Federal Reserve Bulletin, 1963-03

FEDERAL RESERVE B U LLETIN March 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 Changes in Structure of the Federal Debt 301 Treasury and Federal Reserve Foreign Exchange Operations 311 Law Department 321 Announcement 329 National Summary of Business Conditions 330 Guide to Tabular Presentation 332 Financial and Business Statistics, U. S. (Contents on p. 333) 334 International Financial Statistics (Contents on p. 397) 398 Board of Governors and Staff 414 Open Market Committee and Staff; Federal Advisory Council 415 Federal Reserve Banks and Branches 415 Federal Reserve Board Publications 417 Index to Statistical Tables 419 Map of Federal Reserve System Inside backcover Volume 49 * Number 3 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

Changes in Structure of the Federal Debt SINCT. 1960. significant changes have oc- ing approach to refinance near-dated coupon curred in the maturity structure of the mar- securities with new medium-term issues. This ketable Treasury debt. Treasury bills and has made it possible for the Treasury to bonds due after 5 years have expanded sub- continue to expand the volume of bills withstantially. In fact, growth in the latter cate- out adding to total short-term debt. gory has exceeded that in the total. Like Treasury debt management, open Over the same period, issues in the 1-5 market transactions of the Federal Reserve year maturity range have declined sharply. may affect the maturity distribution of debt However, they still constitute nearly onethird of the marketable debt. SHORT- Mi LOHG-TER* U. S, 6«t. These changes—particularly the increase •p slice i960; m*4i«M-t*rai rfoit. ' in Treasury bills and the substantial growth of bonds due after 5 years—reflect an ac- WITHIN 1 YEAR PUBLIC OFjFI&Al ' '] j tive program of innovations in managing II the debt. In financing short-dated debt, the Treas- COUPON ISSUES ury has emphasized bill auctions. In this way it has continued to work for a more regular rollover of short-term issues, and at the same time has implemented its recent 1 - 5 YEARS policy of minimizing downward pressures on Treasury bill rates. OVER 5 YEARS This policy—part of a broad Government program to reduce the deficit in the U. S. balance of payments and to limit gold losses Billion, of a«fl«* « —has sought to keep bill rates from de- Noll . — Markcliihlc .Icht ;i- iif DLV. II. Sec also \oic ui first clining to levels that might encourage out- uihlc loi' I'lirlhcr tlci.iiK. Hows of short-term capital. held by other investors—although by smaller Growth at the far end of the debt struc- amounts. Since late ! 960. while continuture reflects chiefly Treasury use of its new ing to encourage bank credit expansion advance refunding instrument. This tech- and economic growth, the Federal Reserve nique, introduced in June I960, has been has also given consideration in its operations adapted and refined over the period and has to restraining downward pressures on Treascontributed both to the growth of marketable ury bill rates for balance of payments purdebt due after 5 years and to the decline of poses. To this end it has extended the range debt in the 1-5 year category. Recently, the of its open market buying to include securi- Treasury has employed the advance refund- ties of loncer maturity. 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 I EDERAL RESERVE BULLETIN • MARCH 1963 FACTORS IN CHANGING STRUCTURE is generally referred to as debt held by the The segment of the marketable Treasury public. The chart on the preceding page debt most important to the analysis of shows the relative importance of public holdchanges in its structure is the share held by ings in different maturity sectors of the debt investors other than U. S. Government at the end of 1960 and the end of 1962. agencies and the Federal Reserve, or what During any given period net changes within the maturity structure of publicly CASH DEFICIT AND CHANGE IN MARKETABLE held marketable debt will reflect Treasury DEBT HELD BY THE PUBLIC debt operations, the influence of the pas- (In billions of dollars) sage of time on outstanding securities, and market transactions by the Federal Reserve Item 1961 i 1962 1961-62 and U. S. Government agencies. Treasury cash position: Treasury debt operations affect the ma- Cash deficit 6.8 5.7 turity structure of public holdings both by Change in cash balance. . . .9 .9 changing the total supply of debt available Net cash borrowing... 6.8 6.7 13.5 and by redistributing maturities within the Derivation of change in supply already outstanding. Although some public holdings: Net change in total mar- adjustments in the total supply simply offketable debt2 4-5.9 + 6.4 +12.3 set increases or decreases in nonmarketable Less: Net purchases by— debt—such as U. S. savings bonds—and Federal Reserve •* 1.7 1.8 3.5 Other U. S. agencies and others reflect changes in the Treasury's cash trusts 1.1 1.3 balance, by far the most important influence Total. 2.0 2.9 4.8 on the total is the Federal cash budget. When Net change in debt held there is a cash budget deficit, Treasury net by public + 3.9 -3.6 + 7.5 cash borrowing typically adds to the volume Short-term debt: of marketable debt available to the public. Treasury bills + 3.7 •f-5.3 + 9.0 Coupon issues +4.4 -4.2 + .3 When there is a cash surplus of any appre- Total. . + 8.2 ' +1.1 +9.3 ciable size, outstanding debt is reduced. Other debt: Changes in the structure of outstanding 1- 3 years j +4.1 -10.0 5.9 debt reflect chiefly the interaction of Treas- 3- 5 years ! — 7.5 + 5.1 - 2 3 5-10 years + .1 + 13.2 + 13.3 ury refunding operations and the passage of 10^20 years - 2.4 - 7.4 - 9.8 Over 20 years ' + 1.5 + 1.5 + 3.1 time. As time passes, large blocks of outstanding issues reach maturity. Since Treas- Total. 4.3 2.5 -1.8 ury cash resources seldom permit retirement 1 Less than $50 million. of more than a small fraction of these ma- 2 U. S. Govt. debt not shown includes nonmarketable issues, largely savings bonds, and special issues held by turities, most of them must be rolled over U. S. agencies and trusts. into new debt. Also, with the development 3 Excludes repurchase contracts with Govt. securities dealers. of the advance refunding technique, the NOTE.—Calendar-year data. Debt figures derived from Treasury Survey of Ownership; 10-20 year totals include Treasury has undertaken an increasing volconvertible bonds (2% per cent investment Series B ume of other refinancing operations—in bonds, exchangeable at holder's option into 5 year, IVi per cent marketable notes), of which the total out- which outstanding securities are rolled over standing declined by $ 1.1 billion in 1961 and S0.6 billion in 1962. before maturity into longer-term debt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STRUCTURE OF FEDERAL DEBT 303 In most periods, therefore, the volume of acter. When these agencies increase or de- Treasury borrowing undertaken to refinance crease their total security portfolios through outstanding debt far exceeds net cash bor- net purchases and sales, they change the rowing. And the choice of maturities for the total supply of debt available to the public; new issues offered in refinancing operations and when they sell securities of one maturis the major determinant of changes in the ity and buy others—without changing their structure of the marketable debt. total portfolios—they affect the maturity If the Treasury refunds maturing securi- distribution of publicly held debt. As the ties with new short-term issues, the structure preceding table shows, in 1961 and 1962, of the over-all debt tends to shorten as the when the Treasury cash deficit totaled $12.5 passage of time inexorably moves outstand- billion, debt held by the public rose only ing issues previously of longer maturity into $7.5 billion, because the Federal Reserve shorter-dated categories. For example, as a and U. S. Government agencies absorbed result of the passage of time publicly held nearly $5 billion of the total increase in debt moving into the shortest-term category marketable debt. in 1961 and 1962, totaled $22 billion and If Federal Reserve open market opera- $20 billion, respectively. tions change the supply of reserves avail- Given this effect of time, it is obvious that able to commercial banks, this change may if the Treasury wishes to keep the structure have an additional and important indirect of publicly held marketable debt from be- impact on debt structure because of its efcoming increasingly concentrated in short- fect on the relative ability of the Treasury term issues, it must regularly lengthen debt to sell new medium-term debt to the comby offering new issues of longer maturity in mercial banking system. In practice, howits refinancing operations. The advance re- ever, the bulk of Federal Reserve portfolio funding has provided an important instru- changes do not alter the capacity of banks ment for achieving this objective. to acquire Government securities. By far the Using this approach, the Treasury can largest proportion of transactions are deexchange medium-term securities that are signed to meet seasonal reserve needs or to about to spill over into the short maturity offset reserve changes caused by other facarea with the passage of time into new tors. Easing or tightening of money for longer-term issues. Also, it can refund countercyclical objectives is accomplished longer-term bonds while they are still in the on a relatively small volume of trading. hands of long-term investors and thus keep When considering changes in particular the available supply of such bonds from debt maturities held by the public, it is often being steadily whittled down with the pas- helpful to determine how much of the sage of time, as had been happening before change was attributed to time, how much the development of the advance refunding to different types of Treasury debt operatechnique. tions, and how much to market transactions Market transactions of the Federal Re- of the Federal Reserve and U. S. Governserve and U. S. Government agencies di- ment agencies. Such an identification is userectly affect public holdings of marketable ful, because the importance of these infludebt but less extensively than Treasury op- ences to immediate developments in interest erations. Yet their impact is of a similar char- rates and security markets tends to differ. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN • MARCH 1963 For example, although the passage-of- Such debt—defined here as Treasury bills time effect on portfolios of marketable se- and coupon issues due within a year—incurities forces investors—like the Treasury cludes both securities that had short maturi- —to shift regularly into longer-term issues ties when they were issued and longer-term if they wish to maintain some given port- issues that have shortened in maturity with folio structure, this influence can be planned the passage of time. for and it has a more gradual impact on Public holdings of short-term securities market conditions than the abrupt and often grew by more than $8 billion in 1961, as unexpected changes in debt supplies caused shown in the table, but in 1962 they were up by Treasury financing operations. only about $1 billion. Although holdings Likewise the immediate market impact of Treasury bills rose considerably more than per dollar of Treasury financing will differ, they had in 1961, most of this expansion depending on which type of operation is in- was offset by a sharp cutback in holdings volved. The addition of $1 billion to long- of short-term coupon issues. In 1961 coupon term debt in a Treasury cash financing, for holdings had grown more than bill holdings. example, will have a much larger immediate The accompanying table shows the effects impact on long-term interest rates than an of time, Treasury operations, and Federal advance refunding that involves the ex- Reserve actions on public holdings of shortchange of $1 billion of outstanding 8-10 term marketable debt during 1961 and 1962. year issues into new long-term bonds. In As usual, the interaction of time and Treasthe first instance the total supply of longer- ury operations has accounted for the bulk term debt outstanding is being increased. of the change. But in the second there is an exchange In 1961 the Treasury added more than $7 of debt between maturities, which some billion to public holdings of short-term issues investors will consider relatively close sub- —$4 billion through increases in the supply stitutes. of bills and about $3.3 billion by not offset- Over time, of course, any adjustment in ting fully the effect of time on outstanding the structure of publicly held debt will affect coupon issues. Federal Reserve operations, investor liquidity. This will help to shape on the other hand, added only $880 million investors' decisions about their portfolios to public holdings, as a result of net sales and hence to influence interest rates. In dy- of $1.2 billion of coupon issues and net purnamic financial markets, however, imme- chases of $290 million of bills. diate responses in the market to various types In 1962 the Treasury continued to add of influences may have an important bearing to the supply of Treasury bills. But its efforts not only on current market conditions but to lengthen the debt more than offset the also on longer-run relationships in the in- effect of the passage of time and reduced the terest rate structure, which emerge from the supply of short-term coupon issues. As a succession of short-run developments. result, Treasury additions to public holdings of all short-term debt were only about $1 SHORT-TERM DEBT billion. One result of recent Treasury debt man- Although the Federal Reserve made net agement that has attracted particular at- sales of $750 million of Treasury bills to the tention is the growth of short-term debt. public in 1962, it offset most of these sales Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STRUCTURE OF FEDERAL DEBT 305 by net purchases of short-term coupon issues. the 2-year period, rather than a net seller Over the 2-year period, however, the System of nearly $950 million. also bought $4.4 billion of Government se- The smaller growth of publicly held shortcurities with maturities of more than a year. term debt in 1962 than in 1961 did not rep- Had it supplied the same amount of reserves resent any lessened concern of official policy by purchasing only Treasury bills, in accord- about short-term rates. Rather it reflected ance with its earlier operating practice, the the fact that marked changes in short-term Federal Reserve would have been a net buyer markets were maintaining upward pressures of $3.5 billion of short-term securities in on short rates during most of 1962—even SHORT-TERM DEBT HELD BY THE PUBLIC (In millions of dollars) 1961 1962 Factor affecting change, and holder group Treasury Coupon Treasury Coupon Total Total bills issues bills issues All holders: Passage of time +22,007 + 19,586 Treasury operations * +4,006 -18,731 +4,524 -23,082 Net change 2 +4,006 +3,276 +7,282 +4,524 -3,496 + 1,028 F. R. operations 3 -293 + 1,170 +877 +751 -684 +67 Total change +3,713 +4,446 +8,159 +5,275 -4,180 + 1,095 Commercial banks 4 +3,425 +3,682 +7,107 +244 -2,678 -2,434 Nonbank holders +288 +764 + 1,052 +5,031 -1,502 +3,529 1 Mainly changes resulting from financing operations. Bills, net of cash borrowing and repayment. Coupon issues, net of new offerings, cash retirement of outstanding securities, and exchanges of outstanding issues into maturities of more than 1 year. Figures also reflect market purchases and sales of Treasury debt by U. S. agencies and trusts (purchases subtract from, and sales add to, public holdings). 