37 115.7 117.1 119.0 120.9 123.6 122.9 124.3 126.8 129.7 130.4 131.3 130.1 129.0 129.6 Transportation equipment 10.19 103.6 100.5 107.0 112.2 113.7 112.5 113.4 113.4 116.8 119.4 116.8 122.1 122.2 122.4 Motor vehicles and parts 4.68 111.9 102.6 116.0 125.1 127.9 126.9 126.2 126.3 134.4 139.1 132.0 141.3 138.4 139.0 Aircraft and other equipment. . . 5.26 95.7 97.8 98.5 100.4 100.6 99.6 101.5 101.4 100.7 101.6 103.0 104.7 107.3 107.4 Instruments and related products. . 1.71 115.8 118.0 118.0 119.4 119.8 118.9 118.5 119.0 122.3 122.6 124.7 124.9 125.8 124.3 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 104.5 107.3 105.3 105.6 104.7 707.5 106.6 705.9 108.9 770.7 770.7 709.9 772.7 772.6 Clay, glass, and stone products. 2.99 106.3 109.7 108.5 107.9 106.0 104.4 105.1 104. 110.3 111.9 112.5 113.7 114.9 115.6 Lumber and products 1.73 101.3 103.1 99.9 101.6 102.4 96.5 109.2 107.9 106.4 107.1 107.5 103.4 107.4 107.4 Furniture and miscellaneous.. 3.05 114.1 777.7 119.0 727.3 720. 117.6 118.2 727.5 726.7 727.3 727.4 727.3 725.5 726.2 Furniture and fixtures 1.54 115.3 119.6 120.6 123.2 123.2 118.3 120.8 124.0 126.6 129.3 129.2 127.7 128.3 129.3 Miscellaneous manufactures. 1.51 112.8 115.8 117.3 119.4 118.3 116.9 115.5 119.0 125.5 125.2 125.5 126.9 123.3 123.0 Nondurable manufactures Textiles, apparel, and leather. 7.60 108.4 111.3 773.7 114.9 775. 772.4 773.6 114.8 774.5 775.2 775.5 775.5 775.0 774.7 Textile mill products 2.90 106.9 113.3 113.0 113.7 114. 113.4 114.6 116.8 115.0 116.1 117.1 116.6 116.5 115.1 Apparel products 3.59 112.1 113.0 116.5 118.9 119.8 115.5 116.0 116.5 117.6 118.3 118.4 119.2 118.2 Leather and products 1.11 100.2 100.6 102.7 104.9 107.3 100.1 103.0 104.0 105.5 102.9 103. 100.5 100.6 Paper and printing 8.17 112.4 114.4 114.2 775.2 775.7 775.7 776.2 776.9 775.7 777.0 776.7 775.0 775.7 775.5 Paper and products 3.43 113.7 117.4 116.4 118.2 119.3 117.3 119.0 120.7 117.5 119.9 119.6 121.1 120.5 121.3 Printing and publishing. 4.74 111.5 112.3 112.6 113. 113.0 113.5 114.2 114.1 114.4 114.9 114.7 115.7 116.3 116.5 Newspapers 1.53 106.0 106.5 106.7 107.6 107.9 108.6 109.4 108.6 107.5 107.9 108.6 110.3 111.8 111.3 Chemicals, petroleum, and rubber. 11.54 118.8 121.8 124.5 725.2 725.9 724.7 725.5 726.7 726.6 730.5 732.6 733.2 732.5 733.0 Chemicals and products 7.58 123.3 126.7 129.0 130.0 130.0 128.4 131.1 131.8 131.6 135.7 137.1 137.6 137.9 138.7 Industrial chemicals 3.84 129.6 134.2 138.7 139.1 139.0 138.6 140.4 141.0 142.2 145.8 147.7 149.7 149.8 Petroleum products 1.97 108.7 108.1 111.7 111.3 110.7 112.2 111.1 114.0 109.6 112.6 115.1 113.4 112.1 112.6 Rubber and plastics products 1.99 111.9 116.8 120.3 120.8 125.1 119.6 120.5 119.9 124.0 130.2 132.8 136.1 134.1 Foods, beverages, and tobacco. 11.07 110.4 777.5 772.0 772.9 772.0 777.2 777.7 773.5 772.7 772.5 772.5 774.2 773.6 773.7 Foods and beverages 10.25 110.3 111.5 111.9 112.8 112.0 111.4 111.7 113.2 112.3 112.9 112.9 114.3 113.7 113.9 Food manufactures 8.64 110.6 111.8 111.8 113.1 112.4 112.0 112.2 113.4 113.6 113.9 113.5 115.1 115.2 115.2 Beverages 1.61 107.9 109.1 111.4 110.1 108.7 108.1 109.3 112.2 105.2 107.3 109.4 109.7 105.9 Tobacco products .82 110.8 110.8 113. 114.1 112.4 109.1 111.1 116.8 110.3 112.5 108.2 113.4 112.0 Mining Coal, oil, and gas 6.80 100.9 700.7 702.5 703.3 703.7 702.9 702.3 702.9 704.0 702.6 703.0 704.7 704.7 705.7 Coal 1.16 90.1 93.2 94.9 96.9 96.9 98.0 95.2 96.3 97.6 92.2 91.8 91.8 93.7 93.8 Crude oil and natural gas 5.64 103.1 102.3 104.1 104.6 104.4 103.9 103.8 104.2 105.3 104.7 105.3 107.4 106.2 107.5 Oil and gas extraction 4.91 104.9 104.5 105.9 105.8 105.0 105.0 105.1 104.8 106.2 106.3 107.4 109.5 108.3 109.6 Crude oil 4.25 103.0 103.1 103.8 103.2 102.8 102.7 103.2 102.4 104.1 104.1 105.6 107.7 106.7 108.1 Gas and gas liquids .66 116.8 113.1 119.6 122.2 118.7 119.8 117.4 120.4 119.7 120.5 119.2 Oil and gas drilling .73 91.3 87.6 91.5 97.0 100.8 96.5 95.0 100.2 99.2 93.7 91.1 92.8 92.3 93.0 Metal, stone, and earth minerals. 1.43 110.5 770.4 775.7 773.9 777.9 709.4 113.9 773.9 772.5 775.7 772.0 772.5 772.0 770.5 Metal mining .61 111.9 108.5 115.5 122.4 125.0 129.4 131.7 128.9 120.0 116.6 109.5 110.4 104.1 99.9 Stone and earth minerals .82 109.4 111.8 111.3 107.7 102.2 94.5 100.6 102.7 106.9 115.1 113.8 114.5 117.9 118.3 Utilities Electric. 4.04 123.2 126.0 127.2 127.3 128.0 129.8 129.6 129.5 129.3 131.8 135.1 136.2 134.5 Gas 1.28 121.5 124.8 124.4 124.7 125.4 125.5, 126.9 126.5 124.2 123.6 123.8 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures tor individual series and shown separately. A description and historical data are available in 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
1496 INDUSTRIAL PRODUCTION: N.S.A. MARKET GROUPINGS [1957-59= 100] 1957-59 1961 1961 1962 Grouping p pr o o r - - avertion age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept, Total index. 100.00 109.8 113.6 117.1 115.8 114.0 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.6 121.5 Final products, total 47.35 111.3 115.2 119.0 117.0 115.2 113.8 116.7 118.6 118.6 775.5 727.5 777.5 119.4 725.9 Consumer goods 32.31 112.7 117.7 122.7 118.9 115.1 113.9 116.9 118.7 118.5 118.2 121.3 116.5 118.8 124.7 Equipment, including defense. . . 15.04 108.3 110.0 111.1 112.9 115.4 113.6 116.1 118.3 118.6 119.1 121.1 119.6 120.6 122.2 Materials 52.65 108.4 112.2 115.4 114.7 112.9 112.6 116.1 117.6 118.2 118.0 118.7 110.7 116.0 119.5 Consumer goods Automotive products 5.27 111.8100.9 126.8 136.1 137.6 131.1 130.0 131.3 138.6 138.5 735.7 129.8 79.4 124.9 Autos 1.82 108.6 86.3 129.3 149.9 152.4 139.4 136.8 139.9 150.0 149.3 137.1 136.7 43.4 120.0 Auto parts and allied products.... 1.39 116.0 120.2 123.5 117.8 118.1 120.2 121.0 120.1 123.6 124.2 127.9 120.7 126.8 131.3 Home goods and apparel 10.00 110.5 114.0 121.9 117.7 111.9 109.2 119.3 122.9 120.5 777.5 120.8 707.7 779.7 119.8 Home goods 4.59 112.2 123.8 126.3 123.6 119.6 112.1 119.9 124.2 122.4 121.0 125.5 110.7 117.8 130.8 Appliances, TV, and radios 1.81 109.9 125.2 126.6 122.4 113.1 108.2 120.8 127.2 121.3 117.2 124.3 99.6 103.6 127.2 Appliances 1.33 110.7 122.9 121. 118.1 115.1 109.5 121.5 132.5 125.8 120.8 129.9 107.1 101.7 126.7 TV and home radios .47 107.8 131.9 142.3 134.7 107.4 104.6 118.8 112.2 108.7 107.1 108.5 78.4 108.9 128.6 Furniture and rugs 1.26 112.8 121.6 123.9 123.1 124.9 113.8 119.8 121.3 121.9 120.1 123.5 116.8 126.7 131.4 Miscellaneous home goods 1.52 114.5 123.8 127.8 125.4 122.9 115.2 118.8 123.0 124.1 126.3 128.5 119.0 127.3 134.7 Apparel, knit goods, and shoes 5.41 109.0 105.7 118.2 112.8 105.4 106.9 118.9 121.8 118.8 114.8 116.8 105.0 121.2 Consumer staples 19.10 114.0 122.4 122.4 116.6 113.0 113.4 113.5 114.4 114.1 775.7 779.7 118.9 125.0 727.2 Processed foods 8.43 110.5 126.2 124.6 115.9 108.0 104.6 103.9 104.7 106.3 107.4 112.0 116. 124.2 130.2 Beverages and tobacco 2.43 109.5 113.2 118.9 105.9 95.7 95.5 100.2 109.3 109.7 116.6 125.0 113.6 117.8 Drugs, soap, and toiletries 2.97 120.7 123.3 126.8 125.6 123.9 123.6 126.2 126.2 127.7 128.7 133.2 125.3 133.9 132.4 Newspapers, magazines, and books. 1.47 114.9 119.1 118.3 115.9 115.2 116.2 116.3 117.8 115.7 116.2 115.9 114.8 117.6 120.3 Consumer fuel and lighting 3.67 119.2 120.7 117.3 118.1 126.1 135.7 132.3 128.7 122.8 120.0 124.3 125.7 127.6 Fuel oil and gasoline 1.20 107.6 105.4 107. 110.2 112.8 114.8 113.3 109.5 105. 108.6 113.4 114.2 112.3 113.0 Residential utilities 2.46 124.9 Electricity 1.72 125.3 128.3 120.3 119.9 134.5 152.8 146.6 140.8 130.3 121.6 126.9 134.0 139.1 Gas .74 124.0 Equipment Business equipment 77.55 770.7 777.5 772.5 114.1 775.9 114.5 777.5 720.2 727.5 722.0 124.6 722.0 722.5 124.5 Industrial equipment 6.85 107.4 109.4 109.7 110.2 114.1 111.9 112.8 114.3 115.7 116. 119.6 117.8 118.8 120.5 Commercial equipment 2.42 127.0 130.9 133.2 135.3 137.5 135.6 138.3 140.4 141.3 142.7 145.2 142.7 145.0 147.3 Freight and passenger equipment. 1.76 103.4 104.0 106.4 111.4 110.2 104.9 111.4 117.3 116.2 116.1 119.5 117.6 116.0 119.5 Farm equipment .61 93.4 82.8 81.1 80.5 85.7 88.7 104.5 114.0 120.2 114.9 113.7 99.6 94.1 93.1 Defense equipment 5.47 Materials Durable goods materials. 26.73 104. 709.4 112.4 772.0 770.5 709.5 113.4 775.5 775.9 775.5 775.7 705.7 777.5 775.5 Consumer durable 3.43 107.9 103.1 116.0 126.8 129.9 128.1 126.9 128.4 128.4 130.6 123.6 117.4 107.5 130.0 Equipment 7.84 105.7 106.7 110.3 112.9 115.7 115.0 116.7 119.0 120.9 119.7 119.8 115.4 116.1 119.4 Construction 9.17 105.2 113.5 113.2 107.3 100.5 94.8 100.2 103.4 109.6 114.7 118.8 113.8 119.4 120.0 Metal materials n.e.c.. . . 6.29 101.2 110.0 112.0 109.4 109.3 113.9 121.2 120.9 116.3 107.1 103.6 88.4 95.6 101.9 Nondurable materials 25.92 772.7 775.7 775.5 777.5 775.7 775.7 775.5 720.0 119.4 779.7 727.5 772.7 720. 722.5 Business supplies 9.11 110.5 114.9 117.6 115. 109.1 109.5 113.5 116.6 117.2 117.3 118.2 108.7 118.3 121.5 Containers 3.03 111.3 121.4 120.3 110.8 101.9 107.3 114.4 119.7 116.5 117.1 123.4 112.5 128.0 126.9 General business supplies. . 6.07 110.0 111.7 116.2 117.2 112.7 110.6 113.1 115.0 117.5 117.4 115.6 106.8 113.5 118.9 Nondurable materials n.e.c.. . 7.40 120.6 123.0 130.1 130.1 128.0 128.8 134.3 135.1 133.9 135.9 136.6 124.9 134.1 134.6 Business fuel and power 9.41 107.1 109.2 110.3 109.9 110.8 111.5 111.7 111.4 110.2 109.2 112.3 107.0 112.8 113.5 Mineral fuels 6.07 102.0 100.6 104.0 104.8 105.7 105.9 106.8 106.2 105.4 102.5 104.8 96.4 103.7 104.8 Nonresidential utilities 2.86 121.0 Electricity 2.32 121.7 133.0 127.5 123.5 124.0 126.1 123.1 124.6 122.3 126.6 133.6 136.1 140.3 General industrial 1.03 114.8 119.8 120.9 119.2 118.7 121.3 119.2 122.0 120.1 121.6 123.7 120.6 125.4 Commercial and other. 1.21 129.1 146.5 135.3 129.2 130.5 132.4 128.6 129.0 126.2 133.1 144.7 152.2 156.1 Gas .54 118.0 Supplementary groups of consumer goods Automotive and home goods... 7.80 112.0 114.4 126.5 128.7 127.0 120.1 124.3 127.4 129.3 128.4 128.8 118.8 102.2 128.6 Apparel and staples 24.51 112.9 118.7 121.4 115.8 111.3 112.1 114.8 116.1 115.3 115.1 119.1 116.0 124.3 123.6 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION: N.S.A. 1497 INDUSTRY GROUPINGS [1957-59= 100] Grouping 19 p p 5 r o 7 o r - - - 59 a 1 v 9 e 6 r 1 - 1961 1962 tion age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index. 100.00 109.8 113.6 117.1 115.8 114.0 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.6 121.5 Manufacturing, total. 86.45 109.7 113.7 117.7 116.3 114.0 112.7 116.6 118.6 119.1 119.0 120.4 114.0 117.5 722.0 Durable 48.07 107.0 110.4 114. 115.1 115.1 112.9 116.6 118.6 119.6 118.8 119.2 113.6 112.8 120.5 Nondurable 38.38 112.9 117.8 122.3 117.9 112.6 112.5 116.6 118.6 118.4 119.1 121.8 114.5 123.5 123.9 Mining 8.23 102.6 103.2 106.0 105.3 104.6 103.1 103.7 103.5 104.9 105.5 107.5 101.0 106.4 106.7 Utilities 5.32 122.8 Durable manufactures Primary and fabricated metals 12.32 102.2 109.7 111.3 110.0 110.7 112.5 117.5 119.0 116.5 109.8 108.4 97.6 104.5 770.5 Primary metals 6.95 98.9 107.5 108. 107.3 108.3 115.3 123.0 123.8 117.7 103.9 98.7 82.9 92.0 98.7 Iron and steel 5.45 96.5 106.4 106.9 104.9 107.8 115.2 122.8 124.4 116.0 97.5 91.3 76.8 86.6 93.5 Nonferrous metals and products. 1.50 107.5 111.3 115.6 116.0 110.1 115.6 123.8 121.9 123.8 127.2 125.5 104.9 111.6 117.6 Fabricated metal products 5.37 106.5 112.6 114.6 113.6 113.9 108.8 110.4 112.7 115.1 117.4 120.9 116.7 120.7 125.6 Structural metal parts 2.86 105.2 108.6 112.9 112.9 112.2 106.2 106.9 108.2 110.7 113.4 116.4 113.9 115.8 119.1 Machinery and related products 27.98 108.8 108.8 114.3 117.8 119.4 116.7 119.0 121.4 122.7 123.2 123.4 119.8 113.4 725.9 Machinery 14. 110.4 113.5 115.5 115.5 117.7 116.2 119.8 122.9 123.7 123.9 126.7 119.3 121.1 126.9 Nonelectrical machinery 8.43 106.5 107.2 107.9 108.0 112.6 111.9 115.5 119.6 121.5 121.9 123.6 119.1 118.0 120.0 Electrical machinery 6.37 115.7 121.9 125.6 125.5 124.4 122.0 125.6 127.2 126.7 126.5 130.8 119.6 125.2 136.2 Transportation equipment 10.19 103.6 97.9 109.8 118.6 119.8 115.2 116.0 117.9 119.8 120.9 117.0 118.0 97. 117.2 Motor vehicles and parts 4.68 111.9 98.5 122.7 138.4 140.0 132.1 131.1 133.4 139.7 141.9 133.6 135.0 87.0 129.4 Aircraft and other equipment. . . 5.26 95.7 96.6 98.0 101.0 102.1 100.6 102.2 103.6 101.2 101.2 101.6 102.7 104.8 106.1 Instruments and related products. . 1.71 115.8 118. 119.3 121.6 121.4 119.0 118.3 119.4 121.0 121.4 124.1 122.2 125.0 125.2 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 104.5 113.9 112.4 105.6 96.5 91.0 99.6 700.4 705.5 775.9 775.5 772.5 720.7 779.5 Clay, glass, and stone products. 2.99 106.3 114.1 113.9 109.0 100.7 94.0 97.7 100.6 109.7 116.4 118.7 117.7 121.8 120.2 Lumber and products 1.73 101.3 113.6 109.9 99.7 89.1 85.9 102.9 100.0 105.8 109.6 117.6 103.9 117.2 118.3 Furniture and miscellaneous 3.05 114.1 122.4 125.5 125.4 122.6 775.7 777.0 720.7 727. 725.5 126.4 722.5 729.7 757.2 Furniture and fixtures 1.54 115.3 123.2 125.4 125.2 125.7 116.2 120.6 122.5 123.6 124.3 127.9 124.8 132.1 133.2 Miscellaneous manufactures.... 1.51 112.8 121.6 125.5 125.5 119.5 111.1 113.4 117.5 120.0 122.2 124.9 120.2 126.0 129.2 Nondurable manufactures Textiles, apparel, and leather 7.60 108.4 106.2 117.3 112.5 707.5 709.0 779.5 722.0 775.0 775.5 777.9 702.4 779.5 110.9 Textile mill products 2.90 106.9 109.9 117.5 113.7 110.1 111.1 116.9 119.1 115.0 119.6 121.2 100.9 117.7 115.1 Apparel products. 3.59 112. 105.5 121.2 114.7 108.4 109.7 124.6 128.1 124.3 119.5 119.6 107.0 124.1 Leather and products 1.11 100.2 99.3 104.2 102.3 99.6 101.6 110.1 109.7 105.5 99.1 104.2 91.9 107.9 Paper and printing 8.17 112.4 115.8 120.2 118.0 777.7 777.5 775.7 775.9 118.4 777.7 777.5 705.7 777.2 720.0 Paper and products 3.43 113.7 118.5 125.0 119.0 108.3 114.4 121.5 123.7 122.0 120.0 122.0 107.8 123.5 122.4 Printing and publishing 4.74 111.5 113.9 116.8 117.4 114. 109.9 112.2 115.5 115.8 116.0 114.3 109.5 112.7 118.2 Newspapers 1.53 106.0 107.2 116.1 118.4 107.4 100.0 105.2 110.8 114.1 115.0 108.6 96.0 101.7 112.1 Chemicals, petroleum, and rubber., 11.54 118.8 121.9 125.8 125.1 123.2 124.4 727.5 128.4 129.4 757.0 754.2 725.5 757.7 755.5 Chemicals and products 7.58 123.3 125.9 129.0 129.4 127.9 127.7 132.2 133.8 135.8 137.1 138.7 131.2 137.4 137.9 Industrial chemicals 3.84 129.6 132.6 137.3 139.9 139.0 138.6 143.5 144.8 145.2 146.8 147.7 142.5 147. Petroleum products 1. 108. 110.3 112.3 109.6 109.0 110.5 109.4 110.0 106.3 110.9 117.4 117.9 116.6 117.1 Rubber and plastics products 1.99 111.9 118.3 127.0 123.9 119.5 125.7 127.5 126.1 127.8 127.6 133.5 113.0 124.7 Foods, beverages, and tobacco ii. o: 110.4 122.8 123.4 114. 105.7 705.7 705.5 705.0 707.5 709.5 774.7 775.2 722.4 725.7 Foods and beverages 10.25 110.3 123.5 123.4 114.0 106.8 102.7 103.1 105.3 107.0 108.9 114.5 116.4 122.5 126.5 Food manufactures , 8.64 110.6 125.4 124.7 116.5 108.5 105.3 104.6 105.0 106.6 107.5 111.8 115.7 123.7 129.7 Beverages , 1.61 107.9 111.8 115.4 100.0 97.0 89.2 95.0 106.5 109.4 116.5 129.1 120.3 116.0 Tobacco products , 110.8 114.0 123.9 115.9 91.5 107.9 110.5 115.0 110. 116.6 116.9 100.4 121.2 Mining Coal, oil, and gas 6.80 100.9 99.5 102. 704.7 105.5 105.4 705.5 104.6 104.0 101A 705.5 96.2 702.5 103.8 Coal 1.16 90.1 98.6 103.4 100.9 95.9 95. 95.4 96.1 94.9 93.1 103.8 60.7 98.6 99.2 Crude oil and natural gas 5.64 103.1 99.6 102.6 104.8 107.5 107.6 107.4 106.3 105.9 103.0 103.4 103.6 103.7 104.7 Oil and gas extraction 4.91 104. 101. 104. 105. 108.0 108.5 109.5 108.6 107.9 104.7 105.1 104.8 104.9 106.1 Crude oil 4.25 103.0 100.3 102. 102.5 104.8 105.3 107.0 105.7 105.9 103.1 104.0 103.6 103.7 105.2 Gas and gas liquids .66 116.8 106.3 116.7 126.0 128.5 128.9 125.5 126.7 120.5 114.8 111.9 Oil and gas drilling .73 91.3 89.6 92.0 98.9 103.8 101.3 92.8 91.2 92.4 91.9 92.0 '95'.2 95.1 '9'5'A Metal, stone, and earth minerals. 1.43 110.5 121.0 121.6 110.5 100.5 91.8 96. 95.5 705.5 725.0 725.5 123.9 725.5 120.8 Metal mining .61 111.9 125. 126.0 110.9 103.0 101.6 106.3 105.3 112.9 133.7 134.8 126.6 119.5 115.6 Stone and earth minerals 109 117. 118 110.2 98.6 84.6 88.7 93.5 105.8 118.6 120.3 121.8 126.4 124.6 Utilities Electric. 4.04 123.2 131.0 124.4 122.0 128.5 137.5 133.2 131.6 125.7 124.5 130.8 135.3 139.8 Gas 1.28 121.5 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in 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
1498 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1957-59= 100] Industrial production fac M tu a r n in u g - 2 Prices 3 Nonag- Period Total M F a i j n o a r l m pr a o r d k u et c ts groupi M ng a s te Ma g jo ro r up in in d g u s stry t C s c r t t i a o o r o c n u n n t - - - s m T r p t o i e e u l c n m t o r u a t a y l — - l l - - i p m E lo e m n y - t - P ro a l y ls - F l r o i c e n a a i g r g d s - - ht D m s s e t a p o e l a e r n r e s t t- s C um on e - r m W c s o o h a d m o l i e l t - e y Total g s C o u o o m n d e s r E m qu en ip t - rials Mfg. M in i g n- U iti t e il s - 1948 68.4 66.6 69.2 58.3 70.2 68.9 84.0 40.8 41 85.4 102.5 64.8 127.6 83.8 87.9 1949 64.7 64.5 68.8 52.0 64.8 65.1 74.5 43.4 44 83.3 93.6 60.0 108.2 83.0 83.5 1950 74.9 72. 78.6 56.4 76.9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 83.8 86.8 1951 81.3 78.6 77. 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 80.3 121.5 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 92.9 106.1 84.5 115.0 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 94 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 96 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.3 93.5 93.8 99 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.6 100.0 105.1 97.9 105 101.5 100.6 1960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.7 106.6 95.3 106 103.1 100.7 1961. 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 102.9 95.6 105.2 91.2 109 104.2 100.3 1961—Sept. 112.0 112.6 113.4 110.8 110.9 112.1 102.4 125.7 103 103.3 96.1 106.5 90.1 110 104.6 100.0 Oct.. 113.5 114. 115.9 112.4 112.9 113.5 104.4 126.5 114 103.5 96.3 108.1 94.4 109 104.6 100.0 Nov., 114.8 116.4 117.5 114.1 113.9 115.0 105.2 126.7 116 103.7 97.1 110.3 95.3 112 104.6 100.0 Dec. 115.6 116.9 117.9 114.9 114.8 115.9 104.7 127.3 119 103.7 97.3 111.6 95.6 113 104.5 100.4 1962—Jan 114.3 115.7 116. 112.7 113.7 114.4 104.0 128.8 115 103.5 96.8 110.8 93.9 104.5 100.8 Feb 116.0 116.8 117. 115.0 115.5 116.3 104.3 129.0 119 104.2 97.7 112.7 96.8 110 104.8 100.7 Mar 117.0 118.2 118. 116.1 116.9 117.4 104.8 128.8 131 104.4 98.4 113.4 96.6 117 105.0 100.7 Apr 117.7 118.5 119. 117.0 117.1 118.1 105.5 128.1 121 105.1 99.6 114.8 96.1 113 105.2 100.4 May 118.4 120.2 121. 118.5 117.0 118.8 104.8 129.8 117 105.4 99.8 113.7 94.0 '115 105.2 100.2 June 118.6 120.6 120. 120.1 117.1 118.9 104.6 132.4 120 105.6 99.9 113.5 89.9 111 105.3 100.0 July 119.3 121.7 121. 121.8 117.0 119.7 106.1 133.5 117 105.8 99.7 113.1 89.6 114 105.5 100.4 Aug 119.6 121.6 120. 123.2 117.7 120.2 105.5 132.3 118 105.6 98.7 112.5 90.2 115 105.5 100.5 Sept 119.8 121.5 121. 123.5 118.2 120.2 106.0 133.0 113 105.7 98.8 115.2 r90.0 ^117 106.1 101.2 Oct H19.5 ^120. P124.2 ^119.9 P1O5.3 ^134.0 ?105.8 P113.4 90.3 1 Employees only, excludes personnel in the armed forces. and heavy engineering; does not include data for Alaska and Hawaii. 2 Production workers only. Employment and payrolls: Based on Bureau of Labor Statistics data; 3 Prices 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 dollar Railroads. 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 36,318 37,135 3,004 3,291 3,008 2,712 2,658 2,749 3,986 3,860 4,009 3,900 3,747 3,631 3,273 By type of ownership: Public . . 12,587 12,547 954 1,021 942 1,091 922 877 1,475 1,211 1,227 1,331 1,231 1,039 Private 23,731 24,588 2,050 2,270 2,066 1,621 1,736 1,871 2,511 2,650 2,782 2,569 2,516 2,591 By type of construction: Residential 15,105 16,123 1,381 1,498 1,306 1,125 1,190 1.192 1,552 1,816 1,819 1,656 1,623 1,651 1,519 Nonresidential 12,240 12,115 987 1,005 1,095 883 853 893 1,325 1,102 1,275 1,242 1,197 1,177 1,019 Public works and utilities 8,973 8,897 637 787 607 704 615 664 1,108 943 915 1,002 926 802 735 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 1499 V A L UE OF N EW C O N S T R U C T I ON ACTIVITY [In millions of dollars] Private Public Period Total Total d N f e r a n o es t r n m - i i - al Total In tr d i u a B l s- usine m s C s er o c m- ial P u u ti b l l i i t c y O n d r t t e o e i h s a n n l - - i e - r Total M ta il ry i- H w i a g y h- S w a e a n w t d e e r r Other 1953 37,019 25,783 13,777 8.4J5 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 ,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 ,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 ,387 7,123 19591 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 1960 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 ,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 ,581 8,267 1961—Oct... 58,905 41,767 24,026 12,693 2,608 4,681 5,404 5,04» 17,138 793 6,340 ,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 ,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 ,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 ,636 8,265 F Mar e .. b.., 5 5 7 6 , , 8 8 6 1 1 1 4 3 0 9 , , 5 9 5 0 3 9 2 2 2 2, , 2 5 4 0 5 7 1 12 2 , , 8 6 9 2 7 2 2 2, , 6 5 5 9 3 2 4 4 , , 7 7 9 5 5 6 5 5, , 4 2 4 7 9 4 5 5, , 1 0 4 4 9 2 1 17 6 , , 3 9 0 0 8 2 1 1, , 4 2 0 4 9 8 5 5, , 7 4 7 1 1 4 t , 6 7 6 1 6 5 8 8 . , 4 5 1 7 3 4 58,315 41,747 23,484 12,973 2,792 4,793 5,388 5,290 16,568 1,442 5,057 ,775 8,294 Iv&y! 60,748 43,472 25,018 13,119 2,886 4,752 5,481 5,335 17,276 1,349 5,830 ,805 8,292 June. 62,678 44,842 26,118 13,354 2,950 4,865 5,539 5,370 17,836 1,549 5,989 ,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 ,802 8,328 Aug.. 62,829 45,244 25,957 13,835 2,936 5,273 5,626 5,452 17,585 1,244 6,195 ,771 8,375 Sept.*5 62,760 45,332 26,063 13,796 2,930 5,214 5,652 5,473 17,428 6,140 ,754 Oct.p. 62,646 44,404 25,515 13,502 2,885 5,018 5,599 5,387 18,242 ,781 l 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 seasona Beginning with 1959, figures are Census Bureau estimates. Data before factors not yet incorporated in earlier figures. N EW H O U S I NG STARTS [In thousands of units] Annual rate, By area l By type of ownership Government- (private only) Pri>fate underwritten Period Total Metro- Nonpolitan metro- Public Total N fa o rm n- politan Total fam 1- ily fa 2 m - ily M fa u m l i t l i y - Total FHA VA 1953 1.104 804 300 1 068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 t 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.... ,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 .355 938 418 1,304 966 44 294 52 328 244 83 1961—Sept 1,383 1,365 128 91 37 122 91 4 28 6 28 21 7 Oct. 1,434 1,404 129 88 41 124 92 4 27 5 33 23 9 Nov 1,351 1,328 106 72 34 103 74 3 25 3 30 23 7 Dec 1,297 1,257 87 63 24 82 54 3 25 4 23 17 6 1962—Jan 1,273 1,247 83 60 23 81 54 3 23 2 23 18 4 Feb 1,152 1,134 78 56 22 76 54 3 20 1 20 15 5 Mar 1,431 1,407 118 84 34 115 80 5 31 3 27 21 6 Apr . . 1,542 1,521 152 111 41 147 101 5 41 5 33 25 8 May 1,579 1 566 156 112 44 154 107 5 42 34 26 g June 1,425 1,399 140 96 43 136 96 4 36 3 31 24 7 July 1,466 1,447 139 98 42 136 95 4 36 4 33 25 7 Aus *l,540 H,5l\ ^149 99 50 P147 104 4 40 P2 36 28 8 Sept ^1,312 »1,284 Pin 84 33 ^116 n 26 20 6 l 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
