Federal Reserve Bulletin, 1963-01
FEDERAL RESERVE B U LLETIN January 1963 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 i Industrial Production Developments Law Department 9 Announcements 18 National Summary of Business Conditions 22 Guide to Tabular Presentation 24 Financial and Business Statistics, U. S. (Contents on p. 25) 26 International Financial Statistics (Contents on p. 91) 92 Board of Governors and Staff 108 Open Market Committee and Staff; Federal Advisory Council 109 Federal Reserve Banks and Branches 109 Federal Reserve Board Publications 111 Index to Statistical Tables 113 Map of Federal Reserve System Inside back cover Volume 49 • Number i 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
Industrial Production Developments INDUSTRIAL PRODUCTION changed little expansion in retail sales of goods. With total during the second half of 1962. In the fourth final takings of goods rising in relation to quarter, however, consumer purchases of production in the fourth quarter, business new autos increased sharply, and new orders inventories changed little. Throughout 1962 for machinery and other equipment picked shifts in the rate of accumulation and in the up. These increases and an earlier liquida- composition of stocks significantly affected tion of steel inventories strengthened busi- trends in production, but over the year the ness demands for materials. increase in both the value and physical quan- Consumer buying of goods had been stable tity of business inventories was small by the through the summer. But after the upsurge standards of earlier postwar business expanin auto sales in October purchases of other sions, in part because of a stable price situgoods also increased, and total retail sales ation. rose 2 per cent in the fourth quarter. Per- Resources continued to be available gensonal income advanced at a faster pace, erally in excess of current demands throughafter increasing only 1 per cent from April out 1962. Also, prices of imported goods to September. Consumer demands were declined. Consequently, competition among strengthened also by a sharp rise in com- domestic producers and distributors remon stock prices and by more optimistic mained strong. Prices of sensitive industrial views of economic prospects after the Cuban materials changed little, and in contrast with crisis eased. behavior in previous postwar business ex- Increased shipments of final products to pansions, average prices of such materials business and government accompanied the were only a little above their recession low NEW ORDERS, SALES, AND INCOME rise in the autumn while PRODUCTION changes little 1960-61:100 120 INDUSTRIAL PRODUCTION SS MATIRIALS 1963 1960 1962 1960 NOTE.—Seasonally adjusted indexes. Retail sales, equipment motor vehicles, 3-month moving average plotted in third month. orders, and personal income based on Dept. of Commerce data. Latest figures, Dec, except for orders (Nov.). Orders, for machinery and transportation eauipment other than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN • JANUARY 1963 of early 1961. For all industrial commodities creased less rapidly than output of final prodas a group, wholesale prices have been stable ucts both from the spring of 1960 to the end since early 1959. of 1962 and in the earlier period. At the end of last year output of materials was 14 per cent higher than in the spring of 1957, in GENERAL TRENDS IN PRODUCTION contrast with an increase of 22 per cent in Three phases are evident in the behavior of final products. industrial production since the recession low The relationship between output and final of early 1961. From February to August sales of finished products also has been 1961 the total index rose rapidly—10 per different in recent months from that in the cent—as liquidation of inventories gave first half of 1960. This is especially so for way to replenishment and then to fur- autos and other consumer products. In 1960, ther expansion of stocks in line with the auto assemblies exceeded sales by a wide growth in activity. The subsequent rise in margin as dealers replenished their stocks production to July 1962 was less rapid after the long steel strike. For appliances and was interrupted by strikes and adverse and other major home goods, inventories weather; the additional increase amounted also were increasing rapidly at that time; to 5 per cent. Then followed the period of manufacturers' holdings, in physical terms, stability. rose by a fifth from November 1959 through At the end of 1962 the Board's index of the following spring. Total value of business industrial production was 120 per cent of inventory accumulation was at an annual the 1957-59 average, 9 per cent above rate of $7.5 billion in the first half of 1960, the prerecession level 2Vi years earlier, in compared with little change in inventory the spring of 1960. This is about the same holdings in the latter part of 1962. amount by which the level in the spring of 1960 exceeded the prerecession high 3 years INDUSTRIAL MATERIALS earlier. However, there were important dif- During 1962, and over the whole period ferences in comparisons of production by from early 1957, output of industrial mamajor market groupings. terials expanded less than production of final Output of business equipment at the end products—including defense equipment as of 1962 was 13 per cent higher than in the well as business equipment and consumer spring of 1960, compared with a gain of goods. One reason is that business stocks of only 2 per cent over the 1957-60 period. materials were being reduced after the spring Output of defense equipment also rose sub- of 1962 whereas they were being accumustantially in the recent period, in contrast lated earlier in the 1961-62 expansion and with a decline in the earlier one. Expansion in 1955-57, as they usually are in business in output of consumer goods in both periods expansions. remained close to the postwar average an- Over the longer period, a more fundanual rate of growth of 4 per cent. Thus, the mental reason is that efficiency in the use of rate of increase in output of final products materials in manufacturing and in construcwas more rapid from the spring of 1960 to tion apparently has been increasing. Therelate 1962 than over the preceding 3 years. fore, physical quantities of materials re- Production of industrial materials in- quired per unit of output of final products Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION DEVELOPMENTS and structures have been reduced. Another the chemical, fuel, and other supplying inreason—affecting iron ore, steel, and some dustries, some of the rise in industrial proother materials—is that imports have in- duction that occurred in the winter of 1961creased and exports have declined since 62 would have occurred during the follow- 1957. ing spring and summer. The line shown on The shift in relationship between output the chart for output of nonferrous metals of metal products and output of iron and and products provides a better indication of steel is apparent in the chart. Total produc- changes in underlying demands in the metal tion of autos, appliances, and business markets. Even in the nonferrous metal inequipment, which accounts for 15 per cent dustries, however, strike threats and the of the industrial production index, reached marked swings in steel operations affected record levels in the fourth quarter of last activity to some extent. year. Output of major metal component The chart also shows a longer-run shift parts, which accounts for an additional 11 per cent of the total, reached a high in the second quarter of 1962 and then leveled METAL PRODUCTS reached new highs off. Altogether, output of these metal components and final products in the fourth quarter was about 10 per cent above a year earlier and 25 per cent above the 1957-59 average. The physical volume of construction activity, which is another major market for steel and other metals, also increased over those periods. In contrast, iron and steel production [ AUTO, APPLIANCE, reached a peak in February-March when AND EQUIPMENT PARTS stocks were being accumulated rapidly in preparation for a possible midyear strike. After negotiation of a new labor contract at the end of March, iron and steel output fell sharply while industrial activity in general continued to expand. Output reached STEEL declined in relation to metal products r a low in July, 25 per cent below its March peak, and liquidation of steel stocks was rapid during the rest of the year. After only a moderate recovery, iron and steel production in the fourth quarter was 10 per cent below a year earlier and 5 per cent below the 1957-59 average. However, production increased during the quarter, and it continued to rise in early January 1963. 1957 SB 59 60 '61 '62 Without the marked inventory fluctuations in iron and steel and their impact on NOTF.—Seasonally adjusted indexes. Latest figures. Dec. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN • JANUARY 1963 in production of the two groups of metals. 1955. Sales declined in September, because Among nonferrous metals, growth in domes- of reduced supplies, but then rose sharply tic output of aluminum has exceeded the 20 in October after the introduction of new per cent rise in total industrial production models. Although down by December, sales since 1957. But output of other nonferrous in the fourth quarter were at an annual rate metals and of iron and steel has expanded of 7.7 million units. For 1962 as a whole, less or has declined. sales totaled 7.1 million, including about 330,000 imported cars. In the record year The failure of steel production to keep of 1955, sales were 7.5 million, including pace with the substantial advances in activ- 58,000 imports. ity in major steel-consuming industries reflects several developments. In part because Although list prices for the 1963 models of the sharp rise in steel prices through 1958, are about the same as for the 1962 models, other materials—concrete, glass, plastics, consumer outlays for automobiles have inand aluminum—have penetrated further into creased more than has the number of new markets for steel. Technological advances, cars sold. Economy cars so far in the 1963 both in the production of steel and in its model year have accounted for 35 per cent use, have also reduced tonnage requirements of the market—about the same share as in for many specific uses. Successive new mod- the 1961 and 1962 model years. But the els of automobiles were smaller in size and trend has been away from stripped-down weight until the 1962 model year, when that trend was reversed. Moreover, since 1958 iron and steel imports have exceeded the reduced volume of exports. NUMBER OF PASSENGER CARS Industrial output of some basic materials other than steel—such as coal and lumber— Total Sales to Calendar registra- Sales registrahas also been below levels prevailing before •I year tions (millions) tions the 1957-58 recession. However, consump- 1 (millions) (per cent) tion and output of most other materials have 1950 40.3 6.5 16.2 kept pace with or exceeded the rise in total 1951 42.7 5.1 12.0 1952 43.8 4.2 9.5 industrial production. Output of clay, glass, 1953 46.4 6.0 12.8 and textile materials has increased about 15 1954 48.5 5.4 11.1 per cent since early 1957. The rise in output 1955 52.1 7.7 14.8 1956 54.2 5.7 10.6 of paper products has been larger—about a 1957 55.9 6.2 11.0 fourth—and production of industrial chem- 1958 56.9 4.5 7.9 1959 59.6 6.1 10.2 icals has increased by more than a half. 1960 . .. 61.6 7.0 11.4 1961 63.3 5.8 9.1 AUTOMOBILE MARKETS 1962 65.5 7.2 11.1 1950-62 Sales of automobiles have risen irregularly average . 11.4 from the reduced rate in early 1961. By the spring of 1962 sales, including those of imported cars, had risen to an annual rate of NOTE.—Registration data are from Bureau of Public Roads; about 7.1 million units, the highest since 1962 estimated. Sales are based on domestic output and imports less exports and are not same as those cited in text Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION DliVLLOPVlIN I S models and toward higher horsepower and AUTO OUTPUT at advanced Iml increased purchases of optional equipment. Annual rat* Millions of cars Among the standard size cars, moreover, 9 demand has increased more for the higher priced models. By the 1962 model year, output of the higher priced models of three leading makes had risen to about half of the total, after falling to a low of less than a DEALER STOCKS below •arllsr high Thousand] third in the 1959 model year. The propor- of cart BOO tion increased further after introduction of the 1963 models. 1000 An important, although highly variable, influence on new-car sales is replacement demand. The number of passenger cars registered increased 60 per cent from 1950 to 1962. Over this period the ratio of new-car 1957 'SS •59 '60 •61 '62 sales to registrations fluctuated between a high of 16 per cent in 1950, when the Ko- Noli:.—Seasonally adjusted series. Quarterly output at annual rates and end-of-quarter stocks, based on dala ironi rean War stimulated buying, and a low of Ward's Automotive Reports. Latest figures, fourth quarter. 8 per cent in the 1958 recession. The prochanged little. The level of stocks at the end portion averaged 11 per cent over the whole of 1962 was higher than before I960 but period. While sales in 1962 approached the was not high in relation to the advanced record number sold in 1955, the ratio of rate of sales. sales to registrations was J1 per cent compared with 15 per cent in 1955. HOME GOODS AND APPAREL Output of domestic autos since early 1961 Retail sales of clothing and of appliances has generally followed the pattern of sales. and home furnishings have shown a fairly Production rose from an annual rate of 4.3 steady expansion since mid-1961, after only million units in the first quarter of 1961 to a small decline in the 1960-61 recession. In 7.2 million in the fourth quarter of 1962, June of last year sales fell off, perhaps partly This high rate was 140 per cent of the 1957in response to the sharp decline in common 59 average. For the most popular models, stock prices. During the summer and early output was near capacity. autumn abnormal temperatures contributed Since the rise in sales of domestic econto reduced consumer demand for air condiomy cars beginning in the 1 960 model year, tioners and some other merchandise. Also each year has seen an increase in the variety residential construction activity leveled off at of domestic makes and models. This has conmidyear, after a marked rise, and this curtributed to an increase in dealers' inventory tailed the expansion in demands for applirequirements. Total stocks of new domestic ances and home furnishings for installation autos reached a peak in the second half of in new dwelling units. 1960. Subsequently inventories declined Output of home goods and apparel has sharply, as shown in the chart, and then shown larger cyclical fluctuations than re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN • JANUARY 1963 tail sales of these goods, as demonstrated in acceleration in the rate of inventory accuthe chart. The timing and amplitude of such mulation that probably was unplanned. As fluctuations have been similar to those for a result, output of home goods was reduced total industrial production. When output of temporarily in the third quarter, and produchome goods and apparel approached its re- tion of apparel leveled off. Among home cession low at the beginning of 1961, both goods, production of radio and television manufacturers and distributors were reduc- sets showed much less than its usual seaing inventories. Over the next 6 months sonal expansion. Small reductions in output production rose at a fast pace, partly be- of appliances were followed by recovery tocause inventories had been declining. The ward the end of the year. Production of subsequent expansion in output, which con- furniture and rugs changed little from the tinued for a year, was at a rate more nearly advanced level reached in June. in line with the rise in sales, and stocks in- Recovery and renewed expansion in recreased steadily. This pattern of change in tail sales after mid-19 62 helped to halt the output was similar to that after the recession accumulation of inventories. The current low in early 1958, except that in this expanrelationship among sales, stocks, and prosion the rise in the second phase—after the duction suggests that the course of producfirst 6 months—was slower than in 1958-59. tion in the immediate future will be more The decrease in retail sales of home goods sensitive than usual to the behavior of retail and apparel last June, when production of sales and new construction activity. such goods was at a high level, caused an BUSINESS EQUIPMENT OUTPUT OF HOME GOODS AND APPAREL The business equipment grouping of induschanges little after mid-1962 Ro , io l(aU trial production is designed to measure out- 1957-59 • 100 put of capital goods other than the construc- '•! iso tion of new buildings. It includes equipment produced for public as well as private use and for export. Industrial equipment—used mainly in manufacturing, mining, and utilities—accounts for more than a half of the total; office machines and other commercial equipment for nearly a fourth; and transport RETAIL STOCKS level off as SALES increase and farm equipment for the remainder. Although the production measure differs from data on private business investment outlays, some of the same influences are apparent in the two types of data. •j 100 Production developments. Output of business equipment continued to expand through the summer of last year, after production of NOTE.—Seasonally adjusted indexes. Output monthly. Retail consumer goods and of materials had leveled sales are 3-month moving average plotted in third month and stocks end of month, based on value data for department off. Output changed little from September to stores. Latest figures, Dec, except for stocks (Nov.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION DEVELOPMENTS 7 December at a level about 10 per cent higher of machinery was about a fifth larger in than a year earlier. 1962 than the 1956-57 average—a much Gains were largest last year for farm larger rise than that shown by prices. equipment and for trucks and some other Despite the large output of industrial types of commercial transport equipment, equipment last year, capacity probably did which are combined in the total for other not increase so much as in 1953 or in 1956business equipment on the chart. Output of 57. In manufacturing, output rose more these types of equipment had remained at than capacity during 1962, and capacity reduced levels until late in 1961, but then utilization probably increased further to an began to rise rapidly as a result of the improvement in farm incomes and business earnings. Over longer periods, from the business cycle peaks of 1960, 1957, and 1953, production of computing, telephone, office, service, and other commercial equipment has shown the largest growth. Output of these products remained at advanced levels during the recession in 1960 and then increased substantially through 1961 and early 1962 to about 45 per cent above the 1957-59 average. The growth in outlays for these products is not fully represented in the estimates of business investment outlays because of the increased portion of commercial equipment purchased by government agen- NOTE.—Seasonally adjusted indexes. Other equipment combines market groups for farm equipment and freight and cies and because of lack of information on passenger equipment. Latest figures, Dec. purchases by private financial, insurance, estimated level of 87 per cent in the second real estate, and nonprofit institutions. half of the year. Production of industrial equipment was Surveys of manufacturers have indicated already large in 1953, and it was somewhat that in recent years a major share of equiplarger in late 1956 and early 1957. In both ment has been purchased for replacement periods, manufacturing industries and the and modernization rather than for capacity electric utilities were making substantial additions to their capacity. Since 1957, expansion. Whatever the motivation for output of industrial equipment has shown capital outlays, industrial output per promainly cyclical fluctuations as demands have duction-worker manhour has continued to been limited by ample capacity. The 1956 increase in line with the postwar trend of production peak was not surpassed until 4.5 per cent a year. last year, and then by a margin of only Trends in business capital outlays. Business about 5 per cent; it is likely that foreign outlays for plant and equipment were 9 per demands accounted for much of the increase cent higher last year than in 1961, and for in output. The value of exports of all types the first time they exceeded the 1957 peak. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN • JANUARY 1963 Electric and gas utilities were the only major lization, shifts in the international situation, group of companies that did not increase or marked fluctuations in interest rates and outlays last year. Capital expenditures for in the availability of funds from internal and this group have shown a mild downtrend external sources. from the high level of 1957 although elec- In the recent period, some of the factors trical generating capacity has expanded at that influence the planning of investment an average annual rate of 7 per cent since programs have improved somewhat. The then. Outlays of the communication-com- rate of industrial capacity utilization rose mercial-miscellaneous group have risen from the first to the second half of last year. without interruption since 1958, and last Moreover, with consumer buying and equipyear they exceeded their 1956 peak by 20 ment orders up in the fourth quarter and per cent. cuts in corporate and personal income tax Spending by manufacturers, although up rates widely anticipated, expectations for a 8 per cent last year, remained moderately further gain in capacity utilization strengthbelow the 1956-57 level. Outlays of primary ened. These developments also led to expecmetals companies and of motor vehicles tations for higher profits. companies were substantially less than in While aggregate corporate profits were 1956-57, when capacity was being increased stable last year at the advanced level reached rapidly. Textile mills, on the other hand, in the fourth quarter of 1961, depreciation have increased their expenditures in recent allowances continued to rise and internal years. Outlays of the chemical and paper funds—the sum of retained earnings and industries, whose sales have continued to depreciation—increased moderately further. grow rapidly, have been maintained in the Changes made in depreciation schedules last past 3 years close to their 1957 peaks. Fi- year and the tax credit for equipment outnally, the machinery industries themselves lays—in addition to reducing materially the spent a record amount on plant and equip- cost of many items of business plant and ment last year. equipment—tend to increase the volume of Year-to-year changes in private capital internal funds available for capital investoutlays have been relatively small since ment, as would the anticipated reduction in 1958. Large changes in several earlier years corporate tax rates. Since last spring, when —1947, 1949, 1951, 1956, and 1958— long-term interest rates declined, borrowed followed wide swings in expectations that funds have been available at rates moderaccompanied sharp changes in capacity uti- ately lower than a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Interest Rate on Time Deposits of European Limit on Investment by Bank Holding Company Investment Bank System in Stock of Small Business Investment Companies By the Act of October 15, 1962 (P. L. 87-827), Section 19 of the Federal Reserve Act was In an interpretation of the Bank Holding Comamended to exempt, for a period of three years, pany Act of 1956 published at page 257 of the time deposits of "foreign governments, monetary Federal Reserve BULLETIN of March 1959, the and financial authorities of foreign governments Board of Governors expressed the view that a when acting as such, or international financial bank holding company could lawfully invest, in institutions of which the United States is a mem- stock of small business investment companies, up ber" from the limitations prescribed pursuant to to 1 per cent of "the holding company's capital that section on the maximum rate of interest pay- and surplus." That interpretation was based on able by member banks on time and savings de- two statutory provisions: (1) Section 4(c)(4) of posits. the Holding Company Act (12 U.S.C. 1843), The Board has been presented with the question which permits a holding company to acquire whether this exemption is applicable to time de- shares of nonbank corporations "which are of posits of the European Investment Bank. the kinds and amounts eligible for investment" The European Investment Bank was established by national banks, and (2) Section 302(b) of the by treaty between six European nations, and its Small Business Investment Act (15 U.S.C. 682), stock is held by the member nations. The Bank which permitted a national bank to invest "1 per is engaged principally in making loans and guaran- cent of its capital and surplus" in SBIC stock. tees to business enterprises in the member coun- (In 1961, this provision of the SBI Act was tries in furtherance of the objectives of the Euro- amended to increase the permissible investment pean Common Market. from 1 per cent to 2 per cent.) The Bank cannot reasonably be regarded as a Further study of the effects of this interpreta- "foreign government." Even if it may be consid- tion, as it would apply to actual situations, has disered an "international financial institution," it is closed that it produces results inconsistent with not one of which the United States is a member. basic Congressional purposes embodied in the Clearly, it does not act as a "monetary" authority Holding Company Act and the SBI Act and thereof foreign governments. In a broad sense the fore requires modification and refinement. Bank's activities are of a "financial" nature; but, In adopting Section 4(c)(4) of the Holding in the light of the context of the statute and in Company Act, Congress intended, broadly speakview of its purposes as evidenced by its legislaing, to permit a holding company to invest in tive history, it is the Board's view that the Bank's corporate stock to the same extent as if it were functions are not such as to warrant the conclua national bank and its subsidiaries were branches. sion that it is a "financial authority" of foreign Viewed from another angle, the Congressional ingovernments. tent was to allow a holding company system to in- Accordingly, the European Investment Bank vest in corporate stock (whether held by the holddoes not fall within any of the categories of ining company or by subsidiaries) to the extent that stitutions described in the Act of October 15, the banking interests represented by the holding 1962, and, consequently, time deposits of the Bank company would permit such investment if those inin member banks of the Federal Reserve System terests were embodied in a national bank rather are not exempted from limitations on maximum than a bank holding company. With respect to interest rates prescribed by the Board pursuant the SBI Act, Section 302(b) thereof clearly was to Section 19 of the Federal Reserve Act and the intended to permit every national bank to invest Board's Regulation Q. up to a specified percentage, now 2 per cent, of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
10 FEDERAL RESERVE BULLETIN • JANUARY 1963 its capital and surplus in SBIC stock, regardless of SBIC stock to the extent permitted by Section whether or not the bank was a subsidiary in a 302(b) of the SBI Act, despite the legislative inholding company system. tent, reflected by the 1960 amendment of that law, In some situations the 1959 interpretation that even holding company banks should be able would thwart these Congressional objectives. In to invest in SBIC stock up to the limit there the case of a holding company that owned most of prescribed.2 the stock of its subsidiary banks and wrote up its For these reasons, the 1959 interpretation is asset accounts to reflect the full underlying book superseded. It is the position of the Board that, value of its bank stocks, the holding company under the provisions of Sections 4(a)(l) and could invest in SBIC stock a substantially larger 4(c)(4) of the Bank Holding Company Act, the amount than could its subsidiary banks in the total direct and indirect investments of a bank aggregate.1 This result would be even more notice- holding company in stock of small business inable in the case of a holding company with sub- vestment companies may not exceed: stantial nonbanking interests, permitted by the (1) with respect to such stock owned or conexceptions provided in Section 4(c) of the Hold- trolled by a subsidiary bank, 2 per cent ing Company Act, since such interests would of that bank's capital and surplus; further increase the "capital and surplus" of the (2) with respect to such stock owned directly holding company. It is unreasonable to assume by a holding company that is a bank, 2 that Congress intended, by enacting Section per cent of that bank's capital and 4(c) (4), to increase the authority of holding com- surplus; and panies to purchase corporate stock because of the (3) with respect to such stock otherwise magnitude of the holding company's nonbanking owned or controlled directly or indiinterests. rectly by the holding company, 2 per In other situations, the Congressional purpose cent of its proportionate interest in the reflected by Section 302(b) of the SBI Act would capital and surplus of each subsidiary be defeated. Under Section 4 of the Holding Com- bank (that is, the holding company's pany Act, SBIC stock owned directly by subsidiary percentage of the bank's stock times the banks is owned indirectly by the holding company. bank's capital and surplus) less that In the case of a holding company that owns only bank's investment in stock of small busia slight majority (or a minority) of its banks' ness investment companies. stock, the capital and surplus of the holding com- This interpretation avoids the shortcomings of pany sometimes is markedly smaller than the agthe earlier interpretation. It permits every bank to gregate capital and surplus of its subsidiary banks. invest up to the full amount permitted by Section In such a case, the Board's 1959 interpretation 302(b) of the SBI Act, despite the fact that a parwould prevent subsidiary banks from investing in ticular bank may be a subsidiary of a holding *An example may clarify this statement. If the company; this accords with the intent of Section banks in a holding company system were national 302(b). At the same time, in no case will it perbanks with aggregate capital of $10 million, surplus mit a holding company system to invest a greater of $10 million, and undivided profits of $5 million, those banks could invest in SBIC stock no more than 2 In the example presented in footnote 1, if the $400,000 (i.e., 2 per cent of $20 million, the banks' holding company owned 60 per cent of its banks' capital and surplus). However, if the holding com- stock, those banks could invest in SBIC stock only pany owned all of the stock of those banks and showed $300,000, rather than the $400,000 permitted by Secit on its books at total underlying value—the capital, tion 302(b). The holding company's capital and sursurplus, and undivided profits of the subsidiary banks plus would be $15 million (i.e., 60 per cent of $25 —the holding company could invest $500,000 in SBIC million, the aggregate capital, surplus, and undivided stock (i.e., 2 per cent of $25 million, the holding profits of the subsidiary banks), 2 per cent of which company's capital and surplus). The difference re- would be $300,000. Accordingly, the subsidiary banks sults, of course, from the fact that, in the case of themselves could not invest more than this amount banks, "capital and surplus" does not comprise the in SBIC stock, since stock owned by subsidiary banks entire capital structure, whereas in the case of other is indirectly owned by the holding company and corporations (such as holding companies) "capital therefore the aggregate investment by the subsidiary and surplus" usually does include practically the en- banks may not exceed 2 per cent of the holding comtire capital structure. pany's capital and surplus. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 11 amount in SBIC stock than could be invested, in an amount of capital stock of the Federal Reserve Bank of its district equal to six per cent of the paidthe aggregate, by the banks in the holding com- up 4 capital and surplus of such national bank. If pany system if they were national banks; this is the application is found to be in proper form it will believed to accord with the general purpose be approved by the Federal Reserve Bank effective if and when the Comptroller of the Currency issues (actual or reasonably presumed) of Section to such bank his certificate of authority to commence 4(c)(4) of the Holding Company Act. business. Upon approval, the applying bank shall thereupon5 pay the Federal Reserve Bank of its district one-half of the amount of its subscription and, upon Capital Stack of Federal Reserve Banks receipt of advice from the Federal Reserve Bank as to the required amount, one-half of one per cent of The Board of Governors, effective February 1, its paid-up subscription for each month from the 1962, has revised Regulation I, pertaining to the period of the last dividend, and upon receipt of the payment for Federal Reserve Bank stock the Federal issue and cancellation of capital stock of Federal Reserve Bank will issue a receipt therefor, place the Reserve banks to eliminate obsolete provisions amount in a suspense account, and notify the comptroller of the Currency that it has been received. with respect to duties of the Federal Reserve When the Comptroller of the Currency issues his cer- Agent; provide procedures to be followed in case tificate of authority to commence business the Federal of merger or consolidation of a member bank with Reserve Bank will issue a stock certificate as of the date upon which the bank opens for business. a nonmember bank, conversion of a national bank The remaining half of the subscription of the apinto a nonmember bank, and involuntary with- plying bank will be subject to call when deemed drawal of membership; and authorize the issuance necessary by the Board of Governors of the Federal Reserve System. of two stock certificates in order to indicate stock issued before March 28, 1942. The revised Regu- § 209.2—STATE BANK BECOMING MEMBER lation reads as follows: Any State bank, Morris Plan bank, or mutual savings bank, desiring to become a member of the Fed- REGULATION I eral Reserve System shall make application as pro- (12 CFR PART 209) vided in Part 208 of this chapter (Regulation H) and, when such application has been approved by the As Revised Effective February 1, 1963 Board of Governors of the Federal Reserve System and all applicable requirements have been complied ISSUE AND CANCELLATION OF CAPITAL with, the Federal Reserve Bank will issue an appro- STOCK OF FEDERAL RESERVE BANKS priate certificate of Federal Reserve Bank stock as provided in § 208.5(b) of this chapter. § 209.1—NATIONAL BANK IN PROCESS OF ORGANIZATION Each national bank,1 while in process of organiza- i 209.3--INCREASE OR DECREASE OF CAPITAL OR tion,2 shall file with the Federal Reserve Bank of its SURPLUS district an application on Form FR 30, and each nonmember State bank converting into a national Whenever any member bank increases or decreases bank,3 shall file an application on Form FR 30a, for the aggregate amount of its paid-up capital and surplus,6 it shall file with the Federal Reserve Bank of 1 Under the provisions of section 19 of the Federal Reserve its district an application on Form FR 56 for such Act (12 U.S.C. 466), national banks located in a dependency or insular possession or any part of the United States outside additional amount or for the cancellation of such the States of the United States and the District of Columbia amount, as the case may be, of the capital stock of are not required to become members of the Federal Reserve the Federal Reserve Bank of its district as may be System but may, with the consent of the Board, become members of the System. Any such bank desiring to be admitted necessary to make its total subscription to Federal to the System under the provisions of section 19 should communicate with the Federal Reserve Bank with which it desires * Subscriptions to the capital stock of the Federal Reserve to do business. Bank must be made in an amount at least equal to six per 2 A new national bank with no capital or board of directors cent of the amount of the capital and surplus of the applying which is organized by the Federal Deposit Insurance Corpora- bank which is to be paid in at the time the Comptroller of tion pursuant to the provisions of section 11 (h) of the Federal the Currency authorizes it to commence business. In order to Deposit Insurance Act (12 U.S.C. 1821 (h)), should not apply avoid the necessity of making applications for additional stock for stock of the Federal Reserve Bank of its district until in the Federal Reserve Bank, as additional instalments of the it is in process of organization as a national bank with capital capital and surplus of the applying bank are paid in, applicapursuant to the provisions of section ll(k) of the Federal tion may be made for stock in the Federal Reserve Bank in an Deposit Insurance Act (12 U.S.C. 1821 (k)). amount equal to six per cent of the authorized capital of the 3 Whenever a State member bank is converted into a national applying bank, plus six per cent of the amount of surplus, if bank under section 5154 of the Revised Statutes (12 U.S.C. any, which the subscribers to the capital of the applying bank 35), it may continue to hold as a national bank its shares have agreed to pay in. of Federal Reserve Bank stock previously held as a State 5 Payment may be made, if desired, at any time prior to member bank. If the aggregate amount of its capital and approval of the application. surplus is increased or decreased, the national bank shall file 6 If a member bank sets up a reserve for dividends payable an application on Form FR 56, as provided in § 209.3, for in common stock, such reserve will be regarded as surplus additional shares of Federal Reserve Bank stock or for can- for the purpose of determining the amount of Federal Reserve cellation of Federal Reserve Bank stock. The certificate of Bank stock which the bank is required to hold, provided such stock issued in the name of the State member bank shall be reserve is established pursuant to a resolution of the board of surrendered and canceled, and a new certificate will be issued directors, will become a part of the permanent capital of the in lieu thereof in the name of the national bank, as provided bank, and will not be used for any other purpose than the in § 209.13. payment of dividends in common stock. 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12 FEDERAL RESERVE BULLETIN • JANUARY 1963 Reserve Bank stock equal to six per cent of its com- member banks, such merged or consolidated bank bined capital and surplus. After an application for shall, as provided in § 209.3, file with the Federal additional Federal Reserve Bank stock has been ap- Reserve Bank of its district an application on Form proved by the Federal Reserve Bank, the applying FR 56 for such additional amount, or for the canmember bank shall pay to the Federal Reserve Bank cellation of such amount, as the case may be, of of its district one-half of its additional subscription, Federal Reserve Bank stock of its district as may be plus one-half of one per cent a month from the period necessary to make its total subscription to Federal of the last dividend on such Federal Reserve Bank Reserve Bank stock equal to six per cent of its comstock, whereupon the appropriate certificate of stock bined capital and surplus. In any such case, the will be issued by the Federal Reserve Bank. The re- merged or consolidated bank shall surrender to the maining half of such additional subscription will be Federal Reserve Bank the certificates of Federal subject to call when deemed necessary by the Board Reserve Bank stock held by the merged or consoliof Governors of the Federal Reserve System. After dated bank and a new certificate will be issued as an application for cancellation of Federal Reserve provided in § 209.13(6). Bank stock has been approved, the Federal Reserve (b) Whenever a member bank merges or consoli- Bank will accept and cancel the stock which the dates with a nonmber bank, under the charter of the applying bank is required to surrender, and will pay latter bank, an application on Form FR 86a shall be to the member bank a sum equal to all cash paid filed with the Federal Reserve Bank for cancellation subscriptions made on the stock canceled plus one- of Federal Reserve Bank stock held by the member half of one per cent a month from the period of the bank. Upon approval of such application, the Federal last dividend, not to exceed the book value thereof. Reserve Bank will cancel such stock as of the date the merger or consolidation takes effect, and will adjust accounts by applying to any indebtedness of the § 209.4—INCREASE OR DECREASE OF DEPOSITS BY merging or consolidating bank to such Federal Re- MUTUAL SAVINGS BANK serve Bank all cash paid subscriptions made on the stock canceled plus one-half of one per cent a month Whenever, as shown by the last report of condifrom the period of the last dividend, not to exceed tion as of a date preceding January 1 or July 1 of the book value thereof, and the remainder, if any, will each year, the total deposit liabilities of a mutual be paid to the merged or consolidated bank. savings bank which is a member of the Federal Reserve System have increased or decreased since the last adjustment of its holdings of Federal Reserve § 209.6—CONVERSION OF NATIONAL BANK Bank stock, the bank shall file with the Federal Reserve Bank of its district an application on Form FR Whenever a national bank converts into a non- 56a for such additional amount or for the cancella- member State bank, an application on Form FR 86b tion of such amount, as the case may be, of Federal shall be filed with the Federal Reserve Bank for can- Reserve Bank stock of its district as may be neces- cellation of Federal Reserve Bank stock held by the sary to make its total subscription to Federal Reserve national bank. Upon approval of such application, Bank stock equal to six-tenths of one per cent of the Federal Reserve Bank will cancel such stock as its total deposit liabilities as shown by such last re- of the date the conversion takes effect, and will adjust port of condition, and Federal Reserve Bank stock accounts in the manner described in § 209.5(6). will be issued or canceled in the manner described in § 209.3. In the case of any mutual savings bank § 209.7—INSOLVENCY which is not permitted by the laws under which it was organized to purchase stock in the Federal Re- Whenever a member bank is declared insolvent serve Bank and has a deposit with the Federal Re- and a receiver8 appointed, the receiver shall, within serve Bank in lieu of such subscription, such deposit three months from the date of his appointment, file will be adjusted in the same manner as subscriptions with the Federal Reserve Bank of the district an for stock. application on Form FR 87 for cancellation of Federal Reserve Bank stock held by the insolvent member bank. If the receiver fails to make application § 209.5 MERGER OR CONSOLIDATION within the time specified, the board of directors of (a) Whenever two or more member banks merge the Federal Reserve Bank will either issue an order or consolidate and such action results in the merged to cancel such stock, or, if the circumstances warrant or consolidated bank acquiring by operation of law 7 it, grant the receiver additional time in which to file an application. Upon approval of such application or the Federal Reserve Bank stock owned by the other upon issuance of such order, the Federal Reserve bank or banks, and which also results in the merged Bank will cancel such stock as of the date of such or consolidated bank having an aggregate capital approval or order and will adjust accounts in the and surplus in excess of, or less than, the aggregate manner described in §209.5(6). capital and surplus of the merging or consolidating 7 Section 5 of the Federal Reserve Act provides that "Shares member bank are transferred to a merged or consolidated of the capital stock of Federal Reserve Banks owned by mem- member bank by operation of law, no bank being placed in ber banks shall not be transferred or hypothecated." This liquidation, the merged or consolidated bank becomes the provision prevents a transfer of Federal Reserve Bank stock owner of the Federal Reserve Bank stock of the merging or by purchase, but does not prevent a transfer by operation of consolidating bank as soon as the merger or consolidation law. Where one member bank purchases all or a substantial takes effect, and a new certificate representing Federal Reserve portion of the assets of another member bank, the latter being Bank stock will be issued as provided in §209.13(6). Mergers placed in liquidation, it is necessary for the liquidating bank or consolidations under the acts of Congress providing for the to surrender its Federal Reserve Bank stock, as provided in merger or consolidation of national banking associations (12 § 209.8, and for the purchasing bank, if its capital and surplus U.S.C. 215, 215a) meet all of these conditions. is increased or decreased, to adjust its holdings of Federal 8 The term "receiver" includes any person, commission, or Reserve Bank stock as provided in § 209.3. other agency charged by law with the duty of winding up the If the assets and obligations of a merging or consolidating affairs of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 13 § 209.8—VOLUNTARY LIQUIDATION leges of membership in the Federal Reserve System. Upon receipt of this advice, if termination of mem- Whenever a member bank goes into voluntary bership of the State member bank appears desirable, liquidation, as, for example, upon sale of assets to the Board will give the member bank notice of the another bank, the liquidating agent or some other date upon which a hearing will be held to determine person or persons duly authorized by the stockholders whether its membership should be terminated. If, after or board of directors to act on behalf of the bank such hearing, the membership of a State bank is termishall, within three months from the date of the vote nated, the Board will direct the Federal Reserve Bank to place the bank in voluntary liquidation, file with of the Federal Reserve district in which the member the Federal Reserve Bank of the district an applica- bank is located to cancel the Federal Reserve Bank tion on Form FR 86 for cancellation of Federal Re- stock as of the date of termination of membership serve Bank stock held by the liquidating member bank. and adjust accounts in the manner described in If such application is not filed within the time speci- §2095(fc) fied, the board of directors of the Federal Reserve Bank will either issue an order to cancel such stock, or, if the circumstances warrant it, grant additional §209.11—VOLUNTARY WITHDRAWAL FROM time in which to file an application. Upon approval MEMBERSHIP of such application, or upon issuance of such order, the Federal Reserve Bank will cancel such stock as Any State member bank desiring to withdraw from of the date of such approval or order and will adjust membership in the Federal Reserve System shall accounts between the liquidating member bank and follow the procedure set forth in Part 208 of this the Federal Reserve Bank in the manner described in chapter (Regulation H), and when all applicable re- §209.5(6). quirements of § 208.10 have been complied with the Federal Reserve Bank will cancel the Federal Reserve Bank stock held by the member bank as of the § 209.9—OTHER CLOSED NATIONAL BANKS date of withdrawal from membership and will adjust accounts in the manner described in § 209.5(&). (a) Whenever a national bank which has not gone into liquidation as provided in section 5220 of the Revised Statutes of the United States (12 U.S.C. § 209.12—INVOLUNTARY TERMINATION OF 181), and for which a receiver has not been ap- MEMBERSHIP pointed, discontinues its banking operations for a period of sixty days, the Federal Reserve Bank will Any State member bank whose membership has report the facts to the Comptroller of the Currency been terminated for failure to comply with the prowith a statement of reasons why a receiver should visions of the Federal Reserve Act or regulations of be appointed for the national bank. If such receiver the Board of Governors of the Federal Reserve Sysis appointed, the procedure prescribed in § 209.7 for tem shall surrender its Federal Reserve Bank stock cancellation of Federal Reserve Bank stock held by as of the date membership is terminated and accounts the national bank shall be followed. will be adjusted in the manner described in (b) Whenever a national bank has been placed in §209.5(6). the hands of a conservator, the procedure prescribed in § 209.7 for cancellation of Federal Reserve Bank § 209.13—CANCELLATION OF OLD AND ISSUE OF NEW stock held by such bank shall be followed; provided STOCK CERTIFICATE a certificate is furnished by the Comptroller of the Currency to the effect that the conservator has been (a) Whenever a member bank changes its name authorized to apply for cancellation of Federal Re- it shall surrender to the Federal Reserve Bank the serve Bank stock, and that the bank is to be liquidated certificate of Federal Reserve Bank stock which was and is not to be permitted to resume business or to issued to it under its old name. If the Federal Reserve reorganize. Bank has or is furnished with proof of the change of name, it will cancel the certificate so surrendered and will issue in lieu thereof to and in the name of § 209.10—OTHER CLOSED STATE MEMBER BANKS the member bank surrendering it a new certificate for Whenever a State member bank ceases to exercise the number of shares represented by the certificate banking functions without being placed in liquidation so surrendered. in accordance with the laws of the State in which it (b) If a member bank has filed an application for is located and without a receiver9 appointed for it, an increase or decrease in its holdings of Federal and such bank has not within sixty days of the Reserve Bank stock pursuant to the provisions of cessation of banking functions applied for with- § 209.3, or has acquired the Federal Reserve Bank drawal from membership in the Federal Reserve Sys- stock from another bank by virtue of a merger or tem as provided in Part 208 of this Chapter (Regula- consolidation of the kind described in § 209.5(a), it tion H), the Federal Reserve Bank of the district in shall surrender the stock certificate previously issued which such State member bank is located will fur- to it and the certificate representing any stock so nish the Board of Governors of the Federal Reserve acquired, and the Federal Reserve Bank will issue a System with full information with reference to the new certificate for the number of shares represented facts involved in the case and with a definite recom- by the surrendered certificate or certificates decreased mendation as to whether the Board should require by the number of shares canceled or increased by the State member bank to surrender its Federal Re- the number of additional shares to be issued. serve Bank stock and terminate all rights and privi- (c) In order to provide a convenient means for identifying shares of Federal Reserve Bank stock 9 The term "receiver" includes any person, commission, or purchased and paid for prior to March 28, 1942, other agency charged by law with the duty of winding up the as to which dividends are not subject to Federal affairs of the bank. 