2 Passage of time netted against debt extension by refundings indicates extent to which Treasury actions (including porfolio operations for U. S. agencies and trusts) have allowed supply of short-term Treasury securities to grow (due to passage of time) or kept it from growing by debt lengthening. 3 Open market purchases denoted (—); sales (+). Data exclude repurchase agreements with Govt. security dealers and exchanges in Treasury refundings. 4 Data from Treasury Survey of Ownership adjusted by Federal Reserve to an estimate of total holdings. NOTE.—Short-term debt includes partially tax-exempt bonds due or callable within 1 year and other securities due within 1 year. See also Note to first table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN • MARCH 1963 without much further growth in the total which followed general increases in time desupply of short-dated debt. This change in posit rates at the start of 1962. market conditions resulted in part from a To obtain earnings sufficient to cover the large shift between 1961 and 1962 in the higher costs of time deposits, banks invested sources of deposit growth at commercial heavily in higher yielding assets during 1962. banks and in their consequent portfolio Their holdings of municipal securities policies. showed a record rise, mortgage loans also During 1961 commercial banks absorbed increased substantially, and portfolios of 3about seven-eighths of the $8 billion expan- 10 year Treasury securities rose by nearly sion in total public holdings of short-dated $12 billion. debt, leaving only about $1 billion to meet Other factors also contributed to bank the demands of other investors. Banks ac- portfolio changes in 1962. For example, the quired all but $300 million of the increase incentive to lengthen maturities—stimulated in the available supply of Treasury bills. In in the first instance by time deposit growth addition, most of the expansion of coupon —was also encouraged by a general change issues was in bank portfolios. in interest rate expectations, which developed But in 1962, although the total supply of when it became apparent that the economic short-term securities available to the public expansion was proceeding less rapidly than rose by only $1.1 billion, banks reduced had been forecast and that monetary policy their holdings by $2.4 billion. Thus, holdings was likely to continue to be stimulative. Also, of nonbank investors rose nearly 3Vi times although the Federal Reserve continued to as much as they had in 1961. And nearly all supply reserves needed to encourage bank of the expansion in the supply of Treasury loan expansion, money market conditions bills went to nonbank investors. were not allowed to ease to the point where Most of the increase in short-term debt they encouraged further net accumulation occurred in portfolios of foreign holders, do- by banks of short-term Government securimestic nonfinancial corporations, State and ties, as had been the case in 1961 when loan local governments, and Government security demand was smaller. dealers. Any effect on short-term interest rates of the sharply reduced growth in total INTERMEDIATE- AND LONG-TERM DEBT short-term debt available to the public thus Less attention has been given to recent appears to have been more than offset by changes in the structure of marketable and banks, which shifted from being large net convertible debt maturing in more than a purchasers to moderate net suppliers of year than to the growth in short-term debt. short-term issues. Some of these changes in longer-dated debt In 1961 banks had been eager to increase have been quite dramatic, however, as is their holdings of short-term Government se- shown in the table on page 302. curities because they expected an expansion In 1961 the volume of 1-3 year issues in loans and tighter money conditions with grew substantially along with debt in the economic recovery. The change to net liqui- under 1-year category, in large measure at dation of short-term holdings in 1962 was the expense of 3-5 year maturities. Issues largely a response to increased loan demand due after 5 years declined on balance due and to the record growth of time deposits, mainly to conversions of Series B bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STRUCTURE OF FEDERAL DEBT 307 In 1962, on the other hand, short-term Treasury concentrated its new offerings in debt failed to grow as much as it had in the maturity sectors of within 1 year and 1-3 1961, 1-3 year maturities were substantially years. But in 1962, with the economy operreduced, and both 3-5 and over 5-year is- ating at a higher level, it de-emphasized 1-3 sues expanded sharply. Within the long-term year maturities in favor of the 3-5 and 5-10 category 10-20 year debt declined further, year sectors. and over 20 year issues continued to rise. During 1961 the Treasury restricted its The accompanying table shows the rela- offerings in cash financings to securities due tive importance of time, Treasury actions, within 2 years and most of its offerings in and Federal Reserve actions in these different regular refundings to issues due within about structural changes. Of greatest significance 3 years. Only in November did it obtain much was the shift in emphasis of Treasury debt extension beyond about 3 years in a regular management. refunding. In March of 1961, however, it In 1961, when the U. S. economy was still exchanged public holdings of nearly $5.5 being affected by the 1960-61 recession, the billion of low coupon issues due in 15 INTERMEDIATE- AND LONG-TERM DEBT HELD BY THE PUBLIC (In millions of dollars) 1961 1962 Factor affecting change, and holder group 1-3 3-5 5-10 10-20 Over 1-3 3-5 5-10 10-20 Over years years years years 20 years years years years 20 years years All holder groups: Passage of time 1 -7,307 -9,869 -2,619 -2,212 -10,972 -4,478 +1,571 -5,707 Treasury operations 2. + 12,188+3,420 +3,337 3-147 + 1,561 + 1,939+ 10,106+11,952 3-1,676 + 1,559 Net change +4,881 -6,448 +718 -2,359 + 1,561 -9,033 +5,628 + 13,523 -7,383 + 1,559 F. R. operations 4... -815 -1,011 -660 -90 -38 -952 -511 -326 -17 -20 Total change +4,066 -7,459 +58-2,449 +1,523 -9,985 +5,117 +13,197 -7,400 +1,539 Commercial banks: Passage of time -3,450 -4,546 -3,235 -191 -6,532 -3,271 -656 -1,460 Other factors 5 +4,482 +2,623 +2,774 6+127 -107 -1,516 +8,020 +7,687 6-213 Total change + 1,032-1,923 -461 -64 -107 -8,048 +4,749 +7,031 -1,673 Net change in supply from Treasury and Federal Reserve actions + 11,373+2,409 +2,677 -237 + 1,523 +987 +9,595 + 11,626 -1,693 + 1,539 1 Reflects net effect of securities moving to the next (+) add to, public holdings. shortest maturity grouping and of securities moving 5 Includes (1) acquisitions in Treasury financings from the next longest. as well as reductions from exchanges to longer maturi- 2 Includes U. S. agency and trust operations as well ties in advance refundings; and (2) net market transas debt management actions. actions with the System, other U. S. agencies and 3 Includes conversions of investment Series B trusts, and nonbank investors. bonds, which decreased 10-20 year debt by $946 million 6 Includes conversions of investment Series B bonds, in 1961 and $572 million in 1962 and added equal which amounted to $20 million in 1961 and $6 million amounts to 3-5 year debt. in 1962. 4 Open market purchases (—) reduce, and sales See also Note to first table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN • MARCH 1963 months to 2Vi years for new issues maturing changes in totals supplied to the public by in 5 to 7 years, and in September it ex- Treasury and System actions combined, it changed public holdings of $2.8 billion of is evident that banks absorbed the bulk of the low coupon bonds due in nearly 10 years additions in 1962 to the supply of 3-10 year for new issues with maturities of 19 to 37 maturities. It was because of this strong years. Since many of the investors who held bank interest in lengthening portfolios to imthe issues exchanged in these operations had prove earnings that the Treasury was able apparently felt locked in by the price effects to expand its offerings of new coupon issues of the low coupons, both refundings were in this range so much during 1962. accomplished with little immediate impact on market rates. CHANGES IN THE INTEREST RATE STRUCTURE In 1962 the Treasury, while continuing to concentrate its cash operations in short- A question of general interest emerges from term issues, also sold $2.0 billion of 6 to 8 this review of 1961-62 changes in the strucyear bonds for cash, and in its regular re- ture of marketable Federal debt: How did fundings offered new longer-term securities debt developments affect the general strucwith maturities ranging from 3 to 30 years. ture of yields on U. S. Government securi- As in 1961, it undertook advance refund- ties? ings in March and September. These opera- The chart compares the yield curve on tions extended about $10 billion of public U.S. Government securities in January 1963 holdings of issues due in from 5 months to with curves for January 1961 and January 3 years into 5 to 18 year maturities, and 1962. The most striking difference is the $1.5 billion of low coupon bonds due in flatness of the curve drawn through shortabout 10 years into long-term bonds. term rates in January 1963 relative to those In both 1961 and 1962 Federal Reserve for the two earlier years. Long-term rates in purchases reduced the supply of debt avail- the 1963 curve are below those for 1962, able to the public in all maturity sectors be- and not much above those for 1961. But yond 1 year, partly offsetting Treasury in- very short-term rates are above those for creases. These System offsets were somewhat both of the earlier years. smaller in 1962 than in 1961. Although the The pattern of changes in yields between effect was only marginal, System acquisi- early 1961 and early 1962—with yields in tions clearly accentuated the sharp cutbacks all sectors moving to higher levels but with in the supplies of 3-5 year maturities during short rates rising more than long—is in keep- 1961, and of 1-3 year maturities during ing with rate developments in other postwar 1962. periods of economic recovery. But the be- Shifts by commercial banks in their hold- havior of yields from early 1962 to early ings of Government securities due in more 1963—with very short-term rates continuing than a year are summarized in the lower sec- to rise and all other rates turning down— tion of the table, where the effect of the pas- represents a significant departure from presage of time is isolated from the net effect vious experience. of all other factors. The data on changes in the maturity struc- When changes in bank holdings due to ture of publicly held Treasury debt seem to influences other than time are compared with provide some support for the presumption Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STRUCTURE OF FEDERAL DEBT 309 that changes in the debt structure have in- from short- to long-term markets, thereby fluenced the term structure of Treasury contributing to declines in long-term rates. yields. For example, in 1961 public holdings At the same time the increased competitiveof debt due within 3 years grew by more than ness of rates on time deposits and time cer- $ 12 billion, and this probably contributed to the general rise and steepening of the short end of the January 1962 yield curve relative to the January 1961 curve. Changes in debt structure may also have contributed to the further rise in Treasury bill rates in 1962 at a time when rates in the 1-5 year maturity sector were declining. Treasury bills held by the public continued to grow rapidly, with the supply available to nonbank investors increasing substantially more than in 1961. whereas public _ ~ J.4 holdings of coupon issues due in less than 5 i' V««M !• nknlr -i" years declined by $9 billion. However, other important influences were CHANCE IN BASIS POINTS also acting on the pattern of interest rates 1961-62 1962-63 in this period: The pace of economic expan- 90-day bills 48 + 19 sion, demands for long-term funds relative 1-year 41 - 24 3-year 39 - 36 to flows of institutional savings, demands 5-year 31 - 36 for bank credit, the degree of ease in bank 10-year 26 - 25 reserve positions, and expectations about 20-year 21 - 16 future trends in prices and interest rates all changed significantly after January 1962. Norn.