1500 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [In thousands of persons unless otherwise indicated] Civilian labor force Unemploy- Total non- Total Employed! ment Period institutional labor Not in the rate2 population force Total Total In c u n l o t n u a ra g l ri- In U pl n o e y m ed - (pe S r .A ce . nt) industries agriculture 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59 745 5,836 3,813 51,420 5.5 I960 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 Oct 128,571 74,345 71,759 67,824 61,860 5,964 3,934 54,226 6.7 Nov 128,756 74,096 71,339 67,349 62,149 5,199 3,990 54,659 6.1 Dec 128,941 73,372 70,559 66,467 62,049 4,418 4,091 55,570 6.0 1962—Jan 129,118 72,564 69,721 65,058 60,641 4,417 4,663 56,554 5.8 Feb 129,290 73,218 70,332 65,789 61,211 4,578 4,543 56,072 5.6 Mar 129,471 73,582 70,697 66,316 61,533 4,782 4,382 55,889 5.5 Apr 129,587 73,654 70,769 66,824 61,863 4,961 3,946 55,933 5.5 May 129,752 74,797 71,922 68,203 62,775 5,428 3,719 54,956 5.4 129,930 76,857 74,001 69,539 63,249 6,290 4,463 53,072 5.5 July 130,183 76,437 73,582 69,564 63,500 6,064 4,018 53,746 5.3 130,359 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 Oct 130,730 74,923 72,187 68,893 63,418 5,475 3,294 55,808 5.5 1 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 & ic 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 l 53,380 16,667 731 2,955 4,010 11,125 2,597 7,105 8,190 I960 54,347 16,762 709 2,882 4,017 11,412 2,684 7,361 8,520 1961 54,077 16,267 666 2,760 3,923 11,368 2,748 7,516 8,828 SEASONALLY ADJUSTED 1961—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 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 55,536 16,795 646 2,731 3,932 11,627 2,796 7,805 9,204 Sept.P 55,582 16,797 642 2,709 3 924 11 614 2,799 7,820 9 277 Oct p 55,626 16,794 635 2,697 3,934 11,619 2,810 7,827 9,310 NOT SEASONALLY ADJUSTED 1961—Oct 55,065 16,607 668 2,981 3,953 11,450 2,758 7,618 9,030 Nov. 55,129 16,658 667 2,825 3,943 11,611 2,757 7,596 9,072 Dec 55,503 16,556 657 2,575 3,927 12,181 2,756 7,573 9,278 1962 Jan ... 53,737 16,370 647 2,298 3,863 11,270 2,747 7,510 9,032 Feb 53,823 16,452 642 2,282 3,863 11,188 2,749 7,545 9,102 Mar 54,056 16,525 640 2,328 3,880 11,223 2,754 7,573 9,133 Apr 54,849 16,636 647 2,589 3,904 11,470 2,770 7,690 9,143 May 55,209 16,682 657 2,749 3,924 11,476 2,780 7 769 9,172 55,777 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 81870 Aug . . . .... 55,709 16,931 658 3,031 3,963 11,558 2,841 7,867 8,860 Sept.p 56,250 17,118 652 2,972 3,955 11,629 2,813 7,867 9,244 Oct v 56,308 17,040 642 2,915 3,958 11,707 2,804 7,866 9,376 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. me 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 1501 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1961 1962 1961 1962 Oct. Aug. Sept.* Oct.* Oct. Aug. Sept.* Oct.* Total 12,129 12,432 12,447 12,416 12,379 12,544 12,748 12,666 Durable goods 6,676 6,925 6,960 6,946 6,771 6,862 7,039 7,043 Ordnance and accessories 99 103 101 102 98 102 101 101 Lumber and wood products 536 545 540 537 555 576 566 556 Furniture and fixtures 308 320 315 313 317 323 323 322 Stone, clay, and glass products 461 468 464 466 470 481 481 475 Primary metal industries 943 910 907 898 950 906 912 904 Fabricated metal products 831 858 867 859 848 851 873 876 Machinery except electrical 971 1,034 1,026 1,032 955 1,015 1,021 1,015 Electrical machinery 983 1,045 1,033 1,052 997 1,041 1,060 1,067 Transportation equipment 1,011 1,090 1,163 1,144 1,021 1,008 1,136 1,155 Instruments and related products 223 231 229 226 226 229 231 229 Miscellaneous manufacturing industries. 310 321 315 317 334 331 336 342 Nondurable goods 5,453 5,507 5,487 5,470 5,608 5,682 5,709 5,623 Food and kindred products 1,196 1117700 1,170 1,168 1,286 1,304 1,320 1,256 Tobacco manufactures 79 81 80 79 96 90 100 95 Textile-mill products 796 791 787 782 806 798 796 792 Apparel and other finished textiles 1,073 ,109 1,107 1,104 1,087 1,129 1,127 1,118 Paper and allied products All 481 477 479 477 484 485 485 Printing, publishing and allied industries 594 598 599 597 602 596 603 605 Chemicals and allied products 509 524 523 520 510 523 525 521 Products of petroleum and coal 132 127 123 124 132 128 125 124 Rubber products 285 306 304 301 294 303 309 311 Leather and leather products 318 320 317 316 317 327 320 315 NOTE.—Bureau of Labor Statistics; data cover production and related for, the pay period ending nearest the 15th of the 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 Oct. Aug. Sept.* Oct.* Oct. Aug. Sept.* Oct.* Oct. Aug. Sept.* Oct.* Total 40.2 40.2 40.4 40.1 94.54 95.75 97.44 96.72 2.34 2.37 2.40 2.40 Durable goods 40.6 40.9 41.0 40.7 102.66 103.89 105.88 105.37 2.51 2.54 2.57 2.57 Ordnance and accessories 41.3 41.4 41.1 41.0 115.92 115.34 116.31 116.31 2.80 2.82 2.83 2.83 Lumber and wood products 39.9 40.3 40.2 39.7 81.41 81.80 82.01 80.20 2.01 2.00 2.01 1.99 Furniture and fixtures 40.3 40.5 40.8 40.5 80.12 80.54 81.54 81.34 1.94 1.95 1.96 1.96 Stone, clay, and glass products 40.8 41.2 41.3 41.3 97.88 101.57 101.50 101.99 2.37 2.43 2.44 2.44 Primary metal industries 40.5 39.7 39.9 39.5 119.29 116.23 118.40 115.94 2.96 2.95 2.96 2.95 Fabricated metal products 40.9 41.0 41.1 41.1 102.75 105.32 106.91 106.14 2.50 2.55 2.57 2.57 Machinery except electrical 41.4 41.9 41.7 41.5 109.03 112.32 112.74 112.19 2.64 2.70 2.71 2.71 Electrical machinery 40.5 40.5 40.6 40.4 96.05 97.20 99.22 98.25 2.36 2.40 2.42 2.42 Transportation equipment 40.9 41.5 42.4 42.0 117.29 119.19 124.49 126.35 2.84 2.90 2.95 2.98 Instruments and related products 40.9 41.0 40.6 40.4 98.64 100.04 99.72 99.88 2.40 2.44 2.45 2.46 Miscellaneous manufacturing industries. 39.7 39.7 39.7 39.5 76.78 77.42 78.01 78.80 1.91 1.95 1.96 1.97 Nondurable goods 39.6 39.4 39.7 39.2 84.77 86.18 87.20 85.89 2.13 2.16 2.18 2.18 Food and kindred products 41.2 40.7 40.9 40.7 89.84 91.46 93.18 92.43 2.17 2.22 2.24 2.26 Tobacco manufactures 39.4 37.4 39.0 37.7 69.36 68.04 71.34 68.03 1.70 1.80 1.74 1.74 Textile-mill products 40.4 40.3 40.3 40.0 67.08 68.21 67.54 68.45 1.64 1.68 1.68 1.69 Apparel and other finished textiles 35.7 36.1 36.4 35.6 60.14 62.16 61.69 59.98 1.68 1.68 1.69 1.68 Paper and allied products 42.7 42.5 42.6 42.3 101.91 103.82 104.49 103.52 2.37 2.42 2.43 2.43 Printing, publishing and allied industries 38.1 38.3 38.4 37.9 105.71 108.29 109.91 107.82 2.76 2.82 2.84 2.83 Chemicals and allied products 41.7 41.5 41.5 41.2 108.58 110.12 110.81 110.15 2.61 2.66 2.67 2.68 Products of petroleum and coal 41.8 41.7 41.9 41.6 125.93 126.35 130.90 126.99 3.02 3.03 3.08 3.06 Rubber products 40.4 40.5 41.1 40.4 98.49 101.02 102.42 100.53 2.42 2.47 2.48 2.47 Leather and leather products 37.4 37.5 37.9 37.2 62.76 65.53 64.53 63.15 1.71 1.72 1.73 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
1502 DEPARTMENT STORES SALES AND STOCKS, BY DISTRICT [1957-59= 100] Federal Reserve district United Period States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - Ka Ci 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—Sept 110 111 110 105 110 108 111 107 106 108 114 101 118 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 113 116 116 111 114 112 112 108 106 108 112 106 120 1962—Jan 110 113 112 110 112 109 110 104 98 104 105 101 119 Feb 110 101 112 104 109 111 118 103 108 103 114 110 120 Mar 117 122 119 110 118 115 126 112 111 109 118 106 123 Apr 113 113 119 111 112 109 108 108 107 116 115 104 118 May 115 110 113 115 117 115 117 112 113 108 116 108 121 June 111 112 108 107 110 110 115 108 105 106 111 107 123 July 114 115 113 109 114 112 118 111 112 112 116 112 123 115 117 117 112 109 115 118 113 108 111 113 107 124 Sept Pill 116 120 114 116 118 121 114 113 110 113 122 NOT SEASONALLY ADJUSTED 1961—Sept 109 112 110 105 109 108 105 108 107 116 115 r97 116 Oct 113 121 121 113 110 115 110 109 108 115 111 103 112 Nov 134 146 146 145 140 134 129 129 128 125 128 120 134 Dec 204 224 213 202 210 r208 201 191 185 190 195 184 217 1962—Jan 83 86 90 80 84 HI 85 77 75 74 79 79 90 Feb r83 72 87 75 81 HS 91 75 78 78 82 80 95 Mar r96 94 99 95 93 92 105 93 90 87 97 91 99 Apr 112 115 113 112 114 113 115 108 105 112 111 103 116 May 110 108 109 110 111 110 111 111 113 103 113 104 110 June . 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 104 96 94 92 99 103 109 101 103 106 111 108 119 Sept ... 117 120 113 114 118 114 116 114 118 109 121 STOCKS 1954 80 82 75 82 90 79 77 84 86 83 82 70 76 1955 85 88 78 87 86 90 86 89 93 88 90 76 81 1956 94 96 89 95 93 99 98 97 102 98 99 84 92 1957 99 97 97 99 102 100 102 100 103 102 100 99 96 1958 98 99 99 98 97 96 97 97 98 97 98 98 97 1959 103 104 104 103 101 104 101 103 99 101 103 104 107 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—Sept 112 113 111 106 112 109 109 114 113 108 112 103 116 Oct . . 112 113 111 107 114 111 110 113 114 109 110 105 117 Nov 113 114 113 109 113 114 110 113 116 108 110 106 118 Dec 113 116 112 109 115 114 109 113 119 110 111 106 118 1962—Jan 114 114 112 110 114 116 112 114 112 111 111 111 121 Feb 115 115 114 110 114 117 111 114 114 113 113 113 122 Mar 116 117 113 112 114 118 114 116 115 113 114 114 124 Apr 115 116 112 111 115 118 114 113 117 114 114 111 124 May 117 115 113 112 115 116 114 116 111 112 115 114 127 June 118 115 113 112 117 119 115 121 117 113 114 115 128 July 118 118 113 113 116 119 120 122 117 109 115 114 127 Aus 118 115 116 113 115 117 116 123 116 110 115 112 126 Sept 114 116 113 118 117 119 122 115 111 NOT SEASONALLY ADJUSTED 1961—Sept 118 121 117 112 119 117 115 121 121 114 116 109 122 Oct 126 131 126 124 130 126 123 123 130 123 123 118 130 Nov 130 135 131 127 133 130 129 126 131 126 127 121 134 Dec 104 108 105 100 105 105 98 101 106 104 103 98 108 1962—Jan 102 100 102 96 98 101 101 102 100 99 101 96 109 Feb 108 106 106 103 106 108 108 106 106 106 107 106 115 Mar 116 115 114 112 114 119 116 116 116 111 114 115 125 Apr 118 117 116 116 116 121 117 118 121 112 116 115 125 May 117 116 115 114 115 118 113 119 120 111 114 112 125 June 112 109 106 106 111 112 107 117 111 104 109 108 123 July 112 108 102 103 112 111 110 119 112 107 110 109 123 Aug 117 114 113 109 115 119 116 122 117 111 112 115 126 Sept ^125 123 121 120 125 126 126 129 123 117 NOTE.—Based on retail value figures; sales are average per trading day; For description of series and for back data beginning with 1947, i 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 1503 DEPARTMENT STORE MERCHANDISING DATA Amounts (in millions of dollars) Ratios to sales Period Out- Out- Stocks stand- Re- New stand- plus Re- Sales Stocks ing ceipts orders Stocks ing outs. ceipts 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 .0 1958 462 ,323 437 462 464 3.0 4.1 .0 1959 488 ,391 510 495 498 3.0 4.1 .1 1960 494 ,474 518 496 493 3.1 4.3 .0 1961 503 ,485 530 508 512 3.1 4.3 .0 1961—Sept. '478 ,574 '653 '585 '590 3.3 4.7 .2 Oct.. 529 ,708 645 661 652 3.2 4.4 .2 Nov. 630 ,776 555 698 608 2.8 3.7 .1 Dec. 965 ,406 391 595 431 1.5 1.9 1962—Jan.. 408 ,408 476 410 495 3.5 4.6 1.0 Feb.. 360 ,466 532 418 474 4.1 5.6 1.2 Mar. 472 ,576 498 582 548 3.3 4.4 1.2 Apr.. 502 ,589 457 515 474 3.2 4.1 1.0 May. 507 ,571 499 489 531 3.1 4.1 1.0 June. 472 1,509 679 410 590 3.2 4.6 .9 July. 406 1,490 724 387 432 3.7 5.5 1.0 Aug. 482 1,571 675 563 514 3.3 4.7 1.2 Sept. 489 1,696 710 614 649 3.5 4.9 1.3 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 i military E -a x i c d l u s d h in ip 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 1S0 J.V73 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 1,888 1,783 1,410 1,255 1,386 Apr 1,817 1,707 1,881 1 703 1,648 1,799 1,294 L 063 ,333 May .. 1,814 1,749 1,973 1 720 1,677 1,892 1,289 [,223 ,454 June 1,742 1,699 1,970 1,642 ,644 1,894 1,332 1,232 ,350 July 1,702 1,637 1,709 1,632 ,558 1,622 1,183 1,285 ,337 Aug ,619 1,669 1,683 1,556 .598 1,635 1,259 1,252 ,359 Sept ,612 1,631 1,761 1,559 1,557 .711 1,193 1,197 315 Oct 74fi I 890 1 692 1 817 I 184 I 364 Nov 1,799 1,818 1,726 1,759 1,197 1,342 Dec 1,806 827 1 752 1 777 175 9Q5 Jan —Sept . . .. 15,199 15,340 16,239 14,432 14,712 15,640 11,463 10,725 12,131 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
1504 PRICES CONSUMER PRICES [1957-59= 100] Housing Read- Other Period it A em ll s Food Total Rent tr e G a i l c n e a i c d t s - y p S l f a e e u o u n t e l r m d l i o s d - H n i f n o u is g u r h - s s e- o H h t p o i o e o u l r n d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 1929 59 7 55 6 85 4 56 6 56 2 J933 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 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 98.5 107.4 102.5 107.4 114.6 106.8 110.3 105.5 Sept 106.1 104.8 104.9 105.9 108.0 101.3 98.7 107.6 104.6 107.8 114.7 106.8 110.0 105.6 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 i o e m l d 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 . - , Hides, Fuel, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - Pape J i Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i l e 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 96.1 86.3 99.4 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 84.3 83.2 93.9 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. 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 99.9 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.6 100.8 99.7 106.2 100.7 99. 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1961—Sept 100.0 95.2 r100.3 100.7 99.7 108.4 99.6 98.3 96.3 95.6 98.9 101.3 102.0 99.4 101.8 103. 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. 100.7 Nov 100.0 95.6 100. 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. 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. 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. 100.8 100.2 102.3 99.0 102. 105.1 106.0 June 100.0 95.3 99.8 100.7 100.8 108.0 99.6 97.6 93.0 97.3 100.5 99.8 102.2 98.9 101.9 104.1 105.4 July 100.4 96.5 100.8 100.8 100.9 107.5 100.0 97.2 92.7 97.5 100.0 99.7 r102.3 98.8 101.6 104.0 107.6 Aug 100.5 '97.6 101.5 100.6 100.8 r107.0 99.5 97.0 92.7 r97.4 99.7 99.8 102.3 98.7 101.6 104.2 107.2 Sept 101.2 100.6 103.3 100.8 100.6 107.5 100.8 96.9 92.7 96.9 99.5 99.7 102.3 98.6 101.6 104.2 109.1 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES 1505 WHOLESALE PRICES: DETAIL [1957-59= 100] 1961 1962 1961 1962 Group Group Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce. 89.4 '92.2 '90.9 94.9 Woodpulp 95.0 93.6 93.6 93.6 Grains 97.2 99.1 98.1 98.6 Wastepaper 82.7 96.8 95.1 96.4 Livestock and poultry , 90.2 95.8 98.5 104.4 Paper 102.0 102.6 102.6 102.6 Plant and animal fibers 97.5 99.3 '98.4 97.4 Paperboard 89.7 '94.0 r94.0 94.0 Fluid milk 104.8 99.8 100.8 101.6 Converted paper and paperboard.... 100.2 101.0 100.4 100.0 Eggs 102.3 86.2 98.0 110.7 Building paper and board 100.8 96.3 '97.1 97.1 Hay and seeds , 101.9 105.3 105.2 99.8 Other farm products 94.3 92.5 89.9 90.8 Metals and Metal Products: Processed Foods: Tron and steel 101.1 98.9 99.1 99.0 Nonferrous metals 101.9 99.0 99.0 98.9 Cereal and bakery products 105.3 108.1 108.0 107.8 Metal containers 102.0 103.7 103.7 103.7 Meat, poultry, and fish 95.3 99.0 101.0 106.7 Hardware 104.2 103.7 103.7 103.7 Dairy products and ice cream 108.0 105.7 106.1 106.0 Plumbing equipment 104.1 98.1 '97 8 97.8 Canned and frozen fruits, and veg- Heating equipment 94.7 92.9 '92.9 92.6 etables 99.8 98.7 '97.1 96.4 Fabricated structural metal products. 98.6 98.3 98.3 98.2 Sugar and confectionery 99.7 102.2 102.7 102.1 Fabricated nonstructural metal prod- Packaged beverage materials 83.9 82.6 82.6 82.4 ucts 103.6 103.9 103.9 103.9 Animal fats and oils 88.7 85.8 '89.5 91.7 Crude vegetable oils 97.6 78.2 '77.9 76.8 Machinery and Motive Products: Refined vegetable oils 107.3 85.2 85.2 84.6 Vegetable oil and products 101.7 94.5 92.9 92.7 Agricultural machinery and equip 107.2 109.5 109. 109.3 Miscellaneous processed foods 106.2 101.0 101.1 102.8 Construction machinery and equip... 107.6 107.6 107. 107.7 Metalworking machinery and equip... 106.8 109.6 109. 109.5 Textile Products and Apparel: General purpose machinery and equipment 102.6 102.9 '103.3 103.5 Cotton products 100.9 101.9 r101.7 101.3 Miscellaneous machinery 103.0 103.6 r103.8 103.6 Wool products 98.2 99.3 99.3 99.4 Special industry machinery and equip- Man-made fiber textile products 92.6 94.7 94.3 94.0 ment (Jan. 1961= 100) 100.6 102.0 102.0 102.0 Silk products 117.1 130.2 132.4 125.2 Electrical machinery and equip 99.1 98.4 98.2 98.1 Apparel 101.1 101.8 101.8 101.6 Motor vehicles 100.7 100.9 100.9 100.9 Other textile products 118.9 121.1 119.0 121.6 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 121.7 104.2 105.1 110.8 bles: Leather 109.7 108.4 '106.9 106.6 Footwear 107.8 108.8 108.8 108.8 Household furniture 102.9 104.1 104.0 104.0 Other leather products 103.8 105.0 103.9 103.9 Commercial furniture 102.1 102.4 102.5 102.5 Floor coverings 99.7 96.7 96.7 96.7 Fuels and Related Products, and Power: Household appliances 95.1 93.9 93.6 93.4 Television, radios, and phonographs.. 94.1 90.8 90.8 90.7 Coal 97.4 95.3 95.6 96.7 Other household durable goods 102.6 103.0 102.9 103.0 Coke 103.6 103.6 103.6 103.6 Gas fuels (Jan. 1958= 100) 116.9 119.7 117.8 120.1 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 97.3 98.0 97.2 99.2 Concrete ingredients 102.9 103.3 103.3 103.2 Concrete products 102.6 102.8 102.8 102.8 Chemicals and Allied Products: Structural clay products 103.2 103.6 103.6 103.6 Gypsum products 105.0 105.0 105.0 105.0 Industrial chemicals 97.5 96.1 95.9 95.9 Prepared asphalt roofing 97.5 89.4 89.4 89.4 Prepared paint 103.7 103.8 103.8 103.8 Other nonmetallic minerals 102.0 101.7 101.7 101.8 Paint materials 97.9 96.0 95.3 94.5 Drugs and Pharmaceuticals 97.0 95.1 '95.0 95.0 Tobacco Products and Bottled Bev- Fats and oils, inedible. 80.9 73.5 73.0 72.3 erages: Mixed fertilizers 103.9 103.9 103.9 104.1 Fertilizer materials 102.8 101.0 98.4 98.6 Tobacco products 102.0 102.0 102.0 102.0 Other chemicals and products 99.0 99.4 99.4 99.4 Alcoholic beverages 100.6 100.7 101.1 101.1 Nonalcoholic beverages 116.2 116.7 117.1 117.1 Rubber and Products : Miscellaneous Products: Crude rubber 97.7 92.4 92.3 92.0 Tires and tubes 92.9 86.4 86.4 86.4 Toys, sporting goods, small arms.... 101.3 101.0 101.0 101.1 Miscellaneous rubber products 99.4 99.1 99.1 99.1 Manufactured animal feeds 102.6 111.0 110.2 113.7 Notions and accessories 98.8 98.7 98.7 98.7 Lumber and Wood Products: Jewelry, watches, photo equipment... 103.8 104.3 104.4 104.4 Other miscellaneous products 101.4 101.0 101.0 101.2 Lumber 94.7 98.0 '97.7 97.3 Millwork 101.2 102.3 102.7 102.2 Plywood 95.4 '92.4 '92.1 92.2 Note.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1506 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 in IV I II III 104.4 56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7 522.3 538.6 545.0 552.0 555.3 Personal consumption expenditures 79.0 46.4 81.9 195.0 285.2 293.2 313.5 328.5 338.1 340.1 346.1 350.2 354.9 358.2 Durable goods 9.2 3.5 9.7 30.4 40.4 37.3 43.6 44.8 43.7 44.0 46.6 46.3 47.2 47.1 Nondurable goods 37.7 22.3 43.2 99.8 137.7 141.6 147.1 151.8 155.2 156.2 157.2 159.9 161.3 163.0 32.1 20.7 29.0 64.9 107.1 114.3 122.8 131.9 139.1 139.9 142.3 144.1 146.3 148.1 Gross private domestic investment 16.2 1.4 18.1 50.0 66.1 56.6 72.7 72.4 69.3 72.4 76.6 75.9 77.4 76.3 New construction . . .. . 8.7 1.4 6.6 24.2 36.1 35.5 40.2 40.7 41.6 42.6 43.2 41.6 44.5 46.1 Residential nonfarm 3.6 .5 3.5 14.1 17.0 18.0 22.3 21.1 21.0 21.9 22.8 21.2 23.3 24.3 Other 5.1 1.0 3.1 10.1 19.0 17.4 17.9 19.7 20.5 20.7 20.4 20.5 21.2 21.8 Producers' durable equipment 5.9 1.6 6.9 18.9 28.5 23.1 25.9 27.6 25.5 25.8 27.4 27.6 28.9 29.2 Change in business inventories 1.7 -1.6 4.5 6.8 1.6 -2.0 6.6 4.1 2.1 4.0 6.0 6.7 4.0 1.0 Nonfarm only . 1.8 -1.4 4.0 6.0 .8 -2.9 6.5 3.7 1.9 3.8 5.9 6.6 3.9 1.0 Net exports of goods and services . .8 .2 1.1 .6 4.9 1.2 -.8 2.9 4.0 2.8 3.8 3.7 3.7 2.5 Exports 7.0 2.4 6.0 13.1 26.2 22.7 22.9 26.4 27.3 26.9 28.3 28.2 29.0 28.3 6.3 2.3 4.8 12.5 21.3 21.5 23.6 23.5 23.3 24.1 24.5 24.5 25.3 25.8 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 86.5 93.5 97.2 99.7 107.4 106.9 112.1 115.2 116.0 118.2 Federal .. ... .... 1.3 2.0 16.9 19.3 49.7 52.6 53.6 53.2 57.0 56.5 59.5 61.9 62.1 62.7 National defense / 13.8 14.3 44.4 44.8 46.2 45.7 49.0 48.4 50.8 53.0 53.2 54.0 Other \ ) 1 Li i 2.0 \ 3.2 5.2 5.7 8.3 7.9 8.1 8.7 8.7 9.2 9.6 9.5 9.6 .4 .5 .5 .6 .6 6 .6 .6 .6 .8 7.2 6.6 7.8 19.7 36.8 40.8 43.6 46.5 50.4 50.4 52.6 53.3 54.0 55.5 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 408.6 401.3 428.6 440.2 447.9 450.4 463.4 467.4 470.8 471.6 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 III IV II III National income 87.8 40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 431.3 444.0 448.9 456.7 Compensation of employees 51.1 29.5 64.8 154.2 255.5 257.1 278.5 293.7 302.2 304.5 309.9 315.2 321.7 323.8 Wages and salaries 50.4 29.0 62.1 146.4 238.5 239.8 258.5 271.3 278.8 281.0 286.1 289.9 295.9 297.8 Privatec 45.5 23.9 51.9 124.1 198.4 196.6 213.1 222.9 221.0 228.8 232.5 235.0 240.1 241.4 Military .3 .3 1.9 5.0 9.6 9.8 9.9 9.9 10.2 10.0 10.8 11.2 11.2 Government civilian 4.6 4.9 8.3 17.3 30.5 33.5 35.4 38.5 41.6 42.2 42.8 43.7 44.6 }56.4 Supplements to wages and salaries .7 .5 2.7 7.8 77.0 17.3 20.1 22.4 23.4 23.5 23.8 25.2 25.8 Employer contributions for social in- 25.9 surance .1 .1 2.0 4.0 7.8 8.0 9.7 11.4 12.0 12.1 12.2 13.3 13.4 Other labor income .6 .4 .7 3.8 9 9.4 10.4 11.0 11.4 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 48.1 49.5 49.1 49.5 49.7 Business and professional 8.8 3.2 10.9 23.5 32.7 32.5 35.1 34.2 34.8 35.1 36.0 36.2 36.8 37.0 Farm 6.0 2.4 6.5 14.0 11.8 13.5 11.4 12.0 13.1 13.1 13.6 12.9 12.8 12.8 Rental income of persons 5.4 2.0 3.5 9.0 11.9 12.2 11.9 11.9 12.3 12.3 12.5 12.6 12.8 12.9 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 47.2 45.6 45.5 46.0 51.1 50.4 50.7 Profits before tax 9.6 .2 17.0 40.6 43.2 37.4 47.7 45.4 45.6 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 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 23.7 26.3 25.6 26.1 Dividends 5.8 2.1 4.5 9.2 12.6 12.4 13.7 14.4 15.0 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 8.7 10.8 9.8 10.