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14 FEDERAL RESERVE BULLETIN • JANUARY 1963 taxation, the Federal Reserve Bank will endorse on competitive factors involved in the proposed the back of the stock certificate an appropriate nota- merger, tion setting forth the number of shares represented which were purchased and paid for prior to March IT IS HEREBY ORDERED, for the reasons set forth 28, 1942, and the number of shares purchased and in the Board's Statement of this date, that said paid for on or after that date. In lieu of issuing a application be and hereby is approved, provided single certificate, the Federal Reserve Bank may issue two certificates to each member bank holding both that said merger shall not be consummated (a) classes of stock, one representing stock purchased within seven calendar days after the date of this and paid for prior to March 28, 1942, and the other Order or (b) later than three months after said representing stock purchased and paid for on or after that date, in which case the former will be endorsed date. to read: "This certificate represents shares of Federal Dated at Washington, D. C, this 20th day of Reserve Bank stock which were purchased and paid for prior to March 28, 1942." No endorsement will December, 1962. be necessary on the latter certificate. By order of the Board of Governors. Voting for this action: Chairman Martin, and Gov- § 209.14—FORMS ernors Balderston, Mills, and Shepardson. Voting All forms referred to in this part and all such against this action: Governor Robertson. Absent and forms as they may be amended from time to time not voting: Governors King and Mitchell. shall be a part of the regulation contained in this part. (Signed) MERRITT SHERMAN, Secretary. [SEAL] Order Under Bank Merger Act STATEMENT The Liberty Bank and Trust Company, Buffalo, The Board of Governors of the Federal Re- New York ("Liberty"), with deposits of $222.4 serve System has issued the following Order and million,* has applied, pursuant to the Bank Statements with respect to an application for Merger Act of 1960 (12 U.S.C. 1828(c)), for approval of the merger of certain banks: the Board's prior approval of the merger of that bank and The First National Bank of Batavia, LIBERTY BANK AND TRUST COMPANY, Batavia, New York ("First"), with deposits of BUFFALO, NEW YORK $14.5 million. The banks would merge under the charter and title of Liberty, which is a State- In the matter of the application of Liberty Bank chartered member bank of the Federal Reserve and Trust Company for approval of merger with System. As an incident to the merger, the sole The First National Bank of Batavia. office of First would become a branch of the resulting bank, increasing the number of its offices ORDER APPROVING MERGER OF BANKS from 28 to 29. Under the law, the Board is required to con- There has come before the Board of Governors, sider, as to each of the banks involved, (1) its pursuant to the Bank Merger Act of 1960 (12 financial history and condition, (2) the adequacy U.S.C. 1828(c)), an application by Liberty Bank of its capital structure, (3) its future earnings and Trust Company, Buffalo, New York, for the prospects, (4) the general character of its man- Board's prior approval of the merger of that bank agement, (5) whether its corporate powers are and The First National Bank of Batavia, Batavia, consistent with the purposes of the Federal De- New York, under the charter and title of the forposit Insurance Act, (6) the convenience and mer. As an incident to the merger, the main and needs of the community to be served, and (7) the only office of the latter bank would be operated as effect of the transaction on competition (including a branch of the former bank. Notice of the proany tendency toward monopoly). The Board may posed merger, in form approved by the Board, not approve the request unless, after considering has been published pursuant to said Act. all these factors, it finds the transaction to be in Upon consideration of all relevant material in the public interest. the light of the factors set forth in said Act, in- Banking factors. The capital structure and concluding reports furnished by the Comptroller of dition of both Liberty and First, and the financial the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the * Deposit and loan figures are as of June 30, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 15 history of First are regarded as generally satis- in size, and there is no evidence tending to show factory. Until recent years, the rate of growth of that either the convenience or the needs of the Liberty lagged behind that of the two larger Buf- community are not being met satisfactorily at the falo banks, Marine Trust Company of Western present time. New York ("Marine"), with deposits of $800.8 Batavia, seat of Genesee County, is about 40 million, and Manufacturers and Traders Trust miles east of Buffalo and about the same distance Company ("Manufacturers"), with deposits of west of Rochester, where many of its residents $515.0 million. Marine is a subsidiary of Marine are employed. It has a population of some 18,000 Midland Corporation, a bank holding company and is a residential and industrial community with which operates banking offices in all nine banking three banking facilities, consisting of First and districts in New York. While Marine and Manu- branches of the two largest Buffalo banks, Marine facturers were establishing branches or merging and Manufacturers. Since these branches can offer with small independent banks in good locations, the varied services and higher lending limits pro- Liberty remained static, with many of its in-town vided by their parent banks, convenience and branches located in areas which are deteriorating needs of the community would continue to be or where economic growth has ceased. adequately served even if the proposed merger Liberty has recently developed a program de- were not consummated, although bringing Liberty signed to acquire deposits, add banking facilities, into Batavia would provide a more convenient modernize and relocate existing offices, and im- third choice of facilities of this kind. prove customer relations. Three new branches The factor of convenience and needs of both have been established in expanding suburban communities involved, then, like the banking facareas, and five other branches have been acquired tors, provides little support for, but is not inconby mergers with four relatively small banks in sistent with, approval. Fredonia (with a branch at Brocton), East Au- Competition. The only direct competition berora, Oakfield, and Orchard Park. tween First and Liberty involves Liberty's branch Prospects for earnings of Liberty and for First at Oakfield, some seven miles northwest of Baare satisfactory, and the prospects for the result- tavia. Of the total deposits ($5.8 million) of the ing bank should be equally so. There is no evi- Oakfield branch, 6.5 per cent, and of its loans dence that the corporate powers of the banks are, ($3.1 million) 11 per cent, originate in Batavia. or would be, inconsistent with the Federal De- Some 60 depositors have accounts in both banks, posit Insurance Act. and First has deposits of $329 thousand from Oak- In this case, the circumstances relating to the field equal to 5.7 per cent and loans of $134 banking factors are largely neutral. While the thousand equal to 4.3 per cent of the deposits and capital structure, anticipated financial condition loans, respectively, of Liberty's branch. Accordand history, future earnings prospects, manage- ingly, although these amounts represent nominal ment, and exercise of corporate powers of the percentages of the deposits and loans of First, resulting bank would continue to be satisfactory, competition between the two could be said to be it seems probable that these circumstances would moderate. This competition will be eliminated by remain almost equally satisfactory in respect to approval, and customers who now choose between each were the application to be denied. four banks, that is, between First and branches of Convenience and needs of the communities to the three largest Buffalo banks, will have their be served. Buffalo is the second largest city in range of choice narrowed to three. New York State and 15th largest in the United On the other hand, analysis of the situation in States. It is located in Erie County on the eastern Buffalo indicates a genuine need for a third large end of Lake Erie. The surrounding area contains bank to compete vigorously with Marine and a large industrial region as well as Niagara Falls, Manufacturers. The economy of the area is exa major resort area. The population of Buffalo it- panding, and while the two big banks have kept self, roughly half a million, declined by eight per pace with that expansion, Liberty has fallen concent between 1950 and 1960, reflecting population siderably behind them. Due to the area pattern of shifts to suburban areas. The city is served by five growth, one principal tool for banking expansion commercial banks, of which Liberty is the third there will be the opening of branches, either ac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
16 FEDERAL RESERVE BULLETIN • JANUARY 1963 quired by merger or where possible de novo, in involved. The banking public in and around Bathe suburbs and satellite communities of larger tavia has ready access to the full range of banking centers, like Buffalo. In the case of Batavia, be- services through the Batavia branches of Marine cause of "head office protection" afforded First and M & T, and Liberty's branch at Oakfield, and by New York law, the only way in which Liberty The First National Bank of Batavia (which apcan open a branch is through merger with First. proval of this application will eliminate). Acquisition of First should be of some material In support of approval of the application, the assistance to Liberty in its current effort to place majority states that consummation of the transitself in a better competitive position vis-a-vis action would beneficially stimulate competition in Marine and Manufacturers. the Ninth Banking District of New York State. While the Board considers it necessary to scru- That, of course, is the District containing the areas tinize with care the trend toward increasing bank- in which Liberty competes with Marine and M & T. ing concentration in western New York State, it I am unable to see how the merger will strengthen does not find that, under the circumstances of the the competitive position of Liberty in Buffalo, present case, the merger of First into Liberty will unless the deposits acquired by Liberty from First disadvantage either the local banks near Batavia, are siphoned away from the Batavia community or the relatively small fourth and fifth ranking into Buffalo, a result which would weigh against banks in Buffalo. While the merger would elim- approval of the merger. Moreover, there is nothinate some existing competition, on the other hand ing in the record to indicate that Liberty will be it would enhance the position of Liberty as an able to compete in and about Batavia in a stronger effective competitive force in Buffalo and the or more constructive way than First does now. surrounding area. Approval of the application means that both Summary and conclusion. In reaching a deci- present and potential competition between First sion on an application under the Bank Merger Act and Liberty will be eliminated. Members of the of 1960, the Board is required to consider all the banking public in the Batavia-Oakfield area will relevant factors and weigh them in order to reach not only have present alternative sources of banka judgment. In the present case, neither the bank- ing service reduced from four to three, but they ing factors nor the convenience and needs of the will no longer have the opportunity of dealing community weigh for or against approval, and with a local independent bank; that many have there are both favorable and unfavorable consid- preferred to do so is evidenced by First's excellent erations under the competitive factor. Although growth record. The removal from Batavia of the decision is a close one, the Board feels that, "home office protection" as a result of the merger on balance, permitting the merger of First into is unimportant in a community with a population Liberty would beneficially stimulate competition of only 18,000 and varied banking facilities in the Ninth Banking District of New York State. already in the area. For these reasons, the Board finds that the pro- The Bank Merger Act was intended by Conposed merger would be in the public interest. gress to curb bank mergers inimical to a competitive banking system. The steady reduction, through DISSENTING STATEMENT OF GOVERNOR mergers, in the number of unit banks, and the con- ROBERTSON sequent elimination of competition were compelling considerations that prompted enactment of Consummation of this merger would deprive the law, and the inadequacies of then existing Batavia of its only unit bank, which is an exlaw with respect to the competitive factor in bank ceptionally sound and well-managed institution absorptions was emphasized repeatedly during that effectively competes with Liberty Bank's Old- Congress' consideration of the Act. (Senate Refield branch and with the branches in Batavia of port No. 196, April 17, 1959, pp. 8, 14; House Marine Trust Company and Manufacturers and Report No. 1416, March 23, 1960, pp. 3-5) In Traders Trust Company. the words of Senator Robertson, Chairman of The majority statement concedes that favorable the Senate Committee on Banking and Currency, action on this application finds no support under the Act "seeks to make mergers of banks more the so-called banking factors or with respect to difficult". (105 Cong. Record, Part 6, p. 8131) the needs and conveniences of the communities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 17 It is significant to note that the merger trend, makes it an instrument conducive to further conwhich gave rise to the Congressional concern re- centration of banking resources rather than an sulting in enactment of the law, continues un- effective regulation to curb mergers and thereby abated; more commercial banks have been elim- counter the trend toward concentration of bankinated through mergers in 1962 than in any of ing resources, which occasioned enactment of the the three years preceding enactment of the Bank statute. Merger Act. Indeed, it is difficult to conceive of a merger The statute and its legislative history reveal that application—short of one that would patently vio- Congress intended to make approval of a bank late the antitrust laws—that would warrant demerger dependent on a positive showing that the nial, if the principle implicit in the decision of the public interest would be benefited and rejected majority is adhered to in the future. That principle the philosophy that doubts should be resolved in appears to contemplate with approval a situation favor of such mergers. The burden was placed on in which a few banks control all the banking fathe proponents of a merger to show that it would cilities of an area (or even a whole State). In this promote the public interest. (House Report No. case, seemingly, Liberty Bank has carte blanche 1416, March 23, 1960, pp. 11-12; Senate Report to absorb smaller banks in Western New York No. 196, April 17, 1959, pp. 19-21; 106 Cong. until it achieves size parity with Marine and Record, Part 6, p. 7258, Part 8, p. 9712) M & T. Viewed realistically, this means that these It was specifically recognized during considera- three may finally become the only banks in a large tion of the legislation that any competitive disad- part of the Ninth Banking District of New York, vantage of a bank with respect to other banks in with its numerous cities and towns and a populaa community was a proper matter to be taken tion of more than a million. In this particular case, into consideration by the banking agency conapproval of the application means that three cerned in considering a merger application. How- Buffalo banks will have the power to decide who ever, it was emphasized that this would be just one gets credit (and who does not) in Batavia, 40 of the factors to be considered. As explained by miles away. Liberty admittedly has embarked on Senator Robertson, the mere fact that a bank was an expansion program which has included the under some competitive disadvantage would not recent acquisition of four banks, and it is undergive it "a right to engage in a merger which stood that plans are in progress for applications otherwise would be ruled out" under other factors to acquire by merger two banks in other comrequired to be considered by the agency conmunities. cerned. (106 Cong. Record, Part 8, p. 9713) The implications arising from approval of the In this case, there is no showing of advantage present application for the continuation of healthy, to the public but only an expressed hope that conindependent banks or the establishment of new summation of the transaction in some way will banks seem grave indeed, because of the encourbenefit the area by stimulating competition beagement that is being given by this decision to tween Liberty (already a $222 million bank) and constantly increasing concentration of banking the other two large Buffalo banks. To hold, in resources and power in the three large Buffalo these circumstances, that the transaction is in the institutions. public interest (as the majority does) leaves the statute without any real meaning or effect and I would deny the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1963, except where otherwise indicated. Federal Reserve Bank and Branch New York Buffalo J. MONROE HODGES, President, The Exchange National Bank of Olean, New York. Mr. Hodges succeeds Howard N. Donovan, President, Bank of Jamestown, New York. Cleveland Cincinnati JOHN W. WOODS, JR., President, The Third National Bank of Ashland, Kentucky. Mr. Woods succeeds LeRoy M. Miles, President, First Security National Bank and Trust Company of Lexington, Kentucky. Pittsburgh ALFRED H. OWENS, President, The Citizens National Bank of New Castle, Pennsylvania. Mr. Owens succeeds Samuel R. Evans, President and Trust Officer, Windber Trust Company, Windber, Pennsylvania. Richmond Baltimore JOSEPH B. BROWNE, President, Union Trust Company of Maryland, Baltimore, Maryland. Mr. Browne succeeds James W. McElroy, Director, First National Bank of Maryland, Baltimore, Maryland. Charlotte G. HAROLD MYRICK, Executive Vice President and Trust Officer, First National Bank of Lincolnton, North Carolina. (Reappointed) Atlanta Birmingham A. CALVIN SMITH, President, First National Bank, Greenville, Alabama. Mr. Smith succeeds R. J. Murphy, Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama. Jacksonville ARTHUR W. SAARINEN, President, Broward National Bank of Fort Lauderdale, Florida. Mr. Saarinen succeeds Leonard A. Usina, Chairman of the Board, Peoples National Bank of Miami Shores, Florida. 1 Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank, and the others are appointed by the Board of Governors of the Federal Reserve System. The announcement of appointments of branch directors made by the Board of Governors was published on page 1627 of the December 1962 BULLETIN. 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 19 Nashville R. S. WALLING, President, First National Bank, McMinnville, Tennessee. Mr. Walling succeeds D. L. Earnest, President, The Blount National Bank of Maryville, Tennessee. New Orleans J. R. MCCRAVEY, JR., Vice President, Bank of Forest, Mississippi. Mr. McCravey succeeds Frank A. Gallaugher, President, Jeff Davis Bank & Trust Company, Jennings, Louisiana. Chicago Detroit C. LINCOLN LINDERHOLM, President, Central Bank, Grand Rapids, Michigan. (Reappointed) St. Louis Little Rock H. C. ADAMS, Executive Vice President, The First National Bank of De Witt, Arkansas. (Reappointed) Louisville JOHN H. HARDWICK, President, The Louisville Trust Company, Louisville, Kentucky. Mr. Hardwick succeeds Merle E. Robertson, Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Kentucky. Memphis CHARLES R. CAVINESS, President, National Bank of Commerce of Corinth, Mississippi. (Reappointed) Minneapolis (2-year terms) Helena ROY G. MONROE, Chairman of the Board and President, The First State Bank of Malta, Montana. (Reappointed) HARALD E. OLSSON, President, Ronan State Bank, Ronan, Montana. (Reappointed) Kansas City (2-year terms) Denver J. H. BLOEDORN, President, The Farmers State Bank of Fort Morgan, Colorado. (Reappointed) J. P. BRANDENBURG, President, First State Bank of Taos, New Mexico. Mr. Brandenburg succeeds Cale W. Carson, Chairman of the Board, First National Bank in Albuquerque, New Mexico. Oklahoma City R. L. KELSAY, Chairman of the Board and President, The First National Bank in Hobart, Oklahoma. (Reappointed) GUY L. BERRY, JR., President, The American National Bank and Trust Company, Sapulpa, Oklahoma. Mr. Berry succeeds C. L. Priddy, President, The National Bank of McAlester, Oklahoma. Omaha JOHN F. DAVIS, President, The First National Bank of Omaha, Nebraska. (Reappointed) Dallas El Paso CHAS. B. PERRY, President, First State Bank, Odessa, Texas. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
20 FEDERAL RESERVE BULLETIN • JANUARY 1963 Houston M. M. GALLOWAY, President, First Capitol Bank, West Columbia, Texas. (Reappointed) San Antonio DWIGHT D. TAYLOR, President, Pan American State Bank, Brownsville, Texas. (Reappointed) San Francisco (2-year terms) Los Angeles DOUGLAS SHIVELY, President, Citizens State Bank of Santa Paula, California. (Reappointed) ROY A. BRITT, President, Citizens National Bank, Los Angeles, California. (Reappointed) Portland D. S. BAKER, President, The Baker-Boyer National Bank, Walla Walla, Washington. (Reappointed) E. M. FLOHR, President, The First National Bank of Wallace, Idaho. (Reappointed) Salt Lake City J. E. BRINTON, President, The First National Bank of Ely, Nevada. (Reappointed) REED E. HOLT, President, Walker Bank & Trust Company, Salt Lake City, Utah. (Reappointed) Seattle CHAS. H. PARKS, Executive Vice President, Seattle-First National Bank, Spokane and Eastern Division, Spokane, Washington. (Reappointed) M. F. HASTINGS, President, The First National Bank of Ferndale, Washington. (Reappointed) APPOINTMENT OF DIRECTOR sel in the Legal Division, retired at the end of The Federal Reserve Bank of Cleveland has an- December. Mr. Chase joined the Board's staff in nounced the appointment of John W. Humphrey, 1932 and, except for the four-year period during of Cincinnati, Ohio, as a director of its Cincin- which he was Attorney and then Assistant Solicinati Branch for the unexpired portion of a term tor in the Office of the Solicitor before becoming ending December 31, 1963. Mr. Humphrey is Assistant General Counsel in 1953, his entire serv- President, The Philip Carey Manufacturing Com- ice was in the Legal Division. pany, Cincinnati, Ohio. As a director of the Cin- Mr. Robert Solomon was appointed an Associnnati Branch, he succeeds Mr. Logan T. Johnciate Adviser in the Division of Research and ston, President, Armco Steel Corporation, Middle- Statistics effective January 1, 1963. town, Ohio, who was appointed a Class C director Mr. Solomon, who joined the Board's staff in of the Federal Reserve Bank of Cleveland, effec- 1947, has been an economist in both the Division tive January 1, 1963. of International Finance and the Division of Re- CHANGES IN THE BOARD'S STAFF search and Statistics. In the latter Division he was Mr. G. Howland Chase, Assistant General Coun- designated a Senior Economist in 1959, Chief of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 21 the Capital Market Section in 1960, and Assistant Item 1962 1961 to the Director in 1962. Mr. Solomon received his A.B. degree from Thousands of dollars the University of Michigan in 1942, his M.A. degree from Harvard University in 1947, and his Current earnings 1,048,508 941,648 Current expenses 176,136 161,275 Ph.D. degree from the same institution in 1952. Current net earnings 872,372 780,373 Net deductions from (—) or additions to EARNINGS AND EXPENSES OF THE FEDERAL current net earnings1 -56 3,482 RESERVE BANKS IN 1962 AND 1961 Net earnings before payments to The following table shows a condensed compara- Treasury 872,316 783,855 tive statement of earnings and expenses of the Dividends paid 27,412 25,570 Paid Treasury (interest on F. R. Federal Reserve Banks in 1962 and 1961. A de- notes) 799,366 687,393 tailed statement of earnings and expenses of each Transferred to surplus 45,538 70,892 Federal Reserve Bank in 1962 will appear in the February Federal Reserve BULLETIN. i Includes net profits on sales of U. S. Govt. securities of $1,990,000 in 1962 and $3,466,000 in 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication January 15 Industrial production and construction activity generally remained at the high levels reached were unchanged in December, and retail sales last summer. remained at the record high reached in November. Output of iron and steel recovered somewhat The rate of unemployment, although down slightly, further in December although severe weather was at the average level for 1962. Commercial curtailed operations in some areas over a twobank credit and the money supply continued to week period. Production of mineral fuels deexpand. Between mid-December and mid-January clined, in part because of the weather, but output common stock prices rose further. of most other nondurable materials continued to increase. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production in December was 120 per cent of the 1957-59 average, the same as in New construction put in place, which was re- November. From July to December 1962, the vised upward by 2 per cent to a seasonally adindex held between 119 and 120 per cent. While justed annual rate of $62% billion in November, output of consumer goods increased somewhat changed little in December. Residential construcin December, production of equipment and output tion increased somewhat further while most other of materials were unchanged. types of private activity changed little. Public con- Auto assemblies remained at the advanced level struction declined further but remained higher prevailing since last July, and preliminary produc- than in the summer months. tion schedules for January indicate little change. Output of home goods and apparel increased DISTRIBUTION further in December, returning to the May-June Retail sales in December remained at the rehigh, although output of television sets was uncord high reached in November. Department store changed from the reduced October-November sales increased less than seasonally and deliveries level. Among consumer staples, newspaper pubof new autos declined further, but sales increased lishing activity was reduced by strikes in two at most other types of stores. A dock strike at major cities. Production of business equipment Eastern and Gulf ports beginning December 23 sharply curtailed foreign trade shipments and re- INDUSTRIAL PRODUCTION duced domestic rail and truck traffic. 1957-59 = 100 140 130 COMMODITY PRICES ~ TOTAL y^*~ ~~ - PR F O I D N U A C L T S v^C y - ^ -* * « "* - - 120 The wholesale commodity price index was un- 110 changed between mid-December and mid-January. Prices of hogs declined somewhat, as sup- 100 ~ '"*• MAfERIALS ~ plies expanded seasonally, but prices of cattle and most other foodstuffs changed little. Prices of industrial commodities generally remained NONDURABLE stable. - MANUFACTURES ,££?• ~ - CONSUMER //?*' ~ GOODS*/£/ BANK CREDIT AND RESERVES '- l%*» V/DURABLE - _/ EQUIPMENT _ Total commercial bank credit, seasonally ad- MANUFACTURES 1 1 1 1 1 1 1 1 justed, continued to rise in December, reflecting a substantial further increase in loans. Bank hold- Federal Reserve indexes, seasonally adjusted. Monthly figings of U.S. Government and other securities ures, latest shown are for December. 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 23 showed a less-than-seasonal rise. The money sup- SECURITY MARKETS ply increased considerably further, and time and Yields on corporate bonds declined somewhat savings deposits at commercial banks continued between mid-December and mid-January while to expand rapidly. yields on State and local government issues and Total and required reserves of member banks on Treasury bonds changed little. Rates on 3increased in December. Excess reserves declined month Treasury bills increased slightly to about and member bank borrowings from the Federal 2.90 per cent. Reserve rose. Reserves were supplied through an Common stock prices rose further and trading increase in Reserve Bank float and Federal Re- remained active. By mid-January, average prices serve purchases of U.S. Government securities. had recovered three-fifths of the decrease from Currency outflow absorbed reserves. the peak in December 1961 to the low in late June. RETAIL TRADE INTEREST RATES 1957-59 = 100 DEPARTMENT STORES f\\ A * ( TREASURY BULS Www Federal Reserve indexes, seasonally adjusted; retail sales Discount rate, range or level for all F. R. Banks. Weekly based on Department of Commerce data. Monthly figures; average market yields for U. S. Government bonds maturing latest for stocks is November, for other series, December. in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending January 11. 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,H, 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. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) 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 Annually—cont. Issue Page Flow of funds Jan. 1963 82-89 Selected assets and liabilities of Federal busi- [Feb. 1962 238-44 ness-type activities Jan. 1963 90 Banking and monetary statistics, 1961 {Mar. 1962 362-63 [May 1962 652-55 Semiannually Banks and branches, number of, by class and Banking offices: State Apr. 1962 482-83 Analysis of changes in number of Aug. 1962 1073 On, and not on, Federal Reserve Par List, Income and expenses: number of Aug. 1962 1074 Federal Reserve Banks Feb. 1962 234-35 Member banks: Calendaryear {ju?yl%2 902 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 24 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 26 Reserve Bank discount rates; margin requirements; reserve requirements 30 Federal Reserve Banks. .... 32 Bank debits; currency in circulation. 34 Money supply; banks and the monetary system. . 36 Commercial and mutual savings banks, by classes. 38 Commercial banks, by classes. 42 Weekly reporting member banks. 44 Business loans 47 Interest rates 48 Security prices; stock market credit; open market paper. 49 Savings institutions 50 Federal finance 52 Security issues. 57 Business finance 59 Real estate credit 61 Consumer credit 64 Industrial production 68 Business activity 72 Construction 72 Employment and earnings 74 Department stores 76 Foreign trade . .. 77 Wholesale and consumer prices 78 National product and income series.... 80 Flow of funds, saving and investment 82 Selected assets and liabilities of Federal business-type activities. 90 Guide to tabular presentation 24 Index to statistical tables. 113 The data for F. R. Banks, member banks, and ties are obtained from Treasury statements; department stores, and consumer credit are the remaining data are obtained largely from derived from regular reports made to the other sources. For many of the banking and Board; production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (see list of publieral finance, and Federal business-type activi- cations at end of the BULLETIN). 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
26 BANK RESERVES AND RELATED ITEMS JANUARY 1963 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve fund5 Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other than member bank Member bank P d e o r a r i t o e d T U o . t S a . l G B o o r o v i u u t g . g h t h - s t e t cu R m c r a e h i g t e p a r i n e u e s s t e e r s - - c v D o a a a u n n i d s n d c - - e ts s Float i t T a o l* - s G to o c ld k r s o c t e u i a u n u n r n r g t c y - - d y - r c C t c e u i i u i n o n l r a r c n - - - y T h c i u n o r a r e l g s y d a h s - s- Tr u w e r a i y t s h - r F e F s e . e i o R g r r v n . - e B s, a O n t k h s er i c O F o a t . u h c R n - e t r s B F W a . n i R t k h . s re r s C c a e e o n u n r i v d r c n - e y 3 s Total Averages of daily figures 1929—June 179 179 978 61 1,317 4 024 2,018 4 400 210 30 m 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 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2 219 2,219 5 170 2 404 22 759 3,239 10,985 2,189 592 1,531 292 12 812 12 812 1945—Dec 23,708 23,708 381 65224.744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 J .11721.606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23 409 99 657 ,17525 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 ,76?27 299 23 276 4.806 30,494 1.271 569 745 290 832 21 180 21,180 1953—Dec 25,639 25,218 421 448 1,018 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 99?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 ,18926.853 21 689 5,008 31.265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 61127,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19.535 1957—Dec 23,982 23,615 367 716 44126 186 22,769 5,144 31,932 768 385 345 186 1 063 19,420 19 420 1958—Dec 26 312 26.216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18.899 18,899 1959—Dec 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628"*304 18,932 1960—Dec 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2.595 19,283 1961—June 26,935 26,927 8 66 1,265 28,304 17,475 5,432 32,246 411 515 205 250 1,038 16,547 2,495 19,042 1961—Dec 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Jan 28,519 28,478 41 93 1,807 30.468 16.852 5,588 33,291 441 417 234 288 1 042 17,195 2,894 20,089 Feb .. 28,384 28,377 7 118 1,290,29,839 16.793 5,586 32,848 449 426 211 272 1 096 16,916 2,655 19,571 Mar 28 570 28,524 46 156 1,293 30.063 16.707 5.588 32,996 439 448 215 272 1 049 16 939 2 608 19.547 Apr 29,143 29,015 128 134 1,117 30,634 16,564 5,588 33,235 428 485 220 350 985 17,083 2,640 19,723 May 29.503 29,457 46 128 1,176 30,991 16,456 5,594 33,327 419 551 221 351 1 048 17,122 2 695 19,817 June 29,568 29,510 58 154 1,508 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 1 71631,475 16.310 5,602 33,989 398 490 273 654 17.272 2.774 20.046 30.088 30,074 14 14* 1,110 31,600 16,136 5,598 33,962 405 524 2C0 335 764 17,144 2,777 19,921 Sept 29,921 29,865 56 91 1,760 31,807 16,079 5,548 34,004 398 500 211 296 799 17,227 2,807 20,034 Oct 30,241 30,178 63 76 1,705 32,057 16,050 5,552 34,111 404 517 216 320 710 17,382 2 822 20,205 Nov 30,195 30,064 131 129 I 69432,053 15,978 5,552 34,584 401 472 202 925 16,706 2,895 19,601 Dec 30,546 30 ..474 72 305 2,298 33,218 15,978 5,562 35,280 399 587 222 290 1,048 16,932*>3,O83^20,015 Week ending— 1961 Nov. 1 28,052 28,039 13 76 1.7.187.9.404 17,302 5,576 32,802 410 491 241 303 990 17,045 2 706 19,751 8 28,495 28,466 29 93 1,130 29.760 17.291 5,579 32.967 423 475 273 258 992 17 241 2 430 19,671 15 28 466 28.380 86 125 1,186 29,817 17,276 5,583 33 222 402 476 247 253 992 17.084 2.657 19.741 22 28 588 28,461 127 92 1,74330,465 17,190 5.585 33,350 414 506 309 251 1,144 17,265 2 629 19 894 29 28,874 28,760 114 103 1.492 30.510 16,975 5,586 33,503 415 456 210 213 1,143 17,132 2,810 19,942 Dec. 6 29 274 29,274 36 1,279 30,631 16,975 5,588 33,579 416 501 216 258 1 143 17,082 2 682 19,764 13 29 334 29 334 40 1 36330,780 16 961 5,590 33 937 423 460 247 228 1 131 16 906 2 836 19 742 20 29,007 29,007 109 2,240 31,401 16,920 5,588 34,072 424 600 215 219 1,102 17,277 2,957 20,234 27 28,893 28,845 "**48 218 2,526 31,685 16,889 5,584 34,171 421 511 207 238 1,106 17,506 2,842 20,348 1962 Jan. 3 28,931 28,720 211 356 2,355 11.695 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 1,870 10.529 16,839 5,586 33,386 440 435 232 292 1 040 17,130 2,926 20,056 24 28,279 28,279 72 1,786 30,185 16,839 5,589 33,070 442 439 220 305 1,043 17,094 2,878 19,972 31 28,310 28,310 94 1,227 29,678 16,832 5,590 32,793 450 424 213 296 1,042 16,882 2,876 19,758 Feb. 7 28,588 28,588 122 1,117 29,873 16,804 5,584 32,776 460 359 223 277 1,042 17,125 2,573 19,698 14 28,575 28,575 120 1,050 29,791 16,789 5,585 32,888 448 444 197 252 1,022 16,914 2,606 19,520 21 28,090 28,062 28 122 1,655 29,913 16,790 5,586 32,870 447 433 197 274 1,163 16,904 2,676 19,580 28 28,285 28,285 108 1,340 29,778 16,790 5,588 32,857 439 470 227 285 1,156 16,721 2,764 19,485 Mar 7.. . 28,433 28,419 14 156 1,339 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 1,252 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 1,446 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 1.248 30,121 16,666 5,587 32,951 433 481 197 318 1,028 16,966 2,682 19,648 Apr. 4 29,150 28,996 154 140 1,029 30.361 16,609 5,591 33,050 433 400 220 351 1,025 17,080 2,583 19,663 11 29 281 29 134 147 125 1.156 10 601 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 1,412 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 1,500 30,722 16,523 5,586 33,244 428 518 209 354 963 17,115 2,763 19,878 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 BANK RESERVES AND RELATED ITEMS 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 Treas- than member bank Member bank P d e o a ri r t o e d T U o . t S al . G B o o r o v i u g u t g . h t - h t s t ecu R c r e h it p a ie u s s e r- c v D o a a a i u n n d s n c d - - t e s s Float i T ta o l - * s G to o c ld k r s c o e t u i a u n n u r n r g y c t - - d y - 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 r u o a n e r l s g a d y h s s - - Tre w a i s th - F re . F e s o i R e g r r . n - v B es a O , n t k h s er i c O F o t . a u c h n - e R t r . s B W F. a i n t R h k . s re c r C s o a e u e i n n r r c n d v - y e 3 s Total Averages of daily figures Week ending— 1962 May 2 29,188 29,093 95 128 1,351 30,704 16,494 ,590 33,133 419 607 213 366 958 17,091 2,777 19 868 9 29,634 29.467 167 112 1,245 31 02516.490 ,594 33.267 419 502 224 372 956 17,369 2,482 19 851 16 29.532 29,511 21 129 1,276(30,970 16.456 ,595 33,406 423 537 219 342 996 17,098 2,717 19,815 23 29,341 29,341 112 1,667 31.153 16.434 ,593 33.327 419 599 237 327 1,132 17,138 2,693 19.831 30 29,560 29,560 151 1,191 30,935 16,434 5,594 33,331 418 524 208 344 1,130 17,007 2,802 19.809 June 6 29,837 29,837 117 1,21131,198 16,434 5,597 33,534 413 474 209 367 1,077 17,155 2.646 19,801 13 29,672 29.672 107 1,304 3'1 ,115 16.435 5.602 33 663 402 503 211 339 1,056 16,976 2.662 19 638 2 2 7 0 2 2 9 9 . . 4 3 3 2 3 0 2 2 9 9 , ,2 3 3 5 3 6 2 1 1 8 6 0 1 1 , ,7 6 7 6 9 8 3 3 1 1 , , 4 2 2 3 3 6 1 16 6 , . 4 4 3 3 3 4 5 5 , , 6 6 0 0 4 0 3 3 3 3 , , 6 5 5 8 4 4 4 3 0 9 0 6 5 5 0 5 9 0 2 3 7 4 4 3 2 3 6 3 6 7 9 8 9 8 6 6 1 1 7 7 , , 2 2 9 4 1 4 2 2 , , 8 7 1 4 8 7 2 2 0 0 0 0 6 3 2 8 July ......... 2 29 9 . , 9 8 6 8 2 4 2 2 9 9 , . 7 8 0 7 7 0 1 9 7 2 7 1 8 5 1 3 1 1 , . 4 6 9 2 8 7 3 3 1 1, . 5 7 9 2 7 9 1 1 6 6 . , 4 4 1 3 2 5 5 5 . . 6 6 0 0 0 2 3 3 3 4 . .1 8 5 6 5 3 3 3 9 9 1 4 4 5 5 3 2 3 2 3 9 3 4 0 2 30 9 1 0 7 69 0 9 0 1 1 7 7 , . 4 5 4 2 7 7 2 2 , 7 6 1 9 3 4 2 2 0 0 ,2 1 4 4 0 1 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 3"1 ,31516,269 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 30,160 145 1,27931.642 16,148 5,596 34.059 402 598 198 375 703 17 050 2,763 19,813 22 29.902 29.890 171 1,68431,795 16,147 5,597 34.003 397 553 189 325 827 17 247 2,763 20,010 29 30.019 30,019 92 1,287 31,433 16,112 5,601 33,870 404 502 192 314 820 17,044 2,870 19,914 Sept. 5 30.412 30,264 148 105 1,13431,685 16.098 5,556 33,977 404 459 175 315 866 17,143 2 696 19,839 12 30 396 30.269 127 89 1,400 3"1 ,92116,093 5,550 34,167 392 503 204 293 839 17,165 2 787 19,952 19 29 748 29.748 36 2,136 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 2,176 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 1,747 31,816 16,068 5,552 33,909 407 476 217 323 754 17,352 2,822 20 174 10 30 682 30,546 136 56 1,645 32,416 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 2,08332.116 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 34,042 406 541 207 311 672 16,872 2,935 19.807 Pi Nov. 7 30,235 30,048 187 170 247 31,686 15,977 5,555 34,231 410 392 184 302 822 16,878 2,681 19,559 14 30,378 30,138 240 156 300 31,868 15,978 5,550 34,560 401 523 216 309 798 16,589 2,828 19,417 21 30,104 30,044 60 105 056 32,299 15,978 5,550 34,684 394 464 193 289 1,020 16,783 2,902 19,685 28 30,012 29,994 18 103 109 32,259 15,978 5,551 34,803 400 488 214 262 1,023 16,597 3,033 19,630 Dec. 5 30,411 30,223 188 93 1,83232,373 15,977 5,556 34,860 390 500 207 315 1,068 16,565 2,964 19,529 12 30,698 30,603 95 109 1,,775555 3"2,629 15,977 5,559 35,226 402 478 207 268 1,068 16,517 3,010 19,527 19 30,493 39,493 164 2,443 33,163 15,978 5,560 35,366 399 669 208 277 1,011 16,771 3,181 19,952 26 30,510 30,489 308 2,84233,733 15,978 5,564 35,471 395 665 210 295 1,026 17,212^3,115 ^20,327 End of month 1962 Oct 30.201 29,953 248 219 1.17131.625 15,978 5,554 34,109 399 513 182 309 827 16.821 r3.302 '20,123 Nov 3 30 0 ; , 8 4 2 5 0 4 3 30 0 , , 4 2 7 0 8 0 2 3 5 4 4 2 7 3 1 8 2 1 , ,8 9 8 0 5 3 3 3 2 3 , ,8 4 7 4 1 8 2- 1 1 5 5 , , 9 9 7 7 7 8*> 5 5 ,5 ,5 5 7 7 2P 3 3 4 5, , 3 7 O 8 4 2 H 3 1 8 3 1 5 58 9 5 7 2 2 0 4 3 7 3 3 0 9 5 3 1 1, , 0 0 1 7 3 8 1 1 7 6, , 6 4 4 5 8 4* '3 > , 3 3 ,2 4 3 6 1^ M 2 9 0 , , 9 6 9 8 4 5 Dec Wednesday 1962 30,324 30,127 197 579 740 31,677 15,978 5,556 34,446 412 325 194 319 819 16,696 2,813 19,509 Nov. 7 30,123 30,123 108 452 31,717 15,978 5,550 34,651 411 467 233 325 743 16,415 3,286 19,701 14 3 3 0 0 , , 1 0 9 5 1 9 3 3 0 0 , , 0 0 5 6 9 7 'i24 1 10 3 3 9 0 8 4 4 4 8 3 3 2 2 , , 4 0 0 4 9 6 1 1 5 5 , , 9 9 7 7 8 8 5 5 , , 5 5 5 5 1 2 3 3 4 4 , , 8 8 0 4 1 3 3 39 9 7 8 5 3 5 1 2 0 2 2 0 1 9 3 2 2 6 6 3 2 1 1, , 0 0 2 2 6 7 1 1 6 6 , , 8 3 8 2 4 7 3 3 , , 4 1 3 9 4 5 2 1 0 9 , .7 0 6 7 1 9 21 Dec. 2 5 8 3 3 0 0 , , 2 6 8 7 5 8 3 30 0 , , 6 2 5 7 1 5 2 1 3 9 8 1 1 1, , 6 6 9 0 6 2 3 32 2 , , 1 6 1 6 7 4 1 1 5 5 , , 9 9 7 7 8 8 5 5 , , 5 5 5 6 9 0 3 35 5 , , 0 3 6 3 6 4 4 40 0 5 7 3 5 5 3 9 2 2 2 1 1 8 3 2 3 6 1 1 6 1 1 , ,0 0 0 7 6 7 1 1 6 6 , , 2 4 1 5 1 1 3 3 , , 4 0 3 6 2 0 1 1 9 9 , , 8 27 8 1 3 12 30,489 30,489 317 2,770 33,643 15,978 5,560! 35,437 404 708 207 296 1,017 17,113n 446622^20,575 2 1 6 9 30,634 30,489 145 248 2,562,33,529 15,978 5,568 35,572 395 602 229 316 l,093j 16,867*3,3O2^20,169 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 BLLL., p. 164 thereafter. Beginning with Jan. 1962 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loar nrogram 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
28 BANK RESERVES AND RELATED ITEMS JANUARY 1963 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B F r i a o n . a n w R g t 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 R w g t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B F r i o a n . a n w R g t k s . - s s F e r r r e v e - e es 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 [,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 .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—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 Feb 19,571 19,069 502 68 434 3,680 3,664 17 6 11 955 954 1 4 -32 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 Aug 19,921 19,358 563 127 436 3,709 3,684 24 17 7 1,017 1,013 4 18 -14 Seot 20,034 19,576 458 80 378 3,718 3,723 -4 15 -19 1,021 1,022 9 -10 Oct 20,205 19,721 484 65 419 3,774 3,736 38 4 34 1,036 1,032 5 6 -1 Nov 19,601 19,012 589 119 470 3,627 3,601 27 14 13 1,007 1,001 6 13 -7 Dec *20,015 ^19,458 *557 304 ^253 2>3,863 *>3,817 P46 108 P-62 ^1,042 PI,O35 Pi 18 Week ending— 1961 Dec 6.... 19 764 19 219 545 35 510 3 741 3,708 33 33 978 976 1 1 13 19,742 19,176 566 40 526 3,750 3,709 41 41 950 950 1 20 20,234 19,656 578 109 469 3,901 3,897 4 19 -16 997 995 2 60 -58 27 20,348 19,788 560 216 344 3,891 3,870 21 86 -65 1,009 1,006 3 2 1 1962—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 ii -15 25 20,002 19,427 575 59 516 3,753 3,678 75 75 984 972 12 10 2 Aug. 1.... 19 838 19 404 434 70 364 3,768 3,753 15 15 1,024 1,016 8 5 19,815 19,325 490 156 334 3,706 3,704 3 18 -15 1,012 1,010 2 138 -16 is!!!! 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 19,839 19,418 421 94 327 3,697 3,689 8 8 1,024 1,021 3 10 -7 19,952 19,427 525 77 448 3,676 3,664 12 15 -3 1,015 1,009 6 9 -3 19 20 159 19 643 516 25 491 3,777 3,749 28 28 1,024 1,026 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.... 20,358 19,853 505 56 449 3,772 3,755 18 3 15 1,041 1,042 2 -2 31 19,807 19,353 454 79 375 3,735 3,675 61 61 1,014 1,009 5 5 Nov. 7 19,559 19,010 549 158 391 3,667 3,655 12 18 -6 1,017 1,012 5 40 -35 14.... 19,417 18,846 571 144 427 3,561 3,541 20 9 11 977 974 3 16 -13 21 19,685 19,078 607 93 514 3,598 3,593 5 32 -27 1,014 1,008 5 5 28.... 19,630 19,080 550 95 455 3,658 3,598 60 60 1,014 J,008 6 6 Dec. 5 19,529 19,149 380 92 288 3,658 3,678 -20 11 -31 1,011 1,011 2 -2 12.... 19,527 19,081 446 107 339 3,708 3,669 39 34 998 991 7 4 3 19 *>19,952^19,437 P515 163 P352 3,840 3,826 14 39 25 1,032 1,034 -2 3 -4 26 ^20,327^19,765 P562 307 ^255 3,971 3,922 49 126 -77 1,074 1,065 9 4 5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 BANK RESERVES AND RELATED ITEMS 29 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve citybanks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t 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 k . s reserves 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—june 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945—Dec 6 394 5,976 418 96 322 4 576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ) 1951—Dec 7 922 7,738 184 354 -170 5 756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7 927 7,836 91 117 -26 5 634 5,032 602 52 550 : 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 • 1956—Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957_Dec 8 042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 - 1959_Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—Dec 7 950 7,851 100 20 80 6,689 6,066 623 40 583 1961—June 7,823 7,740 83 17 66 6,551 6,068 483 45 438' 1961—Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Jan 8,311 8,257 54 34 20 6,979 6,471 509 26 483 Feb 8 094 8 047 47 25 22 6 842 6,405 437 33 404 Mar . 8,106 8,065 41 26 15 6,784 6,358 426 32 394 Apr 8 195 8 158 37 28 9 6 836 6,410 425 24 401 May . 8,231 8,174 57 21 36 6,872 6,449 422 37 385 June 8 270 8 229 41 45 —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 8,175 29 24 5 7,192 6,779 413 31 382 Nov 7 992 7 951 41 60 -19 6 975 6,459 515 32 483 Dec "8,171 "8,097 "74 130 "-56 "6,939 "6,509 "430 48 "382 Week ending— 1961—Dec 6 8,197 8,147 49 13 37 6,849 6,387 462 21 441 13 8,232 8,135 96 6 91 6,811 6,382 428 395 20 8 377 8 338 39 12 27 6,959 6,425 534 18 516 27 8,498 8,447 51 77 -26 6,951 6,465 486 51 435 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. 1 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 SeDt 5 . 8,154 8,126 29 20 9 6,964 6,582 382 56 326 IL:::::::;::' 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 36'^ 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 7,264 6,812 452 25 427 31 7,943 7,905 38 30 8 7,115 6,766 349 44 305 Nov 7 7 967 7 938 29 78 -49 6 909 6 404 505 14 7,929 7,901 28 69 -41 6,950 6,430 520 50 470 21 8 006 7 988 19 40 -21 7 067 6,489 578 21 557 28 8,022 7,969 53 64 -11 6,936 6,504 432 31 401 Dec. 5 8,005 7,987 18 40 -22 6,855 6,473 382 39 348 12 7,992 7,952 40 47 -6 6,829 6,469 359 51 308 19 8,105 8,073 31 80 -49 "6,977 "6,504 "472 41 "431 26 8,275 8,225 51 116 -65 "7,006 "6,553 M53 61 "392 i 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
30 DISCOUNT RATES JANUARY 1963 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 13ai Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Dec. 31 date rate Dec. 31 date rate Dec. 31 date rate Boston Aug. 23,1960 Aug. 23, 1960 Aug. 23, 1960 New York... Aug. 12,I960 Aug. 12, 1960 June 10, 1960 Philadelphia.. Aug. 19,1960 Aug. 19, 1960 Aug. 19, I960 Cleveland Aug. 12,1960 Aug. 12. 1960 Aug. 12, I960 Richmond... Aug. 12,1960 Aug. 12, I960 Aug. 12, 1960 Atlanta Aug. 16,1960 Aug. 16, 1960 Aug. 16, I960 Chicago Aug. 19,I960 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 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F. R. Bank. Maximum secured by securities of Federal intenrediate credit barks rraturirig 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 rra> 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 Effective (or level)— Bank Effective (or level)— Bank Effective (or date all F. R. of date all F. R. of date Banks N. Y. Banks N. Y. — ) l e v e l F. R. Bank all F. R. of Banks N. Y. In effect Dec. 31, 1932 1950 1957—Cont. Aug. 21 Nov. 15 1933 f Dec. 2 Mar. 3 4 1953 1958 Apr. 7 3 -3 Jan. 16 Jan. 22 , May 26 23 , 24 , Oct. 20 Mar. 7 1954 13 1934 Feb. 5 21 Feb. 2 18 15 Apr. 18 Mar. 16 Apr. 14 May 9 16 SAeuptg-.l i1:5: :::::::, 1935 May 21 J M a a n y . 1 1 4 1 1955 Oct. 24 Nov. 7 1937 **•&::::: Aug. 27 1 -2 May 2 1959 Sept. 4 m Mar. 6 Aug. 4 16 1942 May 29 Apr. 11 12.'!.'.'.' June 12 , Oct. 15 Sept. 11 30 18 Sept- ,!:::::• Nov. 18 1946 1960 Apr. 25 23 June 3 May 10 1956 10 f Apr. 13 14 1948 20 Aug. 12 , Jan. 12 13 Aug. 24 Sept. 9 19 1957 3S 1962 In effect Dec. 31., i Preferential rate of % of 1 per cent for advances secured by U. S. against U. S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956- Aug. 24-29, 2.75; 1957—Aug 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6 7, 2.75; Apr, 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, pp 439-42. 2.75; 1962—Mar. 20-21, 2.75. The rates charged by the F. R. Bank of N. Y. on repurchase contracts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 RESERVE REQUIREMENTS 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* C r b e e c a s n i n e t t r y k r v a s 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 o tr n u y k n s - Savings deposits held for: banks Less than 1 year } « 3 { k In effect Dec. 31. 1948.. 26 22 16 7% 7% Postal savings deposits held for: Less than 1 year } * 3 { 3» 1949_M Ju a n y e 3 1 0 , , 5 July 1.. 24 2 2 0 1 1 1 5 4 7 6 7 6 Aug. 1,11 §* 19% 13 5 Other time deposits payable in:1 Aug. 16, 18 , . 19 12 5 6 1 m ye o a n r th o s r - m 1 o y r e e ar } 2% 3 A Se u p g t . . 25 1 I* 1 18 8 Vi 90 days-6 months 1951—Jan. 11,16 ,,. 19 13 6 6 Less than 90 days 1 Jan. 25. Feb. 1.. 23 20 14 1953—July 1,9 24 19 13 1954—June 16,24 22 5 5 i For exceptions see Oct. 1962 BULL., p. 1279. July 29, Aug. 1.. 21 18 12 NOTE.—Maximum rates that may be paid by member banks as estab- 20 \p lished by the Board of Governors under provisions of Regulation Q. 1958—Feb. 27, Mar. 1. 11% Under this Regulation the rate payable by a member bank may not in Mar. 20, Apr. 1.. 11 any event exceed the maximum rate payable by State banks or trust com- Apr. 17 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 I960—Sept. 1 17*4 paid by insured nonmember commercial banks, as established by the Nov. 24 12 F.D.I.C., have been the same as those in effect for member banks. Dec. 1 16V4 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 4 per cent. In effect Jan. 1, 1963... 16% 12 4 4 MARGIN REQUIREMENTS (Per cent of market value) Present legal requirement: 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 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 2l/i 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 m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k b l s er Y N o e r w k C o i f ty Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Nov. 14, 1962 Four weeks ending Dec. 12, 1962 Gross demand: Gross demand: Total 129,611 24,925 6,326 49,542 48,818 Total 131,522 25,138 6,390 50,498 49,497 Interbank 14,598 4,171 1,283 7,360 1,784 Interbank 14,731 4,218 1,301 7,414 1,797 U. S. Govt 5,202 1,091 307 1,845 1,959 U. S. Govt 5,280 1,013 287 1,951 2,030 Other 109,811 19,663 4,736 40,337 45,075 Other 111,512 19,907 4,802 41,133 45,670 Net demand 1 . 107,403 19,924 5,367 40,699 41,413 Net demand1 108,194 19,867 5,371 41,018 41,938 Time 78,054 8,678 2,909 30,163 36,304 Time 78,310 8,914 2,962 30,148 36,286 Demand balances due Demand balances due from domestic banks. . 7,334 118 88 1,953 5,175 from domestic banks. 7,500 159 99 2,003 5,239 Currency and coin 2,832 228 38 870 1,696 Currency and coin 2,977 248 41 915 1,773 Balances with F. R. Balances with F. R. Banks 16,953 3,456 974 7,160 5,363 Banks 16,615 3,407 968 7,091 5,149 Total reserves held 19,785 3,684 1,012 8,030 7,059 Total reserves held 19,592 3,655 1,009 8,006 6,922 Required 19,265 3,656 1,009 7,997 6,603 Required 19,097 3,635 1,005 7,974 6,484 Excess 520 28 3 33 456 Excess 495 20 4 32 438 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