—A basis point is 0.01 of 1 per cent. Curves are fitted lo monthly averages of daily yields for outstanding U. S. Ciovt. with important consequences for supply and securities. demand conditions in different sectors of the securities markets and hence for the struc- tificates of deposit cut into demands for ture of interest rates. short-term Government securities and main- Of all these factors, perhaps the most tained upward pressure on short-term rates. striking was the growth in time deposits at At the start of 1962 the general forecast commercial banks. Higher interest rates on among securities market participants was time deposits and time certificates of deposit for vigorous economic expansion, rising dechanneled a large volume of short-term mands for credit, tighter money, and higher funds into the banking system. A large part interest rates. These expectations, which had of these funds might otherwise have been been stimulated by a sharp spurt in bank invested directly in short-term securities. credit and economic activity at the very end Because banks tended to invest their time of 1961, were consistent with the steeply deposit accretions in medium- and long-term rising pattern of yields on near-term matuassets, the banking system served as a pow- rities exhibited by the yield curve for Janerful vehicle for transferring flows of funds uary 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN • MARCH 1963 These forecasts were not realized. Instead, 6 months to V/i years. The obligations of- 1962 proved to be a year of sluggish eco- fered in exchange had maturities ranging nomic expansion—punctuated by periodic from 4 to 17 years. This refunding reduced fears of recession—and of sustained mon- public holdings of debt due within 1 year etary ease. Expectations of rising interest by about $6 billion and lengthened the averrates and economic growth thus subsided, age maturity of the total marketable debt by and long-term rates declined. 3 months to 5 years and 1 month, the longest But short-term rates rose because of the average maturity since September 1958. competition from other liquid assets and the By these debt lengthening operations the adaptation of debt management and mon- Treasury has created some room for dealetary operations to this competition. In part, ing with its financing needs during the rest these adaptations had the purpose of keeping of 1963. As a result of the advance refunddomestic short-term rates as closely aligned ing, the volume of publicly held maturities as practicable with those in principal centers to be refinanced in the July-December peabroad, and of thus moderating the outflow riod has been reduced to the unusually small of short-term credit to international markets. total of $6.4 billion. Under such circumstances the securities markets can be ex- DEVELOPMENTS IN 1963 pected to absorb more readily the large net Since the beginning of 1963, the Treasury cash borrowing anticipated from the Julyhas continued to offer new debt of longer December cash deficit. maturity in its refunding operations. In ad- Despite the large volume of Treasury debt dition, it sold $250 million of 30-year bonds operations since the first of the year, yields early in January through competitive bidon U.S. Government securities in mid-March ding by private underwriting syndicates. were only moderately changed from their As a result, the volume of debt due January levels. Treasury bill rates were within 1 year declined by more than $4 bildown slightly, and yields on bonds in the lion from January through mid-March, and long-term range were a few basis points debt due in more than 5 years expanded by higher. Yields in the 5-10 year maturity nearly $6.5 billion. Although the supply of range, however, were up as much as 10 Treasury bills grew another $1.7 billion in basis points. This modest uptilt of the yield the period, $1.0 billion of this increase repcurve in the wake of sizable changes in debt resented a seasonal rise in tax bills scheduled structure has been moderated to some exto be repaid in June. In its regular February refinancing of ma- tent by other influences on the yield curve. turing securities, the Treasury offered a 5Vi At the short end of the curve, rate deyear bond, which drew exchange subscrip- clines were restrained by a somewhat less tions of $2.5 billion. The consequent reduc- easy monetary policy and concern over the tion of short-dated debt was statistically off- implications of the final balance of payset, however, by the shift of a $2.7 billion ments figures for 1962. At the long end, issue into the 1-year maturity category dur- rates continued to be influenced by large ing the month. flows of funds to savings institutions, com- In late February and early March the paratively moderate demands by borrowers Treasury carried out a large advance re- in capital markets, and the absence of any funding of securities scheduled to mature in upsurge in over-all economic activity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations This second joint interim report reflects This report was prepared by Charles A. the Treasury-Federal Reserve policy of mak- Coombs, Vice President in charge of the ing available additional information on for- Foreign Department of the New York Reeign exchange operations from time to time. serve Bank, and Special Manager, System The Federal Reserve Bank of New York acts Open Market Account. It covers the period as agent for both the Treasury and the Fed- September 1962-February 1963. A report eral Open Market Committee of the Federal on operations in the period March 1961- Reserve System in the conduct of foreign ex- August 1962 appeared in the September change operations. 1962 BULLETIN. As of the end of August 1962 the Federal TABLE 1 Reserve had negotiated reciprocal currency FEDERAL RESERVE RECIPROCAL CURRENCY agreements with seven foreign central banks AGREEMENTS and the Bank for International Settlements Amount Date amounting to a total of $700 million. Other party to (millions (of original Term Since then the network has been extended agreement of dollars) agreement) (months to include the Bank of Italy, the Austrian 1962 National Bank, and the Bank of Sweden. The agreements with the central banks of Bank of Francel. . 100 Mar. 1 3 Bank of England.. 50 May 31 3 Sweden and Austria both provide for a Netherlands Bank. 50 June 13 3 National Bank of $50 million reciprocal credit facility. The Belgium 50 June 20 6 arrangement with the Bank of Italy, initially Bank of Canada... 250 June 26 Bank for Internafixed at $50 million, has since been raised tional Settleto $150 million. During this period the ments 2 100 July 16 Swiss National agreement with the German Federal Bank Bank 100 July 16 German Federal was also increased from $50 million to $150 Bank s 150 Aug. 2 million, and the agreement with the Bank Bank of Italy 4.... 150 Oct. 18 Austrian National of France from $50 million to $100 million. Bank 50 Oct 25 As of early March, therefore, the "swap" 1963 network had been enlarged to cover 10 Bank of Sweden... 50 Jan. 17 foreign central banks, plus the BIS, and involved a total amount of $ 1,100 million. The Total for all banks 1,100 amounts and dates of these swap arrangements are shown in Table 1. 1 Increased from $50 million to $100 million on Mar. 4, 1963. 2 In Swiss francs. These swap agreements do not, in them- 3 Increased from S50 million to $150 million on Jan. 17. 1965 •> Increased from $50 million to $150 million on Dec. 6, 1962. 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN - MARCH 1963 selves, constitute outstanding indebtedness. equivalents. Mark bonds placed with the Rather, they are mutual credit facilities on a German Federal Bank amount to another standby basis. Actual utilization of such $200 million, while Swiss franc bonds and swap lines takes the form of drawings, which certificates acquired by the Swiss National in general are made only in response to Bank and the Swiss Confederation amount specific short-term needs. When the Federal to $129 million. The precise purpose of Reserve initiates a drawing under a swap, each issue has varied somewhat from counit acquires a convertible currency that can try to country, but one common characterprovide temporary resources for exchange istic is that these issues provide the foreign market operations. In what has been a more countries concerned with an advantageous typical use, it can purchase from a central investment medium for past or present balbank dollars in excess of those that the bank ance of payments surpluses. would ordinarily hold, in effect absorbing or Such balance of payments surpluses, it is mopping up these dollars for the period of important to note, need not necessarily rethe swap. Such an operation leaves the total flect a foreign country's surplus with the dollar holdings of the foreign country un- United States. Instead, they may represent affected, but it substitutes dollars sold for- a surplus in its over-all balance of payments ward to the Federal Reserve for dollars held accounts with the world as a whole. Never- "outright," that is, without such exchange theless, because of the role of the dollar as cover. Therefore, Federal Reserve use of an international reserve currency, such surswap facilities can provide a temporary alpluses tend to increase the dollar reserves of ternative to an enlargement of outright the surplus country and hence, if these redollar holdings of foreign central banks serves exceed that country's traditional or beyond the point at which conversion into legal limits, may create a problem for the gold would become likely. United States as banker for the international Total drawings on the swap arrangements financial system. can be and in fact have been initiated not Although the principal surplus countries only by the Federal Reserve but also by have already taken a number of actions to other central banks. They have exceeded neutralize or offset the influx of dollars, espe- $600 million since their inception in March cially through debt prepayments and opera- 1962. As of the end of February 1963, the tions in forward markets with their commernet debtor position of the Federal Reserve cial banking systems, the recent introduction in all swap agreements combined amounted by the United States of foreign currency to considerably less than $100 million. certificates and bonds can be an important The first line of defense against specula- further aid in the financing of such intertion provided by this strengthened swap net- national payments imbalances. Issue of forwork has been reinforced by negotiation of eign currency certificates and bonds by the a series of Treasury issues of special certifi- United States provides this country with an cates and bonds denominated in the curren- additional source of international liquidity cies of the European central banks and which may be particularly useful during treasuries to which they have been issued. periods of U.S. balance of payments deficits. Lira bonds taken up by the Bank of Italy In addition, insofar as the proceeds of fornow amount to $200 million in U.S. dollar eign currency borrowing are used by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS 313 Treasury to acquire dollars, these dollars TABLE 2 may be used to meet fiscal needs which could FEDERAL RESERVE OPERATIONS IN BELGIAN otherwise require domestic borrowing. The FRANCS surplus country abroad simultaneously ac- (In millions of U.S. dollar equivalents) quires an equivalent source of potential Closing liquidity in the event of a shift from surplus balance to deficit in its own payments accounts. It Date Disburse- Repur- (including ment chase interest is possible that the U.S. Treasury may under- earnings) take similar certificate and bond operations in other European currencies and thereby 1962 June 20... 50.0 create in due course a second line of defense Aug. 7... 10.5 39.5 behind the swap network. The following ac- Sept. 17-21 10.5 50.0 Oct. 11... 10.0 40,0 count of Federal Reserve and Treasury op- Nov. 19... 10.0 30.0 Dec. 19... 5.6 35.0 erations in individual currencies shows the Dec. 28-31 gradual development of these interrelated \ 14.4 50.0 1963 i techniques. Jan. 1-4 Jan. 31... 5.0 45.0 Feb. 11... 