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.5 -.3 -.5 .2 -.3 -.3 .3 -.2 Net interest 6.4 5.0 4.5 5.5 13.4 14.8 16.4 18.1 20.0 20.3 21.0 21.5 22.0 22.5 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 1507 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 ni IV I II III' Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7 522.3 538.6 545.0 552.0 555.3 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 37.4 38.6 41.0 43.2 45.3 45.7 46.6 47.0 47.5 47.8 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 38.2 39.3 42.6 46.5 48.2 48.3 49.7 50.2 51.4 51.8 Business transfer payments .6 .7 .5 .8 1.8 1.8 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 .3 .9 .4 -.7 -.6 -1.5 -3.0 -3.4 -3.1 -3.1 — 1.9 — 1.4 -4.0 Plus: Subsidies less current surplus of gov- -.1 .2 1.0 1.1 .4 .5 1.7 2.1 2.0 1.8 1.8 1.8 Equals: National income 87.8 40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 431.3 444.0 448.9 456.7 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 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 21.8 22.1 23.6 23.9 "24!6 Plus: Government transfer payments .9 1.5 2.6 14.3 20.1 24.5 25.4 27.3 31.3 31.6 31.6 31.9 32.0 32.3 Net interest paid by government 1.0 1.2 1.3 4.8 6.2 6.2 7.1 7.8 7.3 7.2 7.2 7.3 7.4 7.5 Dividends . . 5.8 2.1 4.5 9.2 12.6 12.4 13.7 14.4 15.0 14.9 15.5 15.8 15.8 15.8 Business transfer payments .6 .7 5 .8 1.8 1.8 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 Equals: Personal income 85.8 47.2 96.3 228.5 351.4 360.3 383.9 400.8 416.4 419.4 427.3 432.0 439.5 442.6 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 42.6 42.3 46.8 51.4 52.8 53.0 54.6 56.4 57.7 58.5 Federal 1.3 c 2.0 18.2 37.3 36.6 40.4 44.0 45.0 45.1 46.7 48.0 49.2 State and local 1.4 i!o 1.3 2.6 5.3 5.7 6.4 7.4 7.8 7.9 8 0 8.4 8.5 Equals: Disposable personal income 83.1 45.7 93.0 207.7 308.8 317.9 337.1 349.4 363.6 366.3 372.6 375.6 381.8 384.1 Less: Personal consumption expenditures. . . 79.0 46.4 81.9 195.0 285.2 293.2 313.5 328.5 338.1 340.1 346.1 350.2 354.9 358.2 Equals: Personal saving 4.2 -.6 11.1 12.6 23.6 24.7 23.6 20.9 25.6 26.3 26.5 25.4 26.9 25.9 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 293.8 296.3 310.7 317.3 327.3 329.7 334.5 336.6 340.9 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 Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept.*' Total personal income . . 400 8 416.4 419 7 423 6 427 8 430 5 428 8 431 9 435.2 438 3 439 7 440 7 441 9 443 0 443 0 Wage and salary disbursements 271.3 278.8 281.4 283.6 286.4 288.3 287.4 290.3 292.2 295.3 296.0 296.9 297.8 298.1 297.5 Commodity-producing industries... 110.4 110.8 111.4 113.1 115.0 114.9 113.8 115.2 116.1 118.2 118.2 118.1 118.4 118.1 117.5 Manufacturing only. 87.4 87.5 87.8 89.4 91.1 91.5 90.8 92.0 92.8 94.4 94.5 94.5 94.5 94.1 93.6 Distributive industries 71.8 72.9 73.4 73.6 73.5 74.5 74.4 75.0 75.4 75.8 76.1 76.2 76.4 76.6 76.6 Service industries . ... 40.7 43.4 43.8 43.9 44.2 44.9 44.9 45.1 45.3 45.6 45.9 46.5 46.7 47.0 47.0 Government 48.4 51.8 52.7 53.0 53.7 54.0 54.4 55.0 55.4 55.6 55.8 56.0 56 3 56 5 56 4 Other labor income .. .. 11.0 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 12 4 Proprietors' income 46.2 C47.8 48.3 49.1 49.9 49.7 49.2 49.0 49.3 49.4 49.6 49.6 49.6 49.8 49.7 Business and professional 34.2 34.8 35.2 35.6 36.1 36.2 36.1 36.2 36.4 36.6 36.8 36.8 36.9 37.0 36.9 Farm 12.0 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 8 12 8 11.9 12.3 12.4 12.4 12.5 12.5 12.6 12.6 12.7 12.7 12.8 12.8 12 8 12 9 12.9 Dividends 14.4 15.0 15.0 15.3 15.4 15 9 15 6 15 8 15.9 15.8 15.8 15 8 15 7 15 7 15 9 Personal interest income .... 25.8 27.4 27.7 27 9 28.1 28 4 28 6 28 8 29 0 29.2 29 4 29 6 29 8 30 0 30 2 29.4 33.4 33.1 33.5 33.8 34.0 33.9 33.8 34.5 34.2 34.2 34.1 34.2 34.5 34.7 Less: Personal contributions for social insurance 9.2 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 10.4 384.7 399.1 402.3 405.9 409.5 412.7 411.6 414.8 418.0 421.2 422.6 423.5 424.8 425.9 425.9 Agricultural income 16.1 17.3 17.4 17.7 18.3 17.8 17.2 17.1 17.2 17.1 17.1 17.2 17.1 17.1 17.1 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
O 1A. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND QUARTER, 1962—NOT SEASONALLY ADJUSTED [Annual rates in billions of dollars] Consumer Nonfinancial business sectors Government sectors Financial sectors Sector an s p d e r c o n t f o i o t r n- Farm co J rp N o o ra n t - e Corporate Federal an S d t a lo te cal Co b m an m k e in rc g ial in S st a i v tu in ti g o s ns Insurance F n in .e a . n c c . e R s w e e s o c t r t - o l o d r f- se A ct l o l rs c a D r n e i c s p y - - i s n N a a v v n a e i t d s n l . • g ment Transaction category U U S A Gross saving 18.3 .3 .5 10.3 3.3 1.3 -.6 30.9 -1.0 31.4 B Capital consumption. 12 1.0 2.2 7.0 22.3 22.3 C Net saving (A—B)... 6.2 -.8 -1.7 3.3 Z.2 L3 8.6 9.1 D Gross investment (E+J) 30.3 .3 .5 8.9 4.3 -.4 -.3 -.3 -.6 33.6 -.8 33.4 D > E Private capital expenditures (net of sales) 16.8 1.3 3.7 9.8 .1 31.8 31.8 F G N Co o n n s fa u r m m e r r e d s u i r d a e b n l t e , c g o o n o s d tr s . . . . 1 4 2 . . 0 0 1.2 1.2 ..... 12 6 . . 0 3 1 6 2 . . 3 0 H Plant and equipment .9 L3 2.6 8.0 13.0 13.0 I Change in inventories -.1 .6 J Net financial invest. (K-L). . 3.5 -1.1 -3.1 -1.0 4.3 -.5 -.3 .3 -.3 K Net acquis. of finan. assets 9.3 3.3 5.0 1.7 8.4 3.8 3.7 1.4 35.5 1.3 L Net increase in liab 5.8 1.1 3.4 3.3 3.0 9.0 4.0 i.i 1.6 1.3 34.7 -.7 M Gold, off. U.S. foreign exch. & Treas. currency .3 .3 .2 M N Dem. dep. and currency.... 3.6 5.0 -A 4.2 5.0 .1 N O Time and Svgs. Accounts... 6.5 4.0 7.4 7.4 * O P At commercial banks.... 3.1 4.0 4.0 4.0 * P Q At savings institutions 3.4 3.4 3.4 Q R Saving through life ins... 1.1 1.1 1.1 . . R S Saving through pen. funds.. 2.6 1.1 2.6 2.6 ... S T Credit market instr 6.4 1.2 3.2 3.9 1.3 8.3 3.5 2.6 2.3 1.4 18.7 18.6 .2 T U Federal obligations. .. 1.9 -.4 0 .4 .4 -.4 U V State and local obligations. -.8 L3 1.6 .1 1.3 1.3 V w Corp. and foreign bonds.. .7 -.2 -.1 .4 2.1 2.1 .2 W X C 1- o t r o p o 4 r -f a a t m e i s l t y o c m k ortgages.. -.8 3.5 . . 3 2 0 "".7 3. . 0 1 . . 3 6 4. . 1 7 4. . 1 7 .1 Y X Y Other mortgages .1 1.5 A .6 .7 2.7 2.7 Z a Z C Ba o n n k su l m oa e n r s c r n e .e d . i c t 2.6 2.6 -.i 3 1 . . 1 0 .3 3 2 . . 1 6 3 2 . . 1 6 * a b b Other loans .2 .4 IA .2 1.7 1.7 .2 c c d Security credit -.8 -.1 -.7 -.7 e Trade credit .5 1.3 1.4 -.1 -L f Proprietors' net invest, in noncorporate business.... -.2 -.5 -.5 g Misc. financial trans A "'.2 A .8 .9 •1 h Sector discrepancies (A—D). . -2.0 1.4 1.0 -.4 -1.7 -1.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
IB. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND QUARTER, 1962—SEASONALLY ADJUSTED [Annual rates in billions of dollars] Sector C an o s p n d e r s c o u n t f o i m o t r n e - r Farm Nonfmanc c ia o l N r p b o o u n r s a - i t n e ess sec C to o r r s porate F G ed o e v ra e l rnment a s n e S c d t t o a lo r te s cal Co b m an m k e in rc g ial in S st a i v t F u in i t n i g o a s n n s cial se In c s to u r r s ance F n in .e a . n c c . e R s w e e s o c t r t - o l o d r f- se A ct l o l rs c a D r n e i c s p y - - i s n N a a v v n a e i t d s n l t . g ment Transaction category U S U S U S A Gross saving 80.8 4.1 8.8 41.5 1.2 -4.9 1.2 -1.1 -2.1 128.3 2.1 130.4 B C C N a e p t i s t a al v i c n o g n ( su A m -B pt ) i . o . n . . 4 3 8 2. . 6 1 4.1 8.8 2 1 8 3 . . 0 4 1.2 -4.9 "1.2 —i'.i -2.1 3 8 9 9 . . 2 1 8 41 9 . . 3 1 D Gross investment (E+J). 93.7 4.1 8.8 30.7 1.1 -2.4 -3.0 -.3 1.8 -2.1 -1.1 131.4 -5.0 127.3 D Private capital expenditures (net of sales) 67.9 4.9 13.7 38.9 A 126.2 126.2 Consumer durable goods... 47.7 47.7 47.7 Nonfarm resident, constr.. . 16.8 "3^5 23.7 23.7 Plant and equipment 3.4 4 9.9 31.4 A 50.3 50.3 Change in inventories .4 4.1 4.5 4.5 J Net financial invest. (K-L) . . . 25.8 -4.9 -8.2 1.1 -2.4 -3.4 1.4 -2.1 1.1 5.1 1.1 K Net acquis. of finan. assets.. . . 44.9 .4 4.0 10.6 6.2 20.2 13.5 11.3 3.5 3.3 118.0 4.4 L Net increase in liab 19^1 5.Z 12^2 9^5 23.6 13.8 9.8 5.6 4.4 112^9 -3.3 M Gold, off. U.S. foreign exch. & Treas. currency .5 1.3 1.3 1.3 M N Dem. dep. and currency.... 5.5 -4.6 6.4 9.7 —A -.9 7.8 9.7 N O Time and Svgs. Accounts... 22.9 2.6 -.1 13.9 12.3 26.2 26.2 -.2 O P At commercial banks.... 10.9 2 13.9 13. 13.9 -.2 P Q At savings institutions 12.1 12.3 12.3 12.3 R Saving through life ins 4.4 .1 4.3 4.4 4.4 R S Saving through pen. funds.. 9.7 2.4 2.5 4.8 9.7 9.7 S T Credit market instr 2.6 2.2 7.0 3.7 14.5 4.1 8.7 4.2 6.0 20.7 13.1 1.6 10. 7.5 2.3 69.2 69.0 -.1 -.7 T U Federal obligations 2.2 .5 8.7 1.9 3.3 g i -.4 2.2 8.7 8.7 -2.2 U W V S C t o a r te p . a a n n d d l o fo ca re l i o gn b li b g o at n i d on s. s . . -3 3 ^0 6.5 1. . 6 2 -1 6 . . 0 6 - - . . 2 2 3^5 1. . 0 2 1.2 i.i 5 8 . . 7 8 5 8 . . 7 8 1.0 W V X Corporate stock o .4 -.2 3.1 2.1 1.5 .1 2.0 2.0 X Y 1- to 4-family mortgages.. -.4 14.7 .3 .3 -.7 "3.0 10.9 1.0 1.4 15.3 15.3 Y Z Other mortgages 2.9 .2 lie 2.5 5.8 .6 2.1 2.8 1.7 10.2 10.2 Z Consumer credit 6.0 l.Q 2.4 1.0 .9 6.0 6 0 Bank loans n.e.c .1 5.1 -.1 2.0 5.1 5.1 Other loans .7 1.4 1 i.Z 1.7 2.4 1.0 .1 7.2 7.1 Security credit 1.3 -2.6 -1.2 -3.6 -.1 -.2 -3.6 -3. -.1 Trade credit 2 2.2 "-2.5 2.6 -3. -QA Proprietors' net invest, in noncorporate business.... -1.2 -1 -1. g Misc. financial trans "".2 .2 .2 -1A -.2 .1 1A iio 2.3 1. '"-'5 2 h Sector discrepancies (A—D). . 12. 2.4 -2.5 4.2 1.3 -1.5 1.0 -3.1 -2.9 3.1 o .so Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1510 FLOW OF FUNDS/SAVING 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS [Billions of dollars] 1957 1958 Transa o c r t io se n c t c o a r tegory, 1956 1957 1958 1959 1960 1961 I II III IV I 11 III IV I. Saving and investment A Gross national saving 108.7 109.4 102.9 115.6 120.4 116.9 111.2 111.0 112.0 103.5 91.0 88.7 94.8 102.0 A B Consumer and nonprofit 66.2 68.6 68.1 73.9 72.4 76.8 68.0 70.3 69.0 67.1 66.3 64.7 70.0 71.3 B C Farm and noncorp. business 11.3 12.0 20.7 12.4 12.7 12.7 11.9 12.0 12.1 12.0 11.9 11.9 12.0 12.0 C D Corporate nonfin. business 25.0 26.3 25.0 35.6 31.5 35.0 27.3 25.2 27.2 25.3 19.5 20.8 26.3 33.4 D E Federal government 7.0 3.7 -7.9 -4.5 4.3 -5.2 4.7 4.3 4.8 .9 -4.5 -6.6 -9.9 -10.7 E F State and local govt -3.1 -3.7 -5.0 -4.0 -3.4 -4.5 -3.1 -3.6 -3.3 -4.7 -4.7 -4.7 -5.3 -5.3 F G Financial sectors 2.3 2.6 2.1 2.1 2.9 2.1 2.4 2.7 2.2 2.9 2.5 2.6 1.8 1.3 G H Gross national investment 108.1 110.8 94.3 114.7 117.9 114.8 113.3 112.2 112.9 104.7 91.7 89.5 93.4 102.6 H I Consumer durable goods 38.5 40.4 37.3 43.6 44.8 43.7 40.4 40.4 40.9 39.7 36.5 36.3 36.7 39.5 I Business inventories 4.7 1.6 -2.0 6.6 4.1 2.1 2.3 2.7 2.5 -1.2 -5.5 -4.0 -1.6 3.3 J J K Gross pvt. fixed investment 62.7 64.6 58.6 66.2 68.3 67.1 64.9 64.7 65.0 63.7 59.6 57.2 57.4 60.2 K L Consumer and nonprofit 19.0 18.1 18.1 22.1 21.7 20.1 18.2 18.1 18.1 18.0 17.7 17.6 18.0 19.0 L M Nonfin. business 43.0 45.7 39.8 43.2 45.8 46.2 46.0 45.8 46.1 44.9 41.2 38.8 38.7 40.4 M N Financial sectors .7 .8 .7 8 8 8 7 7 8 8 7 7 7 .7 N O Net financial investment 2.2 4.3 .4 — 1 7 7 1 8 5 7 4 5 4 5 2 4 1 l * 8 - 4 O P Discrepancy (A-H) .6 -1.3 8.6 .9 2.5 2.2 -2.1 -1.3 -.8 -1.2 -.7 .8 1.5 -.5 P II. Financial flows—summary A Net funds raised—nonfin. sectors.... 29.5 32.5 42.8 52.7 36.2 46.3 44.4 22.3 38.2 25.0 34.6 45.3 27.7 63.6 A ^B Loans and short-term securities.... 18.2 12.8 3.3 19.2 7.8 19.4 22.9 25.7 -.2 2.9 11.7 -17.4 -1.7 20.6 B C Long-term securities and mtgs 11.3 19.7 39.5 33.5 28.4 26.9 21.4 -3.4 38.5 22.1 22.9 62.7 29.4 43.0 C By sector D Federal government -5.7 -1.3 8.6 8.7 -2.2 7.4 6.2 -12.6 6.2 -4.9 4.4 16.5 -5.8 19.3 D E Short-term securities 7.4 5.5 -1.2 5.5 -5.1 11.3 12.3 17.1 -6.0 -1.4 10.2 -17.1 -4.3 6.3 E F Other securities -12.8 -6.4 9.5 3.8 2.4 -4.2 -5.6 -29.6 12.6 -2.8 -6.4 33.4 -1.9 12.8 F G Foreign borrowers ... 1.0 1.4 2.3 .8 2 0 2 7 1 4 9 .7 2.4 2 5 2.1 2.3 2.5 G H I L Se o c a u n r s ities . . 6 4 . . 9 5 r.3 . . 2 7 1. . 4 7 1. . 9 8 . . 4 9 . . 2 7 . . 4 4 2. . 1 4 1 1. . 3 2 1. . 5 6 1. . 5 8 1 1. . 5 0 H I J Pvt. domestic nonfin. sectors 34.2 32.4 31.9 43.2 36.4 36.2 36.8 34.1 31.3 27.4 27.8 26.7 31.2 41.9 J K. Loans 10.4 6.8 3.1 14.1 11.1 5.8 9.9 9.1 6.3 2.1 -.3 -.8 1.8 11.9 K L Consumer credit 3.5 2.6 .1 6 2 4 4 1 4 3 1 2 9 2 9 1 5 — 1 3 — 1 0 2 5 L M Sank loans nee 5.9 2.3 1.9 5.5 3.0 2.2 5.2 4.7 . 7 -1.2 -1.1 — .4 1.7 7.5 M N Other loans 1.0 1.9 1.1 2.4 3.7 2.2 1.6 1.5 2.7 1.8 2.1 .6 1.9 N O Securities and mortgages 23.8 25.6 28.8 29.1 25.3 30.4 26.9 25.0 25.0 25.3 28.1 27.5 29 A 30.0 O P State and local oblig 3.2 4.6 5.5 4.7 3.7 5 1 4.1 4.3 4.7 5.5 6.5 6.4 4.6 4.5 P Q Corporate securities 6.0 8.8 8.0 5 4 5 4 7 0 9 7 9 4 8 3 7 9 9 4 7 3 9 1 6.2 Q R /- to 4-family mortgages 10.7 8.6 10.1 13.2 10.4 12 1 9.9 8.4 8.3 7.9 7.9 8.8 10.5 13.0 R S Other mortgages 3.8 3.5 5.2 5.8 5.8 6.1 3.3 2.9 3.7 4.0 4.4 5.0 5.2 6.3 S T Net sources of credit (= A) 29.5 32.5 42.8 52.7 36.2 46.3 44.4 22.3 38.2 25.0 34.6 45.3 27.7 63.6 T U Chg. in federal cash balance .1 .2 .1 .6 .8 8.6 -9.7 5.6 -3.9 2.2 12.4 -20.1 6.0 U V Federal lending 1.1 2.4 1.7 3.8 2.4 2i8 2.6 1.5 1.7 3.8 .8 2.1 3.7 V W Foreign funds 1.1 3.1 3.6 3.2 2.5 -1.3 c .6 3.3 2*.9 3.3 3.0 W X Pvt. insur. and pension reserves. . 7.1 7*.O 7.8 8.8 8.2 8.7 7.4 7'.0 1.2 6.5 7.6 6.2 8.5 8.7 X Y Sources nee .... 4.2 3.2 4.9 5.9 6.8 5.1 3.7 6.1 3.8 1.8 4.8 6.6 6.2 Y Z Pvt. domestic nonfin. sectors 15.9 19.8 25.2 30.0 14.8 27.2 23.3 17.0 24.7 14.1 18.9 18.7 27.3 36.0 Z AA Deposits and U.S. govt. secur.. 8.0 10.5 17.8 23.3 1.1 23.2 12.9 11.1 14.6 3.4 10.1 14.1 18.3 28.5 AA AB Deposits 10.6 11.0 20.6 10.8 13.6 24.1 10.6 13.1 10.C 10.1 21.0 23.3 19.9 18.0 AB AC Demand dep and curr . . . 1.2 — 1.4 4.9 3 — 1 3 3 9 — 3 4 1 4 2 4 2 0 5 4 5 6 6 7 AC AD Time and svgs. accounts . . 9.4 12.4 15.7 10.5 14.9 20.1 14.0 11.6 11.3 12.5 19.0 17.9 14.3 11.3 AD AE At commercial banks... . 2.2 5.5 6.9 2.1 5.3 8.8 7.6 4.2 4.8 5.5 10.2 9.4 5.5 2.9 AE AF At savings instit 7.2 6.8 8.7 8.4 9.6 11.4 6.4 7.4 6.5 7.0 8.9 8.5 9.0 8.4 AF AG U.S. govt. securities -2.6 -.4 -2.8 12.5 -5.9 — 9 2.3 -1.9 4.6 -6.8 -10.9 -9.2 — 1.6 10.6 AG AH Other securities and mtgs 7.9 8.8 8.3 7.0 6.8 5.3 10.0 6.2 9.9 9.3 10.6 6.1 8.0 8.6 AH AI Less security debt * — 4 9 .2 - 3 1 3 — 4 4 — 1 5 1.8 1.6 -1.0 1.3 AI III. Financial institutions A Net funds advanced—Total 21.6 22.3 37.2 30.9 34.5 43.9 30.6 18.0 26.7 13.1 38.7 55.0 10.8 44.2 A B Federal obligations -4.1 -.8 11.0 -6.2 2.8 7.7 4.8 -11.8 4.1 16.2 26.8 -7.0 8.0 B C Other securities and mtgs 17.5 17.6 23.1 23.1 20.7 27.9 16.7 19.6 16.8 17^ 20.4 26.0 22.1 23.9 C D Loans 8.2 5.5 3.1 14.0 11.0 8.3 9.1 10.1 5.7 -3.1 2.2 2.2 -4.3 12.2 D By sector E Banking system 4.7 4.3 17.0 5.6 10.0 17.5 12.0 -2.8 8.7 20.9 34.7 -5.4 17.9 E F Savings institutions 7.4 7.2 9.3 10.6 9.3 12.0 7.9 6.8 7.2 6.9 8.5 10.4 11.4 F G Insurance and pension funds 8.1 8.4 9.0 10.1 10.2 10.7 8.8 8.3 8.6 8.0 8.7 7.5 9.9 9.8 G H Finance n.e.c .... 1.4 2.3 1 9 4 6 5 0 3 7 1 9 5 6 2 2 2 2 4 2 4 j 5 1 H I Net sources of funds—Total 21.6 22.3 37.: 30.9 34.5 43.9 30.6 18.0 26.7 13.8 38.7 55.0 10.8 44.2 I J Gross savings 2.3 2.6 2.1 2.9 2.1 2.4 2.7 2.2 2.9 2.5 2.6 l.J 1.3 J K Deposit claims 11.0 11.5 10.6 15.3 26.5 18.2 5.0 15.7 7.2 27.9 37.1 25.9 K L Demand deposits and curr 1.7 -.8 5A 1.1 * 5.6 4.3 -6.2 4.3 -5.6 5.5 18.7 13.4 L M Time dep. at comm. banks 2.0 5.4 7.9 1.1 5.8 9.4 7.5 3.8 4.8 5.5 13.5 9.7 s'.i 3.4 M N Other savings accounts 7.3 6.9 8.9 8.4 9.5 11.5 6.4 7.3 6.5 7.3 8.9 8.6 9.0 9.1 N O Svg. through life insurance 3.6 2.7 3.: 3.6 3.5 3.7 3.2 2.7 2.7 2.0 2.6 2.7 3.8 4.3 O P Svg. through pension funds 3.5 4.4 5.2 4.7 4.9 4.2 4.3 4.5 4.5 3.5 4.7 4.4 P Q Credit market instruments 1.8 2.: 5.9 3.5 3.7 2.5 1.7 3.2 1.9 3.2 Q R Investment co. shares l'.i 1.8 1.5 2.0 1.2 1.3 1.2 1.2 2". l!: 1.7 R S Corporate bonds 1.0 .6 1 0 1 4 . ( 1.1 5.: .6 S T Loans 1 2 3 1 5 Q 1*1 .8 T U Security credit —. i i * 3'.1 -3*.8 1.1 U V Other sources net -1.2 3.7 3.4 4!l 2.1 2*' -3'.: 5.6 5.6 4.0 V l!: NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 1511 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS [Billions of dollars] 1959 1960 1961 1962 Transaction category, or sector III IV III IV II III IV I. Saving and investment A Gross national saving 110.5 121.2 114.4 116.2 125.1 123.1 118.6 114.9 106.0 116.4 119.3 126.1 126.6 130.5 B Consumer and nonprofit 72.5 76.8 73.3 72.9 72.6 72.7 72.2 71.9 71.3 77.3 77.3 81.4 82.4 80.9 C Farm and noncorp. business 12.2 12.3 12.5 12.7 12.6 12.8 12.6 12.7 12.6 12.7 12.8 13.0 13.0 13.0 D Corporate nonfin. business 37.5 41.4 31.3 32.3 35.5 32.4 29.3 28.8 28.2 34.2 36.2 41.2 40.5 41.5 E Federal government -8.7 -5.8 -2.4 -.9 6.5 4.5 4.6 1.7 -5.0 -6.6 -4.3 -4. -5.6 -1.2 F State and local govt -5.0 -4.8 -3.1 -3.0 -3.2 -2.5 -3.6 -4.2 -4.3 -3.9 -4.3 -5.7 -4.9 -4.9 G Financial sectors 2.1 1.4 2.7 2.3 1.1 3.2 3.4 4.0 3.1 2.8 1.7 .9 1.3 1.4 H Gross national investment 109.7 120.9 112.0 116.0 124.6 118.6 116.0 112.5 104.3 111.3 118.8 124.6 123.3 127.3 H I Consumer durable goods 42.0 44.4 44.9 43.1 45.1 45.8 44.5 44.0 40.8 43.5 44.0 46.6 46.3 47.7 fcl J Business inventories 6.4 11.5 1. 7.1 10.8 4.4 2.1 -1.1 -3.6 2.1 4.0 6.0 6.6 4.5 } K Gross pvt. fixed investment 63.2 67.5 67.7 66.2 68.4 69.2 68.1 67.5 63.7 65.5 68.5 70.8 68.5 74.1 K L Consumer and nonprofit 20.2 21.9 23.6 22.6 21.4 21.6 22.0 21.6 20.3 19.5 19.3 21.2 21.7 20.2 L M Nonfin. business 42.2 44.7 43.3 42.8 46.2 46.8 45.2 45.0 42 5 45.2 48.4 48.8 45.9 53.0 M N Financial sectors .8 .8 N O Net financial investment -2.0 -2.5 -1.7 -.5 .3 1.2 2.2 3.4 .2 2.3 1.1 2.0 1.1 O P Discrepancy (A —H) .2 2.4 .2 .4 4.6 2.6 2.3 1.7 5.0 .6 1.5 3.2 3.1 P II. Financial flows—summary 50.5 63.6 56.9 39.9 39.7 38.8 32.0 34.3 29.5 45.2 55.3 55.2 594 61.6 A A Net funds raised— nonfin. sectors... 5.7 36.0 13.6 21.7 4.7 5.2 19.3 2.0 22.9 18.8 4.0 31.8 32.0 19.1 B B Loans and short-term securities 44.8 27.6 43.3 18.2 35.0 33.6 12.7 32.3 6.7 26.4 51.3 23.3 27.8 42.4 C C Long-term Bseyc usreictiteosr and mtgs D Federal government 10.0 12.9 9.6 2.3 -3.6 -2.7 -2.4 .4 9.3 15.3 4.6 15.2 8.7 D E Short-term securities 7 17.3 -5.0 10.5 -12.4 -9.3 12.2 -10.8 22.0 16.6 -4.6 11.4 21.4 5.1 E F Other securities \\.9 -4.4 15.0 -7.4 9.0 8.5 -16.0 8.2 -22.2 -7.1 20.9 -8.3 -6.9 3.7 F G Foreign borrowers , .9 1.1 1. .3 1.6 1.7 1.7 3.1 2.8 -.1 3. 4.8 3.6 1.6 G H Loans .1 .6 .3 2 .9 1.1 1.1 2.4 2.6 -1.0 2.4 3.7 3.1 .4 H I J Pv S t. e c d u o r m it e ie s s tic nonfin. sectors. 39.7 49. . 7 5 46. . 3 7 37..63 41. . 8 7 37 . . 6 1 33. . 0 6 33.6 26.3 36.0 36.9 45 1 . . 7 1 40.6 5 1 1. . 3 2 f ¥ K Loans 11.0 17.3 17.5 11.0 16.2 13.1 6.2 8.7 1.2 2.5 6.9 12.8 7.8 12.8 K L Consumer credit 5.9 6.2 7.6 5.1 5.9 6.0 3.4 2.4 -.2 .4 .6 4.7 3.4 6.0 L M Bank loans n.e.c 3.5 6.9 8.0 4.1 6.3 2.9 j 2.7 .3 .2 1.4 7.2 2.0 3.0 M N Other loans 1.6 4.2 1.9 1.8 4.0 4.2 2.9 3.6 1.1 1.9 4.9 .9 2.4 4.0 N O Securities and mortgages.. 28.7 32.4 28.8 26.3 25.6 24.0 26.8 24.9 25.1 33.5 30.0 32.9 32.8 38.1 O P State and local oblig , 4.0 5.7 5.9 3.3 3.0 3.4 4.9 3.7 4.3 3.9 5.6 6.7 7.7 5.7 P Q Corporate securities , 5.3 6.0 4.2 5.9 4.5 4.9 6.2 5.9 5.0 12.3 6.0 4.7 4.5 6.9 R 1- to 4-family mortgages. 13.3 14.2 13.4 11.8 11.1 10.1 10.5 10.0 10.2 11.8 12.4 14.2 12.4 15.3 S Other mortgages 6.1 6.5 5.3 5.4 7.0 5.6 5.2 5.4 5.5 5.5 6.0 7.3 8. 10.2 T Net sources of credit (= A) 50.5 63.6 56.9 39.9 39.7 38.8 32.0 34.3 29.5 45.2 55.3 55.2 59.4 61.6 u U Chg. in federal cash balance -3.7 -.4 6.4 .3 -.8 4.2 1.4 -1.4 -5.4 2.7 5.5 -2.4 2.2 7.0 V Federal lending 4.2 5.5 3.7 1.8 1.1 4.0 1.7 2.6 1.8 -.5 5.1 4.8 3.3 4.1 V W Foreign funds 2.5 6.3 4.0 1.5 1.6 1.5 3.8 5.9 2.8 -.8 3.8 4.1 3.6 2.0 w X Pvt. insur. and pension reserves. 8.6 9.6 7.9 9.1 8.6 7.4 9.0 7.5 7.7 7.5 9.2 10.2 8.6 9.1 X Y Sources n.e.c 10.0 3.2 6.0 4.2 9.2 7.8 3.9 6.4 1.7 1.5 12.7 4.6 2.8 -2.4 V Z Pvt. domestic nonfin. sectors 28.9 39.4 28.8 23.0 20.0 13.8 12.2 13.2 20.9 34.8 19.1 33.9 38.8 41.8 X AA Deposits & U.S. govt. securities. 24.9 29.1 22.3 16.9 7.0 6.8 7.8 9.2 15.4 26.8 19.0 31.5 29 A 34.4 A A AB Deposits 14.3 13.4 8.5 6.8 4.6 8.6 20.3 20.9 24.3 25.8 19.3 26.8 25.3 29.8 AB AC Demand dep. and curr.. . . 3.6 1.3 -1.1 -2.6 -4.6 -4.0 2.2 1.1 3.7 2.2 8.8 -9.7 3.9 AC AD Time and svgs. accounts... 10.7 12.1 9.6 9.4 9. 12.6 18.2 19.8 23'.2 22.2 17.1 18.0 35.0 25.9 AD AE At commercial banks.... 2.3 3.3 1.1 1.9 1.0 3.1 8. 9.1 12.1 10.9 6.5 5.7 22.9 13.8 AE AF At savings instit 8.4 8.8 8.6 7.6 8.1 9.5 10.0 10.8 11.2 11.3 10.6 12.4 12. 12.1 AF AG U.S. govt. securities 10.6 15.7 13.7 10.1 2.4 -1. -12.5 -11.7 -8.9 -.3 4.7 3.8 4.6 AG AH Other securities and mtgs 4.8 10.4 6.5 6.1 11.7 6.5 5.3 3.7 5.6 11.0 .6 3.9 9.5 3.5 AH AI Less security debt .7 .2 -.1 1 -3 -.5 -.3 .1 3.0 .6 1.4 -.3 -3.9 AI III. Financial institutions A Net funds advanced—Total.. 34.7 30.6 34.9 23.5 19.2 32.9 43.4 42.5 32.3 40.4 54.4 48.7 434 47.3 A B Federal obligations -1.5 -6.7 -7.4 -9.1 -7.7 1.1 9.4 8.4 8.2 9.3 15.5 -1.9 10.0 1.9 B C Other securities and mtgs.. 25.1 21.9 23.5 21.8 16. 19.2 23.5 24.0 21.9 26.0 31.3 32.3 25.9 38.8 C D Loans 11.1 15.4 18.8 10.7 10.7 12.6 10.4 10.1 2.2 5.1 7.7 18.4 7.5 6.6 D By sector F Banking system 8.5 5.4 7.6 .9 -3.3 9.4 16.4 17.3 11.6 15.8 24.5 17.9 19.2 19.5 F G Savings institutions 10.9 11.8 11.1 8.8 9.4 8.3 9.0 10.7 11.4 10.9 11.7 14.1 13.8 13.1 G H Insurance and pension funds. 9.9 11.0 9.8 9.6 10.1 9. 11.2 10.3 10.1 9.2 11.0 12.6 10.0 10.8 H I Finance n.e.c 5.4 2.4 6.4- 4.1 2.9 6. 6.8 4.3 4.5 7.2 4.1 .4 3.9 I J Net sources of funds—Total... 34.7 30.6 34.9 23.5 19.2 32.9 43.4 42.5 32.3 40.4 54.4 48.7 43.4 47.3 K Gross saving 2.1 1.4 2.7 2.3 3.2 3.4 4.0 3.1 2.8* 1.7 .9 1.3 1.4 L Deposit claims 11.3 11.4 14.4 5.4 14.3 23.5 21.3 20.9 29.9 28.0 27.5 30.4 35.9 M Demand deposits and curr.. .8 .5 5.8 -2.7 -5.9 1.2 4.1 .7 -2.0 6.5 9.6 8.3 -4.4 9.7 N Time dep. at comm. banks. 2.0 1.8 * .6 -.2 4.2 9.4 9.7 11.7 11.9 7. 6.3 22.6 13.9 O Other savings accounts 8.4 9.1 8.6 7.6 8.1 8.9 10.0 10.9 11.2 11.5 10.6 12.9 12.2 12.3 sP S S v v g g . . t th h r r o o u u g g h h p li e fe n s i i n o s n u r f a u n n c d e. s . . . . . 4 3 . . 8 9 4 5 . . 6 0 2 4 . . 9 9 6 3 . . 0 1 4 3 . . 7 9 4 3 . . 4 1 5 3 . . 5 5 4 3 . . 2 4 4 3 . . 0 7 4 3 . . 2 3 4 5 . . 0 2 6 3 . . 3 9 4 4 . . 6 0 4 4 . . 3 8 Credit market instruments 6.2 6.0 6.9 4.7 5.1 3.5 2.0 3.4 .1 2.6 6.0 6.2 4.9 7.4 s I C n o v r e p s o tm ra e t n e t b c o o n . d s s hares 1. . 8 6 1 1 . . 9 2 1 1 . . 9 4 1 1 . . 8 4 1 1. . 1 6 1 1 . . 4 4 1 1. . 9 3 1. . 6 9 1 1 . . 5 3 2. . 0 2 2. . 7 9 3.3 1 1 . . 5 2 T Loans 3.7 3.5 3.7 1.4 2.0 .7 -.8 .3 -2,4 2 3. 2.6 1.3 4.B U Security credit .6 -1.2 .6 -3.5 1.2 3.1 1.2 -1.3 1.0 1.7 -1.7 « V W Other sources, net. 5.8 3.4 2.4 1.9 5.9 3.2 2.3 5.1 -4.6 8.5 2.3 -.1 -5.6 W NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1512 FLOW OF FUNDS/SAVING 3. PRINCIPAL FINANCIAL TRANSACTIONS [Billions of dollars] 1957 1958 Transa o c r t io se n c t c o a r tegory, 1956 1957 1958 1959 1960 1961 III IV III IV I. Demand deposits and currency A Net incr. in banking system liability. 