32 FEDERAL RESERVE BANKS JANUARY 1963 CONSOLIDATED STATEMENT OF CONDITION (In millions of dollars) Wednesday End of month Item 1962 1962 1961 Dec. 26 Dec. 19 Dec. 12 Dec. 5 Nov. 28 Dec. Nov. Dec. Assets Gold certificate account .. 14,430 14,444 14,446 14,465 14,465 14,430 14,465 15,445 Redemption fund for F. R. notes 1,266 1,256 1,254 1,240 1,241 1,266 1,241 1,170 Total gold certificate reserves 15,696 15,700 15,700 15,705 15,706 15,696 15,706 16,615 Cash 276 287 293 315 317 288 344 320 Discounts and advances: Member bank borrowings 247 316 237 190 102 37 70 115 i Acceptances—Bought outright 48 44 43 39 36 52 38 48 Held under repurchase agreement 37 23 9 58 3 U. S. Govt. securities: Bought outright: Bills 2 453 2,453 2,505 2,244 2,241 2 442 2 244 3 193 Certificates—Special Notes Other . . 1 10 3 ,1 7 8 1 2 7 1 10 3 , , 7 1 1 8 7 2 1 1 3 0 , , 1 8 8 1 5 3 1 1 3 0 , , 1 7 8 6 5 4 1 10 3 , , 6 1 5 8 9 5 1 i3 0 9 1 7 8 1 2 7 i 1 3 0 , i 7 8 1 5 4 1 1 9 , 6 9 9 8 9 4 Bonds 4,137 4,137 4,148 4,082 3,974 4,137 4,057 3,846 Total bought outright 30,489 30,489 30,651 30,275 30,059 30,478 30,200 28,722 Held under repurchase agreement 145 27 10 342 254 159 Total U. S. Govt. securities 30,634 30,489 30,678 30,285 30,059 30,820 30,454 28,881 Total loans and securities . • 30,967 30,873 30,968 30,515 30,198 30,968 30,563 29,062 5,606 7,449 5,583 5,422 5,631 6,518 5,194 6,125 Bank premises 104 105 105 105 105 104 105 111 Other assets: Denominated in foreign currencies . 81 154 149 149 204 81 154 All other 265 246 241 218 197 276 202 237 Total assets 52,995 54,814 53,039 52,429 52,358 53,931 52,268 52,470 Liabilities F R. notes 30,394 30,289 30,194 29,956 29,692 30,151 29,679 28,802 Deposits: Member bank reserves . .. 16,867 17,113 16,451 16,211 16,327 17,454 16,648 17,387 U. S. Treasurer—General account 602 708 532 359 552 597 585 465 Foreign 229 207 213 218 209 247 203 279 Other 322 296 261 316 263 424 305 320 Total deposits 18,020 18,324 17,457 17,104 17,351 18,722 17,741 18,451 Deferred availability cash items ... . .. 3 038 4 679 3,887 3 820 3,783 3,584 3,309 3,825 Other liabilities and accrued dividends 1 85 81 83 78 78 73 80 59 Total liabilities 51,537 53,373 51,621 50,958 50,904 52,530 50,809 51,137 Capital Accounts Capital paid in 467 467 465 465 464 467 464 445 Surplus 888 888 888 888 888 934 888 888 Other capital accounts 103 86 65 118 102 107 Total liabilities and capital accounts 52,995 54,814 53,039 52,429 52,358 53,931 52,268 52,470 Contingent liability on acceptances purchased for foreign correspondents 84 86 88 87 88 86 88 126 U. S. Govt. securities held in custody for foreign account 7,152 7,375 7,301 7,172 7,139 6,990 7,132 6,006 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 32,071 31,931 31,825 31,626 31,486 32,117 31,521 30,593 Collateral held against notes outstanding: Gold certificate account 7 658 7 702 7,717 7,697 7,677 7,643 7,697 8,375 Eligible paper 114 47 44 26 54 16 28 10 U. S. Govt. securities 25,088 25,014 24,974 24,909 24,709 25,179 24,909 22,925 Total collateral . ... 32,860 32,763 32,735 32,632 32,440 32,838 32,634 31,310 i No accrued dividends at end-of-December dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 FEDERAL RESERVE BANKS 33 STATEMENT OF CONDITION OF EACH BANK ON DECEMBER 31, 1962 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M a i p n o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 14,430 892 3,395 918 1,255 895 789 2,364 576 361 624 540 1 821 Redemption fund for F. R. notes.... 1,266 72 303 76 112 100 71 221 53 28 51 40 139 15,696 964 3,698 994 1,367 995 860 2,585 629 389 675 580 1 960 F. R. notes of other Banks 492 45 95 53 28 37 47 44 20 32 15 19 57 Other cash 288 24 42 16 20 26 22 51 15 10 10 10 42 Discounts and advances: Secured by U. S. Govt. securities... 32 * 15 * * 1 14 Other I 6 1 5 Acceptances: Bought outright 52 52 Held under repurchase agreement.. 58 58 U. S. Govt. securities: Bought outright 30,478 1,473 7,527 1,679 2,451 2,068 1,757 5,160 1,260 628 1,241 1,239 3,995 Held under repurchase agreement.. 342 342 Total loans and securities 30,968 1,473 7,995 1,680 2,451 2,069 1,762 5,161 1,260 628 1,255 1,239 3,995 Cash items in process of collection... 8,115 721 1,605 476 721 572 606 1,329 287 209 360 309 920 Bank premises 104 3 8 3 7 5 13 24 6 4 7 13 11 Other assets: Denominated in foreign currencies. 81 4 122 5 8 4 4 11 3 2 3 4 11 All other 276 13 67 15 22 19 17 46 11 6 12 12 36 Total assets 56,020 3,247 13,532 3,242 4,624 3,727 3,331 9,251 2,231 1,280 2,337 2,186 7,032 Liabilities F R notes ... 30,643 1,797 7,235 1,863 2,680 2,525 1,791 5,528 1,295 577 1,222 911 3,219 Deposits: Member bank reserves 17,454 829 4,644 825 1,201 761 906 2,672 650 432 826 960 2 748 U. S. Treasurer—General account.. 597 46 117 45 38 28 28 86 32 33 21 35 88 Foreign 247 12 2 58 15 24 12 14 36 9 6 11 15 35 Other 424 4 289 5 15 10 9 19 4 1 5 4 59 Total deposits 18,722 891 5,108 890 1,278 811 957 2,813 695 472 863 1,014 2,930 Deferred availability cash items 5,181 489 795 404 531 320 502 699 190 196 189 178 688 Other liabilities and accrued dividends. 73 4 18 4 5 5 4 13 3 2 3 3 9 54,619 3,181 13,156 3,161 4,494 3,661 3,254 9,053 2,183 1,247 2,277 2,106 6 846 Capital Accounts 467 22 125 27 43 22 26 66 16 11 20 27 62 Surplus . ... . .. 934 44 251 54 87 44 51 132 32 22 40 53 124 Other capital accounts Total liabilities and capital accounts.. 56,020 3,247 13,532 3,242 4,624 3,727 3,331 9,251 2,231 1,280 2,337 2,186 7,032 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Dec. 31, 1962 31.8 35.9 30.0 36.1 34.5 29.8 31.3 31.0 31.6 37.1 32.4 30.1 31.9 Nov 30 1962 32.8 32.2 32.2 32.7 32.6 35.4 34.1 32.8 34.8 33.5 34.0 33.8 31.1 Dec 31 1961 34.8 39.8 32.1 35.6 35.3 36.9 35.3 34.6 35.3 35.7 33 8 33 8 36 5 Contingent liability on acceptances purchased for foreign correspondents .. 86 4 3 24 5 8 4 4 12 3 2 4 5 11 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 32,117 1,876 7 1 ,864 2,646 ,883 1,368 672 1,268 970 ,401 Collateral held against notes out- 2 • standing: Gold certificate account 7,643 535 1,600 465 670 688 500 1,400 350 130 290 215 800 Eligible paper . 16 1 1 14 U S Govt securities 25,179 1,365 6,000 1,500 2,250 1,964 1,400 4,500 1,050 550 ,000 800 2,800 Total collateral 32,838 1,900 7.600 ,966 2,920 2,653 1,900 5,900 1,400 680 1,304 1,015 3,600 1 1 After deducting $59 million participations of other F. R. Banks. 3 After deducting $62 million participations of other F. R. Banks. 2 After deducting $189 million participations of other F. R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
34 FEDERAL RESERVE BANKS; BANK DEBITS JANUARY 1963 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1962 1962 1961 Dec. 26 Dec. 19 Dec. 12 Dec. 5 Nov. 28 Dec. Nov. Dec. Discounts and advances—Total 248 317 238 191 103 38 71 130 Within 15 days 244 313 234 187 98 35 66 113 16 days to 90 days 4 4 4 4 5 3 5 17 Acceptances—Total 85 67 52 39 36 110 38 51 Within 15 days 49 30 18 11 11 70 10 14 16 days to 90 days 36 37 34 28 25 40 28 37 U. S. Government securities—Total 30,634 30,489 30,678 30,285 30,059 30,820 30,454 28,881 Within 15 days* 519 421 347 310 234 665 376 567 16 days to 90 days 5,125 4,992 5,170 5,016 5,073 5,252 5,195 6,630 91 days to 1 year 11,937 12,023 12,060 11,972 11,961 11,850 11,957 10,453 Over 1 year to 5 years 10,808 10,808 10,856 10,781 10,646 10,808 10,734 8,738 Over 5 years to 10 years 2,094 2,094 2,015 1,981 1,929 2,094 1,967 2,227 Over 10 years 151 151 230 '225 216 151 225 266 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 la d r ia s n F fr r a e n n c c s h G m er a m 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—Mar. 84 50 32 1 1 Apr. 84 50 32 1 1 May 134 50 50 32 1 1 June 439 50 50 250 50 27 11 1 July. 418 50 50 250 50 16 1 Aug. 317 40 250 1 16 5 5 Sept. 350 50 251 1 31 1 15 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts * Annual rate of turnover (billions of dollars) of demand deposits l All Leading centers 337 other Leading centers 337 c>ther Period re c p e o n r te ti r n s g New York 6 others 2 r c e e p n o te r r ti s n 3 g New York 6 others 2 r c e e p n o te i• s t r i s n g 3 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. 1955 2,043.5 766.9 431.7 845.0 42.7 27.3 20.4 1956 2,200.6 815.9 462.9 921.9 45.8 28 8 21.8 1957 2.356.8 888.5 489 3 979.0 49.5 30 4 23.0 1958 2 439 8 958.7 487.4 993.6 53 6 30 0 22 9 1959 2,679.2 1,023.6 545.3 1,110.3 56.4 32.5 24.5 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 C36 9 C26 2 1962 v 3,436.6 1,415.8 701.7 1,319.1 77.8 41.2 27.7 1961—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 27.7 281.5 118.1 117.2 59.1 58.0 111.3 106.3 78.4 76 9 41 7 42.6 28 2 27 3 May 295.5 119.1 122.1 57.6 59.8 110.3 113.6 78.8 79 0 40.8 41.5 28 0 28.4 June 291.8 115.7 121 9 57.9 59.4 108.8 110.5 77.3 83.0 41.3 43 0 27 8 28 7 July 279.7 114.4 111.4 59.0 57.5 112.3 110.7 77.3 76 1 42.1 41 2 28 6 28 5 Aug 281 1 115.8 110.8 57.4 57.5 110.7 112.8 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 r307.4 124.5 127.5 '61.0 '62.8 112.4 117.2 82.9 82.3 '43.7 '43.0 28.5 28.5 Nov 288.2 122.2 116.5 61.1 59.4 113.1 112.3 80.7 80.4 43.5 42.9 28 5 28 9 Dec 320.9 134.2 141.6 60.9 63.7 111.4 115.6 88.9 93.7 P44.4 P27.7 P28.5 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
JANUARY 1963 U. S. CURRENCY DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation1 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 rm 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 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 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 Oct 34,109 24,440 2,727 1,542 94 2,228 6,819 11,031 9,669 2,882 6,254 237 289 3 5 Nov ... 34,782 24,991 2,756 1 570 94 2,294 7,009 11,268 9,791 2,924 6,333 237 289 3 4 1 Outside Treasury and F. R. Banks. Before 1955 the totals shown as 2 Paper currency only; $1 silver coins reported under coin. in circulation were less than totals of coin and paper currency shown by denomination by amounts of unassorted currency (not shown separately). NOTE.—Condensed from Circulation Statement of United States Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation * Held by Kind of currency T N s o ta o t 1 a n v 9 l d . 6 o i 2 3 n u 0 g t , - A g s a o g l s d a e i c n a u s n r t d ity Treasury B F F a . o n R r k . s B F a a n n R d k . s Nov. 30, Oct. 31, Nov. 30, silver cash and Agents 1962 1962 1961 certificates Agents Gold 15,977 (15,706) 2271 Gold certificates (15 706) 312,890 2,816 F R notes • 31'521 84 1,843 29,594 28,958 28 350 Treasury currency—Total 5,557 (2,223) 25 344 5,188 5,151 5,188 Standard silver dollars 487 84 16 9 378 373 342 Silver bullion 2,139 2,139 Silver certificates (2,223) 281 1,942 1,933 2,068 Subsidiary silver coin 1 753 4 23 1,726 1,707 1,612 Minor coin 658 I 4 652 647 609 United States notes . 347 4 25 318 318 318 In process of retirement 4 173 * * 172 173 239 Total Nov 30 1962 . 553,055 (17,928) 381 12,890 5,002 34,782 Oct 31 1962 552 346 (17 913) 399 12 875 4 962 34 109 Nov 30 1961 552,602 (19,060) 398 13,894 4,772 33,538 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. 27. 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
36 MONEY SUPPLY JANUARY 1963 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 te d d - 1 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 d t nt jus a t d e - d i d d e e p m o a s n it d sl 1955—Dec. 135.2 27.8 107.4 50.2 138.6 28.4 110.2 49.6 3.4 1956—Dec. 136.9 28.2 108.7 52.1 140.3 28.8 111.5 51.4 3.4 1957—Dec. 135.9 28.3 107.5 57.5 139.3 28.9 110.4 56.7 3.5 1958—Dec.. 141.2 28.6 112.6 65.5 144.7 29.2 115.5 64.6 3.9 1959—Dec. 142.0 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec... 141.2 28.9 112.2 72.7 144.7 29.6 115.2 72.1 4.7 1961—Dec... 145.7 29.6 116.1 82.5 149.4 30.2 119.2 81.8 4.9 1962—Dec. P. 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 1961—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 Nov.. 146.9 30.5 116.4 96.0 148.2 30.8 117.5 95.4 6.0 Dec P. 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 Half month 1962—Sept. I. 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. 8.2 2. 146.2 30.3 115.9 95.0 147.2 30.3 117.0 95. 6.5 Nov. 1. 146.7 30.4 116.3 95.6 148.4 30.7 117.7 95. 5.4 2. 147.1 30.5 116.6 96.4 148.0 30.8 117.2 95. 6.6 Dec 1. 147.5 30.6 116.9 97.0 150.5 31.2 119.4 96.1 5.0 148.3 30.5 117.8 97.9 152.6 31.2 121.4 97.0 6.1 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t d o m e s - d e i t 1 s d d e G e U p m o o .S a v s n . i t t . d s! en W di e n e g k — Total C c u o n r m e re 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 T s p a i t o m d e s - d e i t * s d d e G e U p m o o .S s a v i n . t t . s d * 1961—Sept. 6. 142.0 29.4 112.6 0.6 5.4 1962—Sept. 5. 143.9 30.4 113.5 93.5 7.8 13. 143.6 29.4 114.2 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 29.5 115.5 6.9 17. 146.8 30.5 116.3 94.9 7.4 25., 145.0 29.3 115.7 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 8. 146.0 29.7 116.3 81.7 5.8 Nov. 7. 148.2 30.7 117.5 95.5 6.1 15., 147.1 29.7 117.4 81.7 4.8 14. 148.7 30.8 117.9 95.5 4.7 22. 145.9 29.8 116.1 81.3 6.5 21. 147.9 30.9 117.1 95.1 6.7 29. 146.0 29.8 116.2 81.4 6.1 28. 147.8 30.7 117.1 95.3 6.5 Dec. 6. 147.2 30.0 117.2 5.4 Dec. 5. 149.1 30.9 118.1 95.8 6.3 13., 148.8 30.2 118.7 3.5 12. 150.7 31.2 119.5 96.2 4.5 20., 150.7 30.2 120.5 4.1 19. 152.6 31.2 121.4 96.6 4.5 27.. 149.5 30.4 119.1 6.1 26. 152.2 31.4 120.8 96.9 6.4 1962—Jan. 3. 152.1 30.0 122.2 82.3 6.0 1963—Jan. 2P. 153.4 30.9 122.6 97.5 6.8 10. 149.7 29.9 119.7 82.8 4.6 9.. 17. 149.5 29.6 119.9 83.5 3.1 16.. 1 At all commercial banks. the U. S. Govt., less cash items in process of collection and F. R. float; (2) foreign demand balances at F. R. Banks; and (3) currency outside the NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL., Treasury, the F. R. S., and the vaults of all commercial banks. Time pp. 941-51. Money supply consists of (1) demand deposits at all com- deposits adjusted are time deposits at all commercial banks other than mercial banks other than those due to domestic commercial banks and those due to domestic commercial banks and the U. S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 BANKS AND THE MONETARY SYSTEM 37 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date Gold T s r t c o e r u i a n u e n u r n a r g c y t d - - s y - - Total Lo n a e n t s, Tota U l . S. G m C o a e o v n r m c e d i r a - n l me R n F t e e d s s e e e r c r v a u e l ritie O s ther O s ri e t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t t d t i a s - a l l - l, c d u e T r a p r o n o e t d n s a i c l t y s c C m o a a n a u p n i c e s n i d - t c t t a s . , l savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1959—Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—Dec. 31. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—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—Dec. 30. 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Jan. 31. 16,800 5,600 282,600 150,000 102,700 73,500 28,500 700 29,800 305,000 276,300 28,600 Feb. 28. 16,800 5,600 283,000 151,500 101,400 72,300 28,400 700 30,200 305,400 276,400 29,000 Mar. 28. 16,600 5,600 284,800 153,300 100,400 71,000 28,800 700 31,100 307,000 278,100 28,900 Apr. 25. 16,500 5,600 287,400 154,900 100,600 71,000 29,000 700 31,800 309,400 280,700 28,700 May 30. 16,400 5,600 288,900 156,200 100,900 70,700 29,600 700 31,800 310,900 281,600 29,300 June 30. 16,435 5,598 293,212 159,463 101,052 70,722 29,663 667 32,697 315,245 286,968 28,275 July 25. 16,200 5,600 291,700 158,200 100,300 70,500 29,200 700 33,200 313,500 284,800 28,600 Aug. 29» 16,100 5,600 293,900 159,400 101,000 70,200 30,100 700 33,600 315,600 285,300 30,300 Sept. 26* 16,100 5,600 297,100 162,800 100,300 70,600 29,100 700 33,900 318,700 289,200 29,500 Oct. 31 P 16,000 5,600 300,700 164,200 102,200 71,600 30,000 700 34,300 322,300 291,900 30.300 Nov. 28 r- 16,000 5,600 301,700 164,900 102,200 71,500 30,100 700 34,500 323,200 292,800 30,400 Dec. 26*> 16,000 5,600 307,800 169,600 103,300 72,000 30,600 600 35,000 329,400 300,400 29,000 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted i Not seasonally adjusted Time 3 U.S. Government Date For- At Cur- De- Cur- De- Postal eign, Treas- comrency mand rency mand Com- Mutual Savings net 5 ury mer- At Total outside deposits Total outside deposits Total mercial savings Sys- cash cial F.R. banks ad- banks ad- banks banks * tem hold- and Banks justed 2 justed 2 ings savings 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 ,498 2,215 1,895 867 1945—Dec. 31 102 341 26,490 75,851 48,452 30,135 15,385 2 932 I 141 2*287 24 608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1959—Dec. 31.... 140,200 28,200 112,000 144,824 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—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 [,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 [,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. 29*\.. 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 29,700 117,100 136,400 95,000 40,800 600 ,200 400 6,600 500 Nov. 28 TP.. 145,700 29,600 116,100 147,600 30,100 117,500 136,800 95,300 41,000 500 ,200 400 6,200 600 Dec. 26*... 147,300 29,500 117,800 152,400 30,700 121,700 138,600 96,700 41,400 500 [,400 400 7,000 600 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 4 Before June 30, 1947, includes a small amount of demand deposits. and in capital and misc. accounts, net, and balances of the PSS and the Beginning with June 1961 includes amounts reported by insured mutual ESF with the Treasury are netted against capital and misc. accounts, net. savings banks as demand deposits, previously reported as time deposits Except on call dates, figures are partly estimated and are rounded to or other liabilities. nearest $100 million. 5 Reclassification of deposits of foreign central barks in May 1961 reduced this item by $1,900 million ($1,500 million to time and S4C0 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
38 COMMERCIAL AND MUTUAL SAVINGS BANKS JANUARY 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans G U o S .S v ec . t. uri O tie t s her a C ss a e s t h s i c c b T o a i a l a u l p o i n i a c t n t i - - d i t a e t a l s s l 2 Total* m D I a n e n - te d rba T n im k1 e U. D S. ema O O n t d t h h e e r r Time3 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 k - s Govt. All banks: 1941—Dec. 3.1.. 61,126 26,615 25,511 8 999 27344 90 908 81.816 10.982 44.355 26,479 23 8,41414,826 1945—Dec. 31.. 140,227 30,362101.288 8 577 35415177 332 165,612 14.065 105 935 45.613 22710,54214,553 1947—Dec. 31 «.. 134,924 43,002 81..1 9910 723 38 388175 091 161,86512,793 240 1,346 94.381 53,105 66ill,948 14,714 1960—Dec. 31.. 238.623144,764 67.242 26 617 53 022 298 126 266,19617,080 1.800 5,949133,408107 959 167 24,53913,986 1961—June 30.. 242,192146,164 68 10427 923 46 457 295.567 262.54713,633 462 6.368125,219116,865 452 25.40513,977 Dec. 30.. 256,700154,318 72,71529,667 57,368 321,394 287,17617,914 482 5,952141,979120,848 482 26,22713,946 1962—Mar. 28.. 257,520155,460 70,960 31100 45,560 310,230 273,72013,750 510 6260 125,980127.220 2,420 2647013,930 Apr. 25.. 259.680 156.920 70,950 31810 46,190 312!940 27644013.730 520 3920130. 180128.090 2,360 26,56013,920 May 30... 260,500 158,050 70.680 31770 46,:210 313.720 276,97013.200 520 7.170126.370129,710 2,070 2678013.926 June 30.. 263,542160,123 70,72232697 49,612 320638 285,18614,400 526 9,559128,:845131.855 796 27,03613,934 July 25... 263,570 159,920 70,460 33190 45,-440 316200 279,68013,830 520 5 530127,510132,290 1,930 2688013,931 Aug. 29*., 265,700 161,980 70,160 33560 45 4•80 318280 280;31013,840 510 7.450124,960133.550 2,750 2710013,932 Sept. 26*., 269,080164,640 70,560 33880 47,480 323,770 286;17014,530 510 8,090128, 160134.880 2.610 2725013,933 Oct. 31*., 272,380166,480 71,600 3430050,560 330,280 292,25015,260 510 6,330134,1030136,120 2,780 2745013,925 Nov. 28 rP, 273,310167,240 71,530 34540 48,280 328!870 290.50015,190 520 5,990132,290136,510 2,500 2763013,938 Dec. 26*. 279,440172,480 72,000 34960 49':,440336,410 297;56015,160 510 6,780136,760138,350 3,220 27,'72013,943 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 34,806160,312150,227 14.065 105 921 30.241 219 8.95014.011 1947—Dec. 31 «. 116,284 38,057 69,221 9,006 37,502155,377144,10312,792 240 1,3431 94,367 35.360 6510.05914.181 1960—Dec. 31.. 199,509117,642 61,003 20,864 52,150 257.552 229,84317,079 1,799 5,945(133,379 71 641 163 20.986 13.472 1961—June 30.. 201,848117,953 61,824 22,071 45,595253,749 224.99713,633 461 6,362 125,161 79 380 443 21.74513,463 Dec. 30.. 215,441124,925 66,578 23,937 56.432 278:561248,68917,914 481 5,946 141,920 82,429 47122,45913,432 1962—Mar. 28.. 215,180125.380 64.440 25,360 44.680 266.340 234,43013.750 510 260125.920 87 990 2,420 22,,63013,417 Apr. 25. . 217,390126.610 64.650 26130 45.390 269;180 23720013.730 520 920130,120 88 9102.360 22.750 13.407 May 30.., 217.960127.480 64.400 26080 45.390 269.690 23758013.200 520 170126,310 90,380 2,070 22:..93013.414 June 30.. 220,670129.193 64.443 27034 48.728 276.220 24529814.400 525 554128.785 92,034 786 23,,18313,422 July 25.. 220,410128.730 64 180 27500 44.600 271;520 239 64013,830 520 ,530127.450 92,310 1,930 23..i02013.419 Aug. 29*. 222,140130 430 63.850 27860 44,670 273;230 240,05013.840 510 450124,900 93,350 2,750 23,,20013,421 Sept. 26*. 225,270132.840 64.250 28180 46.630 278.400 24548014.530 510 090128,100 94,250 2.61023,,33013,417 Oct. 31 P. 228,460 134,400 65,450 28610 49,690 284,790 251 37015,260 510 ,330133,970 95,300 2,780 23,,56013,414 Nov. 28'* 229,060134,840 65,400 28820 47.450 283,110249^48015,190 520 990132,230 95,550 2,500 23,,68013,427 Dec. 26*. 234,970139,860 65,870 29240 48.520 290.340256,14015,160 510 780136,700 96,990 3,22023,78013,432 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 18322,775 78,338 6,070 29.845138.304 129.67013.576 64 22.179 69 64024:210 208 7.589 6,884 1947—Dec. 31.. 97 84632.628 57,914 7,304 32,845132 060 12252812.353 50 1.176 80 609 28.340 54 8,464 6,923 1960- Dec. 31.. 165 61999,933 49.10616,579 45.756 216577193.02916.436 1,639 5.287112,393 57 272 130 17 398 6,174 1961—June 30.. 168 04999,992 50.36117.696 40084 213.719189,22613,077 276 5.731 105,568 64 574 38218,027 6,141 Dec. 30.. 179,599106,232 54,05819,308 49579 235,112 209,63017.195 303 5,381 119,595 67,157 43818.638 6,113 1962—Mar. 28.. 179.254106.600 52.036 20,618 39091224.114196.59513,209 335 105,552 71.868 2,38018,785 6,085 Apr. 25.. 180.872107.424 52,10321,345 39662 226 198.67413,178 340 109,048 72,602 2,319 18,877 6,074 May 30.. 181 180107.980 51,913 21287 39702 226, 198.97812,689 345 105.629 73 8522,00219.015 6.073 June 30.. 183 497109 21252,065 22219 42853 232359 20605713.796 351 108.014 75 162 73519,179 6,070 July 25.. 183 008108,767 51,612 22629 39001227806 20048213,241 347 106.611 75 3311,870 19,060 6,062 Aug. 29. . 184 398110.331 51,149 22918 39107 229.231 200 66713,232 338 104.280 76,122 2.68219,212 6,060 Sept. 26*. 186 641112,240 51,27123; 130 40,877 233.279 204 99513,878 337 106 702 76,794 2,58519,281 6.053 Oct. 31 P. 189,420 11'3",711 52,238 23471 43,686 239,009 210,32814,577 339 112,045 77,667 2,722 19,466 6,054 Nov. 2$rP 189,619113,865 52,097 23657 41 564 237,050 208,25914,502 343 110,181 77,932 2,42319,546 6,056 Dec. 26*. 195,195118,524 52,62524046 42s 541243,824214,41214,442 340 114,220 79,245 3,157 19,635 6,050 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 11427.122 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 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 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 16031,190 6,280 5,690 840 44,680 40,040 39.980 3,860 511 Aug. 29*. 43 56031.550 6.310 5.700 810 45 05040,260 40,200 3,900 511 Oct. 31*. 43,920 32,080 6,150 5,690 870 45,490 40,880 (6) 40,820 3,890 511 N D o ec v . . 2 28 6 * r* . 4 4 4 4 , , 2 4 5 7 0 0 3 3 2 2 , , 4 6 0 2 0 0 6 6 , , 1 1 3 3 0 0 5 5 , , 7 7 2 2 0 0 9 8 2 3 0 0 4 4 5 6 , , 7 0 6 7 0 0 4 4 1 1 , , 0 4 2 2 0 0 (6) 4 4 0 1 , , 9 3 6 6 0 0 3 3 , , 9 9 5 4 0 0 5 5 1 1 1 1 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 39 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 s 1 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 i 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 b N a t u > n e r k n r s - G U o .S v . t. Other co a u c n - ts2 m D a e n - d Time U.S. Other Time Govt. Reserve city member banks: New York City:5 1941—Dec 31 1? 896 4 07? r,265 559 6 637 19 86? 17,932 4202 6 866 12,051 807 1 648 36 1945—Dec. 31 26 143 7 334 rL574 1 ?35 6 439 3? 887 30.121 L640 17 6,940 17,287 1 ?36 195 M 1947—Dec 31 . . .. 20,393 7 179 n ,972 1 242 7 261 27 982 25,216 it,453 12 267 19.040 1445 30 2,259 37 I960—Dec. 31 27726 18465 (5,980 ?8? 10301 39767 33,761 t>.289 1,216 1,217 21,833 4 ?06 3 554 1961 June 30 . 28,220 18054 r,642 2 524 8 616 38741 32,225 Il,2U 167 1,380 19,832 6,635 121 3,634 15 Dec 30 30,297 19535 2,90011,164 43 538 36,818 t5,296 191 1,267 23,129 6935 283 3,683 13 1962—Mar. 28 ?9 650 19494 f5,826 3 330 8480 40 147 32,496 5,885 209 1 255 19,481 7 666 1 073 3 689 n Apr 25 29,855 19380 t5,948 3 527 8 063 39 851 32 214 ,859 208 860 19,667 7,620 1065 3,714 13 May 30 ?9 534 19 r, 167 3 144 8 39746 32,586 5,902 211 1 373 19,178 7 9?? 606 3741 n June 30 .. 30,396 19224 ^,659 3,513 9,552 41 910 35,039 AK517 210 1,918 20,296 8,098 381 3 761 13 July 25 ?9 471 1885? f3,995 3 6?4 7 578 38990 32,065 5,923 214 937 18.988 8003 393 748 n Aug. 29 (old basis) 29,672 19319 t3,619 3,734 7,942 39 576 31,775 5,836 210 1,315 18.247 8,167 1225 3764 13 Aug. 29 (new basis) 30,090 19619 (3,709 3,762 8.026 40 085 32,214 \5.844 210 1,332 18,552 8 276 1242 3 806 16 Sept. 26* 30,497 ?0 ?34 3,421 3 84? 8 488 40 868 33,033 5,990 208 1.459 19,054 8 3?? 1 384 3 809 16 Oct 31 P ,196 ?0 693 f5,684 3 819 10 491 43 634 35,766 i1,350 205 1 287 21,501 8 4?3 1 333 3 853 16 Nov. 28^ 30,371 20 119 (5,346 3,906 8,863 41 204 33,746 i 211 910 19,606 8 721 935 3,849 16 Dec. 26^ 32,899 22 142 (5,744 4,013 8,600 43 549 35,675 i 034 210 1,421 20,857 153 1 331 3,867 17 City of Chicago:5 1941—Dec. 31 ,760 954 .430 376 1 566 4 363 4,057 ,035 127 2,419 476 ?88 13 1945—Dec 31 5,931 1333 4,213 385 1,489 7.459 7.046 ,312 1,552 3,462 719 377 12 1947—Dec. 31 088 1801 2890 397 1,739 6.866 6,402 ,217 72 4,201 913 4?6 14 I960—Dec. 31 7,050 4 485 ,882 683 046 9 219 8,197 ,380 61 327 4,899 j 35 8?? 10 1961—June 30 7,070 4 ?49 2.058 714 1 899 9 068 8,037 ,125 10 380 4 602 1 9?0 10 848 10 Dec. 30 7 606 4 6?6 2,041 940 603 10 383 9,283 ,624 14 369 5,268 008 35 870 9 1962 Mar 28 7,652 4 503 2,183 966 1.788 9 613 8.208 ,194 16 323 4,383 2 292 329 870 9 Apr 25 ... 7.504 4 557 1,880 1,067 1,912 9 592 8.421 1,177 18 158 4.676 2 392 73 877 9 May 30 7631 4 59? 1,926 1,113 19?8 9 7?0 8.524 ,118 19 356 4,548 483 75 884 9 June 30 . .. 7,937 4 672 1,936 1,329 1,893 10009 8,810 1,128 18 546 4,520 2 598 34 894 9 July 25 7 765 4 510 1,907 1,348 1,860 9 795 8,584 1,203 17 256 4 489 ? 619 75 890 9 Aug. 29 (old basis) 7,883 4,570 1,923 1,390 1,801 9 852 8,580 ,193 17 361 4,353 2 656 117 895 9 Aug. 29 (new basis) 8,201 4,761 2,001 1,439 1,870 10247 8,934 1,201 17 384 4,554 2 778 122 925 12 Sept. 26*> 8.293 4,879 2,028 1386 1,997 10469 9,087 1,243 15 440 4.569 8?0 163 930 1? Oct 3\p 8,55? 4 961 2,175 1,416 ?,073 10 815 9,380 ,281 15 366 4 826 ? 89? ?67 944 1? Nov. 28^ 8,4S6 0?9 2,025 1,40? 10? 10 738 9,450 ,326 15 279 4 879 9S1 66 941 1? Dec 26p... 8,911 5 340 2,163 1,408 2,010 11 115 9,686 ,268 14 418 4,953 3033 224 951 13 Other reserve city:6 1941—Dec 31 15,347 7 105 5.467 ,776 8,518 ?4 430 22,313 1,356 104 491 12 557 4 806 1 967 351 1945—Dec 31 40,108 8 514 29,552 2,042 11,286 51 898 49.085 (3.418 30 8,221 24,655 9 760 2 2 566 359 1947—Dec. 31 36,040 13449 20,196 39613066 49 659 46,467 5,627 22 405 28 990114? 3 1 844 353 I960—Dec 31 62,953 40 002 17,396 5,55418.668 83464 75,067 7,989 326 1,960 42,26722 525 73 6 423 217 1961—June 30 63 670 39747 18,053 ,87016 8? 141 73,557 5,335 62 2 241 39 721?5 199 131 6 684 ?05 Dec. 30 68,565 4? 379 19,748 6 438 ?0 216 90 815 81,883 5,350 62 2.103 44,986?6 381 81 6 997 ?06 1962—Mar. 28 68,635 4? 713 18,840 7,08? 16 089 86 76? 77.084 5,678 73 2,213 39,743?8 377 836 7 087 ?06 Apr 25 69,238 42,984 18,891 7,363 16,641 87 944 78,042 5,675 77 1,280 41,26628 744 1013 7 106 206 May 30 69 433 43 304 18.585 7,544165?3 88 089 77.911 5,314 78 2 688 39 611?9 1058 7 16? ?06 June 30 70,145 43.824 18,627 7.694 17,602 89 885 80,631 5.622 75 3,670 40,60129 663 240 7 201 206 July 25 70,305 43,969 18,482 7,85416,409 88,886 78,686 5,633 79 1,927 40,36729,680 1,159 7 181 207 Aug. 29 (old basis 70,333 44.540 17,987 7,806 16,180 88 626 78,317 5.662 74 2,639 39,12629 816 1.058 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 38,62029,585 1,036 7 142 194 Sept. 26^ 69.932 44.389 17.809 7 73416.897 88 950 78.946 7,010 66 2 839 39,259?9 77? 938 7 148 193 Oct 31 P 71,007 45,155 17,947 7,90517,046 90 ?44 80,217 7,235 71 2 063 40 78130 067 89? 7 190 193 Nov 28^ 71,264 45,211 18,088 7,965 16,881 90 307 79,777 7,139 69 1,918 40,611 30040 1,216 7 201 195 Dec 26p 73,145 46,768 18,198 8,179 17,963 93,332 82,662 7,334 68 2,375 42,33930 546 ,365 7 237 191 Country member banks:6 1941—Dec. 31 1?,518 5 890 4,377 ,750 6 40? 19466 17,415 792 30 225 10 109 6 ?58 4 198? 6 ?19 1945—Dec 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 17 5,465 24,23512494 11 2 525 6.476 1947 Dec 31 . .. 36.324 10.199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14560 23 2 934 6,519 I960—Dec. 31 67,890 36981 22,848 806014740 84 76,004 1,778 37 1 783 43 395?9 011 ?3 6 599 5 93? 1961—June 30 69 139 37 94? 22,608 8 588 13.039 83 769 75,407 1.406 37 1,730 41,41330 8?0 6 861 5 911 Dec. 30 73 131 39 693 24,407 9 031 15 595 90 376 81,646 1 9?5 37 1,641 46,21131 83? 40 7 088 5 885 1962—Mar. 28 73 317 39 890 24,187 9 ?40 1? 734 87 59? 78,807 1 45? 37 1,840 41,94533 533 14? 7 139 5 857 Apr 25 74 ?75 40 503 24,384 9 388 13,046 88 846 79,997 1,467 37 1 208 43 43933 846 168 7 180 5 846 May 30 74 58? 40 861 24.235 9 486 1? 959 89 001 79,957 1,355 37 2,046 42,29234 ?63 7 5 845 June 30 75,019 41,492 23.843 9,685 13,806 90,555 81,577 1,529 48 2,601 42,59634 803 80 7 323 5,842 July 25 75 467 41 436 24,228 9,80313 154 90 135 81,147 1,482 37 1,832 42 767350?9 ?43 7 833 Aug. 29 76 510 41 90? 24,620 9 988 13 184 91 177 81,995 1 541 37 2.380 42,55435 483 7 339 5 838 Sept 26* 77 919 4? 738 25 01310 168 13 495 9? 99? 83,929 1,635 48 2 546 43 82035 880 100 7 394 83? Oct. 31* 78,665 4? 90? 25,432 10,331 14 076 94 316 84,965 1,711 48 1,984 44,93736 ?85 ?30 7 479 5,833 Nov 28 rp 79,528 43,506 25,638 10,384 13,718 94,801 85,286 1,739 48 2,194 45,08536,220 206 7,555 5,833 Dec 26* 80,240 44,274 25,520 10,446 13,968 95,828 86,389 1,806 48 1,951 46,07136,513 237 7,580 5,829 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
40 COMMERCIAL AND MUTUAL SAVINGS BANKS JANUARY 1963 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 . t c . urit O ie t s her a C ss a e s t h s1 c c b o T a i a l a u l p o i i n c a n t i t d - i - t a t e a l s s l 2 Total1 m D I a n e n t - e d rba T n i k m 1 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - t a a t l s ) b N a b u o n e f m r ki - 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 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,975 34,882 61 9,734 13,398 1958—Dec. 31.. 183,596 97,730 65,669 20,198 48,689 236,724 214,48515,653 2,209 4,241 129,214 63,168 6718,15413,101 1959—Dec. 31.. 188,790 110,299 58,348 20,143 49,158 242,828 218,474 1155,500 1,358 5,037130,720 65,858 60219,20613,107 1960—Dec. 31.. 198,011117,092 60,468 20,451 51,836 255,669 228,40116,921 1,667 5,932132,533 71,348 14920,62813,119 1961—Dec. 30..213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934141,050 82,122 46222,08913,108 1962—June 30.. 219,163128,613 63,92126,630 48,415 274,318 243,85614,235 388 9,529127,990 91,714 77322,81013,104 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 8,375 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,,8!12 43 9,643 4,578 1959—Dec. 31.. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,015 36,,-421 34010,302 4,542 1960—Dec. 31.. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 39,,546 11111,098 4,530 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 1 2,246 ,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 ,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 ,918 1958—Dec. 31.. 55,588 31,435 18,585 5,568 16,407 73,620 66,102 6,192 1,420 1,530 40,640 16,320 10 5,817 ,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 ,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 ,644 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 ,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 4,958 10,039 1,44S 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 19,73213,059 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 1144,095 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 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31* 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1958—Dec. 31.. ,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—Dec. 31.. ,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—Dec. 31.. ,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30.. ,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—June 30.. ,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. 3H 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 1144,388 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 4,00f 7,353 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 12 12,192 1,252 194 1958—Dec. 31.. 28,980 19,180 5,215 4,585 752 30,189 27,277 28 27,243 2,473 241 1959—Dec. 31.. 30.580 20,942 5,016 4,622 686 31,743 28,577 8,544 2,654 268 1960—Dec. 31.. 33,794 23,852 4,787 5,155 766 35,092 31,502 1,468 2,998 325 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37,065 33,400 256 33,137 3.191 330 1962—June 30.. 36,989 27,179 4,708 5,102 779 38,366 34,581 275> 34,300 3,259 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 41 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s1 c b T a i a l l o p i n i a t t i d i - a t e a l s l Total 1 Interbank * De O m t a h n e d r B r 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 b b a u o n e m f r ks - G U o .S v . t. Other cou ac n - ts 2 m D a e n - d Time U.S. Other Time Govt. Noninsured mutual savings banks: 1941 Dec 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947_Dec. 31 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 37. 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 BULL., 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 Period Securities Securities Total* Loans * Total 1 Loansl G U o . v S t . . Other G U o . v S t . . Other 1955 157.6 80.5 60.4 16.7 160.3 82.0 61.6 16.7 1956 161.6 88.0 57.3 16.3 164.5 89.7 58.6 16.3 1957 166.4 91.4 57.0 17.9 169.3 93.2 58.2 17.9 1958 181.0 95.6 64.9 20.5 184.4 97.5 66.4 20.6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20.5 1960 194.5 114.2 59.6 20.7 198.5 116.7 61.0 20.9 1961 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962^2 227.6 134.8 63.8 29.0 233.1 138.0 65.9 29.2 1962—Jan.... 210.7 120.8 65.7 24.2 210.9 119.6 67.2 24.1 Feb... 213.3 122.6 66.1 24.6 211.6 121.1 66.0 24.5 Mar... 215.2 123.8 66.1 25.3 212.4 122.6 64.4 25.4 Apr... 215.0 124.5 64.6 25.9 214.8 124.0 64.7 26.1 May.. 216.4 124.8 65.5 26.1 215.3 124.8 64.4 26.1 June.. 220.3 126.6 66.6 27.1 219.2 127.7 64.4 27.0 July... 217.8 126.1 64.1 27.6 217.8 126.1 64.2 27.5 Aug... 220.3 127.3 65.0 28.0 219.0 127.3 63.9 27.9 Sept.^. 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 Nov.p. 225.8 132.3 64.4 29.1 226.7 132.4 65.4 28.8 Dec.?2 227.6 134.8 63.8 29.0 233.1 138.0 65.9 29.2 1 Adjusted to exclude interbank loans. NOTE.—Data are for last Wed. of month (except for June 30 and 2 Data for Dec. are estimates for Dec. 31, 1962. Dec. 31 call dates). For description of seasonally adjusted series and back data, see July 1962 BULL., pp. 797-802. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
42 COMMERCIAL BANKS JANUARY 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans ] Investments For To purchasing financial U. S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s - l Total C m d t a c r i o u n i n i e a s m a d - r - l l - - A c tu u a g l r l - r - i- o b k d a T s r r e e n o e o a r d c - c s l a - u r r o r i y t t T i h i e n o e s g rs b i a T n n o s k ti s tut o io t T h n o e s rs R t e a e s t - a e l O u v i d t t a i n o h i d - l - e s - r Other Total Bills sec c C t u a i e f r t i e i r - t - s ies Notes Bonds s S g r l a o i e o t t n c c a i v e d u a t t e s l - . O s r e i t t h c i e e u r s ers Total: 2 1947—Dec. 31., 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,,276 3,729 1960- Dec. 31., 199.509117,642 43,125 5,676 3,284 1,833 966 7,106 28,71326,396 2,901 61,003 8,072 2,920 19,013 30.998 17..570 3.294 1961-Dec. 30., 215,441124,925 45,172(6,248 4,056 2,134 1,033 7,31130,320 27",8473,41266,578 11,488 2,114 26,33626,641 20,,345 3,592 1962—June 30., 220,670129,193145,909 6,801 3,254 2,005 1,474 7,22132,036 29,444 33,713 64,443 8,320 3,629126,041 26,453 23,1653,869 Sept. 28.. 224,950132,340 46,780 6,360 3,530 1,950 2,040 7,44033,240 29850 3,830 64,390 8,490 3,530 24,000 28,370 24,090 4,130 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 2,361 1,132 88,912 2,45519,07116,045 51.342 3.873 3,258 1947—Dec. 31.,114.274 37,58318,0121,610 8231,19'"0 114 9,266 5,654 914,67,941 2,124 7,552 5,918 52,347 5,129 3,621 1960—Dec. 31. 198,011 117,092 42,957 5,628 3,2471,811 965 7,090 28,60226,2632,883*60,468 7,994 2,884 18,868 30,722 17,300 3,150 1961-Dec. 30.,213,904 124.348 44,965 6,211 44;, 030 , 1,027 7,296 30,21127,7083,396 66,02611,356 2,098 26,145 26,426 20.068 3.462 1962—June 30.,219,163 128,613 45,717 6,7663 3,,223344 1,981 1,469 7,200 31,91529,2""99 "3,692 63,921 8,226 3,577 25,886126,231 22,883 3,747 Sept. 28.,223,438 131,755 46,5956^328 3,512 1,927 2,022 7,421 33,11429,700 3,811 63,853 8,377 3,479 23,860 28,137 23,821 4,009 Member, total: 1941-Dec. 31., 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945-Dec. 31., 107,183 22,775 8,949 8553,1333,378 47 3,455 1,900 057 78,338 2,27516,985 14,271 44,807 3.254 2,815 1947—Dec. 31., 97,846 32,62816,962 1,046 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 3,5093,1241,564 947 6,726 22,518 622 2,694 49,106 6,402 2,296 15,072[25.335 14,141 2,439 1961—Dec. 30. 179,599106,232 40.9313,934 3i,877 ,827 1,014 6,893 231.,987 852 3,198 54.058 9,229 1,842 21,390 21,598 16,691 2,617 1962—June 30. 183.497109,212 41,435 4,220 3i,088 ,699 1,453 6,789 25,362 24,006 3,480 52,065 6,467 2,984 21,367 21,247 19,32112,899 Sept. 28. 186,518111,993 42,210 3,948 3,3601,644 1,943 6,972 26,358 24,297 3,594 51,323 6,124 2,901 19,563 22,734 20,129 3,074 New York City: 3 1941-Dec. 31., 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945-Dec. 31., 26,143 7,334 3,044 2,453 1,172 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 ,574 399 500 1,799 868 1,930 940 6,980 1,422 578 1,708 3,272 1,964 317 1961-Dec. 30.. 30.297 19,53511,278 1,956 467 376 1,711 934 2,072 1,220 7,862 2,117 442 2,496 2,806 2,635 265 1962-June 30.. 30.396 19,22410.980 1,512 409 568 1,774 1,084 2,075 1,321 7,659 1,989 492 2,931 2,247 3.158 355 Sept. 28.. 30,511 20,06011,520 1,686 397 572 1,771 1,202 2,079 1,348 6,596 1,142 497 2,667 2,290 3,486 370 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 I960—Dec. 31. 7,050 4,485 2,690 322 134 564 196 421 197 1,882 132 37 663 1,050 607 76 1961—Dec. 30. 7,606 4,626 2,609 354 137 669 221 476 229 2,041 478 92 728 743 816 124 1962—June 30. 7,937 4,672 2,659 265 147 611 278 456 298 1,936 200 151 844 741 1,150 179 Sept. 28. 8,345 4,945 2,745 248 145 688 338 514 309 2,006 184 64 782 975 1,216 179 Other 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 1,503 17 1,459 855 387 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120.196 373 2,358 1,90115,563 1,342 1,053 1960—Dec. 31. 62,953 40.002 16,223 887 719 739 351 3,216 9,005 8,721 909 17,396 2,031 794 5,461 9,111 4.817 738 1961-Dec. 30. 68.565 42.37916,8791,076 976 784 470 3.261 9,590 9,172 998 19,748 3,020 741 8,605 7,382 5,710 727 1962—June 30. 70.145 43,82417,077 ,184 888 727 556 3,148 10,272 9.6821,129 18,627 1,611 1,267 8,186 7,563 6,867 827 Sept. 28. 69,903 44,43217,092 ,028 926 705 797 3,205 10,674 9,6501,177 17,769 1,305 1,291 7,275 7,898 6,894 808 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 4,544 16,722 1,342( 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1960—Dec. 31. 67,890 36,981 9,499 2,589 508 293 29 1,14712,449 10,550 647 22,848 2,817 888 7,240 11,903 6,752 1,308 1961-Dec. 30. 73,131 39.69310,1652,811 591 438 116 1,25113.242 11,132 751 24.407 3,614 566 9,560 10.667 7.5301,500 1962—June 30. 75.019 41,49210.719 3.007 424 416 240 1,25613.728 11,792 732 23,843 2,667 1.075 9.405,10.696 8.1461,539 Sept. 28. 77,759 42,55610,854 2,890 499 397 478 1,30814,145 12,054 760 24,953 3,493 1,049 8,83911,571 8,5321,718 Nonmember: 2 1947- Dec. 31. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1960— Dec. 31. 33,910 17.719 3.838 2,167 161 269 379 6,205 4.774 207 11,904 1,670 624 3,941 5,668 3,431 857 1961—Dec. 30. 35,856 18,700 4,241 2,314 179 306 418 6,341 4,995 214'12,525 2,259 272 4,947 5,046 3,655 976 1962—June 30. 37,188 19,989 4,4742,580 165 306 431 6,682 5,439 233112,383 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 New York City and City of Chicago were central reserve city banks loans continue to be shown net. before July 28, 1962; reserve city banks thereafter. 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
JANUARY 1963 COMMERCIAL BANKS 43 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 t f e d B s F w e R a r i e n v t R - h k es . s r C c e a o n n u i c d r n - y b m a a w B d n e n a o i c s k t l - e t - h s i s c 4 j p m u D o a s d a t d s e e e n - i - - t d d s 5 m D e I o s n t - t i e c r 4 ba e F n i k o gn 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 d t s k - i ' s - , IPC I b n a t n e k r- P G U S o a o a . n s S v v t d 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 l n - i t - s etc. ings Total: 2 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 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—June 30.... 16,839 3,185 11,799 114,043 13,185 1.215 9,554 11,814 4,437 112,534 525 300 6,341 85,393 78623,183 Sept. 28e... 17,000 3,420 12,260115,810 13,600 1,100 8,600 11,590 3,790 114,330 430 270 6,180 87,890 1,51023,690 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945— Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1960—Dec. 31,... 16,720 3,326 13,409 114,292 15,339 1,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 14920,628 1961—Dec. 30.... 16,918 3,670 13,871121,671 16.440 1,298 5.934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—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 Sept. 28e... 16,999 3,401 11,832 114,922 13,482 1,088 8,573 11,508 3,745 113,672 395 268 6,131 87,623 1,496 23,325 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—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 Sept. 28.... 16,999 2,553 7,291 94,666 13,017 1,065 7,653 8,961 3,448 95,901 352 245 4,916 71,788 1,455 19,562 New York City:* 1941_Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947__Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1960—Dec. 31.... 3,398 199 147 15,352 4,105 1,184 1,217 305 2,476 19,051 1,216 27 203 3,976 3,554 1961—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—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 Sept. 28 3,338 184 99 15,710 3,579 784 1,544 310 1,892 17,589 208 48 230 8,073 567 3,839 City of Chicago:* 1941_Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2 152 476 288 1945—Dec 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3 853 2 9 902 426 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—June 30.... 916 31 94 3,728 1,083 44 546 330 109 4,082 18 7 10 2,581 34 894 Sept. 28.... 996 35 113 3,869 1,194 42 477 325 104 4,255 18 7 15 2,788 112 933 Other reserve city: 3 1941_Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1960—Dec. 31.... 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 85 1,787 20,652 73 6,423 1961—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—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 Sept. 28.... 7,435 771 2,081 33,232 6,668 223 3,008 2,928 834 36,093 78 88 2,493 27,274 638 7,168 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1960—Dec. 31.... 5,070 1,534 5,655 40,917 1,755 23 1,783 5,083 713 37,598 37 122 1,562 27,327 23 6,599 1961—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—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 Sept. 28 5,230 1,564 4,998 41,855 1,575 17 2,623 5,398 618 37,964 48 102 2,178 33,654 139 7,621 Nonmember: 2 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1 596 I960 Dec 31 . 828 5,099 20,525 578 65 657 2,658 357 17,970 160 25 985 13,378 33 3,590 1961—Dec. 30 876 5,446 21,994 649 70 565 2,755 402 19,168 178 23 1,094 14,169 33 3,822 1962—June 30 787 4,617 20,489 553 52 819 2,707 356 17,708 174 26 1,245 15,614 52 4,005 * Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States. These 5 Through 1960, demand deposits other than interbank and U. S. figures exclude data for banks in U. S. possessions except for member Govt., less cash items in process of collection; beginning with 1961, banks. During 1941 3 mutual savings banks became members of the demand deposits other than domestic commercial interbank and U. S. FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until Govt., less cash items in process of collection. July 1962) 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. Comparaoility 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
44 WEEKLY REPORTING MEMBER BANKS JANUARY 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e v o a n n e t n d t a s s s t l - l j i L m u n a a s o v e n t d a e n e d - n s t d t s s - 2 j L u a o st d a e - n d s 2 i C m n t a c r o d n i e i a m u a d r l l s - - - A t c u g u r r l a - i l - G U c a T t s u o i n . e o e r S v d - s i- . t b . d r e o O a k c t l e u t i e h e r r n s s e s - r G U c t s u T o i . e e r S v o - s i- . t. oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - ank c m m D c o t i i e e o m a c s r - l - - - f P s C i a e a n e O N n t l a r c S e d s o n . . s , . . nba O n t k her e R st e a a t l e o A th l e l r V s t e a r i r o e l v u - n e a s - Total- Leading Cities 1961 Dec. 6 118,828 117,108 71,530 32,016 1,227 356 2,136 103 1,324 611 1,720 3,025 2,325 13,352 16,619 ,564 13 119,164 117,860 71,920 32,223 1,230 336 2,163 102 1,327 605 1,304 3,108 2,329 13,386 16,675 ,564 20 121,837 120,361 73,809 32,733 1,238 773 2,404 104 1,335 627 1,476 3,628 2,339 13,419 16,764 ,555 27 122,565 121,056 74,569 32,920 1,270 1,019 2,379 125 1,343 657 1,509 3,769 2,365 13,399 16,877 ,554 1962 Nov. 7 126,479 124,67: 78,432 34,322 1,421 887 2,004 1,320 644 1,807 3,431 2,763 15,231 18,076 ,747 14 126,688 124,798 78,980 34,617 1,442 948 2,020 1,322 644 1,890 3,456 2,767 15,309 18,120 ,746 21 127,170 125,459 79,037 34,787 1,452 700 2,082 1,321 621 1,711 3,445 2,734 15,384 18,172 ,746 28 126,979 125,47" 78,861 34,680 1,480 661 2,077 1,334 623 1,507 3,371 2,714 15,399 18,183 ,743 Dec. 5 128,058 126,11 79,364 34,779 1,493 849 2,169 1,334 613 1,945 3,420 2,700 15,415 18,251 ,745 12 128,706 126,817 79,821 34,807 1,503 863 2,309 1,348 618 1,889 3,544 2,726 15,470 18,299 ,748 19 131,160 129,361 81,920 35,075 1,526 1,824 2,632 1,358 625 1,799 3,935 2,776 15,483 18,339 ,741 132.075 129,940 82,311 35,166 1,529 1,604 2,748 1,369 650 2,135 4,237 2,774 15,504 18,374 ,741 26 New York City 1961 28,834 28,231 17,594 10,584 150 1,278 427 274 603 919 441 828 3,095 434 Dec. 6 29,066 28,547 17,784 10,672 171 1,300 430 278 519 967 438 839 3,094 434 13 29,947 29,814 18,812 10,969 369 1,451 436 304 1,256 440 84' 3,143 433 20 30,491 30,162 19,196 11,102 525 1,438 440 300 329 1,261 474 84: 3,204 433 27 1962 Nov. 7 29,666 29,053 19,25' 11,344 14 639 992 391 27: 613 ,114 568 ,178 3,234 502 14 29,781 29,227 19,563 ll,45f 730 999 398 27' 554 ,168 579 ,198 3,244 502 21 29,848 29,327 19,434 11,50: 46: 1,051 399 278 521 ,155 58 ,232 3,252 502 28 29,730 29,229 19,176 11,455 375 1,04: 401 285 501 ,091 573 ,233 3,202 501 Dec. 5 30,534 29,671 19,594 11,545 631 1,114 400 281 863 ,088 558 ,234 3,223 501 12 30,637 30,031 19,748 11,456 676 l,20r 405 284 606 ,150 569 ,254 3,222 501 19 31,846 31,326 20,855 11,577 1,305 1,426 411 287 520 ,309 585 ,22' 3,199 501 26 32,083 31,410 20,922 11,59: 1,089 1,529 416 301 673 ,456 574 ,236 3,198 501 Outside New York City 1961 Dec. 6 89,994 88,877 53,936 21,43: 1,216 206 858 897 33' 1,11 2,106 1,884 12,524 13,524 1,130 13 90,098 89,313 54,136 21,551 1,222 165 863 897 32' 785 2,141 1,891 12,547 13,581 1,130 20 91,890 90,547 54,997 21,764 1,229 404 953 899 323 1,343 2,372 1,899 12,57" 13,621 1,122 27 92,074 90,89' 55,373 21,818 1,260 494 941 903 35' 1,180 2,508 1,891 12,557 13,673 1,121 1962 Nov. 7 96,813 95,619 59,175 22,978 1,40' 248 1,012 929 372 ,194 2,31 2,195 14,053 14,842 1,245 14 96,907 95,571 59,417 23,165 1,43: 218 1,021 924 36' ,336 2,288 2,188 14,111 14,876 1,244 21 97,322 96,132 59,603 23,285 1,44: 238 1,031 92: 343 ,190 2,290 2,14r 14.152 14,920 1,244 28 97,249 96,243 59,685 23,225 1,47: 286 1,035 933 338 ,006 2,280 2,141 14,166 14,981 1,242 Dec. 5 97,524 96,442 59,770 23,234 1,486 218 1,055 934 33: ,082 2,33: 2,142 14,181 15,028 1,244 12 98,069 96,786 60,073 23,351 1,493 18' 1,100 943 334 ,283 2,394 2,157 14,216 15,077 1,247 19 99,314 98,035 61,065 23,498 1,510 519 1,206 94' 338 ,279 2,626 2,191 14,256 15,140 1,240 26 99,99" 98,530 61,389 23,574 1,51" 515 1,219 953 34! ,462 2,781 2,200 14,268 15,176 1,240 For notes see p. 46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 WEEKLY REPORTING MEMBER BANKS 45 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets3 Total U. S. Government securities assets— Wednesday Total Bills c C t a i e f t i e r - - s W i i N n th o - m te a s tu a 1 n r i t d n o g b — on A d f s ter 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 c a 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 o p i o b n e i t u i d s t a l a n i l - l ts 1 year 5 years 5 years Total— Leading Cities 1961 Dec 6 .. 33 813 5,528 1,467 5,052 18,319 3,447 11,765 17,204 2,820 152 1,535 12,697 4,502 153,220 13 33,931 5,693 1,416 5,058 18,312 3,452 12,009 17,819 3,221 162 1,750 12,686 4,611 155,079 20 34 501 6 349 1,427 5 390 17,907 3,428 12,051 18 229 3 178 165 1,695 13,191 4,450 158,520 27 34,247 6,168 1,421 5,359 17,894 3,405 12,240 19,025 3,262 238 1,863 13,662 4,520 161,739 1962 Nov. 7 30,952 3,605 2,090 5,743 13,826 5,688 15,288 16,994 2,883 160 1,561 12,390 4,715 162,229 14 30,594 3,271 2,099 5,703 13,794 5,727 15,224 17,195 3,094 138 1,709 12,254 4,731 163,804 21 31 034 3,727 2,273 3 942 14,761 6,331 15 388 17 207 2 933 147 1,550 12,577 4,592 163,263 28 31,124 3,854 2,276 3,975 14,763 6,256 15,487 17,530 3,204 158 1,802 12,366 4,682 162,359 Dec. 5 31,277 4,231 2,278 4,006 14,573 6,189 15,472 16,885 3,014 145 1,616 12,110 4,764 163,590 12 . . .. 31,231 4,225 2,288 4,037 14,513 6,168 15,765 17,419 3,029 151 1,861 12,378 4,772 165,587 19 31,619 4,640 2,317 4,042 14,450 6 170 15 822 18 032 3 128 156 1,831 12,917 4,753 169,242 26.. 31,808 4,921 2,346 3,971 14,407 6,163 15,821 18,162 3,187 188 1,959 12,828 4,848 168,379 New York City 1961 Dec. 6 7,852 1,956 485 1 013 3,727 671 2 785 3 889 69 59 266 3,495 1,943 39,257 13 7,894 2,094 428 990 3,711 671 2,869 4,018 84 74 299 3,561 2,063 39,771 20 8 102 2 337 442 1,114 3 535 674 2 900 4 238 77 77 280 3,804 1,923 41,212 27 7,992 2,253 441 1,095 3,534 669 2 974 4 302 85 147 283 3,787 1,968 43,005 1962 Nov. 7 6 096 1,046 449 1,161 2,310 1 130 3 700 3 813 83 92 255 3,383 1,941 40,633 14 5,972 919 453 1,147 2,307 1,146 3,692 3 772 96 69 256 3,351 1,950 40,660 21 .. . . 6,114 1,105 471 628 2,609 1,301 3,779 3,898 96 73 225 3,504 1,877 40,253 28 6,181 1,159 477 677 2,576 1,292 3,872 4,008 114 83 257 3,554 1,930 40,378 Dec. 5 6,240 1,359 471 673 2,473 1,264 3,837 3,522 118 65 277 3,062 1,943 40,719 12 . 6,297 1,440 475 691 2,430 1,261 3,986 4,026 119 77 309 3,521 1,967 41,706 19 6,509 1,665 475 709 2 383 1 277 3 962 4 264 99 68 292 3,805 1,961 43,975 26 6,521 1,744 474 683 2,355 1,265 3,967 4,037 96 95 295 3,551 2,004 42,545 Outside New York City 1961 Dec 6... 25,961 3,572 982 4,039 14,592 2,776 8,980 13,315 2,751 93 1,269 9,202 2,559 113,963 13 26,037 3,599 988 4,068 14,601 2,781 9,140 13,801 3,137 88 1,451 9,125 2,548 115,308 20 26,399 4,012 985 4,276 14,372 2,754 9,151 13,991 3,101 88 1,415 9,387 2,527 117,308 27 26,255 3,915 980 4,264 14,360 2,736 9,266 14,723 3,177 91 1,580 9,875 2,552 118,734 1962 Nov. 7 24,856 2,559 ] .641 4 582 11 516 4 558 11 588 13 181 2 800 68 1.306 9,007 2,11A 121,596 14 24,622 2,352 ,646 4,556 11,487 4,581 11,532 13,423 2,998 69 1,453 8,903 2,781 123,144 21 24,920 2,622 ,802 3 314 12,152 5 030 11 609 13,309 2 837 74 3?5 9,073 2,715 123,010 28 24,943 2,695 ,799 3,298 12,187 4,964 11,615 13,522 3,090 75 ,545 8,812 2,752 121,981 Dec 5 25,037 2,872 ,807 3,333 12,100 4,925 11,635 13,363 2,896 80 ,339 9,048 2,821 122,871 12 24,934 2,785 ,813 3,346 12,083 4,907 11,779 13,393 2,910 74 ,552 8,857 2,805 123,881 19 25,110 2,975 ,842 3,333 12,067 4,893 11,860 13,768 3,029 88 1,539 9,112 2,792 125,267 26 25,287 3,177 872 3,288 12,052 4,898 11,854 14,125 3,091 93 ,664 9,277 2,844 125,834 For notes see p. 46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