5.0 50.0 BELGIAN FRANCS Federal Reserve to replenish its Belgian All operations in Belgian francs have been franc balance. Table 2 illustrates the rehandled by the Federal Reserve on the basis versible flows of funds which have been of the $50 million swap arranged on June cushioned by such Federal Reserve ex- 20, 1962, between the Federal Reserve Bank change operations. of New York and the National Bank of In its turn, the National Bank of Belgium Belgium. In contrast to all the other swap also used the swap facility. On January 16, arrangements, which have now been placed 1963, the National Bank disbursed $5 milupon a standby basis until drawings are lion of its dollar balance acquired under the initiated by either party, the Federal Reswap—which it replenished by January 31 serve swap with the National Bank of Bel- —and on February 21, it again made net gium remains fully drawn, as it has been use of the swap, this time in the amount of from the beginning. It thereby provides the $10 million. Thus, between August 1962 National Bank of Belgium with a suppleand mid-February 1963 payments swings mentary dollar balance of $50 million and in the Belgian dollar position of more than the Federal Reserve with an equivalent bal- $90 million were smoothly and quietly fiance of 2,487 billion Belgian francs. nanced through the swap facility, thereby With a continuing ebb and flow of dollar dispensing with gold payments in an equivapayments between Belgium and the rest of lent amount. Such routine employment of the world, the Federal Reserve has made mutual credit facilities has represented a periodic disbursements of Belgian francs noteworthy economy in the use of gold. to absorb temporary surpluses of dollars on the books of the National Bank of Belgium NETHERLANDS GUILDERS and then quickly reversed these operations As noted in the previous report, a substanas Belgian demands for dollars enabled the tial influx of funds into the Netherlands de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN • MARCH 1963 veloped in the late spring and early summer late guilders against its liability under the of 1962 in response to various factors—a swap drawing. By September 17 the Fedlarge stock offering by a Dutch corporation, eral Reserve had paid off the entire $50 a tightening of the Amsterdam money mar- million drawn under the swap, which then ket, and, perhaps most important of all, the reverted to a standby basis. uncertainties created by the sharp decline A continuation of these exchange market in prices on the New York and foreign stock conditions throughout September, most of markets late in May. Part of this inflow October, and November also enabled the seemed likely to prove reversible in due U.S. Treasury to accumulate sufficient guilcourse; moreover, there were also in early ders to pay off its swap drawing prior to prospect sizable dollar outpayments by the maturity and to liquidate at maturity the 3-month forward guilder contracts entered Netherlands for various special purposes. into during July and August. When early in To bridge the gap, the Federal Reserve drew October the Netherlands guilder rate rose between June 14 and July 26 the entire $50 somewhat, owing to a renewed tightening of million in guilders available under the swap conditions in the Amsterdam money mararrangement negotiated with the Netherket, however, the Treasury sold a small lands Bank on June 13 and used these amount of spot guilders to moderate the guilder funds to absorb surplus dollars on rise. The Federal Reserve also drew $10 the books of the Netherlands Bank. million of guilders under its swap arrange- These swap operations by the Federal ment to prepare for possible additional op- Reserve were supplemented in late July by erations. No occasion arose to use this guila resumption of Treasury forward operader drawing, however, and it was liquidated tions in guilders, which reached a total of early in 1963. With the exception of this $36 million equivalent of forward sales conepisode and of a brief flurry of speculation tracts outstanding by the end of August. during the Cuban crisis, requiring only mini- The Treasury also executed a $50 million mal intervention by the Federal Reserve in swap with the Netherlands Bank on July 26, the spot market, the dollar-guilder market of which $15 million was immediately drawn has remained relatively well balanced durand disbursed. These System and Treasury ing the past 6 months. operations enabled the Netherlands Bank to avoid purchasing roughly $100 million of CANADIAN DOLLARS gold from the United States during a period of considerable nervousness in the exchange In June 1962 the Federal Reserve and the markets. Bank of Canada concluded a $250 million By mid-August 1962 the tide had already swap agreement, which was immediately and begun to turn. With an easing of the Amster- fully drawn upon as part of a $1 billion prodam money market, Netherlands repayments gram of international financial cooperation of dollar bank loans, and a striking recovery designed to reinforce the Canadian Governof confidence in the dollar following Presi- ment's efforts to defend Canada's newly esdent Kennedy's Telstar broadcast, the dollar tablished par value against a speculative strengthened against the guilder. The Fed- onslaught. Announcement of financial aseral Reserve was thereby enabled to accumu- sistance on this massive scale, coupled with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS 315 a Canadian Government announcement of ingly, at maturity on January 24, 1963, the fiscal and other measures to reduce Canada's swap drawing was entirely repaid and was payments deficit, immediately broke the placed on a standby basis. speculative wave. In succeeding days, the Meanwhile, the swap had provided the U.S. Stabilization Fund made market pur- Austrian National Bank with a satisfactory chases of Canadian dollars in small amounts. alternative to immediate purchases of gold. As the liquidation of short positions in Although no opportunity arose for the cus- Canadian dollars got under way and the tomary swing operation, one useful result historically heavy flow of U.S. capital funds has been that Austrian gold purchases have to Canada resumed, Canadian official re- been stretched out over a longer period than serves registered heavy gains from month would otherwise have been the case. to month. After renewing the Federal Reserve swap for an additional 3 months on ITALIAN LIRE September 26, the Bank of Canada took ad- For most of 1962 Italy remained in a strong vantage of the continuing return flow of balance of payments position and would funds to liquidate the swap in three steps: have registered another large official reserve $125 million on October 31, $50 million gain in the absence of cooperative action on November 30, and the remaining $75 with the United States, involving Italian debt million at the December 26 maturity. The prepayments, U.S. borrowing operations, swap then reverted to a standby facility, and coordinated official action on the exwhich may be immediately drawn upon by change markets. The U.S. and Italian Goveither party in case of need. The speed and ernments approached this problem in a spirit effectiveness of international financial coof mutual cooperation and understanding, operation in repelling the 1962 attack on with no expectation on either side that the the Canadian dollar has had a useful chasproblem could be quickly solved. On the tening effect on speculative activity in exother hand, it was mutually recognized that change markets throughout the world. exchange and related operations designed to minimize the growth in Italian exchange AUSTRIAN SCHILLINGS reserves could provide a highly important With the Austrian balance of payments in breathing space during which natural correcstrong surplus, the reserves of the Austrian tive forces, plus policy measures, might National Bank rose by $211 million during gradually take effect. the first 9 months of 1962. On October 25 Even if Federal Reserve swap facilities the Federal Reserve entered into a $50 mil- had been available at the beginning of 1962, lion swap with the Austrian National Bank it is highly doubtful that this central bank and shortly thereafter drew and utilized the technique to deal with reversible flows would full proceeds of the swap to absorb $50 mil- have been utilized at that time. The device lion of surplus dollars on the books of the actually chosen was that of issuance to the Austrian National Bank. During the 3- Bank of Italy by the U.S. Treasury of 3month term of the swap drawing, the Aus- month certificates denominated in lire under trian balance of payments remained in sur- a $150 million line of credit extended by plus, and no reversal of the flow of funds the Bank of Italy. Under this line of credit, appeared in immediate prospect. Accord- the U.S. Treasury issued a $25 million lira Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN • MARCH 1963 certificate on January 26, another $50 mil- the forward contract commitments underlion certificate on March 9, and a $75 mil- taken by the Bank of Italy with Italian comlion certificate on August 7. mercial banks. These forward-exchange con- The lira proceeds of these issues were tracts also provide the Bank of Italy with an only sparingly disbursed in exchange opera- important instrument for regulating commertions during the first half of the year. But cial bank liquidity. Both total contracts outas the Italian balance of payments moved standing and the share held by the U.S. Treasury varied considerably over the course into seasonally heavy surplus during the of the year. In view of the dual purpose summer months, the Treasury absorbed tlie such forward operations may serve, it is bulk of the inflow by drawing upon the lira possible that these contracts might be perbalances acquired through the certificate mitted to run somewhat beyond the restoraissues. The Italian Government made a tion of equilibrium in the Italian balance of highly effective contribution to this program payments. of restraining the rise in Italian official re- It would have been inappropriate to use serves by an advance payment of $178 milessentially short-term Federal Reserve swap lion of debt owed to the U.S. Government. facilities to deal with the basic surplus posi- By the end of October, with the exception tion of Italy during most of 1962. Neverof a brief speculative flurry occasioned by theless, in anticipation of circumstances in the Cuban crisis, the flow of funds to Italy which such operations might become desirhad tapered off to minimal proportions, but able, the Federal Reserve entered into a $50 there was still no early prospect of outflows million swap arrangement with the Bank of sufficiently large to enable the U.S. Treasury Italy on October 18, and on December 6 to liquidate its lira certificate obligations. the arrangement was increased to $150 mil- Although rollovers of the 3-month lira cerlion. At the year-end a sizable flow of doltificates would have been entirely feasible, lars to Italy developed, mainly as a result it seemed appropriate to acknowledge forthof year-end commercial bank window dressrightly the likelihood that this indebtedness ing, which was expected to reverse itself would have to remain outstanding for some early in the new year. Most of this temtime by shifting from short- to mediumporary flow of funds was absorbed on Determ financing. Accordingly, in October, the cember 28 by a Federal Reserve drawing of Treasury began a program of refunding the $50 million under the swap. The anticipated $150 million of maturing lira certificates, reflow did occur, and the drawing was rewhich had been rolled over several times at paid on January 21, 1963. their respective maturities, into 15-month lira bonds. These lira bond issues were in- SWISS FRANCS creased to $200 million in November in As noted in the previous report, the Treasorder to offset a sudden increase in Italian ury's outstanding market commitments in official reserves indirectly resulting from forward Swiss francs amounted to $146.5 institutional reforms in the Italian shortmillion equivalent at the end of February term money market. 1962. As the Swiss balance of payments While thus taking direct action to cope moved into deficit during succeeding months, with the growth of Italian official reserves, the Swiss National Bank purchased a total the U.S. Treasury also undertook to share of $139 million from the Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS 317 Bank of New York as agent of the U.S. Bank. Reinforcing this operation, the U.S. Treasury. Treasury increased its forward contracts out- If the U.S. Treasury had elected to meet standing from $90 million at the end of these dollar requirements of the Swiss Na- June to a peak of $139 million by August tional Bank by accepting Swiss francs in 6. These exchange operations enabled the payment, the increase in the Treasury's Swiss National Bank to limit its purchases franc balances would have been adequate of gold from the United States to no more to liquidate nearly all of its outstanding than $50 million during a period of widemarket contracts in forward Swiss francs. spread anxiety in the exchange markets. But in order to avoid recreating suddenly More generally, these operations provided too much liquidity on the Swiss money mar- further proof of the ability and determinaket, the Swiss sold gold to the U.S. Treasury tion of U.S. and Swiss financial authorities in payment for $74 million of the dollars to defend their currency parities against exneeded by the Swiss National Bank and paid change market speculation. for the remaining $65 million in Swiss francs. By August, partly due to President Ken- The U.S. Treasury used these Swiss franc nedy's Telstar statements, the speculative balances to liquidate $55 million of matur- fever had subsided, and the Federal Reserve ing forward contracts. By the end of May was able to initiate purchases of Swiss francs. 