1.7 5.8 1.1 5.6 4.3 -6.2 4.3 -5.6 5.5 18.7 -14.6 13.4 B U. S. Govt. deposits .1 .6 .1 8.6 -9.7 5.6 -3.9 2.2 12.4 -20.1 6.0 C Other 1.7 5.6 5.5 -4.3 3.5 -1.3 -1. 3.3 6.3 5.5 7.4 D Net increase in assets, by sector... 1.7 6.3 4.8 6.6 -5.4 6.8 -5.1 5.8 17.7 -12.3 13.9 E Federal Govt 8 -9.4 6.6 -4.8 2.3 11.6 -19.6 6.0 F Other domestic sectors 1.6 6. 4.1 -1.0 2.5 * -.1 3.7 6.0 7.7 7.1 G Consumer and nonprofit 2.5 1.0 1.4 -2.9 2.0 -2.0 — .7 1.3 1.1 3.5 4.2 H Nonfinancial business 2.7 -2.2 1.0 1.5 -.6 2.0 -.1 1.2 2.4 4.1 3.1 I State and local govts -.1 J Financial sectors — .2 .6 -.1 1.5 .4 K Rest of the world 1.5 -.2 -.4 .7 JL Discrepancy—Fed. cash -1.0 .9 -.1 -.5 -.1 M Other -1. 1.0 -2. -1 -1.4 -.2 -1.7 -.5 II. Time and savings accounts A Net increases-Total 9.3 12.3 16.8 9.5 15.2 20.9 13.9 11.2 11.4 12.8 22.4 18.3 14.1 12.5 B At commercial banks—Total 2.0 5.4 7.9 1.1 5.8 9.4 7.5 3.8 4.8 5.5 13.5 9.7 5.1 3.4 C Corporate business .9 .8 2.2 2.2 -.4 -.4 D State and local govts .2 .9 2.1 2.1 -.6 -.6 E Foreign depositors -.1 .9 Q .6 3.4 .3 -.3 .3 F Consumer and nonprofit 2.2 5. 5.3 3. 6.6 7.4 4.2 5.3 5.9 5.1 6.3 3.9 G At savings institutions 7.3 6.9 8.9 8.4 9.5 11.5 6.4 7.3 6.5 7.3 8.9 8.6 9.0 9.1 G H Memo—Consumer and nonprofit organ. —Total 9.4 12.0 14.0 11.3 12.8 18.0 13.8 11.6 10.4 12.3 14.8 13.6 15.4 12.3 H III. Federal obligations A Total net issues -5.4 -.9 8.2 9.3 -2.7 7.2 6.7 -12.5 6.6 -4.3 3.8 16.3 -6.2 19.1 A B Short-term direct 7.4 5.5 -1.2 5.5 -5. 11.3 12.3 17.1 -6.0 -1.4 10.2 -17 -4.3 6.3 B C Other -12.8 -6.4 9.5 3.8 2.4 -4.2 -5.6 -29.6 12.6 -2.8 -6.4 33.4 -1.9 12.8 C D Net acquisitions, by sector -6.0 -1.1 8.3 9.3 -2.6 7.2 7.3 -13.4 7.6 -6.0 3.7 16.3 -6.2 19.2 E Pvt. domestic nonfin. sectors -2.6 -.4 -2.8 12.5 -5. -.9 2.3 -1.9 4.6 -6.8 -10.9 -9.2 -1.6 10.6 Consumers and nonprofit. . . .7 -.9 -2.2 6.3 -3.1 -.2 -2.3 3.6 -6.2 -6.0 -3.0 -4.9 5.2 !G Svg. bds. & postal svg. dep.. — .3 -2.2 -.7 -2.0 — .4 .7 -2.9 -2.2 -2.2 -1.7 -.9 -.8 -.5 -.7 Securities 1.0 1. -1.4 8.3 -2.7 -.9 4.0 -.2 5.8 -4.4 -5.1 -2.1 -4.5 6.0 I Corp. nonfin. business -4.4 -.2 4.4 -3.0 -.9 .4 -1.0 .3 .2 -4.2 -4.5 2.8 5.1 J State and local govts 1.0 .5 -.4 1.8 .3 .2 .8 1.4 .7 -.8 -.7 -1.8 .5 .2 K Financial sectors , -4. o 11.0 -6.2 2.8 7.7 4.8 -11.8 4. -.5 16.2 26.8 -7.0 8.0 L Banking system -3.0 -'.5 10.1 -7.1 2.7 7.4 4.5 -11.0 4.7 -.3 17.1 25.3 -6.3 4.2 M Monetary authorities , .2 -.7 2.2 .3 .7 1.5 -2.3 -1.2 .3 .1 2.7 5.8 -2.4 2.6 N Commercial banks -3.2 . 2 7.9 -7.4 2.0 5.9 6.8 -9. 4.4 c 14.4 19.5 -3.9 1.6 O Savings institutions A .3 .4 .6 A .5 .8 .2 .5 -'.2 -1.0 .9 1.5 P Insurance and pension funds. -1.5 -.9 .3 .2 -A -1.0 -1.0 <y -.3 -.5 .7 1.3 Q Finance n.e.c .2 .2 .2 .1 1.0 .5 -.1 \l .3 1.9 -2.4 1.1 R Rest of the world .1 3.0 .4 .3 .2 -1.2 1.3 -1.5 -1.3 2.4 .6 IV. Other securities A Total net issues, by sector.. 10.6 14.6 14.9 11.8 11 13.7 14.4 15.0 14.5 14.4 17.8 15.4 13.4 12.8 B State and local govts 3.2 4.6 5.5 4.7 3.7 5.1 4.1 4.3 4.7 5.5 6.5 6.4 4.6 4.5 C Nonfinancial corporations.. 6.0 8.8 8.0 5.4 5.4 7.0 9.7 9.4 8.3 7.9 9.4 7.3 9.1 6.2 D Finance companies 1.0 .6 .1 1.0 1.4 .2 .6 1. .6 .7 .2 -1.1 .6 E Rest of the world .4 .5 1.3 .7 .7 .4 .7 .4 .4 1.3 1.5 1.5 F Net purchases 10.6 14.6 14.9 11.8 11.2 13.7 14.4 15.0 14.5 14.4 17.8 15.4 13.4 12.8. F G Consumers & nonprofit org.. 5.0 5.1 3.8 3.0 2.3 1.5 5.9 2.9 6.2 5.6 6.8 1.3 3.4 3.7 G H State and local govts 1.0 1.3 1.5 1.3 1.5 1.6 1.2 1.2 1.4 1.4 1.5 1.5 1.6 1.6 H I Corp. nonfin. business .1 .5 .7 .3 .4 .1 .1 .1 .2 .3 .4 .5 .6 I J Commercial banks 1.0 2.4 .2 .4 2.7 .3 .8 .6 2.4 2.0 5.0 1.8 .9 K Insurance and pension funds. 6.5 6.5 7.0 7.0 7.7 6.5 6.5 6.6 6.3 6.5 6. 7.2 6.3 K L Finance n.e.c -1.1 -.2 c -.5 -.5 -.4 -.3 2.6 -.8 -2.0 -.5 -1.5 -.3 L M Security brokers & dealers. -.7 .2 .2 3.0 -.7 -1.7 .2 l! -1.6 M N Investment cos.—net -.3 -.3 -A -.5 -.6 A -.5 -.3 -.6 -1.0 .1 -.2 N O Purchases .8 .9 \.2 1.0 1.4 '.8 .8 .8 .6 1.3 .5 O P Net issues 1.1 1.2 1.8 1.5 2.0 1.2 1.3 1.2 1.2 1.2 2*. 1.2 .7 P Q Rest of the world .3 .2 .4 .3 .3 .5 .3 .2 .1 Q V. Mortgages A Total net borrowing. 14.6 12.1 15.3 19.0 16.2 18.2 13.2 11.3 12.0 11.9 12.3 13.8 15.7 19.3 B 1- to 4-family 10.7 8.6 10.1 13.2 10.4 12.1 9.9 8.4 8.3 7.9 7.9 8.8 10.5 13.0 C Other 3.8 3.5 5.2 5.8 5.8 6.1 3.3 2.9 3.7 4.0 4.4 5.0 5.2 6.3 D Net acquisitions 14.6 12.1 15.3 19.0 16.2 18.2 13.2 11.3 12.0 11.9 12.3 13.8 15.7 19.3 E Consumer & nonprofit org.. 1.6 1.9 2.2 1.7 2.3 1.3 2.5 1.7 1.8 1.7 1.4 2.3 2.3 2.7 F Federal Government .8 1.4 .3 2.2 1.2 .6 1.7 1.5 1.4 .5 -.7 .3 1.3 •G Commercial banks 1.7 .6 2.1 2.6 .7 1.6 .4 .1 1.0 .9 2.0 2.5 3.1 H Savings institutions 6.7 5.7 7.8 9.5 8.8 11.0 6.0 5.6 5.4 5.9 6.4 7.3 8.3 9.2 I Insurance sector 3.7 2.4 2.0 2.4 2.8 2.7 2.9 2.4 2.2 1.9 2.1 1.8 1.8 2.2 J Mortgage companies -.1 -.3 .5 .2 .6 -.6 -.3 -.2 .5 .6 .2 .4 VI. Bank loans n.e.c. A Total net borrowing 5.8 2.3 1.2 7.4 2.8 3.1 5.9 5.3 .6 -2.8 -2.5 -1.7 1.5 7.5 B Nonfinancial business 5.9 2.1 1.4 5.3 2.8 2.0 5.0 4.5 .5 -1.5 -1.7 -.6 1.3 6.7 C Corporate 5.3 2.0 .4 3.8 2.6 1.6 3.9 2.6 .9 .5 -.7 -.4 .9 1.8 D Nonfarm noncorporate. . .6 -.2 .5 .9 * .6 1.7 -.7 -2.3 -1.5 -.7 * 4.1 E Farm * .3 .6 .7 .2 .5 .2 A .3 .6 .5 .4 .8 F Rest of the world .4 .4 .5 .2 .1 .4 A .3 .3 .8 .8 .6 i G Financial sectors -.6 -.4 -1.1 1.6 -.3 .3 .3 -.3 -1.9 -2.0 -2.3 .5 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 1513 3. PRINCIPAL FINANCIAL TRANSACTIONS [Billions of dollars] 1959 1960 1961 1962 Transaction category, or sector III IV III IV III IV I. Demand deposits and currency A Net incr. in banking system liability .8 .5 5.8 -2.7 -5.9 1.2 4.1 .7 -2.0 6.5 9.6 8.3 -4.4 9.7 B U. S. Govt. deposits -3.7 -.4 6.4 .3 -.8 4.2 1.4 -1.4 -5.4 2.7 5.5 -2.4 2.2 7.0 C Other 4.6 .9 -.6 -3.1 -5.1 -3.0 2.8 2.1 3.4 3.8 4.1 10.7 -6.6 2.7 D Net increase in assets, by sector. . . -.3 -.2 3.6 -2.0 -5.6 1.9 3.9 .8 -1.9 4.5 11.3 5.2 -1.2 7.8 E Federal Govt -3.1 5.6 1.2 -1.1 4.5 1.7 -1.5 -5.7 1.0 8.9 -3.0 2.0 6.4 F Other domestic sectors 2.2 -2.3 -2.5 -4.0 -2.1 2.2 1.5 2.9 4.4 1.9 7.1 -5.2 2.3 G Consumer and nonprofit 3.7 -.7 -.3 -3.6 .8 1.7 2.2 5.0 1.6 1.5 -2.5 3.1 5.5 H Nonflnancial business -1.5 -4.4 -2.4 -1.1 -2.4 -1 6 -1.6 -2.8 .6 6.1 -5.9 -4.6 I State and local govts -.5 2.7 -.1 .7 -2.0 1.4 .7 T 1.9 -1.7 2.7 -3.6 1.7 J Financial sectors .4 .2 .3 1.4 .6 .2 \A 1 1.5 .9 1.2 -.2 K Rest of the world .6 .4 n c -.5 * .8 .9 -.9 .4 1.0 1.9 -.9 L Discrepancy—Fed. cash -.6 .9 -!8 !3 -.3 -.3 .1 .3 1.7 -3.4 .5 .2 .6 M Other 1.8 1.4 .1 -.6 -.4 .6 -.2 -.5 1.8 2.5 -3.3 1.3 II. Time and savings accounts Net increases-Total 10.4 10.9 8.5 8.2 7.9 13.1 19.4 20.6 22.9 23.4 18.4 19.2 34.8 26.2 At commercial banks—Total. 2.0 .6 -.2 4.2 9.4 9.7 11.7 11.9 7.8 6.3 22.6 13.9 Corporate business -.4 -.4 -.4 1.6 2.0 5.6 1.2 .8 -2.4 4.8 2.6 State and local govts e -.5 .2 2.1 2. .9 .8 .9 .9 2.1 .3 Foreign depositors -'.2 -1.4 -1.1 -.9 -1.2 1.2 .3 -3 .7 1.3 .6 -.4 .2 Consumer and nonprofit. .. 3. 4.2 2.4 2.3 1.2 2.3 4.4 5.0 5.*5 8.8 4.8 7.2 16.0 10.9 A M t e s m a o v — ing C s o i n n s s u ti m tu e t r io n a s nd nonprofit 8.4 9.1 8.6 7.6 8.1 8.9 10.0 10.9 11.2 11.5 10.6 12.9 12.2 12.3 G organ. — Total 11.6 13.0 11.0 9.9 9.3 11.7 14.4 15.8 16.7 20.1 15.4 19.6 28.1 22.9 H III. Federal obligations A Total net issues 11.2 12.9 10.0 3.0 -3.4 -.8 -3.8 -2.7 -.2 9.5 16.2 3.2 14.5 8.7 A B Short-term direct. 7 17.3 -5.0 10.5 -12.4 -9.3 12.2 -10.8 22.0 16.6 -4.6 11.4 21.4 5.1 B C Other -4.4 15.0 -7.4 9.0 8.5 -16.0 8.2 -22.2 -7.1 20.9 -8.3 -6.8 3.5 C Net acquisitions, by sector 11.2 12.9 10.0 3.0 -3.4 -.8 -3.8 -2.6 2 9.5 16.2 3.2 14.5 8.7 D Pvt. domestic nonfin. sectors.... 10.6 15.7 13.7 10.1 2.4 -1.8 -12.5 -11.7 -8^9 .9 -.3 4.7 3.8 4.6 E Consumers and nonprofit.... 3.7 6.5 5.6 9.3 .8 -2.2 -3.3 -7. -8.0 -4.1 5.1 6.2 -1.4 2.2 F Svg. bds. & postal svg -7.5 -2.2 -2.0 -2.3 -1.4 -.7 -.2 .5 .3 .5 .8 7.2 -.1 .2 G Securities 5.7 8.7 7.7 11.6 2.3 -7.5 -3.1 -8.4 -8.2 -4.6 4.4 5.0 -1.3 2.0 H Corp. nonfin. business 6.3 7.6 5.0 -1.2 .3 -1.7 -1A -3.3 -1.6 4.1 -5.1 -.9 2.9 .5 I State and local govts .6 1.6 3.1 1.9 1.3 2.1 -1. -.6 .6 1.0 -.3 -.5 2.3 1.9 J Financial sectors -1.5 -6.7 -7.4 -9.1 -7.7 1.1 9.4 8.4 8.2 9.3 15.5 -1.9 10.0 1.9 K Banking system -2.9 -8.4 -8.9 -8.1 -8.1 1.9 8.6 8.3 7.1 10.7 13.9 -2.2 8.1 3.3 L Monetary authorities 7.5 .6 7.7 -1.9 -.6 2.9 7.2 -.7 2.2 .2 7.5 2.0 5.7 .6 M I S n a s v C u i o n ra m g n s m c i e e n r s a c t n i i a t d u l t b p io a e n n n s s k i s ons funds. -4. 1 4 . . 2 4 -9. 1 0 . .9 0 -70. . 0 5 -6 - - . . . 3 2 3 -7.5 -1 - . . 0 '8 o -1 7 . . 1 4 - 9 .9 . . 0 3 4 1 . . . 9 2 7 - 7 1 - 0 . . 2 2 .5 1 - 2 .1 .4 2 -4. 1 2 . . 2 6 2 1 . . . 4 4 5 - - 2 . .9 1 .7 N O P Finance n.e.c i -.2 c .3 .9 2.0 .6 o * -1.5 .1 -A Rest of the world 2!2 3.9 3.8 2.0 1. -.1 -.7 .7 .5 -.7 i!o .4 2.2 IV. Other securities A Total net issues, by sector.... 10.8 13.0 12.1 11.2 9.6 10.0 13.2 12.0 10.5 18.4 12.5 13.4 12.7 15.1 B State and local govts 4.0 5.7 5.9 3.3 3.0 3.4 4.9 3.7 4.3 3.9 5.6 6.7 7.7 5.7 C Nonflnancial corporations... 5.3 6.0 4.2 5.9 4.5 4.9 6.2 5.9 5.0 12.3 6.0 4.7 4.5 6.9 D Finance companies .6 .8 1.2 1.4 1.4 1.1 1.4 1.9 .9 1.3 .2 .9 * 1.2 E Rest of the world .5 .7 .6 .7 .6 .2 .9 .7 1.1 1.2 .5 F Net purchases 10.8 13.0 12.1 11.2 9.6 10.0 13.2 12.0 10.5 18.4 12.5 13.4 12.7 15.1 G Consumers & nonprofit org.. .1 5.5 3.1 3.1 4.7 2.3 1.9 .4 .3 7.0 -2.8 1.6 2.8 9 j H State and local govts 1.5 1.4 1.1 1.1 1.2 2.0 1.5 1.5 1.5 1.6 1.5 1.8 1.3 I Corp. nonfinan. business .7 .7 .7 .6 .5 .3 .2 .1 .2 .4 .5 .7 .6 T!9 J Commercial banks .6 .3 i -1.1 -1.3 1.5 2.2 2.8 1.3 3.7 3.1 4.7 .6 K Insurance and pension funds. 7.2 7.2 7.1 6^6 6.1 6.0 7.9 7.8 6.0 7.2 0 8.7 5.9 5.6 L Finance n.e.c .8 -3.0 .1 .1 -3.3 .6 .4 .2 -1.5 -.1 0 -.8 -3.9 7.6 M Security brokers & dealers. 1.3 -2.5 1.1 .7 -2.5 1.4 .9 .2 o 1.9 -.2 -2.4 1.8 N Investment cos.—Net , -.5 -.5 -1.0 -.6 -.7 -.6 -.3 -.5 -A -.1 -.8 -1.1 -1.4 .8 O Purchases 1.3 1.1 1.0 1.3 1.1 1.0 1.1 .8 1.2 1.5 1.2 1.6 1.9 1.2 P Net issues 1. 1.6 1.9 1.9 1.8 1.6 1.4 1.3 1.6 1.5 2.0 2.7 3.3 2.7 Q Rest of the world .4 .6 .7 .7 .4 .1 .4 .5 .1 .3 .4 1.5 V. Mortgages A Total net borrowing 19.4 20.7 18.7 17.1 18.1 15.7 15.7 15.4 15.7 17.3 18.4 21.5 20.6 25.6 B 1- to 4-family 13.3 14.2 13.4 11.8 11.1 10.1 10.5 10.0 10.2 11.8 12.4 14.2 12.4 15.3 C Other 6.1 6.5 5.3 5.4 7.0 5.6 5.2 5.4 5.5 5.5 6.0 7.3 8.2 10.2 Net acquisitions 19.4 20.7 18.7 17.1 18.1 15.7 15.7 15.4 15.7 17.3 18.4 21.5 20.6 25.6 Consumer & nonprofit org.. 1.5 2.2 1. 1.5 3.8 1.6 1.9 1.8 2.3 1.0 1.2 .6 3.3 2.5 Federal Government 2.2 2.7 2.3 1.7 1. 1.4 1.4 1.1 -.2 1.0 1.7 1.0 Commercial banks 3.3 3.4 1.9 1.9 1.0 .7 .6 .3 * 1.8 1.8 1.9 2.2 5!l Savings institutions 9.7 10.0 9.7 8.5 8.4 8.4 8.9 9.5 .9 10.9 11.2 12.4 12.0 13.6 Insurance sector 2.0 2.1 2.5 2.8 3.4 3. 2.3 2.6 9.5 2.7 2.0 3.3 2.0 2.6 Mortgage companies .4 .2 .3 .1 .1 -.3 2.7 .5 1.2 -.3 1.3 VI. Bank loans n.e.c. Total net borrowing 5.8 8.8 10.5 4.5 6.8 3.3 -1.4 2.4 -1.4 -.3 5.1 9.0 3.9 5.1 Nonflnancial business 2.9 6.6 7.8 3.9 6.2 3.0 -.4 2.2 .3 -.2 1.5 6.4 1.6 2.9 Corporate .2 4.6 5.6 4.7 4.0 3.2 1.2 1.9 1.7 .1 4.5 1.0 * Nonfarm noncorporate... 2.4 1.4 1.4 -1.7 1.9 -.5 -1.7 .3 -1.9 -.3 1.7 .4 2.7 Re F st a r o m f the world .3 * . . 7 2 . .3 8 . . 9 4 .3 * -.1 .3 .5 * . . 5 3 1. . 3 2 1. . 9 2 . . 2 1 Financial sectors 2.3 1.4 2.3 .4 .3 -K3 -.6 -2.1 -1.0 3^3 .5 1.9 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1514 FLOW OF FUNDS/SAVING 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [Billions of dollars] 1957 1958 Category 1956 1957 1958 1959 1960 1961 I II III IV I II III IV (A) Consumer and nonprofit organization sector 314.6 331.6 339.4 362.7 379.8 394.8 326.0 331.6 335.4 333.5 331.7 335.7 343.2 346.9 A B Income receipts 294.5 308.4 311.7 333.4 348.2 359.1 304.7 308.5 312.0 308.3 306.0 306.8 315.1 318.9 B C Transfer receipts 20.1 23.3 27.7 29.3 31.6 35.7 21.3 23.1 23.4 25.3 25.7 28.9 28.1 28.0 C D Income taxes & other deductions... 42.7 45.9 45.5 50.5 56.2 57.7 45.4 45.8 46.4 46.1 44.7 44.8 46.0 46.4 D E Taxes less tax refunds 36.8 39.1 38.5 42.5 46.8 47.8 38.7 39.0 39.5 39.3 37.9 37.9 38.9 39.2 E F Pension and OASI deductions. . . 5.9 6.8 7.0 8.1 9.4 9.9 6.7 6.8 6.9 6.9 6.9 6.9 7.1 7.1 F G Cur. receipts after deduct. (A—D).. 271.9 285.7 293.9 312.2 323.7 337.1 280.6 285.8 289.0 287.4 286.9 290.9 297.2 300.5 G H Cur. expend, for goods and serv.... 211.7 223.3 233.2 246.6 259.3 269.2 218.8 221.7 226.0 226.8 228.6 232.0 235.0 237.4 H I Net life insurance premiums 3.2 3.0 2.8 3.3 3.2 3.0 3.0 2.9 3.0 3.0 2.9 2.7 3.0 2.7 I J Current surplus (G-H-I) 57.1 59.4 57.8 62.2 61.1 65.0 58.9 61.2 60.0 57.6 55.4 56.1 59.2 60.4 J K Insurance and retirement credits 9.2 9.2 10.3 11.7 11.3 11.9 9.1 9.1 9.1 9.5 10.9 8.6 10.9 10.8 K L Capital consumption 36.9 40.0 41.6 43.5 45.5 46.9 39.0 39.7 40.4 41.0 41.3 41.5 41.6 41.9 L M Net saving (J+K — L) 29.4 28.6 26.5 30.4 26.9 29.9 29.0 30.5 28.6 26.1 25.0 23.2 28.4 29.4 M N Gross saving (L-(-M) 66.2 68.6 68.1 73.9 72.4 76.8 68.0 70.3 69.0 67.1 66.3 64.7 70.0 71.3 N O Gross investment (P4-T) 69.7 73.8 74.7 79.1 76.5 82.3 73.3 71.0 77.5 73.5 75.1 68.4 75.9 79.7 O P Capital expend, (net of sales) .. 57.6 58.5 55.4 65.7 66.5 63.8 58.6 58.4 59.1 57.7 54.2 54.0 54.8 58.5 P Q Residential construction 16.9 15.6 15.3 19.2 18.4 16.7 16.0 15.7 15.5 15.3 15.3 15.1 15.0 16.0 Q R Consumer durable goods 38.5 40.4 37.3 43.6 44.8 43.7 40.4 40.4 40.9 39.7 36.5 36.3 36.7 39.5 R S Plant and equipment (nonprofit).. 2.1 2.5 2.7 2.9 3.2 3.4 2.2 2.3 2.7 2.7 2 4 2 5 3.0 3.0 S T Net Jinan, investment (JJ—AJ). 12.1 15.4 19.3 13.4 10.0 18.4 14.7 12.6 18.4 15.7 20.8 14.4 21.1 21.1 T U Net acquis. offinan. assets 27.3 27.2 31.3 33.8 26.2 34.2 28.0 25.7 30.5 24.6 30.5 25.6 31.6 37.7 U V Demand deposits and currency. .9 9 2 5 1 0 .3 1.4 -2.9 2.0 2.0 — .7 1 3 1 1 3.5 4.2 V W Savings accounts 9.4 12.0 14.0 11.3 12.8 18.0 13.8 11.6 10.4 12.3 14.8 13.6 15.4 12.3 W X At commercial banks 2.2 5.2 5.3 3.0 3.2 6.6 7.4 4.2 3.9 5.3 5.9 5.1 6.3 3.9 X Y At savings institutions 7.2 6.8 8.7 8.4 9.6 11.4 6.4 7.4 6.5 7.0 8.9 8.5 9.0 8.4 Y AA Saving through life insurance. . 3.8 2.8 3.4 3.7 3.6 3.8 3.3 2.8 2.8 2.2 2.7 2.7 3.9 4.3 AA AB Saving through pension funds.. 5.7 6.4 7.1 7.9 7.7 8.2 6.0 6.3 6.1 7.1 8.0 5.9 7.3 7.0 AB AC Cr. and equity mkt. instr 7.3 6.1 3.8 11.0 1 « 2.6 9.5 2.2 11.6 2.1 11.5 AC AE State and. local obligations 1 7 2 9 2 2 9 2 6 3 3 1 1 2 2 1 9 i 2 1 3 5 2 3 5 6 6 1 2 7 6 2 0 0 3 0 g 4 9 9 5 1 2 6 A A D E AF Corporate and foreign bonds. 1.2 1 3 9 2 9 C 1 4 2 5 1 3 3 5 1.0 AF AG Corporate stock .. 2 1 1 7 1 9 1 0 1.6 1 4 1 3 2 5 1 3 2 6 2*7 1.0 AG AH Mortgages .. 1.6 1.9 2.2 1.7 2 3 1 3 2.5 1.7 1.8 1.7 1.4 2.3 2.3 2.7 AH AI Net invest in noncorp bus i 4 1 — 1 4 # * — 1 6 1 1 2 0 1 0 — 1 7 AI AJ Net increase in liabilities... 15.2 11.8 12.0 20.3 16.2 15.8 13.2 13.1 12.0 8.9 9.7 11.2 10.5 16.5 AJ AK Consumer 14.7 11.3 11.3 19.8 15.8 15.2 12.8 12.7 11.6 8.3 9.0 10.8 9.7 15.6 AK AL Credit instruments 14.8 11.7 10.1 19.7 16.0 13.9 13.6 12.0 11.7 9.6 7.1 8.6 10.5 14.3 AL AM 1- to 4-family mortgages . 11.0 8.7 9.6 13.1 10.8 11.9 10.1 8.7 8.4 7.7 7.9 9.2 9.9 11.5AM AN Consumer credit 3 5 2 6 6 2 4 4 1 4 3 1 2 9 2 9 1 5 — 1 3 — 1 0 2 5 AN AO Other loans A 6 2 .3 AO * — .\ 1.1 * -.1 1 3 ~, 2 1 3 1 9 2 2 Q 1 3 AP AQ Nonprofit organizations (j -3 6 AQ AR Discrepancy (N —O) -3.4 -5.2 -6.6 -5.2 -4.1 -5.4 -5.3 -.7 -8.5 -6.3 -8.8 -3.7 5 j -8.4 AR NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 1515 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [Billions of dollars] 1959 1960 1961 1962 Category I II III IV I II III IV I II III IV I II (A.) Consumer and nonprofit organization sector 354.2 363.7 364.7 368.3 374.9 380.9 381.0 382.5 383.9 392.2 397.2 405.2 411.2 417.8 A B Income receipts... 326.2 334.9 334.8 337.5 343.7 349.3 350.4 349.6 349.5 356.3 361.5 369.0 373.3 380.5 B C Transfer receipts 28.0 28.7 29.9 30.8 31.2 31.7 30.6 32.9 34.4 36.5 35.7 36.2 37.9 37.3 C D Income taxes & other deductions... 48.9 50.3 50.7 52.2 56.1 56.7 56.2 55.6 55.7 57.3 58.0 59.7 61.4 66.0 D E Taxes less tax refunds 41.0 42.2 42.6 44.0 46.8 47.3 46.7 46.2 46.1 47.5 48.1 49.6 50.8 55.4 E F Pension and OASI deductions .. . 7.9 8.1 8.2 8.2 9.3 9.4 9.5 9.4 9.6 9.8 9.9 10.1 10.5 10.7 F G Curr. receipts after deduct. (A—D).. 305.3 313.4 313.9 316.1 318.8 324.3 324.8 326.8 328.2 335.6 339.2 345.4 349.8 351.7 G H Cur. expend, for goods and serv 240.6 245.4 248.4 252.2 255.0 259.9 260.7 261.7 264.7 266.9 270.9 274.2 276.1 281.7 H I Net life insurance premiums 3.3 3.4 3.3 3 3 3.2 3.1 3.3 3.4 2 6 3 3 2 7 3 2 3.4 3 4 I J Current surplus (G-H-I) 61.4 64.7 62.2 60.6 60.6 61.3 60.8 61.7 60.8 65.4 65.6 68.1 70.3 66.6 J K Insurance and retirement credits.... 11.1 12.1 11.2 12.3 12.0 11.5 11.5 10.2 10.5 11.9 11.7 13.4 12.0 14.1 K L Capital consumption 42.4 43.1 43.9 44.6 45.0 45.4 45.7 46.0 46.3 46.7 47.1 47.5 47.8 48.1 L M Net saving (J-fK —L) 30.1 33.6 29.5 28.3 27.6 27.3 26.5 26.0 25.0 30.6 30.2 33.9 34.5 32.6 M N Gross saving (L-f-M) 72.5 76.8 73.3 72.9 72.6 72.7 72.2 71.9 71.3 77.3 77.3 81.4 82.3 80.8 N O Gross investment (P-f T) 73.1 83.8 76.8 82.9 75.6 77.7 78.1 74.7 77.5 85.0 80.9 85.7 97.2 93.7 O P Capital expend, (net of sales) . . 62.2 66.3 68.5 65.7 66.5 67.4 66.5 65.6 61.1 63.1 63.2 67.8 68.0 67.9 P Q Residential construction 17.6 19.2 20.5 19 5 18.5 18.6 18.6 18.1 17 2 16.4 15.6 17 6 18.5 16 8 Q R Consumer durable goods 42.0 44.4 44.9 43.1 45.1 45.8 44.5 44.0 40.8 43.5 44.0 46.6 46.3 47.7 R S Plant and equipment (nonprofit).. 2.6 2.7 3.1 3.1 2.9 3.0 3.5 3.5 3.1 3.1 3.7 3.6 3.3 3.4 S T Netfinan. investment (U-AJ). . 10.8 17.4 8.3 17.2 9.1 10.3 11.5 9.1 16.4 21.9 17.6 17.9 29.2 25.8 T U Net acquis. offinan. assets 31.6 37.9 29.7 35.9 26.0 27.4 28.5 23.0 29.2 37.6 30.9 39.3 45.9 44.9 U V Demand deposits and currency. 3.7 1.3 H -.3 -3.6 .8 1.7 2.2 5.0 1.6 1.5 -2.5 3.1 5.5 V W Savings accounts 11.6 13.0 11.0 9.9 9.3 11.7 14.4 15.8 16.7 20.1 15.4 19 6 28.1 22.9 W X At commercial banks 3.1 4.2 2.4 2.3 1.2 2.3 4.4 5.0 5.5 8.8 4.8 7.2 16.0 10.9 X Y At savings institutions 8.4 8.8 8.6 7.6 8.1 9.5 10.0 10.8 11.2 11.3 10.6 12.4 12.2 12.1 Y AA Savings through life insurance.. 3.9 4.7 3.1 3.2 4.1 3.2 3.6 3.4 3.8 3.4 4.1 4.0 4.7 4.4 AA AB Savings through pension funds. 7.5 7.5 8.0 o O 7.7 8.2 8.0 7.1 7.0 8.7 7.7 9.3 7.3 9.7 AB AC Cr. and equity mkt. instr 5.3 14.2 10.5 13.9 9.3 1.7 .5 -5.7 -5.4 3.9 3.6 8.3 4.7 2.6 AC AD Federal obligations 3.7 6.5 5.6 9.3 .8 -2.2 -3.3 -7.8 -8.0 -4.1 5.1 6.2 -1.4 2.2 AD AE State and local obligations... .3 2.1 2.9 1.7 .9 2.2 1.5 .1 — 1.6 .4 -.5 2.7 -.8 -3.0 AE AF Corporate and foreign bonds -1 3 1 0 4 7 2 3 2 — 2 1 3 1 4 1 —2 1 2 1 3 8 AF AG Corporate stock 1.1 2.4 -.2 .8 1.4 .6 -1.0 1 8 2 5 -.2 -1 3 1.5 -2.9 AG AH Mortgages 1 5 2.2 1.8 1.5 3.8 1.6 1.9 1.8 2.3 1.0 1.2 .6 3.3 2.5 AH AI Net invest in noncor bus . . -.8 -2 5 -2.3 1 -1.0 1.1 * — 2 4 — 1 4 4 — 1 9 -1 9 AI AJ Net increase in liabilities 20.8 20.5 21.4 18.7 16.9 17.2 17.0 13.9 12.8 15.6 13.3 21.5 16.7 19.1 AJ AK Consumer 20.0 20.0 21.1 18.0 16.8 17.0 16.3 13.2 12.5 15.1 12.9 20.4 16.1 18.7 AK AL Credit market instruments 19.0 20.3 21.4 18.2 18.3 17.1 15.2 13.3 10.9 12.9 12.6 19.1 16.8 21.3 AL AM 1- to 4-family mortgages... 12.6 13.7 13.4 12.4 11.6 10.3 11.0 10.4 10.4 11.8 11.6 14.0 12.9 14.7 AM AN Consumer credit 5.9 6.2 7.6 5.1 5.9 6.0 3.4 2.4 A .6 4.7 3.4 6.0 AN AO Other loans .... .4 .7 .8 .8 8 c !8 .1 .3 .4 .6 AO AP Security credit 1 0 _ 2, 3 — 1 4 _- 1 1 1 — 1 1 5 2.2 2 1.2 — .7 -2.6 AP 3 .4 .2 .4 .4 .4 .4 'A .9 .6 .5 AQ AR Discrepancy (N-O) -.6 -7.0 -3.4 -10.0 -2.9 -4.9 -5.8 -2.7 -6.2 1 j -3.6 -4.2 -14.9 -12.9 AR NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1516 FLOW OF FUNDS/SAVING 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [Billions of dollars] 1957 1958 Category 1956 1957 1958 1959 1960 1961 III IV III IV (B) Farm business sector A Net income 8.5 8.7 10.6 8.6 9.3 10.4 8.2 8.4j 9.2 9.0 11.3 10.5 10.5 10.1 B Proprietors' income withdrawals.... 8.5 8.7 10.6 8.6 9.3 10.4 8.2 8.4 9.2 9.0 11.3 10.5 10.5 10.1 C Net saving (A-B) D Capital consumption 3.7 3.9 4.0 4.2 4.2 4.1 3.8 3.9 3.9 3.9 4.0 4.0 4.0 3.9 E Current surp. = gross saving (C+D). 3.7 3.9 4.0 4.2 4.2 4.1 3.8 3.9 3.9 3.9 4.0 4.0 4.0 3.9 F Gross investment (G+J) 3.7 3.9 4.0 4.2 4.2 4.1 3.8 3.9 3.9 3.9 4.0 4.0 4.0 3.9 F G Capital expenditures 3.4 4.7 5.4 4.7 4.6 4.8 4.3 4.6 4.9 5.1 5.3 5.5 5.4 5.3 G H Construction and equipment 3.8 4.0 4.4 4.7 4.2 4.6 4.0 3.9i 3.9 4.0 4.3 4.5 4.5 4.6 H I Change in inventories -.4 .9 .1 .3 .2 .3 1.1 1.0 1.0 .9 .7 I J Net Financial investment (K—L) .3 -.8 -1.4 -.6 -.4 -.7 — .5 -.9 -1.2 -1.3 -1.5 -1.4 -1.3 K Net acquis. of Jinan, assets 2 - .1 .3 - .4 -.2 -.7 -.7 -.1 .3 .3 .3 .3 L Net increase in liabilities -.5 .8 1.7 .2 .7 •4\ .*9 1.1 1.7 1. 1.7 1.6 M Credit market instruments .9 1.1 1.5 1.8 1.7 1.0 1.3 1.0 1.4 1.4 2.2 N Mortgages .6 .7 .9 .9 1.1 .7 . 6 .5; .6 .3 .8 .9 1.0 O Bank loans n.e.c .3 .6 .7 .2 .3 .5 2 • 4| .6 .5 .4 .8 P Other loans .1 .2 .2 .2 A .2 .2 *.T '.3\ .2 .2 .3 Q Trade debt .1 .1 .1 .1 .2 .2 2 • l| .2 .2 -.1 R Proprietors' net investment.. .. -1.3 -.4 .1 -1.7 -1.1 1.2 -.4 — is -.4 (C) Noncorporate nonfinancial business sector A Net income 37.7 38.5 38.1 40.5 39.8 40.5 38.3 38.6 38.9 38.3 37.4 37.8 38.2 39.0 B Proprietors' income withdrawals.... 37.7 38.5 38.1 40.5 39.8 40.5 38.3 38.6 38.9 38.3 37.4 37.8 38.2 39.0 C Net saving (A — B) D Capital consumption 7.5 8.1 8.0 8.3 8.5 8.7 8.1 8.1 8.1 8.0 8.0 7.9 7.9 8.1 E Current surp.= gross savings (C+D) 7.5 8.1 8.0 8.3 8.5 8.7 8.1 8.1 8.1 8.0 8.0 7.9 7.9 F Gross investment (G+J). 7.5 8.1 8.0 8.3 8.5 8.7 8.1 8.1 8.1 8.0 8.0 7.9 7.9 8.1 F G Capital expenditures. 10.0 9.6 8.7 11.1 11.8 11.5 9.3 9.7 10.0 9.3 7.4 8.3 8.8 10.4 G H Plant and equipment... 9.8 9.4 9.0 10.7 10.9 11.4 9.5 9.3 9.3 9.4 8.7 8.5 9.0 9.7 H I Change in inventories.. .2 .2 -.2 .4 .9 .1 -.2 .4 .1 .1 -1.4 -.1 -.3 .8 I J Net financial investment (K—N) -2.5 -1.5 -.7 -2.8 -3.2 -2.9 -1.2 -1.9* -1.3\ .6 - .4\ — 8 -2.4 J K Net acquis. offinan. assets .7 1.1 1.0 A * .4 .9 .6" .9 l.l 1.1 K L Demand deposits and currency. .3 .8 .9 -18 -.3 A .8 .9 .9 .9 .9 L M Consumer credit .3 -.1 1 .1 .1 -.1 .1 -.5 j .1 M N Net increase in liabilities 3.2 2.6 1.7 2.4 3.2 3.3 2.1 2.4 i.3 5.5 N O Credit market instruments 1.8 1.2 2.2 3.2 2.3 2.1 1.9 -.8 * 1.3 7.1 O P Mortgages .8 .9 1.6 1.5 1.3 1.6 .8 1.0| 1.2 1.6 2.4 P Q Bank loans n.e.c .6 2 .5 .9 .1 .6 1.7 -2.3 1.1 4.1 Q R Other loans .4 !5 .1 .8 1.0 .4 .4 .3 l.'ol .2 .6 -.7 .7 R S Trade debt, net (debt less asset). .2 .5 -3.4 11 -.1 .1 .7 -.31 .4! 1.2 -.7 -.4 -2.3 S T Proprietors' net investment.... 1.2 .9 -2.9 !3 l.l 1.1 -.4 • 6i 1.3! 2.0 .5 .8 -1.4 T s (D) Corporate nonfinancial business sector A Profits 37.0 36. 