46 WEEKLY REPORTING MEMBER BANKS JANUARY 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday ju u T s n o t a e t d a d l - ' ju p m s o a d a t d s e e n i - - d t d s 5 Total 6 IPC G S l a o o t n c a v d a te t l . For- G U o . v S t . . c m m D c o t i i e e o m a c s r - l - - - Total 8 S in a g v s - IPC Oth S l a o e t n r c a d a t t e l ime For- F B F r . a o n R m k . s F ot r h o e m rs li i a ti b e i s l- co i a t u c a n - l ts banks Govt. Total- Leading Cities 1961 Dec. 6 132,256 63,369 90,977 66,139 4,749 1,691 2,760 12,162 41,279 29,853 6,140 2,768 2,201 10 2,363 5,709 12,882 13 134,934 65,987 93,602 69,716 4,613 1,710 1,69112,439 41,332 29,894 6,118 2,783 2,215 5 1,534 5,73412,872 20 137,924 66,185 96,57169,927 4,715 1,713 3,69012,692 41,353 29,944 6,001 2,845 2,239 288 1,921 5,443 12,944 27 140,742 66,343 99,270 7"%1156 4,863 1,822 4,55712,741 41,472 30,082 5,969 2.851 2,243 482 2,081 5,461 12,973 1962 Nov. 7 140,067 61,472 91,26165,092 4,815 1,672 3,092 12,656 48,806 34,355 8,654 3,118 2,336 548 2,640 5,38513,589 14 141,813 62,197 93,047 6'7",537 4,743 1,617 3,04312,617 48,766 34,343 8,628 3,074 2,374 69 2,875 5,47813,569 21 141,422 61,986 92,687 66,268 4,970 1,576 4,314 12,093 48,735 34,418 8,476 3,087 2,408 105 2,623 5,57313,540 28 140,862 63,007 91,839 65,916 4,938 1,552 3,634 1122,030 49,023 34,459 8,590 3,192 2,435 55 2,233 5,632 13,577 Dec. 5 141,566 62,762 92,315 66,229 5,000 1,593 3,388 12,282 49,251 34,535 8,713 3,216 2,440 167 2,583 5,66213,612 12 143,582 65,029 93,988 69,143 4,857 1,665 2,339 11,930 49,594 34,572 8,924 3,291 2,458 165 2,621 5,62413,595 19 147,298 66,326 97,533 70,345 4,759 1,721 3,60012,310 49,765 34,607 9,002 3,351 2,453 290 2,490 5,57213,592 146,207 66,263 96,196 69,603 4,788 1,807 4,77211,867 50,011 34,712 9,080 3,344 2,521 212 2,836 5,49713,627 26 New York City 1961 31,682 16,166 24,65317,083 259 1,282 734 3,162 7,029 2,833 2,169 213 ,674 1,017 2,881 3,677 Dec. 6 32,526 17,252 25,474 1188,360 243 1,281 406 3,192 7,052 2,844 2,175 217 ,671 617 2,963 3,665 13 33,566 17,095 26,58718,282 289 1,334 1,080 3,308 6,979 2,862 2,108 189 ,676 136 1,072 2,768 3,670 20 35,250 17,092 28,28618,937 347 1,426 1,388 3,562 6,964 2,882 2,086 182 ,668 117 1,167 2,801 3,670 27 1962 Nov. 7 32,755 15,096 24,38416,172 278 1,271 890 3,185 5,371 3,878 2,487 188 ,645 60 1,336 2,662 3,820 14 32,743 15,276 24,32516,901 263 1,196 836 3,056 :,418 3,r 2,491 184 ,684 1,447 2,650 3,820 2 2 1 8 3 3 2 3 , , 5 0 2 0 8 8 1 1 5 5 , , 3 5 1 0 4 7 2 2 4 4 , , 0 4 8 0 2 2 1 1 6 6 , ,4 5 1 1 8 7 2 24 5 8 4 1 1, , 1 1 3 7 1 1 1, 9 12 0 7 0 3 3 , ,0 2 1 8 1 5 ! 1 , , 4 60 4 6 6 3 3 , , 9 8 0 9 0 7 2 2, , 5 4 5 7 5 2 2 1 2 8 7 2 , ,7 7 5 2 0 2 1, 9 3 3 1 6 6 2 2 , , 6 6 3 1 3 5 3 3 , , 8 7 0 9 1 4 Dec. 5 33,152 15,667 24,46816,578 278 1,169 944 3,137 1,684 3,915 2,612 230 ,754 1,011 2,667 3,814 12 34,026 16,482 25,16717,564 259 1,233 633 2,976 1,859 3,929 2,769 231 ,756 1,217 2,624 3,801 19 36,150 17,340 27,25618,462 271 1,286 893 3,119 ;,894 3,935 2,810 231 ,738 1,342 2,592 3,801 26 34,778 17,087 25,80617,925 289 1,369 1,404 2,894 ;,972 3,950 2,837 223 ,782 1,332 2,629 3,806 Outside New York City 1961 Dec. 1 6 3 1 10 0 2 0 , , 4 5 0 7 8 4 4 4 7 8 , , 2 7 0 3 3 5 6 68 6 , , 1 3 2 2 8 4 4 5 9 1 , ,3 0 5 5 6 6 4 4 , , 4 3 9 7 0 0 4 4 2 0 9 9 2 1 , ,2 0 8 2 5 6 9 9, , 2 0 4 0 7 0 3 34 4 , , 2 2 8 5 0 0 2 27 7 , , 0 0 5 2 0 0 3 3 , , 9 9 7 4 1 3 2 2 , , 5 5 5 6 5 6 5 54 2 4 7 1 5 0 1, 9 34 1 6 7 2 2, , 7 8 7 2 1 8j 9 9, , 2 2 0 0 7 5 20 104,358 49,090 69,984 51,645 4,426 379 2,610 9,384 34,374 27,082 3,893 2,656 563 152 849 2,675 9,274 27 105,492 49,251 70,984 52,219 4,516 396 3,169 9,179 34,508 27,200 3.883 2,669 575 365 914 2,660 9,303 1962 Nov. 7 107,312 46,376 66,877 48,920 4,537 401 2,202 9,471 40,435 30,477 6,167 2,930 691 488 1,304 2,723 9,769 14 109,070 46,921 68,722 50,636 4,480 421 2,207 9,561 40,348 30,457 6,137 2,890 690 69 1,428 2,828 9,749 21 108,894 46,672 68,605 49,751 4,722 405 3,187 9,082 40,289 30,521 6.004 2,905 686 105 1,307 2,958 9,746 28 107,854 47,500 67,437 49,498 4,684 421 2,734 8,745 40,417 30,559 6,035 2,965 685 55 1,297 2,999 9,776 Dec. 5 108,414 47,095 67,847 49,651 4,722 424 2,444 9,145 40,567 30,620 6,101 2,986 686 92 1,572 2,995 9,798 12 109,556 48,547 68,82151,579 4,598 432 1,706 8,954 40,735 30,643 6,155 3,060 702 127 1,404 3,000 9,794 19 111,148 48,986 70,277 51,883 4,488 435 2,707 9,191 40,871 30,672 6,192 3,120 715 200 1,148 2,980 9,791 26 111,429 49,176 70,390 51,678 4,499 438 3,368 8,973 41,039 30,762 6,243 3,121 739 212 1,504 2,868 9,821 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 3 Excludes cash items in process of collection. banks, international institutions, banks in foreign countries, and foreign 4 Total demand and total time deposits. branches of U. S. banks other than reporting bank. 5 Demand deposits other than domestic commercial interbank and 8 Includes U. S. Govt., postal savings, domestic commercial interbank, U. S. Govt., less cash items in process of collection. and mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 BUSINESS LOANS OF BANKS 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 Dec. Dec. Dec. Dec. Nov. 26 19 12 5 28 Dec. Nov. Oct. IV III II 2nd 1st Durable goods manufacturing: Primary metals -4 2 8 -5 8 -8 -25 -25 -49 -119 -74 -131 Machinery -23 4 16 20 -5 17 14 -44 -13 31 -50 19 89 Transportation equipment 23 51 -19 9 9 64 56 -58 62 -15 27 47 96 Other fabricated metal products. . . -3 3 9 -8 -8 -19 -26 -44 -48 50 -91 126 Other durable goods -80 -9 5 -8 Q -92 -35 -30 -158 140 112 -18 128 Nondurable goods manufacturing: Food, liquor, and tobacco -8 102 14 21 -19 129 71 217 416 111 -152 528 -497 Textiles, apparel, and leather -15 -8 -9 -33 -29 -64 -58 -153 -275 96 42 -179 289 Petroleum refining 18 8 -12 2 -4 11 14 6 31 12 -14 43 -67 Chemicals and rubber.... 5 10 2 -22 2 A 39 -10 25 -154 37 -129 76 Other nondurable goods -20 -2 -12 -3 -10 -37 -12 -63 -112 7 164 -105 174 Mining, including crude petroleum and natural gas 10 20 3 40 -16 74 5 12 91 -25 8 66 178 Trade: Commodity dealers -21 -10 -20 -7 C17 -58 65 126 133 87 -161 220 -237 Other wholesale 15 16 -9 9 -24 31 11 19 60 63 52 123 34 Retail -78 -43 -14 7 -16 -128 97 148 117 36 52 154 61 Transportation, communication, and other public utilities 185 19 -25 18 18 197 61 88 346 309 -223 655 -510 Construction -10 2 -7 -13 -10 -27 -13 -6 -46 29 164 -17 182 All other types of business, mainly services • 48 68 41 52 12 209 87 -13 283 8 127 290 205 Net change in classified loans 45 233 -37 88 -97 329 375 188 893 640 116 1533 196 Commercial and industrial change— all weekly reporting banks 91 268 28 99 -118 486 ••390 227 1103 709 340 1812 434 NOTE.—Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 95 per cent of total commercial and End-of-week date shown. Figures for periods other than week are industrial loans of all weekly reporting member banks and about 70 per based on weekly changes. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan (thousands of dollars) (thousands of dollars) p A e a r r n i e d o a d lo A a l n l s 1 10 1 1 0 0 — 0 1 2 00 0 — 0 and 20 o 0 ver p A e a r n r i e d o a d lo A a l n l s io" 1 1 0 0 — 0 1 2 00 0 — 0 an 2 d 0 o 0 ver Year: Quarter—cont.:l 19 large cities: New York City: 1961—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 June 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 Dec 4.78 5.61 5.33 5.12 4.68 1958 4.3 5.5 5.0 4.6 4.1 1959 5.0 5.8 5.5 5.2 4.9 7 northern and eastern cities: I960 5.2 6.0 5.7 5.4 5.0 1961—Dec 4.96 5.82 5.51 5.22 4.81 1961 5.0 5.9 5.5 5.2 4.8 1962—Mar 4.97 5.85 5.53 5.17 4.83 1962 5.0 5.9 5.5 5.2 4.8 June 5.00 5.83 5.52 5.21 4.86 Sept 5.00 5.87 5.51 5.20 4.87 Dec 5.05 5.85 5.55 5.23 4.92 Quarter.! 19 large cities: 11 southern and western cities: 1961—Dec 4.96 5.84 5.52 5.21 4.78 1961_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 Dec 5.02 5.88 5.55 5.28 4.85 Dec 5.33 6.01 5.68 5.41 5.10 i Based on new loans and renewals for first 15 days of month. per cent): 1954—Mar. 17, 3; 1955—Aug. 4, 3*4; Oct. 14, SV2; 1956— NOTE.—Weighted averages. For description see Mar. 1949 BULL., Apr. 13, 33^; Aug. 21, 4; 1957—Aug. 6, 4Y2; 1958—Jan. 22, 4; Apr. 21, •p. 228-37. Bank prime rate was 3^ per cent Jan. 1,1954-Mar. 16,1954. 3%; Sept. 11,4; 1959—May 18, 4V2; Sept. 1,5; and 1960—Aug. 23, 4%. Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
48 INTEREST RATES JANUARY 1963 MONEY MARKET RATES (Per cent per annum) U. S. Government securities (taxable) 3 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 6 s , - 1 m d 3 p i o - r l n a e to c t c h e tl 6 s d y - , 2 90 a a c n d c c a e e y p s s t , - * on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie rk ld et (m y B i a e i r l l l k d s ) et Other 4 i 3 s - s y u t e o e a s r 5 5 - 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 1962. 3.26 3.07 3.01 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1961—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 3.20 3.09 3.00 2.735 2.73 2.838 2.83 2.90 2.94 3.48 M*ay! ] 3.16 2.95 2.91 2.694 2.68 2.789 2.78 2.91 2.98 3.53 June., 3.25 3.02 2.90 2.719 2.73 2.804 2.80 2.89 3.02 3.51 July.. 3.36 3.20 3.07 2.945 2.92 3.085 3.08 3.17 3.23 3.71 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 Nov.. 3.23 3.08 3.00 2.803 2.83 2.875 2.89 2.94 2.92 3.46 Dec, 3.29 3.16 3.00 2.856 2.87 2.908 2.91 2.94 2.95 3.44 Week ending— 1962—Dec. 1., 3.25 3.13 3.00 2.853 2.86 2.936 2.94 2.97 2.95 3.48 3.25 3.13 3.00 2.861 2.85 2.945 2.91 2.94 2.97 3.48 15. 3.25 3.14 3.00 2.807 2.84 2.861 2.88 2.93 2.94 3.44 22. 3.28 3.19 3.00 2.861 2.88 2.901 2.90 2.94 2.94 3.41 29. 3.38 3.19 3.00 2.894 2.89 2.924 2.93 2.95 2.96 3.41 * Averages of daily offering rates of dealers. 3 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. 4 Certificates of indebtedness and selected note and bond issues. 5 Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stock:j State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Total i (longterm) Total i Aaa Baa Aaa Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - I960 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.46 5.88 1961.. 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2 98 4.74 1962 3.95 3.30 3.03 3.67 4.61 4.33 5.02 4.47 4.86 4.51 4.50 3.37 1961—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 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 6.22 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 Nov .. 3.87 3.15 2.89 3.53 4.55 4.25 4.96 4.39 4.83 4.42 4.45 3.50 Dec . 3 87 3.22 2.93 3.57 4.52 4.24 4.92 4.40 4.76 4.41 4.42 3.40 Week ending— 1962—Dec. 1 3 88 3.17 2.89 3.54 4.54 4.25 4.94 4.39 4.80 4 42 4 43 3 43 8 3.89 3.21 2.92 3.57 4.54 4.26 4.93 4.39 4.79 4.42 4.44 3.39 15 3 88 3 22 2.93 3.57 4.52 4.25 4.92 4.40 4 77 4 42 4 42 3 40 22 3.86 3.22 2.94 3.57 4.52 4.24 4.92 4.40 4.76 4 40 4 42 3 41 29 3.85 3.22 2.94 3.57 4.52 4.23 4.93 4.40 4.75 4.40 4.41 3.39 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 rrore. 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
JANUARY 1963 SECURITY MARKETS 49 SECURITY PRICES Bonds Common stocks Vol- Standard and Poor's index Securities andExchange Commission index ume (1941-43- 10) (1957-59= 100) of Period U.S. Mu- Cor- tr i a ng d- Govt. nicipal po- Manufacturing Trade, (thou- (long- (high- (nigh- In- Pub- Trans- Pub- fi- sands term) grade) grade) Total d tr u ia s- l R ro a a i d l- u i l t t i i y c l- Total Total r D ab u l - e N r d a o u b n - l - e p t o io r n ta- u l i i t t o i y l- n s a a e i n c n r e v d c - e, M in i g n- sha o r f es) 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—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 91.1 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 Nov 87.96 114.5 96.6 60.04 c62.90 c30.47 C57.69 122.8 114.0 110.7 117.3 97.2 162.0 145.4 97.7 4,803 Dec 87.96 113.0 96.6 62.64 65.59 32.24 60.24 128.0 119.1 114.0 123.8 102.3 167.9 151.8 101.5 4,048 Week ending— 1962—Dec. 1. 87.89 113.7 96.6 61.98 64.97 31.86 59.13 127.4 118.3 114.8 121.7 103.2 167.8 150.9 101.3 5,502 8. 87.66 112.7 96.6 62.69 65.71 32.54 59.83 128.5 119.6 115.1 123.9 103.1 168.3 152.4 102.2 4,780 15. 87.89 112.9 96.6 62.44 65.38 31.83 60.17 127.5 118.4 113.5 123.0 101.5 167.8 152.1 101.4 3,677 22. 88.12 113.2 96.6 62.50 65.43 32.10 60.22 127.7 118.8 113.3 124.0 102.1 167.4 151.6 100.7 3,780 29. 88.25 113.2 96.6 62.89 65.82 32.45 60.67 128.3 119.5 114.2 124.4 102.4 168.2 151.1 101.5 3,590 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-hour 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 t l ies N. f i Y rm . s S t s o e c c k u re 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 f in 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 63 234 2,071 1,159 1959—Dec 4,461 150 3,280 164 1,181 221 2,362 996 I960 Dec 4,415 95 3,222 134 1,193 142 2,133 1,135 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 1,219 1962—Jan 5,464 34 4,111 111 [,353 51 2,860 1,225 Feb 5,426 34 4,066 133 1,360 71 2,812 1 1QO Mar 5,457 34 4,083 105 [,374 52 2,912 1,154 Apr 5,491 36 4,079 117 1,412 57 3,015 ,110 M^ay 5,408 35 4,000 91 [,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 [,314 32 2,091 1,252 Aue 5,073 23 3,773 80 1,300 35 2,472 ,130 Sept 5,156 27 3,887 81 1,269 49 2,689 ,091 Oct 5,165 25 3,864 81 1,301 29 2,596 ,126 Nov 5,285 24 3,951 82 1,334 28 2,558 1,151 Dec 5,494 24 4,125 97 I 369 35 2,785 [ 216 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 reported to the Exchange. Customers' debit and free credit balances 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
50 OPEN MARKET PAPER; SAVINGS INSTITUTIONS JANUARY 1963 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F. R. Goods stored in or Total t P hr la o c u e g d h P di la re c c e t d - Total Banks Others p i I o n m r to t - s p f E r o o x r m - ts Do ex ll - ar shi p pp o e in d t s b i e n t — ween dealers * ly2 Total O bi w ll n s b B ou il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta it te e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 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 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 I960 4,497 1,358 3,139 2,027 662 490 173 74 230 1.060 403 669 122 308 524 1961—Nov. 5,349 1,868 3,481 2,555 1,122 871 251 43 110 ,280 461 939 98 287 770 Dec 4,686 1,711 2,975 2,683 1,272 896 376 51 126 ,234 485 969 117 293 819 1962—Jan 5,556 1,762 3,794 2,621 1,163 804 359 45 120 ,294 477 946 74 271 853 Feb 5,520 1,762 3,758 2,559 1,093 788 305 44 113 ,309 472 915 106 223 844 Mar. 5,713 1,876 3,837 2,498 1,072 774 298 42 100 ,284 474 889 86 182 867 Apr 5,640 1,883 3,757 2,392 981 763 218 36 94 ,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 1,878 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 [,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 Oct 6,970 2,417 4,553 2,367 1,025 824 201 34 69 1,239 502 679 160 110 917 Nov 7,070 2,501 4,569 2,476 1,086 841 245 38 88 1,264 525 719 173 145 914 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; place directly, $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total End of period M ga o g r e t- Other G U o . v S t . . S g l a o o t n c a v d a t t e l . C ot o r a h a n r e t p d r e o - l a C s a se sh ts O as t s h e e ts r a s l s T a 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 m or b m tg e i r a tr j n A en m ts o u 3 nt 1941. 4,787 89 3,592 1,' 86 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 1955 17 279 211 8 464 646 3 366 966 414 31 346 28 182 310 2 854 1956 19 559 248 7 982 675 3 549 920 448 33 381 30 026 369 2 986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23 038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1961 Oct . 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 1,546 Nov 28,680 469 6,172 677 5,042 847 642 42,529 37,892 857 3,779 59,882 1,533 Dec 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 Jan 29,145 455 6,245 669 5,064 837 655 43,071 38,446 845 3,780 68,614 1,588 Feb 29,333 461 6,322 651 5,065 884 661 43,378 38,611 944 3,823 65,839 1,644 Mar 29,563 508 6,531 633 5,090 896 676 43,897 39,083 973 3,840 69,223 1,698 Apr 29,833 468 6,315 607 5,055 817 671 43,766 39,032 923 3,811 73,401 1,817 May 30,087 537 6,331 587 5,057 829 670 44,100 39,216 1,016 3,868 78,707 1,897 June 30,398 519 6,296 582 5,069 883 675 44,421 39,642 921 3,859 79,248 1,940 July 30,688 506 6,285 577 5,135 837 678 44,706 39,814 1,021 3,871 84,357 1,994 Aug 31,000 560 6,311 568 5,149 808 677 45,073 40,029 1,127 3,917 83,803 2,088 Sept 31,243 563 6,314 563 5,151 852 702 45,388 40,458 996 3,934 88,882 2,122 Oct 31,548 536 6,152 548 5,154 867 697 45,502 40,644 955 3,904 93,526 2,229 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 foi call dates and 2 See note 4, p. 37. are based on leports 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
JANUARY 1963 SAVINGS INSTITUTIONS 51 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period T as o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l ndForeign1 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 :1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 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 1,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 I960—Dec 119,576 11,699 6,428 3,606 1,665 51,063 46,967 4,086 41,815 3,796 5,233 5,980 1961— Oct.r... 125,356 12,138 6,442 3,835 [,861 53,318 48,745 4,573 43,631 3,974 5,670 6,625 Nov.'... 126,007 12,161 6,396 3,879 1,886 53,548 48,921 4,627 43,868 3,990 5,701 6,739 Dec.'... 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 1962—Jan 127,311 12,155 6,314 3,958 1,883 54,329 49,506 4,823 44,378 3,973 5,768 6,708 Feb 127,731 12,196 6,335 3,960 1,901 54,519 49,657 4,862 44,494 3,992 5,792 6,738 Mar 128,108 12,248 6,257 4,078 1,913 54,704 49,814 4,890 44,637 3,989 5,834 6,696 Apr 128,569 12,341 6,351 4,064 1,926 54,965 50,039 4,926 44,751 4,010 5,880 6,622 May 128,931 12,323 6,325 4,050 1,948 55,274 50,307 4,967 44,946 4,024 5,927 6,437 June.... 129,144 12,237 6,230 4,058 1,949 55,445 50,491 4,954 45,142 4,043 5,981 6,296 July 130,002 12,418 6,406 4,062 1,950 55,697 50,706 4,991 45,340 4,097 6,038 6,412 Aug 130,596 12,459 6,385 4,090 1,984 55,927 50,908 5,019 45,576 4,106 6,079 6,449 Sept 131,069 12,451 6,337 4,104 \2,010 56,165 51,099 5,066 45,758 4,110 6,114 6,471 Oct 131,735 12,609 6,368 4,080 2,161 56,359 51,246 5,113 46,051 4,124 6,151 6,441 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f Mort- s G U ec o . u v S r t i . . - Cash Other i a li s a s T b e o i t l s t i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m o o rr n o e w y e 3 d L p o r a o n c s e s i s n Other co m l m o e a m n n t i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 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—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 2,010 1,456 2,551 Aug 75,542 5,448 2,924 5,117 89,031 76,115 6,047 3,071 1,999 1,799 2,518 Sept 76,385 5,490 3,012 5,194 90,081 76,985 6,063 3,166 2,006 1,861 2,472 Oct 77,345 5,521 3,110 5,238 91,214 77,820 6,077 3,202 1,992 2,123 2,439 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
52 FEDERAL FINANCE JANUARY 1963 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. 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 c o u t t a s a . l l 2 s: 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 ^ - E p T q a u o y a t t l a s s l . • pa o y r ts. C & ( h d d a a i i e n r n g b e g e t c e n t .) a L I t g n e r e v b u s n s y e s : . t 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: Cal. year—1959.... 72,738 18,346 3,480 87,553 79,778 19,759 3,978 95,559 -8,006 10,112 -546 2,079 8,578 1960 79,518 21,773 2,946 98,287 77,565 21,285 4,156 94,694 3,593 -549 1,629 491 -2,669 1961 78,157 24,115 4,279 97,929 84,463 24,542 4,268 104,738 -6,809 6,791 -434 470 6,755 Fiscal year—1959... 67,915 16,950 3,161 81,660 80,342 18,462 4,002 94,804-13,144 9,656 -1,181 2,160 8,678 1960... 77,763 20,534 3.167 95,078 76,539 20,891 3,129 94,301 111 3,371 953 597 1,821 1961... 77,659 23,583 3,946 97,242 81,515 23,016 5,003 99,528 -2,286 2,102 870 536 698 1962... 81,409 24,325 3,789 101,887 87,787 24,109 4,185 107,711 -5,824 11,010 465 923 9,621 Half year: I960—July-Dec.. 35,329 10,141 1,449 43,992 40,217 10,483 2,013 48,687 -4,695 3,409 -182 468 3,124 1961—Jan.-June.. 42,330 13,442 2,497 53,249 41,298 12,533 2,990 50,840 2,408 -1,307 1,052 68 -2,426 July-Dec... 35,826 10,673 1,782 44,680 43,165 12,010 1,278 53,898 -9,217 8,098 -1,486 402 9,180 1962—Jan.-June. 45,583 13,652 2,007 57,207 44,622 12,099 2,907 53,814 3,393 2,913 1,953 521 440 Month: 1961—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 5,754 1,587 279 7,060 7,289 1,867 83 9,074 -2,014 784 -737 39 1,482 M^y!'.'.'.'.', 7,024 4,053 222 10,850 7,229 1,591 -340 9,160 1,690 2,386 2,168 85 133 June 11,615 2,575 1,109 13,077 8,102 2,252 730 9,624 3,453 -674 564 41 -1,278 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 Oct 3,030 1,377 253 4,150 8,524 2,197 573 10,149 -5,998 2,974 -353 121 3,206 Nov 7,027 2,531 265 9,289 8,070 2,047 10,021 -732 3,258 449 6 1,548 1,262 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C sh h a b n a g l e a n i c n es Tre (e a n s d u r o e f r 's p e a r c io c d o ) unt 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 ss s u a e o a r c f k n .4 e c t e in I G n se v U o c e v . . s t 4 t . S . . p d g d u i r i r e b o n e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance b F a . n R ks . a l T a c o n c a a d t x n s. O as n t s h e e t e ts r Fiscal year—1959.. -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 I960.. 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 1961.. -3,856 565 285 -733 -435 2,640 -222 -1,311 6,694 408 5,453 833 1962.. -6,378 213 566 658 -435 9,230 118 3,736 10,430 612 8,815 1,003 Half year: 1960—July-Dec.., -4,888 -341 19 -493 275 3,886 52 -1,594 6,411 485 5,165 761 1961—Jan.-June., 1,032 906 266 -240 -710 -1,246 -274 283 6,694 408 5,453 833 July-Dec.., -7,339 -1,338 -137 394 1,221 7,198 199 -200 6,494 465 5,157 872 1962—Jan.-June., 962 1,551 703 263 -1,656 2,032 -81 3,935 10,430 612 8,815 1,003 Month: Nov -1,060 479 -560 28 -191 1,350 -17 63 6,261 489 4,930 842 Dec 807 -450 106 168 540 -842 95 234 6,494 465 5,157 872 1962—Jan -2,038 -1,455 337 165 1,137 345 4 -1,513 4,981 362 3,552 1,067 Feb -129 716 -66 102 -437 470 12 644 5,626 449 4,172 1,005 Mar 1,356 -212 915 55 13 -896 -62 1,293 6,919 403 5,568 948 Apr -1,535 -279 10 -43 455 864 395 -924 5,995 569 4,150 1,276 May -205 2,461 -449 -21 -2,182 2,222 -319 2,145 8,140 526 6,623 991 June 3,513 320 -44 -642 -973 -111 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 Oct -5,494 -821 151 10 796 2,569 -39 -2,750 6,518 513 5,131 874 Nov -1,042 485 -440 3 -382 3,323 61,355 591 7,109 585 5,728 796 1 Primarily interest payments by Treasury to trust accounts and accumu- 5 Primarily military defense, military assistance, and atomic energy. ations to U. S. employees trust funds. 6 Includes $1,412 million of 2% percent Treasury bonds of 1960-65 2 Includes small adjustments not shown separately. acquired by Treasury for retirement on Dec. 15, 1962, in exchanged: 3 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing various issues on Nov. 15, 1962. accounts, and (4) govt. sponsored enterprises. 4 Excludes net transactions of govt. sponsored enterprises. NOTE.—Treasury Dept. & Bureau of the Budget. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 FEDERAL FINANCE 53 FEDERAL FISCAL OPERATIONS: DETAILS (In millions of dollars) Selected excise taxes Budget receipts (IRS data) Transfers to trusts Indiv. taxes Period Em- Net 2 O ag ld e - H w ig a h y - R t r i . r e R e - . . fu R n e d - s Total W he i l th d - Other C r t a a o t x i r o e p s n o- t c a E i x x s e e - s p m ta l x o e e n 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 e r . s - 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 1,8®7 4,315 1960 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 81,409 11,545 2,949 564 6,266 103,818 3"6',246 14,403 21,296 12,752 12,708 6,412 3,341 2,026 5,536 Half year: 1960—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.... 45,583 6,802 1,415 288 5,380 60,24318,593 11,213 13,036 6,358 7,686 3,357 1,587 991 2,880 Month: 1961—Nov 6,424 1,189 231 76 86 8,007 4,767 123 377 1,123 1,266 351 343 184 Dec 7,967 458 255 47 67 8,980 2,935 428 3,322 1,013 505 777 254 165 1962—Jan 5,357 152 233 11 73 5,959 1,245 2,325 466 1,009 353 561 224 140 Feb 6,729 1,620 207 81 743 9,773 5,124 786 400 967 2,080 416 189 116 1,524 Mar 9,104 1,119 248 50 1,813 12,354 2,896 832 5,879 1,140 1,188 419 313 215 Apr 5,754 729 230 13 1,417 8,153 1,017 4,330 445 959 745 657 245 158 May 7,024 2,181 264 82 1,101 10,658 5,287 955 469 1,157 2,266 524 305 169 1,356 June 11,615 1,001 233 51 233 13,346 3,024 1,985 5,377 1,126 1,054 780 311 192 July 3,566 436 281 12 165 4,540 1,199 299 525 1,106 450 961 257 14S Aug 7,089 1,699 332 86 193 9,445 5,298 169 431 1,188 1,786 573 289 197 1,509 Sept 10,053 911 287 50 111 11,414 2,980 2,092 3,533 1,103 962 744 290 171 Oct 3,030 536 276 14 200 4,068 1,156 235 460 1,150 551 516 n.a. Nov 7,027 1,129 218 77 73 8,533 5,195 117 412 1,125 1,208 478 n.a. Budget expenditures Period Total f t e i N n d o s e n a e - - a l 5 a I ff n a t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so t N u u re a r rc a - t- l es t m C ra a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ab e e o l a f r l a t , r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- g G e o r e v a n l t - . Fiscal year—1959... 80,342 46,491 3,780 145 6,590 1,670 2,017 970 3,877 732 5,287 7,671 1,466 1960... 76,539 45,691 1,832 401 4,882 1,714 1,963 122 3,690 866 5,266 9,266 1,542 1961... 81,515 47,494 2,500 744 5,173 2,006 2,573 320 4,244 943 5,414 9,050 1,709 1962*.. 87,668 51.042 2,771 1,257 6,036 2,133 2,755 335 4,425 1,076 5,404 9,218 1,874 Half year: I960—July-Dec... 40,217 23,225 1,166 332 2,863 1,058 1,214 208 1,955 408 2,659 4,587 852 1961—Jan.-June.. 41,298 24,269 1,334 412 2,310 948 1,359 112 2,289 535 2,755 4,463 856 July-Dec... 43,165 23,982 1,651 481 3,543 1,178 1,262 345 2,396 455 2,724 4,502 953 1962—Jan.-June*. 44,503 27,060 1,120 776 2,493 955 1,493 -10 2,029 621 2,680 4,716 921 Month: 1961—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 84 438 789 175 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 1,126 247 300 23 348 131 492 806 195 Sept 7,327 4,035 204 141 570 268 224 -19 415 125 401 813 150 Oct 8,524 4,610 358 187 978 231 232 -23 454 61 440 826 182 Nov 8,070 4,566 327 187 531 219 212 72 470 79 443 814 156 1960 1961 1962 I960 1961 1962 Item IV ii in rv ii in IV III IV ii in Seasonally adjusted Not seasonally adjusted Cash budget: Receipts 24.6 23.3 24.6 24.9 25.3 24.6 26.8 27.6 20.6 24.8 28 5 234 21 3 26.2 31.0 26.* Payments... 24.3 25.1 26.5 26.2 26.9 27.8 26.8 28.0 24.5 23.4 274 26 7 27 2 26.0 27.7 21.5 Net .3 -1 .8 -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
54 U.S. GOVERNMENT SECURITIES JANUARY 1963 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues3 End of period d T g e r o b o t t s a s l i d T g i r o r o e t s a c s l t Marketable C ve o r n t- - Nonmairketable S is p s e u c e i s a 6 l debt 2 Total Total Bills C c e a r t t e if s i- Notes Bonds 4 b i o b n l d e s Total 5 S in a g v s 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 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 ^ 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 Aug 302 3 301 8 252 5 199 3 43.6 20.4 58 1 77.2 4.2 49.0 47.7 45.4 Sept 300.0 299.5 251.0 197.9 42.2 17.8 58.1 79.8 4.1 48.9 47.7 44.6 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 Nov. 7 305.9 305.4 257.2 204.2 47.8 22.7 53.7 80.0 4.0 49.0 47.7 44.2 Dec 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1 Includes some debt not subject to statutory debt limitation (amounting to $372 million on Dec. 31, 1962), and fully guaranteed securities, not shown separately. x and savings notes, not shown separately. 2 Includes non-interest-bearing debt, not shown separately. 6 Held only by U. S. Govt. agencies and trust funds. 3 Includes amounts held by U. S. Govt. agencies and trust funds, which 7 Includes $1.4 billion of 2% per cent partially tax-exempt bonds, tot 4 a l I e n d c l $ u 1 d 3 e , s 7 5 T 1 r e m as i u ll r io y n b o o n n d N s o a v n . d 3 0 m , i 1 n 9 o 6 r 2 . amounts of Panama Canal and v ciC aT Qq ri i u Ao i nu re cs d ii cscs b~ iu j i y p e cs T ro r \ e rn\ a s NN u r r o\ y v j v . f 11 o ^5 r , 1 r 1 e C9 ti 6i r f^2 e D. ment on Dec. 15, 1962, in exchange for postal savings bonds. 5 Includes Series A investment bonds, depositary bonds, armed forces NOTE.—Based on daily statement of U. S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d io o d f T g d r o e o t b s a t s l ag G U t e a r o n . u n S v c s d . i t t e . s B F a . n R k . s Total b m C a e n o r k m c s ia - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r o t n e e n d i r g a - l n 3 i O t m n o v t r i h s s e e c s 4 r . funds ! 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 18.7 45.7 19.3 13.0 11.2 1961—Nov 297.3 55.4 29.2 212.7 66.9 6.2 11.5 20.3 18.6 46.5 18.6 13.1 11.0 Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 19.4 18.7 46.4 18.8 13.4 11.6 1962—Jan 296.9 53.8 28.5 214.6 67.8 6.2 11.6 20.4 19.0 46.5 18.8 12.9 11.2 Feb 297.4 54.2 28.4 214.8 66.6 6.3 11.5 21.4 19.1 46.6 18.8 13.0 11.5 Mar 296.5 54.5 29.1 213.0 64.0 6.6 11.5 20.2 19.5 46.6 19.1 13.6 12.0 Apr 297.4 53.7 29.2 214.4 65.3 6.3 11.5 20.4 19.6 46.6 18.9 13.3 12.5 May 299.6 55.9 29.6 214.1 65.2 6.3 11.5 20.8 19.7 46.6 18.5 13.5 11.8 June 298.6 56.5 29.7 212.5 65.0 6.3 11.3 19.3 19.7 46.6 18.5 14.1 11.6 July 298.3 55.5 29.8 213.0 64.5 6.3 11.5 20.0 19.9 46.7 18.7 14.2 11.3 Aug 302.3 57.1 30.4 214.9 64.5 6.3 11.5 21.1 19.9 46.8 18.8 14.6 11.5 Sept 300.0 56.4 29.8 213.7 64.6 6.3 11.4 19.1 19.8 46.8 18.8 r15.0 11.9 Oct 302.6 56.1 30.2 216.3 65.9 6.1 11.5 r20.0 r19.6 r46.8 r18.8 15.4 12.3 Nov 305.9 57.9 30.5 217.5 65.4 6.1 11.5 22.0 19.3 46.9 18.7 15.4 12.2 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 in the United States. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 U.S. GOVERNMENT SECURITIES 55 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 I960—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—Oct 31 201,311 88,284 46,139 42,145 57,728 32,403 7,348 15,548 Nov. 30 1 204,221 88,580 47,843 40,737 61,614 31,140 7,342 15,545 U. S. Govt. agencies and trust funds: 1959—Dec 31 7,394 1,037 260 in 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—Oct 31 . 9,645 1,513 923 590 1,345 2,821 1,409 2,557 Nov 30 1 11,233 3,190 1,050 2,139 1,426 2,603 1,437 2,578 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—Oct 31 30,201 17,491 2,516 14,975 10,183 2,325 138 65 Nov. 30. .. 30,454 17,521 2,445 15,076 10,740 1,967 147 78 Held by public: 1959 Dec 31 154,227 58,765 36,757 22,008 53,176 21,066 13,812 7,407 I960—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—Oct 31 . .. 161,465 69,280 42,700 26,580 46,200 27,257 5,801 12,926 Nov. 30 162,534 67,869 44,348 23,521 49,448 26,570 5,758 12,889 Commercial banks: 1959—Dec. 3i 51,841 11,198 5,011 6,187 28,778 9 235 2,173 457 1960—Dec. 31 54,260 14,697 6,976 7,721 31,596 5,654 1,775 538 1961—Dec. 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962—Oct 31 57,404 21,010 8,352 12,658 24,651 10,938 349 456 Nov. 30 56,976 18,487 8,404 10,083 26,753 10,945 348 443 Mutual savings banks: 1959—Dec. 31 6,129 486 191 295 1,401 2,254 1,427 560 I960—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 Oct 31 5,850 649 267 382 1,415 2,070 395 1,321 Nov. 30 5,822 632 234 398 1,397 2,089 393 1,311 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—Oct. 31 9,289 1,348 582 766 2,006 2,077 948 2,910 Nov 30 . .. 9,319 1,307 577 730 2,212 1,956 946 2,898 Nonfinancial corporations: 2 1959_Dec. 31 I960—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 8 1962—Oct 31 . . 9,923 8,321 5,812 2,509 1,401 162 17 22 Nov. 30 11,340 9,619 7,076 2,543 1,510 170 17 24 Savings and loan associations: 2 1959—Dec. 31 I960—Dec 31 2,454 322 163 159 858 473 396 406 1961—Dec. 31 2,760 446 155 291 895 617 371 431 1962—Oct 31 2,844 389 161 227 708 1,063 200 485 Nov. 30 2,870 331 170 161 857 999 203 480 State and local governments: 3 1959—Dec 31 I960—Dec. 31 10,957 3,933 2,643 i 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 Oct 31 11,746 4,508 3,181 1,327 977 1,268 964 4,029 Nov 30 ... 11,443 4,182 2,992 1,190 1,039 1,263 933 4,026 All others: 1959—Dec 31 I960 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—Oct. 31 64,408 33,056 24,345 8,711 15,043 9,679 2,927 3,703 Nov 30 64,762 33,311 24,896 8,415 15,679 9,148 2,918 3,707 1 Includes $1,412 of 2% per cent partially tax exempt bonds, acquired but for other groups are based on Treasury Survey data. Of total marby Treasury for retirement Dec. 15, 1962, in exchange for various issues ketable issues held by groups, the proportion held on latest date and the on Nov. 15, 1962. number of reporting owners surveyed were: (1) about 90 per cent by the 2 First reported separately in the Feb. 1960 Survey. Monthly figures 6,168 commercial banks, 508 mutual savings banks, and 812 insurance for Feb.-May 1960 shown in the Sept. 1960 Treasury Bull, pp. 55-56. cos. combined; (2) about 50 per cent by the 473 nonfinancial corps, and 3 First reported separately in the Dec. 1961 Survey. Monthly figures 488 savings and loan assns.; and (3) about 60 per cent by 480 State and for Dec. 1960-Sept. 1961 shown in the Feb. 1962 Treasury Bull, pp. 59-60. local govts. Holdings of "all others," a residual throughout, include holdings of NOTE.—Direct public issues only. Based on Treasury Survey of all those not reporting in the Treasury Survey, including investor groups Ownership. not listed separately. Data complete for U. S. Govt. agencies and trust funds and F. R. Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
56 U. S. GOVERNMENT SECURITIES JANUARY DEALER TRANSACTIONS (Par value, in millions of dollars) U. S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers agency Tota Com- securities Within 1-5 5-10 After mercial All 1 year years years 10 years G U o . v S t . . Other banks other securities 1961—Nov 1,686 ,295 309 41 43 514 33 691 448 90 Dec 1,653 ,328 228 45 52 540 29 698 386 69 1962—Jan. 1,717 1,478 149 64 26 538 25 716 438 98 Feb 1 970 520 295 95 60 565 36 832 537 83 Mar 1,675 ,332 217 69 56 569 33 659 414 80 Apr 1 689 350 180 114 45 541 42 653 453 90 May 1,694 1,338 218 114 24 564 35 662 433 90 June. 1 681 I 357 191 100 33 553 29 652 446 89 July 1 682 1,457 139 63 23 529 34 621 498 82 Aus 1,603 1,318 158 94 33 542 27 600 435 78 Sept 1 913 .AM 293 147 40 571 42 766 534 105 Oct 1,967 1,517 263 159 28 682 40 744 502 115 Nov 1,770 1,266 262 210 33 550 32 722 466 70 Week ending— 1962—Nov 7. 2,000 1,511 234 222 33 674 36 805 486 61 14 1,967 1,432 255 239 40 661 48 820 438 53 21 1,601 1,109 278 188 25 502 28 637 433 108 28 '1,576 1,065 265 '208 38 405 23 '636 '514 46 Dec. 5 1 750 1,292 272 156 30 554 22 758 416 71 12 1,833 1,160 410 232 32 580 40 746 467 66 19 1,808 1,154 382 218 54 482 37 847 443 105 26 2,203 1,540 390 234 38 701 40 969 494 81 ?es, 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 ll ities 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 r w y k w E h ls e e r - e C t o io rp n o s r * a- o A th l e l r 1961 -Nov 3,807 3,272 464 71 140 Dec 2,939 2,655 260 23 86 1961—Nov 3,915 1,173 870 ,477 393 Dec 3,088 725 744 ,345 275 1962 Jan 2,778 2,589 184 5 93 Feb 2,265 1,914 297 54 115 1962—Jan 2,740 482 596 ,341 320 Mar 3,056 2,721 228 106 168 Feb 2,296 426 449 ,218 203 Apr 3,771 3,388 252 131 193 Mar 3,025 855 637 ,299 235 May 3,642 2,985 403 255 196 Apr 3,621 976 835 ,354 456 June 3,777 3,398 261 118 293 May 3,738 978 769 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 1,438 294 Oct 3,569 2,991 383 194 248 Sept 3,332 943 660 1,307 421 Nov 4,013 3,309 447 256 204 Oct 3,528 1,074 707 1,301 445 Nov 4,100 1,170 716 1,666 548 Week ending— Week ending— 1962—Oct. 3.. 3,375 2,761 377 236 257 10.. 3,326 2,729 361 236 283 1962—Oct. 3... 3,138 998 709 1,149 282 17.. 3,649 3,087 394 169 287 10... 3,310 990 639 1,257 424 24.. 3,544 3,011 384 148 225 17... 3,535 1,134 684 1,237 480 31.. 3,929 3,332 404 191 203 24... 3,618 961 779 1,382 496 31... 3,874 1,287 752 1,378 457 Nov. 7.. 3,734 2,788 561 385 200 14.. 4,223 3,392 518 314 209 Nov. 7... 4,125 1,429 698 1,415 584 21.. 4,070 3,364 452 254 206 14. .. 4,015 1,083 616 1,682 634 28.. 4,055 3,555 344 157 202 21... 4,194 1,175 827 1,713 479 28... 4,071 998 758 1,820 495 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
JANUARY 1963 FEDERAL FINANCE; SECURITY ISSUES 57 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OUTSTANDING DECEMBER 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. Jan. 3, 1963 2,001 June 20,1963 800 Apr. 1,1965 li/i 466 Sept. 15, 1967-72...214 1,952 Jan. 10, 1963 2,001 June 27,1963 802 May 15, 1965 4% 2,113 Nov. 15, 1967 3% 3,604 Jan. 15, 1963 2,001 July 15, 1963 2,004 Oct. 1, 1965 IVi 315 Dec. 15, 1967-72... 2*4 2,805 Jan. 17, 1963 , 2,100 Oct. 15, 1963 2,500 Nov. 15, 1965 31/2 3,286 May 15, 1968 3% 2,460 Jan. 24, 1963 2,103 Feb. 15, 1966 3% 3,114 Aug. 15, 1968 3^ 1,258 J F F F M F a e e e e n a b b b b . r . . . . . 2 3 2 1 7 7 1 8 1 4 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 3 3 3 3 3 3 2 2 , , 1 1 1 1 1 1 0 0 0 0 0 0 1 1 1 6 1 0 Ce F A N M rt e u i o a b f g v i y . c . . a 1 1 1 1 te 5 5 5 5 s , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 3 3 3 3 3 3 I V V % i/ 4 8 i 4 5 5 6 , , , , 7 8 8 2 1 5 5 8 9 1 6 4 A O A A O A p u c c p u t t g r g r . . . . . . 1 1 1 1 1 1 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 6 6 7 7 6 7 1 I 3 \ \ V 1 V 3 lA / 4 4 i 2 i 4 5 , , 4 2 6 3 2 5 8 4 7 5 7 4 2 0 5 7 0 O A N A F F e e u u c o b b t g g v . . . . . . 1 1 1 1 1 5 1 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 7 6 7 7 7 9 2 9 1 1 2 3% 4 4 4 4 4 2 2 2 2 1 1 , , , , , , 5 8 5 3 8 2 3 0 7 4 4 4 8 6 9 4 4 5 Mar. 14, 1963 101 Nov. 15, 1974 3% 1,171 Mar. 21, 1963 101 Treasury ntotes May 15, 1975-85.. .4*4 470 Mar. 22, 19631 005 Feb. 15, 1963 2% 1,487 Treasury bonds June 15, 1978-83... 3*4 1,592 Mar. 28, 1963 2,109 Feb. 15 1963 3V4 2,259 June 15, 1962-67... 2 Vi 1,462 Feb. 15, 1980 4 1,479 Apr. 4,1963 701 Apr. 1 1963 1% 533 Aug. 15, 1963 2Vi 4,317 Nov. 15, 1980 3Vi 1,915 Apr. 11, 1963 701 May 15 1963 4 1,183 Dec. 15, 1963-68... 2*4 1,816 May 15, 1985 3*4 1,131 Apr. 15, 1963 2,001 May 15 1963 31,4 3,027 Feb. 15, 1964 3 2,700 Feb. 15, 1990 3*4 4,914 Apr. 18, 1963 700 Oct. 1,, 1963 IVi 506 June 15, 1964-69... 2*4 2,633 Aug. 15, 1987-92... 414 365 Apr. 25, 1963 700 Nov. 15, 1963 4% 3,011 Dec. 15, 1964-69... 2Vi 2,544 Feb. 15, 1995 3 2,607 May 2,1963 701 Apr. 1, 1964 IVi 457 Feb. 15,1965 2% 4,682 Nov. 15, 1998 3V2 4,460 May 9, 1963 702 May 15, 1964 434 4,933 Mar. 15, 1965-70.. .2*4 2,423 May 16, 1963 701 May 15,, 1964 3% 3,893 May 15, 1966 334 3,597 May 23, 1963 800 Aug. 15 1964 5 2,316 Aug. 15, 1966 3 1,484 Convertible bonds May 31, 1963 801 Aug. 15 1964 334 5,019 Nov. 15, 1966 33/g 2,438 Investment Series B June 6,1963 801 Oct. 1 1964 \Vi 490 Mar. 15, 1966-71.. .2% 1,411 Apr. 1, 1975-80...2% 3,990 June 13, 1963 801 Nov. 15 1964 4% 4,195 June 15, 1967-72... 2*4 1,327 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 capital and refunding) Issues for new capital Type of issue Type of issuer 3 Total Use of proceeds 3 Period am de o li u v n - t Total g G a o 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 S v s . t . 2 State S di p s a s t e n t a c r d t i i . c a t l Other * ered 5 Total c E a d ti u o - n R br a o i n d a d g d e s s i U tie ti s l - 6 H in o g u s 7 - V a a e n i t d s e ' r- O p p o t u h s r e e - s r auth. 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 I955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 5,911 1,516 1,362 SRI 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3 664 5,383 1 455 698 399 258 110 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 ,516 113 333 1,352 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 ,412 251 339 1,657 I959 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 ,989 402 355 1,683 I960 7,302 4,677 2,097 403 125 1,110 1 985 4 206 7,112 7,257 2 411 1 007 318 425 201 1 894 1961 8,562 5,721 2,406 315 120 1,928 2,164 4,470 8,298 8,460 2,821 1,167 700 385 478 1,909 1961—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 644 395 241 8 72 198 374 1,130 628 220 137 147 4 120 Apr 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 789 554 206 29 173 163 453 841 784 326 67 128 * 100 164 July'... 649 404 236 9 34 179 436 841 611 190 62 146 213 Aug.r... 562 250 200 io6 6 62 184 317 640 543 127 33 151 106 126 Sept 434 343 68 23 60 54 320 558 422 172 31 85 7 127 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 * 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
58 SECURITY ISSUES JANUARY 1963 NEW SECURITY ISSUES (In millions of dollars) Gross proceeds, all issues 1 Prop a o l s l e c d o u rp se o r o a f t e n i e s t s u p e r s o c 5 eeds, Noncorporate Corporate New capital Period t R ir e e - - Total G U o . v S t . . 2 G a U c g o y . e S v n 3 . t - . U S l a o t . n c a S d a t . e l Other 4 Total Total o B P f l f o i u e c n b r l e y d - d s p v l P a a r t c e i- e ly d fe P r r r e e - S d toc C k orn- Total Total m N on ew ey6 O p p o t u h s r e e - s r m s ri e o t e c i f e n u s t - 1954, 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955, 26,772 9,628 746 5,977 182 10,240 7,420 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 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957, 30,571 9,601 572 76,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958, 34,443 12,063 2,321 7,449 ,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959, 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 9,425 4,706 4,720 449 3,273 12,874 11,979 10,829 1,150 895 1961—Oct.. 4,410 2,564 643 48 1,155 845 336 509 12 298 1,129 1,090 952 138 40 Nov.. 2,404 357 225 789 46 987 762 414 348 41 184 961 948 908 40 13 Dec. 2,094 341 654 4 1,094 784 217 567 26 284 1,071 1,000 930 70 71 1962—Jan.. 3,506 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. 1,663 358 641 34 630 565 200 366 32 32 621 582 504 78 39 Aug.. 4,056 2,408 150 559 17 922 840 477 363 24 58 907 749 620 129 159 Sept.. 1,568 300 175 426 34 632 472 176 295 51 110 618 579 441 138 39 Oct.. 2,199 359 646 157 1,037 912 540 372 49 77 1,021 795 93 134 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o 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 93 501 270 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 20 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 1960 1,997 79 794 30 672 39 2,754 51 1,036 2,401 71 1961 3,708 306 1,095 46 680 26 2,892 104 1,427 1 2,176 36 378 1961—Oct.. 271 28 146 60 306 25 281 2 Nov. 215 10 61 56 362 80 174 2 Dec. 306 18 151 32 168 40 42 302 6 1962—Jan.. 205 14 99 23 89 24 73 102 1 Feb.. 131 2 52 45 148 4 362 122 1 Mar. 318 2 75 74 193 1 21 126 10 Apr.. 384 67 103 28 377 88 134 1 May. 270 5 100 38 198 16 64 91 3 June, 342 14 90 48 410 56 79 163 7 July. 217 31 28 24 118 4 88 107 Aug. 218 4 47 71 110 142 120 183 Sept. 166 21 56 54 148 14 67 88 Oct.. 170 19 48 27 141 108 257 246 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 NOTE.—Securities and Exchange Commission estimates of new issue'. Development, and domestic nonprofit organizations. maturing in more than 1 year sold for cash in the United States. 5 Estimated gross proceeds less cost of notation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 BUSINESS FINANCE 59 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1961 1962 Industry 1957 1958 1959 1960 1961 ] II III IV I 1[I III Manufacturing Total (180 corps.): Sales 114229105,134118,423 123,126 122 632 28 651 31,233 29,541 33,207 33,291 34,602 31,986 13 349 466 14090 13463 13,793 693 3,478 2,961 4,161 90R 4 096 241 Profits after taxes ... ............. 7,177 5,714 7,440 7,121 7,180 1436 1,838 1,618 2,288 2,033 2,096 1,710 Nondurable goods industries (79 corps.):1 4t 19? 4,078 4 34? 4,464 4,710 1 103 1,111 1,117 1,380 154 1 158 \ 163 Sales 41 704 41, 541 45 44? 47,777 49 11 831 12,133 12 205 13,056 1? 793 P 984 P 999 5010 4 40? 5 648 5 570 5 659 1 3?4 1,385 1,406 1,545 1,461 1 501 1 515 944 7,574 3 3 3 746 757 772 796 921 816 815 835 1776 785 ,91? 1953 036 486 486 488 577 51? 513 516 Durable goods industries (101 corps.):2 Sales 7? 5?5 63 593 7? 981 75,849 73 406 16 870 19,100 17,336 20,151 ->o499 619 18 987 8 339 6 065 8 44? 7 893 7 634 1 368 2,094 1,555 2,616 7,447 9 1,776 4 ?33 3 140 4 3911 935 679 1,066 822 1,367 1 717 282 874 Dividends 416 794 430 j510 2 674 618 625 629 803 64? 644 647 Selected industries: Foods and kindred products (25 corps.): Sales . .. 9 987 10,707 11,303 11,901 12 578 3 021 3,154 3,233 3,169 3,231 3,267 3,331 1024 1,152 1,274 1,328 1424 319 360 379 365 336 355 379 497 555 604 631 67? 150 170 179 174 160 167 181 Dividends • 289 312 344 367 392 95 96 99 101 103 103 104 Chemicals and allied products (21 corps.): Sales 10 669 10,390 11,979 12,411 12788 2 979 3,250 3,210 3,348 3,372 3,567 3,467 Profits before taxes 18?3 1,538 ,187 ,010 015 438 514 499 564 545 586 571 948 879 1,131 1,061 1063 267 260 306 779 794 737 717 799 795 843 193 189 191 270 198 196 199 Petroleum refining (16 corps.): Sales 13463 838 13 37? 13,815 14409 3488 3,398 3 424 4 100 3 771 612 730 1 3?5 919 1,187 ?67 1755 354 270 339 343 300 336 Profits after taxes 1075- 791 969 1,026 1011 272 214 243 283 262 227 251 Dividends 516 518 578 134 131 133 139 142 141 Primary metals and products (35 corps.): Sales ?? 468 19 71,035 70,898 ^0 155 4 396 5 189 5 235 5 335 5 733 5 535 4 978 2 977 18?, 331 2 070 309 560 550 602 670 505 367 1540 1,154 1,222 1,170 1090 166 295 299 329 320 269 194 873 80? 831 840 844 707 208 208 221 709 210 209 Machinery (25 corps.): Sales 15 115 14 685 17095 16 8?6 17 531 4 137 4,367 4,295 4 732 4 537 4 916 4 647 Profits before taxes 1457 1,463 1,890 1,499 1675 362 398 384 530 454 490 436 729 734 934 763 837 178 202 191 267 225 240 221 Dividends 416 4?? 448 48? 497 171 124 128 129 132 Automobiles and equipment (14 corps.): Sales ?3 453 18469 7? 731 75,738 7? 781 5 ?93 6,309 4,604 6 577 6 904 7 515 5 708 Profits before taxes 2 701 1,332 2,985 3,185 2 788 478 840 319 1,151 1096 1,253 589 Profits after taxes 1,354 706 1,479 1,527 1408 223 417 173 596 531 596 287 Dividends 805 758 807 833 967 205 207 207 348 215 216 216 Public Utility Railroad: Operating revenue • • . . . 10,491 9 565 9,825 9,514 9 189 2,129 2,289 2,355 2,414 2 296 2,408 2,332 1058 843 845 648 675 77 137 184 278 133 186 737 60? 578 445 38? -1? 74 122 200 66 105 Dividends 438 419 406 385 356 86 91 67 112 fM 91 Electric power: Operating revenue..................... 9,670 10 195 11,129 11,906 12.594 3,314 3,007 3,050 3,223 3 399 3,209 3,260 ,579 704 ,983 3,163 331 918 767 802 844 1051 835 887 1,413 1519 1,655 1,793 ,894 523 447 447 477 585 472 488 Dividends • •• . ..... 1,069 1 134 1,219 ,307 1,375 343 344 335 353 366 371 356 Telephone: 6,467 6 939 7,572 j,111 8,615 2,090 2,139 2,156 2,230 2 245 2,296 2,300 1 1860 ,153 ,3?6 478 587 614 620 657 648 678 683 788 921 1,073 1,155 1,233 290 307 310 326 320 335 337 Dividends • 613 674 743 806 867 210 214 218 225 231 232 235 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. AI series. Profits before taxes are income after all charges and before Electric power. Federal Power Commission data for Class A and B Federal income taxes and dividends. For description of series see electric utilities, except that quarterly figures on operating revenue and June 1949 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