1962, contracts outstanding had been re- Of $40 million equivalent purchased by duced to $91.5 million equivalent. October 15, $25 million was used to pay In late May 1962, although Switzerland's off—in advance—drawings under the swap balance of payments on current account re- with the BIS. These repayments reduced mained in heavy deficit, the flow of funds drawings of the Federal Reserve in Swiss again shifted heavily in favor of Switzer- francs to $85 million as of October 24. land as a result of speculation caused by This period of gradual liquidation of Fedthe Canadian devaluation and the precipi- eral Reserve drawings on the swaps with the tous decline in the New York and other BIS and the Swiss National Bank was stock markets. As a consequence, the Swiss abruptly ended by the Cuban crisis. On Octo- National Bank had to buy dollars in the ber 23, the day after President Kennedy's amount of about $270 million between May announcement of the quarantine of Cuba, 30 and July 23. This development not only another heavy inflow of funds into Switzerraised the possibility of equivalent purchases land developed and was only partially offset of U.S. gold by the Swiss National Bank but by Federal Reserve sales in the market of also excited speculative pressures on the $8.6 million in Swiss francs. Additional small exchange markets. To deal with this trouble- sales were undertaken during the next few some situation, the Federal Reserve in mid- days. Although the inflow subsided almost July negotiated standby swap arrangements as quickly as it had begun, the Swiss Naof $ 100 million each with the Swiss National tional Bank had meanwhile again acquired Bank and the BIS. surplus dollars, this time roughly $50 mil- Under these swap arrangements, the Fed- lion. These surplus dollars were absorbed eral Reserve drew a total of $110 million by combined Federal Reserve-Treasury opin Swiss francs, which were immediately erations. The Federal Reserve drew an addiemployed to absorb an equivalent amount tional $20 million under the BIS swap and of dollars on the books of the Swiss National purchased dollars from the Swiss National Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN • MARCH 1963 Bank. (Total Federal Reserve drawings of and the Swiss National Bank have been Swiss francs on the BIS thus rose to $55 rolled over at maturity with a continuing million, while $50 million remained due expectation by all parties concerned that the under the swap drawing from the Swiss Na- current-account deficit of Switzerland will tional Bank in July.) The remaining $30 in time bring about a reversal of the flow of million of surplus dollars on the books of funds, thereby permitting liquidation of the the Swiss National Bank was sold by it to swap drawings. Swiss commercial banks on a spot basis with On the other hand, considerable progress cover provided through forward purchases has been made in reducing Treasury forof these dollars by the U.S. Treasury. ward contracts outstanding by a partial These Treasury forward contracts posed funding of these obligations. This was accertain problems. In view of the approach- complished through a new device, that is, the ing year-end window-dressing period for the issue by the U.S. Treasury of medium-term Swiss commercial banks, it seemed advis- obligations denominated in Swiss francs. able to shorten the usual 90-day term of After inauguration of the Treasury's forward such contracts to no more than 2 months. operations in July 1961, a substantial pro- As these contracts moved toward maturity, portion of these forward contracts had been and with no reversal in the flow of funds acquired through the market by the Swiss appearing, consideration was given to using Confederation, which for several years has part of U.S. outright holdings of German been running sizable budget surpluses and marks to acquire Swiss francs. While there understandably has been desirous of investwas, of course, no obstacle to U.S. market ing savings thereby drawn from the Swiss sales of these German marks for Swiss francs, public in earning assets, such as U.S. Treassuch sales might well have resulted in a ury bills on a covered basis. Since the Swiss parallel transfer of dollars from German to Confederation's investment plans reached Swiss hands. As a result the entire operation well beyond the 3-month range, repeated might have become self-defeating. To escape rollovers of the 3-month forward contracts at least temporarily this potentially perverse with the U.S. Treasury to facilitate such inconsequence of the use of the dollar as an vestment were recognized by both sides as international currency, a 3-month swap be- an unnecessary complication. The decision tween the U.S. Treasury and the BIS of was accordingly reached to provide a more German marks for Swiss francs was devised, direct investment outlet for the Swiss Conand this enabled the Treasury to liquidate federation in the form of Swiss franc bonds. at maturity the $30 million of 1- to 2-month This method of investment enabled the Con- Swiss franc forward contracts falling due in federation to avoid recourse to the exchange December. markets and lessened the risks that its in- In the period since the Cuban crisis, vestment operations would become conthe Federal Reserve has acquired modest fused by the public with other Treasury and amounts of Swiss francs, and those only re- Federal Reserve exchange operations. cently. This delay was mainly a result of the On October 18, 1962, therefore, the seasonal reflux of funds to Switzerland for U.S. Treasury issued $23 million equivalent window-dressing purposes during the clos- of 15-month bonds denominated in Swiss ing months of the year. Accordingly, the francs and carrying a rate of interest roughly Federal Reserve swap drawings on the BIS midway between U.S. and Swiss market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS 319 rates. The proceeds of this bond issue, plus a crisis and seems to have had a useful stabilizdraft upon the Treasury's cash balance in ing effect on the exchange markets at a Swiss francs, were immediately used to pay highly critical moment.) In the future it is off $25 million of maturing forward con- possible that both the U.S. Treasury and the tracts held by the Swiss Confederation. On Swiss National Bank may find it desirable to November 8 a second issue of Swiss franc enlarge the issue of such certificates so as bonds, this time in the amount of $28 mil- to draw into effective international use furlion for a 16-month maturity, was under- ther amounts of the Swiss commercial bank taken. Again the proceeds were immediately funds sterilized at the Swiss National Bank. used to liquidate $31 million of forward contracts held by the Swiss Confederation. GERMAN MARKS Still a third issue of Swiss franc bonds, In the case of Germany, the flow of funds this time for $30 million, with a 16-month to Europe during June 1962, after the widematurity, was placed with the Swiss Conspread stock market declines, was reinforced federation on January 24, 1963, and the by a tightening of the German money marproceeds were used to pay off an equivalent ket in connection with a tax payment date. amount of forward contracts held by the With the exchange markets already nervous Confederation. because of the Canadian dollar crisis and As a result of these successive bond isthe stock price declines, a sharp rise in the sues, which might of course be enlarged to German mark rate might have aggravated provide an investment outlet for further market uncertainties, especially against the budget surpluses of the Confederation, the background of very weak dollar rates in outstanding Swiss franc forward contracts other exchange markets. Consequently, in placed by the U.S. Treasury in the market a program of market intervention fully cowere reduced to no more than $53 million. ordinated with German Federal Bank oper- This reduction provides leeway for addi- ations and designed to moderate the increase tional operations in the forward market to in the mark rate, the Federal Reserve sold cope with speculative pressure or other ad- a sizable amount of marks in New York verse developments. between June 20 and July 11. The U.S. Treasury also undertook a some- On August 2 the Federal Reserve and the what related operation in October 1962 by German Federal Bank concluded a $50 issuing 5- and 8-month certificates to the million swap agreement, thus giving the Swiss National Bank to absorb $48 million System access to additional marks on a equivalent of commercial bank funds which standby basis. The upward pressure on the had been sterilized by the Swiss authorities mark eased, however, as was to be expected to restrain inflationary pressure on the Swiss in view of Germany's fairly well balanced market. By mobilizing such idle funds, the payments position. Thus, when renewed ten- U.S. Treasury substantially reinforced its sion over the Berlin situation pushed the Swiss franc balances available either for in- rate on the German mark slightly below par tervention in the exchanges or for conver- at the end of August, the Federal Reserve sion into gold at a fixed price. (The an- was able to rebuild its balances and the U.S. nouncement of this certificate issue, as well Treasury also acquired a small amount of as the first issue of Swiss franc bonds, oc- additional marks. curred at the very beginning of the Cuban The market for German marks remained Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN • MARCH 1963 quiet during the rest of 1962, except for a ling—the international financial system has brief period in early December when repatri- demonstrated a high degree of flexibility and ation of funds by German banks for year- resilience in absorbing the successive shocks end statement purposes and to meet a tax of the mark and guilder revaluations, the payment date temporarily forced the rate Berlin crisis, the attack on the Canadian up. In these circumstances the Federal Re- dollar, worldwide stock market declines, and serve again intervened on a small scale. By finally the Cuban crisis. These emergency early February 1963 the rate had again re- situations were dealt with quickly, and ceded, and the Federal Reserve was able perhaps with increasing effectiveness, by to rebuild its holdings. cooperative action by the major central Although German payments swings have banks and treasuries on both sides of the recently been relatively small, past experi- Atlantic and by the International Monetary ence with very large flows of funds between Fund. The London gold market arrange- Germany and other financial centers sug- ments, central bank forward operations, progested the desirability of increasing the size vision of central bank credit facilities either of the swap facility between the Federal Re- on the "Basle" ad hoc basis or through more serve and the German Federal Bank. Con- formalized standby swap facilities, U.S. acsequently on January 17, 1963, this first quisition of foreign exchange and intervenline of defense was reinforced by expanding tion in the exchange markets, massive Fund it to $150 million, on the usual standby credits to the United Kingdom and Canada, basis. and, most recently, U.S. Treasury issuance In January and February 1963 the Treas- of certificates and bonds denominated in forury extended the scope of its foreign cur- eign currencies—all these have proved their rency operations in marks by issuing four usefulness in offsetting and restraining specmedium-term bonds denominated in marks ulation at times of severe pressures. Those to the German Federal Bank. These bonds, who might be tempted to speculate against which had maturities of up to 2 years and any major currency are now confronted with totaled $200 million equivalent, provided the prospect of coordinated defensive action the German Federal Bank with a mark in- by central banks, treasuries, and the IMF, vestment medium for some of the excess ex- which are capable of mobilizing impressive change reserves it had accumulated while resources in support of any currency under Germany had very substantial surpluses in attack. its international payments. No central bank or treasury official concerned with these defensive arrangements FRENCH FRANCS, POUNDS STERLING, AND has any illusions that such devices provide SWEDISH KRONOR any substitute for policy action to correct No Federal Reserve drawings and disbursebasic imbalances in the payments accounts ments remain outstanding under the swaps of the countries involved. But it is equally with the Bank of France, the Bank of Engrecognized that such defenses against speculand, or the Bank of Sweden. lation can and do provide a margin of time during which appropriate policy solutions CONCLUDING COMMENT can be developed and carried out in an During the past 2 years—a period of reorderly manner. current pressure on both the dollar and ster- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Assurances Required Under Bank Service Cor- noted that under Section 5 of the Act the assurporation Act in Situations Involving ances furnished to the Board with regard to regu- State Member Banks lation and examination do not apply to all affairs of the national or nonmember insured bank con- The Board has received an inquiry whether cerned, but only to the bank services performed Section 5 of the Bank Service Corporation Act for the State member bank and only to the same (P.L. 87-856; 12 U.S.C. Sees. 1861-1865) requires extent as if such services were being performed that assurances satisfactory to the Board be furby the State member bank itself on its own prenished, as specified in that Section, in the case mises. The purpose of Section 5 of the Act is to of the performance of bank services for a State make certain that the appropriate Federal bankmember bank by a national bank or a State noning agency would be able effectively to exercise its member insured bank. responsibilities with respect to a bank subject Paragraph (a) of Section 5 of the Bank Service primarily to its supervision, notwithstanding that Corporation Act provides that: bank services are being performed for the bank "No bank subject to examination by a Federal by some other party. supervisory agency may cause to be performed, by contract or otherwise, any bank services for itself, Accordingly, it is the Board's view that Section whether on or off its premises, unless assurances satis- 5 of the Bank Service Corporation Act requires factory to the agency prescribed in subsection (b) that assurances satisfactory to the Board be furof this section are furnished to such agency by both the bank and the party performing such services that nished by a national bank or a nonmember inthe performance thereof will be subject to regulation sured bank which performs bank services for a and examination by such agency to the same extent State member bank. as if such services were being performed by the bank itself on its own premises." Orders Under Bank Merger Act Under paragraph (b) of Section 5 such assur- The Board of Governors of the Federal Reserve ances shall be furnished to the Comptroller of System has issued the following Orders and Statethe Currency, the Board of Governors of the ments with respect to applications for approval of