31.4 40.8 38.5 38.6 38.3 36.6 36.7 32.6 26.8 28.6 32.1 38.0 A B Profits tax payments (net) 21.7 21.2 18.9 18.1 21.0 19.0 21.5 22.6 21.0 19.7 19.2 20.0 18.3 17.9 B C Net dividend payments 9.4 9.5 9.4 10.4 11.0 11.2 9.8 9.7 9.7 9.1 9.6 9.5 9.5 8.9 C D Net saving (A-B-C) 5.9 5.3 3.1 12.3 6.6 8.4 7.0 4.4 6.0 3.8 -2.0 -.9 4.3 11.1 D E Capital consumption 19. 21.0 21.9 23.3 25.0 26.6 20.3 20.8 21.2 21.4 21.5 21.7 22.0 22.3 E F Current surp.= gross saving (D+E). 25.0 26.3 25.0 35.6 31.5 35.0 27.3 25.2 27.2 25.3 19.5 20.8 26.3 33.4 F G Gross investment (H+M). 21.3 25.1 20.0 30.9 26.6 28.8 26.2 22.3 27.0 25.0 12.4 16.8 23.0 27.8 G H Capital expenditures 34.3 33.0 23.7 34.0 33.6 32.0 34.7 34.2 33.7 29.3 23.0 21.0 22.9 28.0 H I Fixed investment 29.4 32.4 26.4 27.9 30.7 30.2 32.5 32.6 32.9 31.6 28.2 25.9 25.2 26.2 I J Plant and equipment.. 29.0 31.7 25.0 26.3 29.4 28.1 32. 32.1 32.11 30.5 27.1 24.9 23.7 24.4 J K Other .4 .7 1.4 1.6 1.3 2.2 .4 .5 1.1 1.1 1.0 1.5 1.8 K L Change in inventories... 4.9 .6 -2.6 6.1 2.8 2.2 1.6 -2.2 -5.1 -4.9 -2.3 1.8 L M Net financial investment (N—V) -13.0 -7.8 -3.7 -5.1 -6.9 -3.3 -8. -11.9 -6.7 -4.3 -10.6 -4.2 .1 M N Net acquis. offinan. assets 4.3 4.5 10.8 12.9 3.0 11.6 9.5 2.9 3.9 1.8 -1.0 7.8 18.3 18.3 N O Liquid assets -4.2 2.2 3.0 -3.4 1.3 1.2 -2.3 1.6 -.6 -2.0 — 1 1 5.4 6.6 O P Demand dep. and curr .2 1.5 -1.0 -1.2 .9 -1.3 1.3 * 1.2 2.9 1.9 P Time deposits 9 -.4 1.3 2.2 2.2 4 -.4 Federal obligations -4.4 -.2 4.4 -3.0 .4 -1.0 .3 .2 -4.2 -4.5 2!8 5.1 Q Consumer credit .4 .2 .5 .8 .3 .6 .3 .1 -.3 .5 .8 1.1 R s Other loans (finance paper).... .3 .4 .5 .1 -.4 .3 .9 .4 -.1 — 1 -.1 S Trade credit 1.4 6.0 6.0 3.2 7.6 5.4 1.0 -.5 -.2 -1.0 6.5 io!i 8.6 T T Other financial assets 2.2 2.5 1.5 1.9 2.2 2.0 2.6 3. 2.2 1.4 1.4 1.5 1.7 1.6 U U V Net increase in liabilities 17.3 12.3 14.5 15.9 10.0 14.9 77.9 14.8 10.6 6.1 9.6 12.0 18.1 18.5 V W Credit and equity market instr... 13.2 13.1 11.8 13.0 12.5 12.7 15.4 13.9 12.0 11.3 12.1 9.5 12.6 12.7 W X Corporate bonds 3.7 6.4 5.8 3.1 3.6 4.3 6.7 6.0 6.6 6.2 8.3 4.2 6.1 4.4 X Y Corporate stock 2.3 2.4 2.3 2.3 1.8 2.7 3.0 3.4 1.7 1.7 1.1 3.1 3.0 1.9 Y Z Mortgages 1.8 1.8 3.2 3.4 3. 3.5 1.5 1.3 2.0 2.3 2.7 2.7 3.2 4.3 Z AA Bank loans, n.e.c 5.3 2.0 .4 3.8 2.6 1.6 3.9 2.6 .9 .5 -.7 -.4 .9 1.8 AA AB Other loans .1 .1 .5 1. .6 .2 .6 .8 .5 .7 _ \ -.6 .4 AB AC Trade debt 3.9 -.9 2.7 2.9 -2. 2.1 2.5 .7 -1.4 -5.4 -2.6 2A 5.6 5.6 AC AD Discrepancy (F —G) 3. 5.0 4.7 4.9 6. 1.1 2.8 .2 .3 7.1 4.0 3.3 5.5 AD AE Memo: Profits tax accruals 19.6 18.9 16. 20.7 19.4 19.4 20.3 19.2 19.1 16.9 14.1 14.6 16.5 19.6 AE NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 1517 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [Billions of dollars] 1959 1960 1961 1962 Category I II III IV I II III IV I II III IV I II (B) Farm business sector A Net income 9.5 8.9 7.8 8.0 7.9 9.7 9.5 10.0 10.1 10.0 10.4 10.9 10.3 10.1 A B Proprietors' income withdrawals. . . 9.5 8.9 7.8 8.0 7.9 9.7 9.5 10.0 10.1 10.0 10.4 10.9 10.3 10.1 B C Net saving (A—B) C E Current surp.= gross saving (C+D). F Gross investment (G+J) 4.0 4.1 4.2 4.3 4.3 4.2 4.1 4.0 4.0 4.1 4.1 4.2 4.2 4.1 F G Capital expenditures 4.7 4.9 4.7 4.7 4.5 4.4 4.5 4.8 4.7 5.2 4.9 4.5 4.4 4.9 G H Construction and equipment 4.5 4.8 4.7 4.6 4.3 4.1 4.1 A.A A.A A 9 4.6 A 3 A 3 4 8 H I Change in inventories .. .2 * 2 3 4 4 3 3 2 1 1 I J Net financial investment (K — L) -.7 -.7 -.5 -.4 -.3 -.2 -.4 -.7 -.7 -1.1 -.3 -.2 -.8 J K. Net acquis of finan assets . ... — .4 — .4 — .4 — .4 — 2 — .2 — 2 — 2 — 1 — ' j K L Net increase in liabilities .3 .4 .2 .1 .1 .1 .2 .5 .6 1 i 7 3 2 8 L M Credit market instruments 1.5 2.1 2.0 1.7 1.7 1.3 1.0 .9 1.6 1.5 2.0 1.6 1.6 2.2 M N O M Ba o n r k tg l a o g a e n s s n.e.c . . 9 3 .7 . . 9 8 . . 8 9 1 .3 3 . . 3 8 .1 7 9 .5 g 1 1 * 1 . 5 l 1 .2 3 1 .2 0 1 .2 6 O N P Other loans 3 4 .3 * 1 2 2 * 3 3 3 1 4 4 P Q Trade debt -.2 .2 .3 .3 .1 .1 1 2 .4 3 3 2 — 2 Q R Proprietors' net investment.... -1.0 -1.9 -1.9 -2.0 -1.9 -1.3 -.9 _*3 n o -1.5 -1.5 -1.6 -1.2 R (C) Noncorporate nonfinancial business sector A Net income 39.7 40.9 40.9 40.6 40.1 40.1 39.6 39.3 39.2 40.2 40.8 41.8 42.1 42 7 A B Proprietors' income withdrawals. . . 39.7 40.9 40.9 40.6 40.1 40.1 39.6 39.3 39.2 40.2 40.8 41.8 42.1 42.7 B C Net saving (A—B) C D Capital consumption 8.1 8.2 8.3 8.3 8.4 8.5 8.5 8.6 8.5 8.6 8.6 8.8 8.8 8.8 D E Current surp.= gross savings (C+D) 8.1 8.2 8.3 8.3 8.4 8.5 8.5 8.6 8.5 8.6 8.6 8.8 8.8 8.8 E F Gross investment (G+J).. 8.1 8.2 8.3 8.3 8.4 8.5 8.5 8.6 8.5 8.6 8.6 8.8 8.8 8.8 F G Capital expenditures 11.8 13.4 9.2 9.9 13.8 12.2 10.7 10.3 8.9 11.6 12.5 13.1 11.6 13.7 G H Plant and equipment 10.9 11.4 10.5 10.1 11.2 11.2 10.6 10.4 9.6 10.7 12.5 12.8 10.8 13.3 H I Change in inventories . . .9 2.0 -1.2 -.2 2.6 1.0 * -.1 -.7 .9 .3 .8 .4 I J Net financial investment (K — N) -3.7 -5.2 -.9 -1.6 -5.4 -3.7 -2.2 -1.7 -3.0 -3.9 -4.3 -2.8 -4.9 J 1C Net acquis. of finan. assets _ 2 -.5 -.5 -.5 .1 .2 -.2 * — .2 .4 .5 .9 .4 4 K L Demand deposits and currency — 8 — .8 -.8 -.8 -.3 -.3 2 -.3 .1 1 1 L M Consumer credit .4 .1 .1 * .2 .3 .2 -.4 .1 .2 .6 .2 .3 M N Net increase in liabilities 3.4 4.6 .4 1.1 5.6 3.8 1.9 1.7 .2 3.4 4.4 5.2 3.2 5.3 N O Credit market instruments 4.7 5.0 3.2 -.2 4.7 1.3 .3 2.8 -.5 1.2 4.2 3.5 3.0 7.0 O P Mortgages 1.9 1.8 1.3 1.0 1.5 1.3 1.1 1.2 1.5 1.3 1.8 1.8 2.0 2 9 P Q Bank loans n.e.c 2.4 1.4 1.4 -1.7 1.9 -1.7 .3 -1.9 -.3 .9 1.7 .4 2.7 Q R Other loans . ... .4 1.8 .5 .4 1.3 !5 .8 1.3 1 7 6 1 4 R S Trade debt net (debt less asset) — 1 4 3 -2 4 j .2 .7 -1.2 — 5 1 0 * -.2 .5 -.8 S T Proprietors' net investment .1 -.6 -.4 2.0 1.0 2.3 .9 .1 1.2 1.2 .2 1.9 -.3 -.8 T (D) Corporate nonfjnancial business sector A Profits 40.1 44.4 39.5 39.0 41.5 39.0 37.4 36.0 32.7 38.1 39.3 44 2 43 2 43 5 A B Profits tax payments (net) 15.3 15.9 20.9 20.2 19.7 20.9 22.0 21.2 19.2 19.0 18.8 19.2 19.0 20.1 B C Net dividend payments 10.0 10.3 10.8 10.6 10.8 10.8 11.2 11.2 11.0 11.3 11.1 11.3 11.5 9 9 C D Net saving (A—B — C).. .. 14.9 18.2 7.8 8.2 11.0 7.4 4.3 3.6 2.6 7.9 9.3 13.8 12.8 13 4 D E Capital consumption 22.5 23.2 23.5 24.1 24.5 25.0 25.0 25.2 25.7 26.3 26.9 27.5 27.8 28.0 E F Current surp. = gross saving (D+E). 37.5 41.4 31.3 32.3 35.5 32.4 29.3 28.8 28.2 34.2 36.2 41.2 40.5 41.5 F G Gross investment (H+]VI) 35.0 39.7 23.3 25.6 34.8 25.0 23.7 23.0 22.5 30.1 29.1 33.3 38.4 30.7 G H Capital expenditures 32.1 38.0 30.5 35.3 38.6 34.5 32.2 28.9 25.3 30.4 35.1 37.2 36.5 38 9 H I Fixed investment 26.8 28.5 28.1 28.1 30.6 31.4 30.5 30.3 28.5 29.6 31 3 31.6 30 8 34 8 I J Plant and equipment 24.8 26.4 27.0 27.1 29.1 30.1 29.3 29.2 27.7 27.7 28.0 28.8 29.6 31.4 J K Other 2.1 2.1 1.0 1.6 1.3 1.2 1.1 .8 1.9 3 2 2.8 1 3 3 5 K L Change in inventories 5 3 9 5 2.4 7.2 8.0 3.0 1.7 — 1.4 -3.2 9 3 8 5 6 5 7 4 1 L M Net financial investment (TV —F) 2.9 1.6 -7.2 -9.7 -3.9 -9.5 -8.5 -5.8 -2.8 -.3 -6.0 -3.9 1.8 -8.2 M N Net acquis. of finan. assets 19.1 19.2 3.5 9.6 12.7 1.0 -2.8 1.3 8.7 16.5 5.5 15.7 12.4 4.0 N O Liquid assets 5.6 7.9 1.3 -2.8 -.7 -3.6 -6.9 -2.4 1.2 5.2 -3 7 2.7 1.8 — 15 O P Demand dep. and curr...... -.3 .7 -3.3 -1.2 -.6 -1.9 -1.1 -1.1 -2.8 -.2 .6 6.0 -5.9 -4.6 P Time deposits — 4 — 4 -.4 -.4 -.4 1.6 2.0 5.6 1.2 .8 -2.4 4.8 2.6 Q Federal obligations. 6.3 7.6 5.0 -1.2 .3 -1.7 -7.4 -3.3 -1.6 4.1 -5.1 2.9 .5 Q R Consumer credit 1.6 .9 .7 .2 .3 .6 -.1 .4 -2.7 1.0 1.3 \.2 .6 1.6 R S Other loans (finance paper) .8 .5 .5 2.0 .2 .2 -.2 .1 * .1 .6 .7 S T Trade credit 8.5 6.8 -1.1 9.8 7.6 1.9 1.9 1.3 6.6 8.1 10.2 6.2 2.2 T U Other financial assets 2.0 1.7 2.0 2.0 1.8 1.7 2.5 2.6 2.4 1.3 2.\ 2.0 1.5 .2 U V Net increase in liabilities 16.2 77.5 70.7 19.3 16.6 70.5 5.7 7.7 11.6 16.8 77.5 19.5 70.5 12.2 V W Credit and equity market instruments 9.5 15.7 13.3 13.5 13.8 13.3 10.8 12.3 9.3 15.6 12.1 13.7 10.4 14.5 W X Corporate bonds 3.0 3.3 2.6 3.4 2.6 3.4 3.5 4.9 2.2 7.2 3.2 4.6 3.8 6.5 X Y Corporate stock 2.3 2.7 1.6 2.5 2.0 1.5 2.8 1.0 2.8 5.1 2.8 .7 .4 Y Z Mortgages 3.8 4.0 3.0 2.7 3.7 3.1 2.8 2.8 3.0 2.9 3.8 4^3 4.5 6.1 Z AA Bank loans nee 2 4.6 5.6 4.7 4.0 3.2 1.2 1.9 1.7 .1 * 4.5 1.0 * AA AB Other loans. .5 .2 1.5 2.0 .6 1.7 -.4 .3 2 2 2 .4 1 6 AB AC Trade debt 6.6 1.7 -2.7 5.9 2.6 -3.0 -5.3 -5.2 2.1 1.1 -.5 5.8 * -2.5 AC AD Discrepancy (F — G) 2.4 1.7 8.0 6.7 .8 7.4 5.6 5.7 5.8 4.1 7.1 7.9 2.1 10.8 AD AE Memo* Profits tax accruals 20.2 22.7 20.2 19.6 21.6 19.9 18.1 17.7 16.1 18.9 19.9 22.7 21.7 22.4 AE NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1518 FLOW OF FUNDS/SAVING 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [Billions of dollars] 1957 1958 Category 1956 1957 1958 1959 1960 1961 I II III IV III IV (E) Federal Government sector A Tax receipts (net of refunds) 68.6 71.0 67.9 72.2 79.8 78.7 70.7 72.2 71.6 69.5 67.4 68.5 67.7 68.2 B Individual income 33.6 35.6 34.9 38.5 41.8 42.5 35.2 35.5 35.9 35.7 34.3 34.4 35.4 35.7 C Corporate profits 22.8 22.4 20.4 20.0 23.2 21.0 22.5 23.6 22.6 21.1 20.7 21.5 19.9 19.6 D Other 12.3 13.0 12.6 13.7 14.9 15.1 13.1 13.1 13.0 12.7 12.4 12.5 12.4 12.9 Social insurance programs E Premiums received 8.4 9.8 9.8 12.3 14.9 15.6 9.8 9.9 9.9 9.8 9.7 9.7 9.9 10.0 F Benefits paid 7.1 9.2 12.7 12.9 14.1 16.9 7.9 9.3 9.2 10.3 11.1 12.9 13.6 13.0 Life insurance and retirement programs G Premiums received 1.7 1 8 1.8 1.9 1.9 2.0 1.9 1.8 1.8 1.8 1.8 1 7 1 9 G H Benefits paid 1.8 2.0 2.2 2.4 2.6 2.9 1.9 2.0 2.0 2.0 2.1 2.3 2.2 2.2 H I Net grants and donations paid.... 10.2 11.6 13.9 14.8 14.5 16.9 11.9 11.9 11.7 10.8 13.0 13.9 13.8 14.7 I J Net interest paid 5.1 5 6 4.9 6.1 7.0 6.2 5.1 5 3 5.4 6 7 5 0 4 6 4 8 5.2 J K Other net purchases of goods and services 46.6 50.0 52.8 53.5 53.1 57.4 50.1 50.4 50.1 49.3 50.8 52.1 53.9 54.6 K L Construction expenditures 2.7 3.0 3.4 3.7 3.7 3.8 2.9 2.9 3.1 3.1 3.0 3.2 3.4 4.0 L M Other 43.8 47.0 49.4 49.8 49.4 53.6 47.2 47.5 46.9 46.2 47.8 48.9 50.5 50.6 M N Current surplus (A, E, and G, less F and H through K) 8.0 4.3 -6.9 -3.5 5.4 -4.2 5.3 4.9 4.9 1.8 -3.2 -5.9 -8.9 -9.6 N O Credits imputed to consumers 1.1 .6 1.0 1.0 1.0 1.0 .6 .6 * .9 1.3 .7 1.0 1.0 O P Gross and net savings (N —O). . .. 7.0 3.7 -7.9 -4.5 4.3 -5.2 4.7 4.3 4.8 .9 -4.5 -6.6 -9.9 -10.7 P Q Netfinan. investment (R — X). 5.9 3.6 -8.2 -5.1 3.8 -5.8 4.9 5.8 4.1 -.4 -1.7 -5.2 -13.3 -12.5 Q R Net acquis. offinan. assets 1.6 3.2 1.5 6.1 3.9 3.3 11.8 -5.9 9.2 -2.5 2.6 11.7 -17.2 9.2 R S Demand deposits & currency.. -.2 .2 .1 .7 .9 .3 8.3 -9.4 6.6 -4.8 2.3 11.6 -19.6 6.0 S T Credit market instruments 1.1 2.4 1.7 3.8 2.4 2.8 2.6 1.5 1.7 3.8 .8 .2 2.1 3.7 T U Mortgages .8 1.4 .3 2.2 1.2 .6 1.7 1.5 1.4 1.1 .5 -.7 .3 1.3 U V Other loans .3 .9 1.4 1.6 1.1 2.2 .8 * .3 2.6 .3 1.0 1.8 2.4 V W Other financial assets .6 .6 -.3 1.6 .6 .2 .9 2.0 .9 -1.5 c -.2 .3 -.6 W X Net increase in liabilities -4.3 - .4 9.7 11.2 .1 9.1 7.0 -11.7 5.2 -2.1 4.2 16.9 -3.9 21.7 X AB Consumer saving through life ins. & retir. funds 1.1 .6 1.0 1.0 1.0 1.0 .6 .6 * .9 1.3 .7 1.0 1.0 AB AC Federal obligations -5.4 -.9 8.2 9.3 -2.7 7.2 6.7 -12.5 6.6 -4.3 3.8 16.3 -6.2 19.1 AC AD Short-term direct 7.4 5.5 -1.2 5.5 -5.1 11.3 12.3 17.1 -6.0 -1.4 10.2 -17.1 -4.3 6.3 AD AE Other securities -12.5 -4.1 10.2 5.8 2.9 -4.9 -2.8 -27.4 14.8 -1.1 -5.6 34.2 -1.4 13.6 AE AF Svgs. bonds—consumer -.3 -2.2 -.7 -2.0 -.4 .7 -2.9 -2.2 -2.2 -1.7 -.9 -.8 c -.7 AF AG Other loans -.3 -.4 .3 -.6 .5 .3 -.5 -.2 A -.6 .6 .2 .'4 .1 AG AH Other liabilities .3 .3 .1 1.6 1.2 .7 .2 .3 -1.1 1.9 -1.4 2 .9 1.4 AH AI Discrepancy (P —Q) 1.1 .1 .3 .6 .5 .6 -.1 -1.5 .8 1.3 -2.8 -1.4 3.4 1.9 AI (F) State and local government sector A Tax receipts 27.0 29.1 30.6 33.2 37.0 39.0 28.4 29.0 29.4 29.7 30.1 30.4 30.8 31.3 B Net insurance and grants receipts.. .4 1.0 2.0 3.1 2.5 2.9 1.1 .7 1.0 1.0 1.5 1.9 2.1 2.5 C Net interest paid .5 .5 .6 .7 .7 .7 .5 .5 .5 .6 .6 .6 .6 .6 D Other net purchases of goods and services 28.6 31.7 35.4 37.7 40.1 43.4 30.8 31.3 31.6 33.0 33.8 34.7 36.0 36.9 E Construction and land 11.0 12.2 13.3 14.0 13.8 14.9 12.2 12.1 11.9 12.6 12.7 12.9 13.5 14.0 F Other by Govt. enterprises -1.7 -1.8 -1.9 -2.1 -2.2 -2.4 -1.8 -1.8 -1.9 -1.9 -1.9 -1.9 -1.9 -1.9 G Other by general government 19.3 21.3 23.9 25.8 28.5 31.0 20.4 21.0 21.6 22.3 23.0 23.7 24.3 24.7 H Current surplus (A+B - C - D) -1.7 -2.1 -3.3 -2.1 -1.3 -2.2 -1.8 -2.1 -1.7 -2.8 -2.9 -3.0 -3.7 -3.7 I Credits imputed to consumers 1.4 1.6 1.7 1.9 2.1 2.3 1.3 1.5 1.7 1.8 1.8 1.7 1.6 1.6 J Gross and net saving (H —I) -3.1 -3.7 -5.0 -4.0 -3.4 -4.5 -3.1 -3.6 -3.3 -4.7 -4.7 -4.7 -5.3 -5.3 K Net finan. investment (L — S).. -2.3 -3.8 -5.1 -3.5 -2.5 -4.2 -2.8 -2.7 -3.2 -6.7 -5.8 -4.5 -5.2 -5.1 L Net acquis. offinan. assets 2.4 2.8 2.5 3.5 3.8 3.6 3.1 3.4 3.5 1.0 2.9 4.0 1.5 1.4 M Demand deposits & currency.. .2 .3 .3 .5 .2 .6 .6 .5 1 -.2 -.3 1.8 -.3 -.1 N Time deposits .3 .7 -.5 1.3 .9 .2 * .9 .2 2.1 2.1 -.6 -.6 O Credit market instr 2.3 2.2 1.5 3.4 2.2 2.2 2.3 2.9 2.5 1.0 1.2 .2 2.4 2.1 P Federal obligations 1.0 .5 -.4 1.8 .3 .2 .8 1.4 .7 -.8 -.7 -1.8 .5 .2 Q State and local oblig .5 .5 .5 .4 .3 .2 .5 .5 .5 .5 .5 .5 .5 .5 R Other .7 1.1 1.4 1.2 1.7 1.8 1.0 1.0 1.3 1.3 1.4 1.4 1.4 1.4 S Net increase in liabilities 4.8 6.6 7.6 7.0 6.2 7.8 5.8 6.1 6.7 7.7 8.7 8.6 6.7 6.5 T State and local obligations 3.2 4.6 5.5 4.7 3.7 5.1 4.1 4.3 4.7 5.5 6.5 6.4 4.6 4.5 U Short-term -.1 .4 .4 .3 * .4 .6 .2 .4 .5 .7 1.1 V Other 3.3 4.2 5.1 4.4 3.7 4.7 3.5 4.2 4.2 5.0 5.8 5.3 4.6 4.5 W Consumer saving through retirement funds 1.4 1.6 1.7 1.9 2.1 2.3 1.3 1.5 1.7 1.8 1.8 1.7 1.6 1.6 W X Other liabilities .2 .4 .4 .3 .4 .4 .5 .3 .4 .4 .4 .5 .4 .4 X Y Discrepancy (J—K) -.7 .2 .1 -.5 -.9 -.3 -.3 -.9 -.1 2.0 1.1 -.2 -.1 -.2 Y NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 1519 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [Billions of dollars] 1959 1960 1961 1962 Category III IV III IV III IV (E) Federal Government sector A Tax receipts (net of refunds) 67.6 69.5 75.4 76.2 79.6 80.3 80.3 79.1 75.9 78.4 78.8 81.5 81.4 88.2 B Individual income 37.2 38.3 38.6 39.9 42.0 42.3 41.7 41.1 40.8 42.2 42.7 44.3 44.8 49.0 C Corporate profits 17.1 17.8 22.9 22.2 22.8 22.8 23.9 23.1 20.8 20.9 21.0 21.5 21.0 22.1 D Other 13.4 13.4 13.9 14.1 14.9 15.2 14.6 14.9 14.3 15.4 15.1 15.8 15.6 17.1 Social insurance programs E Premiums received 11.9 12.4 12.4 12.4 14.7 14.9 15.0 14.8 15.1 15.5 15.7 16.0 18.1 18.0 F Benefits paid 12.5 12.6 12.8 13.7 13.3 13.7 14.1 15.2 15.7 17.2 17.0 17.5 17.1 17.1 Life insurance and retirement programs G Premiums received 1.9 1.9 1.9 1.8 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.0 G H Benefits paid 2.3 2.4 2.5 2.5 2.6 2.6 2.6 2.6 3.3 2.6 3.2 2.7 2.8 H I Net grants and donations paid 15.2 14.4 15.0 14.7 13.5 14.7 14.5 15.4 16.4 17.2 16.6 17.4 17.8 18.5 I J Net interest paid 5.4 5.7 6.4 6.9 7.2 7.1 7.3 6.4 6.5 5.8 6.5 6.1 6.3 6.1 J K Other net purchases of goods and services 53.7 53.6 54.1 52.7 52.3 52.8 53.6 53.6 55.2 57.4 57.2 59.9 62.1 62.0 K L Construction expenditures 40 4.2 3.5 3.2 3.3 3.6 3.8 4.0 4.2 3 9 3.5 3 6 3 7 4.0 L M Other 49.7 49.5 50.6 49.5 49.0 49.2 49.8 49.6 51.0 53.5 53.7 56.3 58.4 58.0 M N Current surplus (A, E, and G, less F and H through K) -7.6 -5.1 -1.2 -.1 7.5 6.3 5.1 2.6 -4.1 -4.4 -4.1 -4.2 -4.8 1.3 N O Credits imputed to consumers 1.1 .8 1.2 .9 1.0 1.8 .4 .9 .9 2.3 .2 .7 .9 2.5 O P Gross and net savings (N — O). . . . -8.7 -5.8 -2.4 -.9 6.5 4.5 4.6 1.7 -5.0 -6.6 -4.3 -4.9 -5.6 -1.2 P Q Netfinan. investment (JR —A). 10.7 -7.3 -.9 -1.4 2.7 6.5 4.7 1.2 -7.0 -11.4 1.6 -6.4 -13.3 1.1 Q R Net acquis. of finan. assets 1.3 10.7 9.9 2.7 .8 9.2 3.8 1.8 -3.8 .4 14.5 2.1 5.8 10.6 R S Demand deposits & currency.. -3.1 -.8 5.6 1.2 -1.1 4.5 1.7 -1.5 -5.7 1.0 8.9 -3.0 2.0 6.4 S T Credit market instruments.... 4.2 5.5 3.7 1.8 1.1 4.0 1.7 2.6 1.8 -.5 5.1 4.8 3.3 4.1 T U Mortgages 2.2 2.7 2.3 1.7 1.1 1.4 1.4 1.1 * -.2 1.0 1.7 1.0 -.1 U V Other loans 2.1 2.9 1.4 .1 * 2.6 .3 1.5 1.8 -.3 4.1 3.1 2.3 4.3 V W Other financial assets .2 6.0 .6 -.3 .7 .8 .4 .7 .2 * .5 .2 .5 .1 W X Net increase in liabilities 11.9 18.0 10.8 4.1 -1.9 2.7 -.9 .5 3.3 11.8 12.9 8.5 19.1 9.5 X AB Consumer saving through life ins. & retir. funds 1.1 .8 1.2 .9 1.0 1.8 A .9 .9 2.3 .2 .7 .9 2.5 AB AC Federal obligations n!i 12.9 10.0 3.0 -3.4 -.8 -3.7 -2.7 -.2 9.5 16.2 3.2 14.5 8.7 AC AD Short-term direct -.7 17.3 -5.0 10.5-12.4 -9.3 12.2 -10.8 22.0 16.6 -4.6 11.4 21.4 5.1 AD AE Other securities 13.4 -2.2 17.0 -5.1 10.4 9.2 -15.8 7.6 -22.5 -7.6 20.1 -9.5 -6.8 3.5 AE AF Svgs. bonds—consumer -1.5 -2.2 -2.0 -2.3 -1.4 -.7 -.2 .5 .3 .5 .8 1.2 -.1 .2 AF AG Other loans -1.2 -.1 -.5 n -.2 .8 1.1 .2 .7 -.2 -.9 1.5 .7 * AG AH Other liabilities .9 4.4 * '.9 .6 .9 1.3 2.1 2.0 .2 -2.6 3.1 3.0 -1.8 AH AI Discrepancy (P —Q) 2.0 1.5 -1.5 .5 3.7 -2.0 * .4 2.1 4.8 -6.0 1.5 7.7 -2.4 AI (F) State and local government sector A Tax receipts 32.1 32.8 33.5 34.4 36.0 37.1 37.3 37.7 38.3 38.7 39.2 39.8 41.0 41.2 A B Net insurance and grants receipts.. 3.0 2.7 3.9 3.0 2.1 2.9 2.8 2.3 3.0 2.8 2.9 2.9 3.2 3.5 B C Net interest paid .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 C D Other net purchases of goods and services 37.8 37.8 37.8 37.6 38.5 39.6 40.9 41.3 42.7 42.5 43.3 45.2 45.9 46.4 E Construction and land 14.7 14.3 13.9 13.2 13.2 13.6 14.1 14.2 14.9 14.2 14.6 15.7 15.3 14.9 F Other by govt. enterprises -2.0 -2.0 -2.1 -2.2 -2.2 -2.2 -2.3 -2.3 -2.3 -2.4 -2.4 -2.4 -2.5 -2.5 G Other by general government. .. 25.1 25.5 26.0 26.5 27.5 28.2 29.0 29.4 30.1 30.6 31.0 32.0 33.1 34.0 H Current surplus (A+B-C-D).. . -3.4 -3.0 -1.1 -.9 -1.1 -.3 -1.5 -2.1 -2.1 -1.7 -1.9 -3.2 -2.4 -2.4 I Credits imputed to consumers 1.7 1.8 2.0 2.1 2.1 2.1 2.1 2.1 2.2 2.3 2.4 2.5 2.5 2.5 J Gross and net saving (H —I) -5.0 -4.8 -3.1 -3.0 -3.2 -2.5 -3.6 -4.2 -4.3 -3.9 -4.3 -5.7 -4.9 -4.9 K Net finan. investment (L — S).. -4.5 -5.0 -1.8 -2.5 -1.6 -2.7 -3.7 -1.8 -4.1 -1.0 -7.5 -4.2 -8.2 -2.4 L Net acquis. of finan. assets 1.4 2.9 6.3 3.3 3.9 3.4 3.7 4.0 2.8 5.8 .7 5.2 2.5 6.2 M Demand deposits & currency.. -.5 .1 2.7 -.1 .7 -2.0 1.4 .7 H 1.9 -1.7 2.7 -3.6 1.7 N Time deposits -.5 c -.9 * .2 .9 2.1 2.1 '.9 .8 .9 .9 2.1 .3 O Credit market instr 2.4 3!3 4.6 3.4 2.9 4.6 .1 1.3 2.6 3.1 1.5 1.6 4.0 4.2 P Federal obligations .6 1.6 3.1 1.9 1.3 2.1 -1.8 -.6 .6 1.0 -.3 -.5 2.3 1.9 Q State and local oblig .5 .5 .3 .3 .3 .3 .2 .2 .3 .2 .2 .2 .2 R Other 1.3 1.2 1.2 1.2 1.3 2.2 1.7 1.6 1.7 1.8 1.6 1.9 1.5 S Net increase in liabilities 6.0 8.0 8.1 5.5 5.5 6.2 7.4 5.9 6.9 6.8 8.3 9.4 10.7 8.6 T State and local obligations.... 4.0 5.7 5.9 3.3 3.0 3.4 4.9 3.7 4.3 3.9 5.6 6.7 1.1 5.7 U Short-term .2 .5 1.1 -.4 .1 -.4 -.1 .5 .7 -.8 .9 .9 .8 .3 V Other 3.9 5.2 4.8 3.7 2.9 3.8 5.0 3.2 3.6 4.7 4.7 5.8 6.9 5.4 W Consumer saving through retirement funds 1.7 1.8 2.0 2.1 2.1 2.1 2.1 2.1 2.2 2.3 2.4 2.5 2.5 2.5 W X Other liabilities .3 .5 .2 .4 .3 .7 .4 .1 .4 .6 .3 .3 .6 .4 X Y Discrepancy (J—K) -.5 .2 -1.3 -.5 -1.6 .3 .1 -2.3 _ 2 -3.0 3.3 -1.4 3.3 -2.5 Y N —Quarterly data are seasonally adjusted totals at annual rates.. OTE# Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1520 FLOW OF FUNDS/SAVING 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [Billions of dollars] 1957 1958 Category 1956 1957 1958 1959 1960 1961 III IV III IV (G) Commercial banking and monetary authorities sector A Net operating surplus 3.0 3.5 3.7 3.7 3.5 3.4 3.4 A B Profits tax & net div. pymts 1.8 2.1 2.4 2.6 3.0 2.9 1.8 2.0 2.5 2.4 2.4 2.4 2.4 2.4 B C Current surp. = gross saving (A—B) 1 ? 1.4 1 1 1.4 1.5 1.2 1.5 1.5 1.1 1 3 1 2 1 l 1 0 1.0 C D Gross investment (E+F) 1 1 1.1 1.4 2.5 2.5 2.2 2.2 1.6 -.3 8 — 1 2 1 2 9 .8 D E Capital expenditures 3 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 E F Net financial invest. (G - IF)... 1.0 .7 1.0 2.0 2.1 1.7 1.8 1.2 -.7 A -.5 1.7 2.5 .4 F G Net acquis. offinan. assets , 5.0 5.4 14.7 4.6 8.4 17.0 13.6 -1.5 8.8 .5 18.7 30.7 -7.2 16.6 G H Gold .3 .8 -2.3 -1.1 -1.7 -.7 1.4 1.3 .1 A -1.5 -4.3 -1.9 -1.4 H I Credit market instruments 5.5 4.3 16.6 5.4 9.7 16.4 12.7 -3.9 7.9 .6 19.1 30.9 -.1 16.5 I J Federal obligations -3.0 -.5 10.1 -7.1 2.7 7.4 4.5 -11.0 4.7 -.3 17.1 25.3 -6.3 4.2 J K Monetary authorities ? — 7 2 2 .5 7 7 5 — ? 5 — 7 2 3 7 2 7 5 8 — 2 4 2.6 K L Commercial banks -3.2 .2 7.9 -7.4 2.0 5.9 6.8 -9.5 4.4 e 74.4 19.5 -3.9 1.6 L M Short-term direct 4.8 1.9 .9 -3.1 3.5 7.1 6.6 5.7 -3.0 -1.6 12.3 -3.9 -3.5 -1.2 M N Other -8.0 -1.7 7.0 -4.4 -1.5 -1.2 .2—15.5 7.4 1.1 2.1 23.4 -.4 2.9 N O State and local obligations.., j 9 2.5 .4 .6 2.7 .1 .8 .6 2 2 2 0 4 9 2 1 1.1 O P Corp. and foreign bonds -A .1 -.2 -.2 * .2 .1 .2 * -.4 -.2 P Q Mortgages 1 7 .6 2 1 2.6 7 1.6 4 1 1 0 8 9 2^0 2.5 3.1 Q R Consumer credit 1.4 1.2 .2 2.9 1.8 .5 2.0 .9 1.2 .5 -.4 -.3 .3 1.1 R S Bank loans n.e.c 5.8 2.3 1.2 7.4 2.8 3.1 5.9 5.3 .6 -2.8 -2.5 -1.7 1.5 7.5 S T Other loans -.1 -.2 .5 -.5 1.5 1.1 -.5 -.1 -.3 .1 2.0 .5 .1 -.4 T U Security loans -.8 i .4 .2 .3 1.1 -.7 1.1 .8 -1.4 1.8 3.9 -5.3 1.4 U V Net increase in liabilities 4.1 4.7 13.7 2.6 15.3 77.5 -2.7 9.5 .7 19.3 28.9 -9.7 16.2 V W X De D m u . e d t e o p . U n . e S t . & go v cu t rrency 1.7 1 -.8 .2 5. . 8 1 1. . 1 6 .8 5. . 6 1 4 8. . 6 3 - - 9 6 . . 7 2 4 5 . . 3 6 - -3 5 . . 9 6 2 5. . 5 2 1 1 8 2 . . 7 4 - -2 1 0 4 . . 1 6 1 6 3 . .4 0 w Y Due to rest of world '.2 .2 * . 1 * .4 o 1.5 .2 -.2 -.2 -.4 .7 X Z Due to others 1.4 11 5.6 .4 -.8 5.1 -3.*5 2.0 -1.5 -1.5 3.5 6i2 5.9 6.7 Y AA Demand deposits, net -1.1 5.2 -.2 -.7 4.4 -3.9 7.2 -1.4 -.2 2.5 6.1 5.5 6.6 AZA AB Currency * .4 .6 -.7 .7 .4 .8 -.1 -7.5 1.0 .1 .4 .1 AB AC Time deposits 2.0 5.4 7.9 1.1 5.8 9.4 7.5 3.8 4.8 5.5 13.5 9.7 5.1 3.4 AC AD Due to consumers 2.2 5.2 5.3 3.0 3.2 6.6 7.4 4.2 3.9 5.3 5.9 5.1 6.3 3.9 AD AE Due to others 2 .2 2.6 -1.9 2.5 2.8 .2 -.4 .9 .2 7.6 4.7 -1.3 -.5 AE AF Other liabilities !3 * * .4 .5 .3 -.1 A .3 .2 .2 .5 -.2 -.6 AF AG Discrepancy (C—D)... -.1 .3 -.3 -1.1 -1.0 -1.0 -.7 1 1.5 .6 1.4 -1.0 -1.9 .3 AG (H) Nonbank financial sector A Current surplus 7.8 8.3 8.5 9.5 9.5 9.5 8.1 8.2 8.4 8.3 9.0 7.6 9.0 8.5 B Credits imputed to consumers 6.7 7.1 7.6 8.8 8.1 8.5 7.2 7.0 7.4 6.8 7.8 6.1 8.2 8.2 C Gross savings (A—B) 1.1 1.2 1.0 .7 1.4 1.0 .9 1.2 1.1 1.6 1.2 1.5 .8 .3 C D Gross investment (E+F) 1.1 1.6 2.9 1.6 3.0 3.0 2.8 3.6 -.1 * 1.1 1.8 4.1 4.7 D E Capital expend, (insur. sector), .3 .4 .3 .4 .4 .4 .4 .4 .4 .4 .3 .3 .3 .3 E F Net financial invest. (G — Z) .8 1.2 2.6 1.2 2.6 2.6 2.4 3.2 -.5 -.3 .8 1.5 3.8 4.4 F G Net acquis. offinan. assets 17.4 18.5 21.4 25.4 25.6 28.4 18.8 21.6 17.9 15.7 19.5 21.4 17.1 27.7 G By subsector: H Mutual savings banks 2.0 1.8 2.6 1.5 1.6 2.2 1.7 2.0 1.7 1.9 2.8 2.6 2.6 2.5 H I S. & L. assns. & cr. unions. 5.6 5.6 7.5 8.8 8.3 10.8 6.1 5.3 5.3 5.7 5.1 6.3 8.4 10.0 1 J Life insurance companies 5.2 4.9 5.2 5.2 5.4 5.8 4.9 4.7 5.3 4.8 5.2 4.7 5.4 5.3 J K Other insurance companies. .7 1.0 1.2 1.9 1.6 1.6 1.3 1.1 .8 .7 .9 1.1 1.5 1.4 K L Noninsured pension funds.. 2.3 2.8 2.9 3.2 3.4 3.5 2.9 2.9 2.7 2.6 3.2 1.9 3.3 3.2 L M Finance n.e.c 1.6 2.4 2.0 4.9 5.3 4.4 2.0 5.8 2.1 * 2.4 4.7 -4.2 5.2 M By type: N Demand dep. and currency. .2 .3 .7 ! .5 1.2 -.2 .6 -.1 .9 1.5 .8 .4 N O Cr. and equity mkt. instr.. . 