60 BUSINESS FINANCE JANUARY 1963 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—III 46.5 22.6 23.9 14.1 9.8 1960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 IV 45.3 22.0 23.3 14.2 9.0 1961 16,745 6,967 9,778 9,205 4,090 5,114 7,540 2,876 4,664 1961—1 39.8 19.4 20.3 14.7 5.6 1961—III 3,594 1,750 1,844 2,011 1,213 798 1,582 537 1,046 II 44.8 21.9 22.9 14.8 8.1 IV 4,338 1,991 2,347 2,432 852 1,581 1,908 1,140 766 Ill 46.3 22.6 23.7 14.9 8.7 IV 51.4 25.1 26.3 15.5 10.8 1962—1 3,226 1,406 1,820 1,668 730 938 1,558 676 882 II 4,097 1,633 2,463 2,606 793 1,813 1,491 840 651 1962—1 50.1 24.4 25.6 15.8 9.8 Ill 2,744 1,634 1,110 1,816 1,082 734 928 552 376 II 50.9 24.9 26.1 15.8 10.3 Ill 51.1 24.9 26.1 15.8 10.3 NOTE.—Securities and Exchange Commission estimates reflect cash transactions only. Unlike data shown on p. 58 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. 58. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . . i Other G U o . v S t . .1 Other taxes 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 I960 129.0 286.0 36.1 19.9 3.1 125.1 91.6 10.2 157.0 1.8 103.1 13.5 38.6 1961 ITI . 136.0 294.9 36.0 18.6 3.2 131.5 93.5 12.1 159.0 1.8 104.5 12.4 40.3 IV 137.4 303.0 39.0 19.4 3.4 134.5 95.2 11.5 165.6 1.8 109.5 14.1 40.3 1962 I 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 1.8 109.5 13.6 41.8 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 Ill 142.1 317.5 36.3 18.8 3.4 145.4 100.3 13.3 175.4 1.9 115.7 14.6 43.2 * Receivables from, and payables to, the U. S. Govt. exclude NOTE.—Securities and Exchange Commission estimates; excludes mounts offset against each other on corps, books. banks, savings and loan associations, and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions oi dollars) Year Total f M a i c a n t n u g u r- - M in i g n 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 l s i i - c c m C at o u io m n n i - - s Other i Quarter Tota, M m a in n i f n g d g - . T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r- a T ( n r 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—11... 8.6 3.7 .7 1.4 2.9 33.5 1955 28.7 11.4 .0 .9 1.6 4.3 2.0 7.5 III.. 8.7 3.6 .6 1.5 2.9 34.7 1956 35.1 15.0 .2 1.2 1.7 4.9 2.7 8.4 IV.. 9.5 4.1 .7 1.5 3.2 35.4 1957 37.0 16.0 .2 1.4 1.8 6.2 3.0 7.4 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1962—1. .. 8.0 3.4 .6 1.1 2.9 35.7 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 II.. 9.5 4.0 .9 1.4 3.3 37.0 I960 35.7 14.5 1 0 1.0 1.9 5.7 3.1 8.4 III.. 9.6 4.0 .7 1.5 3.4 38.4 1961 34.4 13.7 1.0 .7 1.9 5.5 3.2 8.5 IV3. 10.3 4.6 .7 1.5 3.5 38.4 1962 3 37.1 14.8 .9 2.0 5.5 i: .1 1963—13.. 8.5 3.6 .4 1.1 3.3 37.7 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
JANUARY 1963 REAL ESTATE CREDIT 61 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties ]^onfarm Farm ho O ld th e e rs r 2 1- to 4-family houses com M me u r lt c i i f a a l m p i r ly o p a e n rt d ies 3 End of period h A e o r l l s d l - t F u i t i n c n i i s o a a t n i l n - s - 1 a U g . e S n- . v I i n du d a i- ls h A e o r l l s d l - Total F i i n n s a ti n - . O ho th ld e - r Total F in in s a ti n - . O ho th ld e - r h A e o r l l s d l - t F u i t i n c n i i s o a a t n i l n - s - 1 h O ol t d h e e r r s4 cies and tutions i ers tutions1 ers others 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 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^ 225.5 172.6 11.8 41.1 211.3 153.0 128.7 24.3 58.3 38.9 19.4 14.2 5.0 9.2 1962# 249 9 192 3 234 3 168 7 65.6 15.5 I960—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 \v 210.3 160.2 11.3 38.9 197.0 143.2 119.7 23.5 53.7 35.7 18.0 13.3 4.7 8.6 \\p 215.2 164.4 11.2 39.6 201.5 146.3 122.8 23.5 55.1 36.7 18.4 13.7 4.8 8.9 HIP 220.1 168.4 11.4 40 3 206.1 149.6 125.8 23.8 56.5 37.7 18.9 14.0 4.9 9.1 iyp 225.5 172.6 11.8 41.1 211.3 153.0 128.7 24.3 58.3 38.9 19.4 14.2 5.0 9.2 1962—IP 230.2 176.0 12.1 42.1 215.7 155.9 130.9 25.0 59.9 40.0 19.8 14.5 5.1 9.4 \\P 236 8 181.6 12.1 43 2 221.9 160.1 135.0 25.1 61.8 41.3 20.4 14.9 5.3 9.7 IIIP 243.2 186.9 12.1 44.2 227.9 164.3 138.9 25.4 63.6 42.6 21.0 15.2 5.4 9.9 IV? 249.9 192.3 234.3 168.7 65.6 15.5 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 antsed tional 1941 4,906 3.292 1,048 566 4,812 3,884 900 28 194<s 4,772 3,395 856 521 4,208 3 387 797 24 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5.773 5,645 1 831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,3^7 17,147 4,823 3,589 8.735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2 102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5 501 8,360 7,073 2 275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28.806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2 575 54 1961 30,442 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 III 3 28,693 20,399 5,906 2,919 11,574 6,651 1,643 26,430 23,835 6,832 8 941 8 062 2 542 53 IV 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2 575 54 1961 I 28,864 20,281 5,793 2,776 11,712 6,906 1,677 27,447 24,800 7,353 9,11J 8,336 2 597 50 II 29,383 20,595 5,820 2,726 12,049 7,072 1,716 28,015 25,318 7,634 9.19: 8,492 2,645 51 Ill 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7 811 9.23- 8 850 2 646 51 IV 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9 *', 9,028 2 753 51 1962 I 30,844 21,211 6,003 2,547 12,661 7,817 1,816 r29,833 r26,940 8,340 r9,392 r9,208 2 842 5\ 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 Ill 33,268 22,662 6,214 2,617 13,831 8,628 1,978 31,504 28,484 8,984 9 Ml 9,853 2,968 52 1 Includes loans held by nondeposit trust cos. but not bank trust depts. series for all commercial and mutual savings banks in the United State* 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 bask for and industrial to real estate by 1 bank. first and third quarter estimates included F. R. commercial bank caB 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
62 REAL ESTATE CREDIT JANUARY 1963 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other i Farm i Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22 856 2,982 1961 6,785 6,233 1,388 220 4,625 522 44,203 41,033 9,665 6,553 24,815 3,170 1961—Nov.r 588 542 110 25 407 46 43,868 40,709 9,677 6,570 24,462 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 40C 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 3,310 637 597 118 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 Oct 719 673 139 54 480 46 46,051 42,686 10,107 6,397 26,182 3,365 Nov 727 683 142 46 495 44 46,380 43,003 10,182 6,389 26,432 3,377 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (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 New Home FHA- VA- Con- Period Sav- Insur- Com- Mutual Total i s c tr o u n c - - c p h u a r s - e Total 2 su in re - d a g n u te a e r- d ti v o e n n a - l 2 S.A.2 N.S.A. in lo gs a n & c a o n m ce - m ci e a r l - s in a g v s tion assns. panies banks banks 1941 1 379 437 581 4,578 1941 4,732 1,490 404 1,165 218 1945 1,913 181 1358 5,376 1945 5,650 2,017 250 1,097 217 1955 11,255 984 5 155 31,408 1,404 5,883 ?4 1?1 1955 28,484 10,452 1.932 5,617 1,858 1956 10,325 699 4 6?0 35,729 1,486 6,643 ?7 600 1956 27,088 9,532 1,799 5 458 1,824 1957 10,160 3 484 591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 12,182 4 050 5 17? 45,627 2,206 7,077 36 344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5 701 6 6H 53,141 2,995 7,186 4?j960 1959 32,235 13,094 .521 5,832 1,780 I960 14,304 4 678 6 n? 60,070 3,524 7,222 49 3?4 I960 29,341 12,158 1,318 4,520 1,557 1961 17 364 081 7 ?07 68,833 4,167 7,152 57j 514 1961 31,157 13,662 1,160 4,997 1,741 1961 1961 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 Jan 1,323 353 550 69,368 4,204 7,161 58,003 1962 Feb 1,303 36? 509 69,968 4,241 7,160 58 567 Mar 1,611 464 633 70,769 4,276 7,170 59,323 Jan 2,696 2,459 1,041 88 400 138 Apr 1,661 5P 635 71,616 4,312 7,122 60 18? Feb 2,682 2,238 971 79 374 114 May 1,857 584 7V> 72,587 4,332 7,132 61,1?,1 Mar 2,670 2,627 1,172 90 442 120 1,936 57? 8?3 73,631 4,355 7,119 62,157 Apr 2,745 2,704 1,210 89 482 131 July 1,839 515 796 74,525 4,379 7,102 63,044 May 2,836 2,983 1,350 100 534 154 2,036 540 9?0 75,542 4,399 7,093 64,050 June .. 2,891 3,075 1,391 107 542 177 Sept 1,731 495 746 76,385 4,415 7,084 64 886 July 2,973 3,134 1,382 107 549 201 Oct 1,953 54T 8?^ 77,345 4,425 7,076 65,844 Aug 2,933 3,333 1,501 123 563 201 1,730 499 704 78,166 4,463 7,064 66,639 Sept 2,929 2,861 1,285 104 476 183 Oct 3,208 1,403 116 554 191 1 Includes loans for repair, additions and alterations, refinancing, etc. not shown separately. 1 Includes amounts for other lenders, not shown separately. 2 Beginning with 1958 includes shares pledged against mortgage loans. 2 Three-month moving average, seasonally adjusted by Federal Reserve. 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
JANUARY 1963 REAL ESTATE CREDIT 63 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 x s n - e g s e P c r t o s j - i m p P r e i r o m o n v t p - s e - - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - 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 1,554 428 1961* .. 153.0 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1960—III , 138.8 55.7 26.0 29.7 83.2 1961 Nov . . 622 174 310 65 73 206 118 87 IV 141.3 56.4 26.7 29.7 84.8 Dec 553 153 273 62 65 197 112 84 1961—1 143.2 57.1 27.4 29.7 86.1 1962—Jan 617 179 301 74 63 227 127 99 II 146.3 57.8 28.0 29.8 88.6 Feb 474 150 248 26 50 175 95 80 Ill 149.6 58.7 28.8 29.9 90.9 Mar .. 541 157 261 70 53 205 115 90 IV* 153.0 59.1 29.5 29.6 93.9 Apr 515 132 240 88 56 182 99 83 M^ay . 560 140 263 87 70 184 96 88 1962—IP 155.9 59.9 30.3 29.6 95.9 June 643 137 267 143 96 207 108 99 160.1 60.4 30.9 29.5 99.7 July 678 144 289 164 81 219 109 110 nip'.'.'.'.'. 164.3 61.0 31.5 29.5 103.3 Aug 670 157 308 130 75 247 120 127 Sept 576 144 287 62 83 231 114 117 Oct 673 193 353 54 72 285 136 149 NOTE.—For total debt outstanding, figures are Nov 649 172 321 86 70 254 124 129 FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank 1 Monthly figures do not reflect mortgage amendments included in annual totals. Board, Federal Housing Administration, and Veterans 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 amounts of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of ( p d e u ri r o in d g ) m m e i n t- ts Period va A n d c - es R m e e p n a ts y- M de e p m o b si e t r s s period Total FH in A - - g V u A ar - - Pur- bu d u r i n s s- - ed Total t S e h rm or t 1 - t L e o rm ng 2 sured anteed chases Sales 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 2,069 609 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958. 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959. 5,531 2,546 2,985 1,907 568 1959 2,067 1,231 2,134 1,192 942 589 1960. 6.159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 892 938 1961. 6,093 3,490 2,603 815 Ml 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1961—Nov 6,004 3,417 2,587 121 656 1961—Nov 263 178 2,287 1,269 1,018 1,029 Dec 6,093 3,490 2,603 127 631 Dec 510 135 2,662 1,447 1,216 1,180 1962- Jan 6,186 3,566 2,620 124 1 637 1962—Jan 265 608 2,320 1,293 1,027 995 Feb 6 248 3,618 2,630 102 7 605 Feb 145 236 2,228 1,228 1,000 1,007 Mar 6,231 3,653 2,578 97 80 613 Mar 204 281 2,151 1,170 981 1,109 Apr 6,151 3,616 2,535 60 106 562 Apr 382 209 2,323 1,244 1,079 1,096 May 6,120 3,627 2,493 82 76 527 May 295 189 2,429 1,319 1,110 1,107 June 6,035 3,571 2,464 52 101 504 June 503 165 2,767 1,569 1,198 1,192 July 5 989 3 557 2,432 34 47 485 July 480 387 2,860 1,708 1,151 976 Aug 5.969 3,556 2,413 35 19 442 Aug 312 225 2,948 1,787 1,161 954 Sept 5,951 3,552 2,399 32 n 429 Sept 279 180 3,046 1,835 1,211 984 Oct 5,944 3,555 2,389 39 n 431 Oct 383 338 3,091 1,876 1,215 1,016 Nov 5,949 3,575 2,374 57 366 Nov 252 275 3,068 1,821 1,246 1,028 19 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, the Public Housing Admin- 1 year but not more than 10 years. i stration and Community Facilities Administration. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
64 CONSUMER CREDIT JANUARY 1963 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r - e co O g p n o a s t p o h u e d e m r r s er e a r n R l n d o i e a z p m n a a s t o i i * r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1955 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1961—Nov 55,915 42,737 17,211 11,264 3,204 11,058 13,178 5,025 4,601 3,552 Dec 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962—Jan 56,711 43,265 17,155 11,720 3,151 11,239 13,446 4,930 4,784 3,732 Feb 56,093 43,074 17,191 11,496 3,123 11,264 13,019 4,988 4,192 3,839 Mar 56,275 43,211 17,348 11,407 3,113 11,343 13,064 5,146 4,074 3,844 Apr 57,314 43,837 17,671 11,498 3,128 11,540 13,477 5,241 4,319 3,917 May 58,318 44,495 18,032 11,598 3,169 11,696 13,823 5,400 4,544 3,879 June . . 59,108 45,208 18,410 11,726 3,200 11,872 13,900 5,428 4,596 3,876 July 59,364 45,650 18,680 11,754 3,226 11,990 13,714 5,402 4,457 3,855 60,003 46,204 18,933 11,824 3,260 12,187 13,799 5,469 4,491 3,839 Sept 60 126 46,310 18,881 11 861 3,277 12,291 13,816 5 481 4,495 3,840 Oct c60,626 <46,722 19,083 cll,986 3,289 12,364 13,904 5,442 4,663 3,799 Nov ... 61,473 47,274 19,307 12,186 3,302 12,479 14,199 5,526 4,825 3,848 i 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 a description of the series NOTE—Consumer credit estimates cover loans to individuals for see BULL. Apr. 1953. Back data are available upon request. household, family, and other personal expenditures, except real estate INSTALMENT CREDIT (In millions of dollars) ]"inancial insitutions Retail outlets End of period Total Com- Sales Credit Con- Depart- Furni- Appli- Auto- Total m b e a r n c k ia s l fin c a o n s. ce unions f s in u a m n e c r e * Other l Total st m or e e n s t 2 s t t u or re es s a to n r c e e s d m ea o l b e i r l s 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 28,906 24,398 10,601 8,447 1,678 2,623 1.049 4,508 1,511 1.044 365 487 1,101 1956 31,720 26,977 11,777 9,117 2,014 2,940 [,129 4,743 1,408 1,187 377 502 1,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 1,210 361 478 1,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 1,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 [,525 5,595 2,421 [,058 293 342 1,481 1961—Nov 42,737 37,572 16,974 11,100 4,297 3,684 1,517 5,165 2,208 1,015 288 342 1,312 Dec 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 1,058 293 342 1,481 1962—Jan 43,265 38,002 16,964 11,468 4,283 3,782 1,505 5,263 2,158 1,036 287 339 1,443 Feb 43,074 37,904 16,967 11,361 4,288 3,783 ,505 5,170 2,153 .018 283 336 1,380 Mar 43,211 37,995 17,062 11,283 4,333 3,795 1,522 5,216 2,227 998 278 330 1,383 Apr 43,837 38,497 17,366 11,359 4,426 3,826 ,520 5,340 2,339 991 275 320 1,415 M^ay . 44,495 39,032 17,686 11,440 4,520 3,836 1,550 5,463 2,430 991 274 310 1,458 June 45,208 39,639 18,024 11,570 4,616 3,876 ,553 5,569 2,522 988 276 302 1,481 July 45,650 40,062 18,235 11,682 4,681 3,907 [,557 5,588 2,545 989 275 298 1,481 Aug . .. 46 204 40,537 18,427 11,796 4,783 3,948 ,583 5,667 2,609 999 275 296 1 488 Sept 46,310 40,597 18,443 11,787 4,814 3,969 1,584 5,713 2,675 998 273 299 1,468 Oct C46,722 40,896 18,613 11,860 4,874 3,974 1,575 C5,826 2,737 1,002 273 298 cl,516 Nov 47,274 41,285 18,765 11,986 4,928 4,009 1,597 5,989 2,835 1,019 274 292 1,569 1 Consumer finance cos. included with "other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until Sept. 1950. dealers is included with "other'* retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 CONSUMER CREDIT 65 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 t o m o p h n d e e e - r r s r R e m l r t o a e n i o n a p o iz n d d a n a s - ir - s l P o o a e n r n a - s l End of period Total m A pa o u p b t e o il r - e s O g p c u o a o t m o p h n d e e e - r r s r m R iz l o o a e a n d a p ti n d e a o s r i n r n- l s P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1955 8,447 6,905 1,048 28 466 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,117 7,238 1,277 32 570 1956 .... 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 . . . 15,227 4,827 2,525 2,640 2,039 3,196 I960 11,472 7,528 2,739 139 1,066 1960 . . 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1961 Nov 11,100 6,833 2,940 160 1,167 1961—Nov 16,974 5,384 2,851 2,764 2,210 3,765 Dec 11,273 6,811 3,100 161 1,201 Dec 17,008 5,391 2,860 2,761 2,198 3,798 1962 Jan 11,468 6,754 3,345 162 1,207 1962—Jan 16,964 5,379 2,885 2,718 2,170 3,812 Feb 11,361 6,745 3,243 162 1,211 Feb 16,967 5,398 2,911 2,690 2,147 3,821 Mar 11,283 6,772 3,134 163 1,214 Mar 17,062 5,457 2,965 2,656 2,132 3,852 Apr 11,359 6,864 3,093 165 1,237 Apr 17,366 5,569 3,056 2,653 2,143 3,945 May ... . 11,440 6,991 3,027 167 1,255 May 17,686 5,692 3,144 2,682 2,165 4,003 June 11,570 7,122 2,997 168 1,283 June 18,024 5,823 3,229 2,716 2,188 4,068 July 11,682 7,228 2,981 171 1,302 July 18,235 5,922 3,270 2,734 2,206 4,103 Aug 11,796 7,327 2,969 171 1,329 Aug 18,427 6,008 3,295 2,726 2,224 4,174 Sept 11,787 7,296 2,957 172 1,362 Sept 18,443 6,009 3,259 2,732 2,235 4,208 Oct 11.860 7,350 2,952 172 1,386 Oct 18,613 6,091 3,305 2,746 2,246 4,225 Nov 11,986 7,440 2,967 171 1,408 Nov 18,765 6,160 3,357 2,762 2,250 4,236 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 Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 1 9 9 3 4 9 1 .. 9 7 5 8 7 9 pap 1 e 8 2 r 1 2 g p o ap od e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 5 4 loa 7 6 n 8 6 s 5 9 End of period Total b C m c a o i n e a m r k l - s - t O f u i i n c n t t i s i h a a o t e n i l n - r - ss m t p D o a e r e r e n - t s - t * o O r u e t t t h l a e e i t l r s C c r a e r d d i s t 2 S c e r r e v d i i c t e 1945 731 54 20 14 643 1955 5 350 763 530 327 3 730 1939 2,719 625 162 236 1,178 518 1956 6,083 624 404 4,101 1941 3,087 693 152 275 1,370 597 1957 6,748 1,114 588 490 4,555 1945 3,203 674 72 290 1,322 845 1958 7,035 1,152 565 595 4,723 1959 8,024 1,400 681 698 5,244 1955 9,924 2,635 367 862 3,717 216 2,127 1956 10,614 2,843 410 893 3,842 260 2,366 1960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3,953 317 2,593 1961 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1959 12,297 3,582 547 958 3,753 393 3,064 1961—Nov 9 498 1,801 737 834 6,126 Dec . .. 9,654 1,819 743 832 6,257 1960 13,196 3,884 623 941 3,952 436 3,360 1961 14,151 4,413 723 948 3,907 469 3,691 1962—Jan 9,570 1,798 733 819 6,220 Feb . . 9,576 1,801 729 814 6,232 1961—Nov... 13,178 4,312 713 717 3,424 460 3,552 Mar 9,650 1,824 731 818 6,277 Dec... 14,151 4,413 723 948 3,907 469 3,691 Apr ... 9,772 1,862 732 820 6,358 May 9,906 1,895 736 837 6,438 1962—Jan.... 13,446 4,240 690 804 3,501 479 3,732 June 10,045 1,934 746 844 6,521 Feb.. . 13,019 4,294 694 635 3,085 472 3,839 July 10,145 749 849 6,585 Mar... 13,064 4,391 755 594 3,025 455 3,844 Aug 10,314 2,007 758 865 6,684 Apr... 13,477 4,544 697 620 3,249 450 3,917 Sept . 10,367 2,018 758 870 6,721 May.. 13,823 4,614 786 636 3,444 464 3,879 Oct 10,423 2,039 760 871 6,753 June.. 13,900 4,671 757 612 3,505 479 3,876 Nov 10,534 2,058 760 881 6,835 July... 13,714 4,662 740 569 3,388 500 3,855 Aug... 13,799 4,657 812 570 3,394 527 3,839 Sept... 13,816 4,666 815 614 3,353 528 3,840 NOTE.—Institutions represented are consumer finance cos., credit Oct.... 13,904 4,662 780 638 3,507 518 3,799 unions, industrial loan cos., mutual savings banks, savings and loan Nov... 14,199 4,680 846 688 3,629 508 3,848 assns., and other lending institutions holding consumer instalment loans. See NOTE to first table on preceding page. 1 Includes mail-order houses. 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
66 CONSUMER CREDIT JANUARY 1963 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir t io a n n d loans Personal loans Period S.A.i N.S.A. S.A.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i N.S.A. Extensions 1955 38,972 16,734 10,642 1,393 10,203 1956. . 39 868 15 515 11 721 1 582 11 051 1957 42,016 16,465 11,807 1,674 12,069 1958 40 119 14 226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1961—Nov 4,332 4,312 1.510 1,433 J.265 1,323 172 180 1.385 1,376 Dec 4,409 4,835 1,469 1,320 1,402 1,795 167 148 1,371 1,572 1962—Jan 4,327 3,878 1,504 1 3S<? 1,280 1,116 171 126 1,372 1,281 Feb 4,356 3,611 1,546 1,318 1,276 973 166 126 1,368 1,194 Mar 4,499 4,392 ,582 1,616 1,328 1,196 174 160 1,415 1,420 Apr 4,659 4,737 ,675 1,732 1,345 1,319 182 181 1,457 1,505 May 4,650 4,950 1,655 1,837 1,338 1,383 183 216 1,474 1,514 June... . 4,623 4,923 1,621 1,810 1,344 1,384 187 201 1,471 1,528 July 4,669 4,720 1,631 1,751 1,368 1,290 189 199 1,481 1,480 Aug 4,619 4,862 1,602 1,731 1,325 1,345 179 209 1,513 1,577 Sept 4,491 4.098 1,505 1,309 1,308 1,255 170 176 1,508 1,358 Oct C4,682 C4,913 .685 1,816 c 335 cl,432 169 191 1,493 1 474 Nov 4,961 4,932 1,797 1,701 ,425 1,499 168 177 1,571 1,555 Repayments 1955 33 634 13 082 9 752 1 316 9 484 1956 . .. 37 054 14 555 10 756 1,370 10 373 1957 39,868 15,545 11,569 1,477 11,276 1958.. 40,344 15,415 11,563 1,626 11.741 1959 42 603 15,579 12,402 1,765 12,857 I960 45,972 16,384 13,574 1,883 14,130 1961 47,700 16,472 14,246 2,015 14,967 1961—Nov 4,063 4,071 1,384 J. 375 1,206 1,203 166 169 1.307 J.325 Dec . 4,061 4,041 1,375 1,307 1,233 1,200 169 161 1,284 1,373 1962—Jan.. . . .. 4,048 4,140 1,401 ,423 1,190 J 253 165 166 1,292 1,298 Feb 4,084 3,802 1,390 1,282 1,236 1,197 167 154 1,291 ,169 Mar 4,121 4,255 1,415 1,459 1,231 1,285 168 170 1,307 ,341 Apr 4,166 4,111 1,435 1,409 1,247 1,228 168 166 1,316 ,308 4,211 4,292 1,447 .476 1,260 ,283 173 175 1,331 ,358 June.. . 4,202 4,210 1,433 1,432 1,260 1,256 170 170 1,339 ,352 July 4,283 4,278 1,456 1,481 1,296 1,262 170 173 1,361 ,362 Aug . 4 261 4,308 1,446 1,478 1,281 [,275 172 175 1,362 ,380 Sept 4,289 3,992 1,440 1,361 1,298 1.218 169 159 1.382 ,254 Oct.... 4,298 4,501 1,491 1,614 1,261 1,307 165 179 1,381 ,401 Nov 4,380 4,380 1,490 1,477 1,302 1,299 163 164 1,425 ,440 Net change in credit outstanding 2 1955 5 338 3 652 890 77 719 1956. 2 814 960 965 212 678 1957 2,148 920 238 197 793 1958... . -225 -1,189 184 245 534 1959 5 601 2 268 1,602 463 1,269 I960 3,588 1,270 896 330 1,093 1961 696 —465 332 53 m 1961—Nov 269 241 126 58 59 120 6 11 78 51 Dec 348 794 94 13 169 595 -2 — 13 87 199 1962—Jan 279 -262 103 -68 90 -137 6 -40 80 -17 Feb 272 -191 156 36 40 -224 -1 -28 77 25 Mar . .. 378 137 167 157 97 -89 6 — 10 108 79 Apr 493 626 240 323 98 91 14 15 141 197 May 439 658 208 361 78 100 10 41 143 156 June . ... 421 713 188 378 84 128 17 31 132 176 July 386 442 175 270 72 28 19 26 120 118 358 554 156 253 44 70 7 34 151 197 Sept 202 106 65 -52 10 37 1 17 126 104 Oct C384 C412 194 202 C74 C125 4 12 112 73 Nov 581 552 307 224 123 200 5 13 146 115 1 Includes adjustment for difference in trading days. NOTE.—Estimates are based on accounting records and often include 2 Includes data for Alaska and Hawaii beginning with the months in financing charges. Renewals and refinancing of loans, purchases and which they became States. sales of instalment paper, and certain other transactions may increase Net changes in credit outstanding equal extensions less repayments the amount of extensions and repayments without affecting the amount except in 1959, when the differences do not reflect the introduction outstanding. of outstanding balances for Alaska and Hawaii. For a description of the series in this and the following table see Jan. 1954 BULL., pp. 9-17. Back data upon request. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 CONSUMER CREDIT 67 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 ie n s ce Ot i h n e s r t it f u i t n i 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 38,972 14,109 10,206 8,376 6,281 1956 39,868 14,463 9,619 9,148 6,638 1957 42 016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9,654 6,563 I9592 48 052 17 976 11 196 10 940 7 940 1960 49,560 18,269 11,456 12,073 7,762 1961 48 396 17,711 10,667 12,282 7,736 1961—Nov . . 4,332 4,312 ) SS2 1,491 968 941 1,096 1,118 686 762 Dec 4,409 4,835 1,571 1,469 1,123 1,101 1,077 1,241 638 1,024 1962—Jan 4,327 3,878 1,575 1,498 977 884 1,055 942 720 554 Feb 4,356 3,611 1,642 1,418 955 788 1,054 913 705 492 Mar . . . 4,499 4,392 1,637 1,648 955 937 1,112 1,116 795 691 Apr 4,659 4,737 1,726 1,816 1,010 1,008 1,149 1,154 774 759 May . 4,650 4,950 1,710 1,881 1,007 1,059 1,150 1,205 783 805 June 4.623 4,923 1,720 1,862 992 1,081 1.139 1,194 772 786 July 4,669 4,720 ,708 1,789 984 1,069 1,146 1,152 831 710 Aug 4,619 4,862 1,679 1,773 971 1,068 1,177 1,233 792 788 Sept 4,491 4,098 ,643 1,486 944 863 1,138 1,015 766 734 Oct C4,682 C4,9I3 1,722 1,806 1,021 1,108 1,144 1,136 C795 C863 Nov 4,961 4,932 ,813 1,701 1,104 1,070 1,208 1,231 836 930 Repayments 1955 33,634 12,304 7,903 7,536 5,891 1956 37,054 13,362 8,949 8,415 6,328 1957 39,868 14,360 9,759 9,250 6,499 1958 40,344 14,647 9 842 9 365 6,490 1959 42,603 15,560 9,742 10,020 7,281 1960 45,972 16,832 10 442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1961—Nov 4,063 4,071 1,511 1,488 922 929 1,030 1,046 600 608 Dec 4,061 4,041 1,512 1,435 943 928 1,005 1,084 601 594 1962—Jan 4,048 4,140 1.502 1,542 920 911 1,017 1,023 609 664 Feb 4,084 3,802 1,493 1,415 981 895 1.003 907 607 585 Mar 4,121 4,255 1,520 1,553 966 1,015 1,018 1.042 617 645 Apr 4,166 4,111 1,514 1.503 952 941 1,042 ,032 658 635 May 4,211 4,292 1,526 1,561 965 978 1,047 ,071 673 682 June 4,202 4,210 ,526 1,524 960 951 1,038 ,055 678 680 July 4,283 4,278 1,546 1,578 956 957 1,055 ,052 726 691 4,261 4,308 1,555 1,581 932 954 1,054 ,064 720 709 Sept 4,289 3,992 ,562 1,470 936 872 1,062 962 729 688 Oct 4,298 4,501 ,546 1,636 949 1,035 1,071 ,080 732 750 Nov 4,380 4,380 ,579 ,549 937 944 1,105 ,120 759 767 Net change in credit outstanding 3 1955 . . . 5,338 1,805 2,303 840 390 1956 2 814 1 176 670 733 235 1957 2 148 1 066 491 665 — 75 1958 225 63 — 765 289 315 I959 5,601 2,447 1,475 986 693 I960 3 588 1 446 1,152 1 051 — 61 1961 696 335 — 199 578 -20 1961—Nov 269 241 54 -14 46 12 66 72 103 170 Dec . 348 794 59 34 180 173 72 157 37 430 1962 Jan 279 -262 73 -44 279 195 38 -81 -111 -332 Feb 272 -191 149 3 -26 -107 51 6 98 -93 Mar 378 137 117 95 -11 -78 94 74 178 46 Apr . 493 626 203 304 67 76 107 122 116 124 May. 439 658 184 320 42 81 103 134 110 123 June 421 713 194 338 32 130 101 139 94 106 July 386 442 162 211 28 112 91 100 105 19 Aug 358 554 124 192 39 114 123 169 72 79 Sept 202 106 81 16 8 -9 76 53 37 46 Oct C384 C412 176 170 72 73 73 56 »63 C113 Nov 581 552 234 152 167 126 103 111 77 163 1 Includes adjustment for differences in trading days. when data for extensions and repayments have been adjusted, as necessary 2 Includes data for Alaska and Hawaii beginning with the months in ttoo eelliimmiinnaattee dduupplliiccaattiioonn rreessuullttiinngg tfrroomm llaarrggee ttrraannssrfeerrss oorf ppaappeerr,. iInn which they became States. those months the differences between the two for some types of holders 3 Net changes in credit outstanding equal extensions less repayments do not equal the changes in outstanding credit. Such transfers do not except: (1) in 1959, when the differences do not reflect the introduction of affect total instalment credit outstanding. outstanding balances for Alaska and Hawaii, and (2) in certain months See also Note to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
68 INDUSTRIAL PRODUCTION: S.A. JANUARY 1963 MARKET GROUPINGS (1957-59= 100) 1957-59 1961 1961 1962 Grouping pro- averportion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov. Total index 100.00 109.8 114.8 115.6 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.3 119.5 Final products total 47.35 111.3 116.4 116.9 115.7 116.8 118.2 118.5 120.2 120.6 121.7 121.6 122.0 121.5 121.7 32.31 112.7 117.5 117.9 116.5 117.3 118.8 119.1 121.1 120.9 121.7 120.9 121.8 120.7 121.2 Equipment, including defense.... 15.04 108.3 114.1 114.9 112.7 115.0 116.1 117.0 118.5 120.1 121.8 123.2 123.2 123.7 123.0 Materials 52.65 108.4 113.9 114.8 113.7 115.5 116.9 117.1 117.0 117.1 117.0 117.7 118.1 117.1 117.9 Consumer goods Automotive products 3.21 111.8 127.3 130.8 127.8 123.7 122.6 129.4 132.8 126.8 135.2 134.1 '135.3 135.4 136.2 1.82 108.6 131.5 136.1 132.8 125.5 123.8 133.9 140.8 129.3 142.4 140.0 141.2 142.1 141.1 Auto parts and allied products 1.39 116.0 121.6 123.7 121.1 121.4 121.0 123.5 122.3 123.6 125.7 126.3 127.5 126.6 129.8 Home goods and apparel 10.00 110.5 115.7 117.2 114.1 116.5 119.0 120.1 121.2 121.7 120.1 118.7 r119.8 119.2 120.5 Home goods 4.59 112.2 117.9 120.3 118.8 120.4 122.6 124.4 126.0 126.2 122.7 121.2 122.2 120.8 122.8 Appliances, TV, and radios 1.81 109.9 115.7 116.3 114.0 116.0 120.3 123.8 124.2 123.3 118.5 115.2 115.8 116.0 118.5 1.33 110.7 118.4 119.0 115.4 114.9 117.7 120.1 120.7 122.9 120.9 119.3 120.7 124.0 127.8 TV and home radios .47 107.8 107.8 108.5 110.1 118.8 127.5 134.2 133.9 124.7 112.0 103.7 102.1 93.3 92.3 Furniture and rugs. 1.26 112.8 120.7 120.1 118.5 121.0 121.5 123.8 124.5 126.5 124.3 125.4 127.9 125.8 127.7 Miscellaneous home goods 1.52 114.5 118.3 125.2 124.8 125.1 126.3 125.6 129.5 129.3 126.2 123.4 125.2 122.3 123.9 Apparel, knit goods, and shoes 5.41 109.0 113.9 114.6 110.2 113.2 116.0 116.5 117.1 118.0 118.0 116.5 117.8 117.8 118.5 19.10 114.0 116.8 116.1 115.8 116.6 118.0 117.1 118.8 119.2 120.3 119.7 r120.6 119.0 119.0 Processed foods 8.43 110.5 112.7 111.6 111.3 111.5 113.2 113.6 114.3 112.8 115.9 115.6 115 7 114 0 Beverages and tobacco 2.43 109.5 112.1 110.7 108.4 109.9 113.7 106.9 109.1 109.0 110.9 108.0 111.9 109.5 Drugs soap and toiletries... . 2.97 120.7 125.2 125.2 123.6 126.6 127.5 125.8 129.9 131.9 131.5 131.0 132.0 130.9 "uY.o Newspapers, magazines, and books. 1.47 114.9 115.9 115.2 116.2 116.9 116.6 115.7 117.4 117.7 117.7 117.0 117.0 116.4 116.4 Consumer fuel and lighting 3.67 119.2 122.5 122.7 124.2 124.3 124.8 125.1 126.9 130.7 128.3 127.0 128.9 128.0 Fuel oil and gasoline 1.20 107.6 110.7 110.0 110.1 111.1 111.3 110.4 112.3 115.0 111.7 108.4 114 0 112.8 iii.5 Residential utilities 2.46 124.9 128.3 128.9 131.1 130.8 131.5 132.3 134.0 138.4 136.4 136.0 136.2 135.5 Electricity 1.72 125.3 128.9 129.3 131.7 131.1 131.3 131.6 133.6 139.5 141.4 140.4 139.3 137.6 Gas .74 124.0 Equipment Business equipment 11.63 110.1 115.8 116.4 113.4 116.3 118.0 119.3 121.2 123.1 124.4 125.6 126.2 126.6 125.7 Industrial eauioment 6.85 107.4 111.8 113.4 112.2 113.4 114.2 115.1 116.7 118.5 119.0 119.2 118.9 120.4 120.3 Commercial equipment .... . . . 2.42 127.0 133.7 135.2 136.3 139.3 141.7 144.0 144.4 144.8 145.6 144.7 144.9 143.8 143.1 Freight and passenger equipment... 1.76 103.4 113.7 113.8 107.0 109.0 111.6 109.7 111.2 114.9 121.0 124.2 125.2 125.6 124.0 .61 93.4 91.3 90.3 87.8 94.3 99.9 102.6 105.6 110.4 110.4 110.8 116.6 117.2 117.7 3.41 Materials Durable goods materials 26.73 104.8 110.9 111.8 110.8 113.1 115.1 116.2 114.6 113.7 113.8 114.8 r114.9 113.9 114.2 Consumer durable 3.43 107.9 114.0 120.3 120.5 119.2 124.1 134.7 134.5 127.0 134.2 130 6129 7 127 6 126.5 7.84 105.7 111.7 113.4 113.1 114.5 116.9 120.3 119.5 120.8 119.3 119.2 121.3 121.0 120.2 Construction 9.17 105.2 107.5 106.5 103.0 107.3 109.9 110.7 111.4 111.8 112.1 112.6 113.3 111.2 111.0 Metal materials n e.c 6.29 101.2 108.5 114.3 116.9 120.1 118.1 114.6 104.5 99.4 96.4 98.5 r98 5 99.0 102.2 25.92 112.1 116.9 118.0 116.6 117.8 118.6 117.9 119.3 120.5 120.3 120.7 r121.5 120.5 121.6 9.11 110.5 114.2 114.9 113.1 115.0 115.8 114.1 116.1 116.9 116.1 116.5 118.1 116.2 117.6 Containers 3.03 111.3 117.2 117.1 114.1 116.7 119.7 113.1 115.9 117.5 117.2 116.4 118 6 115 9 119.0 General business supplies 6.07 110.0 112.7 113.8 112.6 114.2 113.9 114.6 116.2 116.6 115.5 116.6 117.9 116.3 116.9 Nondurable materials nee 7.40 120.6 128.8 132.0 128.8 130.4 132.5 131.3 133.9 135.9 135.3 135.5 136.7 135.1 137.7 Business fuel and power . 9.41 107.1 110.1 109.9 110.5 110.5 110.2 110.9 110.9 111.8 112.6 112.0 112.7 113.1 112.9 Mineral fuels 6.07 102.0 104.1 103.4 103.7 103.2 103.2 104.6 103.6 104.5 106.1 105.5 106.6 106.5 106.0 Nonresidential utilities 2.86 121.0 125.4 126.0 127.5 128.0 128.0 127.7 130.2 131.4 130.9 129.1 130 2 131 9 Electricity • 2.32 121.7 126.2 127.0 128.4 128.5 128.2 127.6 130.4 131.9 132.4 130.1 130.4 132.3 General industrial 1.03 114.8 118.8 119.9 121.9 122.4 121.3 122.7 121.6 122.6 124.1 122.0 122 7 124 3 1.21 129.1 134.7 135.2 136.4 136.1 136.4 134.1 140.5 142.4 142.0 139.5 139.5 141.7 Gas .54 118.0 Supplementary groups of consumer goods Automotive and home goods 7.80 112.0 121.8 124.6 122.6 121.8 122.7 126.5 128.9 126.5 127.9 126.3 127.6 126.8 128.3 Apparel and staples 24.51 112.9 116.1 115.8 114.6 115.9 117.6 117.0 118.4 118.9 119.8 118.7 120.0 118.7 118.6 Sec NOTE OH opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 INDUSTRIAL PRODUCTION: S.A. 69 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- Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov. Total index 100.00 109.8 114.8 115.6 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.3 119.5 Afanufacturing total 86.45 109.7 115.0 115.9 114.4 116.3 117.4 118.1 118.8 118.9 119.7 120.3 r120.4 119.6 779.9 Durable 48.07 107.0 113.0 114.5 113.2 115.4 116.5 118.5 118.2 117.7 118.7 119.8 r119.5 118.6 119.0 38.38 112.9 117.5 117.7 115.9 117.3 118.6 117.5 119.6 120.3 121.0 120.8 121.5 120.9 121.0 Mining 8.23 102.6 105 2 104.7 104.0 104.3 104.8 105.5 104.8 104.6 106.1 105.5 105.9 105.5 105.3 Utilities 5.32 122.8 126.7 127.3 128.8 129.0 128.8 128.1 129.8 132.4 133.5 132.3 r133.O 133.5 134.5 Durable manufactures Primary and fabricated metals 12.32 102.2 109.4 112.0 111.5 115.1 115.3 114.1 108.3 106.3 106.3 108.2 nos.2 707.7 705.9 Primary metals 6.95 98.9 106.2 111.0 111.9 117.5 116.6 112.4 101.3 96.8 96.6 99.1 '99.6 98.8 101.5 5.45 96.5 103.9 110.6 112.9 117.7 118.5 112.6 96.5 89.5 87.8 92.1 92.8 91.0 95.2 Nonferrous metals and products.. 1.50 107.5 115.9 119.2 117.6 122.0 120.6 118.6 120.8 118.2 117.9 112.9 118.4 120.0 120.5 Fabricated metal products 5.37 106.5 113 5 113.3 111.0 111.9 113.6 116.3 117.4 118.5 118.8 119 9 119.3 117.8 118.5 2.86 105.2 109.8 110.0 107.3 108.6 110.2 113.7 115.7 116.4 115.6 115.2 115.1 115.4 112.9 Machinery and related products 27.98 108.8 114.9 116.6 115.4 116.8 118.2 121.2 122.9 122.9 124.8 125.6 r124.9 124.5 124.3 Machinery 14.80 110.4 114.7 116.8 115.6 117.5 120.2 122.9 124.5 125.9 125.4 126.5 126.4 125.4 125.3 8.43 106.5 110.1 111.6 110.1 112.4 115.2 117.8 120.0 121.8 121.9 124.6 123.9 123.0 122.6 Electrical machinery 6.37 115.7 120.9 123.6 122.9 124.3 126.8 129.7 130.4 131.3 130.1 129.0 129.6 128.6 128.9 Transportation equipment 10.19 103.6 112.2 113.7 112.5 113.4 113.4 116.8 119.4 116.8 122.1 122.0 121.5 121.8 121.3 4.68 111.9 125.1 127.9 126.9 126.2 126.3 134.4 139.1 132.0 141.3 138.1 137.8 138.1 137.2 Aircraft and other equipment.... 5.26 95.7 100.4 100.6 99.6 101.5 101.4 100.7 101.6 103.0 104.7 107.3 106.7 107.2 107.0 Instruments and related products... 1.71 115.8 119.4 119.8 118.9 118.5 119.0 122.3 122.6 124.7 124.9 125.8 124.3 124.2 125.0 1.28 Clav glass and lumber 4.72 104.5 105.6 104.7 101.5 106.6 105.9 108.9 110.1 110.7 109.9 112.1 r112.5 108.9 109.4 Clay, glass, and stone products 2.99 106.3 107.9 106.0 104.4 105.1 104.8 110.3 111.9 112.5 113.7 114.9 114.9 113.2 112.7 1.73 101.3 101.6 102.4 96.5 109.2 107.9 106.4 107.1 107.5 103.4 107.4 108.3 101.5 103.7 Furniture and miscellaneous 3.05 114.1 121.3 120.8 117.6 118.2 121.5 126.1 127.3 127.4 127.3 125. $ 126.8 125.3 725.7 Furniture and fixtures 1.54 115.3 123.2 123.2 118.3 120.8 124.0 126.6 129.3 129.2 127.7 128.3 129.2 128.2 128.2 Miscellaneous manufactures 1.51 112.8 119.4 118.3 116.9 115.5 119.0 125.5 125.2 125.5 126.9 123.3 124.4 122.3 122.0 Nondurable manufactures 7.60 108.4 114 9 115.8 112.4 113.6 114.8 114.8 115.2 115.8 115.5 115.2 r116 7 115.7 775 4 Textile mill products 2.90 106.9 113.7 114.1 113.4 114.6 116.8 115.0 116.1 117.1 116.6 117.1 115.9 114.4 112.7 Apparel products. 3.59 112.1 118 9 119.8 115.5 116.0 116.5 117.6 118.3 118.4 119.2 118.1 120 5 121.4 124 2 Leather and products 1.11 100.2 104.9 107.3 100.1 103.0 104.0 105.5 102.9 103.8 100.5 100.6 106.6 100.8 8.17 112.4 115.2 115.7 115.1 116.2 116.9 115.7 117.0 116.7 118.0 118.1 118.2 117.2 117.2 Paper and products . 3.43 113.7 118.2 119.3 117.3 119.0 120.7 117.5 119.9 119.6 121.1 120.5 120.9 120.8 120.6 4.74 111.5 113.1 113.0 113.5 114.2 114.1 114.4 114.9 114.7 115.7 116.3 116 2 114 6 114 8 1.53 106.0 107.6 107.9 108.6 109.4 108.6 107.5 107.9 108.6 110.3 111.8 111.3 108.2 109.7 Chemicals, petroleum, and rubber.... 11.54 118.8 125.2 125.9 124.1 125.8 126.7 126.6 130.8 132.6 133.2 133.2 133.7 134.0 133.6 Chemicals and products 7.58 123.3 130.0 130.0 128.4 131.1 131.8 131.6 135.7 137.1 137.6 138.3 139.0 139.2 139.2 Industrial chemicals 3.84 129.6 139.1 139.0 138.6 140.4 141.0 142.2 145.8 147.7 149.7 150.7 151.0 153.0 Petroleum products 1.97 108.7 111.3 110.7 112.2 111.1 114.0 109.6 112.6 115.1 113.4 112 1 113 6 113 6 iii13 Rubber and plastics products 1.99 111.9 120.8 125.1 119.6 120.5 119.9 124.0 130.2 132.8 136.1 134.8 133.4 134.1 Foods beverages, and tobacco 11.07 110.4 112.9 112.0 111.2 111.7 113.5 112.1 112.8 112.5 114.2 113.8 r114 7 113.5 113 9 Foods and beverages 10.25 110.3 112.8 112.0 111.4 111.7 113.2 112.3 112.9 112.9 114.3 114.0 114.6 113.9 Food manufactures 8.64 110.6 113.1 112.4 112.0 112.2 113.4 113.6 113.9 113.5 115.1 115.5 115 5 114 6 Beverages 1.61 107.9 110.1 108.7 108.1 109.3 112.2 105.2 107.3 109.4 109.7 105.9 109 8 109.9 Tobacco products .82 110.8 114.1 112.4 109.1 m.i 116.8 110.3 112.5 108.2 113.4 112.0 116.0 108.6 Mining 6.80 100.9 103.3 103.1 102.9 102.3 102.9 104.0 102.6 103.0 104.7 104 1 r105 2 105.3 104 4 Coal 1.16 90.1 96.9 96.9 98.0 95.2 96.3 97.6 92.2 91.8 91 8 93 7 93 8 94 0 95 9 5.64 103.1 104.6 104.4 103.9 103.8 104,2 105.3 104.7 105.3 107.4 106 2107 5 107.6 106 2 Oil and gas extraction 4.91 104.9 105.8 105.0 105.0 105.1 104.8 106.2 106.3 107.4 109.5 108 3109 6 109 4 108 3 Crude oil 4.25 103.0 103.2 102.8 102.7 103.2 102.4 104.1 104.1 105.6 107.7 106.7 107.8 107.2 106.0 Gas and gas liquids .66 116.8 122.2 118.7 119.8 117.4 120.4 119.7 120.5 119.2 Oil and gas drilling .73 91.3 97.0 100.8 96.5 95.0 100.2 99.2 93.7 91.1 "92]8 "92!3 "93.0 '*95.'4 "9K5 Metal, stone, and earth minerals 1.43 110.5 113.9 111.9 109.4 113.9 113.9 112.5 115.7 112.0 112.8 112.0 r109.5 106.7 109.8 Metal mining .61 111.9 122.4 125.0 129.4 131.7 128.9 120.0 116.6 109.5 110.4 104.1 r97.8 96.8 107.3 Stone and earth minerals .82 109.4 107.7 102.2 94.5 100.6 102.7 106.9 115.1 113.8 114.5 117.9 118.2 114.0 111.6 Utilities Electric 4.04 123.2 127.3 128.0 129.8 129.6 129.5 129.3 131.8 135.1 136.2 134.5 134.2 134.5 Gas 1.28 121.5 124.7 125.4 125.5 126.9 126.5 124.2 123.6 123.8 NOTE.'—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures 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
70 INDUSTRIAL PRODUCTION: N.S.A. JANUARY 1963 MARKET GROUPINGS (1957-59= 100) Grouping 19 p p 5 o r 7 o r - - - 59 a 1 v 9 e 6 r 1 - 1961 1962 tion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index 100.00 109.8 115.8 114.0 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.3 47.35 111.3 117.0 115.2 113.8 116.7 118.6 118.6 118.5 121.3 117.5 119.4 125.0 125.3 121.8 32.31 112.7 118.9 115.1 113.9 116.9 118.7 118.5 118.2 121.3 116.5 118.8 126.5 126.7 122.0 Equipment, including defense.... 15.04 108.3 112.9 115.4 113.6 116.1 118.3 118.6 119.1 121.1 119.6 120.6 122.0 122.5 121.6 52.65 108.4 114.7 112.9 112.6 116.1 117.6 118.2 118.0 118.7 110.7 116.1 119.7 119.9 118.7 Consumer goods Automotive products 3.21 111.8 136.1 137.6 131.1 130.0 131.3 138.6 138.5 133.1 129.8 79.4 124.9 148.1 145.0 Autos 1.82 108.6 149.9 152.4 139.4 136.8 139.9 150.0 149.3 137.1 136.7 43.4 120.0 160.6 159.4 Auto parts and allied products 1.39 116.0 117.8 118.1 120.2 121.0 120.1 123.6 124.2 127.9 120.7 126.8 131.3 131.6 126.0 Home goods and apparel 10.00 110.5 117.7 111.9 109.2 119.3 122.9 120.5 117.6 120.8 107.7 119.6 '124.0 123.9 120.6 4.59 112.2 123.6 119.6 112.1 119.9 124.2 122.4 121.0 125.5 110.7 117.8 130.6 131.1 128.6 Appliances, TV, and radios 1.81 109.9 122.4 113.1 108.2 120.8 127.2 121.3 117.2 124.3 99.6 103.6 127.5 128.1 125.2 Appliances 1.33 110.7 118.1 115.1 109.5 121.5 132.5 125.8 120.8 129.9 107.1 101.7 127.1 127.5 128 6 .47 107.8 134.7 107.4 104.6 118.8 112.2 108.7 107.1 108.5 78.4 108.9 128.6 129.7 115.4 Furniture and rugs 1.26 112.8 123.1 124.9 113.8 119.8 121.3 121.9 120.1 123.5 116.8 126.7 131.4 131.6 130.3 1.52 114.5 125.4 122.9 115.2 118.8 123.0 124.1 126.3 128.5 119.0 127.3 133.6 134.2 131.3 Apparel, knit goods, and shoes 5.41 109.0 112.8 105.4 106.9 118.9 121.8 118.8 114.8 116.8 105.0 121.2118.4 117.8 113.8 19.10 114.0 116.6 113.0 113.4 113.5 114.4 114.1 115.1 119.7 118.9 125.0r128.0 124.5 118.8 Processed foods 8.43 110.5 115.9 108.0 104.6 103.9 104.7 106.3 107.4 112.0 116.1 124.2 131.0 126.0 2.43 109.5 105.9 95.7 95.5 100.2 109.3 109.7 116.6 125.0 113.6 117.8 116.4 113.9 Drugs soap, and toiletries 2.97 120.7 125.6 123.9 123.6 126.2 126.2 127.7 128.7 133.2 125.3 133.9 132.4 134.2 131.4 Newspapers, magazines, and books.. 1.47 114.9 115.9 115.2 116.2 116.3 117.8 115.7 116.2 115.9 114.8 117.6 119.9 118.1 116.4 Consumer fuel and lighting 3.67 119.2 118.1 126.1 135.7 132.3 128.7 122.8 120.0 124.3 125.7 127.6 128.9 122.7 1.20 107.6 110.2 112.8 114.8 113.3 109.5 105.1 108.6 113.4 114.2 112.3 113.5 110.1 'iii.'o Residential utilities 2.46 124.9 Electricity 1.72 125.3 119.9 134.5 152.8 146.6 140.8 130.3 iii.6 i26.9 134.0 139.1 139.7 128.1 Gas .74 124.0 Equipment 11.63 110.1 114.1 116.9 114.5 117.5 120.2 121.3 122.0 124.6 122.0 122.6 124 9 125.3 123.8 Industrial equipment 6.85 107.4 110.2 114.1 111.9 112.8 114.3 115.7 116.8 119.6 117.8 118.8 120.0 119.7 118.6 2.42 127.0 135.3 137.5 135.6 138.3 140.4 141.3 142.7 145.2 142.7 145.0 147.1 146.2 144.8 Freight and passenger equipment... 1.76 103.4 111.4 110.2 104.9 111.4 117.3 116.2 116.1 119.5 117.6 116.6 118.2 124.3 121.5 .61 93.4 80.5 85.7 88.7 104.5 114.0 120.2 114.9 113.7 99.6 94.1 111.4 108.0 106.7 Defense equipment 3.41 Materials 26.73 104.8 112.0 110.8 109.5 113.4 115.3 116.9 116.5 116.1 108.7 111.3 r116.8 116.6 115.3 3.43 107.9 126.8 129.9 128.1 126.9 128.4 128.4 130.6 123.6 117.4 107 5 130 5 134.1 135.6 7.84 105.7 112.9 115.7 115.0 116.7 119.0 120.9 119.7 119.8 115.4 116.1 119.4 120.2 121.5 9.17 105.2 107.3 100.5 94.8 100.2 103.4 109.6 114.7 118.8 113.8 119.4 119.9 116.7 110.8 6.29 101.2 109.4 109.3 113.9 121.2 120.9 116.3 107.1 103.6 88.4 95.7 101.5 102.4 103.0 Nondurable materials 25.92 112.1 117.5 115.1 115.7 118.8 120.0 119.4 119.7 121.3 112.7 121.1 Tl?2 7 123.3 122.2 9.11 110.5 115.1 109.1 109.5 113.5 116.6 117.2 117.3 118.2 108.7 118.5 121.9 121.6 118.6 3.03 111.3 110.8 101.9 107.3 114.4 119.7 116.5 117.1 123.4 112.5 128.0 126.3 121.7 112.5 General business supplies 6.07 110.0 117.2 112.7 110.6 113.1 115.0 117.5 117.4 115.6 106.8 113.7 119.7 121.5 121.6 Nondurable materials nee. ... 7.40 120.6 130.1 128.0 128.8 134.3 135.1 133.9 135.9 136.6 124.9 134.8 135.3 137.8 139.1 Business fuel and power 9.41 107.1 109.9 110.8 111.5 111.7 111.4 110.2 109.2 112.3 107.0 112.8 113.6 113.6 112.6 Mineral fuels 6.07 102.0 104.8 105.7 105.9 106.8 106.2 105.4 102.5 104.8 96.4 103.7 104.8 106.7 106.6 Nonresidential utilities 2.86 121.0 Electricity 2.32 121.7 123.5 124.0 126.1 123.1 124.6 122.3 126.6 133.6 136.1 140.3 139.3 134.2 General industrial 1.03 114.8 119.2 118.7 121.3 119.2 122.0 120.1 121.6 123.7 120.6 125.4 125.2 127.0 Commercial and other 1.21 129.1 129.2 130.5 132.4 128.6 129.0 126.2 133.1 144.7 152.2 156.1 154.3 143.1 Gag . . .54 118.0 Supplementary groups of consumer goods Automotive and home goods 7.80 112.0 128.7 127.0 120.1 124.3 127.4 129.3 128.4 128.8 118.8 102.2128.3 138.1 135.4 24.51 112.9 115.8 111.3 112.1 114.8 116.1 115.3 115.1 119.1 116.0 124.3125.9 123.0 117.7 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 INDUSTRIAL PRODUCTION: N.S.A. 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- Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov. Total index. 100.00 109.8 115.8 114.0 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.3 Manufacturing, total., 86.45 109.7 116.3 114.0 112.7 116.6 118.6 119.1 119.0 120.4 114.0 117.6 122.8 123.4 121.1 Durable 48.07 107.0 115.1 115.1 112.9 116.6 118.6 119.6 118.8 119.2 113.6 112.8 '120.4 121.7 120.7 Nondurable 38.38 112.9 117.9 112.6 112.5 116.6 118.6 118.4 119. 121.8 114.5 123.6 125.8 125.5 121.5 Mining 8.23 102.6 105.3 104.6 103.1 103.7 103.5 104.9 105.5 107.5 101.0 106.4 106.5 107.1 105.5 Utilities 5.32 122.8 Durable manufactures Primary and fabricated metals 12.32 102.2 110.0 110.7 112.5 117.5 119.0 116.5 109.8 108.4 97.6 104.5 110.2 109.2 109.0 Primary metals 6.95 98.9 107.3 108.3 115.3 123.0 123.8 117.7 103.9 98.7 82.9 92.0 98.5 99.8 101.5 Iron and steel 5.45 96.5 104.9 107.8 115.2 122.8 124.4 116.0 97.5 91.3 76.8 86.6 92.8 93.7 96.2 Nonferrous metals and products. 1.50 107.5 116.0 110.1 115.6 123.8 121.9 123.8 127.2 125.5 104.9 111.8 119.2 122.3 120.5 Fabricated metal products 5.37 106.5 113.6 113.9 108.8 110.4 112.7 115. 117.4 120.9 116.7 120.7 125.3 121.3 118.6 Structural metal parts 2.86 105.2 112.9 112.2 106.2 106.9 108.2 110.7 113.4 116.4 113.9 115.8 118.6 117.9 116.1 Machinery and related products 27.98 108.8 117.8 119.4 116.7 119.0 121.4 122.7 123.2 123.4 119.8 113.4 r123.8 127.0 126.9 Machinery 14.80 110.4 115.5 117.7 116.2 119.8 122.9 123.7 123.9 126.7 119.3 121.1 127.6 127.0 125.9 Nonelectrical machinery 8.43 106.5 108.0 112.6 111.9 115.5 119.6 121.5 121.9 123.6 119.1 118.0 121.2 120.7 120.3 Electrical machinery 6.37 115.7 125.5 124.4 122.0 125.6 127.2 126.7 126.5 130.8 119.6 125.2 136.1 135.3 133.4 Transportation equipment 10.19 103.6 118.6 119.8 115.2 116.0 117.9 119.8 120.9 117.0 118.0 97.1 116.6 126.3 127.0 Motor vehicles and parts 4.68 111.9 138.4 140.0 132.1 131. 133.4 139.7 141.9 133.6 135.0 87.0 128.9 148.3 149.0 Aircraft and other equipment... 5.26 95.7 101.0 102.1 100.6 102.2 103.6 101.2 101.2 101.6 102.7 104.8 105.4 106.7 107.6 Instruments and related products.. 1.71 115.8 121.6 121.4 119.0 118.3 119.4 121.0 121.4 124.1 122.2 125.0 125.2 125.6 127.3 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 104.5 105.6 96.5 91.0 99.6 100.4 108.3 113.9 118.3 112.6 120.1 r119.4 116.3 109.3 Clay, glass, and stone products. 2.99 106.3 109.0 100.7 94.0 97.7 100.6 109.7 116.4 118.7 117.7 121.8 119.5 118.9 113.8 Lumber and products 1.73 101.3 99.7 89.1 85.9 102.9 100.0 105.8 109.6 117.6 103.9 117.2 119.3 111.7 101.7 Furniture and miscellaneous.. 5.05 114.1 125.4 122.6 113.7 117.0 120.1 121.8 123.3 126.4 122.5 129.1 131.9 132.1 129.2 Furniture and fixtures 1.54 115.3 125.2 125.7 116.2 120.6 122.5 123.6 124.3 127.9 124.8 132.1 133.1 133.3 130.3 Miscellaneous manufactures. 1.51 112.8 125.5 119.5 111.1 113.4 117.5 120.0 122.2 124.9 120.2 126.0 130.6 130.9 128.2 Nondurable manufactures Textiles, apparel, and leather 7.60 108.4 112.5 107.8 109.0 119.5 122.0 118.0 116.6 117.9 102.4 119.5 r 117.4 116.9 114.9 Textile mill products 2.90 106.9 113.7 110.1 111.1 116.9 119.1 115.0 119.6 121.2 100.9 118.3 115.9 115.5 115.0 Apparel products 3.59 112.1 114.7 108.4 109.7 124.6 128.1 124.3 119.5 119.6 107.0 124.0 122.3 122.6 119.9 Leather and products 1.11 100.2 102.3 99.6 101.6 110.1 109.7 105.5 99.1 104.2 91.9 107.9 105.2 102.3 Paper and printing , 8.17 112.4 118.0 111.7 111.8 116.1 7/5.9 118.4 117.7 117.5 108.7 117.2 119.6 122.4 120.1 Paper and products 3.43 113.7 119.0 108.3 114.4 121.5 123.7 122.0 120.0 122.0 107.8 123.5 122.0 127.3 121.4 Printing and publishing. 4.74 111.5 117.4 114.1 109.9 112.2 115.5 115.8 116.0 114.3 109.5 112.7 117.9 118.9 119.2 Newspapers 1.53 106.0 118.4 107.4 100.0 105.2 110.8 114.1 115.0 108.6 96.0 101.7 112.1 117.7 120.7 Chemicals, petroleum, and rubber. 11.54 118.8 125.1 123.2 124.4 127.5 128.4 129.4 131.0 134.2 125.8 132.1 134.2 135.4 133.0 Chemicals and products , 7.58 123.3 129.4 127.9 127.7 132.2 133.8 135.8 137.1 138.7 131.2 137.9 138. 139.3 138.6 Industrial chemicals , 3.84 129.6 139.9 139.0 138.6 143.5 144.8 145.2 146.8 147.7 142.5 148.0 149.2 151.5 Petroleum products , 1.97 108.7 109.6 109.0 110.5 109.4 110.0 106.3 110.9 117.4 117.9 116.6 118.1 114.2 Rubber and plastics products 1.99 111.9 123.9 119.5 125.7 127.5 126.1 127.8 127.6 133.5 113.0 125.4 135.1 141.6 Foods, beverages, and tobacco.... 11.07 110.4 114.2 105.7 103.1 103.6 106.0 107.3 109.5 114.7 115.2 122.4 r127.4 123.5 115.2 Foods and beverages 10.25 110.3 114.0 106.8 102.7 103.1 105.3 107.0 108.9 114.5 116.4 122.5 128.1 123.9 Food manufactures 8.64 110.6 116.5 108.5 105.3 104.6 105.0 106.6 107.5 111.8 115.7 123.7 130.5 126.1 Beverages 1.61 107.9 100.0 97.0 89.2 95.0 106.5 109.4 116.5 129.1 120.3 116.0 114.8 111.7 Tobacco products 110.8 115.9 91.5 107.9 110.5 115.0 110.1 116.6 116.9 100.4 121.2 119.4 118.3 Mining Coal, oil, and gas 6.80 100.9 104.1 105.5 105.4 105.3 104.6 104.0 101.4 103.5 96.2 102.8 r103.8 105.5 105.2 Coal 1.16 90.1 100.9 95.9 95.1 95.4 96.1 94.9 93.1 103.8 60.7 98.6 99.2 102.5 99.8 Crude oil and natural gas. 5.64 103.1 104.8 107.5 107.6 107.4 106.3 105.9 103.0 103.4 103.6 103.7 104.7 106. 106.3 Oil and gas extraction.. 4.91 104.9 105.7 108.0 108.5 109.5 108.6 107.9 104.7 105.1 104.8 104.9 106. 107.6 108.2 Crude oil 4.25 103.0 102.5 104.8 105.3 107.0 105.7 105.9 103.1 104.0 103.6 103.7 104.9 105.6 105.3 Gas and gas liquids.. .66 116.8 126.0 128.5 128.9 125.5 126.7 120.5 114.8 111.9 Oil and gas drilling.... .73 91.3 98.9 103.8 101.3 92.8 91.2 92.4 91.9 92.0 95.2 95.7 95.1 95.9 93.3 Metal, stone, and earth minerals., 1.43 110.5 110.5 100.5 91.8 96.2 98.5 108.8 125.0 126.5 123.9 123.5 119.7 114.6 106.9 Metal mining .61 111.9 110.9 103.0 101.6 106.3 105.3 112.9 133.7 134.8 126.6 119.5 113.2 105.6 97.2 Stone and earth minerals 109.4 110.2 98.6 84.6 88.7 93.5 105.8 118.6 120.3 121.8 126.4 124.5 121.2 114.2 Utilities Electric. 4.04 123.2 122.0 128.5 137.5 133.2 131.6 125.7 124.5 130.8 135.3 139.8 139.5 131.6 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
72 BUSINESS ACTIVITY JANUARY 1963 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g - 2 Prices 3 Nonag- Major market groupings Con- ricul- Major industry stru- tural Freight Depart- Period Total Tot F a i l na g l s C o u p o o m ro d n e d s r u E c m t q s e u n ip t - M ria a l t s e- Mfg. igro M i u n i p g n in - gs U iti t e il s - t c t r i a o o c n n t - s m T p o e e l m n t o a t y l - — - i p m E lo m en y - t - P ro a l y ls - l i o n a g d s - s s t a o le re s s C um on e - r W m c s o o h a d m o le i l t - e y - 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 67 83.0 83.5 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 72 83.8 86.8 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 80.3 121.5 76 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 78 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 80 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 80 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 88 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 I960 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 1962 ^105.2 P9S.6 ^113.3 1961— 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 114.3 115.7 116.5 112.7 113.7 114.4 104.0 128.8 115 103.5 96.8 110.8 93.9 110 104.5 100.8 Feb 116 0 116.8 117.3 115.0 115.5 116.3 104.3 129.0 119 104.2 97.7 112.7 96.8 110 104.8 100.7 Mar 117.0 118.2 118.8 116.1 116.9 117.4 104.8 128.8 131 104.4 98.4 113.4 96.6 117 105.0 100.7 Apr 117.7 118.5 119.1 117.0 117.1 118.1 105.5 128.1 121 105.1 99.6 114.8 96.1 113 105.2 100.4 May 118.4 120.2 121.1 118.5 117.0 118.8 104.8 129.8 117 105.4 99.8 113.7 94.0 115 105.2 100.2 June 118.6 120.6 120.9 120.1 117.1 118.9 104.6 132.4 120 105.6 99.9 113.5 89.9 111 105.3 100.0 July 119.3 121.7 121.7 121.8 117.0 119.7 106.1 133.5 117 105.8 99.7 113.1 89.6 114 105.5 100.4 Aug 119 7 121.6 120 9 123 2 117.7 120.3 105.5 132.3 118 105 6 98.7 112.5 90.2 115 105.5 100.5 Sept r119.8 122.0r121.8 M23.2r118.1 M20.4 r105.9 r133.O 113 105.7 98.8 115.2 90.0 117 106.1 101.2 Oct . . r119 3r121 5r120 7r123 7r117 1r119 6 r105.5 133.5 117 r105 9 98.6 113.2 90.3 110 106.0 100.6 Nov 119.5 121.7 121 2 123.0 117.9 119.9 105.3 134.5 123 105.7 97.7 113.0 94.1 P118 106.0 100.7 Dec ni9.6^122.3^122.0?123.0H17.7 *>120.3 ^102.3 ^135.0 P105.8 2>97.9 nu.i 90.5 "116 100.4 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 Ty ty p p e e o o f f o c w o n n e s r t s ru h c ip ti o a n nd 1960 1961 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total construction 36,318 37,135 3,008 2,712 2,658 2 749 3,986 3,860 4,009 3,900 3,747 3,631 3,273 3,425 3 188 By type of ownership: Public ,587 P 547 94? 1091 Q?9 877 1,475 1,211 1,227 1j331 1 1,039 1,099 1003 Private 731 ?4 588 ? 066 6?1 1 736 1 871 2,511 2,650 2,782 ? 569 ? 516 2,591 o 174 ? By type of construction: Residential . .... 15,105 16,123 1,306 i,125 ,190 1 192 1,552 1,816 1,819 1,656 1,623 1,651 1,519 1,610 1,361 Nonresidential P ^40 P 115 1OP 5 1 1,325 1,102 1,275 1 1J97 1,177 1019 1075 1066 Public works and utilities 8,973 8,897 607 704 615 664 1,108 943 915 1,002 926 802 735 740 761 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