Federal Reserve System, or the Federal Deposit the merger or consolidation of certain banks: Insurance Corporation, depending on whether the bank for which the bank services are to be performed is a national bank or a bank operating PEOPLES TRUST COMPANY OF BERGEN COUNTY, HACKENSACK, NEW JERSEY under the laws of the District of Columbia, a member State bank of the Federal Reserve Sys- In the matter of the application of Peoples tem, or nonmember insured bank, as the case Trust Company of Bergen County for approval of merger with The First National Bank of may be. Wyckoff. In reply to an earlier inquiry that involved Section 5 of the Bank Service Corporation Act, the ORDER APPROVING MERGER OF BANKS Board expressed the view that assurance satisfac- There has come before the Board of Govertory to the Comptroller of the Currency or the nors, pursuant to the Bank Merger Act of 1960 Federal Deposit Insurance Corporation, respec- (12 U.S.C. 1828(c)), an application by Peoples tively, should be furnished by a State member Trust Company of Bergen County, Hackensack, bank which performed bank services for a national New Jersey, for the Board's prior approval of the bank or a nonmember insured bank. The Board merger of that bank and The First National Bank reaffirms this view and believes that the statute of Wyckoff, Wyckoff, New Jersey, under the charrequires a similar conclusion in the situation de- ter and title of the former. As an incident to the scribed in the first paragraph hereof. merger, the sole office of the latter bank would be With respect to that situation, it should be operated as a branch of the former bank. Notice 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN • MARCH 1963 of the proposed merger, in form approved by the (The Federal Deposit Insurance Act), (6) the Board, has been published pursuant to said Act. convenience and needs of the community to be Upon consideration of all relevant material in served, and (7) the effect of the transaction on the light of the factors set forth in said Act, competition (including any tendency toward including reports furnished by the Comptroller monopoly). The Board may not approve the of the Currency, the Federal Deposit Insurance transaction unless, after considering all these Corporation, and the Department of Justice on factors, it finds the transaction to be in the public the competitive factors involved in the proposed interest. merger, Banking factors. Both Peoples and First Na- IT IS HEREBY ORDERED, for the reasons set forth tional have satisfactory financial histories. The in the Board's Statement of this date, that said financial condition of First National is excellent, application be and hereby is approved, provided its capital structure is adequate, and its earnings that said merger shall not be consummated (a) prospects are favorable. First National's manwithin seven calendar days after the date of this agement, while satisfactory, has refrained from Order or (b) later than three months after said expanding or diversifying the bank's services in date. response to recent growth in the community. Although the bank has had some success in re- Dated at Washington, D. C, this 15th day of cruiting executive personnel, it has as yet no February, 1963. successor for the present president. By order of the Board of Governors. Peoples' financial condition is satisfactory, its Voting for this action: Chairman Martin, and Govearnings prospects are favorable, its capital strucernors Balderston, Mills, Shepardson, and Mitchell. Voting against this action: Governor Robertson. Ab- ture is reasonably adequate, and its management sent and not voting: Governor King. is competent. Under the management of Peo- (Signed) MERRITT SHERMAN, ples, those attributes would also characterize the Secretary. resulting bank. [SEAL] There is no evidence that the corporate powers STATEMENT of the banks are, or would be, inconsistent with 12 U.S.C, Ch. 16. Peoples Trust Company of Bergen County, Hackensack, New Jersey ("Peoples"), with de- Convenience and needs of the communities. posits of $177.9 million,* has applied, pursuant Hackensack, with a 1960 population of 31,000, to the Bank Merger Act of 1960 (12 U.S.C. is the seat of Bergen County (1960 population 1828(c)), for the Board's prior approval of the 780,000), situated on the west bank of the Hudmerger of that bank and The First National Bank son River, opposite New York City. Peoples has of Wyckoff, Wyckoff, New Jersey ("First Na- its main office and two branches in the county tional"), with deposits of $10.7 million.* The seat, with nine other branches in various combanks would merge under the charter and title munities which, like Hackensack, are located genof Peoples, which is a State-chartered member erally in the south-central part of the county. bank of the Federal Reserve System. As an inci- Economically, Bergen County is well balanced, dent to the merger, the sole office of First Na- with residential, commercial, and industrial sectional would become a branch of Peoples, in- tions. During the past decade, it has been one of creasing the number of its offices from twelve to the most rapidly developing industrial and resithirteen. dential sections of New Jersey, and the most in- Under the law, the Board is required to con- tensive commercial and industrial activity is consider, as to each of the banks involved, (1) its centrated in the vicinity of Hackensack. financial history and condition, (2) the adequacy Wyckoff is primarily an upper middle-class of its capital structure, (3) its future earnings residential community with the usual retail outlets, prospects, (4) the general character of its man- located in the northwest section of the county. agement, (5) whether its corporate powers are The completion of a new State highway (Route consistent with the purposes of 12 U.S.C, Ch. 16 208) has helped to open this area for residential development. Unlike some of the more densely settled sections in the middle and southern parts * Deposit figures are as of June 30, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

323 LAW DEPARTMENT of the county, Wyckoff and its surroundings have banks aggregating less than $300 thousand, and an abundance of undeveloped land. one common borrower, with loans from both ag- Hackensack and Bergen County generally are regating less than $125,000. served by numerous other large and small banks Peoples is the largest bank in Bergen County, with offices in the county, as well as by large with 19 per cent of the county's IPC deposits,* banks in neighboring counties, and by New York which will be increased to 20 per cent by con- City banks which advertise in the county and are summation of the proposed merger. However, the conveniently accessible to the many residents who large banks in Bergen County are relatively small commute to and from the city. Six offices of four when compared with the large banks in adjacent banks encircle Wyckoff, at a distance of from New Jersey counties. This has hampered the comthree to five miles from First National, and offer petitive efforts of Bergen County banks in the convenient alternative sources of banking services, big bank area of competition. Additional comin addition to those proffered by larger New Jersey petition within the county is provided by 19 and New York City banks. savings and loan associations, by life insurance companies, credit unions, 34 sales finance and If the merger takes place, the legal lending personal loan company offices, and direct lending limit to one borrower from the Wyckoff office will agencies of the Government. To the extent that be increased from $60,000 to $1,325,000. It ap- Peoples will be serving a county-wide area after pears from the application that Peoples will the proposed merger takes place, it will be in commarkedly expand instalment and commercial petition with all of these, as well as with the credits, which have formed a relatively low proother in-county and larger out-of-county and New portion of loans by First National, and that it York City banks. will make available such services as construction loans, revolving check credit, and trust facilities, Summary and conclusion. The Bank Merger which First National has not provided in Wyckoff. Act requires the Board to take into consideration The fact that Peoples has $2.5 million in mortgage not only the effect on competition between the loans in the Wyckoff area, apparently obtained banks involved, but also the effect on the general because the bank is active in construction mort- competitive situation in the areas served by those gage financing which is not handled by First Na- banks. In this connection, the high density of tional, indicates a need for this service in the banking and quasi-banking facilities, particularly area. in that portion of New Jersey which is in reasonably close proximity to New York City, is relevant. Competition. The effect of the merger on com- While there is some existing competition between petition will be felt chiefly in the Wyckoff area. First National and the Glen Rock branch of Peo- Peoples' closest office to First National, at Glen ples which will be eliminated when the proposed Rock, is six miles southeast of Wyckoff. Between merger takes place, this fact must be balanced these two are located three offices of competing against the wide variety of alternative sources for banks. While Peoples regards itself as serving bank services and credit that will remain. The the whole of Bergen County, its competitive focus transaction will replace First National with the would appear to be in the central and southern office of a bank offering a far broader range of portions. Most of the business Peoples derives banking services. Some of these services are from in and near Wyckoff is in instalment loans, already in demand, as demonstrated by the numrevolving check credits, commercial loans, and ber of Wyckoff residents who are already banking real estate mortgage loans resulting from con- outside the town, and it appears highly probable struction mortgages. In some of these categories that the need for more and expanded services will First National does not extend credit and in others grow as the area itself grows. It does not appear its activities are unaggressive. First National's probable that the increased competition afforded business drawn from the areas where Peoples' by placing an office of Peoples directly in Wyckoff offices compete in a more concentrated way is will have an adverse effect on the remaining banks negligible, both in amount and in proportion to which now have offices in the area. the total business of First National. There are 27 common depositors with total deposits in both * Deposits of individuals, partnerships, and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN • MARCH 1963 For these reasons, the Board finds that the pro- "it finds the transaction to be in the public interposed merger would be in the public interest. est." In approving mergers like this one for the stated reason that market dominance in the area DISSENTING STATEMENT OF GOVERNOR has not yet been achieved, the Board is sporting ROBERTSON with a tidal wave. It is here, in the early stages of a trend toward market dominance, that I be- Once again, the majority of the Board permits lieve Congress intended the Board to protect the a large aggressive bank in Bergen County, New public interest by preserving competition. Con- Jersey, to swallow up a sound small neighborhood sequently, I would deny the application. bank, which has been adequately serving the needs of a nearby residential community. Here the THE COMMERCIAL AND SAVINGS BANK large bank has been competing vigorously in the OF ST. CLAIR, ST. CLAIR, MICHIGAN small bank's service area, from an office six miles away, and would find it more convenient to serve In the matter of the application of the Comits customers from a facility located in the com- mercial and Savings Bank of St. Clair for approval munity itself. Under New Jersey law, it can oper- of consolidation with The Citizens State Bank of ate in Wyckoff only by merging with the one Emmett. independent bank there, and the size of the premium to be paid for stock of the local bank meas- ORDER APPROVING CONSOLIDATION OF BANKS ures the anxiety of Applicant to acquire an office There has come before the Board of Governors, there. The merger has little more than this to pursuant to the Bank Merger Act of 1960 (12 recommend it. I am not impressed by the weight U.S.C. 1828(c)), an application by The Commerof the reasons cited by the majority in favor of cial and Savings Bank of St. Clair, St. Clair, Michiapproval. gan, a State-chartered member bank of the Federal 1. It is true that the loan limit of the resulting Reserve System, for the Board's prior approval of bank will be many times that of the bank to be the consolidation of that bank and The Citizens absorbed. But no need has been demonstrated, or even alleged by the Applicant, for an increased lend- State Bank of Emmett, Emmett, Michigan, under ing limit in Wyckoff. Moreover, the Applicant, as the charter of the former and with the title of The well as some of the other banks whose offices surround the community, is evidently already offering the Commercial and Savings Bank of St. Clair County. other additional services which, it is urged, should be As an incident to the consolidation, the sole office offered from the office of the local bank. of The Citizens State Bank of Emmett would be 2. Management of the local bank is conceded to be satisfactory, and there will be ample time to re- operated as a branch of The Commercial and cruit a successor before the president, a relatively Savings Bank of St. Clair County. Notice of the young man, retires—even if that should be necessary, proposed consolidation, in form approved by the which is doubtful. 3. The fact that banking concentration is already Board, has been published pursuant to said Act. far higher in neighboring counties may be regrettable; Upon consideration of all relevant material in it does not seem to me a valid argument for permitting such concentration to grow in Bergen County. the light of the factors set forth in said Act, including reports furnished by the Comptroller of Followed to its logical conclusion, as I pointed the Currency, the Federal Deposit Insurance Corout in my dissenting statement in the matter of poration, and the Department of Justice on the the application of Liberty Bank and Trust Comcompetitive factors involved in the proposed pany for approval of its merger with The First consolidation, National Bank of Batavia (Federal Reserve BUL- LETIN, January 1963, page 16), the philosophy IT IS HEREBY ORDERED, for the reasons set forth exemplified by such decisions tolerates tranquil in the Board's Statement of this date, that said acquiescence while smaller banks are being ab- application be and hereby is approved, provided sorbed, one by one, by aggressive, larger banks that said consolidation shall not be consummated in a race which may well lead to a few banks con- (a) within seven calendar days after the date of trolling all the banking facilities of an area, or even this Order or (b) later than three months after of a whole State. said date. The Board operates under a statutory injunc- Dated at Washington, D. C, this 27th day of tion to refrain from approving a merger unless February, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