16.8 18.2 19.1 25i3 24.6 25.4 18.9 20.2 18.0 15.7 16.5 18.9 15.8 25.3 O P Federal obligations -1 1 -.3 .9 .9 .1 .4 .3 -.7 -.6 -.2 -1.0 1.5 -.7 3.9 P Q State and local oblig .'8 .9 1.1 1.6 1.5 1.4 .3 1.3 .9 .9 1.5 1.2 .7 .8 Q R Corp. and foreign bonds. 3.6 5.2 4.8 3.5 3.6 3.7 5.1 6.4 4.6 4.7 5.3 5.2 5.0 4.0 R S Corporate stock 1.4 2.1 2.3 3.1 3.1 4.1 2.3 3.3 2.2 .8 1.6 2.8 1.8 3.1 S T 1- to 4-family mortgages. 8.4 6.3 8.0 9.7 8.8 11.3 6.8 6.3 6.0 6.0 6.7 7.7 8.2 9.6 T U Other mortgages 1.8 1.5 2.2 2.4 2.8 3.0 1.4 1.4 1.5 1.8 2.3 2.1 2.2 2.4 U V Consumer credit 1.4 1.1 -.5 2.3 2.2 .5 1.2 1.2 1.3 .8 i -1.1 -.8 .1 V W Other loans .4 1.4 .2 1.7 2.5 1.0 1.4 1.2 2.2 .9 -.5 -.5 1.5 W X Security credit I -.2 1.0 * * 1.1 -.3 .6 -.1 -1.1 \'.3 1.4 .4 .9 X Y Other financial assets '.2 .2 .6 .6 .7 .3 .2 .1 .3 .2 .4 .5 1.4 Y Z Net increase in liabilities 16.3 17.1 18.8 24.2 23.0 25.7 16.3 18.4 18.3 15.5 18.8 19.8 13.3 22.9 Z AA Dep. in mutual savings banks. 1.8 1.7 2.3 1.2 1.4 2.1 1.4 1.9 1.6 1.8 2.5 2.5 2.3 2.0 AA AB Savings shares 5.4 5.2 6.6 7.2 8.1 9.4 5.0 5.4 5.0 5.5 6.4 6.1 6.7 7.0 AB AC Saving through life insurance. 3.6 2.7 3.3 3.6 3.5 3.7 3.2 2.7 2.7 2.0 2.6 2.7 3.8 4.3 AC AD Saving through pension funds. 3.5 4.4 4.4 5.2 4.7 4.9 4.2 4.3 4.5 4.5 5.1 3.5 4.7 4.4 AD AE Credit market instr 1.5 1.9 .4 5.8 3.4 3.6 2.3 1.6 2.6 1.2 -.3 -.2 -.8 3.1 AE AF Corporate bonds 1.0 .6 1 1.0 1.4 .8 .2 .6 1.1 .6 .7 .2 -1.1 .6 AF AG Corporate stock 1.1 1.2 r.6 1.8 1.5 2.0 1.2 1.3 1.2 1.2 1.2 2.1 1.2 1.7 AG AI Bank loans n.e.c -.6 -.4 -i.i 1.6 -.3 . 1 .3 .3 -.3 1 Q -2.0 -2.3 -.8 .5 AI AJ Open-market paper .2 .5 -.i .5 .9 * .3 -.5 .7 l!4 .4 -.3 -.3 -.2 AJ AK FHLB loans to S. & L. assns. -.2 * .8 -.2 .1 .4 i * * -.7 .2 .2 .4 AK AL Security credit -.6 .6 * .5 .9 -.6 \'.3 .9 -1.0 1.3 3.7 -3.8 1.1 AL AM Miscellaneous 1.2 i!i 1.1 1.2 1.5 1.1 .8 1.1 1.1 1.5 1.4 1.5 A l.OAM AN Discrep. & unident. assets (C—D). * -.4 -2.0 -.9 -1.6 -2.0 -1.9 -2.4 1.2 1.5 .1 -.3 -3.3 -4.4 AN NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 1521 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [Billions of dollars] 1959 1960 1961 1962 I II III IV I II III IV I II III IV I II (G) Commercial banking and monetary authorities sector A Net operating surplus 3.6 3.9 4.2 4.4 4.6 4.6 4.5 4.5 4.3 4.1 4.0 3.9 4.0 4 2 A B Profits tax & net div. pymts 2.4 2.5 2.6 2.8 3.9 2.8 2.7 2.6 2.6 2.8 3.0 3.2 3.0 3.0 B C Current surp.~ gross saving (A—B). 1.2 1.4 1.5 1.6 .7 1.8 1.8 1.9 1.7 1.3 1.0 .7 1 0 1.2 C D Gross investment (E-f-F) 4.7 .8 1.8 2.6 2.9 2.7 .3 4.3 .9 -1.5 7.1 2.2 A -3.0 D E Capital expenditures .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 4 E F Net Jinan, invest. (G — W) 4.3 .3 1.4 2.2 2.5 2.2 -.2 3.8 .5 -1.9 6.7 1.8 — .8 — 3 4 F G Net acquis. offinan. assets 8.0 2.7 7.1 .7 -3.1 9.0 14.0 13.9 10.5 17.1 24.2 16.3 18.3 20.2 G H Gold -A -3.0 -.1 2 -A -2.6 -3.7 — 1.4 1.3 -1.1 -1.8 -.8 .8 H I Credit market instruments 7.7 6.4 6.8 \l .6 8.7 13.2 16.5 13.9 12.9 22.3 16.6 20.4 20.7 I J Federal obligations -2.9 -8.4 -8.9 -8.1 -8.1 1.9 8.6 8.3 7.1 10.7 13.9 -2.2 8.1 3.3 J K L M N M Co o O S m n h t e m h o ta e e r r t r r - y c t i e a a r l m u b t h a d o n i r r k i e s t c ie t s -1 -4 0 . 1 5 4 . . . 3 5 9 -1 -9 0 . 1 0 . . . 0 0 6 -1 - - 0 3 6 . 1 0 . . . 7 3 1 - - - 1 6 9 . 3 . 9 . 3 6 .4 - - - 7 - 2 4 . . 6 5 . . 9 6 - - 1 6 . 2 5 0 . . . 7 9 7 - 1 7 1 7 5 . . . 6 . 2 4 0 - 1 1 9 0 . . 2 . 0 2 - 1 8 2 4 3 . . . 6 . 2 9 5 - 2 1 9 0 0 . . 9 . . 5 4 2 1 6 6 2 1 . . , . 0 4 4 5 -1 -4 1 2 . 7 2 . . . 6 0 4 - 1 9 5 2 2 . . . 6 . 7 4 0 2 2 . . . . 7 1 6 6 M N K L P State and local obligations.. . .1 .6 .4 .3 -.8 Q 1.6 2.3 2.8 1.2 3.7 3.2 4.7 6.6 P Q Corp. and foreign bonds.... -.2 * -.1 2 -.3 -'.A -.1 -.1 .1 -.1 -.1 -1.0 Q R Mortsases 3.3 3.4 1.9 r.9 1.0 .7 .6 .3 .9 1.8 1.8 1.9 2.2 5.1 R S Consumer credit 2.7 2.9 3.3 2.7 1.6 2.6 1.7 2.8 -.5 -1.2 .9 1.1 2.4 S T U O B t a h n e k r l l o o a a n n s s nee -1 5 . 1 8 8.8 o 1 - 0 .3 .5 - 4 .1 .5 6. . 8 4 3 1 . . 3 4 -1 2 . . 4 0 2 2 ^ .1 4 — 1 1 .7 4 _— 23 -1 5 . 0 1 9 3 .8 0 3 .4 9 - 5 . 8 1 U T V Security loans .8 A .8 .2 -3.9 .8 3.2 .8 -2.3 2.9 -) T, 1 3 -1 2 — 12 V W Net increase in liabilities 3.7 5.7 -1.4 -5.6 6.7 14.1 10.0 10.0 19.1 17.5 14.5 19.1 23.6 W X Dem. Dep. net & currency. . . . .8 5.8 -2.7 -5.9 1.2 4.1 .7 -2.0 6.5 9.6 8.3 -4.4 9.7 X Y Due to U S Govt -3.7 .5 6.4 .3 -.8 4.2 1.4 -1.4 -5.4 2.7 -2 4 2 2 7 0 Y Z Due to rest of world .6 -A.1 .4 -.7 -.5 -.5 * .8 .9 -.9 "A 1.0 1.9 — 9 Z AA Due to others 4.0 .9 -.9 -2.3 -4.6 -2.5 2.8 1.3 2.5 4.7 3.7 9.6 -8.6 3.7 AA AB Demand deposits, net 5.5 .3 -1.4 -3.3 -3.1 -2.6 2.6 .3 1.4 3.6 3.2 9.5 -10.3 1.6 AB AC Currencv .5 .6 .5 1.0 -1.5 .1 7 1.0 1.1 I l 5 I 1 7 2 0 AC AD Time deposits 2.0 1.8 .6 - .2 4.2 9.4 9.7 11.7 11.9 7.8 6 3 22 6 13 9 AD AE Due to consumers 3.1 4.2 2.4 2.3 1.2 2.3 4.4 5.0 5.5 8.8 4.8 7.2 16.0 10 9 AE AF Due to others -1.1 -2.3 -2.5 -1.7 -1.4 1.9 5.0 4.7 6.2 3.0 1 0 -.9 6.6 3.0 AF AG Other liabilities .9 * -.1 .7 .6 1.3 .6 -.3 . 3 .7 A * .9 * AG AH Discrenancv (C D^ — 3 5 6 -.3 -1 0 — 2 2 — 9 1 6 -2 4 8 2 8 6 1 1 5 I 4 4 2 AH (H) Nonbank financial sector A Current surplus 9.2 9.5 9.2 10.0 9.2 9.0 10.5 9.3 8.9 8.8 9.9 10.4 8.9 9.3 A B Credits imputed to consumers 8.3 9.5 8.0 9.4 8.9 7.5 8.9 7.2 7.5 7.4 9.1 10.2 8.6 9.1 B C Gross saving (A —B) .9 * 1.2 .6 A 1.5 1.6 2.1 1.4 1.5 .8 .2 .3 .2 C D Gross investment fE-l-F^ 2.6 1.4 2.2 .3 2.3 2.0 3.8 3.7 5.4 1.5 1.4 1 6 2 3 -.6 D E Capital expend, (insur. sector). .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 E F Net Jinan, invest. (G — Z) 2.2 1.0 1.8 -.1 1.9 1.6 3.4 3.3 5.0 1.1 3.0 1.2 1.9 -1.0 F G Net acquis. offinan. assets 26.9 25.1 27.3 22.4 22.4 24.8 28.5 26.8 23.3 27.0 31.1 32.1 25.3 28.3 G By subsector: 1 9 1.8 1.5 .9 1.1 1.1 2.1 2.1 2.9 1.6 2.2 2 2 3 3 2 4 H I S. & L. assns. & cr. unions... 8.9 9.6 9.1 7.5 8.1 7.4 8.0 9.8 9.7 10.5 10.6 12.5 10.6 11.1 1 J Life insurance companies 5.1 5.8 4.5 5.2 5.4 5.0 5.7 5.6 6.1 5.6 5.7 6.0 6.0 6.3 J K Other insurance companies.. 1.9 1.9 2.5 1.2 1.7 1.6 1.3 1.6 1.9 1.5 2.0 1.6 1.6 K L Noninsured pension funds... 3.2 3.3 2.8 3.5 3.2 2.8 4.4 3.3 3.0 2.8 4^0 4.3 2.9 3.3 L M Finance nee 5.9 2.7 6.9 4.2 3.1 6.8 7.0 4.3 -.2 5.0 7.6 5.0 1.0 3.6 M By type: N Demand dep and currency.. .4 -.4 .2 .3 * 1.4 .6 .2 1.4 1.1 1.5 .9 1.2 - 2 N O Cr. and equity mkt. instr.. . . 25.7 25.2 27.6 22.6 23.3 23.5 26.3 25.2 19.7 22.2 30.5 29.1 25.0 31.4 O P Federal obligations 1 4 1.7 1.5 -.9 .4 -.8 .8 1.1 -1.4 1.5 2 1 9 — 15 P Q State and local oblig 1.7 1.5 2.2 1.0 .9 1.7 1.9 1.4 1.8 1.1 1.8 1.0 1.8 1.1 Q R Corp. and foreign bonds. 4.4 2.4 3.3 4.0 1.6 3.4 4.3 4.9 1.9 3.6 4.9 4.4 .8 4.3 R S Corporate stock 3 6 1.9 3.5 3.3 1.8 3.1 3.9 3.4 2.5 3.9 5.2 4 9 2 7 5 0 S T 1 - to 4-family mortgages.. 9.7 9.6 10.0 9.4 8.8 8.6 8.8 9.0 9.6 11.4 11.3 13.1 10.1 13.2 T U Other mortgages 2.4 2.6 2.4 2.2 3.1 2.9 2.5 2.8 2.6 2.9 2.7 3.8 3.6 4.4 U V Consumer credit 1.2 2.2 3.4 2.5 3.7 2.5 2.0 .8 .1 -.2 2.0 1.5 1 8 V W Other loans 1.2 3.3 1.3 1.0 3.0 2.1 2.1 2.8 .2 1.0 2.9 -.3 2.6 3.0 W X Security credit . .4 .3 * -.9 • . . 7 9 1. . 4 1 1 1 . . 0 3 2 1 . . 3 3 -.7 2 1. . 7 3 -.8 * -3.6 .7 X Y Z Net increase in liabilities 24.8 24.1 25.6 22.6 20.6 23.2 25.0 23.1 18.4 25.5 28.1 30.7 23.5 29.2 7L AA Dep in mutual savings bks.. . 1.7 1.2 A .7 1.1 1.9 1.8 2.1 2.6 2.0 1.9 2.7 2.8 AA 6 7 7.4 7.4 7.2 7.4 7.7 8.1 9.1 9.1 8.9 8.6 11.0 9.5 9.5 AB AC Saving through life insurance. 3.9 4.6 2.9 3.1 3.9 3.1 3.5 3.4 3.7 3.3 4.0 3.9 4.6 4.3 AC AD Saving through pension funds. 4.8 5.0 4.9 6.0 4.7 4.4 5.5 4.2 4.0 4.2 5.2 6.3 4.0 4.8 AD AE Credit market instr 6.0 5.9 6.7 4.5 5.0 3.4 2.0 3.3 * 2.6 6.C 5.7 4.6 7.4 AE A A G F C C o o r r p p o o r ra a t t e e s b t o o n c d k s ? 1 . . 8 6 3 1 1 . . . 4 6 8 2.3 1 1 . . . 4 9 1 1 1 . . 4 8 4 1 1 . . 1 6 — 1 1 1 . . 4 . 4 3 - 1 1 .6 . . 9 3 -2 1 . . . 6 9 -1 1 1 . . . 0 3 5 2 3 . . . 0 3 2 2. . 7 9 5 3.3 * 1 1 1 . . . 2 9 5 A A A G F I j .6 1.9 .' .6 * * .4 1.7 1.0 AJ AK FHLB loans to S & L assns. 1.3 .8 .8 t .1 — .A .8 1.3 -.4 1.7 AK — 1 2 1.8 1.4 1 — 2 3 . * 3 5 2 1 .2 4 3 1 1 .0 1. . 2 1 .8 2 1 . . 2 7 i 1 ! . c 4 1.7 -1.7 - 1 .9 .3 A A M L 2 AN Discrep. & unident. assets (C-D). -1.4 — .9 11 -2.C -2.2 -1.6 -4.0 -.1 -1.4 -2.0 .8 AN NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1522 FLOW OF FUNDS/SAVING 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [Billions of dollars] 1957 1958 Category 1956 1957 1958 1959 1960 1961 I II III IV I II III IV (I) Rest-of-world sector A Net purch. of goods and serv. (B — C) 3.4 5 4 1.9 2 3 4 4 6 6 6 5.6 5.6 3.7 2.3 1 8 2 2 1 I A B Purch. of goods and services 23.3 26.4 23.0 23.2 26.7 27.6 27.3 26.7 26.9 24.8 22.8 23.0 23.2 23.0 B C Sales of goods and services 19.9 21.0 21.2 23.5 23.3 23.1 20.7 21.1 21.3 21.2 20.5 21.1 21.0 21.9 C D Net unilateral receipts 2.0 1.9 2.0 2.1 2.1 2.2 1.7 1.8 2.0 2.2 2.2 2.0 1.9 1 8 D E Current surplus (D—A) -1.4 -3.4 .1 2.3 -1.3 -2.4 -4.9 -3.8 -3.6 -1.4 .2 -.3 .7 E * F Net financial investment (G — iV) -2.2 -4.3 -.4 1.7 -.7 -1.8 -5.7 -4.5 -4.5 -2.4 -1.1 -.8 A F G Net acquis. offinan. assets 1.4 - .2 3.4 5.8 4.2 3.1 -1.0 .8 -1.3 .9 2.8 4.1 3.2 3.6 G H Gold 3 -.8 2.3 1.1 1.7 .9 -1.4 -1.3 -A -.4 1.5 4.3 1.9 1.4 H [ U.S. dem. dep. and currency... '.2 .2 * .1 A -.8 1.5 .2 2 -.2 .1 -.4 .7 I J Time deposits -A * .9 -.9 .3 .6 * -.4 A \l 3.4 .3 -.3 .3 J K Federal obligations .8 .1 * 3.0 .4 .3 .2 .2 -1.2 1.3 -1.5 -1.3 2.4 .6 K L Other credit market instr 5 4 -.1 .4 .8 .4 .7 .5 .7 2 .2 — 4 2 * L M Misc. financial assets .3 -.1 .3 2.2 1.0 .6 .3 .2 — 1.0 .3 -.5 1.1 -A .6 M N Net increase in liabilities 3.6 4.1 3.8 4.1 4.9 4.9 4.7 5.5 3.1 3.4 3.9 4.0 4.0 3.2 N Official U S foreign exchange 1 O Securities .... 4 5 1.3 .7 .7 .8 .4 .7 .4 .4 1.3 1 5 .8 1 5 O .6 .9 1.1 .2 1.4 1.9 .9 .2 .4 2.1 1.2 .6 1.5 1.0 P Q Miscellaneous 2.6 2.8 1.5 3.3 2.9 2.1 3.3 4.4 2.4 .9 1.4 1.9 1.8 .7 Q R Discrepancy (E — F) . 8 9 5 7 — 6 — 6 8 8 9 1 0 1 0 2 5 3 R S Memo: Unilateral transfers in kind. 2.7 3.0 2.8 2.6 2.2 2.1 3.0 3.0 2.9 2.8 2.8 2.8 2.7 2.7 S NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 1523 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [Billions of dollars] 1959 1960 1961 1962 Category I II III IV I II III IV I II III IV I II (I) Rest-of-world sector A Net purch. of goods and serv. (B — C) -.1 -1.1 -.1 .4 1.9 2.8 3.4 5.5 5.9 4.7 3.3 4.4 4.3 4.4 A B Purch. of goods and services 22.2 22.4 24.1 24.2 25.7 26.9 26.8 27.5 27.8 26.9 27.2 28.7 28.6 29.5 B C Sales of goods and services 22.2 23.6 24.2 23.8 23.8 24.0 23.5 22.0 21.9 22.2 23.9 24.3 24.3 25.1 C D Net unilateral receipts 1.9 2.0 2.2 2.3 2.3 2.2 2.0 2.0 2.0 2.1 2.3 2.4 2.5 2.3 D E Current surplus (D—A) 2.0 3.2 2.2 1.9 4 — 7 — 1.3 -3.5 -3.9 -2.6 -1.1 -2.0 -1.8 -2.1 E F Net financial investment (G—N) 2.0 2.5 1.7 .5 -.3 .8 -1.2 -2.2 -3.4 -.2 -2.3 -1.1 -2.0 -1.1 F G Net acquis. offinan. assets 4.2 77.2 5.7 2.5 3.4 4.4 4.1 5.0 2.3 1.7 2.3 6.2 3.6 3.3 G H Gold A 3 0 .7 .3 2 4 2 6 3.7 1.5 -.7 .6 2.0 1.2 .5 H I U.S. dem. dep. and currency... .6 .4 -.7 -.5 -.5 .8 .9 -.9 .4 1.0 1.9 -.9 I J Time deposits _ 2 — 14 -1 1 — 9 — 1 2 1 l 1 2 3 -.3 .7 1 3 .6 -.4 2 J K Federal Obligations 2.2 3 9 3.8 2.0 1.8 -.1 -.7 .7 .5 -.7 1.0 .4 .8 2.2 K L Other credit market instr -.5 .7 .4 .8 1.3 .6 .8 .3 .2 .8 .4 * .1 .1 L M Misc financial assets 1 7 4 9 1 1 1 1 1 8 2 9 .3 -.9 - 5 2.4 -1.4 2.0 1.4 M N Net increase in liabilities 2.3 8.7 3.4 2.0 3.7 3.5 5.4 7.2 5.8 1.8 7.4 5.5 4.4 N Official U S foreign exchange . .1 .6 -.5 .2 .5 1.3 O Securities 8 c 6 7 6 6 6 2 9 7 1.1 .5 1 2 O P Loans .6 2 .9 1.1 2.4 2.6 -1.0 2.4 3.7 3.1 .4 P Q Miscellaneous 1.4 7.6 2.3 1.8 2.1 1.8 3*.7 4.1 2.8 1.2 2.0 2.3 1.4 1.6 Q R Discrepancy (E — F) * .6 .6 1.4 .7 -1.5 -.1 — 1.3 -.5 -2.4 1.2 -.9 .1 -1.0 S Memo: Unilateral transfers in kind. 2 7 2 6 2.6 2 5 2 4 2 3 2 2 2 1 2 0 2 1 2.1 2.1 2 0 1 9 S NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics * International * Reported gold reserves of central banks and governments 1526 Gold production 1527 Net gold purchases and gold stock of the United States 1528 Estimated foreign gold reserves and dollar holdings 1529 International capital transactions of the United States 1530 U. S. balance of payments 1539 Money rates in foreign countries 1539 Foreign exchange rates 1541 Guide to tabular presentation 1450 Index to statistical tables 1547 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- 1525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1526 GOLD RESERVES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Intl. End of mated Mone- period total tary world1 Fund 1955 37,620 1,808 1956 38,105 1,692 1957 38,810 1,180 1958 39,490 1,332 1959 40,185 2,407 I960 40,525 2,439 1961 Sent 41 070 2 046 Oct 2,055 Nov 2,059 Dec 41,150 2,077 1962 Jan 2 079 Feb .. 2,096 Mar 41,285 2,098 Apr 2,099 May 2,106 June . - • vA1,275 2,110 July 2,136 AU2 2,155 Sept 2,175 E pe n r d i o o d f Cuba m D a e r n k - 1955 136 31 1956 136 31 1957 136 31 1958 80 31 1959 50 31 I960 31 1961 Sect 31 Oct 31 Nov 31 Dec 31 1962—Jan 31 Feb 31 Mar 31 Apr 31 May 31 June 31 July . .. 31 Aug 31 Sept 31 Ire- E pe n r d i o o d f Iraq R l e a p n . d o , f 1955 8 18 1956 14 18 1957 20 18 1958 34 18 1959 84 18 I960 98 18 1961 Sect . 84 Oct 84 Nov 84 Dec .... 84 1962 Jan. . . 98 Feb 98 Mar 98 Apr 98 May 98 June 98 July Aug Sept OOOOOOOO 0000000003 Esti- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t g p h . o e , 21,753 14,060 372 144 71 928 323 1,134 44 86 116 22,058 14,355 224 107 71 925 324 1,103 46 57 122 22,857 14,775 126 126 103 915 324 1,100 40 62 81 20,582 17,575 60 162 194 1,270 325 1,078 40 72 83 19,507 18,270 56 154 292 1,134 327 960 43 71 42 17,804 20,280 104 147 293 1,170 287 885 45 78 17 457 21 565 191 152 298 1 165 288 927 48 85 17,331 190 155 302 l',203 289 932 48 86 17,021 190 159 302 1,234 285 941 49 87 16,947 22,125 190 162 303 1,248 285 946 48 88 16 847 190 164 303 1 277 285 950 48 89 16,795 165 164 304 1,291 285 962 47 89 16,643 22,545 164 167 344 1,297 285 964 46 91 16,519 114 170 363 1,315 285 963 46 91 16,458 114 174 363 1,318 286 913 45 92 16,527 ^22,640 102 111 363 1,335 286 669 45 93 16,182 78 180 419 1,335 286 674 44 16,139 182 419 1,342 286 683 44 16,081 184 419 1,341 689 43 Domin- Ger- R i e c p a u n b- E d c o u r a- E v l a d S o al r - l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d s o ia - Iran lic Rep. of 12 23 28 35 942 920 11 27 247 81 138 11 22 28 35 924 1,494 10 27 247 45 138 11 22 31 35 581 2,542 13 27 247 39 138 11 22 31 35 750 2,639 17 27 247 37 141 10 20 30 38 1,290 2,637 26 24 247 33 140 10 20 30 41 1,641 2,971 76 24 247 58 130 20 17 45 2,124 3,644 77 24 247 43 130 1 19 17 45 2,125 3,648 77 24 247 43 130 3 19 17 45 2,122 3,648 82 24 247 43 130 3 19 18 47 2,121 3,664 87 24 247 43 130 3 19 18 47 2,120 3,664 87 24 247 130 3 19 18 46 2,144 3,664 87 24 247 130 3 19 18 61 2,171 3,666 91 24 247 129 3 19 18 62 2,207 3,666 86 24 247 129 3 19 18 62 2,235 3 667 89 24 247 129 3 19 18 62 2,270 3,667 96 24 247 129 3 19 18 62 2 417 3 667 92 24 247 129 3 19 18 62 2,450 3,667 86 247 129 3 19 61 2,481 3,668 247 129 Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A So fr u ic th a 352 74 142 865 33 45 48 35 16 428 212 338 77 167 844 33 50 49 35 22 448 224 452 91 180 744 33 45 49 28 6 461 217 1,086 91 143 1.050 33 43 49 19 10 493 211 1,749 102 142 ,132 34 30 50 28 9 548 238 2,203 119 137 1,451 35 30 52 42 15 552 178 2,226 140 116 1,581 30 53 47 22 437 205 2,226 140 116 1,581 30 53 47 25 438 218 2,226 140 115 1,581 30 53 47 26 439 256 2,225 140 112 1,581 30 53 47 27 443 298 2,228 140 111 1,581 30 53 47 27 444 343 2,228 140 110 ,581 30 53 47 28 444 361 2,229 140 109 1,581 30 53 47 446 379 2,234 140 109 1,581 30 53 47 446 386 2,240 140 107 1,581 30 53 47 447 407 18 2,242 151 106 1,581 30 53 47 454 432 18 2,244 172 106 1,581 30 53 47 455 446 18 2,244 172 1,581 30 53 47 467 468 18 2,241 172 I 581 30 53 47 469 488 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND PRODUCTION 1527 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank E p n e d r io o d f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n o in m it g e 2 - d g U u 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 4 ments 3 1955 132 276 1,597 19 112 144 174 2,120 216 403 121 244 1956 132 266 1,664 19 112 144 188 2,133 186 603 59 268 1957 101 219 1,706 24 112 144 188 2,273 180 719 24 254 1958 57 204 1,925 24 112 144 174 3,069 180 719 -42 126 1959 68 191 1,934 19 104 133 174 2,736 180 652 -134 40 1960 178 170 2,185 19 104 134 174 3,231 180 398 -19 55 1961—Sept 277 180 2,472 19 104 139 174 3,553 180 398 164 50 Oct 291 180 2,525 104 139 174 3,531 180 398 164 Nov 301 180 2,505 104 139 174 3,556 180 398 183 Dec 316 180 2,560 104 139 174 3,318 180 398 115 56 1962—Jan 331 181 2,505 104 140 174 3,410 180 398 176 Feb 341 181 2,481 104 140 174 3,424 180 398 176 Mar 351 181 2,444 104 140 174 3,452 180 398 171 61 Apr 376 181 2,424 104 140 174 3,472 180 398 162 May 400 181 2,409 104 140 174 3,525 180 398 165 June 409 182 2,409 104 140 174 3,433 180 398 203 46 July 429 182 2,459 140 174 2,915 180 398 209 Aug 429 181 2,459 140 174 2,848 398 210 Sept 428 181 2,453 140 174 2,792 398 200 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 All 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 other 1 1955 940.0 510.7 18.4 24.1 13.0 65.7 159.1 13.4 8.1 3.9 13.3 36.7 7.4 66.2 1956 .... 975.0 556.2 18.8 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 3.9 13.0 38.6 6.0 69.8 1959 1 125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5.8 64.8 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—Aug 68.8 1.6 3.8 12.5 1.0 .2 1.1 3.4 .5 Sept 68.5 1 6 4.5 12.1 .6 .3 4 3.2 .5 Oct 68.9 1.6 3.9 12.7 .6 .4 4 3.5 .4 Nov . 69.2 1.6 4.1 13.0 .9 .4 l.l 3.1 .5 Dec 67.8 1.6 3.4 12.9 .5 .4 l.l 3.3 .5 1962—Jan . . 70.6 1.6 3.5 12.6 .7 .4 1.3 2.9 .5 Feb 67.4 1.6 3.2 11.4 .9 .4 1.4 2.9 .5 Mar 72.9 1.7 3.5 12.8 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 .4 1.2 3.0 75.2 1.6 3.1 11.8 .8 4 .9 July 76 3 1 6 4 0 11 9 .4 Aug 76 6 4.6 12.0 .4 1 Estimated; excludes U.S.S.R., other Eastern European countries, Bureau of Mines. Country data based on reports from individual countries China Mainland, and North Korea. and of the Bureau of Mines except Brazil, data for which are from 2 Gold exports. American Bureau of Metal Statistics. For the United States, annual figures are from the Bureau of the Mint and monthly figures are from American NOTE.—Estimated world production based on reports of the U. S. Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1528 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 HI 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 Netherlands 25 -2ol -30 -249 -25 —25 —55 —5 -20 -10 Spain 31 32 -114 -156 -58 -40 -47 -59 — 16 -8 -215 20 -324 -125 '"-20 -45 62 35 —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 -11 -15 Total -378 -78 80 68 -2,326 -827 -1,718 -754 202 -246 -466 -290 -339 Canada 15 5 190 Latin American republics: 115 75 67 -50 -90 25 60 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 14 -3 -5 -38 -6 -1 * -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 y s2 Total T g o o t l a d l 1950 22,820 22,820 22,706 -1,743 -1,743 1961—Oct... 17,443 17,331 17,300 112 -76 -126 1951 22,873 22,873 22,695 53 53 Nov... 17,148 17,021 16,975 127 -295 -310 1952 23,252 23,252 23,187 379 379 Dec... 17,063 16,947 16,889 116 -85 -74 1953 22,091 22,091 22,030 -1,161 -1,161 1954 21,793 21,793 21,713 -298 -298 1962—Jan... 16,963 16,847 16,815 116 -100 -100 Feb... 16,948 16,795 16,790 153 -15 -52 1955 21,753 21,753 21,690 -40 -40 Mar... 16,873 16,643 16,608 230 -75 -152 1956 22,058 22,058 21,949 305 305 Apr... 16,762 16,519 16,495 243 -111 -124 1957 22,857 22,857 22,781 799 799 May.. 16,718 16,458 16,434 260 -44 -61 1958 20,582 20,582 20,534 -2,275 -2,275 June.. 17,081 16,527 16,435 554 363 69 1959 19,507 19,507 19,456 -1,075 3-1,075 July... 16,678 16,182 16,147 496 -403 -345 Aug... 16,562 16,139 16,098 423 -116 -43 1960 17,804 17,804 17,767 -1,703 -1,703 Sept... 16,531 16,081 16,067 450 -31 -58 1961 17,063 16,947 16,889 116 -741 -857 Oct.p. . 16,364 16,026 15,978 338 -167 -55 1 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 8 on page 1537 for gold held under earmark at 2 For holdings of F. P Banks only see pp. 1458 and 1460. F. R. Banks for foreign and international accounts. Cold under ear- 3 Includes payment of $344 trillion as increase in U. S. gold subscrip- mark is not included in the gold stock of the United States. tion 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 1529 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 & notes dollars & notes dollars & notes dollars & notes series series Western Europe: Austria 536 7 3 480 3 526 3 558 3 594 • 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 1 * 112 2 134 2 138 2 138 2 133 2 2,160 16 5 2,862 4 3,014 5 3 110 4 3 360 3 3 664 3 Germany Fed. Rep of 6,447 16 3 6,588 3 6,394 3 6,505 3 6,200 3 6,289 3 139 * * 136 * 120 * 154 * 189 * 206 * Italy 3,080 « * 3,059 * 3,377 * 3,459 • 3,416 * 3,429 * Netherlands 1,779 13 4 1,735 3 1,804 3 1,797 3 1,822 2 1,888 2 Norway 112 143 148 134 132 135 128 135 126 142 93 131 85 Portugal . . .. . . 636 1 1 546 1 523 1 542 532 1 584 1 Spain 327 3 1 352 1 405 1 469 516 1 568 Sweden 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 Kingdom 2 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 * 1 475 1 454 1 425 407 1 310 1 Brazil 481 2 2 474 2 551 513 492 1 511 1 Chile 180 * * 171 * 178 * 153 160 * 176 * Colombia . . . . 236 * 1 202 1 222 1 235 228 I 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 5 606 615 6 623 6 123 2 1 78 1 79 1 87 82 1 87 Peru 114 * * 118 41 123 1 131 137 * 137 * Uruguay 231 1 1 230 1 229 1 237 255 259 1 796 3 1 826 1 846 1 815 796 1 762 Other4 370 9 303 57 297 77 278 192 328 188 415 156 Total 3,630 59 15 3,469 69 3,624 89 3,594 204 3,622 200 3,646 168 Asia: India 301 40 41 288 6 333 6 325 6 321 6 296 6 Indonesia . . . 236 * 1 142 1 120 1 119 1 137 125 1 Iran 152 * • 178 * 167 4> 161 • 165 * 155 * Japan 2,166 2 3 2,262 3 1,953 3 1,894 3 2,048 3 2,099 3 Philippines 218 2 2 184 2 174 2 212 1 193 207 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 All other: 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 * Others 600 27 35 618 37 579 38 635 39 632 42 639 39 Total 1,238 28 35 1,238 37 1,257 38 1,414 39 1,505 42 1,584 39 Total foreign countries6 37,654 1,409 1,426 38,374 1,427 40,073 1,513 40,873 1,598 41,349 1,468 42,183 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 48,859 2,315 Sterling area 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