JANUARY 1963 CONSTRUCTION 73 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Total Non- Business Other Period Total d f e r a e n r s t m i i - al Total Indus- Com- Public n d re e o s n n i - - - Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other trial mercial utility tial 1954 39 234 27 556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ,287 3,861 ,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 ,360 4,431 ,275 5,682 1957 47 845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 ,287 4,954 :,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 1959 i 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 ,488 5,870 1,467 7,386 1960 . .. 55 556 39 603 22 546 12,354 2,851 4,180 5,323 4,703 15,953 ,386 5,464 1487 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 1962 P . . . 61,130 43,351 24,814 13,274 2,814 4,964 5,496 5,263 17,779 1,282 6,268 ,754 8,475 1961—Dec 59,006 41,881 24,440 12,515 2,537 4,641 5,337 4,926 17,125 1,001 6,235 l,590 8,299 1962 Jan 59 166 41,077 23 187 12,875 2,590 4,928 5,357 5,015 18,089 924 7,250 ,636 8,279 Feb. . . . 56 714 39,909 22,245 12,622 2,592 4,756 5,274 5,042 16,805 1,211 5,414 ,666 8,514 Mar 57.748 40,553 22,507 12,897 2,653 4,795 5,449 5,149 17,195 1,328 5,771 ,715 8,381 Apr. 58 279 41,747 23,484 12,973 2,792 4,793 5,388 5,290 16,532 1,381 5,057 775 8,319 May 60,764 43,472 25,018 13,119 2,886 4,752 5,481 5,335 17,292 1,354 5,830 ,805 8,303 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 62'358 44,976 25,813 13,692 2,930 5,214 5,548 5,471 17,382 1,164 6,140 ,754 8,324 Oct 63,517 43,843 25,013 13,478 2,885 5,018 5,575 5,352 19,674 1,492 7,786 ,764 8,632 Nov P 62,637 43,898 25,326 13,357 2,820 4,967 5,570 5,215 18,739 6,922 ,755 62,417 44,045 25,611 13,343 2,788 4,979 5,576 5,091 18,372 ,744 1 Beginning with 1959, includes data for Alaska and Hawaii. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor. NOTE.—Monthly data are at seasonally adjusted annual rates. NEW HOUSING STARTS (In thousands of units) Annual rate, By area i By type of ownership Government- (private only) underwritten Period Total Private Non- Metro- metro- Public Total N fa o rm n- politan politan Total family fam 2- ily M fam ul i t l i y - Total FHA VA 1953 ... .... 1.104 804 300 1.068 933 42 94 36 409 252 157 1954 ,220 897 324 ,202 1,077 34 90 19 583 276 307 1955 . . . ,329 976 353 ,310 1,190 33 87 19 670 277 393 1956 118 780 338 ,094 981 31 82 24 465 195 271 1957 ,042 700 342 993 840 33 120 49 322 193 128 1958 ,209 827 382 ,142 933 39 170 68 439 337 102 1959 ,379 946 432 ,343 1,079 49 215 36 458 349 109 1959 ,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960 296 889 407 ,252 995 44 214 44 336 261 75 1961 .365 948 417 1.313 975 44 295 52 328 244 83 1961 Nov 1 368 1 345 106 73 33 103 74 4 25 3 30 23 7 Dec ,295 1,255 87 63 24 82 56 2 25 4 23 17 6 1962 Jan ,273 1,247 83 60 23 81 54 3 23 2 23 18 4 Feb ,152 1,134 78 56 22 76 54 3 20 1 20 15 5 Mar ,431 1,407 118 84 34 115 80 5 31 3 27 21 6 Apr ,542 1,521 152 111 41 147 101 5 41 5 33 25 8 May ,579 1,566 156 112 44 154 107 5 42 2 34 26 8 June ,425 1,399 140 96 43 136 96 4 36 3 31 24 7 July. .. . ,466 1,447 139 98 42 136 95 4 36 4 33 25 7 Aug ,529 1,500 148 99 49 146 101 4 41 2 36 28 8 Sept ,289 1 261 115 83 33 114 76 4 34 2 26 20 6 Oct V1,548 »l,502 ^136 93 43 92 4 37 30 23 7 Nov V 544 *1,533 2*119 81 38 nil »2 25 19 6 i 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 arm and nonfarm series developed initially by the Bureau of Labor inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
74 EMPLOYMENT JANUARY 1963 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i p T n o s o t p t i a t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total Total I E n m c u n p l o l t n u o a r y a g e l r d i 1 - In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e (pe m r r a e t c e n e t 2 nt) industries agriculture 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 19603 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 1962 130,081 74,681 71,854 67,847 62,657 5,190 4,007 55,400 5.6 1961—Dec 128,941 73,372 70,559 66,467 62.049 4,418 4,091 55,570 6.0 1962—Jan 129,118 72,564 69,721 65,058 60,641 4,417 4,663 56,554 5 8 Feb 129,290 73,218 70,332 65,789 61,211 4,578 4,543 56,072 5.6 Mar 129,471 73,582 70,697 66,316 61,533 4,782 4,382 55,889 5.5 Apr 129,587 73,654 70,769 66.824 61,863 4,961 3,946 55,933 5.5 May 129,752 74,797 71,922 68,203 62,775 5,428 3,719 54,956 5.4 June 129,930 76,857 74,001 69,539 63,249 6,290 4,463 53,072 5.5 July 130,183 76,437 73,582 69.564 63,500 6,064 4,018 53,746 5.3 Aug 130,359 76,554 73,695 69,762 63,993 5,770 3,932 53,805 5.8 Sept 130.546 74,914 72,179 68.668 63.103 5,564 3,512 55,631 5.8 Oct 130,730 74,923 72,187 68,893 63,418 5,475 3,294 55,808 5.5 Nov 130,910 74,532 71,782 67,981 63,098 4,883 3,801 56,378 5.8 Dec 131,096 74,142 71,378 67,561 63,495 4,066 3,817 56,954 5.6 ' 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. ncreased 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 f g ac- Mining c C o o n t n i s o t t r r n a u c c t - Tra t p i n o u s n b p l o i & c rta- Trade Finance Service G m ov e e n r t nutilities 1956 52 408 17,243 822 2,999 4,244 10,858 2,429 6,536 7,277 1957 52 904 17 174 828 2 923 4 241 10 886 2,477 6 749 7,626 1958 51.423 15 945 751 2,778 3.976 10,750 2,519 6,811 7,893 1959 i 53,380 16,667 731 2,955 4,010 11,125 2,597 7,105 8.190 1960 54.347 16 762 709 2,882 4,017 11,412 2,684 7,361 8,520 1961 54 077 16 267 666 2.760 3,923 11.368 2.748 7 5t6 8,828 1962* 55,325 16,750 647 2,696 3,925 11,571 2,793 7,757 9,185 SEASONALLY ADJUSTED 1961—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 June 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 55,536 16,795 646 2,731 3,932 11,627 2,796 7,805 9,204 Sept 55,583 16,805 641 2,715 3,928 11,612 2,799 7,809 9,274 Oct 55,647 16,781 638 2,716 3,935 11,594 2,813 7,831 9,339 Nov.? 55,577 16,676 638 2,698 3,920 11,592 2,820 7,847 9,386 Dec v 55,594 16,684 626 2,659 3,920 11,577 2,817 7,880 9,431 NOT SEASONALLY ADJUSTED 1961—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 June 55 777 16,870 661 2,839 3,965 11,582 2,808 7,881 9.171 July 55.493 16.782 648 2,982 3,948 11.540 2,839 7,884 8,870 Aug 55,709 16,931 658 3,031 3,963 11,558 2,841 7,867 8,860 Sept 56,252 17,127 651 2,978 3,959 11,627 2,813 7,856 9,241 Oct 56,333 17,028 645 2.936 3,959 11,682 2,807 7,870 9,406 NOV.P 56 192 16,871 640 2,803 3,936 11,833 2,806 7,831 9,472 Dec.* 56,473 16,730 629 2,537 3,936 12,406 2,803 7,809 9,623 i Data includes Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the NOTE. —Bureau of Labor Statistics; data include all full- and part- armed forces are excluded. time employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 EMPLOYMENT AND EARNINGS PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1961 1962 1961 1962 Dec. Oct. Dec? Dec. Oct. Nov.? Total 12,257 12,416 12,306 12,324 12,303 12,661 12,500 12,370 Durable goods 6,797 6,933 6,867 6,905 6,844 7,027 6,987 6,953 Ordnance and accessories 97 102 101 102 98 101 102 103 Lumber and wood products 537 539 541 547 526 558 545 536 Furniture and fixtures 312 315 314 316 314 324 320 318 Stone, clay, and glass products 453 465 459 449 449 474 465 445 Primary metal industries 958 892 887 900 960 898 896 902 Fabricated metal products 841 854 845 852 851 871 863 862 Machinery except electrical 980 1,035 1,029 1,022 977 1,018 1,015 1,019 Electrical machinery 995 1,047 1,027 1,038 1,013 1,062 1,058 1,057 Transportation equipment 1,087 1,139 1,118 1,128 1,123 1,150 1,159 1,165 Instruments and related products 225 228 228 228 227 231 231 230 Miscellaneous manufacturing industries. 312 317 318 323 307 342 334 318 Nondurable goods 5,460 5,483 5,439 5,419 5,459 5,634 5,513 5,417 Food and kindred products 1,188 1,178 1,162 1,167 1,159 1,266 1,182 1,139 Tobacco manufactures 77 82 77 69 81 99 82 73 Textile-mill products 799 783 779 778 801 793 787 780 Apparel and other finished textiles 1,076 1,105 1,092 1,085 1,084 1,119 1,112 1,094 Paper and allied products 475 478 476 475 477 484 481 476 Printing, publishing and allied industries 597 598 597 590 602 606 604 595 Chemicals and allied products 513 519 520 517 511 520 519 515 Products of petroleum and coal 125 121 121 121 124 121 121 120 Rubber products 290 301 299 301 296 311 308 307 Leather and leather products 320 318 316 316 323 317 319 319 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 Dec. Oct. Dec? Dec. Oct. Dec. Oct. Nov.? Dec.*5 Total 40.4 40.1 40.4 40.3 96.63 96.72 97.36 98.01 2.38 2.40 2.41 2.42 Durable goods 41.2 40.7 41.0 41.0 105.32 105.37 105.93 106.86 2.55 2.57 2.59 2.60 Ordnance and accessories 41.3 41.1 41.3 41.3 117.18 117.01 118.40 119.68 2.81 2.84 2.86 2.87 Lumber and wood products 39.4 39.4 39.7 39.9 76.63 79.60 78.61 78.41 1.97 1.99 1.99 1.99 Furniture and fixtures 40.8 40.5 40.6 40.5 81.32 81.34 79.76 80.95 1.95 1.96 1.95 1.96 Stone, clay, and glass products 40.5 41.0 40.9 40.3 95.04 100.85 100.28 96.96 2.37 2.43 2.44 2.43 Primary metal industries 40.6 39.7 40.0 39.9 121.58 116.92 117.61 119.10 2.98 2.96 2.97 2.97 Fabricated metal products 40.9 41.1 41.3 40.6 105.16 105.73 105.22 105.37 2.54 2.56 2.56 2.57 Machinery except electrical 41.8 41.5 41.7 41.6 111.87 112.61 112.75 113.84 2.67 2.72 2.73 2.73 Electrical machinery 40.6 40.5 40.4 40.3 97.82 98.49 98.42 99.14 2.38 2.42 2.43 2.43 Transportation equipment 42.2 42.2 43.0 42.6 125.13 126.10 128.57 130.63 2.91 2.96 2.99 3.01 Instruments and related products 41.3 40.7 40.9 41.5 99.95 100.61 101.76 102.92 2.42 2.46 2.47 2.48 Miscellaneous manufacturing industries. 39.8 39.4 39.2 39.1 78.40 78.60 78.21 78.21 1.96 1.97 1.98 1.99 Nondurable goods 39.7 39.3 39.4 39.7 85.57 85.72 86.72 87.16 2.15 2.17 2.19 2.19 Food and kindred products 40.7 40.7 40.9 41.0 90.80 91.21 93.30 94.35 2.22 2.23 2.27 2.29 Tobacco manufactures 39.0 38.7 38.9 39.2 72.98 68.17 72.58 78.99 1.82 1.70 1.89 1.96 Textile-mill products 40.8 40.0 40.0 40.3 67.82 68.45 68.61 68.61 1.65 1.69 1.69 1.69 Apparel and other finished textiles 36.3 35.8 36.0 36.4 59.95 59.95 60.45 60.48 1.67 1.67 1.67 1.68 Paper and allied products 42.9 42.2 42.5 42.6 101.91 103.28 103.28 103.76 2.37 2.43 2.43 2.43 Printing, publishing and allied industries 38.4 37.9 38.1 38.3 107.97 107.82 108.49 110.01 2.79 2.83 2.84 2.85 Chemicals and allied products 41.3 41.5 41.4 41.2 108.99 110.95 111.37 111.22 2.62 2.68 2.69 2.68 Products of petroleum and coal 41.2 41.8 41.6 41.5 123.62 127.19 127.71 124.94 3.03 3.05 3.07 3.04 Rubber products 41.6 40.6 41.1 41.1 102.83 101.02 101.93 102.84 2.46 2.47 2.48 2.49 Leather and leather products 38.5 36.9 37.0 37.9 66.18 62.63 63.84 65.53 1.71 1.73 1.73 1.72 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
76 DEPARTMENT STORES JANUARY 1963 SALES AND STOCKS, BY DISTRICT (1957-59= 100) Federal Reserve district United Period States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A an t t - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a s n c 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 Nov 113 119 116 112 115 111 111 108 108 109 112 104 118 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 115 110 113 115 117 115 117 112 113 108 116 108 121 111 112 108 107 110 110 115 108 105 106 111 107 123 July 114 115 113 109 114 112 118 111 112 112 116 112 123 Aug 115 117 117 112 109 115 118 113 108 111 113 107 124 Sept • • . 117 116 120 113 116 118 121 115 113 110 118 113 122 Oct 110 110 112 106 108 107 112 107 104 103 108 100 121 119 121 111 116 119 125 113 111 114 109 128 NOT SEASONALLY ADJUSTED 1961—Nov 134 146 146 146 140 134 126 129 129 125 128 120 r135 Dec 204 224 213 202 210 208 201 191 185 190 195 184 217 1962—Jan 83 86 90 80 84 77 85 77 75 74 79 79 90 Feb 83 72 87 75 81 78 91 75 78 78 82 80 95 Mar 96 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 88 105 102 112 104 96 94 92 99 103 109 101 103 106 111 108 119 Sept 117 117 120 113 114 118 114 116 114 118 119 109 121 Oct 113 115 120 112 109 115 113 111 110 111 111 102 117 Nov 147 152 145 141 142 139 135 133 130 *>133 125 145 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—Nov 112 114 112 108 113 113 110 113 116 108 109 105 117 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 117 115 113 112 115 116 114 116 121 112 115 114 127 June 118 115 113 112 117 119 115 121 117 113 114 115 128 Julv 118 118 113 113 116 119 120 122 117 109 115 114 127 118 115 116 113 115 117 116 123 116 110 115 112 126 Sept 118 114 116 112 118 117 119 122 115 113 111 110 127 Oct 120 116 118 114 118 119 125 124 117 113 111 113 129 Nov PH9 116 119 113 116 121 123 122 119 111 NOT SEASONALLY ADJUSTED 1961—Nov 129 135 130 126 133 130 128 126 131 126 126 119 134 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 116 115 114 112 114 119 116 116 116 111 114 115 125 118 117 116 116 116 121 117 118 121 112 116 115 125 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 112 108 102 103 112 111 110 119 112 107 110 109 123 117 114 113 109 115 119 116 122 117 111 112 115 126 Sent 125 123 121 119 125 126 126 129 123 120 116 117 132 Oct 135 134 134 131 135 135 140 135 133 128 123 127 143 Nov 137 138 133 138 138 144 136 135 129 NOTE.—Based on retail value figures; sales are average per trading day; For description of series and for back data beginning with 1947. see stocks are as of end of month or averages of monthly data. July 1962 BULL., p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 DEPARTMENT STORES; FOREIGN TRADE 77 DEPARTMENT STORE MERCHANDISING DATA Amounts (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 1.1 4.1 1.0 1954 409 ,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 ,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 ,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 ,338 461 461 458 3.1 1.1 4.1 1.0 1958 462 ,323 437 462 464 3.0 1.0 4.1 1.0 1959 ,391 510 495 498 3.0 1.1 4.1 1960 494 ,474 518 496 493 3.1 1.1 4.3 1.0 1961 503 ,485 530 508 512 3.1 1.1 4.3 1.0 1961_Nov 630 ,776 •-557 '699 '609 2.8 .9 3.7 1.1 Dec 965 ,406 391 595 431 1.5 .4 1.9 .6 1962—Jan 408 ,408 476 410 495 3.5 1.2 4.6 1.0 Feb 360 ,466 532 418 474 4.1 1.5 5.6 1.2 Mar 472 ,576 498 582 548 3.3 1.1 4.4 1.2 Apr 502 ,589 457 515 474 3.2 .9 4.1 1.0 May 507 ,571 499 489 531 3.1 1.0 4.1 1.0 June 472 ,509 679 410 590 3.2 1.4 4.6 .9 July 406 ,490 724 387 432 3.7 1.8 5.5 1.0 Aug 482 ,571 675 563 514 3.3 1.4 4.7 1.2 Sept 493 ,700 706 622 653 3.4 1.4 4.9 1.3 Oct 556 ,845 666 701 661 3.3 1.2 4.5 1.3 655 ,891 549 701 584 2.9 3.7 1.1 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 Excluding Period Total i military-aid shipments2 1960 1961 1962 1960 1961 1962 1960 1961 1962 Jan 1,561 1,644 1,642 1,484 1,536 1,592 1,174 1,150 1,373 Feb.... 1,579 1,671 1,775 1,500 1,606 1,712 1,329 1,068 1,224 Mar 1,753 1,933 1,845 1,636 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 1,063 1,333 May... 1,814 1,749 1,973 1,720 1,677 1,892 1,289 1,223 1,454 June... 1,742 1,699 1,970 1,642 1,644 1,894 1,332 1,232 1,350 July..., 1,702 1,637 1,709 1,632 1,558 1,622 1,183 1,285 1,337 Aug.. . 1,619 1,669 1,683 1,556 1,598 1,635 1,259 1,252 1,359 Sept.. .. 1,612 1,631 1,761 1,559 1,557 1,711 1,193 1,197 1,342 Oct 1,746 1,890 1,614 1,692 1,817 1,583 1,184 1,364 1,439 Nov.. . 1,799 1,818 1,851 1,726 1,759 1,792 1,197 1,342 1,452 Dec.. . . 1,806 1,827 1,752 1,777 1,175 1,295 Jan -Nov.. 18,744 19,048 19,704 17,850 18,288 19,015 13,844 13,431 15,049 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
78 PRICES JANUARY 1963 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 d m i l o d s - H n i f n o u is g u r h - s s e- H o 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 1933 45 1 35.3 60 8 42 7 42 8 1941 51.3 44.2 6K4 64.3 88.3 45.2 54.4 53.3 51.9 M.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— 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 99.0 107.4 102.7 107.3 114.1 106.4 109.5 105.1 105.3 103.5 104.8 105.6 107.7 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 99.0 107.5 102.9 106.8 114.6 106.8 110.0 105.6 105.5 103.8 104.8 105.8 108.0 100.1 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 Oct 106.0 104.3 105.0 106.1 108.0 102.4 98.8 107.6 104.9 108.1 114.9 106.9 109.5 105.6 Nov 106.0 104.1 105.1 106.2 108.1 103.6 98.7 107.8 104.3 108.3 115.0 107.1 110.1 105.6 NOTE.—Bureau of Labor Statistics index for city wage-earner and clerical-worker families. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All Farm Proc- Period m c t o o ie m d s i - - p u r c o t d s - f e o s o se d d s Total T t e il e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - P e a t p c e . r' Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - - s erals 1953 92.7 105.9 97.0 90.1 102.8 94. 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 88.8 93.8 110.5 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90,0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98,5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 99.9 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1961—Nov 100.0 95.6 noo.2 100.7 100.2 108.6 99.8 98.1 95.5 94.8 99.2 100.4 102.2 99.5 101.9 103.8 105.1 Dec 100.4 95.9 100.9 100.9 100.3 108.2 100.6 98.1 94.5 94.6 99.6 100.6 102.3 99.3 101.6 103.8 106.3 1962—Jan 100.8 97.9 101.8 101.0 100.3 108.2 101.0 98.4 94.3 94.7 99.9 100.7 102.3 99.3 101.9 103.8 106.7 Feb 100.7 98.2 101.7 100.8 100.4 107.7 100.4 98.1 93.3 95.2 99.9 100.6 102.3 99.1 102.1 103.8 105.6 Mar 100.7 98.4 101.4 100.8 100.5 107.4 98.9 98.0 93.8 96.2 101.0 100.4 102.3 99.0 102.2 104.0 105.6 Apr 100.4 96.9 100.0 100.9 100.5 106.9 100.2 97.9 92.9 96.8 101.3 100.3 102.3 98.9 102.4 104.0 106.0 May 100.2 96.2 99.5 100.9 100.7 107.2 99.7 97.7 93.2 97. 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 98.9 101 104.1 105.4 July 100.4 96.5 100.8 100.8 100.9 107.5 100.0 97.2 92.7 97.5 100.0 99.7 102.3 98.8 101 104.0 107.6 Aug 100.5 97.6 101.5 100.6 100.8 107.0 99.5 97.0 92.7 97.4 99.7 99.8 102.3 98.7 101.6 104.2 107.2 Sept 101. 100.6 103.3 100.8 100.6 107.5 100.8 96.9 92.8 97.0 99.5 99.7 102.3 98.6 101.5 104.2 109.1 Oct '100.6 98.7 101.5 100.7 100.5 r107.4 100.8 r97.1 r93.1 96.6 99.3 99.4 r102.2 98.5 101.6 r104.5 108.7 Nov 100. 99.3 101.3 100.7 100.5 107.3 100.8 97.0 94. 96.3 99.1 99.4 102. 98.5 101.6 104.5 109.8 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 PRICES 79 WHOLESALE PRICES: DETAIL (1957-59= 100) 1961 1962 1961 1962 Group Group Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 94.9 97.5 96.3 Woodpulp 95.0 93.6 91.3 89.4 Grains 98.8 98.6 98.5 99.5 Wastepaper 93.8 96.4 96.1 96.0 Livestock and poultry 89.4 104.4 98.6 98.3 Paper 102.0 102.4 102.3 102.3 Plant and animal fibers 98.1 97.4 97.5 97.6 Paperboard 89.7 94.0 94.0 94.0 Fluid milk ... 105.9 101.6 102.5 102.5 Converted paper and paperboard. 100.2 100.0 100.0 99.7 Eggs 107.0 110.7 103.1 112.4 Building paper and board 100.1 97.1 '96.3 96.6 Hay and seeds 103.5 99.8 103.1 106.9 Other farm products 93.0 90.8 89.7 90.1 Metals and Metal Products: Processed Foods: Iron and steel 100.1 99.0 98.7 98.4 D C C S P A M u a e a a n e e c g r n i i a t k r e m a n a y t a a r , b e a l g d l p a p l e e a r n o d s f n o a a u d d d t n b l s c t u d e b r o c v y a a n t f e , n k s f r r o e d e a a a c r z n g o y n t e d e i i n d o l p s m n f r i i e f c o s a r r e h d u t y e u i c r t c r s i e t a , s a ls m and veg- 1 1 1 9 9 8 8 0 0 0 9 3 6 2 9 6 0 . . . . . . . 9 6 2 6 6 1 5 1 1 1 1 9 9 8 0 0 0 0 6 1 2 6 2 6 7 . . . . . . . 6 4 4 8 1 0 8 1 1 1 1 '9 9 8 0 0 0 0 5 6 0 7 0 7 3 . . . . . . . 2 4 2 7 0 7 0 1 1 1 1 9 9 8 0 0 0 0 6 2 0 7 0 8 2 . . . . . . . 3 4 2 9 1 0 5 N H P H M F F l a a o e a u e u b b a r n m t c d r r t a f t i i i w e l b s c c n r i a a c g a r n t t o o r g e e e e n u d d q t s e a u n q s i m i n t u o p r e i n e m u p r s t c s m a e t t r l n u s e u t r n c a t t l u m ra e l t m al e p ta r l o p d r u o c d ts - . 1 1 1 1 1 9 9 0 0 0 0 0 4 8 0 2 4 4 3 . . . . . . . 0 5 2 0 2 3 1 1 1 1 9 9 9 9 0 0 0 8 2 7 8 3 3 3 . . . . . . . 9 6 8 2 7 7 9 1 1 1 ' '9 9 9 9 0 0 0 7 2 8 8 3 3 3 . . . . . . . 9 7 1 2 7 7 8 1 1 1 9 9 9 9 0 0 0 8 2 8 8 3 3 3 . . . . . . . 3 7 4 1 7 8 8 Crude vegetable oils 95.0 76.7 '80.9 79.9 Refined vegetable oils 118.9 84.6 86.2 88.7 Machinery and Motive Products: Vegetable oil and products , 103.4 92.6 90.9 91.8 Miscellaneous processed foods , 103.4 102.8 104.6 101.1 Agricultural machinery and equip.... 107.8 109.4 109.6 110.4 Construction machinery and equip.. . 107.6 107.7 108.0 108.0 Textile Products and Apparel: Metalworking machinery and equip... 107.7 109.3 109.3 109.3 General purpose machinery and Cotton products 101.7 101.3 101.0 100.7 equipment 102.5 103.6 103.7 103.7 Wool products 97.7 99.4 99.6 100.1 Miscellaneous machinery 102.9 103.6 103.6 103.6 Man-made fiber textile products 93.1 94.0 93.6 93.6 Special industry machinery and equip- Silk products 114.2 125.2 129.5 130.3 ment (Jan. 1961 = 100).., 100.7 102.0 102.2 102.5 Apparel 101.2 101.6 101.7 101.7 Electrical machinery and equip 99.5 98.1 '98.0 97.6 Other textile products 122.8 121.6 121.9 128.2 Motor vehicles 100.4 100.9 100.4 100.4 Transportation equip., RR. rolling Hides, Skins, Leather, and Products: stock (Jan. 1961= 100) 100.5 100.5 100.5 100.5 L F H o e id a o t e t h w s e e a r a n r d skins 1 1 1 1 0 1 0 8 7 . . . 7 5 4 1 1 1 0 0 1 8 6 0 . . . 8 6 8 1 1 1 0 0 0 8 6 8 . . . 6 5 8 1 1 1 0 0 0 8 6 7 . . . 6 8 1 Furn b it l u e r s e : and Other Household Dura- Other leather products 104.3 104.0 104.8 105.0 Household furniture 103.5 103.9 104.0 104.1 Fuels and Related Products, and Power: C Fl o o m or m c e o rc v i e a r l i n f g u s rniture 1 9 0 9 2 . . 5 1 1 9 0 6 2 . . 7 5 1 9 0 6 2 . . 8 5 1 9 0 6 2 . . 8 5 C C G o o a k a s l e fuels (Jan. 1958= 100) 1 1 9 0 1 8 3 9 . . . 3 6 3 1 1 9 2 0 6 0 3 . . . 6 1 6 1 1 '9 0 2 7 3 2 . . . 2 6 7 1 1 9 0 2 7 3 2 . . . 7 6 7 H T O e o th l u e e v s r e i s h h i o o o l n u d , s e r a a h p d o p i l l o d ia s d , n c u a e r n a s d b l p e h g o o n o o d g s raphs.. 1 9 9 0 5 3 2 . . . 1 8 7 1 9 9 0 3 0 3 . . . 2 7 1 1 '9 9 0 0 3 2 . . . 7 0 9 1 9 9 0 2 0 2 . . . 9 7 9 Electric power (Jan. 1958= 100) 102.6 102.8 102.7 102.7 Crude petroleum and natural gasoline 98.2 98.2 '98.1 98.1 Nonmetallic Mineral Products: Petroleum products, refined 97.2 99.2 98.9 98.6 Flat glass 96.2 96.6 96.6 96.6 Chemicals and Allied Products: Concrete ingredients 102.3 103.3 103.3 103.3 Concrete products 102.5 102.8 '102.9 102.9 Industrial chemicals 97.3 95.9 96.1 95.9 Structural clay products 103.3 103.6 '103.4 103.4 Prepared paint 103.6 103.8 103.8 103.8 Gypsum products 105.0 105.0 105.0 105.0 Paint materials 97.3 94.5 93.9 94.0 Prepared asphalt roofing 102.8 89.4 89.4 89.4 Drugs and Pharmaceuticals 97.3 95.0 r95.1 95.1 Other nonmetallic minerals 102.0 101.5 '102.2 102.4 Fats and oils, inedible 76.4 72.3 76.7 76.1 O M Fe t i h r x t e i e l r d i z c e f h e r e r m t m il i i a c z t a e e l r r s s i a a ls nd products 1 1 9 0 0 9 4 3 . . . 0 7 7 1 9 9 0 8 9 3 . . . 6 5 9 10 9 9 3 9 9 . . . 4 5 0 1 9 9 0 9 9 3 . . . 5 2 0 Toba e c r c a o g es P : roducts and Bottled Bev- Rubber and Products: T A o lc b o a h c o c l o i c p b ro ev d e u r c a t g s es 1 10 0 0 2 . . 6 0 1 10 0 1 2 . . 1 0 1 1 0 0 2 1 . . 2 5 1 1 0 0 2 1 . . 2 5 Crude rubber 94.6 92.0 '92.7 92.8 Nonalcoholic beverages 116.2 117.1 117.4 117.4 Tires and tubes 92.0 86.4 86.4 88.7 Miscellaneous rubber products 99.4 99.4 100.0 100.0 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms 101.6 101.1 101.2 101.2 Manufactured animal feeds 106.2 113.7 112.8 114.8 Lumber 93.8 97.2 96.7 96.3 Notions and accessories 98.8 98.7 98.7 98.7 Millwork 101.1 102.3 102.3 102.3 Jewelry, watches, photo equipment... 104.2 104.4 104.4 104.4 Plywood 93.2 92.2 91.9 91.5 Other miscellaneous products 101.8 101.2 101.6 101.6 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL PRODUCT AND INCOME JANUARY 1963 80 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 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 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 Services 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 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 constTUction 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 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 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 .8 .2 1.1 .6 4.9 1.2 -.8 2.9 4.0 2.8 3.8 3.7 3.7 2.5 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 Imports 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 52.7 O Na th ti e o r nal defense ) 1.3 2.0 j 1 13 3 . . 8 2 1 5 4 . . 2 3 4 5 4 . . 7 4 4 8 4 . . 3 8 4 7 6 . . 9 2 4 8 5 . . 1 7 4 8 9 . . 7 0 4 8 8 . . 7 4 5 9 0 . . 2 8 5 9 3 . . 6 0 5 9 3 . . 5 2 5 9 4 . . 6 0 .1 .4 .5 .5 .6 .6 6 .6 6 .6 .8 State and local 7.2 6.0 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 I II III 87.8 40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 431.3 444.0 448.9 456.7 459.8 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 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 45.5 23.9 51.9 124.1 198.4 196.6 213.1 222.9 227.0 228.8 232.5 235.0 240.1 241.4 Military 1.9 5.0 9.6 9.8 9.9 9.9 10.2 10.0 10.8 11 2 11.2 10.9 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 45.5 .7 .5 2.7 7.8 17.0 17.3 20.1 22.4 23.4 23.5 23.8 25.2 25.8 25.9 Employer contributions for social in- .1 .1 2.0 4.0 7.8 8.0 9.7 11.4 12.0 12.1 12.2 13.3 13.4 13.5 Other labor income .6 .4 .7 3.8 9.1 9.4 10.4 11.0 11.4 11.4 11.6 12.0 12.3 12.4 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 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 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 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 51.0 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 51.1 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 24.9 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 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 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 19.3 10.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.5 - 3 -.5 .2 -.3 -.3 .3 -.2 -.1 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
JANUARY 1963 NATIONAL PRODUCT AND INCOME 81 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 III IV 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 47.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 38.2 39.3 42.6 46.5 48. 48.3 49.7 50.2 51.4 51.8 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 -.7 .8 - 1 .6 .8 -1 1 . . 5 8 -3 2 . . 0 -3 2 . . 4 1 -3 2 . . 1 1 -3 2 . . 1 1 -1 2 .9 .1 -1 2 . . 4 1 -4 2 . . 0 1 -4 2 . . 3 1 Plus: Subsidies less current surplus of government enterprises , -.1 .1 .2 1.0 1.1 .4 1 2.1 2.0 1.8 1.8 1.8 Equals: National income , 87.8 40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 431.3 444.0 448.9 456.7 459.8 Less: Corporate profits and inventory valuation adjustment , 10.1 -2 14.5 35.7 41.7 37. 47. 45.6 45.5 46.0 51.1 50.4 50.7 51.0 Contributions for social insurance .2 2.8 6.9 14.5 14.8 17.6 20.6 21.6 21.8 22.1 23.6 23.9 24.0 Plus: Government transfer payments , .9 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 1.3 4.8 6. 6. 7.1 7.8 7.3 7.2 7.2 7.3 7.4 7.5 Dividends 5.8 4.5 9.2 12.6 12.4 13. 14.4 15.0 14.9 15.5 15.8 15.8 15.8 Business transfer payments .8 1.8 1.8 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 .6 Equals: Personal income 96.3 228.5 351.4 360.3 383.9 400.8 416.4 419.4 427.3 432.0 439.5 442.6 85.8 Less: Personal tax and nontax payments. 3.3 20.8 42.6 42.3 46.8 51.4 52.8 53.0 54.6 56.4 57.7 58.5 2.6 Federal 1.3 2.0 18. 37.3 36.6 40.4 44.0 45.0 45.1 46.7 48.0 49.2 49.9 State and local 1.4 1.3 2.6 5.3 6.4 7.4 7.8 7.9 8.0 8.4 8.5 8.6 5. Equals: Disposable personal income 83.1 93.0 207. 308.8 337.1 349.4 363.6 366.3 372.6 375.6 381.8 384.1 317.9 Less: Personal consumption expenditures.. 79.0 81.9 195.0 285. 313.5 328.5 338.1 340.1 346.1 350.2 354.9 358.2 293. Equals: Personal saving 4.2 11.1 12.6 23.6 23.6 20.9 25.6 26.3 26.5 25.4 26.9 26.0 24.7 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 293.8 296.3 310.7 317.: 327.3 329.7 334.5 336.6 340.9 342.1 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 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.* Total personal income 400.8 416.4 427.8 430.5 428.8 431.9 435.2 438.3 439.7 440.7 441.9 443.0 443.5 445.6 447.4 Wage and salary disbursements 271.3 278.8 286.4 288.3 287.4 290.3 292.2 295.3 296.0 296.9 297.8 298.1 298.0 298.5 299.4 Commodity-producing industries... 110.4 110.8 115.0 114.9 113.8 115.2 116.1 118.2 118.2 118.1 118.4 118.1 117.9 117.8 117.8 87.4 87.5 91.1 91.5 90 8 92.0 92.8 94.4 94.5 94.5 94.5 94.1 94.0 93.9 94.0 Distributive industries 71.8 72.9 73.5 74.5 74.4 75.0 75.4 75.8 76.1 76.2 76.4 76.6 16.1 76.9 76.8 Service industries 40.7 43.4 44.2 44.9 44.9 45.1 45.3 45.6 45.9 46.5 46.7 47.0 47.0 47.1 47.1 Government. 48.4 51.8 53 7 54 0 54 4 55.0 55 4 55.6 55.8 56.0 56.3 56.5 56.4 56.7 57.7 Other labor income 11.0 11.4 11 6 11.6 11.8 12.0 12.1 12.2 12.3 12.4 12.4 12.4 12.4 12.5 12.5 46.2 47.8 49.9 49.7 49.2 49.0 49.3 49.4 49.6 49.6 49.6 49.8 49.9 50.3 50.5 Business and professional 34.2 34.8 36.1 36.2 36.1 36.2 36.4 36.6 36.8 36.8 36.9 37.0 37.0 37.1 37.2 Farm 12.0 13.1 13.8 13.5 13.1 12.8 12.9 12.8 12.8 12.8 12.7 12.5 12.9 13.2 13.3 Rental income 11 9 12.3 12 5 12 5 12 6 12 6 12.7 12.7 12.8 12.8 12.8 12 9 12.9 12.9 12.9 Dividends 14 4 15 0 15 4 15 9 15 6 15 8 15 9 15.8 15.8 15 8 15.7 15 7 16.0 16.1 16.2 Personal interest income . 25 8 27 4 28 1 28 4 28 6 28 8 29 0 29 2 29.4 29 6 29 8 30 0 30.2 30.4 30.6 Transfer payments 29.4 33.4 33.8 34.0 33.9 33.8 34.5 34.2 34.2 34.1 34.2 34.5 34.5 35.5 35.8 Less: Personal contributions for 9.2 9.7 9.9 9.9 10.3 10.4 10.4 10.5 10.5 10.5 10.5 10.5 10.4 10.5 10.5 384.7 399.1 409.5 412.7 411.6 414.8 418.0 421.2 422.6 423.5 424.8 425.9 426.4 428.2 430.0 Agricultural income 16.1 17.3 18.3 17.8 17.2 17.1 17.2 17.1 17.1 17.2 17.1 17.1 17.1 17.4 17.5 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
00 to 1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR THIRD QUARTER, 1962—SEASONALLY ADJUSTED (Annual rates in billions of dollars) Consumer Nonfinancial business sectors Government sectors Financial sectors and non- Rest-of- All Dis- Natl. Sector profit world sectors crep- saving sector Non- State Commercial Savings Finance sector ancy and Farm corporate Corporate U.S. and local banking institutions Insurance n.e.c. investment Transaction s u s s category U S U S U U S S U S U S U U U S U S U S U 82.3 4.1 8.9 38.1 -4.1 -5.7 1.6 1.0 -.2 —1.1 -1.2 123.7 .2 124.9 A B Capital consumption • .. •. 48 4 4.1 8.9 28.5 B 2 C Net savins (A B^ 33.9 9 7 C _ D Gross investment (E+J) 81.2 4.1 8.9 28.2 -.8 .9 1.9 1.8 125.9 123.4 D E Private capital expenditures E (net of sales) 67.8 4.9 14.2 35.8 .4 .4 123.5 123.5 F Consumer durable goods.... 47.1 47.1 47.1 F G Nonfarm resident, constr 16.8 3.8 3.8 24 3 Q 2 H Plant and equipment 4.0 " Y9 10.5 30.9 4 4 51 2 JJ I Chance in inventories -.1 1.1 1 0 I J Net financial invest. (K-L) 13.4 -.8 -5.3 -7.6 -.1 -.8 .5 1.9 1.4 .3 .1 2.5 -.1 J L K N N e e t t a in c c q r u e i a s s . e o i f n f i l n ia a b n . ass . e ts . 36.2 "22^7 .2 "5.5 10.7 -.3 5.2 6.0 11.1 1<K6 16.1 U.I 11.7 5.8 h.i 1.9 'i'.s 98.5 K L M Gold, off. U.S. foreign exch. -2 4 1.8 -A -.6 -.5 .1 M N Dem deo and currency 2 8 -.4 -3.0 2.2 1.3 .9 4 j — 1 1 1 8 1 3 — 5 N O Time and svss accounts 21 7 .6 -.1 .4 9 6 13 0 — 1 22 6 22 6 O P At commercial banks 8.8 .6 -.1 .4 9.6 -.1 9.6 9.6 P O At savinss institutions 13 0 i3 0 13.0 13.0 Q R Saving through life ins 4.9 1 4 8 4.9 4.9 R S Saving through pen funds . 8 5 1.0 2.6 4 9 8 5 8 5 s T Credit market instr — 1 21.0 1.5 .1 5.3 .7 15.1 2.0 -4.4 2.7 3.3 11.1 * 15.2 1.2 11.3 4.2 5.7 1.1 3 48.3 48.3 T U US Govt securities 5 -3 1 -2 4 5 -3 1 4 3 1 0 1 l —2 4 —2 4 U — 1 9 .2 .2 3.2 — 1 1 1 _ 2 3 2 3 2 y W Corp. and foreign bonds... -1.0 "2.9 1.5 .4 3.1 -.4 .3 * .4 3.6 3.6 W X Corporate stock . .. 1 1.0 * 2.6 -.6 1.3 .1 * 2.3 2.3 X Y 1- to 4-family mortgages... 15.0 .3 .3 -.2 .2 2.9 10.4 1.5 .8 15.6 15.6 Y 2 2 "Y.4 :::::: 2.3 :::::. 5.4 .4 2 1 8 3 1 1 7 9.3 9.3 4.5 1 6 1 0 7 4.5 4.5 6 _ 2 3 1 6 2 1.8 * 6.2 6.2 b c Other loans .6 .3 l'.8 2.5 2.4 1.9 -2.0 .1 -2.1 .1 1.2 " Yo "2.9 2.3 '"--'.2 -.7 6.1 6.1 c d Security credit ......... -1.3 16 2.3 1 6 10 2.6 2.6 d e Trade credit .2 .4 .3 8.4 3.2 .4 .4 .1 8 8 4 0 -48 • • e f Proprietors' net invest, in — 6 — 1 1 .5 -.6 — .6 f .1 .1 1.4 -.1 A 2.8 .1 — 3 6 -.6 .2 2.5 2.2 4.9 '"2.7 g h Sector discrepancies (A—D). . . 1.0 9.9 -4.0 -5.0 .7 -1.0 -2.0 -.8 -1.2 2.3 2.3 1.4 h G > NOTE.—Saving and investment concepts are described in notes to Table 2 and the Aug. 1959 BULL., pp. 831-43. Descriptions of sectors and of transaction categories are given in "Technical Notes," Aug. 1959 BULL., pp. 846-59. Seasonal adjustment procedures are described in Nov. 1962 BULL., p. 1399ff. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 FLOW OF FUNDS/SAVING 83 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1960 1961 1962 Transaction category, 1957 1958 1959 1960 1961 or sector III IV I II III IV I II III I. Saving and investment A Gross national saving 109.4 94.1 115.6 120.4 116.9 118.6 114.9 106.0 116.4 119.3 126.1 127.6 129.3 124.9 A B Consumer and nonprofit 68.6 68.1 73.9 72.4 76.9 72.2 71.9 71.3 77.3 77.3 81.8 83.0 79.8 82.3 B C Farm and noncorp. business 12.0 11.9 12.4 12.7 12.7 12.6 12.7 12.6 12.7 12.8 13.0 13.6 13.0 13.0 C D Corporate nonfin. business 26.3 25.0 35.6 31.5 35.( 29.3 28.8 28.2 34.2 36.2 41.2 40.6 40.2 38.1 D E U.S. Government 3.7 — 8.0 -4.5 4.3 4.6 1 7 — 5 0 — 6 6 — 4 3 — 5 2 — 5 9 -4.1 E F State and local govt -3.7 -5.0 -4.0 -3.4 -4.5 -3.6 -4.2 -4.3 -3.9 -4.3 -5.7 -4.8 -5.7 F G Financial sectors 2.6 2.1 2.1 2.9 2.1 3.4 4.0 3.1 2.8 1.7 c 1.1 "c 1.3 G H Gross national investment 110.8 94.3 114.7 117.9 114.8 116.0 112.5 104.3 111.3 118.8 124.6 124.7 126.4 123.4 H I Consumer durable goods 40.4 37.3 43.6 44.8 43.7 44.5 44.0 40.8 43.5 44.0 46.6 46.3 47.2 47.1 I J Business inventories 1.6 -2.0 6.6 4.1 2.1 2.1 -1.1 -3.6 2.1 4.0 6.0 6.7 4.0 1.0 J K Gross pvt. fixed investment 64.6 58.6 66.2 68.3 67.1 68.1 67.5 63.7 65.5 68.5 70.8 69.2 73.5 75.5 K L Consumer and nonprofit 18.1 18.1 22.1 21.7 20.1 22.0 21.6 20.3 19.5 19.3 21.2 21.9 20.3 20.7 L M Nonfin. business 45.7 39.8 43.2 45.8 46.2 45.2 45.0 42.5 45.2 48.4 48.8 46.5 52.4 53.9 M N Financial sectors .8 .8 .8 .8 .8 .8 .8 .8 .8 .8 .8 .8 .8 N 4 3 1 7 .7 1 8 2 2 3 4 2 3 1 1 2 6 1 7 1 O P Discrepancy (A —H) -1.3 c 2.5 2.2 2.6 2.3 1.7 5.0 .6 1.5 2.9 2.8 1.4 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors.. 32.5 42.8 52.7 36.2 46.3 31.9 34.0 30.0 44.3 56.0 54.7 61.5 63.9 41.5 A B Loans and short-term securities 12.8 3.3 19.2 7.8 19.3 20.4 26.9 17.0 4.5 28.8 34.9 20.9 -7.1 B C Long-term securities and mtgs 19.7 39.5 33.5 28.4 27.0 11.4 33'.7 3.1 27.3 51.6 25.9 26.5 43.0 48.5 C By sector D U.S. Government — 1 3 8 6 8 7 2 2 7 4 2 7 2 4 9 3 15 3 4 7 15.0 7.6 -4.4 D E Short-term securities 5 5 1 2 5 5 -5.1 11.3 12.2-10.8 22.0 16.6 -4.6 11.4 22.1 4.1 -18.6 E 6 4 9 5 3.8 2.4 -4.2 -16.0 8.2 -22.2 -7.1 20.9 -8.2 -7.9 3.6 16.1 F G Foreign borrowers 1.4 2.3 A 2.0 2.7 1.7 3.1 2.8 3.1 4.8 3.7 1.5 -.3 G H Loans 9 1 1 1 4 1.9 1 1 2 4 2 6 — 10 2 4 3 7 3 2 -.7 H 8 1 1 A I J Pvt. domestic nonfin. sectors 32.4 31.9 43.1 36.3 36.2 32.8 33.3 26.7 35.3 37.4 45.1 42.7 54'.8 46.2 J K Loans 6.8 3.1 14.1 11.0 5.8 6.0 8.4 1.7 1.7 7.6 12.2 8.8 16.6 14.3 K 2 6 6 1 4 4 1 3 3 3 2.4 1.0 4.1 3.1 6.7 4.5 L M Bank loans nee 2.3 1.8 5.6 2.9 2.3 — .1 2.4 1.7 7.3 3.3 5.3 4.4 M N Other loans 1.9 1.1 2.4 3.7 2.2 2.9 3 6 1*1 1 9 4 9 9 2 4 4 6 5 3 N O Securities and mortgages 25.6 28.8 29.1 25.3 30.4 26.8 24.9 25.1 33.5 30.0 32.9 33.9 38.2 31.9 O P State and local oblig 4 6 5 5 4 7 3 7 5 1 4 9 3 7 4 3 3.9 5.6 6.7 7.7 6.1 3.2 P Q Corporate securities 8.8 8.0 5.4 5.4 7.0 6.2 5.9 5.0 12.3 6.0 4.7 4.7 7.0 3.9 Q R 1- to 4-family mortgages 8.6 10.1 13.2 10.4 12.1 10.5 10.0 10.2 11.8 12.4 14.2 13.5 16.0 15.6 R S Other mortgages 3.5 5.2 5.8 5.8 6.1 5.2 5.4 5.5 5.5 6.0 7.3 8.0 9.1 9.3 S T Net sources of credit ( = A) 32.5 42.8 52.7 36.2 46.3 31.9 34.0 30.0 44.3 56.0 54.7 61.5 63.9 41.5 T V U C U h S g . G in o v U t .S l . e n G d o in v g t. cash bal 2.4 1.7 1 3.8 2.4 8 2.8 1 1 1. 7 4 2 1 . 6 4 5 1 .8 4 2 7 5 5 . 1 5 4 2 .8 4 3 3 .3 6 A 6 A 4 4 2 .0 3 V U W Foreign funds -.1 3.1 3.6 3.2 2.5 3.8 5.9 2.8 3.8 4.1 3.5 2.0 1.7 W X Pvt. insur. and pension reserves.. 7.0 7.8 8.8 8.2 8.7 9.0 7.5 7.7 7.5 9.2 10.2 8.6 9.7 9.8 X Y Sources nee . 3.2 4.8 5.8 6.8 5.1 3.7 6.1 2.1 .7 13.4 4.1 3.0 2.9 7.3 Y Z Pvt. Domestic Nonfin. Sectors 19.8 25.2 30.0 14.8 27.2 12.2 13.2 20.9 34.8 19.1 34.0 39.4 38.4 24.9 Z AA Deposits and U.S. Govt. secur.... 10.5 17.8 23.3 1.1 23.2 7.8 9.2 15.4 26.8 19.0 31.5 27.3 32.2 26.0 AA AB Deposits 11.0 20.6 10.8 13.6 24.1 20.3 20.9 24.3 25.8 19.3 26.8 24.8 26.5 28.1 AB AC Demand dep. and curr — 1.4 4 9 — 1 3 3 9 2.2 1 1 1 l 3 7 2.2 8.8 -10 5 6 5.4 AC AD Time and svgs. accounts 12.4 15.7 10.5 14.9 20.1 18.2 19.8 23.2 22.2 17.1 18.0 35.3 25.9 22.7 AD AE At commercial banks.... 5.5 6.9 2.1 5.3 8.8 8.2 9.1 12.1 10.9 6.5 5.7 23.0 13.7 9.8 AE AF At savings instit 6.8 8.7 8.4 9.6 11.4 10.0 10.8 11.2 11.3 10.6 12.4 12.3 12.2 13.0 AF AG U S Govt securities -.4 -2.8 12.5 -5.9 9-12.5 -11.7 -8.9 .9 0 A.I 2.6 5.7 -2.1 AG AH Other securities and mtgs 8.8 8.3 7.0 6.8 5.3 5.3 3.7 5.6 11.0 .6 3.9 11.7 2.4 1.7 AH AI Less security debt — 4 9 — 3 9 — 3 1 3 0 6 1 4 — 4-3.8 2.8 AI III. Financial institutions A Net funds advanced—Total 22.3 37.2 30.8 34.5 43.9 43.2 42.5 32.7 39.8 54.8 48.1 43.9 49.1 45.9 A B US Govt securities -.8 11.0 -6.2 2.8 7.8 9.4 8.4 8.2 9.3 15.5 -1.9 11.0 -.2 -1.4 B C Other securities and mtgs 17.6 23 1 23 1 20 7 27.9 23.5 24.0 21.9 26.0 31.3 32.3 24.7 40.7 32.0 C D Loans 5.5 3.1 13.9 11.0 8.2 10.3 10.0 2.6 4.5 8.1 17.7 8.2 8.6 15.3 D By sector E Banking system 4.3 17.0 5.5 10.0 17.4 16.2 17.2 12.0 15.2 25.0 17.5 20.1 19.6 13.4 E F Savings institutions 7.2 9.3 10.6 9.3 12.0 9.0 10.7 11.4 10.9 11.7 14.1 13.8 12.9 15.2 F G Insurance and pension funds 8.4 9.0 10.1 10.2 10.7 11.2 10.3 10.1 9.2 11.0 12.6 9.9 11.1 11.4 G 2 3 1 9 4 6 5 0 3.7 6.8 4.3 -.8 4.5 7.2 4.0 .1 5.4 5.8 H I Net sources of funds—Total 22.3 37.2 30.8 34.5 43.9 43.2 42.5 32.7 39.8 54.8 48.1 43.9 49.1 45.9 I j Gross saving 2.6 2.1 2.1 2.9 2.1 3.4 4.0 3.1 2.8 1.7 .9 1.1 .9 1.3 J K. Deposit claims 11.5 22.6 10.6 15.3 26.5 23.5 21.3 20.9 29.9 28.0 27.5 31.4 32.5 23.8 K L Demand deposits and curr -.8 5.8 1.1 5.6 4.1 .7 -2.0 6.5 9.6 8.3 -3.6 6.3 1.3 L M Time dep. at comm. banks 5.4 7.9 1.1 5.8 9.4 9.4 9.7 11.7 11.9 7.8 6.3 22.7 13.8 9.6 M P N S O Q R S S C v v r O I C g e g n d . . t o v h i t t r t e h h e p s r r r m o t o o m r s a u u a a r e g g t v k n e h h i e t n t b g p l c i o i s f e o n e n n a s d s i t c s i s n r h o c u s a o n m u r u r e f e n a s u n t n n s t c d s . e s ... 4 2 6 2 1 . . . . . . 4 2 9 7 6 2 4 8 3 1 . . . . . . 4 9 3 1 5 6 5 5 8 3 1 1 . . . . . . 9 2 4 6 0 8 4 9 3 3 1 1 . . . . . . 7 5 5 5 4 5 1 4 2 3 3 1 . . . . . . 9 0 7 8 7 5 1 2 5 3 1 1 0 . . . . . . 0 5 4 5 4 0 1 4 3 3 1 1 0 . . . . . . 2 4 4 9 3 9 1 4 3 \ 1 . . . . 6 . 0 9 7 2 1 4 2 3 1 1 1 . . . . . . 2 6 3 5 3 5 1 4 6 2 5 0 . . . . . . 0 0 2 0 2 6 1 6 2 6 3 2 . . . . . . 1 7 3 9 9 9 1 4 4 4 3 2 . . . . . 2 0 7 3 3 * 1 4 4 7 2 1 2 . . . . . . 1 1 9 9 2 4 1 4 4 6 1 3 . . . . . . 8 9 8 3 3 0 N O Q R S P T Loans -1.2 2.9 .4 .8 -.8 .1 -2.5 2 3.7 2.0 .7 3.7 5.3 T U Security credit .6 .5 .9 3.1 1.2 -1.3 1.0 1.7 -1.9 -.8 1.1 U V Other sources net -l."2 3.7 3.3 4.1 1.9 2.2 5.0 2.1 -5.'2 8.9 1.9 .5 -.3 3.1 V NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see p. 85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
84 FLOW OF FUNDS/SAVING JANUARY 1963 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1960 1961 1962 Transaction category, or sector 1957 1958 1959 1960 1961 III IV III IV III I. Demand deposits and currency Net incr. in banking system liability. 5.8 5.6 4.1 .7 -2.0 6.5 9.6 8.3 -3.6 6.3 1.3 U. S. Govt. deposits .2 .1 .6 .1 1.4 -1.4 -5.4 2.7 5.5 -2.4 3.6 6.4 -4.3 Other -1.0 5.6 .5 5.5 2.8 2.1 3.4 3.8 4.1 10.7 -7 2 -.1 5.5 Net increase in assets, by sector. . . .7 6.3 .3 .2 4.8 3.9 .8 -1.9 4.5 11.3 5.3 2 4.4 1.8 U.S. Govt .2 .1 .7 .9 .3 1.7 -1.5 -5.7 1.0 8.9 -3.0 3.5 6.0 -3.0 Other domestic sectors .3 6.1 -.5 -.6 4.1 2.2 1.5 2.9 4.4 1.9 7.2 -5.6 -.7 5.8 Consumer and nonprofit -.9 2.5 1.0 .3 1.4 1.7 2.2 5.0 1.6 1.5 -2.4 2.7 1.7 2.8 Nonfinancial business .7 2.7 -2.2 -1.7 .9 -1.6 -1.6 -2.8 i .6 6.0 -6.4 -4.4 -.4 State and local govts .3 .3 .5 .2 .6 1.4 .7 -.7 \'.9 -1..7 2.6 -3.3 1.7 2.2 Financial sectors .3 .7 .1 .5 1.2 .6 .2 1.4 1.5 .9 1.4 .2 1.2 Rest of the world .2 .1 .4 * .8 .9 ' g .4 1.0 2.0 -.9 -l.l Discrepancy—U.S. cash * -.1 2 -.3 .1 .3 l.l -3.4 .5 .1 .4 -1.3 Other -1.5 -.5 .9 -.2 ! .6 -.2 c .3 1 2.5 -3.6 1.5 II. Time and savings accounts Net increase-^-Total 12.3 16.8 9.5 15.2 20.9 19.4 20.6 22.9 23.4 18.4 19.2 35.0 26.2 22.6 A At commercial banks—Total. 5.4 7.9 1. 5.8 9.4 9.4 9.7 11.7 11.9 7.8 6.3 22.7 13.8 9.6 B Corporate business .9 -.4 .8 1.3 1.6 2.0 5.6 1.2 .8 -2.4 4.8 2.6 .6 C State and local govts .3 .7 -.5 1.3 .9 2.1 2.1 .9 .8 .9 .9 2.1 .3 .4 D Foreign depositors .9 -.9 .6 1.2 .3 -.3 .7 1.3 .6 -.5 .2 -.1 E Consumer and nonprofit. .. 5.2 5.3 3.0 3l 4.4 5.0 16.0 10.8 F 6.6 5.5 4.8 7.2 At savings institutions 6.9 8.9 8.4 9.5 10.0 10.9 11.5 12.3 12.4 13.0 G Memo—Consumer and nonprofit 11.5 11.2 10.6 12.9 organ.—Total 12.0 14.0 11.3 12.8 14.4 15.8 20.1 28.3 23.0 21.7 H 18.0 16.7 15.4 19.6 III. U. S. Govt. Securities A Total net issues -.9 8.2 9.3 -2.7 7.2 -3.8 -2.7 -.2 9.5 16.2 3.3 14.3 7.8 -2.4 A B Short-term direct. 5.5 -1.2 5.5 -5.1 11.3 12.2 -10.8 22.0 16.6 -4.6 11.4 22.1 4.1 -18.6 B C Other -6.4 9.5 3.8 2.4 -4.2 -16.0 8.2 -22.2 -7.1 20.9 -8.2 -7.9 3.6 16.1 C D Net acquisitions, by sector -1.1 8.3 9.3 -2.6 7.2 -3.8 -2.6 -.2 9.5 16.2 3.3 14.3 7.8 -2.4 D E Pvt. domestic nonfin. sectors... -.4 -2.8 12.5 -5.9 -.9 -12.5 -11.7 -8.9 .9 -.3 4.7 2.6 5.7 -2.1 E F Consumers and nonprofit. . . -.9 -2.2 6.3 -3.1 -.2 -3.3 -7.8 -8.0 -4.1 5.1 6.3 -1.0 2.8 .5 F G Svg. bds. & postal svg. dep. -2.2 -.7 -2.0 - .4 .7 -.2 .5 .3 .5 .8 1.2 -./ .4 G H Securities 1.3 -1. 8.3 -2.7 -.8 -3.1 -8.4 -8.2 -4.6 4.4 5.2 -.8 2.6 .1 H I Corp. nonfin. business 2 4.4 -3.0 -.9 -7.4 -3.3 -1.6 4.1 -5.1 -1.0 1.3 .8 -3.1 I J State and local govts -'A 1.8 .3 .2 -1.8 -.6 .6 1.0 -.3 -.6 2.2 2. .5 J K Financial sectors 11.0 -6.2 2.8 7.8 9.4 8.4 8.2 9.3 15.5 -1.9 11.0 -.2 -1.4 K Banking system 10.1 -7.1 2.7 7.4 8.6 8.3 7. 10.7 13.9 -2.3 8.6 .8 -3.1 L M Monetary authorities 2.2 .3 .7 1.5 1.2 -.7 2.2 .2 1.5 2.0 5.5 .3 M N Commercial banks 7.9 -7.4 2.0 5.9 7.4 9.0 4.9 10.5 12.4 -4.3 3.1 .6 ~2.8 N O P I S n a s v u i r n a g n s c i e n s a t n it d u t p io e n n s sion funds. . . 3 4 . . 6 2 - -. . 4 4 -.1 .5 -1.1 * .3 Q 1 . . 7 2 -1 -. . 2 2 - - . . 3 1 1. . 2 6 1. . 7 7 -1.0 * A .3 O P Q Finance n.e.c .2 1.0 -.1 2.0 .6 . 1.9 -1.3 * 1.0 Q R Rest of the world 3.0 .4 .3 -.7 .7 -.7 1.0 .4 .7 2.3 1.1 R IV. Other securities A Total net issues, by sector.... 14.6 14.9 11.8 11.2 13.7 13.2 12.0 10.5 18.4 12.5 13.4 12.9 15.5 7.8 B State and local govts 4.6 5.5 4.7 3.7 5.1 4.9 3.7 4.3 3.9 5.6 6.7 7.7 6.1 3.2 C Nonfinancial corporations... 8.8 8.0 5.4 5.4 7.0 6.2 5.9 5.0 12.3 6.0 4.7 4.7 7.0 3.9 D Finance companies .6 .1 1.0 1.4 1.4 1.9 .9 1.3 .2 1.2 .3 E Rest of the world .5 1.3 .7 .7 .6 .6 .9 .7 l'. .5 1.2 .4 F Net purchases 14.6 14.9 11.8 11.2 13.7 13.2 12.0 10.5 18.4 12.5 13.4 12.9 15.5 7.8 G Consumers and nonprofit org.. 5.1 3.8 3.0 2.3 1.5 1.9 .4 .3 7.0 -2. 1.6 3.8 -2.0 2.8 H State and local govts 1.3 1.5 1.3 1.5 1.6 1.5 1.5 1.5 1.6 1.5 1.8 1.3 1.9 1.7 Corp. business .1 .5 .7 .3 .4 .2 .1 .2 .4 .5 .7 .6 .6 .5 Commercial banks 1.0 2.4 .2 .4 2.7 1.5 2.2 2.8 1.3 3.7 3.1 4.6 6.0 3.7 Insurance and pension funds... 6.5 6.5 7.0 7.0 7.7 7.9 7 6.0 7.2 9.0 8.7 5.6 7.2 6.9 Finance n.e.c -.2 -.5 -.5 -.5 A .4 .2 -1.5 -.1 1.0 -.8 -4.2 2.6 2.5 Security brokers and dealers. .2 -.1 .1 * '.2 .9 .2 -.8 1.9 -.2 -2.3 2.1 -.6 Investment cos.—net -.3 -.4 -.7 -.5 -.6 -.3 -.5 -.4 -.1 -.8 -1.3 .6 -1.6 Purchases .9 1.1 1.2 1.0 1.4 1.1 .8 1.2 1.5 1.2 l.*6 2.0 2.7 -.4 Net issues 1.2 1.6 1.8 1.5 2.0 1.4 1.3 1.6 1.5 2.0 2.7 3.3 2. 1.3 Rest of world .2 .4 .3 .3 .1 .4 .5 .1 .3 .5 V. Mortgages A Total net borrowing. 12.1 15.3 19.0 16.2 18.2 15.7 15.4 15.7 17.3 18.4 21.5 21.5 25.1 24.9 B 1- to 4-family 8.6 10.1 13.2 10.4 12.1 10.5 10.0 10.2 11.8 12.4 14.2 13.5 16.0 15.6 C Other 3.5 5.2 5.8 5.8 6.1 5.2 5.4 5.5 5.5 6.0 7.3 8.0 9.1 9.3 Net acquisitions 12.1 15.3 19.0 16.2 18.2 15.7 15.4 15.7 17.3 18.4 21.5 21.5 25.1 24.9 Consumer and nonprofit org., 1.9 2.2 1.7 2.3 1.3 1.9 1.8 2.3 1.0 1.2 .6 4.5 1.6 2.2 U.S. Government 1.4 .3 2.2 1.2 .6 1.4 1.1 -.2 1.0 1.7 1.0 -.2 .1 Commercial banks .6 2. 2.6 .7 1.6 .6 .3 .9 1.8 1.8 1.9 2.1 5.1 4.8 Savings institutions 5.7 7.8 9.5 8.8 11.0 8.9 9.5 9.5 10.9 11.2 12.4 11.7 13.6 13.4 Insurance sector 2.4 2.0 2.4 2.8 2.7 2.3 2.6 2.7 2.7 2.0 3.3 2.1 3.2 3.2 Mortgage companies -.3 .5 .2 .6 .1 -.3 .5 .8 1.2 -.3 1.2 VI. Bank loans n.e.c. Total net borrowing 2.3 1.2 7.4 2.8 3.1 -1 2.4 -1.4 -.3 5.1 8.9 4.8 6.3 6.2 Nonfinaneial business 2. 1.4 5.3 2.8 2.0 2.2 .3 -.2 1.5 6.5 2.9 5.1 3.9 Corporate 2.0 .4 3.8 2.6 1.6 1.9 1.7 4.6 1.7 3.1 Nonfarm noncorporate... 2 .5 .9 * .1 .3 -1.9 -.3 * 1.7 .7 4.4 .9 R Fi e n F s a a t n r o c m f ia t l h s e e c w t o o r r l s d ! . 3 4 -1.1 . . 6 5 1. . . 6 7 2 -.3 . . 1 2 . . . 3 7 1 -1.3 -.6 -2.1 . . 5 3 -1. . 0 8 . . . 9 1 5 1. . . 2 3 3 - 1 .4 . . 9 5 . .9 7 2 * 3.3 1.8 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see p. 85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 FLOW OF FUNDS/SAVING 85 Notes to Tables 2 and 3. described in Aug. 1959 BULL., p. 852 ff. Foreign funds (line W) consists I. Saving and investment. Derived statistically from Commerce Dept. of lines H through L in Table 4(1). income and product accounts. Tables presenting the relation to those Sources n.e.c. (line Y) is mainly consumer credit advanced by nonaccounts are available on request. Gross national saving (line A) is the financial business and financial sector net sources of funds other than sum for domestic sectors of gross-saving entries in Table 4. It is before deposits and insurance and pension reserves. The series is net of financialdeduction of capital consumption allowances. Govt. saving is net of sector discrepancies shown in Table 4 (G) and (H). public outlays for capital goods as well as current operations. Gross Private domestic nonfinancial sectors (line Z) is the sum of lines AA national investment (line H) is gross private domestic investment in through AH-AI. Private sectors consist of consumer and nonprofit, income-and-product accounts plus consumer durables plus net foreign nonfinancial business, and State and local govts. Line AI is borrowing investment. Net foreign investment differs from corresponding income- by consumers to carry securities less net free credit balances with security and-product series by amount of errors and omissions in balance-of-pay- brokers; the borrowing is secured by U. S. Govt. as well as private ments statement. securities. Relation of saving-investment discrepancy to flow-of-funds matrix is Ill, Financial institutions. An unconsolidated grouping for all described in Aug. 1959 BULL., p. 859. financial sectors; e.g., bank loans to finance companies are included both II. Financial flows—summary. Structure of this table is described as assets and as liabilities. Line R includes bank stock issues not shown in Nov. 1962 BULL., p. 1405. Total net funds raised (line A) consists of separately. "Other sources, net" reflects mainly (with negative sign) borrowing through credit market instruments (line T of Matrix, Table 1) financial sector account discrepancies but also net gold purchases and by consumer and nonprofit, nonfinancial business, govt., and rest-of- plant and equipment spending. world sectors. Credit-market funds raised by all sectors consists of line A For descriptions of transactions included in accounts see Aug. 1959 plus financial-sector borrowing shown in line R of Sec. Ill below. BULL., p. 851 ff. Consumer-held savings bonds and Postal Savings Short-term securities included in line B are those shown on line E for System deposits are now included in U. S. Govt. securities rather than the U. S. Govt. U. S. Govt. "other" securities (line F) include savings former group, fixed-value redeemable claims. bonds. Total U. S. Govt. borrowing (line D) includes CCC-guaranteed Total shown for issues of "other securities" excludes open-end investbank loans not shown separately. ment co. shares; these are shown as a deduction on line P of Section IV, Demand deposits are included here on bank-record basis, for both the offsetting net purchases of such shares included in the other lines (mainly U. S. Govt. (line U) and private sectors (line AC), rather than as they consumer) under "net purchases". Net purchases includes small amounts appear on the books of depositors and in Table III, Part I. Difference is for mutual savings banks not shown separately. 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1960 1961 1962 Category 1957 1958 1959 1960 1961 III IV III IV III (A) Consumer and nonprofit organization sector A Current receipts 331.6 339.4 362.7 379.8 394.8 381.0 382.5 383.9 392.9 397.2 405.2 411.5 418.0 420.8 B Income receipts * 308.4 311.7 333.4 348.2 359.1 350.4 349.6 349.5 356.3 361.5 369.0 373.6 380.8 383.5 C Transfer receipts2 23.3 27.7 29.3 31.6 35.7 30.6 32.9 34.4 36.5 35.7 36.2 38.0 37.2 37.3 D Income taxes and other deductions, 45.9 45.5 58.5 56.2 57.7 56.2 55.6 55.7 57.3 58.0 59.7 61.4 66.0 63.8 E Taxes less tax refunds 3 39.1 38.5 42.5 46.8 47.8 46.7 46.2 46.1 47.5 48.1 49.6 50.8 55.4 53.2 F Pension and OASI deductions4.. 6.8 7.0 8.1 9.4 9.9 9.5 9.4 9.6 9.8 9.9 10.1 10.5 10.7 10.7 G Cur. receipts after deduct. (A-D). 285.7 293.9 312.2 323.7 337.1 324.8 326.8 328.2 335.6 339.2 345.4 350.2 352.0 357.0 H Cur. expend, for goods and serv.5.. 223.3 233.2 246.6 259.3 269.2 260.7 261.7 264.7 266.9 270.9 274.2 276.1 282.1 284.9 I Net life insurance premiums6 3.0 2.8 3.3 3.2 3.0 3.3 3.4 2.6 3.3 2.7 3.2 3.4 3.4 3.1 J Current surplus (G-H-I) 59.4 57.8 62.2 61.1 65.0 60.8 61.7 60.8 65.4 65.6 68.1 70.7 66.5 68.9 K Insurance and retirement credits7.. 9.2 10.3 11.7 11.3 12.0 11.5 10.2 10.5 11.9 11.7 13.7 12.2 13.3 13.3 L Capital consumption 8 40.0 41.6 43.5 45.5 46.9 45.7 46.0 46.3 46.7 47.1 47.5 47.8 48.1 48.4 M Net saving (J+K-L) 28.6 26.6 30.4 26.9 30.0 26.5 26.0 25.0 30.6 30.2 34.3 35.1 31.7 33.9 N Gross saving (L+M) 68.6 68.1 73.9 72.4 76.9 72.2 71.9 71.3 77.3 77.3 81.8 83.0 79.8 82.3 O Gross investment (P-fT) 73.8 74.6 79.1 76.5 82.6 78.1 74.7 77.5 85.0 80.9 87.2 98.5 86.4 81.2 O P Capital expend, (net of sales) . 58.5 55.4 65.7 66.5 63.8 66.5 65.6 61.1 63.1 63.2 67.8 68.2 67.5 67.8 Q Residential construction 15.6 15.3 19.2 18.4 16.7 18.6 18.1 17.2 16.4 15.6 17.6 18.6 16.8 16.8 R Consumer durable goods 40.4 37.3 43.6 44.8 43.7 44.5 44.0 40.8 43.5 44.0 46.6 46.3 47.2 47.1 S Plant and equipment (nonprofit). 2.5 2.7 2.9 3.2 3.4 3.5 3.5 3.1 3.1 3.7 3.6 3.3 3.5 4.0 T Net finan. investment (JJ-AJ) 15.4 19.5 13.5 10.0 18.7 11.7 9.4 16.0 22.5 17.1 19.3 30.3 18.9 13.4 U Net acquis. offinqn. assets 9.. . . 27.2 31.4 33.8 26.2 34.4 28.5 23.0 29.2 37.6 30.9 40.1 47.9 39.4 36.2 V Demand deposits and currency Q 2.5 1.0 .3 1.4 1.7 2.2 5.0 1.6 1.5 -2.4 2.7 1.7 2.8 W Savings accounts 12!o 14.0 11.3 12.8 18.0 14.4 15.8 16.7 20.1 15.4 19.6 28.3 23.0 21.7 X At commercial banks 5.2 5.3 3.0 3.2 6.6 4.4 5.0 5.5 8.8 4.8 7.2 16.0 10.8 8.8 Y At savings institutions 6.8 8.7 8.4 9.6 11.4 10.0 10.8 11.2 11.3 10.6 12.4 12.3 12.2 13.0 A A Saving through life insurance. 2.8 3.4 3.7 3.6 3.8 3.6 3.4 3.8 3.4 4.1 4.0 4.8 5.0 4.9 AA AB Saving through pension funds. 6.4 7.1 7.9 7.7 8.3 8.0 7.1 7.0 8.7 7.7 9.7 7.5 8.4 8.5 AB AC Cr. and equity mkt. instr * <. . 6.1 3.8 11.0 1.5 2.7 .5 -5.7 -5.4 3.9 3.6 8.5 7.3 2.4 -.1 AC AD U. S. Govt. securities -.9 -2.2 6.3 -3.1 -.2 -3.3 -7.8 -8.0 -4.1 5.1 6.3 -1.0 2.8 .5 AD AE State and local securities... 2.2 .9 1.7 1.2 .3 1.5 I -1.6 .4 -.5 2.7 -.6 -1.3 -1.9 AE AF Corporate and foreign bonds 1.3 .9 .2 .9 .5 -.2 l!3 .1 4.1 -2.1 .1 2.5 2.8 -1.0 AF AG Corporate stock 1.7 1.9 1.0 .3 .7 .6 -1.0 1.8 2.5 -.2 -1.3 1.9 -3.4 .1 AG AH Mortgages 1.9 2.2 1.7 2.3 1.3 1.9 1.8 2.3 1.0 1.2 .6 4.5 1.6 2.2 AH AI Net invest, in noncorp. bus.. . .4 .1 -1.4 * -.2 .5 .4 -1.4 .4 -2.8 -2.7 -.6 AI AJ Net increase in liabilities 11.8 12.0 20.3 16.2 15.7 16.8 13.6 13.2 75.0 13.8 20.8 17.5 20.5 22.7 AJ AK Consumers 11.3 11.3 19.7 15.8 15.1 16.2 13.2 12.9 14.5 13.3 19.7 16.9 20.0 21.7 AK AL Credit market instruments.. 11.7 10.1 19.7 16.0 13.8 15.1 13.3 11.4 12.3 13.0 18.5 17.7 22.5 20.1 AL AM 1-to 4-family mortgages.. 8.7 9.6 13.1 10.8 11.9 11.0 10.4 10.4 11.8 11.6 14.0 14.2 15.3 15.0AM AN Consumer credit 2.6 .1 6.1 4.4 1.3 3.3 2.4 .2 -.2 1.0 4.1 3.1 6.7 4.5 AN AO Other loans i2 .4 .4 .5 .7 .6 .8 .5 .8 .7 .3 .4 .5 .6 .6 AO AP Security credit -.4 1.1 • -.1 1.3 1.1 -.1 1.5 2.2 .3 1.2 -.8 -2.6 1.6 AP AQ Nonprofit organizations *3. .. .5 .7 .6 .4 .6 .6 .4 .3 .5 .5 1.0 .6 .5 1.0 AQ AR Discrepancy (N —O) -5.2 -6.7 -5.3 -4.1 -5.6 -6.0 -3.0 -5.7 -8.3 -3.0 -5.3 -15.5 -6.6 1.0 AR For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