325 LAW DEPARTMENT By order of the Board of Governors. the banking operation in Emmett and would solve Voting for this action: Chairman Martin, and Gov- the management problem that recently arose with ernors Balderston, Robertson, Shepardson, and the death of the principal executive officer of Mitchell. Absent and not voting: Governors Mills Citizens Bank. and King. (Signed) MERRITT SHERMAN, The resulting bank, which would be under the Secretary. management of Commercial Bank, would have a sound financial condition, an adequate capital [SEAL] structure, and favorable earnings prospects. STATEMENT There is no indication that the corporate powers The Commercial and Savings Bank of St. Clair, of the banks are, or would be, inconsistent with St. Clair, Michigan ("Commercial Bank"), a 12 U.S.C, Ch. 16. member State bank of the Federal Reserve System, Convenience and needs of the communities. with deposits of $12.5 million as of November 30, The single office of Commercial Bank is the only 1962, has applied, pursuant to the Bank Merger bank in St. Clair (1960 city population 4,500; Act of 1960 (12 U.S.C. 1828(c)), for the Board's service area population 15,000). St. Clair, which prior approval of the consolidation of that bank is about fifty miles from Detroit, is situated on the and The Citizens State Bank of Emmett, Emmett, west bank of the St. Clair River, part of the inter- Michigan ("Citizens Bank"), with deposits of national boundary between Canada and the United $2.4 million as of the same date. The banks States. Port Huron (1960 population 36,100), the would consolidate under the charter of Commer- seat of St. Clair County, is twelve miles north of cial Bank and under the title of The Commercial St. Clair. The service area of Commercial Bank and Savings Bank of St. Clair County. As an encompasses a section west of the St. Clair River incident to the consolidation, the sole office of that lies in a semi-circular area extending five to Citizens Bank would become a branch of the re- nine miles distance from St. Clair. sulting bank, increasing the number of offices of The sole office of Citizens Bank is the only bank Commercial Bank from one to two. in Emmett (1960 village population 283; service Under the Act, the Board is required to consider, area population 5,000). Emmett, which is also in as to each of the banks involved, (1) its financial St. Clair County, is twenty-one miles northwest history and condition, (2) the adequacy of its of St. Clair and nineteen miles west of Port Huron. capital structure, (3) its future earnings prospects, The service area of Citizens Bank extends in a (4) the general character of its management, (5) radius of six to nine miles from Emmett. whether its corporate powers are consistent with Consummation of the proposal would have no the purposes of 12 U.S.C, Ch. 16 (the Federal effect on the convenience and needs of St. Clair. Deposit Insurance Act), (6) the convenience and While there does not appear to be strong need for needs of the community to be served, and (7) the additional banking services in Emmett, the reeffect of the transaction on competition (including sulting bank expects to meet such demand for any tendency toward monopoly). The Board may additional services as there may be in that area. not approve the transaction unless, after consider- Competition. The service areas of Commercial ing all these factors, it finds the transaction to be Bank and Citizens Bank do not overlap, and there in the public interest. is little, if any, competition between the two banks. Banking factors. The financial history and condi- An independent bank in Port Huron and the tion, and the capital structure of each bank are Port Huron branches of a large bank in Lansing, satisfactory. The earnings prospects of Commer- Michigan, dominate banking competition in St. cial Bank are favorable. Consummation of the Clair County. The proposed transaction would transaction would provide a basis for improved consolidate the smallest with the third largest of earning power to what has been the operation of nine banks within the combined service areas of Citizens Bank, the earnings prospects of which the two participating banks. Commercial Bank's are only fair. proportionate share of bank loans and of deposits Management of Commercial Bank is regarded of individuals, partnerships, and corporations in as experienced and well qualified. Effectuation of the combined service areas would increase by 1.5 the proposal would add management strength to per cent and 2.0 per cent, respectively. The bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN • MARCH 1963 would continue to be third largest in the area, hold- Dated at Washington. D. C, this 1st day of ing about 12 per cent of deposits in the combined March, 1963. service areas. By order of the Board of Governors. The proposed transaction would not have signifi- Voting for this action: Chairman Martin, and Govcant effect on banking competition in any section ernors Balderston and Shepardson. Voting against this action: Governors Robertson and Mitchell. Abof St. Clair County. sent and not voting: Governors Mills and King. Summary and conclusion. Consummation of the (Signed) MERRITT SHERMAN, proposal would solve the management and earn- Secretary. ings problems existing at Citizens Bank. While [SEAL] there appears to be little need for increased bank- STATEMENT ing services in Emmett, any demand therefor Union Trust Company of Maryland, Baltimore, would be met by the resulting bank. Consumma- Maryland ("Union"), with deposits of $291.9 tion of the consolidation would have a negligible million,* has applied, pursuant to the Bank Merger effect on competition in the area. Act of 1960 (12 U.S.C. 1828(c)), for the Accordingly, the Board finds the proposed trans- Board's prior approval of the merger of that bank action to be in the public interest. and Peoples Loan, Savings and Deposit Bank, Cambridge, Maryland ("Peoples"), with deposits UNION TRUST COMPANY OF MARYLAND, BALTIMORE, MARYLAND of $9.9 million.* The banks would merge under the charter and title of Union, which is a State- In the matter of the application of Union Trust chartered member bank of the Federal Reserve Company of Maryland for approval of merger System. As an incident to the merger, the sole with Peoples Loan, Savings and Deposit Bank. office of Peoples would become a branch of Union, increasing the number of its offices from 38 to 39. ORDER APPROVING MERGER OF BANKS 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 Union Trust of its capital structure, (3) its future earnings Company of Maryland, Baltimore, Maryland, for prospects, (4) the general character of its manthe Board's prior approval of the merger of that agement, (5) whether its corporate powers are bank and Peoples Loan, Savings and Deposit consistent with the purposes of 12 U.S.C, Ch. 16 Bank, Cambridge, Maryland, under the charter (the Federal Deposit Insurance Act), (6) the and title of the former. As an incident to the convenience and needs of the community to be merger, the sole office of the latter bank would served, and (7) the effect of the transaction on be operated as a branch of the former bank. competition (including any tendency toward Notice of the proposed merger, in form approved monopoly). The Board may not approve the transby the Board, has been published pursuant to said action unless, after considering all these factors, Act. it finds the transaction to be in the public interest. Upon consideration of all relevant material in Banking factors. The financial history of both the light of the factors set forth in said Act, in- Union and Peoples is satisfactory, as is their cluding reports furnished by the Comptroller of present financial condition. The capital structure the Currency, the Federal Deposit Insurance Corof each is adequate. The future earnings prospects poration, and the Department of Justice on the of Peoples are only fair at best. The future earncompetitive factors involved in the proposed ings prospects of Union are favorable, and this merger, would be true of the resulting bank. The man- IT IS HEREBY ORDERED, for the reasons set forth agement of each bank is satisfactory. Although in the Board's Statement of this date, that said Peoples has not as yet provided for management application be and hereby is approved, provided succession, this is not regarded as an immediate that said merger shall not be consummated (a) problem. Under the management of the resulting within seven calendar days after the date of this Order or (b) later than three months after said * Deposit figures are as of October 22, 1962, for Union, and as date. of July 16, 1962, for Peoples. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 327 bank, it is believed that all banking factors would a large bank now operates an office in Cambridge, be satisfactory. growth would be encouraged by permitting an- There is no evidence that the corporate powers other to expand into the Cambridge area. The of the banks are, or would be, inconsistent with existence of the Union Trust Company office at 12U.S.C, Ch. 16. Trappe, 7 miles away, is not a convenient alternative source of services for larger customers, as Convenience and needs of the communities. it is not feasible to retain an adequate staff in All but 5 of Union's 38 offices are in the city of Trappe, which has a population of only 350. Ac- Baltimore or within a range of 20 miles of the cordingly, the proposed merger would contribute, city. Baltimore, with a population of 939,000, is in the Board's judgment, to the convenience and a commercial and industrial center, a major seaneeds of the Cambridge area. port, and one of the larger eastern insurance and financial centers. Consummation of the merger Competition. There does not appear to be a will not have any measurable effect on the con- significant amount of competition existing bevenience and needs of the Baltimore community. tween Union and Peoples. While Union has a Five of Union's branches are located on the branch in Trappe, Cambridge and Trappe are Eastern Shore Peninsula, two in the town of Salis- separated by the Choptank River, which divides bury and one each in Easton, Hillsboro and the two trade areas. Trappe. Cambridge, the community which will The small amount of business of common cusprincipally be affected, has a population of 12,000. tomers of Union and Peoples originates chiefly and is the seat of Dorchester County and the sec- from firms having offices in Cambridge and also ond largest city in the Eastern Shore section of in one of the Eastern Shore communities where Maryland. Cambridge is situated in the center of Union Trust already has an office. Neither bank a prosperous agricultural region, growing wheat, obtains a significant amount of business from the corn, soybeans and tomatoes. Food packing was service area of the other. formerly the dominant industry, resulting in a At the present time Dorchester County is seasonal employment pattern, but new industries served by 7 offices of 4 banks. Three of these entering the area have brought, and are continuing banks are relatively small and are headquartered to bring, year-round manufacturing to Cambridge in Cambridge while the Maryland National Bank and its environs. The Cambridge Harbor Project operates one branch in Cambridge and a branch in includes deepening of the channel in the Chop- two other communities in the County, each of tank River and the constructing of a pier which which is about 15 miles from Cambridge. While will make it possible for large seagoing freighters Peoples holds the largest percentage of county to load and unload at Cambridge, encouraging deposits, its position in the County is not domiand fostering the trend toward industrialization. nant. It is not anticipated that the other two well- A bridge and tunnel now under construction will established local banks in Cambridge would be connect Norfolk, Virginia, to the southern tip of unable to maintain satisfactory growth rates folthe Eastern Shore Peninsula, and should accelerate lowing effectuation of the proposal. the development of the Eastern Shore area. Summary and conclusion. There is little com- Cambridge is now served by three local banks petition existing between the two banks involved and by a branch of the largest bank in Maryland, in this merger, and consummation of the transacthe Maryland National Bank, Baltimore. None