1530 INT'L 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 - * Total Official2 Other m G F a e e n d r y - . , U K d n i o i n m t g e - d Other Total Canada A L m a e t r i i n ca Asia O A th l e l r Rep. of 1957 15,158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2,575 1,946 355 1958 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959 19,389 33,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 1960 21,329 3,955 17,374 10,327 7,047 3,476 1,667 3,903 9,046 2,439 2,422 3,115 352 1961—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 r24,112 '4,568 19,544 11,296 '8,248 2,622 2,262 5,709 10,593 2,897 '2,533 3,101 421 June 4 24,221 4,568 19,652 11,296 8,356 2,622 2,264 5,709 10,595 2,897 2,534 3,206 421 July 23,794 4,850 18,944 10,871 8,073 2,543 1,853 5,220 9,616 3,120 2,559 3,200 449 Aug.P 24,335 5,009 19,326 11,218 8,108 2,592 1,847 5,288 9,727 3,416 2,497 3,227 458 Sept.? 24,709 4,932 19,776 11,751 8,025 2,799 1,802 5,455 10,056 3,480 2,498 3,280 462 la. Other Europe End of period Total A tr u ia s- g B iu el m - m D a en rk - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l z a w e n r i d t - - T k u ey r- Other 5 1957 4 310 349 130 112 64 354 154 1 079 203 93 142 24 260 967 18 360 1958 5,081 411 115 169 69 532 126 [,121 339 130 163 36 303 852 20 694 1959 5,496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 31 590 1960 3,903 243 142 54 46 519 63 877 328 82 84 149 227 678 18 393 1961—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 I 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 5,220 291 204 44 68 1,046 100 1,095 339 103 132 176 425 913 17 266 Aug.p 5,288 316 184 52 70 1,080 98 1,244 258 117 137 144 463 832 17 279 Sept.p 5,455 325 170 47 74 1,162 101 1,292 276 112 141 160 458 832 22 283 lb. Latin America End of period Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m R 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- N S t n A a i e u l a n l n t m r e d h 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 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959 2,408 337 24 151 185 217 164 37 28 37 442 88 129 82 62 277 148 1960 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961—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 June.... r2,534 208 25 '225 '131 159 37 48 35 52 '518 87 87 90 79 '364 '389 July 2,559 231 23 201 113 149 37 43 36 42 489 96 87 96 73 436 406 Aug.P. . . 2,497 210 21 197 104 143 36 42 33 37 484 93 87 104 87 390 429 StP 2,498 230 22 213 104 145 36 40 31 34 461 94 85 107 92 379 425 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. 1531 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 End of period Total H K o o n n g g India I n n e d si o a - Iran Israel Japan p K r R l u e i o e c a b - - , - P p i h i p n i - l e - s T w a a i n - T la h n a d i- Other Total A tr u al s i - a C * o § n- • A S f o r u ic t a h ( U E . g A y . p R t . ) Other of the 1957 1 946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 38 40 153 1958 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 30 16 175 1959 2,780 60 114 139 47 87 1,285 148 172 94 141 494 373 110 31 49 20 162 1960 3,115 57 54 178 22 75 1,887 152 203 84 186 217 352 88 32 29 22 181 1961—Sept 2 896 55 86 77 37 62 1,649 194 152 90 240 255 375 86 43 46 15 185 Oct 2,807 59 88 92 34 65 1,535 195 134 92 240 273 382 90 39 46 15 19? Nov 2,819 59 90 82 31 62 1,532 198 150 90 248 276 385 91 38 44 12 199 Dec 2 892 55 78 76 31 63 1,590 199 185 92 264 258 387 98 34 32 15 ?09 1962—Jan 2,926 59 75 86 34 63 1,599 188 202 98 276 246 415 127 31 32 21 ?04 Feb 2,990 57 74 100 35 87 1,628 187 171 103 293 255 378 95 28 36 14 ?m Mar 3,086 57 74 94 36 71 1,744 183 165 92 306 262 392 101 27 36 16 213 3,064 58 70 88 23 78 1,703 181 173 90 314 287 392 96 27 43 17 ?,10 May 3,085 61 54 80 18 76 1,746 174 184 85 323 283 437 97 40 42 25 232 June 3,101 56 49 82 26 76 1,795 164 179 85 327 261 421 104 37 39 19 222 June 4 3 206 56 49 82 26 76 1,900 164 179 85 327 261 421 104 37 39 19 222 July 3,200 60 39 79 32 76 1,903 160 169 86 327 267 449 122 37 36 22 232 Aus v. . . 3 227 60 39 83 37 89 1,937 155 169 82 327 250 458 126 41 45 13 ?3? Sept p 3,280 57 46 33 28 81 2,040 153 159 79 326 279 462 131 35 47 12 236 Id. Supplementary Data7 (end of year) Area or country 1958 1959 1960 1961 Area or country 1958 1959 1960 1961 Other Europe: Other Asia (Cont.): Bulgaria .3 1.2 .5 1.2 Ceylon 44.1 34.4 6.9 n.a. Cyprus .2 .3 .5 .7 China Mainland ! 36.0 35.8 34.8 34.6 Czechoslovakia 8 .6 .7 1.0 .9 Goa 2.5 2.3 1.4 .9 Hungary .9 1.3 1.0 1.0 Iraq 18.0 63.1 13.8 n.a. Iceland 3.5 2.7 5.1 3.1 Jordan 2.8 2.5 1.8 1.6 Ireland, Republic of. 10.0 5.4 2.7 3.2 Kuwait 10.3 9.4 9.6 27.1 Luxembourg 16.1 7.2 12.6 16.1 Laos 20.9 21.0 5.0 n.a. Monaco 5.9 5.3 4.1 3.4 Lebanon 37.9 38.0 36.2 n.a. Poland 8 4.9 4.0 6.1 7.2 Malaya 1.2 1.4 6.3 4.4 Rumania 8 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. « 2.2 2.6 12.1 4.8 Ryukyu Islands. 15.2 14.8 14.2 n.a. Yugoslavia 8 9.5 6.2 10.0 11.6 Saudi Arabia..., 60.2 111.6 18.4 24.9 Singapore 2.5 3.5 1.9 3.2 Ot B he a r h a L m at a i s n 9 America: 47.2 77.5 V Sy ie ri t a -Nam 4 4 8 . . 7 8 6 5 8 . . 0 3 1 4 4 . . 2 6 7 2 . . 9 6 H B C P E H N T F a r h c e o o i a e r c u r e s i n a n m a t t a d i g a W c r d u a u u h o R d g r a e r a a u s y W i s c t a a e I s n t d i I e n s d i f e e s d e a r n a d ti o F n r e 9 nch Guiana. 2 3 1 1 7 6 6 3 1 4 1 7 . . . . . . . . . 7 8 3 4 6 5 3 5 4 3 2 1 1 1 1 1 6 0 2 1 2 2 8 4 ^ . . . . . . . 7 6 5 7 8 9 3 5 2 2 1 1 1 1 1 4 1 7 1 1 5 0 9 . . . . . . . . . 6 9 7 3 3 4 7 0 8 10 2 3 1 1 1 1 9 4 3 3 7 4 4 3 . . . . . . . . . O 9 6 9 5 8 3 5 3 All A E L L F G M M o r i t i l h b o h b a e g t a d h e n y i r e o n o r a e r e c i p i a c h r i a a r : i c a a o S o I a ( s m n i l n a d a c n l l E i d . l s r a T i n t a r d n e g a ier) 4 2 1 6 3 1 7 1 3 . . . . . . . . 5 8 0 4 0 5 7 0 2 5 1 1 2 0 7 7 8 . . . . . . . . 0 8 6 3 6 6 4 7 6 1 9 5 4 6 . . . . . . . . 3 6 3 4 9 9 9 8 9 2 1 5 3 1 1 1 . . . . . . . . 4 1 0 7 9 5 1 8 Mozambique 2.9 2.0 2.2 1.6 Other Asia: New Caledonia 1.4 1.3 1.4 n.a. Aden 1.7 2.2 2.3 n.a. New Zealand 6.9 6.8 35.1 4.0 Afghanistan. 4.5 11.0 9.8 3.6 Rhodesia and Nyasaland, Federation of. .2 .3 3.9 n.a. Bahrain .9 .9 .5 .6 Somali Republic 1.3 .8 3.5 1.7 Burma 5.9 4.3 .9 n.a. Sudan 5.2 1.6 1.9 n.a. Cambodia... 24.9 19.7 10.9 15.3 Tunisia .3 8.4 2.8 1.2 1 International Bank for Reconstruction and Development, Inter- 7 Except where noted, data based on reports by banks in the Second national Monetary Fund, International Finance Corporation, Inter- ("N. Y.) F. R. District and are a partial breakdown of the amounts shown national Development Association, and other international organizations. in the "other" categories in Tables la-lc. 2 Foreign central banks and foreign central governments and their 8 Based on reports by banks in all F. R. districts. agencies (including official purchasing missions, trade and shipping 9 Before 1960, data for the Bahamas included with The West Indies missions, diplomatic and consular establishments, etc.). federation. 3 Includes $1,031 million representing increase in U. S. dollar sub- 1 o Excludes Jamaica. scription to the IMF paid in June 1959. 4 These figures reflect the inclusion of data for banks initially included NOTE.—For back figures and description of the data in this and the as of June 30. following tables on international capital transactions of the United States, 5 Includes Bank for International Settlements. see "International Finance" Section 15, Supplement to Banking and Mone- 6 Beginning with 1960 includes Inter-American Development Bank. tary Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1532 INT'L 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 End of period, or area Total To banks and official institutions To all other foreigners in P a f y o a r b ei l g e n and country currencies U.S. U.S. Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1957 15,158 12,847 5,875 5,840 ,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 1960 21,329 18,986 7,568 10,018 ,401 2,230 1,849 148 233 113 J 961—Sept... 21,940 19,613 8,691 9.543 ,379 2,226 1,891 117 219 100 Oct.. . 22,235 19,783 8,899 9; 485 ,398 2,293 1,918 151 224 159 Nov... 22,417 19,942 8,843 9,654 ,445 2,333 1,930 147 256 142 Dec.. . 22,551 20,039 8,652 9,891 ,496 2,362 1,974 149 238 150 1962—Jan.. . 22,495 19,962 9,148 9,372 ,441 2,372 1,966 151 255 161 Feb... 22,792 20,201 9,134 9,635 ,432 2,440 1,971 166 302 152 Mar... 23,207 20,562 8,768 10,352 ,442 2,461 2,002 156 303 184 Apr... 23,388 20,728 9,118 10,146 ,465 2,479 2,034 140 305 181 May.. 23,555 20,890 8,823 10,574 ,493 2,498 2,045 100 353 167 June.. '24,112 '21,261 >"8,671 11,138 ,453 2674 r2,207 107 360 177 June 3 24,221 21,368 8,739 11,138 ,491 2,676 2,209 107 360 177 July. . 23.794 21,061 8,410 11,190 ,461 2,553 2,088 112 353 180 Aug. P. 24,335 21,555 8,340 11,809 ,406 2,534 2,060 109 365 246 Sept. P. 24,709 21,893 8,227 12,252 .414 2,561 2,088 100 373 254 Area and country detail, July 31, 1962 Europe: Austria 291 289 252 33 5 2 2 Belgium 204 170 93 50 27 34 30 Denmark 44 36 31 4 1 7 Finland 68 67 46 19 2 1 France 1,046 988 233 710 46 54 46 Germany, Fed. Rep. of. . 2,543 2,504 290 1.851 364 36 30 Greece 100 85 70 15 * 16 16 Italy 1,095 993 210 636 147 27 24 75 Netherlands 339 301 86 203 11 38 31 1 Norway 103 71 43 10 18 31 30 Portugal 132 97 92 5 35 35 Spain 176 150 124 24 1 26 24 2 Sweden , 425 407 100 296 12 18 17 1 Switzerland 913 801 281 335 186 100 65 16 20 Turkey 17 16 16 2 2 United Kingdom 1.853 1,404 1,101 233 69 395 140 30 225 54 Yugoslavia 25 1 4 2 24 1 0 1 7 1 4 0 "96' 76 1 1 1 0 4 Other 10 9,616 8,631 3,150 4,509 971 833 510 58 265 152 Total.... 3,120 2,855 1,531 1,289 34 250 181 39 31 15 Canada Latin America: 231 124 113 107 102 4 Argentina 23 6 5 17 17 Bolivia 201 63 53 10 136 133 3 Brazil 113 36 36 1 77 76 Chile 149 68 63 5 81 78 3 Colombia 37 2 2 35 35 Cuba Dominican Republic.... 43 27 24 2 16 16 El Salvador 36 20 7 9 4 16 16 Guatemala 42 23 15 1 7 19 18 Mexico 489 296 240 12 44 194 190 3 Neth. Antilles and Sun nam 96 43 26 12 53 36 14 Panama, Rep. of....... 87 11 10 77 67 Peru 96 31 31 65 64 Uruguay 73 30 27 43 39 Venezuela 436 205 205 231 228 Other 406 282 147 4 65 70 120 104 Total 2,559 1,268 1,005 108 155 1,285 1,221 15 49 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INT'L CAPITAL TRANSACTIONS OF THE U. S. 1533 2. SH ORT-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 Payable A c r o e u a n t a r n y d Total U.S. U.S. c in u r f r o e r n e c i i g e n s 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, July 31, 1962—Cont. Asia: Hons Kons .. 60 29 23 5 31 28 • 3 * India 39 33 23 4 6 6 6 * 1 79 76 61 10 5 3 3 Iran 32 26 26 6 6 * 76 70 38 6 27 6 5 1 1,903 1,885 1,180 535 170 18 17 * 1 Korea Reo of . . • 160 159 156 4 1 1 Philiooines 169 146 128 17 24 24 * * 86 79 72 * 7 7 7 Thailand 327 324 88 229 6 3 3 Other 267 223 174 29 20 43 42 * 2 * Total 3,200 3,050 1,969 813 268 149 142 * 6 1 All other: 122 118 39 72 7 3 3 * 37 35 35 2 2 36 33 32 2 * 2 2 * 1 U A R CEevoO 22 21 14 6 2 1 1 Other 232 201 148 39 14 28 27 2 3 Total 449 409 267 119 23 36 34 * 2 4 Total foreign countries. 18,944 16,211 7,923 6,838 1,451 2,553 2,088 112 353 180 International 4,850 4,850 487 5 4,352 11 * Grand total 23,794 21,061 8,410 6 11,190 1,461 2,553 2,088 112 353 180 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 R m e G F p a e e . n d r y o - . , f Italy S l z a w e n r i d - t- U K d n i o n i m t g e - d 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 1957 . 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 2,623 57 54 30 38 121 234 534 272 1,175 586 56 1960 3,614 32 82 34 60 245 264 717 421 1,356 1,052 69 1961 Sept 4,156 34 146 34 67 185 186 652 491 1.347 1,581 84 Oct 4,347 37 140 34 72 169 182 634 618 1,412 1,597 86 Nov 4,384 40 147 34 67 189 181 658 577 1,450 1,620 79 Dec 4,700 42 165 35 105 181 239 767 537 1,504 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 '"4,871 '52 144 37 76 159 222 r690 540 1,496 2,051 94 Apr r4,852 '47 161 41 68 142 207 r667 517 I 520 2,046 101 May 4,836 55 139 37 68 158 229 686 453 1,565 2,029 103 June 4,778 55 129 36 68 151 254 r693 431 ,529 2,009 117 June i 4,835 55 129 36 68 151 254 693 436 1,532 2,058 117 July 4,829 51 137 43 67 161 244 703 451 ,526 2^026 124 Augv 4,779 41 138 40 69 157 257 702 430 1,506 2,015 127 Sept p 4,767 43 135 41 68 163 277 726 443 I 504 1,954 140 i These figures reflect the inclusion of data for banks initially included foreigners where collection is being made by banks and bankers for as of June 30. their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and NOTE.—Short-term claims are principally the following items payable their customers in the United States. Excludes convertible currencies on demand or with a contractual maturity of not more than 1 year: loans held by U. S. monetary authorities. made to and acceptances made for foreigners; drafts drawn against See also NOTE to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1534 INT'L 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 i s a - g B iu e m l- m De a n rk - l F a i n n d - 1957 211 6 25 11 4 1958 315 7 65 14 6 1959 .. 234 4 56 18 I960 264 2 65 13 1961—Sept 186 3 10 10 Oct 182 3 11 12 Nov 181 4 10 11 Dec 239 5 20 11 1962—Jan 214 4 18 13 Feb 215 5 19 9 Mar 222 4 17 8 Apr 207 5 15 7 May .... 229 6 18 9 254 5 18 11 July 244 7 19 11 Aug & 257 6 19 13 Sept v 277 7 15 12 oo ON VC Neth- Nor- Por- Greece la e n r d - s way tugal Spain 6 29 23 2 8 7 56 22 2 30 5 38 7 2 6 33 17 4 7 45 13 2 19 6 41 17 3 20 6 46 23 3 23 6 54 27 5 23 5 60 26 2 23 4 61 22 3 24 4 66 20 5 24 4 58 21 5 26 4 62 23 5 27 5 59 24 7 28 5 57 26 8 28 5 55 27 9 28 5 60 28 11 0000 t<> Swe- Tur- Yugo- Other den key slavia 10 76 10 24 72 1 9 19 47 3 18 28 49 11 19 15 31 8 18 6 15 23 8 16 5 18 9 9 17 11 35 16 9 17 14 17 7 7 19 17 18 7 7 21 15 18 11 4 23 13 17 13 5 21 16 19 13 23 12 20 37 6 23 12 16 27 6 22 18 17 31 6 22 22 16 41 6 26 3b. Latin America End of period Total A t r i g n e a n- l B iv o i - a 1957 956 28 3 1958.... 1,099 40 3 1959 1,175 60 3 1960 . 1,356 121 4 1961—Sept 1,347 160 5 Oct 1,412 171 5 Nov 1,450 179 5 Dec 1,504 192 6 1962—Jan 1,425 179 5 Feb 1,456 184 6 Mar 1,496 205 5 Apr 1,520 203 5 May 1,565 204 June 1,529 188 June i 1,532 189 J A u u ly g.p 1 1 ,5 5 0 2 6 6 1 1 6 7 4 7 Sept v 1,504 183 NO NON3 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- 100 33 103 113 15 8 8 148 52 51 166 19 10 12 117 59 68 115 29 15 10 225 73 80 26 16 22 14 180 117 90 19 12 15 16 233 116 87 19 12 14 17 230 119 99 19 14 14 19 186 127 125 19 13 17 20 129 126 134 18 12 14 19 130 125 160 19 11 16 19 137 120 160 18 10 14 18 161 120 156 18 12 15 18 173 139 163 17 14 9 17 200 154 143 17 15 10 200 154 143 17 15 11 199 164 147 18 15 12 8 191 157 138 17 15 11 4 196 158 137 17 14 10 CO COTj Neth., An- Pan- M ic e o x- S t a i u l n l r e d i s - a p R m u e b a - - , Peru U gu r a u y - V zu e e n l e a - Other nam lic of 231 2 18 31 42 170 51 293 6 23 31 52 142 53 291 4 18 36 47 247 57 343 8 23 44 57 234 66 385 6 30 68 39 134 72 385 8 30 71 45 124 74 395 6 32 69 53 125 73 423 13 32 73 55 129 74 411 9 43 71 61 122 71 396 6 41 70 62 141 68 432 9 41 71 60 127 69 433 9 52 74 61 117 68 427 9 59 80 61 117 71 408 7 41 81 68 108 71 409 7 41 81 68 108 71 393 7 37 83 63 111 80 14 397 10 36 86 80 107 74 16 369 11 36 86 89 101 75 3c. Asia and All Other Asia Allother 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 i - a C o R o f n e t p h g . e o, 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 R06 19 7 24 121 69 28 3 11 3 24 1961—Sept 1,581 10 8 35 31 1,288 38 10 32 129 84 27 3 19 13 22 Oct 1,597 9 8 33 34 ,281 58 11 28 134 86 28 4 16 12 26 Nov 1,620 9 8 33 34 ,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 1,515 133 11 34 114 92 31 6 11 14 31 Feb 1,964 9 10 28 37 1,605 118 11 33 113 89 31 3 11 13 31 2,051 10 11 28 41 1,698 114 9 33 108 94 32 3 11 16 32 Apr 2,046 12 13 30 39 1,688 108 9 33 114 101 33 4 11 21 32 May 2,029 11 12 32 43 1,678 107 6 30 110 103 33 4 11 22 33 June 2,009 11 14 24 39 ,680 91 7 30 113 117 35 4 11 24 44 June ! 2,058 11 14 24 39 1,728 91 7 30 114 117 35 4 11 24 44 July 2,026 11 14 24 38 1,731 76 6 30 96 124 34 2 12 26 49 Aug.*3 2,015 11 14 25 37 ,736 69 6 33 84 127 40 4 12 23 48 Sept? 1,954 13 18 23 36 ,683 69 8 30 74 140 46 4 12 25 53 For notes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INT'L CAPITAL TRANSACTIONS OF THE U. S. 1535 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies End of period, or area Longand country t t e o rm ta — l1 Loans to— Total Collec- Total Banks and t o io u n t- s Other Total De w p i o th sits Other i o n f s fi t c it i u al - 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 I960 1,698 3,614 3,135 815 482 605 1,233 480 242 238 1961 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 J 003 617 708 1,785 458 287 171 Feb r2,081 4,688 4,246 ,088 623 715 1,819 443 288 154 Mar '2,139 r4,871 4,399 ,214 644 732 1,809 '473 r307 166 Apr 2,086 r4,852 4,393 ,236 679 726 1,752 r459 r274 184 2,080 4,836 4,326 ,304 570 711 1,742 510 293 217 June 2,175 4,778 4,299 1,314 539 698 1,749 479 313 165 June ^ 2,175 4,835 4,354 1,324 543 703 1,784 481 316 165 July 2,195 4,829 4 339 ,290 559 701 1,789 490 311 179 Aus P 2,188 4,779 4,325 ,258 606 698 1,763 453 294 159 Sept.* 2,173 4,767 4,271 1,260 592 690 1,730 496 312 184 Area and country detail, July 31, 1962 Europe: 56 7 7 3 2 1 * * Belgium 8 19 15 3 2 8 2 3 3 * 9 11 9 * 1 3 4 2 2 Finland 4 28 27 2 * 2 22 * * France 23 51 44 12 7 13 12 7 7 Germany, Fed. Rep. of 77 137 111 36 35 18 22 26 21 5 I G ta r l e y ece 2 7 4 43 5 40 5 6 * 1 * 0 1 5 8 7 • 3 * 3 * * Netherlands 43 57 50 5 29 14 2 7 7 * 184 26 26 4 1 2 19 1 1 Portugal 23 8 7 1 * 2 4 • Spain 7 12 12 5 2 3 2 1 * Sweden 44 16 15 1 5 8 2 2 * Switzerland 10 67 36 8 15 7 6 31 24 7 Turkey * 27 27 24 2 * United Kingdom 26 161 55 22 7 14 12 106 91 15 2 6 6 4 * 2 Other 1 22 21 1 5 4 11 1 1 * Total 548 703 512 138 117 120 138 191 163 28 Canada 297 451 253 14 98 9 132 198 53 144 Latin America: Arsentina 68 177 175 38 23 44 70 3 2 6 6 * 4 1 * Brazil 257 199 154 40 51 19 44 45 45 Chile 21 164 164 26 24 25 89 * Colombia 62 147 146 29 35 28 54 * Cuba 1 18 18 1 16 * * Dominican Republic 15 15 5 1 8 2 El Salvador * 12 12 * 2 5 5 Guatemala 8 14 14 1 1 7 5 Mexico 201 393 390 175 77 32 106 3 1 2 Netherlands Antilles and 8 7 7 4 3 19 37 37 13 12 8 5 * Peru 14 83 83 6 11 26 40 * * * Uruguay 63 63 8 3 6 45 * * Venezuela 211 111 109 13 21 59 16 2 1 1 Other 75 80 80 14 18 31 18 * * * Total 946 1,526 1,473 367 284 321 501 53 49 4 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1536 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 total* Total Collec- Total Ba i o n n f s f k i t c i s t i a u a l n - d Others sta t o i n o u d n t i - s ng Other Total f D or e w e p ig i o t n s h i e t r s s Other tions Area and country detail, July 31, 1962—Cont. Asia: Hong Kong 3 It 11 6 1 3 1 * India 20 14 13 2 1 7 3 * Indonesia 50 ate * * * Iran 11 24 24 3 19 3 Israel 29 38 38 4 3 4 27 50 1,731 1,690 605 19 136 930 41 41 * Korea RCD of * 7 7 6 1 Taiwan . .. 61 7 6 6 7 6 6 60 3 7 1 2 2 7 * * Thailand 3 30 30 8 4 17 Other 10 88 88 57 4 22 5 * * Total 238 2,026 1,984 749 36 207 993 42 42 * All other: Australia 43 34 30 2 3 15 10 5 2 3 Conco ReD of the 40 2 2 1 2 South Africa 29 12 10 1 * 9 2 2 * U A R (EeyDt) 2 26 26 12 * 1 13 * Other 50 49 48 7 21 19 2 1 ;•• Total 165 124 117 22 25 45 25 7 4 i 3 Total foreign countries 2,195 4,829 4,339 1,290 559 701 1,789 490 311 179 i Mainly loans with an original maturity of more than 1 year. 2 These figures reflect the inclusion of data for banks initially included as of June 30. 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 ch P a u s r e - s Sales or sa F le o s reign c P h u as r e - s Sales c N h e a sa t s e l p e s u s o r- r ch P a u s r e - s Sales c N ha s e a s t e l p e s s u o r r - ch P a u s r e - s Sales c N ha e s s t a e l s e p s o u 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—Sept 22 26 -4 -5 217 216 1 225 228 -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 r-35 57 67 -10 May. 122 299 -176 -113 286 260 26 r 125 301 r —176 79 79 June 108 136 -28 -25 245 309 -64 56 136 -80 70 108 — 38 July 146 119 26 31 168 200 -32 64 89 -24 48 37 11 Aue v 135 347 211 -32 163 156 7 50 65 — 15 45 41 4 Sept p 327 334 -8 -44 125 140 -15 44 100 -57 44 39 4 * Includes small amounts of State and local govt. securities. Sec 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. 1537 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 Countryor area Period Total1 Stocks Bonds Belgium France N la e e n r t - d h s - S l w a er n i - t d z- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- ot A he ll r > 1958 — 39 —56 17 -3 2 -8 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 I960 252 202 50 5 38 1 171 -48 66 234 -45 36 28 1961 223 323 -99 4 21 20 166 -17 38 232 -112 44 58 1961 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 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 Feb 30 36 -6 1 5 -1 34 -2 37 -9 -1 3 Mar 34 20 14 -1 2 1 16 -1 -1 16 17 -1 3 Apr 22 21 1 18 15 34 -6 2 -8 May . . . 26 28 2 1 2 4 21 13 2 43 1 -10 o June -64 -65 1 -2 -2 2 -6 -29 1 -36 -14 -4 -9 July . . -32 -18 -13 1 2 6 -28 -23 -13 4 Aug.* 7 7 * * i 2 13 -10 2 1 1 -2 8 Sept * -15 -9 -6 * i * * £ -> -10 -4 1 t 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 n I a n ti t o e n r- al f c o T t o r r o e u i t e i n a g s l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r End of period Deposits U. S A . G ss o e v ts t . in c E u a st r o 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 1960 — 147 —498 -117 -196 107 —41 -36 1958 272 3,695 8,538 1961 -832 -262 -318 -58 -121 -73 1959 345 4,477 9,861 1960 217 5,726 11,843 1961—Sept.... 4 -24 -3 6 3 -7 -22 Oct... . -5 -47 -17 -7 1 -26 1 1961—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.... * '-20 -9 22 -1 r_9 -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 1 Mar. 221 5,762 12,148 '-21 -24 -23 2 1 -3 1 Apr. 230 5,551 12,230 May."! -11 '-165 '-22 -91 -3 -26 -23 May 223 5,754 12,308 June.. • -117 -66 -31 -18 -5 3 June 334 6,228 12,368 July... -4 -10 9 8 • — 1 -26 July. 248 6,026 12,678 Aug.*.. 4 -14 -14 4 * -5 \ Aug. 168 6,407 12,689 Sept.*. 9 -61 8 -14 2 -57 * Sept. 229 6,767 12,687 Oct.. 182 7,137 12,706 1 U. S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U. S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold" Section 14, Supplement to Banking and Monetary Statistics). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1538 INT'L 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. 4th revised ser.1 3d revised ser. * 4th revised ser. Area and country 1962 1962 1961 1961 1961 1961 III III IV HI IK IV Europe: Austria 5 4 3 4 Belgium 35 17 26 22 Denmark 5 6 6 7 Finland 1 2 2 2 2 France 32 40 36 46 37 Germany, Fed. Rep. of 34 68 74 101 118 Greece 3 2 3 4 Italy 31 36 34 51 60 Netherlands 44 41 22 23 35 43 Norway 10 7 7 10 12 Portugal 1 4 6 6 7 7 Spain 5 8 10 9 9 1 12 14 Sweden 6 6 6 7 19 18 19 19 21 22 Switzerland 39 39 39 15 19 15 16 18 28 24 Turkey 4 4 4 4 5 5 5 6 5 4 United Kingdom 109 110 110 111 120 "I 225 187 188 198 194 165 Yugoslavia 2 3 2 2 2 2 2 1 4 5 6 5 Other 2\ 388 370 371 366 350 509 454! 