86 FLOW OF FUNDS/SAVING JANUARY 1963 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1960 1961 1962 Category 1957 1958 1959 1960 1961 III IV I II III IV I II III (B) Farm business sector A Net income 8.7 10.6 8.6 9.3 10.4 9.5 10.0 10.1 10.0 10.4 10.9 10.3 10.1 10.2 A B Proprietors' income withdrawals 14. 8.7 10.6 8.6 9.3 10.4 9.5 10.0 10.1 10.0 10.4 10.9 10.3 10.1 10.2 B C Net saving (A—B) is C D Capital consumption 3.9 4.0 4.2 4.2 4. j 4.1 4.0 4 0 4 1 4.1 4 2 4 2 4 1 4.1 D E Current surp.= gross saving (C+D). 3.9 4.0 4.2 4.2 4. 1 4. 1 4.0 4.0 4.1 4.1 4.2 4.2 4.1 4.1 E G <Capital expenditures 4.7 5 4 4.7 4.6 4.8 4.5 4.8 4 7 5.2 4.9 4.5 4.6 5.0 4.9 G H I C Ch o a n n st g r e u c in ti o i n n v a e n n d to r e i q es uipment16... 4.0 8 4 4 9 4.7 1 4.2 3 4. 2 6 4.1 4 4.4 4 4.4 3 4.9 3 4.6 2 4.3 4.5 1 5.0 1 4.9 H I J IS i 4 A 7 7 A 0 © J K Net acquis offinan assets ^. • • — l ? — 4 — 2 7 _ 2 — 2 — 2 _ 2 K L Net increase in liabilities .8 1.7 .2 .2 7 ? .5 1 1 7 .3 4 1 0 .8 L M Credit market instruments 1.1 1.5 1.8 1.2 1.7 1 0 .9 1.6 1.5 2.0 1.6 1.9 2.7 1.5 M N Mortgages .6 7 .9 .9 1.1 7 .9 1 1 1 1 1 3 1 1 1 6 1 4 N O Bank loans n.e.c. 18 .3 6 .7 .2 3 1 * .5 .2 .5 .7 -.2 (?) P Other loans *9 2 2 1 2 * 3 3 3 1 4 4 3 P § Trade debt .1 1 .1 2 — .1 .4 3 3 - 2 4 Q Proprietors' net investment.... -.4 1 -1.7 -1.1 -1. 1 - 9 -.3 -. 7 -.8 -1.5 -1.5 -1.5 -1.5 -1.1 R (C) Noncorporate nonfinancial business sector A Net income 2© 38.5 38 t 40.5 39.8 40. 6 39.3 39.9 40 2 40 8 41.8 42.1 42.8 43.0 A B Proprietors' income withdrawals 21. 38.5 38.1 40.5 39.8 40.5 39 6 39.3 39 2 40.2 40.8 41.8 42.1 42.8 43.0 B C Net saving (A—B) 15 C D <Capital consumption. . 8.1 8.0 8.3 8.5 8.7 5.5 8.6 8 5 8.6 8.6 8.8 8.8 si 8.9 D E Current surp.= gross savings (C+D) 8.1 8.0 8.3 8.5 8.6 8.5 8.6 8 5 8.6 8.6 8.8 9.4 8.9 E 8.8 F Gross investment (G+J) 8.1 8.0 8.3 8.5 8.6 8.5 8.6 8 8.6 8.6 8.8 9.4 8.9 F G Capital expenditures 9.6 8 7 11.1 11.8 11. 10 7 10.3 8.9 11.6 12.5 13.1 11.7 183..86 14.2 G H Plant and equipment 22 9.4 9 0 10.7 10.9 11.4 10 6 10.4 9.6 10.7 12.5 12.8 10.9 13.4 14.3 H I Change in inventories 2 0 .2 3 .4 .9 1 * -.1 7 .9 * .3 .9 .3 -.1 I J 1Vet financial investment (K—N) -1.5 8 -2.8 -3.2 -2 9 -2 2 -1.7 - 4 -3.0 -3.9 -4.3 -2.3 -4.8 -5.3 J K L Ne D t e a m cq a u n i d s d o e ff p in o a si n ts a a n ss d e t c s urrency 2 2 8 2 0 9 — — .8 4 -.3 * 4 3 •> * 2 1 4 1 5 1 9 1 6 5 2 Y L M Consumer credit . . .1 1 .1 .1 i 1 .2 4 .1 2 .6 .4 .4 .1 M N Net increase in liabilities 2.6 1 7 2.4 3.2 3.3 1 9 1.7 2 3.4 4.4 5.2 2.9 5.3 5.5 N O Credit market instruments 1.2 2 ? 3.2 2.3 2.1 3 2.8 s 1.2 4 2 3.5 3.3 8.2 5.3 O P Mortgages .9 1 6 1.5 1.3 1.6 1 1.2 1 1.3 1.8 1.8 1.9 2.6 2.5 P Q Bank loans nee _ 2 5 .9 1 -1 7 .3 9 — 3 9 1 7 7 4 4 9 T? Other loans 2 3 .5 1 .8 1.0 4 8 1.3 * .2 1.5 — .1 .7 1.2 1.8 S Trade debt, net (debt less asset) .5 5 -1.1 -.1 1 7 -1.2 1.0 -.2 .9 -1.7 -.3 S T ProDrietors' net investment .9 * 1.1 1 1 9 1 ? 1.2 .2 1.9 -1.2 -1.2 .5 T a » CorpOIate nonfinanciail busineJSS sectcr A Profits 2» 36.1 31 4 40.8 38.5 38 6 37 4 36.0 32 7 38.1 39.3 44.2 43.2 43.5 43.7 A B Profits tax payments (net) 2 5 21.2 18 9 18.1 21.0 19 0 ?? 0 21.2 19 ? 19.0 18.8 19.2 18.8 19.6 22.2 B c Net dividend payments 2<s . . 9.5 q 4 10.4 11.0 11.? 11 ? 11.2 11.0 11.3 11.1 11.3 11.5 11.6 11.8 C r> Net saving (A—B — C) 5.3 3 1 12.3 6.6 8.4 4 3.6 2 6 7.9 9.3 13.8 12.9 12.2 9.7 D F Capital consumption 21.0 ?1 9 23.3 25.0 26.6 ?5 0 25.2 25 7 26.3 26.9 27.5 27.8 28.0 28.5 F, F Current surp.= gross saving (D+E) 26.3 25 0 35.6 31.5 35 0 29 3 28.8 28 ? 34.2 36.2 41.2 40.6 40.2 38.1 F G Gross investment (H+M) 25.1 70 0 30.9 26.6 28 7 ?3 7 23.0 22 30.1 29.1 33.1 36.0 31.0 28.2 G H Capital expenditures 33.0 23 7 34.0 33.6 32. 322 28.9 253 30.4 35.1 37.2 36.9 37.7 35.8 H T Fixed investment 32.4 ?6 4 27.9 30.7 30 ? 30 30.3 28 29.6 31.3 31.6 31.2 34.1 34.7 T T Plant and equipment 31.7 25 0 26.3 29.4 28 1 29 3 29.2 27 7 27.7 28.0 28.8 29.9 30.8 30.9 T K Other .7 1 4 1.6 1.3 ? ? 1 ? 1.1 8 1.9 3.2 2.8 1.3 3.3 3.8 K L Change in inventories 2^ .6 2 6 6.1 2.8 1 8 17 -1.4 -3 2 .9 3.8 5.6 5.7 3.7 1.1 L M Net financial investment (N—V) -7.8 -3 7 -3.1 -6.9 -3 3 -8 5 -5.8 -2 -6.0 -4.1 -.8 -6.8 -7.6 M N Net acquis. offinan assets ... 4.5 108 12.9 3.0 11 -? 1.3 8 7 76^5 5.5 i5.5 9.9 7.8 10.7 N O Liquid assets * ? ? 3.0 -3.4 1 -6 9 -2.4 1 ? 5.2 -3.7 2.6 -.3 — .9 -2.8 O P D Ti e m m e a d n e d p d os e i p ts . and curr * .5 9 - - 1 . . 4 0 -1.2 .8 1 9 3 -1 1 .1 6 2lo -2 5 6 8 2 . . 6 8 -2 6 . . 4 0 -6 4 . . 4 8 -4 2 . . 4 6 -.4 .6 P Q U.S. Govt. securities * - .2 4.4 -3.0 9 -7 .4 -3.3 1 6 4.1 -5.1 -1.0 1.3 .8 -3.1 S C O o th n e s r u m lo e a r n s c r ( e f d in i a t nce paper) .3 2 5 . . 4 8 . . 3 5 2 1 .2 1 -.2 .4 -2 7 1 1.0 * 1. . 3 1 1. . 2 1 . .4 2 1. . 5 7 2 1 . .1 5 S T Trade credit 1.4 6 0 6.0 3.2 7 6 1 9 1.3 6 6 8.1 5.3 10.2 6.8 4.2 8.4 T U Other financial assets 2 8 2.5 .5 1.9 2.2 2 0 2.5 2.6 24 1.3 2.1 2.0 1.0 1.8 1.4 U V Net increase in liabilities 29 12.3 14.5 15.9 10.0 149 5.7 7.1 ii (5 16.8 11.5 19.6 10.7 14.6 18.2 V W Credit and equity market instr.. 13.1 11.8 13.0 12.5 127 10.8 12.3 9 3 15.6 12.1 13.8 11.0 13.9 15.1 W X Corporate bonds 6.4 5 8 3.1 3.6 4 3 3.5 4.9 2? 7.2 3.2 4.6 4.1 6.4 2.9 X Y 2.4 2 3 2.3 1.8 ? 7 ? 8 1.0 ? 8 5.1 2.8 .1 .7 .6 1.0 Y Z A A M Ba o n r k tg l a o g a e n s s n.e . c . 2 1 . . 0 8 3.2 4 3 3 . . 4 8 2 3. . 1 6 3 1 5 6 2 1 .8 ? 2 1 . . 8 9 3 1 .0 7 2. . 9 1 3.8 * 4 4 . . 3 6 4 1 . . 2 7 5.4 5 3 . . 7 1 AA Z AB Other loans 3 ° .5 1 5 1.5 6 6 1.7 4 .3 2.2 .2 .4 1.6 2.4 AR AC Trade debt ... -.9 2.7 2.9 -2.7 2 1 -5 .3 -5.2 2 1.1 -.5 5.8 -.5 .3 3.2 AC ADDiscrepancy (F—G).. . 1 1 50 4 7 4.9 6 3 56 5.7 5 8 4.1 7.1 8.2 4.6 9.3 9.9 AD AE Memo: Profits tax accruals 2 5 18.9 16 20.7 19.4 19.4 18 17.7 16.1 18.9 19.9 22.7 21.7 22.4 21.5 AE For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 FLOW OF FUNDS/SAVING 87 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1960 1961 1962 Category 1957 1958 1959 1960 1961 III IV III IV III (E) U.S. Government sector 74 A Tax receipts (net of refunds) 71.0 67.9 72.2 79.8 78.7 80.3 79.1 75.9 78.4 78.8 81.5 81.4 88.2 87.6 B Individual income 35.6 34.9 38.5 41.8 42.5 41.7 41.1 40.8 42.2 42.7 44.3 44.8 47.0 47.3 C Corporate profits 22.4 20.4 20.0 23.2 21.0 23.9 23.1 20.8 20.9 21.0 21.5 21.0 22.1 24.0 D Other 31 13.0 12.6 13.7 14.9 15.1 14.6 14.9 14.3 15.4 15.1 15.8 15.6 19.1 16.2 Social insurance programs 32 E Premiums received 9.8 9.8 12.3 14.9 15.6 15.0 14.8 15.1 15.5 15.7 16.0 18.1 18.0 17.6 F Benefits paid 9.2 12.7 12.9 14.1 16.9 14.1 15.2 15.7 17.2 17.0 17.5 17.1 17.1 17.3 Life insurance and retirement programs 33 G Premiums received 1.8 1.8 1.9 1.9 2.0 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.0 2.0 G H Benefits paid 2.0 2.2 2.4 2.6 2 9 2.6 2 6 3.3 2.6 3.2 2.7 2.8 2.8 3.0 H I Net grants and donations paid 3 4.. 11.6 13.9 14.8 14.5 16.9 14.5 15.4 16.4 17.2 16.6 17.4 18.0 18.8 19.4 I J Net interest paid 3 5 5.6 4.9 6.1 7.0 6.2 7.3 6.4 6.5 5.8 6.5 6.1 6.1 5.8 6.5 J K Other net purchases of goods and services 3 6 50.0 52.8 53.5 53.1 57.4 53.6 53.6 55.2 57.4 57.2 59.9 62.1 62.0 61.8 K L Construction expenditures 3.0 3.4 3.7 3.7 3.8 3.8 4.0 4.2 3.9 3.5 3.6 3.7 4.0 3.7 L M Other 47.0 49.4 49.8 49.4 53.6 49.8 49.6 51.0 53.5 53.7 56.3 58.4 58.0 58.2 M N Current surplus (A, E, and G, less F and H through K) 4.3 -6.9 -3.5 5.4 -4.2 5.1 2.6 -4.1 -4.4 -4.1 -4.2 -4.8 1.3 -3.0 N O Credits imputed to consumers 3 7,. .6 1.1 1.0 1.0 1.1 .4 .9 .9 2.3 .2 1.1 1.1 1.1 O P Gross and net savings (N — O). . .. 3.7 -8.0 -4.5 4.3 -5.3 4.6 1.7 -5.0 -6.6 -4.3 -5.2 -5^9 .2 -4.1 P S Netfinan. investment (R — X). 3.6 -8.2 -5.1 3.8 -5.9 4.7 1.2 -7.0 -11.4 16 -6.9 -12 0 3.4 - l Q Net acquis. of Jinan, assets 3.2 1.5 6.1 3.9 3.3 3.8 1.8 -3.8 .4 14.5 2.1 7.3 10.7 - .3 R Demand deposits & currency . .2 .1 .7 .9 .3 1.7 -1.5 -5.7 1.0 8.9 -3.0 3.5 6.0 -3.0 S s Credit market instruments.... 2.4 1.7 3.8 2.4 2.8 1.7 2.6 1.8 -.5 5.1 4.8 3.3 4.4 2.0 T T Mortgages 3 8 1.4 .3 2.2 1.2 .6 1.4 1.1 * -.2 1.0 1.7 1.0 -.2 .1 U U Other loans 39 .9 1.4 1.6 1.1 2.2 .2 1.7 1.9 -.5 3.8 3.4 2.4 4.4 1.6 V V Other financial assets 4° .6 -.3 1.6 .6 .2 .4 .7 .2 .5 .2 .5 .3 .7 W W X Net increase in liabilities - .4 9.8 11.2 .7 9.2 -.9 .5 3.3 11.8 12.9 9.0 19.2 7.3 - .2 X Consumer saying through life AB ins. and retire, funds .6 1.1 1.0 1.0 .4 .9 .9 2.3 .2 1.1 1.1 1.1 1.1 AB AC U.S. Govt. securities 41 -.9 8.2 9.3 -2.7 1.2 -3.8 -2.7 -.2 9.5 16.2 3.3 14.3 7.8 -2.4 AC AD Short-term direct 42 5.5 -1.2 5.5 -5.1 11.3 12.2 -10.8 22.0 16.6 -4.6 11.4 22.1 4.1 -18.6 AD AE Other securities -4.1 10.2 5.8 2.9 -4.8 -15.8 7.6 -22.5 -7.6 20.1 -9.4 -7.7 3.5 15.7 AE AF Svgs. bonds—consumer.... -2.2 -.7 -2.0 -.4 .7 2 .5 .3 .5 .8 1.2 -.1 .1 .4 AF AG Other loans 44 -.4 .3 -.6 .5 .3 i!i .2 .7 _ .2 -.9 1.5 .8 i -2.0 AG AH Other liabilities 45 .3 .1 1.6 1.2 .7 1.3 2.1 2.0 '.2 -2.6 3.1 3.1 -\'A 3.1 AH AI Discrepancy. .1 .3 .6 .5 .6 .4 2.1 4.8 -6.0 1.6 6.1 -3.2 -4.0 AI (F) State and local government sector A Tax receipts 46 29.1 30.6 33.2 37.0 39.0 37.3 37.7 38.3 38.7 39.2 39.8 41.0 41.2 42.0 A B Net insurance and grants receipts 4 1.0 2.0 3.1 2.5 2.9 2.8 2.3 3.0 2.8 2.9 2.9 3.3 3.6 3.3 B C Net interest paid .5 .6 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 e D Other net purchases of goods and services 3 6 31.7 35.4 37.7 40.1 43.4 40.9 41.3 42.7 42.5 43.3 45.2 45.9 46.4 47.7 D E Construction and land 12.2 13.3 14.0 13.8 14.9 14.1 14.2 14.9 14.2 14.6 15.7 15.4 14.9 15.4 E F Other by govt. enterprises -1.8 -1.9 -2.1 -2.2 -2.4 -2.3 -2.3 -2.3 -2.4 -2.4 -2.4 -2.5 -2.5 -2.6 F G Other by general government. .. 21.3 23.9 25.8 28.5 31.0 29.0 29.4 30.1 30.6 31.0 32.0 33.0 34.0 34.9 G H Current surplus (A+B —C —D)... -2.1 -3.3 -2.1 -1.3 -2.2 -1.5 -2.1 -2.1 -1.7 -1.9 -3.2 -2.3 -2.3 -3.2 H I Credits imputed to consumers 4 8. . 1.6 1.7 1.9 2.1 2.3 2.1 2.1 2.2 2.3 2.4 2.5 2.5 2.5 2.6 I J Gross and net saving (H —I) -3.7 -5.0 -4.0 -3.4 -4.5 -3.6 -4.2 -4.3 -3.9 -4.3 -5.7 -4.8 -4.8 -5.7 J K Net Jinan, investment (L — S). . -3 8 -5 1 -3.5 -2.5 -4 2 -3.7 -18 -4.1 -10 -7.5 -4.3 -7.9 -3.2 - 8 K L Net acquis. of Jinan, assets , 2.8 2.5 3.5 3.8 3.6 3.7 4.0 2.8 5.8 .7 5.1 2.8 6.4 5.2 L M Demand deposits and currency .3 .3 .5 .2 .6 1.4 .7 - .1 1.9 -1.7 2.6 -3.3 1.7 2.2 M N Time deposits 3 7 ^ 1.3 .9 2.1 2.1 .9 .8 .9 .9 2.1 .3 .4 N O Credit market instruments 2.2 1.5 3.4 2.2 2.2 1.3 2.6 3.1 1.5 1.6 3.9 4.3 2.7 O P U.S. Govt. securities .5 -.4 1.8 .3 .2 -i!s -.6 .6 1.0 -.3 -.6 2.2 2.1 .5 P Q State and local securities . .. .5 .5 .4 .3 .2 .2 .2 .3 .2 .2 .2 .2 .2 .2 Q R Other4* 1.1 1.4 1.2 1.7 1.8 1.7 1.6 1.7 1.8 1.6 1.9 1.5 2.0 1.9 R S Net increase in liabilities 6.6 7.6 7.0 6.2 7.8 7.4 5.9 6.9 6.8 8.3 9.4 10.7 9.5 6.0 S T State and local securities 4.6 5.5 4.7 3.7 5.1 4.9 3.7 4.3 3.9 5.6 6.7 7.7 6.1 3.2 T U Short-term .4 .4 .3 .4 -.1 .5 .7 -.8 .9 .9 .7 .8 -1.1 U V Other 4.2 5.1 4.4 3.7 4.7 5.0 3.2 3.6 4.7 4.7 5.8 7.0 5.3 4.3 V w Consumer saving through retirement funds 1.6 1.7 1.9 2.1 2.3 2.1 2.1 2.2 2.3 2.4 2.5 2.5 2.5 2.6 w Other liabilities 50 .4 .4 .3 A .4 .4 .1 .4 .6 .3 .3 .6 .9 .2 X Y Discrepancy (J — K). .2 .1 -.5 -.9 -.3 -1 -2.3 -.2 -3.0 3.3 -1.3 3.1 -1.6 -5.0 Y For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
88 FLOW OF FUNDS/SAVING JANUARY 1963 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1960 1961 1962 Category 1957 1958 1959 1960 1961 III IV I II III IV I II III (G) Commercial banking and monetary authorities sector A Net operating surplus 4.0 3.9 4.0 4.2 4.4 A B Profits tax and net div. pymts. 51... 2.1 2.4 2.6 3.0 2.9 2.7 2.6 2.6 2.8 3.0 3.2 2.9 3.3 2.7 B C Currentsurp.= grosssaving(A—B) 52 1.4 1.1 1.4 1.5 1.2 1.8 1.9 1.7 1.3 1.0 .7 1.1 .9 1.6 C D Gross investment (E+F) 1.4 2.4 2.5 2.1 .1 4.2 1.3 -2.1 7.6 1.8 3 .7 .9 D E Capital expenditures F Net financial invest. (G-W)... .7 1.0 2.0 2.1 1.7 -.3 3.8 .9 -2.6 7.1 1.4 n .3 .5 F H G Ne G t o a l c d quis. offinan. assets 5 3. . .. 5. . 4 8 - 1 2 4 . . 3 7 — 4 1 .6 .1 -1 8 . . 7 4 17.0 - 1 2 3 . . 6 8 - 1 3 3 . . 7 8 — 10 1 .9 .4 16 1 . . 5 3 - 2 1 4 . . 1 6 - 1 1 5 . . 8 9 19.2 g 20. . 4 8 - 1 2 1 .2 .1 H G I Credit market instruments 4.3 16.6 5.3 9.7 16.4n 13.0 16.4 14.2 12.3 22.7 16.2 21.5 20.8 11.1 I J U.S. Govt. securities -.5 10.1 -7.1 2.7 7.4 8.6 8.3 7.1 10.7 13.9 -2.3 8.6 .8 -3.1 J K. Monetary authorities j 2.2 .3 .7 1.5 1.2 -.7 2.2 .2 7.5 2.0 5.5 .3 -.3 K L Commercial bnaks 7.9 -7.4 2.0 5.9 7.4 9.0 4.9 10.5 12.4 -4.3 3.1 .6 -2.8 L M Short-term direct 42 i!5 .9 -3.1 3.5 7.1 15.0 10.2 13.5 20.4 6.0 -11.6 12.6 .2 -11.9 M N Other -1.7 7.0 -4.4 -1.5 -1.2 -7.6 -1.2 -8.6 -9.9 6.4 7.3 -9.5 .3 9.0 N P State and local securities.... .9 2.5 .4 .6 2.7 1.6 2.3 2.8 1.2 3.7 3.2 4.6 6.0 3.8 P Q Corp. and foreign bonds.... .1 -.1 -.2 -.2 * -.1 * -.1 -.1 * * Q S R M Co o n r s tg u a m g e e r s c . redit 1. . 2 6 2. . 1 3 2 2 . . 6 9 1. . 8 7 1.6 1. .* 7 6 1. . 1 3 2. . 8 9 — l! 8 .5 -1 1 . . 2 8 1. . 9 8 2. . 1 8 5 3 ! 1 l 4 1 . . 8 6 R S T Bank loans n.e.c 2.3 1.2 7.4 2.8 3..15 -1.4 2.4 -1.4 -.3 5.1 8.9 4.8 6.3 6.2 T U Other loans 54 . -.2 .5 -.5 1.5 1.1 2.0 2.1 1.7 2 -1.0 3.8 .6 -.6 -2.1 U V Security loans .4 .2 .3 1.1 3.2 .8 -2.3 2!9 2.3 1.3 -1.4 -1.1 2.3 V W Net increase in liabilities 4.7 13.7 2.6 6.3 15.3 14.1 10.0 10.0 19.1 17.5 14.5 19.9 20.1 10.6 W X Dem. dep. net & currency 55... -.8 5.8 1.1 * 5.6 4.1 .7 -2.0 6.5 9.6 8.3 -3.6 6.3 1.3 X Y Due to U.S Govt 5 6 .2 .6 .1 1.4 -1.4 -5.4 2.7 5.5 -2.4 3.6 6.4 -4.3 Y Z Due to rest of world .2 "• .1 .8 .4 * .8 .9 -.9 .4 1.0 2.0 g -1.1 Z A A A B Du D e e t m o a o n t d h e d r e s p 5 o 6 sits, net 5 5. .. -1.1 5 5 . . 2 6 .4 2 --..87 * 4 5 . . 4 1 2 2 . . 6 8 1. . 3 3 2 1. . 4 4 4 3. . 6 7 3 3 . . 2 7 9 9. . 5 7 -1 - 0 9 . . 8 2 -1.5.s 6 6 . . 6 4 A A A B AC Currency * .4 .6 -.1 .7 .2 1.0 1.1 1.1 .5 .2 1 6 2 3 .2 AC AD Time deposits.., 5.4 7.9 1.1 5.8 9.4 9.4 9.7 11.7 11.9 7.8 6.3 22.7 13.8 9.6 AD AE Due to consumers 5.2 5.3 3.0 3.2 6.6 4.4 5.0 5.5 8.8 4.8 7.2 16.0 10.8 8.8 AE AF Due to others .2 2.6 -1.9 2.5 2.8 5.0 4.7 6.2 3.0 3.0 -.9 6.6 3.0 .8 AF AG Other liabilities 5 7 * * .4 .5 .3 .6 -.3 .3 .7 .1 * .9 * -.2 AG AH Discrepancy (C -D)... .3 -.3 -1.0 -1.0 -1.0 1.7 -2.3 .4 3.4 -6.6 -1.1 1.4 .2 .7 AH (H) Nonbank financial sector 7 3 A Current surplus 5 8 8.3 8.5 9.5 9.5 9.5 10.5 9.3 8.9 8.8 9.9 10.4 8.6 9.6 9.3 A B Credits imputed to consumers 59... 7.1 7.6 8.8 8.1 8.5 8.9 7.2 7.5 7.4 9.1 10.2 8.6 9.7 9.6 B C Gross savings (A-B) 52 1.2 1.0 .7 1.4 1.0 1.6 2.1 1.4 1.5 .8 .2 -.1 -.4 C D Gross investment (E+F) 1.6 2.9 1.6 3.0 3.0 3.8 3.7 5.4 1.5 3.4 1.5 2.7 1.3 3.4 D F Net financial invest, (G-Z) *<1.2 2.6 1.2 2.6 2.6 3.4 3.3 5.0 1.1 3.0 1.1 2.3 .9 3.0 F G Net acquis. offinan. assets.. . . 18.5 21.4 25.4 25.6 28.3 28.5 26.8 23.3 27.0 31.1 31.9 25.2 30.6 33.6 G By subsector: H Mutual savings banks 1.8 2.6 1.5 1.6 2.2 2.1 2.1 2.9 1.6 2.2 2.2 3.4 2.4 3.8 H [ S. & L. assns. & cr. unions. . 5.6 7.5 8.8 8.3 10.8 8.0 9.8 9.7 10.5 10.6 12.5 10.5 11.1 12.3 I J Life insurance companies 4.9 5.2 5.2 5.4 5.8 5.7 5.6 6.1 5.6 5.7 6.0 6.1 6.9 7.3 J K Other insurance companies.. 1.0 1.2 1.9 1.6 1.6 1.3 1.6 1.9 1.5 1.1 1.9 1.6 1.2 .8 K L Noninsured pension funds... 2.8 2.9 3.2 3.4 3.5 4.4 3.3 3.0 2.8 4.0 4.3 2.8 3.4 3.5 L M Finance n.e.c 2.4 2.0 4.9 5.3 4.3 7.0 4.3 -.2 5.0 7.6 4.8 .8 5.5 5.8 M By type: N Demand dep. and currency.. .3 .7 .1 .5 1.2 .6 .2 1.4 1.1 1.5 .9 1.4 .2 1.2 N O Cr. and equity mkt. instr.. . . 18.2 19.1 25.3 24.6 25.3 26.3 25.2 19.7 22.2 30.5 28.9 24.7 33.0 30.8 O P U.S. Govt. securities... -.3 .9 .9 .1 .4 .8 * 1.1 -1.4 1.5 .4 2.4 -1.1 1.7 P Q State and local securities 9 1.1 1.6 1.5 1.4 1.9 1.4 1.8 1.1 1.8 1.0 1.7 .7 .8 Q R Corp. and foreign bonds.. 5.2 4.8 3.5 3.6 3.7 4.3 4.9 1.9 3.6 4.9 4.4 .6 4.3 3i2 R S T C 1- o t r o p o 4 r - a fa te m i s l t y o c m k ortgages. . 2 6. . 3 1 2 8. . 0 3 9 3 . . 7 1 8 3 . . 8 1 1 4 1 . . 1 3 8 3 . . 8 9 9 3 . . 0 4 9 2 . . 6 5 1 3 1 . . 9 4 1 5 1 . . 2 3 1 4 3 . . 9 1 2 9. . 8 2 1 6 3 . . 4 9 1 2 2 . . 0 8 T S U Other mortgages.. 1.5 2.2 2.4 2.8 3.0 2.5 2.8 2.6 2.9 2.7 3.8 3.7 4.2 4.7 U V Consumer credit 1.1 -.5 2.3 2.2 .4 2.0 .8 .1 -.2 .3 1.6 1.6 1.8 1.7 V W Other loans 60 1.4 .2 1.7 2.5 1.0 2.1 2.8 .2 1.0 2.9 -.3 2.7 2.7 4.0 W X Security credit -.2 1.0 * 1.1 .7 .1 1.0 2.3 -.7 1.7 -.9 —3.5 1.6 X Y Other financial assets 6 > .2 .6 • .6 .7 .9 1.4 1.3 1.3 -.2 .3 * .9 -.1 Y Z Net increase in liabilities 17.2 18.7 24.3 23.0 25.6 25.1 23.1 18.4 25.5 28.1 30.6 22.9 29.5 30.6 Z AA Dep. in mutual savings banks.. 1.7 2.3 1.2 1.4 2.1 1.9 1.8 2.1 2.6 2.0 1.9 1.1 2.9 3.4 AA A A B C S Sa a v v i i n n g g s t h sh ro a u re g s h life insurance. . 25..72 6 3 . . 6 3 7 3. . 6 2 8 3 . . 1 5 9 3 . . 4 7 8 3 . . 1 5 9 3 . . 1 4 9 3 . . 1 7 8 3 . . 9 3 4 8 . . 0 6 1 3 1 . . 9 0 4 9 . . 7 6 9 4 . . 5 9 4 9 . . 8 5 A A C B AD Saving through pension funds.. 4.4 4.4 5.2 4.7 4.9 5.5 4.2 4.0 4.2 5.2 6.3 4.0 4.9 4.9 AD AE Credit & equity market instr.6 2 1.9 .4 5.8 3.4 3.5 2.0 3.3 * 2.6 6.0 5.5 4.0 7.1 6.8 AE AF Corporate bonds .6 1.0 1.4 .8 1.4 1.9 .9 1.3 .2 .9 * 1.2 .3 AF AG Corporate stock 1.2 1.6 1.8 1.5 2.0 1.4 1.3 1.6 1.5 2.0 2.7 3.3 2.1 1.3 AG AI Bank loans nee A -1.1 1.6 -.3 .1 -1.3 -.6 -2.1 -1.0 3.3 .3 -.4 .9 1.8 AI AJ Open-market paper 6 3 .5 -.1 .5 .9 * .7 .6 * * -.5 .4 1.7 1.1 2.3 AJ AK FHLB loans to S. & L. assns. 6 3 * * .8 -.2 .7 -.2 .1 -.4 .8 1.0 1.3 -.6 1.7 1.2 AK AL Security credit. .6 • .5 .9 3.1 1.2 -1.3 2.2 1.0 1.7 -1.9 -.8 1.1 AL AM Miscellaneous 64 1.1 1.2 1.5 1.1 1.0 .8 1.7 1.4 .3 -.1 -.1AM AN Discrep. & unident. assets (C-D).. 4 -2.0 -.9 -1.6 -2.0 -2.2 -1.6 -4.0 -2.7 -1.4 -2.7 -1.4 -3.8 AN For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 FLOW OF FUNDS/SAVING 89 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1960 1961 1962 category 1957 1958 1959 1960 1961 III IV I II III IV I II III (I) Rest-of-world sector 65 A Net purch. of goods and serv. (B — C) 5.4 1.9 -.2 3.4 4.6 3.4 5.5 5.9 4.7 3.3 4.4 4.3 4.4 3.4 A B Purch. of goods and services 6 6... 26.4 23.0 23.2 26.7 27.6 26.8 27.5 27.8 26.9 27.2 28.7 28.6 29.5 29.0 B C Sales of goods and services 21.0 21.2 23.5 23.3 23.1 23.5 22.0 21.9 22.2 23.9 24.3 24.3 25.1 25.6 C D Net unilateral receipts 66,.. ... 1.9 2.0 2.1 2.1 2.2 2.0 2.0 2.0 2.1 2.3 2.4 2.4 2.1 2.2 D E Current surplus (D—A) -3.4 .1 2.3 -1.3 -2.4 -1.3 -3.5 -3.9 -2.6 -1.1 -2.0 -1.9 -2.3 -1.2 E F Net financial investment (G —IS) -4.3 -.4 1.7 -.7 -1.8 -1.2 -2.2 -3.4 2 -2.3 -1.1 -2.6 -17 1 F G Net acquis. offinan. assets -.2 3.4 5.8 4.2 3.1 4.1 5.0 2.3 1.7 2.3 6.2 3.4 3.3 1.9 G H Gold -.8 2.3 1.1 1.7 .9 2.6 3.7 1.5 -.7 .6 2.0 1.2 .5 1.8 H [ U.S. dem. dep. and currency... .2 * .1 * .4 * .8 .9 -.9 .4 1.0 2.0 -.9 -1.1 I J K L M T O U M i t . m i h S sc e . e . r G d f c o i e r n p v e a o t d n s i c t i s i t e a m s c l u a a r r s i k t s e i e e t t s s i n 6 s t 8 r. 67_, # -.1 . . 1 4 * — . . 3 9 1 * - 3 2 .9 . . 2 4 0 1. . . 0 3 8 4 . . . 6 4 6 3 —1. . . 2 8 3 7 -.9 . . 3 3 7 - - . . 3 5 .2 5 — 2. . . 4 7 8 7 -1 1 1 . . 4 . 3 4 0 2. . 0 6 4 - - . . 5 1 .1 7 2 1 . . 3 2 3 — - 1 .1 .2 . 1 1 M L K J N Net increase in liabilities 4.1 3.8 4.1 4.9 4.9 5.4 7.2 5.8 1.8 4.6 7.4 6.0 5 0 1 8 N Official U S foreign exchange. 1 .1 .6 -.5 .2 .5 1.3 -.4 O Securities 5 1.3 7 .7 8 .6 6 2 9 .7 1.1 .5 1 2 4 O P Loans 69. .9 1.1 .2 1.4 1.9 1.1 2.4 2.6 -1.0 2.4 3.7 3.2 .3 -.7 P Q Miscellaneous ™ 2.8 1.5 3.3 2.9 2.1 3.7 4.1 2.8 1.2 2.0 2.3 1.9 2.3 2.5 Q R Discrepancy (E — F) 71.... ... .9 .5 .7 -.6 -.6 -.1 -1.3 -.5 -2.4 1.2 Q .8 -.6 -1.2 R S Memo: Unilateral transfers in kind 7 2 3.0 2.8 2.6 2.2 2.1 2.2 2.1 2.0 2.1 2.1 2!l 2.0 2.4 2.7 S 1 Payrolls, interest, dividends, and income withdrawals from unincor- bills and savings bonds. Excludes debt held by U.S. Govt. agencies, porated business. IMF notes and currency items in public debt. 2 Grant and donation receipts of consumers and nonprofit organiza- 42 Marketable issues due within one year. tions (net of transfers within the sector), social insurance benefits, and 44 CCC-guaranteed bank loans and CCC certificates of interest. benefits from private pension and govt. retirement funds. 45 Treasury currency liabilities, trade debt, & misc. liabilities (special 3 U.S. Govt., State, and local income and estate and gift taxes. IMF notes, misc. deposits, & private equity in Govt. enterprises). 4 Mainly employee contributions to OASI and to private pension and 46 Excludes employment taxes. govt. retirement funds. 47 Receipts of U.S. Govt. grants; payments of direct relief & other 5 Figures include net operating outlays of nonprofit organizations transfers; & receipts & payments in connection with govt. employee and net transfer payments abroad. retirement, unemployment insurance, & cash sickness comp. programs. 6 Net of dividends on and benefits from private life insurance and 48 In connection with saving through govt. employee retirement funds. individual annuity policies and Govt. life insurance. 49 Corporate bonds and mortgages. 7 In connection with consumer saving through life insurance, private so Trade debt and loans from U.S. Govt. pension funds, railroad retirement, and govt. employee retirement. 51 Includes payment to Treasury on F.R. notes outstanding. 8 On consumer durables, owner-occupied houses, and nonprofit plant 52 Net saving is less than line C by the amount of capital consumption and equipment. about $0.1 billion a year. 9 Includes net free credit balances with security brokers not shown 5 3 Includes misc. and Treasury currency assets not shown separately. separately. 54 Open market paper, CCC-guaranteed loans, and CCC certificates of 1! Includes savings bonds and PSS deposits in line AD. interest. 12 Policy loans and hypothecated deposits. 5 s Net of F.R. float and cash items in process of collection as reported 13 Consists of commercial mortgages, bank loans, loans from Govt., by commercial banks. and trade debt. 56 Bank-record basis, net of bank float; differs from sector demand 14 Estimated as equal to seasonally adjusted net farm income. deposits and currency assets (shown in Table 3 and in nonbank sector ac- !5 Identically zero on seasonally adjusted basis. counts in Table 4) principally because of mail float. 16 Includes farm residential construction. 57 Mainly stock issues and balances due to own foreign branches. 17 Mainly demand deposits and currency. 5 8 Includes premiums on life insurance and private pension plans, less 18 Excludes CCC-guaranteed loans. See Aug. 1959 BULL., p. 840. benefit payments and policy dividends. 19 Govt.; excludes CCC nonrecourse loans. 59 In connection with consumer saving through life insurance and pen- 20 After inventory valuation adjustment. sion funds. 21 Estimated as equal to seasonally adjusted business net income. 60 Mainly finance co. loans to business and insurance policy loans. 22 Includes business residential construction. 6! Trade credit, time deposits, savings shares, & misc. assets. 23 Mainly REA & other loans from U.S. Govt. & loans from finance 62 Lines AF, AI, and AJ are finance co. liabilities; line AG is open-end cos. investment co. shares. 25 U.S. Govt., State, and local taxes on profits. 63 Part of "other loans" category. 26 Includes profits paid by U.S. branches to foreign parent corps, less 64 Deposits at banks in U.S. possessions and agencies of foreign banks. profits paid by foreign branches to U.S. parent corps. 65 Consolidated; records only transactions with U.S. 2 8 Direct investments abroad and foreign-currency holdings. State and 66 Excludes unilateral transfers in kind, shown in line S. local securities are included in line N but not shown separately. 6 7 Corporate securities and acceptances. 2 9 Includes direct investments from abroad not shown separately. 68 Direct investments, unidentified assets, IMF holdings of special 3 o Mainly commercial paper and loans from finance cos. U.S. notes and miscellaneous deposits. 31 Mainly excise taxes and customs receipts; also includes estate and 69 Security credit, bank loans n.e.c, and other loans (consisting of gif 3 t 2 t O ax A es S . I, disability insurance, and unemployment programs. Line E loa 7 n 0 s D f i r r o e m c t U in . v S e . s G tm ov en t. ts a , n f d o r a e c i c g e n p t c a u n r c re e n s) c . y and deposits held by U.S. domestic sectors, and other liabilities. includes U.S. Govt. employment taxes; line F, U.S. Govt. benefit pay- 71 "Errors and omissions" in U.S. balance-of-payments statement. me 3 n 3 ts V t e o t e c ra o n n s s ' u m lif e e r s. insurance and Govt. employee and RR retirement ind 7 i 2 v i G du ra a n ls t s a n in d t i h n e s t f i o tu rm ti o o n f s . goods and services by U.S. Govt. and private funds. Line G excludes Govt. contributions to these funds. 7 3 For detail byfsubsector, see Supplement No. 5. 34 Transfer payments (other than insurance benefits) to individuals, 74 Lines A through P of Table 4E are derived mainly from nationalplus net cash unilateral transfers to foreign countries, grants-in-aid to income data, while lines Q through AH are based on data behind Treasury State and local govts. and subsidies to business. cash budget; discrepancy (line AI) reflects differences in treatment be- 3 5 Includes net accruals on savings bonds and Treasury bills. tween these two sources of information. Since line C is profit-tax 3 6 Purchases less sales for general govt. and govt. enterprises, in- payments rather than accruals, line N is surplus in national-income cluding outlays for tangible capital and (for U.S. Govt.) net disburse- accounts plus excess of profit tax receipts over accruals. ments to farmers in form of CCC-direct and guaranteed loans. Net cash borrowing in Treasury cash budget corresponds closely to 3? In connection with saving through Govt. life insurance and Govt. line AC less accrual interest on savings bonds and Treasury bills included employee and railroad retirement funds. in that line. Cash surplus is closely indicated by line S less net cash 3 3 « 9 M M a a i i n n l l y y o lo n a n 1 s - to to 4- b f u a s m in il e y s s a n s d e c f t a o r r m s, p to ro p fo e r r e t i i g e n s. and State and local b b ar o u e r d r g o i e m w t p i e n u x g t c a . e ti p o t L n i f s n o e r r s e s f T m le , a c W l t l e , d a A m i G n o u , n n a e t n s i d th i A n e c r H lu n d a a r e t e d i o r n i e n f a l l e r - c e i t n c e e c d i o p m i t n s e . c a a s L c h c i n o o e u u s n t g t O s o a i o n n r d c c a A a sh s B h govts. and to savings and loan assns. (by FHLB). Excludes CCC- budget. guaranteed loans other than those on tobacco. NOTE.—"Liabilities" covers equity as well as debt claims. 40 Treasury currency assets, time deposits, trade credit, and miscel- For descriptions of sectors, of capital expenditures, and of financial laneous (mainly foreign cash and subscription to IMF). transaction categories, see "Technical Notes," Aug. 1959 BULL., pp. 41 Includes U.S. Govt. agency debt and accrued interest on Treasury 846-59; for discussion of saving and investment concepts, see p. 834. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
90 FEDERAL BUSINESS-TYPE ACTIVITIES JANUARY 1963 SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES (In millions of dollars) End of year End of quarter Asset or liability, and activity 1 1961 1962 1955 1956 1957 1958 1959 1960 II III IV I II Loans, by purpose and agency: To aid agriculture, total 6,715 6,752 6,681 8,672 7,762 8,299 8,428 8,757 9,453 10,254 9,793 Banks for cooperatives 375 457 454 511 623 650 597 646 697 729 693 Federal intermediate credit banks 2 689 734 935 1,169 1,396 1,502 1,831 1,844 1,651 1,766 998 Farmers Home Administration 681 724 832 819 916 984 1,111 1,152 1,140 1,289 1322 Rural Flectrification Administration ?J348 ?J488 2,688 2,874 3,083 3,287 367 409 3 458 3,489 525 Commodity Credit Corporation 2,621 2,349 1,778 3,298 1,745 1,877 1,523 1,730 2,506 2,981 2 255 Other agencies 1 1 ToF aeidde hraolm Ne aotiwonnearls ,M tootratlgage Association 3 2 , , 2 6 0 4 5 1 3 3 , , 6 0 8 7 0 2 4 3 , , 7 9 6 9 9 8 4 3 , , 8 9 6 2 0 4 6 5 , , 7 5 3 6 5 8 8 6 , , 0 3 3 4 2 2 5 7 , , 9 7 3 6 8 3 6 7, , 9 01 0 3 4 8 6 , , 2 2 4 6 8 1 8 6 , , 4 3 5 9 7 4 6 8 3 1 4 9 1 6 Veterans Administration 480 464 770 936 1,167 1,498 1,617 1,668 1,746 1,801 804 Other agencies 84 145 1 1 1 193 208 223 241 262 341 To industry, total 678 619 674 680 733 748 728 748 783 557 861 Treasury Department 306 209 251 216 185 178 137 128 136 134 130 Commerce Department 261 217 187 166 151 137 133 128 124 Other agencies 112 191 206 278 382 418 454 486 519 573 605 To financing institutions 1,419 1 233 7,270 1,298 2,136 2,027 1,916 2 770 2,708 2,197 2 768 To aid States, territories, etc. total. . 245 246 264 293 319 333 350 383 370 413 456 Public Housing Administration 90 106 105 106 87 98 97 110 95 102 96 Other agencies 155 140 159 187 231 234 253 273 276 311 360 Foreign, total 7 988 8 223 8,754 9,510 9,840 10,394 10 915 11262 11,596 11,887 12 075 Export-Import Bank 702 701 3,040 3,362 3,235 3,313 430 3 640 3,837 3,942 712 Treasury Department 519 3 470 3,470 3,419 3,373 3,320 3 320 3 320 3,266 3,266 3 ?66 International Cooperation Administration 1 767 1 995 2,195 2,682 3,043 3,363 3 636 3 717 4,415 4,668 5 027 Other agencies 57 49 46 189 399 529 585 78 11 9 A11 other purposes total 716 ?H 344 548 752 1,003 1 11R 1 169 1,239 1,289 1402 Housing and Home Finance Agency 209 156 283 458 691 855 966 1,013 1,063 1,109 1 200 Other agencies 47 57 62 89 62 148 153 156 175 180 ?00 Less: Reserves for losses — 26R -309 -368 -413 -503 -633 -520 -493 -466 -866 Total loans receivable (net) 238 20 657 22,395 25,493 27,865 30,333 30 585 31 898 33,905 34,863 ,769 Investments: U. S. Government securities total 3 236 3 739 3,804 4,198 4,670 5,096 5 482 5 460 5,256 5,924 5,739 Federal home loan banks 745 1018 896 995 1,092 1,230 1447 373 1,153 1,691 Federal Savings and Loan Insurance Corp 241 256 274 288 332 331 363 378 394 409 590 Federal Housing Administration.. 381 458 471 567 649 698 748 727 744 709 717 Federal Deposit Insurance Corporation 1 720 1,825 1,937 2,049 2,178 2,310 1>425 ? 432 2,456 2,553 579 Other agencies 149 181 226 300 419 525 500 550 508 562 526 Investment in international institutions ,385 ? 420 3,420 3,420 4,795 4,949 4 949 4,949 5,120 5,720 5 Other securities 3 179 249 298 283 323 345 351 343 352 363 184 Inventories, total 356 375 21 628 20,810 21,476 20,527 19 773 19,443 19,249 20,487 18,826 Commodity Credit Corporation ,747 ,651 3,025 3,036 4,493 4,279 4 035 4,012 3,768 3,341 323 Defense Department u 004 11 136 9,681 8,422 7,527 6 917 6,572 6,570 8,164 6 491 General Services Administration (6,517 7,282 7,919 8,370 8,513 8 6?8 8,661 8,701 8,770 8 806 Other agencies 609 201 185 174 194 208 192 198 209 212 ?06 La C nd o , m s m tr e u r c c t e u r D es e , p a t. n d (p e r q im ui a p r m ily e n m t, a t r o it t i a m l. e activities) 4 7 ,8 8 2 2 2 2 4 9 ,5 9 0 8 2 5 4 9 , , 5 96 3 2 5 1 4 0 , , 7 6 2 7 1 0 9 2 , , 1 8 2 8 4 0 9 2, , 9 4 1 1 7 1 10 3 ,4 6 3 8 7 9 1 3 0 , , 6 4 1 4 4 2 1 3 0 , , 5 4 9 9 1 8 1 3 0 , , 5 5 8 2 5 8 10 3,6 7 0 6? 9 . Panama Canal Company 421 398 398 396 411 417 430 429 462 464 470 Tennessee Valley Authority 829 1 762 1 801 1 777 1 924 1,903 1,984 1,971 1,972 1,963 1,986 Housing and Home Finance Agency 450 236 25 9 9 7 7 7 7 7 Nat. Aeronautics and Space Administration 276 283 285 310 462 518 520 553 568 705 Bonneville Power Administration.... 311 342 372 352 351 366 361 360 358 389 General Services Administration 1 298 1 308 1,322 1,221 1,283 ,337 1,348 1,349 1,373 1 383 Post Office Department 590 599 637 640 559 59? 608 618 625 650 Other agencies 300 613 608 1,134 1,376 1,511 1,514 1,584 1,585 1,587 1,564 Bonds, notes, & debentures payable (not guar.), total.. . 2,379 2,711 4,662 4,038 5,974 5,707 5,423 5,933 6,176 6,559 6,868 Banks for cooperatives 185 257 247 303 404 438 386 421 464 507 467 Federal intermediate credit banks 665 721 902 1,124 1,359 1,460 1,744 1,793 1,592 1,681 190? Federal home loan banks .... 958 963 825 714 1,774 1,266 1,055 1 335 1,571 1,567 797 Federal National Mortgage Association 570 770 2,688 1,898 2,437 2,542 2,238 2,384 2,550 2,804 2,703 1 Figures exclude interagency items. Before 1956, data for trust revolving NOTE.—Based on compilation by Treasury Department. Coverage has funds included such items. changed in some of the periods shown. Beginning with 1956, changes 2 Effective Jan. 1, 1957, the production credit corporations were merged reflect the expended coverage and the new classification of activities by in the Federal intermediate credit banks, pursuant to the Farm Credit type of fund now reported in the Treasury Bulletin. Classifications by Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations supervisory authorities are those in existence currently. Where current of the banks are classified as trust revolving transactions. Treasury compilations do not provide a detailed breakdown of loans, 3 Includes investment of the Agricultural Marketing revolving fund in these items have been classified by Federal Reserve on basis of informathe banks for cooperatives; Treasury compilations before 1956 classified tion about the type of lending activity involved. this item as an interagency asset. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics * International * Reported gold reserves of central banks and governments. . J2 Gold production 93 Net gold purchases and gold stock of the United States. . . 94 Estimated foreign gold reserves and dollar holdings. . ^5 International capital transactions of the United States. . 96 U. S. balance of payments . 105 Money rates in foreign countries. . 105 Foreign exchange rates. 107 Guide to tabular presentation. . 4 Index to statistical tables. 113 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- 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
92 GOLD RESERVES JANUARY 1963 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f w m t o o a r t t a l e d l d 1 M F t u a o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t g p h . o e , 1955 37,620 1,808 21,753 14,060 372 144 71 928 323 1,134 44 86 116 1956 38,105 1,692 22,058 14,355 224 107 71 925 324 1,103 46 57 122 1957.. 38,810 1,180 22,857 14,775 126 126 103 Qts 324 1,100 40 62 81 1958 39,490 1,332 20,582 17,575 60 162 194 1,270 325 1 078 40 72 83 1959 40,185 2,407 19,507 18,270 56 154 292 ,134 327 960 43 71 42 I960 40,530 2,439 17,804 20,285 104 147 293 ,170 287 885 45 78 1961—Nov 2,059 17,021 190 159 302 1,234 285 941 49 87 Dec '"4i, 155* 2,077 16,947 22,130 190 162 303 ,248 285 946 48 88 1962—Jan 2,079 16,847 190 164 303 ,277 285 950 48 89 Feb 2,096 16,795 165 164 304 1,291 285 962 47 89 Mar . 41 290 2,098 16,643 22,550 164 167 344 297 285 964 46 91 Apr. 2,099 16,519 114 170 363 ,315 285 963 46 91 May 2 106 16 458 114 174 363 318 286 913 45 92 June 41,285 2,110 16,527 22,650 102 177 363 ,335 286 669 45 93 July 2,136 16,182 78 180 419 1,335 286 674 44 93 AUK 2 155 16 139 74 182 419 342 286 683 44 94 Sept Ml, 345 2,175 16,081 '23,090 71 184 419 ,341 286 689 43 83 Oct 2,179 16,026 186 429 ,341 286 695 43 Nov 2,190 16,014 439 ,340 702 43 Domin- Ger- E pe n r d i o o d f Cuba m D a e r n k - R i e c p a u n b- E d c o u r a- E v l a d S o a r l- l F a i n n d - France 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 1955 136 31 12 23 28 35 942 920 11 27 247 81 138 1956 136 31 11 22 28 35 924 1,494 10 27 247 45 138 1957 136 31 11 22 31 35 581 2,542 13 27 247 39 138 1958 80 31 11 22 31 35 750 2,639 17 27 247 37 141 1959 50 31 10 20 30 38 1,290 2,637 26 24 247 33 140 1960 1 31 10 20 30 41 1,641 2,971 76 24 247 58 130 1961—Nov 31 3 19 17 45 2,122 3,648 82 24 247 43 130 Dec 31 3 19 18 47 2,121 3,664 87 24 247 43 130 1962 Jan 31 3 19 18 47 2,120 3,664 87 24 247 43 130 Feb 31 3 19 18 46 2,144 3,664 87 24 247 43 130 Mar 31 3 19 18 61 2,171 3,666 91 24 247 43 129 Apr 31 3 19 18 62 2,207 3,666 86 24 247 129 May 31 3 19 18 62 2,235 3,667 89 24 247 129 June 31 3 19 18 62 2,270 3,667 96 24 247 129 July 31 3 19 18 62 2,417 3,667 92 24 247 129 All 2 31 3 19 18 62 2,450 3,667 86 24 247 129 Sept 31 3 19 18 61 2 481 3 668 86 247 129 Oct 31 3 19 18 61 2,513 3 669 247 129 Nov 31 3 19 18 61 2,545 3,669 247 129 E pe n r d i o o d f Iraq R l e I a p r n e . d - o , f 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 1955 8 18 352 74 142 865 33 45 48 35 16 428 212 1956 14 18 338 77 167 844 33 50 49 35 22 448 224 1957 20 18 452 91 180 744 33 45 49 28 6 461 217 1958 34 18 1,086 91 143 ,050 33 43 49 19 10 493 211 1959 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 I960 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961 Nov 84 18 2,226 140 115 1,581 1 30 53 47 26 439 256 Dec 84 18 2,225 140 112 1,581 1 30 53 47 27 443 298 1962—Jan 98 18 2,228 140 111 ,581 30 53 47 27 444 343 Feb 98 18 2,228 140 110 1,581 30 53 47 28 444 361 Mar 98 18 2,229 140 109 1,581 30 53 47 30 446 379 Apr 98 18 2,234 140 109 ,581 30 53 47 31 446 386 May 98 18 2,240 140 107 ,581 30 53 47 33 447 407 June 98 18 2,242 151 106 ,581 30 53 47 34 454 432 July 98 18 2,244 172 106 ,581 30 53 47 35 455 446 Aug 98 18 2,244 172 98 ,581 30 53 47 36 467 468 Sept 18 2,241 172 97 .581 30 53 47 37 469 488 Oct. 18 172 1,581 30 53 47 38 469 501 Nov 18 172 1,581 30 53 47 506 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 GOLD RESERVES AND PRODUCTION 93 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 i m t 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 « 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 3,231 180 401 -19 55 1961—Nov..* 301 180 2,505 104 139 174 3,556 180 401 183 Dec 316 180 2,560 104 139 174 3,318 180 401 115 56 1962—Jan 331 181 2,505 104 140 174 3,410 180 401 176 Feb 341 181 2,481 104 140 174 3,424 180 401 176 Mar 351 181 2,444 104 140 174 3,452 180 401 171 376 181 2,424 104 140 174 3,472 180 401 162 May'.'.'.'.'.'.'.'.4'0.0'. 181 2,409 104 140 174 3,525 180 401 165 June 409 182 2,409 104 140 174 3,433 180 401 203 46 July 429 182 2,459 104 140 174 2,915 180 401 209 Aug 429 181 2,459 104 140 174 2,848 180 401 210 Sept 428 181 2,453 104 140 174 2,792 180 401 200 '62* Oct 438 181 2,452 140 174 2,822 401 172 Nov 437 181 2,421 140 174 2,884 401 151 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 BTS 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 Period p W t r i o o o d n r u ld c i - A So fr u ic th a R de h s o ia - Ghana C o o f n t g h o e , U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India ot A he ll r * 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 1960 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.n 37.5 5.7 65.7 1961—Oct 68.9 .6 3.9 12.7 .6 .4 1.4 3.5 .4 Nov 69.2 .6 4.1 13.0 .9 .4 .1 3.1 .5 Dec 67.8 .6 3.4 12.9 .5 .4 1.1 3.3 .5 1962—Jan 70.6 .6 3.5 12.6 .7 .4 1.3 2.9 .5 Feb 67.4 .6 3.2 11.4 .9 .4 1.4 2.9 .5 Mar 72.9 7 3.5 12.8 1.1 4 3 1 5 Apr 72.3 6 3.0 12.4 .9 .3 ? 2.6 4 May 74.0 1.5 3.4 12.3 .6 .4 1.2 3.0 .5 J Ju u l n y e 7 7 5 6 . . 2 3 .6 6 4 3 . . 0 1 1 11 1 . . 9 8 . . 8 6 . . 4 4 9 3 3 . . 3 3 5 A Se u n g t . . 7 76 6 . 1 6 6 7 4 4 .8 6 1 11 2 . . 7 0 8 4 3 '"> 3 4 Oct 78.1 4.3 12.5 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
94 U. S. GOLD JANUARY 1963 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 III IV I II III Western Europe: -6 -84 -83 -1 -39 -17 -56 Belgium 3 3 -329 -39 -141 -144 -63 -81 -28 -35 68 34 266 173 -45 -98 -214 Germany, Fed. Rep. of -226 -10 -34 23 Italy 349 100 Netherlands 25 -261 -30 -249 -25 -25 -55 -5 -20 -10 31 32 -114 -156 -58 -40 -47 -59 -20 Switzerland . .. ... — 16 — 8 -215 20 -324 -125 -45 -5 62 35 -45 United Kingdom -50 100 -900 -350 -550 -306 -55 -326 -181 -150 -64 Bank for Intl. Settlements -20 -178 -32 -36 -23 Other -6 4 18 8 -21 -38 -96 -53 * -14 -11 -15 * Total -378 -78 80 68 -2,326 -827 -1,718 -754 -246 -466 -290 -339 -399 Canada 15 5 190 Latin American republics: 115 75 67 -50 -90 25 60 Ivlexico • 80 — 30 — 20 Venezuela -30 -200 65 Other 12 14 56 6 2 -16 -30 -19 -9 -4 j -i 9 Total 62 14 -28 81 69 19 -100 -109 -9 -4 24 59 9 Asia: -30 -157 -15 Other -10 -5 • 18 -4 -28 -97 i -101 -34 -20 -24 -16 -41 Total -10 ^ * 18 -34 -186 -113 -101 -34 -20 -24 -16 -41 All other -1 1 14 -3 -5 -38 -6 * -4 -1 3 -2 Total foreign countries -327 -68 80 172 -2,294 -998 -1,969 -970 -288 -494 -291 -102 -434 2 200 600 3 -44 2 300 150 150 -327 -68 280 772-2,294 -1,041 -1,669 -820 -138 -494 -291 -102 -434 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. Goyt. 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 Gold stock 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 Gold stock h c F o u o l r d r r e e in i n g g c n s y 2 Total T g o o t l a d l Total 1 Treasury Total i Treasury 1951 22,873 22,873 22,695 53 53 1961—Dec... 17,063 16,947 16,889 116 -85 -74 1952 23,252 23,252 23,187 379 379 1953 22,091 22,091 22,030 -1,161 -1,161 1962—Jan 16,963 16,847 16,815 116 -100 -100 1954 21,793 21,793 21,713 -298 -298 Feb.... 16,948 16,795 16,790 153 -15 -52 Mar.... 16,873 16,643 16,608 230 -75 -152 1955 21,753 21,753 21,690 -40 -40 Apr 16,762 16,519 16,495 243 -111 -124 1956 22,058 22,058 21,949 305 305 May... 16,718 16,458 16,434 260 -44 -61 1957 22,857 22,857 22,781 799 799 June... 17,081 16,527 16,435 554 363 69 1958 20,582 20,582 20,534 -2,275 -2,275 July. . . 16,678 16,182 16,147 496 -403 -345 1959 19,507 19,507 19,456 -1,075 3-1,075 Aug... 16,562 16,139 16,098 423 -116 -43 Sept... 16,531 16,081 16,067 450 -31 -58 1960 17,804 17,804 17,767 -1,703 -1,703 Oct 16,364 16,026 15,978 338 -167 -55 1961 17,063 16,947 16,889 116 -741 -857 Nov... 16,216 16,014 15,977 202 -148 -12 1962* 16,156 16,057 15,978 99 -907 -890 Dec.*\ 16,156 16,057 15,978 99 -60 43 1 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 8 on page 103 for gold held under earmark at 2 For holdings of F. R. Banks only see pp. 32 and 34. F. R. Banks for foreign and international accounts. Gold under ear- 3 Includes payment of $344 million 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
JANUARY 1963 GOLD RESERVES AND DOLLAR HOLDINGS 95 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3I, 1960 Sept. 30, 1961 Dec. 3I, 1961 Mar. 31, 1962 June 30, 1962 Sept. 30, 1962* Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds ' dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: 536 3 526 3 558 3 594 4c 640 4c 744 4c 1,312 2 1,476 1 1,574 8 1,616 8 1,593 2 1,511 4c Denmark 85 31 79 30 83 30 80 29 83 29 78 30 Finland 87 * 134 2 138 2 138 2 133 2 135 2 2,160 5 3,014 5 3,110 4 3,360 3 3,664 3 3,643 3 Germany Fed Rep of .. 6,447 3 6,394 3 6,505 3 6,200 3 6,289 3 6,467 3 Greece 139 * 120 * 154 4c 189 4c 206 4c 187 4t Italy 3,080 * 3,377 * 3,459 * 3,416 4c 3,429 4> 3,533 4c Netherlands 1,779 4 1,804 3 1,797 3 1,822 2 1,888 2 1,857 2 112 148 135 128 135 126 142 93 131 85 142 91 Portugal 636 1 523 1 542 1 532 1 584 1 610 1 Spain .. 327 1 405 1 469 1 516 1 568 1 588 1 Sweden 397 82 566 71 586 93 584 92 607 123 639 102 Switzerland 2,863 94 3,177 86 3,435 83 3,262 83 3,360 83 3,290 86 Turkey 152 * 158 165 4c 160 4c 163 * 162 4c United Kingdom1 4,467 420 4,719 483 4,526 435 4,941 388 4,864 440 4,402 418 Other2 529 44 788 47 678 48 728 46 667 46 695 47 Total 25,108 838 27,395 864 27,914 840 28,280 751 28,869 820 28,683 786 Canada 3,324 446 3,576 465 3,704 459 3,454 423 3,566 227 4,169 240 Latin America: Argentina 419 1 454 1 425 407 1 310 301 1 Brazil 481 2 551 1 513 492 1 511 499 1 Chile 180 * 178 * 153 t 160 4i 176 4c 147 4c Colombia.... 236 1 222 1 235 228 1 252 1 228 1 Cuba 78 1 46 * 44 40 4E 38 * 37 4c Guatemala 68 * 70 4c 70 82 * 76 4c 58 4c Mexico . ... 534 7 529 5 606 615 6 r609 6 528 6 Panama Republic of 123 1 79 1 87 82 1 87 1 85 1 Peru 114 * 123 1 131 137 4c 137 4c 154 4c Uruguay 231 1 229 1 237 255 1 259 1 272 1 Venezuela 799 1 849 1 819 801 1 765 1 780 1 Other 3.4 370 297 77 255 192 305 188 360 156 380 132 Total 3,633 15 3,627 89 3,575 204 3,604 200 r3,580 168 3,469 144 Asia: India 301 41 333 6 325 6 321 6 296 6 293 6 Indonesia 236 1 120 1 119 1 137 1 125 1 76 1 152 * 167 * 161 4c 165 4c 155 4c 157 4c Japan .... . .. 2,166 3 1,953 3 1,894 3 2,054 3 52,210 3 2,344 3 Philippines 218 2 174 2 212 1 195 1 213 198 1 Thailand 290 * 344 * 368 4c 410 4c 431 4c 430 4c Other 991 45 1,130 45 1,168 45 1,215 41 1,207 41 1,266 41 Total 4,354 92 4,221 57 4,247 56 4,497 52 54,637 52 4,764 52 All other: Australia 235 * 238 * 260 4c 268 4c 281 4c 315 4c South Africa 207 * 251 * 330 4c 415 4c 471 4c 535 * U A.R (Egypt) 196 * 189 * 189 * 190 4c 193 * 186 4c Other 6 600 35 579 38 635 39 631 42 640 39 664 39 Total 1,238 35 1,257 38 1,414 39 1,504 42 1,585 39 1,700 39 Total foreign countries 7. .. 37,657 1,426 40,076 1,513 40,854 1,598 41,339 1,468 r 542,237 1,306 42,785 1,261 International 4 6,337 900 5,422 1,127 5,767 1,240 6,392 1,087 6,563 1,009 6,994 861 Grand total 7 43,994 2,326 45,498 2,640 46,621 2,838 47,731 2,555 *• 548,800 2,315 49,779 2,122 Sterling area 5,558 536 5,863 567 5,841 520 6,357 474 6,328 525 5,979 504 1 Gold reserves are estimated. 6 Includes unspecified countries in Africa, Oceania, and Eastern 2 In addition to other Western European countries includes unpub- Europe, and all Western European dependencies located outside Europe lished gold reserves of certain Western European countries; gold to be and Asia. distributed by the Tripartite Commission for the Restitution of Mone- 7 Excludes gold reserves of the U. S. S. R., other Eastern European tary Gold; European Fund; and the Bank for International Settlements countries, and China Mainland. (the figures for the gold reserves of the BIS represent the Bank's net NOTE.—Gold and short-term dollars include reported and estimated gold assets; see note 1 to table on gold reserves). official gold reserves, and official and private short-term dollar holdings 3 Includes other Latin American republics and the Inter-American (principally deposits and U. S. Treasury bills and certificates). U. S. Development Bank. Govt. bonds and notes are official and private holdings of U. S. Govt. 4 Data for short-term dollars exclude nonnegotiable, non-interest- securities with an original maturity of more than 1 year. bearing special U. S. notes held by the Inter-American Development See also NOTE to table on gold reserves. Bank and the International Development Association. 5 Total short-term dollars include $109 million reported by banks initially included as of June 30, of which $105 million reported for Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