460 ~516 560 552 Total 49 45 45 49 45 47! 558 653! 655 607 687 679 Canada.... Latin America: 30 31 36 34 Argentina.... 1 2 3 3 3 Bolivia 251 74 91 60 59 Brazil.... 5i 18 16 21 21 Chile 3! 13 14 13 14 Colombia 2 6 7 5 6 Cuba Dominican Republic 2 3 3 4 El Salvador 3 3 3 3 Guatemala 5 5 5 5 Mexico 44 47 42 41 Neth. Antilles and Surinam 2 2 2 3 Panama, Rep. of 17! 7 6 9 10 Peru I 12 18 14 12 Uruguay 4 4 4 4 Venezuela 36 57 46 40 Other 27 44 28 31 Total 106 109 105 126 109 286 35OJ 356 295 295 291 Asia: Hong Kong 2 3 3 3 India 4 11 13 24 Indonesia 2 3 3 2 Iran 5 7 7 6 Israel 1 8 8| 10 Japan 62 57 56 63 100 96 Korea, Rep. of * 1 1 2 3 Philippines 4 7 7 5 9 Taiwan * 9 2 3 4 Thailand 5 3 3| 3 3 Other 16 18 18 22 31 Total 114 122 122 114 115 98 118 127 1 155 176 192 All other: Australia 12 19 21 23 Congo, Rep. of the * 2 2 2 South Africa 12 11 10 9 U.A.R. (Egypt) 1 7 11 15 16 16 19 17 Other 29 30 441 42 43 56 62 63 64 64 66 Total... International.... 684 672 676 680 677 618 1,52? 1,646 1,664 ,638 1,783 1,780 Grand total 1 Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through 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 1539 U. S. BALANCE OF PAYMENTS [In millions of dollars] 1959 1960 1961 1962 Item HI 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 Imports 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 -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 -1,088 -1,885 -1,372 -540 -1,104 -1,863 -1,268 -1,101 Private, total , -738 -387 -838 -653 -741 -943 -1,545 -989 -955 -637 -1,372 -866 -686 Direct investment , -442 -224 -419 -303 -331 -327 -733 -441 -324 -341 -369 -196 -449 Portfolio and short-term investment -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) 3 1,439 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. 3 847 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 3 397 167 72 50 94 637 921 346 -330 270 456 190 -207 Errors and omissions 290 Q 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] Switzcr- Canada United Kingdom France Germany Netherlands land Month 3 T m r b e o i a l n s ls u t , h ry s1 m D o a d n y a e - y t y o 2 - 3 B a a a m c n n c o c k e n e 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 a e o p n o w k o n a s e i n r t s c s ' e m Da o d n y a - e y t y o 3 - T d r 6 b e a 0 i a y - l s l s 9 s u - 0 , * ry m D o a d n y a e - y t y o * - 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 t e o 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 [.50 2.00 I960—Dec. 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Sept 2.42 2.17 6.84 6.60 5.71 5.00 3.57 2.25 2.94 1.00 .95 2.00 Oct 2.53 2.20 6.31 5.94 5.42 4.56 3.60 2.00 2.44 1.68 1.50 2.00 Nov 2.42 2.24 5.67 5.41 4.89 4.02 3.52 2.00 2.81 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 1.32 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 [.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 (.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 [.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 Sept 5.03 4.99 3.93 3.69 3.36 2.50 2.50 3.06 [.57 .10 2.00 1 Based on average yield of weekly tenders during month. NOTE.--For description of rates and back data, see "International a 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. * Rate in effect at end of month. * Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1540 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS [Per cent per annum] Rate as of Changes during tho last 12 months Oct. 31, 1961 Rate as of Country 1961 1962 Oct. 31, 1962 Per Month cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina 6.0 Dec. 1957 6 0 Austria 5.0 Mar. 1960 5.0 Belgium 4.75 Aug. 1961 4.5 4.25 4 0 3 75 3.75 Brazil 10.0 Apr. 1958 10.0 3.0 Nov. 1957 4 0 4.0 Canada1 2.75 Oct. 1961 2.75 3.24 3.35 3.42 3.37 3.32 3.77 16.0 5.5 5.0 5.0 Ceylon 4.0 Aug. 1960 4.0 Chile2... 15.88 July 1961 15.27 14.62 14.62 Colombia 5.0 Aug. 1959 5.0 Costa Rica 3.0 Apr. 1939 3.0 Cuba 6.0 Jan. 1960 6.0 6.5 May 1961 6.5 5.0 Nov. 1956 5.0 Egypt 3.0 Nov. 1952 5.0 5.0 El Salvador 6.0 June 1961 6.0 Finland 6.75 Mar. 1959 8 0 7.0 7.0 France 3.5 Oct. 1960 3.5 Germany 3.0 May 1961 3.0 Greece 6.0 Nov. 1960 6.0 Honduras3 2.0 Jan. 1953 3.0 3.0 Iceland 9.0 Dec. 1960 9.0 India* 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 4.0 3.94 3.94 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 7.3 Sept. 1961 6.94 6.94 Mexico 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 4 0 4.0 New Zealand. 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 3.0 May 1961 6.0 6.0 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 5.0 Jan. 1960 4.5 4 0 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 6.5 Oct. 1961 6.6 65.0 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 ra o n i u e s 3 4 - e n R e R d t i s a a g b t t h r e y e e t h m s 1 a h . p a 5 o e p i a n w p l c i e e n h s r s u c i b t s m e o j n f e o o t a c n r d t f t o v h a t r a o d n e v b a c o a e c e l n g d h s c i n e m a r n s g a o i t a n o e n i g n s n t l h s y p t w . i r n c o i t o v w h m i h d m M i e c d e h a r y c t t h h ia e e 1 l i , r r p e 1 d a a 9 p u m 5 e c 9 o r ti , u o a n b n s t u d w t i o s e t e h l r l s e e a n d s r o u a t c a t e e g o s d a c i c a n b u r s y r e t . p o a C n f a o p d l u o e p e r m m t b o o p i f a l o 5 — u y p y e 3 e e . t 5 a o p r s a p , 1 p e 5 a r e 0 n r d ; c d e a 2 n y t p s , e f r o 3 r c p en e a r t g r f c i o c e r n u t l s t p u f e r o c a r i l f i e c a c n o s d n m o a m i l n l i d c b u u s d s t e i r n v ia e e l s l o s, p d m c e o v e o e n p l t o e p r p a m a t p i e v e n e r t 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 1541 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 ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) 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 n c c e ) Official Free 1956. 5.556 2.835 222.1>6 3.8580 2.0030 101.600 20.946 14.482 .43540 1957. 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 14.482 .39946 .2376 1958. 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .31181 .2374 1959. 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .31149 .2038 1960. .2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .31118 120.389 1961. .2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .31098 20.384 1961—Oct.. .2056 224.33 3.8660 2.0085 97.039 21.094 14.521 .31085 20.337 Nov.. .2057 224.30 3.8648 2.0085 96.532 21.089 14.520 .31085 20.364 Dec. .2080 223.88 3.8671 2.0086 95.885 21.058 14.541 .31084 20.399 1962—Jan.. .2056 223.98 3.8647 2.0086 95.678 21.051 14.527 .31085 20.403 Feb.. .2054 224.27 3.8643 2.0086 95.335 21.039 14.522 .31072 20.402 Mar.. .2081 224.32 3.8659 2.0086 95.277 21.058 14.534 .31074 20.405 Apr.. .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 Oct.. 223.21 3.8701 2.0094 92.914 21.009 14.442 .31057 20.405 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) ( Z p e N o a u e la w n n d d ) 1956 23.786 20.934 279.57 .16003 .27791 32.582 8.0056 26.113 276.80 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26.170 276.56 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 1960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 624.903 20.980 280.22 .16099 .27690 32.659 8.0056 7 27.555 277.45 1961—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 Oct 24.963 20.963 280.13 .16106 .27902 32.745 8.0056 27.748 277.36 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 S fr r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1956 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1961—Oct 14.051 3.5013 140.24 1.6644 19.351 23.133 281.54 Nov 14.048 3.4990 140.22 1.6644 19.347 23.133 281.49 Dec 14.039 3.5020 139.96 1.6649 19.346 23.169 280.96 1962—Jan 14.027 3.5000 140.02 1.6650 19.348 23.158 281.10 Feb 14.037 3.4995 140.20 1.6650 19.388 23.111 281.46 Mar 14.037 3.5014 140.24 1.6651 19.408 23.042 281.53 Apr 14.033 3.5032 140.17 1.6651 19.424 23.011 281.40 May 14.022 3.5050 140.08 1.6651 19.428 23.098 281.21 June 14.013 3.5011 139.89 1.6651 19.436 23.172 280.83 July 14.005 3.5000 139.80 1.6651 19.428 23.162 280.66 Aug 13.994 3.4996 139.67 1.6651 19.432 23.136 280.38 Sept 13.982 3.5018 139.52 1.6659 19.410 23.129 280.09 Oct 13.983 3.4899 139.54 1.6661 19.409 23.139 280.13 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. ^ 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 THOMAS J. O'CONNELL, Assistant General ANDREW N. THOMPSON, Assistant Director Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve JEROME W. SHAY, Assistant General Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION GUY E. NOYES, Director ALBERT R. KOCH, Associate Director EDWIN J. JOHNSON, Director DANIEL H. BRILL, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser ROBERT C. HOLLAND, Adviser KENNETH B. WILLIAMS, Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE 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 J. J. CONNELL, Controller RALPH C. WOOD, Associate Adviser 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 1542 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 1543 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
1544 FEDERAL RESERVE BULLETIN • NOVEMBER 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. Hemmings Paul W. Cavan A. B. Merritt D. M. Davenportl • Assigned to Los Angeles Branch. Vice Presidents in Charge of Branches of Federal Reserre Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena C. A. Van Nice Cleveland Cincinnati F. O. Kiel Kansas City Denver Cecil Puckett Pittsburgh Clyde Harrell Oklahoma City H. W. Pritz Omaha P. A. Debus Richmond Baltimore D. F. Hagner Charlotte E. F. MacDonald Atlanta Birmingham H. C. Frazer Dallas El Paso Roy E. Bohne Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles C. H. Watkins St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City A. L. Price Memphis E. Francis DeVos Seattle E. R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, £>. 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. FUNCTIONS. 1961. 238 pp. 229 pp. $.50. 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. where, $7.00 per annum or $.70 per copy. Summary. Pt. II, Summaries by States and (3) In quantities of 10 or more copies sent to other areas. 1959. 1,229 pp. $4.00. 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. where, $7.00 per annum or $.70 per copy. Supp. 5. 1961. (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. 108 pp. Pt. II. 1960. 159 pp. Pt. III. TEM. 1962. 40 pp. 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. 1545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1546 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 REPRINTS REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) THE MEANS OF ECONOMIC PROGRESS. Feb. 1962. 9 pp. THE MONETARY SYSTEM OF THE UNITED STATES. MONETARY EXPANSION DURING 1961. Feb. 1962. Feb. 1953. 16 pp. 7 pp. INFLUENCE OF CREDIT AND MONETARY MEASURES INTEREST RATES ON TIME DEPOSITS, Mid-January ON ECONOMIC STABILITY. Mar. 1953. 16 pp. 1962. Feb. 1962. 5 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. STABILITY. May 1953. 7 pp. Mar. 1962. 8 pp. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- MONETARY FUND RESOURCES AND THE INTER- COUNTS, ANNUAL ESTIMATES, 1939-54. Oct. NATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp. 1955. 40 pp. BANKING AND MONETARY STATISTICS, 1961. Se- SURVEYS OF BANK LOANS FOR COMMERCIAL AND lected series of banking and monetary statistics INDUSTRIAL PURPOSES. Business Loans of Memfor 1961 only. Feb., Mar., and May 1962. ber Banks. Apr. 1956. 14 pp. Credit Lines 14 pp. and Minimum Balance Requirements. June QUARTERLY SURVEY OF CONSUMER BUYING IN- 1956. 7 pp. Member Bank Lending to Small TENTIONS. Nov. 1962. 6 pp. (Also, similar re- Business, 1955-57. Apr. 1958. 19 pp. Memprints from BULLS, for Dec. 1960, Mar., May, ber Bank Term Lending to Business, 1955-57. Aug., and Nov. 1961, Mar., May, and Aug. Apr. 1959. 16 pp. Security Pledged on Busi- 1962.) ness Loans at Member Banks. Sept. 1959. 16 GROWTH IN INSTITUTIONAL SAVINGS. May 1962. pp. 9 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- SURVEY OF COMMON TRUST FUNDS, 1961. May CURITIES. Nov. 1958. 15 pp. 1962. 7 pp. (Also, similar reprint from May •PART I, ALL-BANK STATISTICS, 1896-1955. Re- 1961 BULL.) print of the U. S. Summary containing a de- MONETARY POLICY, BANK CREDIT, AND MONEY. scription of revised statistics for all banks in July 1962. 8 pp. the United States, by class of bank, together SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. with revised statistics. Apr. 1959. 94 pp. July 1962. 6 pp. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, REVISION OF MONTHLY DEPARTMENT STORE IN- SAVING, AND INVESTMENT. Aug. 1959. 49 pp. DEXES. July 1962. 6 pp. REVISED SERIES FOR SEASONALLY ADJUSTED ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. MONEY SUPPLY. Feb. 1960. 4 pp. 5 pp. CONSUMER BUYING INTENTIONS AND QUARTERLY REVISION OF MONEY SUPPLY SERIES. Aug. 1962. SURVEY OF CONSUMER BUYING INTENTIONS. 11 pp. Combined reprint. Sept. 1960. 31 pp. REVISION OF WEEKLY DEPARTMENT STORE SALES IMPLEMENTATION OF THE 1959 ACT ON RESERVE Index. Aug. 1962. 3 pp. REQUIREMENTS. Dec. 1960. 6 pp. THE BALANCE SHEET OF AGRICULTURE, 1962. SMALL BUSINESS FINANCING: CORPORATE MANU- AUG. 1962. 10 pp. FACTURERS. Jan. 1961. 15 pp. STATISTICS ON THE GOVERNMENT SECURITIES INTEREST RATES IN THE CURRENT CYCLE. Sept. 1962. 9 pp. MARKET. Apr. 1961. 8 pp. OWNERSHIP OF DEMAND DEPOSITS. Apr. 1961. INTEREST RATES AND MONETARY POLICY. Sept. 3 pp. 1962. 28 pp. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER TREASURY AND FEDERAL RESERVE FOREIGN EX- TIME DEPOSITS. May 1961. 2 pp. (Also, CHANGE OPERATIONS. Sept. 1962. 16 pp. similar reprint from July 1960 BULL.) U. S. BALANCE OF PAYMENTS IN 1962. Oct. 1962. CAPITAL MARKETS IN 1961. Sept. 1961. 7 pp. 8 pp. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1961. 21 pp. (Also, similar reprint from Apr. 1962. 10 pp. 1957 BULL.) FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. AUTOMATION AT COMMERCIAL BANKS. NOV. 1962. 1961. 15 pp. 13 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 1474, 1476 Deposits—Continued Agricultural loans of commercial banks, 1468, 1470 Banks, by classes, 1457, 1464, 1469, 1472, 1476 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 1458, 1537 claims): Postal savings, 1457, 1463 Banks and the monetary system, consoli- Discount rates, 1456, 1540 dated, 1463 Discounts and advances by Federal Reserve Corporate, current, 1486 Banks, 1452, 1458, 1460 Domestic banks, by classes, 1464, 1468, Dividends, corporate, 1485, 1486 1470, 1476 Dollar assets, foreign, 1529, 1537 Federal Reserve Banks, 1458 Automobiles: Earnings and hours, manufacturing Consumer instalment credit, 1490, 1491, 1492 industries, 1498, 1501 Production index, 1494, 1495 Employment, 1498, 1500, 1501 Bankers' balances, 1469, 1471 Farm mortgage loans, 1487, 1488 (See also foreign liabilities and claims) Federal finance: Banks and the monetary system, consolidated Cash transactions, 1478 statement, 1463 Receipts and expenditures, 1479 Bonds (See also U. S. Govt. securities): Treasurer's balance, 1478 New issues, 1483, 1484, 1486 Federal home loan banks, loans, etc., 1489 Prices and yields, 1474, 1475 Federal Housing Administration, loans, etc., 1487, Brokers and dealers in securities, bank 1488, 1489 loans to, 1468, 1470 Federal National Mortgage Association, Business expenditures on new plant and loans, etc., 1489 equipment, 1486 Federal Reserve Banks: Business indexes, 1498 Condition statement, 1458 Business loans (See Commercial and industrial loans) U. S. Govt. securities held by, 1452, 1458, 1460, 1480, 1481 Capital accounts: Federal Reserve credit, 1452, 1458, 1460 Banks, by classes, 1464, 1469, 1472 Federal Reserve notes, 1458, 1461 Federal Reserve Banks, 1458 Finance company paper, 1474, 1476 Carloadings, 1498 Financial institutions, loans to, 1468, 1470 Central banks, foreign, 1526, 1540 Float, 1452 Coins, circulation of, 1461 Flow of funds, saving and financial flows, 1508 Commercial banks: Foreign central banks, 1526, 1540 Assets and liabilities, 1464, 1467, 1468 Foreign currencies, convertible, holdings by U. S. Consumer loans held, by type, 1491 monetary authorities, 1458, 1460, 1528 Number, by classes, 1464 Foreign deposits in U. S. banks, 1452, 1458, Real estate mortgages held, by type, 1487 1463, 1469, 1472, 1537 Commercial and industrial loans: Foreign exchange rates, 1541 Commercial banks, 1468 Foreign liabilities and claims: Weekly reporting member banks, 1470, 1473 Banks, 1530, 1532, 1535, 1537 Commercial paper, 1474, 1476 Nonfinancial concerns. 1538 Condition statements (See Assets and liabilities) Foreign trade, 1503 Construction, 1498, 1499 Gold: Consumer credit: Earmarked, 1528 Instalment credit, 1490, 1491, 1492, 1493 Net purchases by U. S., 1528 Major parts, 1490, 1492 Production, 1527 Noninstalment credit, by holder, 1491 Reserves of central banks and Consumer price indexes, 1498, 1504 governments, 1526 Consumption expenditures, 1506, 1507 Reserves of foreign countries and international Corporate sales, profits, taxes, and dividends, institutions, 1529 1485. 1486 Stock, 1452, 1463, 1528 Corporate security issues, 1484, 1486 Gold certificates, 1458, 1461 Corporate security prices and yields, 1474, 1475 Govt. debt (See U. S. Govt. securities) Cost of living (See Consumer price indexes) Gross national product, 1506, 1507 Currency in circulation, 1452, 1461, 1462 Customer credit, stock market, 1475 Hours and earnings, manufacturing industries, 1498, 1501 Debits to deposit accounts, 1460 Housing starts, 1499 Demand deposits: Adjusted, banks and the monetary system, 1463 Industrial production index, 1494, 1498 Adjusted, commercial banks, 1460, 1462, 1469 Instalment loans, 1490, 1491, 1492, 1493 Banks, by classes, 1457, 1464, 1472 Insurance companies, 1477, 1480, 1481, 1488 Turnover of, 1460 Insured commercial banks, 1466, 1468 Type of holder, at commercial banks, 1469 Interbank deposits, 1460, 1464, 1469 Department stores: Interest rates: Merchandising data, 1503 Bond yields, 1474 Sales and stocks, 1498, 1502 Business loans by banks, 1473 Deposits (See also specific types of deposits): Federal Reserve Bank discount rates, 1456 Adjusted, and currency, 1463 Foreign countries, 1539, 1540 1547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1548 FEDERAL RESERVE BULLETIN • NOVEMBER 1962 Interest rates—Continued Reserves—Continued Open market, 1474, 1539 Member banks, 1452, 1454, 1457, 1469, 1471 Stock yields, 1474 Residential mortgage loans, 1487, 1488, 1489 Time deposits, maximum rates, 1457 International capital transactions of the U. S., 1530 Sales finance companies, consumer loans of, International institutions, 1526, 1528, 1529 1490, 1491, 1493 Inventories, 1506 Saving: Investment (See also specific types of investments): Flow-of-funds series, 1508 Banks, by classes, 1464, 1468, 1471, 1476 National income series, 1507 Commercial banks, 1467 Savings deposits (See Time deposits) Federal Reserve Banks, 1458, 1460 Savings institutions, principal assets, 1476, 1477 Life insurance companies, 1477 Savings and loan associations, 1477, 1481, 1488 Savings and loan associations, 1477 Securities, international transactions, 1536, 1537 Security issues, 1483, 1484, 1486 Labor force, 1500 Silver coin and silver certificates, 1461 Loans (See also specific types of loans): State member banks, 1466 Banks, by classes, 1464, 1468, 1470, 1476 State and municipal securities: Commercial banks, 1467 New issues, 1483, 1484 Federal Reserve Banks, 1452, 1458, 1460 Prices and yields, 1474, 1475 Insurance companies, 1477, 1488 States and political subdivisions: Sayings and loan associations, 1477, 1488 Deposits of, 1469, 1472 Loans insured or guaranteed, 1487, 1488, 1489 Holdings of U. S. Govt. securities, 1480 Ownership of obligations of, 1468, 1476, 1477 Manufactures, production index, 1494, 1498 Stock market credit, 1475 Margin requirements, 1457 Stocks: Member banks: New issues, 1484 Assets and liabilities, by classes, 1464, 1468 Prices and yields, 1474, 1475 Borrowings at Federal Reserve Banks, 1454, 1458, 1472 Tax receipts, Federal, 1479 Deposits, by classes, 1457 Time deposits, 1457, 1462, 1463, 1464, 1469, 1472 Number, by classes, 1465 Treasurer's account balance, 1478 Reserve requirements, by classes, 1457 Treasury cash, 1452, 1461, 1463 Reserves and related items, 1452 Treasury currency, 1452, 1461, 1463 Weekly reporting series, 1470 Treasury deposits, 1452, 1458, 1478 Mining, production index, 1494, 1498 Money rates (See Interest rates) Unemployment, 1500 Money supply and related data, 1462 U. S. balance of payments, 1539 Mortgages (See Real estate loans) U. S. Govt. balances: Mutual savings banks, 1463, 1464, 1466, 1476, Commercial bank holdings, by classes, 1480, 1481, 1487 1469, 1472 Consolidated monetary statement, 1463 National banks, 1466 Treasury deposits at Federal Reserve National income, 1506, 1507 Banks, 1452, 1458, 1478 National security expenditures, 1479, 1506 U. S. Govt. securities: Nonmember banks, 1458, 1466, 1468, 1469 Bank holdings, 1463, 1464, 1468, 1471, 1476, 1480, 1481 Payrolls, manufacturing, index, 1498 Dealer transactions, positions and Personal income, 1507 financing, 1482 Postal Savings System, 1457, 1463 Federal Reserve Bank holdings, 1452, 1458 Prices: 1460, 1480, 1481 Consumer, 1498, 1504 Foreign and international holdings, 1458, 1529 Security, 1475 International transactions, 1536 Wholesale commodity, 1498, 1504 New issues, gross proceeds, 1484 Production, 1494, 1498 Outstanding, by type of security, Profits, corporate, 1485, 1486 1480, 1481, 1483 Ownership of, 1480, 1481 Real estate loans: Prices and yields, 1474, 1475 Banks, by classes, 1468, 1470, 1476, 1487 United States notes, outstanding and in Type of mortgage holder, 1487, 1488, 1489 circulation, 1461 Type of property mortgaged, 1487, 1488, 1489 Utilities, production index, 1494, 1498 Reserve requirements, member banks, 1457 Vault cash, 1452, 1457, 1469 Reserves: Veterans Administration, loans, etc., Commercial banks, 1469 1487, 1488, 1489 Federal Reserve Banks, 1458 Foreign central banks and governments, 1526 Weekly reporting member banks, 1470 Foreign countries and international institutions, 1529 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 (o THE FEDERAL RESERVE SYSTEM Legend 1 Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1962, October 31). Federal Reserve Bulletin, 1962-11. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196211
@misc{wtfs_bulletin_196211,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1962-11},
year = {1962},
month = {Oct},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196211},
note = {Retrieved via When the Fed Speaks corpus}
}