96 INFL CAPITAL TRANSACTIONS OF THE U. S. JANUARY 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Foreign Europe In- End of period G to r t a a n l d i t t e io 1 r . n n 2 a a l - Total i O ci f a fi l - Other m G F a e e n d r y - . , U K n i i n t g e - d Other Total Canada A L ic m a a t e in i r- Asia O A th il er 1. 3 Rep. of dom 1957 15,158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2,575 1,946 355 1958 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959 . . .. 19,389 43,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 I960 21,272 3,897 17,374 10,327 7,047 3,476 1,667 3,903 9,046 2,439 2,422 3,115 352 1961—Nov 22,276 3,721 18,556 10,581 7,975 2,531 2,505 4,969 10,004 3,029 2,318 2,819 385 Dec 22,415 3,690 18,725 10,966 7,759 2,841 2,226 5,250 10,317 2,758 2,371 2,892 387 1962—Jan 22,362 3,701 18,661 10,256 8,405 2,299 2,501 5,285 10,084 2,909 2,327 2,926 415 Feb 22,667 4,014 18,653 10,103 8,550 2,401 2,566 5,218 10,185 2,761 2,333 2,995 378 Mar 23,081 4,294 18,787 10,498 8,289 2,534 2,491 5,356 10,381 2,490 2,432 3,092 392 Apr 23,265 4,393 18,873 10,289 8,584 2,518 2,468 5,378 10,364 2,503 2,543 3,070 392 May 23,402 4,483 18,919 10,480 8,439 2,509 2,398 5,562 10,469 2,514 2,410 3,090 437 June '23,932 4,453 r19,479 11,232 8,247 2,622 2,262 5,709 10,593 2,897 '2,463 3,106 420 June s '24,041 4,453 19,588 11,232 8,356 2,622 2,264 5,709 10,595 2,897 '2,464 3,212 421 July r23,609 4,735 r18,874 10,801 8,073 2,543 1,853 5,220 9,616 3,120 '2,489 3,200 449 Aue r24,145 4,893 r19,252 11,140 8,112 2,592 1,846 5,289 9,726 3,416 r2,418 3,233 458 Sept 24,515 4,819 19,696 11,696 8,000 2,799 1,802 5,460 10,061 3,480 2,413 3,280 462 Oct v 25,193 4 839 20,353 12,134 8,219 2,823 1,853 5,592 10,268 3,886 2 388 3,345 467 Nov p 25,174 4,932 20,242 12,139 8,103 2,770 1,884 5,658 10,312 3,667 2,421 3,360 482 la. Other Europe End of period Total A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P 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* 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 ,370 485 95 138 86 213 969 31 590 I960 3,903 243 142 54 46 519 63 877 328 82 84 149 227 678 18 393 1961—Nov 4,969 241 330 49 89 957 50 ,203 231 99 90 134 379 712 28 376 Dec 5,250 255 326 52 91 989 67 ,234 216 105 99 153 406 875 26 354 1962 Jan 5 285 256 357 52 90 1.083 76 ,248 218 93 93 159 392 775 34 359 Feb 5,218 262 328 55 90 1,097 85 ,100 263 103 91 152 394 819 37 345 Mar 5,356 250 319 49 77 1,189 98 ,187 241 112 86 165 403 818 20 342 Apr 5,378 229 293 49 74 1,261 104 1,185 247 141 98 160 391 808 19 321 May 5,562 238 293 60 70 1,445 103 ,147 259 123 108 153 415 830 16 302 5,709 277 258 52 71 1,394 110 1,187 307 101 130 159 425 951 23 263 Julv . 5,220 291 204 44 68 1,046 100 ,095 339 103 132 176 425 913 17 266 AUK 5,289 316 184 52 70 1,080 98 [,244 258 117 137 144 463 832 17 279 Sept . 5 460 325 170 47 74 1,162 101 ,292 276 112 141 160 458 837 22 283 Oct p 5,592 319 190 55 73 1,205 103 ,310 259 109 156 151 458 885 26 292 Nov.** 5,658 305 195 69 72 1,272 113 ,296 243 115 154 165 483 837 25 314 lb. Latin America Neth., End of period Total i 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 D ic e i a o n p n - - . v S a E a d l l o - r G m u a a l t a e- M ic e o x- S t A a i u l n l n r e d i - s - a P p R m u a e n b a - - - , Peru U gu r a u y - V zu e e n l e a - Ot 1 h . e 7 r nam lic of 1957 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 2 403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959 2,408 337 24 151 185 217 164 37 28 37 442 88 129 82 62 277 148 I960 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961—Nov 2,318 240 25 260 96 130 45 23 23 43 439 87 85 77 53 416 275 Dec 2,371 235 26 228 105 147 43 23 22 46 494 89 87 84 57 418 268 1962—Jan 2,327 228 23 252 99 119 41 26 24 48 473 86 79 79 68 397 285 Feb 2,333 217 23 241 95 139 40 28 29 54 474 88 83 80 80 381 283 Mar . 2,432 243 24 207 114 137 39 34 28 58 506 92 82 90 75 400 303 Apr 2,543 221 24 255 110 140 38 42 29 57 516 97 90 92 75 447 308 May 2,410 209 24 236 110 142 37 43 34 55 490 90 91 90 72 379 308 June r2 464 208 25 225 131 159 37 48 35 52 r503 87 87 90 79 364 334 July r2,489 231 23 201 113 149 37 43 36 42 r474 96 87 96 73 436 351 AUE r2 418 210 21 198 106 143 36 42 33 37 r454 93 87 104 87 394 374 Sept 2,413 230 22 213 104 145 36 40 31 34 431 94 85 107 92 379 370 Oct.* 2,388 187 24 180 112 152 8 15 35 25 33 437 91 84 103 90 417 404 Nov.? 2,421 205 22 176 101 136 15 44 21 33 494 94 87 103 85 406 399 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 INTL. CAPITAL TRANSACTIONS OF THE U. S. 97 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lc. Asia and All Other Asia All other Ko- End of period Total H K o o n n g g India I n n e d si o a - Iran Israel Japan p r R l u e i e c a b - , - P pi h n i e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C R g o o e o f n p , - . 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 56 915 145 176 99 133 371 279 79 30 30 16 125 1959 2,780 60 114 139 47 87 1,285 148 172 94 141 494 373 110 31 49 20 162 1960 3,115 57 54 178 22 75 1,887 152 203 84 186 217 352 88 32 29 22 181 1961—Nov 2,819 59 90 82 31 62 1,532 198 150 90 248 276 385 91 38 44 12 199 Dec 2,892 55 78 76 31 63 1,590 199 185 92 264 258 387 98 34 32 15 209 1962—Jan 2,926 59 75 86 34 63 1,599 188 202 98 276 246 415 127 31 32 21 204 Feb 2,995 57 74 100 35 87 187 171 103 293 255 378 95 28 36 14 ?05 Mar 3,092 57 74 94 36 71 1,750 183 165 92 306 262 392 101 27 36 16 213 Apr 3,070 58 70 88 23 78 1,708 181 173 90 314 287 392 96 27 43 17 210 May....... 3,090 61 54 80 18 76 ,75? 174 184 85 323 283 437 97 40 42 25 tVi 3,106 56 49 82 26 76 1,800 164 179 85 327 261 421 104 37 39 19 222 June •* 3,212 56 49 82 26 76 1,906 164 179 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 3,233 60 39 83 37 89 <)4? 155 169 82 327 250 458 126 41 45 13 73? Sept .. . . 3,280 57 46 33 28 81 2,040 153 161 80 326 275 462 131 35 47 12 236 Oct.* 3,345 63 49 39 27 74 2,104 147 163 77 326 276 467 155 31 42 13 ??6 Nov.? 3,360 62 46 26 22 81 2,111 142 171 76 324 300 482 157 38 43 17 227 Id. Supplementary Data9 (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 1 ° 36.0 35.8 34.8 34.6 Czechoslovakia l • .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 io 4.9 4.0 6.1 7.2 Malaya 1.2 1.4 6.3 4.4 Rumania 10 .9 .9 1.1 1.5 Nepal 1.2 1.8 1.2 n.a. Soviet Zone of Germany 1.4 1.5 1.3 1.3 Pakistan 5.6 23.5 10.6 10.1 U. S. S. R. io 2.2 2.6 12.1 4.8 Ryukyu Islands 15.2 14.8 14.2 n.a. Yugoslavia 1 ° 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 a a ti s n 1 A 1 merica: 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 C H P E H N T B F a r h c o e o i a e r c u r e s i n a n m a t t a i d g a c W r d u a u u h o R g d r a e r a u W a y s ic s 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 ! n x ch Guiana. 2 3 1 1 7 6 6 3 1 4 1 7 . . . . . . . . . 3 7 4 8 6 5 5 3 4 2 3 1 1 1 1 1 6 2 1 2 2 4 0 8 . . . . . . . . . 7 3 6 5 7 8 5 5 9 2 2 1 1 1 1 1 4 7 1 1 5 1 0 9 . . . . . . . . . 6 4 3 3 9 7 0 7 8 •2 2 3 1 1 1 1 9 4 3 3 7 3 4 4 . . . . . . . . . 9 9 5 6 5 3 8 3 0 AU E A F L L G M M r t i i l o h h b b e a o g t a n d y i e r e h o n o r c r e a e i p i a c h i a a r 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 a s r T i n t a r d n e g a ier) 4 2 1 6 3 1 1 7 3 . . . . . . . . 4 0 0 7 5 5 8 0 2 5 1 1 2 0 7 7 8 . . . . . . . . 0 4 6 6 3 8 6 7 6 1 9 5 4 6 . . . . . . . . 3 6 9 4 9 9 3 8 9 2 1 5 3 1 1 1 . . . . . . . . 4 1 0 9 5 8 7 1 Mozambique 2.9 2.0 2.2 1.6 Other Asia: New Caledonia 1.4 1.3 1.4 n.a. Aden 1.7 2.2 2.3 n.a. New Zealand 6.9 6.8 35.1 4.0 Afghanistan. 4.5 11.0 9.8 3.6 Rhodesia and Nyasaland, Federation of .2 .3 3.9 n.a. Bahrain.... .9 .9 .5 .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 Excludes nonnegotiable, non-interest-bearing special U. S. notes 8 Decline from September reflects reclassification of deposits for held by the International Development Association and the Inter-American changes in domicile over the past few years from Cuba to other countries. Development Bank. 9 Except where noted, data based on reports by banks in the Second 2 International Bank for Reconstruction and Development, Inter- (N. Y.) F. R. District and are a partial breakdown of the amounts shown national Monetary Fund, International Finance Corporation, Inter- in the "other" categories in Tables la-lc. national Development Association, and other international organizations. i o Based on reports by banks in all F. R. districts, 3 Foreign central banks and foreign central governments and their i! Before 1960, data for the Bahamas included with The West Indies agencies (including official purchasing missions, trade and shipping federation. missions, diplomatic and consular establishments, etc.). i2 Excludes Jamaica. * Includes $1,031 million representing increase in U. S. dollar subscription to the IMF paid in June 1959. NOTE.—For back figures and description of the data in this and the 5 These figures reflect the inclusion of data for banks initially included following tables on international capital transactions of the United States, as of June 30. see "International Finance" Section 15, Supplement to Banking and Mone- * Includes Bank for International Settlements. tary Statistics. i Beginning with 1960 includes Inter-American Development Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
98 INT'L CAPITAL TRANSACTIONS OF THE U. S. JANUARY 1963 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 To banks and official institutions To all other foreigners Payable Total in foreign and country u. s. currencies U. S. Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1957 15,158 12,847 5,875 5,840 1,132 2,252 278 209 59 1958 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 19,389 16,913 6,341 9,245 1,328 2,398 I 833 295 270 77 I960 21,272 18,929 7,568 9,960 1,401 2,230 1,849 148 233 113 1961—Nov 22,276 19,802 8,843 9,514 1,445 2,333 1,930 147 256 142 Dec 22,415 19,909 '8,635 9,751 '1,524 2,356 1,976 149 230 150 1962—Jan 22,362 19,839 '9,132 9,232 '1,475 2,361 1,967 151 243 161 Feb . . . .. 22,667 20,085 rQ.t19 9,500 '1,466 2,430 973 166 290 152 Mar 23,081 20,443 r8,754 10,218 '1,471 2,454 2,004 156 294 184 Apr 23,265 20,609 r9,074 10,011 '1,524 2,475 2,038 140 297 181 May 23,402 20,741 r8,774 10,409 '1,558 2,494 2,050 100 344 167 June '23,932 '21,081 '8,616 10,973 '1,493 2,674 2,207 107 360 177 June 3 '24,041 '21,188 8,684 10,973 '1,531 2,676 2,209 107 360 177 July '23,609 '20,876 8,365 11,020 '1,491 2,553 2,088 112 353 180 Aug '24,145 '21,359 8.280 11,645 '1,434 2,540 2,066 109 365 246 Sept 24,515 21,730 8,197 12,082 1,451 2,531 2,057 100 374 254 Oct p 25,193 22,390 8,486 12,455 1,449 2,520 2,051 108 361 282 Novp .... 25,174 22,413 8,430 12,459 1,524 2,557 2,047 130 380 204 Area and country detail, Sept. 30, 1962 Europe: Austria 325 323 263 55 5 2 2 * 170 140 71 50 19 29 25 * 4 * Denmark 47 39 36 1 7 7 * * * Finland 74 71 47 21 4 2 2 * France 1,162 1,108 195 867 46 52 45 4 3 2 Germany, Fed. Rep. of.... 2,799 2,761 232 2,142 386 35 28 2 5 3 Greece 101 85 65 20 * 16 16 Italy 1,292 1,115 179 794 142 27 25 2 1 150 Netherlands 276 232 101 120 10 39 28 10 5 Norway... 112 83 46 15 22 29 28 * * Portugal. . ... 141 108 104 4 33 33 « * * Spain 160 134 99 35 1 25 23 t 2 * 458 439 99 326 15 19 18 * Switzerland 837 729 263 298 169 97 61 16 19 11 Turkey 22 20 20 1 1 * * United Kingdom 1,802 1,328 1,099 174 55 416 142 34 239 59 12 11 9 1 1 * Other 272 257 80 102 76 11 10 * * 4 Total 10,061 8,985 3,008 5,021 957 842 496 61 284 233 Canada.... 3,480 3,250 1,617 1,595 39 218 168 21 28 12 Latin America: Argentina 230 118 83 33 2 113 108 5 Bolivia 22 4 4 17 17 * * Brazil 213 92 85 * 6 121 120 1 * Chile 104 25 24 * 79 78 1 * Colombia 145 67 64 * 2 79 76 2 Cuba 36 1 1 34 34 * 40 22 21 1 18 18 El Salvador 31 15 7 8 16 15 * Guatemala 34 16 14 2 18 18 * 461 236 200 9 27 225 221 4 * Neth. Antilles and Surinam 94 42 27 10 5 52 33 2 17 * Panama ReD of 85 11 11 1 73 61 2 10 Peru 107 41 41 * 66 65 1 * Uruguay 92 39 36 3 53 46 3 3 * Venezuela 379 148 147 * 231 229 1 2 * Other 370 243 149 23 71 125 107 8 10 2 Total 2,443 1,120 915 83 121 1,320 1,247 17 56 3 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 ENTTL CAPITAL TRANSACTIONS OF THE U. S. 99 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (In millions of dollars) Payable in dollars To banks and official institutions To all other foreigners A c r o e u a n t a r n y d Total in P a f y o a re b i l g e n U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e l a s s a u n r d y Other 2 certificates certificates Area and country detaiI, Sept. 30, 1962—Cont. Asia: 57 27 22 5 29 28 * 2 * 46 39 30 3 6 6 6 * 1 33 31 16 15 Ms 2 2 28 21 21 * 7 7 * 81 76 45 7 24 6 5 i 2,040 2,021 1,222 627 172 19 18 * * Korea I? en of ... 153 152 149 3 1 1 161 139 130 * 9 22 22 * * 80 74 66 * 8 6 6 326 323 88 228 6 3 3 Other 275 234 180 23 32 40 40 * * 1 3,280 3,137 1,969 903 265 142 138 * 4 2 All other: 131 127 46 70 11 4 4 * * * CYvnco Her> of the •• 35 34 34 * 1 1 47 43 36 7 * 4 4 * * U A R fEfivofl 12 11 10 1 1 1 1 * Other 236 204 143 46 14 29 28 1 2 Total 462 419 269 125 26 39 38 * 1 4 Total foreign countries. 19,726 16,911 7,776 7,726 1,409 2,561 2,087 100 374 254 International 4,819 4,819 450 44,356 13 * Grand total 24,545 21,730 8,227 412,082 1,421 2,561 2,087 100 374 254 i Includes nonnegotiable, non-interest-bearing special U. S. notes held 2 Principally bankers' acceptances and commercial paper. by the International Monetary Fund, which amounted to $3,012 million 3 These figures reflect the inclusion of data for banks initially included on Nov. 30, 1962; excludes such notes held by the International Develop- as of June 30. ment Association and the Inter-American Development Bank, which 4 Includes $3,002 million of nonnegotiable, non-interest-bearing special amounted to $273 million on Nov. 30. U. S. notes held by the International Monetary Fund. 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Europe End of period Total France m G F a e e n d r y - . , Italy S z w er i - t- U K n in it g e - d Other Total C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Rep. of land dom 1957 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 2,623 57 54 30 38 121 234 534 272 1,175 586 56 I960 3,614 32 82 34 60 245 264 717 421 1,356 1,052 69 1961 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 76 159 222 690 540 1,496 2,051 94 Apr 4,852 47 161 41 68 142 207 667 517 1,520 2,046 101 May 4,836 55 139 37 68 158 229 686 453 1,565 2,029 103 4,778 55 129 36 68 151 254 693 431 1,529 2,009 117 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 1,526 2,026 124 4,788 42 139 39 69 166 255 709 430 1,508 2,015 127 Sept 4,795 43 135 41 68 163 277 726 443 1,507 1,981 138 Octp 4,952 44 143 45 74 202 253 760 547 .525 1 987 133 Nov.? 4,864 62 139 43 64 210 221 739 489 1,563 1,940 133 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
100 INT'L CAPITAL TRANSACTIONS OF THE U. S. JANUARY 1963 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3a. Other Europe End of period Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - Other 1957 211 6 25 11 4 6 29 23 2 8 10 76 * 10 1958 315 7 65 14 6 7 56 22 2 30 24 72 1 9 1959 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960.... 264 2 65 13 9 6 33 17 4 8 28 49 11 19 1961—Nov.. . . 181 4 10 11 20 6 46 23 3 5 18 9 9 17 Dec 239 5 20 11 23 6 54 27 5 11 35 16 9 17 1962—Jan 214 4 18 13 23 5 60 26 2 14 17 7 7 19 Feb. 215 5 19 9 23 4 61 22 3 17 18 7 7 21 Mar 222 4 17 8 24 4 66 20 5 15 18 11 4 23 Apr 207 5 15 7 24 4 58 21 5 13 17 13 5 21 May 229 6 18 9 26 4 62 23 5 16 19 13 5 23 June 254 5 18 11 27 5 59 24 7 12 20 37 6 23 July 244 7 19 11 28 5 57 26 8 12 16 27 6 22 Aug. . 255 6 19 11 28 5 55 27 9 18 17 31 6 22 Sept 277 7 15 12 28 5 60 28 11 22 16 41 6 26 Oct.* 253 7 16 10 31 6 46 30 8 24 15 24 6 28 Nov.* 221 7 21 10 32 7 24 28 9 23 18 12 5 26 3 b. Latin America Neth., End of period Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m 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- S t A a i u l n l n r e d i - s - a P p R m u a e n b a - - - , Peru U gu r a u y - V zu e e n l e a - Other nam lic of 1957... 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958.. ,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959. ,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 1960... ,356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961—Nov.. ,450 179 5 230 119 99 19 14 14 19 395 6 32 69 53 125 73 Dec.. 1,504 192 6 186 127 125 19 13 17 20 423 13 32 73 55 129 74 1962—Jan 1,425 179 5 129 126 134 18 12 14 19 411 9 43 71 61 122 71 Feb 1,456 184 6 130 125 160 19 11 16 19 396 6 41 70 62 141 68 Mar ,496 205 5 137 120 160 18 10 14 18 432 9 41 71 60 127 69 Apr I 520 203 5 161 120 156 18 12 15 18 433 9 52 74 61 117 68 May 1,565 204 5 173 . 139 163 17 14 9 17 427 9 59 80 61 117 71 June 1,529 188 6 200 154 143 17 15 10 13 408 7 41 81 68 108 71 June 1 1,532 189 6 200 154 143 17 15 11 13 409 7 41 81 68 108 71 July 1,526 177 6 199 164 147 18 15 12 14 393 7 37 83 63 111 80 A^"U*Ks. 1,508 164 8 191 158 138 17 15 11 14 397 10 36 86 80 107 74 Sept ,507 183 4 196 161 137 17 14 10 16 369 11 36 86 89 101 75 Oct.* 1,525 169 4 189 172 152 17 13 12 17 376 10 32 86 101 96 79 NOV.P ,563 182 5 180 174 138 17 19 12 18 400 7 32 84 107 104 82 3c. Asia and All Other Asia All other End of period Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f n e t p g h . o e , A So fr u ic th a ( U E . g A y . p R t) . Other 1957 386 7 6 22 24 146 53 6 14 110 50 13 5 12 1 19 1958 435 6 4 27 23 179 67 6 13 111 69 13 4 21 3 29 1959. 586 10 6 29 14 324 24 9 15 155 56 18 3 12 2 21 1960. 1,052 9 9 33 24 806 19 7 24 121 69 28 3 11 3 24 1961—Nov 1,620 9 8 33 34 1,292 86 10 31 115 79 27 6 11 12 24 Dec 1,807 9 8 31 36 ,445 114 10 34 119 85 29 6 10 13 27 1962—Jan 1,892 10 10 30 36 ,515 133 11 34 114 92 31 6 11 14 31 Feb 1,964 9 10 28 37 1,605 118 11 33 113 89 31 3 11 13 31 Mar 2,051 10 11 28 41 ,698 114 9 33 108 94 32 3 11 16 32 Apr 2,046 12 13 30 39 ,688 108 9 33 114 101 33 4 11 21 32 May 2,029 11 12 32 43 ,678 107 6 30 110 103 33 4 11 22 33 June 2,009 11 14 24 39 ,680 91 7 30 113 117 35 4 11 24 44 June 1 2,058 11 14 24 39 ,728 91 7 30 114 117 35 4 11 24 44 July 2,026 11 14 24 38 ,731 76 6 30 96 124 34 2 12 26 49 Aug 2,015 11 14 25 37 ,736 69 6 33 84 127 40 4 12 23 48 Sept 1,981 13 18 23 36 ,710 69 8 30 74 138 46 4 12 25 51 Oct.* 1,987 13 18 21 37 ,712 70 9 32 74 133 45 2 11 23 51 Nov.* 1,940 13 18 23 34 ,660 77 8 33 73 133 44 2 12 25 50 For notes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 INTL CAPITAL TRANSACTIONS OF THE U. S. 101 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 term— Loans to— total i Total Total Ba i o n n f s f k i t c i s t i a u a l n - d Others s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e w e p i i g o t n h s e it r s s Other tions Total amounts outstanding 1957 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—Nov... 1,880 4,384 3,835 828 625 682 ,700 549 329 220 Dec... 2,020 4,700 4,115 ,014 618 694 ,789 586 385 200 1962—Jan... 2,046 4,570 4,113 ,003 617 708 ,785 458 287 171 Feb... 2,081 4,688 4,246 ,088 623 715 ,819 443 288 154 Mar... 2,139 4,871 4,399 ,214 644 732 ,809 473 307 166 Apr... 2,086 4,852 4,393 ,236 679 726 ,752 459 274 184 May.. 2,080 4,836 4,326 ,304 570 711 ,742 510 293 217 June.. 2,175 4,778 4,299 ,314 539 698 ,749 479 313 165 June 2 2,175 4,835 4,354 ,324 543 703 ,784 481 316 165 July.. 2,195 4,829 4,339 ,290 559 701 ,789 490 311 179 Aug... 2,186 4,788 4,325 ,259 604 698 ,763 463 304 159 Sept... 2,170 4,795 4,302 ,262 592 690 ,759 493 312 181 Oct.P. 2,114 4,952 4,329 ,242 634 706 ,747 622 416 207 NOV.P 2,130 4,864 4,295 ,195 643 718 1,738 569 364 205 Area and country deatil, Sept. 30, 1962 Europe: Austria... 57 7 7 2 1 Belgium.. 8 15 13 7 1 Denmark. 10 12 11 2 6 Finland.. 9 28 28 2 23 France... 21 43 35 7 13 10 Germany, Fed. Rep. of.. 72 135 117 40 20 25 18 Greece 10 5 5 5 * I N ta e l t y herlands 29 8 4 6 1 0 5 3 3 8 1 3 1 2 1 9 0 1 1 6 2 9 1 7 3 Norway 189 28 27 5 1 2 19 1 Portugal.... 24 11 11 6 * 2 3 Spain 9 22 21 7 4 4 6 1 Sweden.... 43 16 14 2 5 7 2 Switzerland. 16 68 36 9 • 31 21 10 Turkey 41 41 38 14 * United Kingdom. 26 163 58 15 23 105 9! 14 O Yu th g e o r slavia 2 2 2 6 6 2 6 5 4 4 " 6 A 1 2 4 i Total. 534 726 546 150 121 120 156 180 150 30 Canada 296 443 265 9 129 119 179 45 133 Latin America: Argentina 69 183 158 37 22 41 25 25 Bolivia * 4 4 * * 3 C C B C r h u o a l b i o l z e a i m l bia 2 6 2 6 9 5 5 1 1 1 16 9 3 1 1 6 7 7 1 1 16 5 3 1 1 3 6 7 4 2 5 1 7 2 5 2 2 2 2 3 1 2 2 2 1 6 2 4 6 6 2 7 1 8 4 "43* "43' Dominican Republic 14 14 5 1 El Salvador 10 10 1 6 3 Guatemala 9 16 16 1 7 7 Mexico 209 369 367 146 77 33 112 Netherlands Antilles and Surinam Panama, Rep. of. 21 36 36 13 6 Peru 14 86 86 11 27 40 Uruguay 89 9 5 6 69 Venezuela 210 101 100 14 21 51 13 Other 73 75 75 11 16 30 17 Total. 974 1,507 1,434 361 272 309 493 73 70 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
102 INTL. CAPITAL TRANSACTIONS OF THE U. S. JANUARY 1963 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (In millions of dollars) Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to— country total i Total Collections Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Area and country detail, Sept. 30, 962—Cont. Asia: 3 13 13 7 2 4 1 * * India 19 18 18 5 1 9 3 1 1 * * * * 11 23 23 3 * 17 2 * * Israel • 28 36 36 5 3 4 24 * Japan 54 1,710 1,668 598 27 139 904 42 42 * Korea Rep of 7 7 1 6 * 62 1 69 8 69 8 5 2 0 8 * 4 3 7 * * Thailand 3 30 30 8 4 18 2 Other 10 66 66 39 3 18 5 * * * Total 191 1,981 1,938 719 45 208 966 43 43 * All other: 46 46 30 2 4 15 10 16 2 14 Congo Rep of the 40 4 4 2 2 South Africa 29 12 10 * 9 * 2 2 * U A R fEevof) 2 25 24 11 13 * * Other .. . 58 51 50 9 22 18 1 * * Total 175 138 119 24 26 45 25 18 4 14 Total foreign countries. 2,170 4,795 4,302 1,262 592 690 1,759 493 312 181 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 securities * Foreign bonds Foreign stocks Net purchases Period or sales Pur- Sales Pur- Net pur- Pur- Net pur- Pur- Net purchases chases Sales chases or chases Sales chases or chases Sales chases or Foreign sales sales sales 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 Nov 259 181 79 19 310 290 20 62 105 -42 55 94 -40 Dec 86 32 54 286 273 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 -35 57 67 -10 iMay 122 299 -176 -113 286 260 26 125 301 -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 Aus 135 347 -211 -32 163 156 7 50 65 -15 45 41 4 Sept 327 334 -8 -44 125 140 -15 44 100 -57 44 39 4 Oct.2' 2 77 107 2 -30 155 160 -5 251 401 -151 58 40 18 Nov*> 2 246 314 2 -67 2 _6 210 198 12 70 201 -131 69 48 22 1 Includes small amounts of State and local govt. securities. NOTE.—Statistics include transactions of international organizations. 2 Excludes nonmarketable U. S. Treasury bonds, foreign currency See also NOTE to Table 1. series, as follows (in dollar equivalents): issued and payable in Italian lire (Oct., $25 million, Nov. $124 million) and in Swiss francs (Oct., $23 million, Nov., $28 million). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 INTL. CAPITAL TRANSACTIONS OF THE U. S. 103 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 Total i Neth- Switz- United Latin Stocks Bonds Belgium France er- er- King- Other Total Canada Amer- All lands land dom Europe Europe ica other 1 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 Nov 20 25 -5 1 4 5 25 -20 3 18 -8 2 8 Dec 14 15 -1 1 1 1 21 -25 5 3 * 4 7 1962—Jan 37 54 -17 • 5 -2 46 10 -3 55 -19 4 -3 Feb 30 36 -6 1 5 -1 34 -2 * 37 -9 -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 -8 June -64 -65 1 -2 -2 2 -6 -29 1 -36 -14 -4 -9 July -32 -18 -13 • 1 1 6 -28 -1 -23 -13 * 4 Aug 7 7 * * -1 -2 13 -10 2 1 1 -2 8 Sept -15 n -6 -1 * * -5 -3 -10 -4 1 -1 Oct.p -5 -4 -2 * * * -15 9 2 -7 2 * * Nov p 12 21 -8 -1 -1 -1 8 -1 2 6 # -3 10 i 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) Total Latin Assets in custody Period na In ti t o e n r- al f c o o re u i n g - n Europe C a a d n a - Amer- Asia o A th l e l r End of period Deposits tries U. S. Govt. Earmarked securities * gold 1958 — 558 -805 -72 -543 5 -45 -150 1959 -157 -593 -50 -443 11 -97 -15 1957 356 3,729 6,023 I960 — 147 -498 -117 -196 -107 -41 -36 1958 272 3,695 8,538 1961 1 -832 -262 -318 -58 -121 -73 1959 345 4,477 9,861 1960 217 5,726 11,843 1961—Nov.... 1 -83 -26 -15 -9 -15 -18 Dec.... -7 -116 -85 -28 1 -9 6 1961—Dec. 279 6,006 11,905 1962—Jan * -20 n 22 -1 g -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 Apr.... -21 -24 -23 2 1 q 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 1 Aug. 168 6,407 12,689 Sept.... 9 -61 8 -14 2 -57 * Sept. 229 6,767 12,687 Oct.?... -4 -128 29 -125 2 -6 -24 Oct.. 182 7,137 12,706 Nov.p.. -10 -99 4 -95 * -10 2 Nov. 202 7,132 12,680 Dec. 247 6,990 12,700 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
104 INTX CAPITAL TRANSACTIONS OF THE U. S. JANUARY 1963 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. * 3d revised ser. * Area and country 1962 1961 1961 1961 II III III IV I II II Europe: Austria 2 2 2 2 5 Belgium 28 25 25 31 27 23 35 Denmark 3 3 3 5 5 4 5 Finland 1 1 1 1 1 1 2 France 37 40 41 32 33 28 40 Germany Fed Rep. of 40 40 40 34 30 31 68 2 2 2 2 3 Italy 23 30 30 31 24 22 36 68 48 49 44 43 41 22 Norway . 6 9 9 10 8 8 7 Portugal 1 1 1 1 4 Spain 7 5 5 8 10 8 10 8 6 6 6 8 7 19 Switzerland 47 39 39 39 25 15 19 Turkey 4 5 109 110 110 111 120 117 225 2 2 3 5 6 2 Other 2 2 2 1 2 2 4 Total 388 370 371 366 350 322 509 Canada 49 45 45 49 45 47 558 Latin America: Argentina 10 7 7 6 6 8 30 1 1 1 1 1 2 Brazil 20 24 24 7,5 27 74 Chile 5 5 5 5 4 5 18 7 5 5 2 13 Cuba 2 2 2 2 6 Dominican Republic 1 1 1 1 1 2 El Salvador * 1 * * * 3 Guatemala 5 6 5 5 6 8 4 44 Neth Antilles and Surinam 6 5 5 8 12 8 2 Panama Rep of 7 13 13 12 27 17 7 Peru 3 2 2 6 6 4 12 Uruguay 4 1 3 2 Venezuela 23 21 22 20 19 19 36 Other 10 10 10 12 8 8 27 Total 102 106 109 105 126 109 286 Asia: Hone Konc .. 3 3 3 3 3 2 3 5 6 6 8 6 4 11 Indonesia 10 7 7 6 6 3 5 5 5 5 6 5 7 Israel 2 3 3 5 3 1 8 Japan 68 71 71 6?. 68 57 56 Korea Rep. of * * * * * 1 Philippines. 7 7 7 8 9 4 7 T T a h i a w il a a n nd *3 3 3 1 2 3 3 1 5 * 2 Other 11 15 15 11 11 16 Total 114 122 122 114 115 98 All other: Australia 15 11 12 11 13 12 Congo Rep of the * 3 4 4 13 11 12 U A R (EeyDt) 1 2 2 2 2 1 Other 11 13 13 18 15 16 Total 31 29 30 44 42 43 International * * Grand total 684 672 676 680 677 618 moo 4th revised ser.l 1962 1961 III III IV I II 4 4 4 3 17 17 25 26 22 6 6 7 6 7 2 2 2 2 2 36 37 46 46 37 74 76 78 101 118 2 2 3 4 34 34 47 51 60 23 23 28 35 43 7 8 10 10 12 6 6 5 7 7 9 9 12 12 14 18 19 19 21 22 15 16 18 28 24 5 5 6 5 4 187 188 198 194 165 2 2 2 2 2 5 5 6 8 5 454 460 516 560 552 653 655 607 687 679 31 32 36 36 34 3 3 3 3 91 91 64 60 59 16 17 19 21 21 14 14 13 13 14 7 7 5 5 6 3 3 3 3 4 3 3 3 3 3 5 5 5 5 5 47 49 41 42 41 2 2 2 2 3 6 6 9 9 10 18 18 16 14 12 57 58 46 46 40 44 45 24 28 31 350 356 295 295 291 3 3 4 4 3 13 13 12 15 24 3 3 2 3 2 7 7 8 8 8 8 10 11 10 63 63 80 100 96 1 1 1 3 7 7 8 5 9 2 2 7 3 4 3 3 3 3 18 19 20 22 31 118 127 129 155 176 192 19 21 22 25 25 23 2 2 2 2 3 2 11 10 10 10 8 9 7 11 11 10 15 15 16 19 19 18 14 17 56 62 63 64 64 66 * 1 1 1 * 1,528 1,646 1,664 1,638 1,783 1,780 t 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
JANUARY 1963 U. S. BALANCE OF PAYMENTS 105 U. S. BALANCE OF PAYMENTS (In millions of dollars) 1959 1960 1961 1962 Item III III IV III IV Exports of goods and services, total1. 5,950 6,448 6,280 6,882 6,581 7,270 6,820 6,952 6,656 7,638 6,995 7,806 7,126 Merchandise 4,058 4,343 4,615 5,008 4,691 5,145 5,012 4,922 4,673 5,308 5,015 5,497 4,898 Services2 1,892 2,105 1,665 1,874 1,890 2,125 1,808 2,030 1,983 2,330 1,980 2,309 2,228 Imports of goods and services, total.. 6,228 5,944 5,740 6,045 6,018 5,385 5,276 5,595 6,078 5,974 5,882 6,318 6,487 Merchandise 3,847 3,974 3,830 3,858 3,551 3,484 3,400 3,458 3,682 3,974 3,946 4,077 3,973 Services 1,595 1,216 1,139 1,429 1,670 1,179 1,106 1,381 1,697 1,278 1,184 1,495 1,784 Military expenditures 786 754 771 758 797 722 770 756 699 722 752 746 730 Balance on goods and services! -278 504 540 837 563 1,885 1,544 1,357 578 1,664 1,113 1,488 639 Unilateral transfers (net) -547 -675 -582 -620 -624 -680 -694 -706 -633 -696 -748 -686 -659 Private remittances and pensions.. -214 -206 -201 -202 -207 -232 -216 -218 -213 -231 -228 -221 -218 Government nonmilitary grants... -333 -469 -381 -418 -417 -448 -478 -488 -420 -465 -520 -465 -441 U.S. long- and short-term capital (net) -607 -595 -883 -1,131 -1,088 -1,885 -1,372 -540 -1,104 -1,863 -1,268 -1,166 -345 Private, total -387 -838 -653 -741 -943 -1,545 -989 -955 -637 -1,372 -866 -720 -355 Direct investment -224 -419 -303 -331 -327 -733 -324 -341 -369 -196 -496 -189 Portfolio and short-term investment -163 -419 -350 -410 -616 -812 -548 -631 -296 -1,003 -670 -224 -166 Government , -220 243 -230 -390 -145 -340 -383 415 -467 -491 -402 -446 10 Foreign capital and gold (net) 1,440 620 851 1,014 1,239 1,156 506 185 916 1,460 752 428 809 Increase in foreign short-term assets and Government securities. 1,109 425 586 740 548 254 38 314 626 881 402 550 296 Increase in other foreign assets... 164 123 215 180 54 -19 122 201 20 123 160 85 -37 Gold sales by United States 3.... 167 72 50 94 637 921 346 -330 270 456 190 -207 550 Errors and omissions. -8 146 74 -100 -90 -476 16 -296 243 -565 151 -64 1 Excludes military transfers under grants. 3 Beginning with the first quarter of 1961, net of change in convertible 2 Includes military transactions. currencies held by Exchange Stabilization Fund. NOTE.—Dept. of Commerce estimates. OPEN MARKET RATES (Per cent per annum) Switzer- Canada United Kingdom France Germany Netherlands land Month 3 T m r b e o i a l n s ls u t , h r s y * m D o a d n y a e - y t y o - 2 3 B a a a m c n n c c o k e e n p e s t r t , h - s' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e m D o a d y n 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 4 , 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 e to y - d P is r r i c a v o t a e u t n e t 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 .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 .13 2.00 1961—Nov 2.42 2.24 5.67 5.41 4.89 4.02 3.52 2.00 2.81 1.74 .33 2.00 Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 .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 1.81 .59 2.00 Apr 3.08 3.12 4.50 4.26 3.70 2.93 3.93 2.13 2.75 2.13 .75 2.00 May 3.36 3.00 4.14 3.94 3.24 2.50 3.98 2.13 2.56 2.46 1.75 2.00 June....... 4.48 3.55 3.98 3.80 3.30 2.50 3.59 2.25 3.31 2.32 1.69 2.00 July 5.47 4.89 4.09 3.90 3.33 2.50 3.66 2.38 2.94 2.21 1.78 2.00 Aug 5.15 5.03 4.02 3.79 3.32 2.50 3.46 2.50 2.50 1.53 .03 2.00 Sept 5.03 4.99 3.93 3.69 3.36 2.50 3.48 2.50 3.06 1.57 .10 2.00 Oct 4.46 4.64 3.92 3.71 3.16 2.50 3.51 2.63 2.50 1.96 .50 2.00 Nov 3.81 3.82 4.03 3.77 3.31 2.50 3.50 2.63 2.56 1.85 .47 2.00 1 Based on average yield of weekly tenders during month. NOTE.—For description of rates and back data, see "International 2 Based on weekly averages of daily closing rates. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 3 Rate shown is on private securities. 1962. • Rate in effect at end of month. 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
106 MONEY RATES JANUARY 1963 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Dec. 31, 1961 Rate Country 1962 De a c s . o 3 f 1, Per Month 1962 cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Argentina 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 5.0 Belgium . ... ... 4.5 Dec. 1961 4.25 4.0 3.75 3.5 3.5 Brazil 10.0 Apr. 1958 10.0 3.0 Nov. 1957 4.0 4.0 Canada1 3.24 Dec. 1961 3.35 3.42 3.37 3.32 3.77 16.0 5.5 5.0 4.0 4.0 4.0 Aug. 1960 4.0 Chile* 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 3.0 Nov. 1952 5 0 5.0 El Salvador 6.0 June 1961 6.0 Finland 6.75 Mar. 1959 8.0 7.0 7.0 France 3.5 Oct. 1960 3.5 Germany 3.0 May 1961 3.0 Greece 6.0 Nov. 1960 6.0 Honduras^ 2.0 Jan. 1953 3.0 3.0 Iceland 9.0 Dec. 1960 9.0 India* 4.0 May 1957 4.0 3.0 Apr. 1946 3.0 Iran 6.0 Nov. 1960 6.0 Ireland 5.56 Dec. 1961 5.44 4.70 4.31 4.09 4.0 3.94 4.06 3.86 3.86 6.0 Feb. 1955 6.0 Italv 3.5 June 1958 3.5 7.3 Sept. 1961 6 94 6.57 6.57 Nf exico.................. 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 4.0 4.0 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 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 Portugal 2.0 Jan. 1944 2.0 South Africa 4.5 Dec. 1961 4.0 3 5 3.5 Spain 4.0 June 1961 4.0 Sweden 5.0 Jan. 1960 4.5 4.0 4.0 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 7.5 May 1961 7.5 United Kingdom 6.0 Nov. 1961 «5.0 4.5 4.5 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some of continue to be .25 of 1 per cent above latest weekly Treasury bill tender these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—3.5 per cent for agricultural and industrial development raised by 1.5 per cent for each month in which the reduction does not paper of up to 150 days, 3 per cent for economic development paper occur. of up to 5 years, and 2 per cent for specific small business, cooperative 3 Rate shown is for advances only. and employee paper; 4 Rate applies to advances against commercial paper as well 'as against Costa Rica—5 per cent for paper related to commercial transactions govt. securities and other eligible paper. (rate shown is for agricultural and industrial paper); 5 Beginning with June 1, 1962, the rediscount rate for commercial Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by bank loans financing the purchase of surplus agricultural commodities national public securities; under U. S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Ecuador—6 per cent for bank acceptances for commerical purposes; 1962, the rediscount rate for commercial bank financing of 9 categories Indonesia—various rates depending on type of paper, collateral, comof development loans was reduced from 6 to 3 per cent. modity involved, etc.; 6 On Mar. 8, 1962 the discount rate had been reduced to 5.5 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings from the Central bank in excess of an individual bank's quota; NOTE.—Rates shown are mainly those at which the central bank either Peru—8 per cent for agricultural, industrial and mining paper; and discounts or makes advances against eligible commercial paper and/or Venezuela—4 per cent for rediscounts of certain agricultural paper and govt. securities for commercial banks or brokers. For countries with for advances against government bonds or gold and 5 per cent on admore than one rate applicable to such discounts or advances, the rate vances against securities of Venezuelan companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1963 FOREIGN EXCHANGE RATES 107 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Period (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (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 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 14.482 .39946 .2376 1958 . 5 556 9 9.07 223.88 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 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .31118 120.389 1961... 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .31098 20.384 1962 2 .9080 223.73 3.8685 2.0093 3 93.561 21.034 14.490 .31066 20.405 1961—Dec 1.2080 223.88 3.8671 2.0086 95.885 21.058 14.541 .31084 20.399 1962—Jan 1.2056 223.98 3.8647 2.0086 95.678 21.051 14.527 .31085 20.403 Feb 1.2054 224.27 3.8643 2.0086 95.335 21.039 14.522 .31072 20.402 Mar 41.2081 224.32 3.8659 2.0086 95.277 21.058 14.534 .31074 20.405 Apr 5 1.0444 224.22 3.8690 2.0080 95.232 21.059 14.510 .31070 20.405 May .9600 224.07 3.8698 2.0089 3 92.394 21.057 14.496 .31070 20.405 June. .8601 223.77 3.8700 2.0098 91.911 21.039 14.511 .31066 20.405 July .8130 223.63 3.8700 2.0103 92.654 21.036 14.483 .31063 20.405 .8121 223.41 3.8700 2.0105 92.777 21.021 14.458 .31063 20.405 Sent .7874 223.18 3.8700 2.0093 92.848 21.008 14.443 .31058 20.405 Oct .7392 223.21 3.8701 2.0094 92.914 21.009 14.442 .31057 20.405 Nov .6830 223.26 3.8680 2.0098 92.849 21.011 14.455 .31058 20.405 Dec .7057 223.37 3.8694 2.0098 92.924 21.013 14.498 .31058 20.404 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 si l 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 ) 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26.170 276.56 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1961—Dec 25.004 21.038 280.96 .16111 .27624 32.734 8.0056 in.lie 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 Nov 24.947 20.970 280.19 .16104 .27901 32.751 8.0056 27.748 277.42 Dec 25.031 20.989 280.33 .16105 .27897 32.790 8.0056 27.779 277.56 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 a u t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( S e 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 ) 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 I960 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 1962 14 010 3 4986 139 87 1 6654 19 397 23 124 280 78 1961—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 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 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 Nov 13 989 3.4900 139.57 1.6662 19.363 23.170 280.19 Dec 14.000 3.4902 139.64 1.6664 19.278 23.167 280.33 1 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. NOTE.—Averages of certified noon buying rates in New York for 2 Quotations not available Mar. 20—Apr. 3, 1962. cable transfers. For description of rates and back data, see "International 3 Effective May 2, 1962, the par value of the Canadian dollar was set at Finance," Section 15 of Supplement to Banking and Monetary Statistics, 92.5 U. S. cents. 1962. * Based on quotations through Mar. 19, 1962. 5 Based on quotations beginning with Apr. 4, 1962. 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 BANK OPERATIONS—Cont. MERRITT SHERMAN, Secretary M. B. DANIELS, Assistant Director KENNETH A. KENYON, Assistant Secretary JOHN N. KILEY, JR., Assistant Director ELIZABETH L. CARMICHAEL, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION FREDERIC SOLOMON, Director HOWARD H. HACKLEY, General Counsel ROBERT C. MASTERS, Associate Director DAVID B. HEXTER, Assistant General GLENN M. GOODMAN, Assistant Director Counsel HENRY BENNER, Assistant Director JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General BRENTON C. LEAVITT, Assistant Director Counsel ANDREW N. THOMPSON, Assistant Director JEROME W. SHAY, Assistant General Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve WILSON L. HOOFF, Assistant General Examiner Counsel DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION GUY E. NOYES, Director EDWIN J. JOHNSON, Director ALBERT R. KOCH, Associate Director H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Adviser FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES ROBERT C. HOLLAND, Adviser KENNETH B. WILLIAMS, Adviser JOSEPH E. KELLEHER, Director LEWIS N. DEMBITZ, Associate Adviser HARRY E. KERN, Assistant Director ROBERT SOLOMON, Associate Adviser DIVISION OF INTERNATIONAL FINANCE OFFICE OF THE CONTROLLER RALPH A. YOUNG, Director J. J. CONNELL, Controller J. HERBERT FURTH, Adviser SAMPSON H. BASS, Assistant Controller A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF DEFENSE PLANNING SAMUEL I. KATZ, Associate Adviser RALPH C. WOOD, Associate Adviser INNIS D. HARRIS, Coordinator DIVISION OF BANK OPERATIONS DIVISION OF DATA PROCESSING JOHN R. FARRELL, Director M. H. SCHWARTZ, Director GERALD M. CONKLING, Assistant Director LEE W. LANGHAM, Assistant Director 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 109 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 LAWRENCE H. MARTIN, BOSTON KENNETH V. ZWIENER, CHICAGO GEORGE A. MURPHY, NEW YORK SIDNEY MAESTRE, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS L. A. STONER, CLEVELAND M. L. BREIDENTHAL, KANSAS CITY ROBERT B. HOBBS, RICHMOND JAMES W. ASTON, DALLAS J. FlNLEY McRAE, ATLANTA ELLIOTT MCALLISTER, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairman and Deputy Chairman of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON ERWIN D. CANHAM WILLIAM WEBSTER NEW YORK PHILIP D. REED JAMES DECAMP WISE PHILADELPHIA WALTER E. HOADLEY DAVID C. BEVAN CLEVELAND JOSEPH B. HALL LOGAN T. JOHNSTON RICHMOND EDWIN HYDE WILLIAM H. GRIER ATLANTA JACK TARVER HENRY G. CHALKLEY, JR. CHICAGO ROBERT P. BRIGGS JAMES H. HILTON ST. LOUIS ETHAN A. H. SHEPLEY J. H. LONGWELL MINNEAPOLIS ATHERTON BEAN JUDSON BEMIS KANSAS CITY HOMER A. SCOTT DOLPH SIMONS DALLAS ROBERT O. ANDERSON MORGAN J. DAVIS SAN FRANCISCO F. B. WHITMAN JOHN D. FREDERICKS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
110 FEDERAL RESERVE BULLETIN • JANUARY 1963 Presidents and Vice Presidents Federal Vice Presidents President Reserve (Vice Presidents in charge of branches are First Vice President Bank of listed in lower section of this page) Boston George H. Ellis D. Harry Angney Luther M. Hoyle, Jr. 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 H. L. Sanford William F. Treiber CharJes A. Coombs Herbert H. Kimball Robert W. Stone Howard D. Crosse Robert G. Rouse Todd G. Tiebout Marcus A. Harris Walter H. Rozell, Jr. Thomas O. Waage Philadelphia Karl R. Bopp Hugh Barrie Norman G. Dash Harry W. Roeder Robeit 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 Martin Morrison Donald S. Thompson E. A. Fink Fred S. Kelly 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 S. 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 James L. Cauthen G. R. Murff Thomas W. Plant Philip E. Coldwell Ralph T. Green James A. Parker W. M. Pritchett Thomas A. Hardin Thomas R. Sullivan San Francisco... Eliot J. Swan J. L. Barbonchielli E. H. Galvin A. B. Merritt H. E. Hemmings Paul W. Cavan D. M. Davenport * 1 Assigned to Los Angeles Branch. Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis.... Helena C. A. Van Nice Cleveland Cincinnati F. O. Kiel Kansas City.... Denver Cecil Puckett Pittsburgh Clyde Hanell 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
Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1719-1722 of the December 1962 BULLETIN. {Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. FUNCTIONS. 1961. 238 pp. 172 pp. $1.00 per copy; in quantities of 10 or more for single shipment, $.85 each. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. THE FEDERAL FUNDS MARKET—A Study by a FEDERAL RESERVE BULLETIN. Monthly. Subscrip- Federal Reserve System Committee. 1959. Ill tion prices: (1) $6.00 per annum or $.60 a pp. $1.00 per copy; in quantities of 10 or more copy in the United States and its possessions, for single shipment, $.85 each. Bolivia, Canada, Chile, Columbia, Costa Rica, DEBITS AND CLEARINGS STATISTICS AND THEIR Cuba, Dominican Republic, Ecuador, Guate- USE (rev. ed.). 1959. 144 pp. $1.00 per copy; mala, Haiti, Republic of Honduras, Mexico, in quantities of 10 or more for single shipment, Nicaragua, Panama, Paraguay, Peru, El Salva- $.85 each. dor, Uruguay, and Venezuela. (2) Elsewhere, $7.00 per annum or $.70 per copy. (3) In quan- ALL-BANK STATISTICS, 1896-1955. Pt. I, U. S. tities of 10 or more copies sent to one address in Summary. Pt. II, Summaries by States and other the United States, $5.00 per annum or $.50 per areas. 1959. 1,229 pp. $4.00. copy per month. THE FEDERAL RESERVE ACT, as amended through FEDERAL RESERVE CHART BOOK ON FINANCIAL October 1, 1961, with an Appendix containing AND BUSINESS STATISTICS. Monthly. Annual provisions of certain other statutes affecting the subscription includes one issue of Historical Reserve System. 386 pp. $1.25. Chart Book. Subscription prices: (1) $6.00 per annum or $.60 per copy in the United States FLOW OF FUNDS IN THE UNITED STATES, 1939-53. and the countries listed above. (2) Elsewhere, 1955. 390 pp. $2.75. $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single FLOW OF FUNDS/SAVING ACCOUNTS, 1946-60. Supp. 5. 1961. shipment, $.50 each. HISTORICAL CHART BOOK. Issued annually in Sep- SUPPLEMENT TO BANKING AND MONETARY STAtember. Annual subscription to monthly chart TISTICS. Sec. 1 Banks and the Monetary System. book includes one issue of the Historical. Prices: 1962. 35 pp. $.35. Sec. 10. Member Bank Re- (1) $.60 each in the United States and the coun- serves and Related Items 1962. 64 pp. $.50. tries listed above. (2) Elsewhere, $.70 each. (3) Sec. 14. Gold. 24 pp. $.35. Sec. 15. Interna- In quantities of 10 or more for single shipment, tional Finance. 1962. 92 pp. $.65. $.50 each. REGULATIONS OF THE BOARD OF GOVERNORS OF TREASURY-FEDERAL RESERVE STUDY OF THE GOV- THE FEDERAL RESERVE SYSTEM. ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. RULES OF ORGANIZATION AND PROCEDURE—BOARD Individual books $1.00 each; set of 3 books OF GOVERNORS OF THE FEDERAL RESERVE SYS- $2.50. TEM. 1962. 40 pp. INDUSTRIAL PRODUCTION—1959 REVISION. 1960. PUBLISHED INTERPRETATIONS of the Board, as of 229 pp. $.50. December 31, 1961. $2.50. Ill Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
112 FEDERAL RESERVE BULLETIN • JANUARY 1963 REPRINTS CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. Mar. 1962. 8 pp. {From Federal Reserve BULLETIN unless preceded by an asterisk) MONETARY FUND RESOURCES AND THE INTER- NATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp. THE MONETARY SYSTEM OF THE UNITED STATES. Feb. 1953. 16 pp. GROWTH IN INSTITUTIONAL SAVINGS. May 1962. 9 pp. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. Mar. 1953. 16 pp. SURVEY OF COMMON TRUST FUNDS, 1961. May 1962. 7 pp. (Also, similar reprint from May FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1961 BULL.) STABILITY. May 1953. 7 pp. MONETARY POLICY, BANK CREDIT, AND MONEY. REVISION OF CONSUMER CREDIT STATISTICS. Oct. July 1962. 8 pp. 1956. 24 pp. (Also, similar reprint from Apr. 1953 BULL.) SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- CURITIES. Nov. 1958. 15 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. July 1962. 6 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a de- ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. scription of revised statistics for all banks in 5 pp. the United States, by class of bank, together REVISION OF MONEY SUPPLY SERIES. Aug. 1962. with revised statistics. Apr. 1959. 94 pp. 11 pp. THE GOVERMENT SECURITIES MARKET. Aug. 1959. REVISION OF WEEKLY DEPARTMENT STORE SALES 22 pp. INDEX. Aug. 1962. 3 pp. CONSUMER BUYING INTENTIONS AND QUARTERLY THE BALANCE SHEET OF AGRICULTURE, 1962. SURVEY OF CONSUMER BUYING INTENTIONS. Aug. 1962. 10 pp. Combined reprint. Sept. 1960. 31 pp. INTEREST RATES IN THE CURRENT CYCLE. Sept. IMPLEMENTATION OF THE 1959 ACT ON RESERVE 1962. 9 pp. REQUIREMENTS. Dec. 1960. 6 pp. INTEREST RATES AND MONETARY POLICY. Sept. SMALL BUSINESS FINANCING: CORPORATE MANU- 1962. 28 pp. FACTURERS. Jan. 1961. 15 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- STATISTICS ON THE GOVERNMENT SECURITIES CHANGE OPERATIONS. Sept. 1962. 16 pp. MARKET. Apr. 1961. 8 pp. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER U. S. BALANCE OF PAYMENTS IN 1962. Oct. 1962. TIME DEPOSITS. May 1961. 2 pp. (Also, similar 8 pp. reprint from July 1960 BULL.) INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. 1962. 10 pp. 1961. 21 pp. (Also, similar reprint from Apr. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1957 BULL.) 1962. 15 pp. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. AUTOMATION AT COMMERCIAL BANKS. NOV. 1962. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 13 pp. 1961. 15 pp. QUARTERLY SURVEY OF CONSUMER BUYING IN- REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. TENTIONS. Nov. 1962. 6 pp. (Also, similar re- 1961. 3 pp. prints from BULLS, for Dec. 1960, Mar., May, THE MEANS OF ECONOMIC PROGRESS. Feb. 1962. Aug., and Nov. 1961, Mar., May, and Aug. 9 pp. 1962.) MONETARY EXPANSION DURING 1961. Feb. 1962. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 7 pp. 14 pp. INTEREST RATES ON TIME DEPOSITS, Mid-January A NEW LOOK AT THE FARM DEBT PICTURE. Dec. 1962. Feb. 1962. 5 pp. 1962. 18 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 48, 50 Deposits—Continued Agricultural loans of commercial banks, 42, 44 Banks, by classes, 31, 38, 43, 46, 50 Assets and liabilities {See also Foreign liabilities and Federal Reserve Banks, 32, 103 claims): Postal savings, 31, 37 Banks and the monetary system, consoli- Discount rates, 30, 106 dated, 37 Discounts and advances by Federal Reserve Corporate, current, 60 Banks, 26, 32, 34 Domestic banks, by classes, 38, 42, 44, 50 Dividends, corporate, 59, 60 Federal business-type activities, Dollar assets, foreign, 95, 103 by fund or activity, 90 Federal Reserve Banks, 32 Earnings and hours, manufacturing indus- Automobiles: tries, 72, 75 Consumer instalment credit, 64, 65, 66 Employment, 72, 74, 75 Production index, 68, 69 Farm mortgage loans, 61, 62 Bankers' balances, 43, 45 Federal business-type activities, assets and liabilities, {See also Foreign liabilities and claims) by fund or activity, 90 Banks and the monetary system, consolidated state- Federal finance: ment, 37 Cash transactions, 52 Bonds {See also U. S. Govt. securities): Receipts and expenditures, 53 New issues, 57, 58, 60 Treasurer's balance, 52 Prices and yields, 48, 49 Federal home loan banks, loans, etc., 63, 90 Brokers and dealers in securities, bank loans to, 42, 44 Federal Housing Administration, loans, etc., 61, 62, Business expenditures on new plant and equip- 63, 90 ment, 60 Federal National Mortgage Association, Business indexes, 72 loans, etc., 63, 90 Business loans {See Commercial and industrial loans) Federal Reserve Banks: Condition statement, 32 Capital accounts: U. S. Govt. securities held by, 26, 32, 34, 54, 55 Banks, by classes, 38, 43, 46 Federal Reserve credit, 26, 32, 34 Federal Reserve Banks, 32 Federal Reserve notes, 32, 35 Carloadings, 72 Finance company paper, 48, 50 Central banks, foreign, 92, 106 Financial institutions, loans to, 42, 44 Coins, circulation of, 35 Float, 26 Commercial banks: Flow of funds, saving and financial flows, 82 Assets and liabilities, 38, 41, 42 Foreign central banks, 92, 106 Consumer loans held, by type, 65 Foreign currencies, convertible, holdings by U. S. Number, by classes, 38 monetary authorities, 32, 34, 94 Real estate mortgages held, by type, 61 Foreign deposits in U. S. banks, 26, 32, 37, 43, Commercial and industrial loans: 46, 103 Commercial banks, 42 Foreign exchange rates, 107 Weekly reporting member banks, 44, 47 Foreign liabilities and claims: Commercial paper, 48, 50 Banks, 96, 98, 101, 103 Condition statements {See Assets and liabilities) Nonfinancial concerns, 104 Construction, 72, 73 Foreign trade, 77 Consumer credit: Instalment credit, 64, 65, 66, 67 Gold: Major parts, 64, 66 Earmarked, 94 Noninstalment credit, by holder, 65 Net purchases by U. S., 94 Consumer price indexes, 72, 78 Production, 93 Consumption expenditures, 80, 81 Reserves of central banks and governments, 92 Corporate sales, profits, taxes, and dividends, 59, 60 Reserves of foreign countries and international Corporate security issues, 58, 60 institutions, 95 Corporate security prices and yields, 48, 49 Stock, 26, 37, 94 Cost of living {See Consumer price indexes) Gold certificates, 32, 35 Currency in circulation, 26, 35, 36 Govt. debt {See U. S. Govt. securities) Customer credit, stock market, 49 Gross national product, 80, 81 Debits to deposit accounts, 34 Hours and earnings, manufacturing indus- Demand deposits: tries, 72, 75 Adjusted, banks and the monetary system, 37 Housing starts, 73 Adjusted, commercial banks, 34, 36, 43 Banks, by classes, 31, 38, 46 Industrial production index, 68, 72 Turnover of, 34 Instalment loans, 64, 65, 66, 67 Type of holder, at commercial banks, 43 Insurance companies, 51, 54, 55, 62 Department stores: Insured commercial banks, 40, 42 Merchandising data, 77 Interbank deposits, 34, 38, 43 Sales and stocks, 72, 76 Interest rates: Deposits {See also specific types of deposits): Bond yields, 48 Adjusted, and currency, 37 Business loans by banks, 47 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
114 FEDERAL RESERVE BULLETIN • JANUARY 1963 Interest rates—Continued Reserves—Continued Federal Reserve Bank discount rates, 30 Foreign central banks and governments, 92 Foreign countries, 105, 106 Foreign countries and international institu- Open market, 48, 105 tions, 95 Stock yields, 48 Member banks, 26, 28, 31, 43, 45 Time deposits, maximum rates, 31 Residential mortgage loans, 61, 62, 63 International capital transactions of the U. S., 96 International institutions, 92, 94, 95 Sales finance companies, consumer loans of, 64, 65, 67 Inventories, 80 Saving: Investment (See also specific types of investments): Flow-of-funds series, 82 Banks, by classes, 38, 42, 45, 50 National income series, 81 Commercial banks, 41 Savings deposits (See Time deposits) Federal Reserve Banks, 32, 34 Savings institutions, principal assets, 50, 51 Govt. agencies, etc., 90 Savings and loan associations, 51, 55, 62 Life insurance companies, 51 Securities, international transactions, 102, 103 Savings and loan associations, 51 Security issues, 57, 58, 60 Silver coin and silver certificates, 35 Labor force, 74 State member banks, 40 Loans (See also specific types of loans): State and municipal securities - Banks, by classes, 38, 42, 44, 50 New issues, 57, 58 Commercial banks, 41 Prices and yields, 48, 49 Federal Reserve Banks, 26, 32, 34 States and political subdivisions: Govt. agencies, etc., 90 Deposits of, 43, 46 Insurance companies, 51, 62 Holdings of U. S. Govt. securities, 54 Savings and loan associations, 51, 62 Ownership of obligations of, 42, 50, 51 Loans insured or guaranteed, 61, 62, 63 Stock market credit, 49 Stocks: Manufactures, production index, 69, 72 New issues, 58 Margin requirements, 31 Prices and yields, 48, 49 Member banks: Assets and liabilities, by classes, 38, 42 Borrowings at Federal Reserve Banks, 28, 32, 46 Tax receipts, Federal, 53 Deposits, by classes, 31 Time deposits, 31, 36, 37, 38, 43, 46 Number, by classes, 39 Treasurer's account balance, 52 Reserve requirements, by classes, 31 Treasury cash, 26, 35, 37 Reserves and related items, 26 Treasury currency, 26, 35, 37 Weekly reporting series, 44 Treasury deposits, 26, 32, 52 Mining, production index, 69, 72 Money rates (See Interest rates) Unemployment, 74 Money supply and related data, 36 U. S. balance of payments, 105 Mortgages (See Real estate loans) U. S. Govt. balances: Mutual savings banks, 37, 38, 40, 50, 54, 55, 61 Commercial bank holdings, by classes, 43, 46 Consolidated monetary statement, 37 National banks, 40 Treasury deposits at Federal Reserve National income, 80, 81 Banks, 26, 32, 52 National security expenditures, 53, 80 U. S. Govt. securities: Nonmember banks, 32, 40, 42, 43 Bank holdings, 37, 38, 42, 45, 50, 54, 55 Dealer transactions, positions, and financing, 56 Payrolls, manufacturing, index, 72 Federal Reserve Bank holdings, 26, 32, 34, 54, 55 Personal income, 81 Foreign and international holdings, 32, 95 Postal Savings System, 31, 37 International transactions, 102 Prices: New issues, gross proceeds, 58 Consumer, 72, 78 Outstanding, by type of security, 54, 55, 57 Security, 49 Ownership of, 54, 55 Wholesale commodity, 72, 78 Prices and yields, 48, 49 Production, 68, 72 United States notes, outstanding and in circula- Profits, corporate, 59, 60 tion, 35 Utilities, production index, 69, 72 Real estate loans: Banks, by classes, 42, 44, 50, 61 Vault cash, 26, 31, 43 Type of mortgage holder, 61, 62, 63 Type of property mortgaged, 61, 62, 63 Veterans Administration, loans, etc., 61, 62, 63, 90 Reserve requirements, member banks, 31 Reserves: Commercial banks, 43 Weekly reporting member banks, 44 Federal Reserve Banks, 32 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 Q) 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, December 31). Federal Reserve Bulletin, 1963-01. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196301
@misc{wtfs_bulletin_196301,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1963-01},
year = {1962},
month = {Dec},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196301},
note = {Retrieved via When the Fed Speaks corpus}
}