of tion would not have adverse effect on the other the three local banks has a lending limit in excess banks operating in Cambridge. of $60,500, none operates a trust department, The earnings of Peoples have been only fair, at nor does any make available many of the services best, and consummation of the transaction would needed in an expanding area. Until the trend establish a basis for improved earnings. toward industrialization began, these local banks Cambridge is experiencing industrial and comwere adequate to serve the banking needs of the mercial expansion, and prospects for growth of the community. Growth and development of the area, community and surrounding area are regarded as which seems well assured, means that there will good. This merger would aid this development be a significant degree of need for those services through the expansion of banking services in Camwhich can be supplied only by large banks. While bridge and thus benefit the community as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN • MARCH 1963 For these reasons, the Board finds that the pro- through merger, by a branch of a large Baltimore posed merger would be in the public interest. institution. Consideration of the effect of the merger on DISSENTING STATEMENT OF GOVERNOR competition does not, in my view, offset the grey ROBERTSON neutrality of the banking factors. There are presently three independent local banks in Cambridge. In the Bank Merger Act of 1960, Congress Of these, the largest is being absorbed by this charged the Federal agencies which supervise proposed merger. Whatever potential and actual banks not to approve any merger unless, after competition exists between that bank and the considering all the factors set forth in the Act, existing branch of the applicant bank, seven miles the agency "finds the transaction to be in the public interest." The Senate and House Com- away, will disappear. mittees on Banking and Currency believed that, in Finding the banking factors neutral, and a remost cases, the decision would be clear. If it was duction in actual or potential competition which not, if the balancing of the various factors proved will result from the merger, with no visible sign to be difficult, then, in the language of the one, that the public interest will be promoted by this adopted by the other, full consideration was to be further step toward concentration of banking given to the basic purposes of the statute, which power in the State of Maryland, it seems to me were "to promote a sound banking system, in that the Congressional mandate requires denial the interest of the government, borrowers, de- of the application. positors, and the public; and to promote competition as an indispensable element in a sound bank- DISSENTING STATEMENT OF GOVERNOR MITCHELL ing system." (Emphasis supplied) (S. Rept. No. The evidence in the record of this case does 196, April 17, 1959, p. 23; H. Rept. No. 1416, not convince me that this application should be March 23, 1960, p. 11) approved. The anticipated industrialization in and Testing by this standard, I cannot justify the around Cambridge should it occur may establish decision to approve this merger. None of the bank- the need for different and more banking facilities ing factors provides positive weight for approval. in the future than exist at present, but there is no Both banks are in satisfactory condition. The showing of a present need which cannot be satisprospects of both are favorable. No real manage- fied by the banks already there. The fact that ment problem exists. It is said that the community Cambridge now has a branch of the largest bank involved—Cambridge, on the eastern shore of in Maryland, and that this branch has not de- Maryland—is a growing one, with new industry veloped any startling rate of growth, indicates to moving into the area. But I find no allegation in me that there is as yet no need for the kind of the record of unserved present or future banking specialized services which a large bank can offer. needs of any size—large or small. The biggest Had the Board found it in the public interest to bank in Maryland has a branch in Cambridge. permit and accelerate the transformation of the (Parenthetically, the small volume of that branch's Maryland banking system into a State-wide system business does not indicate that the credit needs as rapidly as possible—had the evidence been beof the area cannot be met by banks of smaller fore the Board to support such a finding—then, size, or that a branch of a large outside bank will on that basis, I could have concurred in approvdo more to stimulate and encourage economic ing the application. On the information before the growth in this community than will a local in- Board in this record, however, I am compelled dependent bank.) In addition, the applicant al- to vote for disapproval. ready has a branch just seven miles away. Hence, if a need should develop for loans larger than Order Under Section 3 of the Bank Holding could be accommodated by the independent local Company Act banks, larger credit facilities are available, not The Board of Governors of the Federal Reserve only locally, but also seven miles distant. Con- System has issued the following Order with resequently, the potential future growth of the area spect to an application by a bank holding comis no justification for the elimination of a sound pany for approval of the acquisition of voting independent bank and the replacement of it, shares of a bank: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENT 329 THE MARINE CORPORATION, WHEREAS, The Marine Corporation has applied MILWAUKEE, WISCONSIN to the Board for an extension of the date by which In the matter of the application of the Marine Marine National Bank of Waukesha is to be Corporation for prior approval of acquisition of opened for business, and it appearing to the Board voting shares of Marine National Bank of Wau- that good cause has been shown for the additional kesha, Waukesha, Wisconsin. time requested and that such extension would not be inconsistent with the public interest; ORDER EXTENDING PERIOD OF TIME PRESCRIBED BY PROVISO IN ORDER OF APPROVAL IT IS HEREBY ORDERED, that the Board's Order of September 12, 1962, be and it hereby is, amended WHEREAS, by Order dated September 12, 1962, so that the proviso relating to the date by which the Board of Governors, pursuant to Section 3 (a) (2) of the Bank Holding Company Act of the bank shall be opened for business shall read: 1956 (12 U.S.C. 1842) and Section 222.4(a)(2) "that the Marine National Bank of Waukesha of Federal Reserve Regulation Y (12 CFR 222.4 shall be opened for business not later than (a) (2)), approved the acquisition by The Marine April 22, 1963." Corporation, Milwaukee, Wisconsin, of 80 per Dated at Washington, D. C. this 8th day of cent or more of the voting shares of Marine Na- March, 1963. tional Bank of Waukesha, Waukesha, Wisconsin, By order of the Board of Governors. and said Order was made subject to the proviso "that the Marine National Bank of Waukesha shall (Signed) MERRITT SHERMAN, be opened for business not later than six months Secretary. after said date [of Order]"; and [SEAL] Announc em ent PUBLICATION OF ANNUAL REPORT The Forty-Ninth Annual Report of the Board of available for distribution. Copies may be obtained Governors of the Federal Reserve System, cover- upon request from the Board's Division of Ading operations for the calendar year 1962, is ministrative Services, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication March 15 Economic activity generally continued to change strike which sharply curtailed total U. S. merlittle in February. Wholesale prices of meats and chandise exports. livestock declined further from mid-February to A rise of 5 per cent in steel ingot production in mid-March. Commercial bank credit continued to February has been followed by a further increase expand, while security markets were relatively in early March. Output of construction materials stable. generally increased in February. Production of petroleum products and crude oil also increased INDUSTRIAL PRODUCTION and output of some other nondurable materials Industrial production in February was 119 per declined. cent of the 1957-59 average, the same as in January and about 3 per cent above a year earlier. CONSTRUCTION ACTIVITY Output of final products was somewhat higher New construction activity, which had edged than in other recent months and a rise in producupward in January, declined 5 per cent in Febtion of iron and steel was offset by declines in ruary, but was about 5 per cent above a year some other materials. earlier. The decline from January reflected mainly Auto assemblies, while down slightly, were a further drop in residential construction, which close to the advanced level prevailing since mid- —as last year—was hampered by unusually bad 1962, and preliminary March schedules indicate weather in some regions. Public construction acanother month of high output. Production of home tivity, which was revised sharply upward for Jangoods increased further in February and output of uary, also declined in February. consumer staples remained at record rates. In the business equipment industries, production of industrial and commercial machinery increased and DISTRIBUTION output of freight and passenger equipment changed Total retail sales were maintained at record little. New orders for machinery had generally in- levels in February. Sales of general merchandise creased further in January, but shipments of these continued to be limited by weather and by newsand other durable goods were limited by the dock paper strikes. Deliveries of new autos increased somewhat further and were at an annual rate in excess of IVi million units, including imported INDUSTRIAL PRODUCTION cars. This was 15 per cent larger than a year 1957-59 =100 140 earlier, while total retail sales were up 7 per cent. - 130 TOTAL -^-^. — P R O D U C T S ^^C^--*'.. COMMMODITY PRICES The general wholesale price level declined about .5 per cent from January to mid-March reflecting ~ *S< MATERIALS ~~ relatively sharp decreases in meat and livestock prices. The largest declines were in beef cattle prices as the volume of slaughter expanded about NONDURABLE one-tenth from the end of last year. Wholesale — MANUFACTURES ^SsZ^: — CONSUMER /^~/' ~ GOODS s^fcf/ prices of industrial commodities continued to change little. - '"»' v/DURABLE - _/ EQUIPMENT _ The consumer price index rose .2 per cent in MANUFACTURES 1 1 1 1 January and was 1.4 per cent higher than a year 1963 1959 earlier. Severe weather contributed to a 6 per ure F s e , d l e a r t a e l s t R sh e o se w rv n e a r i e n d f e o x r e s F , e b s r e u a a s r o y n . ally adjusted. Monthly fig- cent rise in fruit and vegetable prices. Retail prices 330 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 331 of most other goods and services, except apparel increased to an average $175 million. Reserves and autos, continued slightly higher. were absorbed principally through a reduction in float and through an increase in Treasury and BANK CREDIT, MONEY SUPPLY, AND RESERVES other deposits at the Reserve Banks. Reserves were supplied mainly by currency inflow and an Total commercial bank credit, seasonally adincrease of $345 million in System holdings of justed, increased substantially further in February. U. S. Government securities. The rise was larger than in other recent months as loans to U. S. Government security dealers in- SECURITY MARKETS creased sharply and bank holdings of securities also rose. The seasonally adjusted money supply Yields on U. S. Government notes and bonds showed little change in February, and time and and on State and local government bonds rose savings deposits rose somewhat less rapidly than somewhat further between mid-February and midin other recent months. U. S. Government depos- March, but yields on corporate bonds continued its, however, rose much more than usual in Feb- to change little. Rates on 3-month Treasury bills ruary. declined slightly to below 2.90 per cent. Total and required reserves of member banks Common stock prices were somewhat lower in declined in February as is usual. Excess reserves mid-March than a month earlier, as a rather sharp at $475 million were about unchanged but mem- drop in late February was only partly offset by an ber bank borrowings from the Federal Reserve increase in earlv March. RETAIL TRADE PRICES 957-59 = WHOLESALE RETAIL SALES :O1AL /\f TOTAL LESS AUTOMOTIVE GROUP^^ s— - I 1 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics Indexes. Monthly figures; latest based on Department of Commerce data. Monthly figures: shown: January for consumer prices, and February for wholelatest for stocks is January, for other series February. sale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated IPC Individuals, partnerships, and corporations c Corrected A Assets P Preliminary T Liabilities r Revised JU rp Revised preliminary s Financial sources of funds: net change in liabilities in, iv Quarters u Financial uses of funds: net acquisitions of 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 Banking and monetary statistics, 1962 | j^ J963 268-75 Semiannually Banks and branches, number of, by class and Banking offices: Analysis of changes in number of Feb. 1963 266 State Apr. 1962 482-83 On, and not on, Federal Reserve Par List, number of. Feb. 1963 267 Income and expenses: Federal Reserve Banks... . Feb. 1963 264-65 Member banks: C^ndaryear {?$ »g < ^' 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 332 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. 334 Reserve Bank discount rates; margin requirements; reserve requirements. 338 Federal Reserve Banks 340 Bank debits; currency in circulation 342 Money supply; banks and the monetary system 344 Commercial and mutual savings banks, by classes. 346 Commercial banks, by classes. . . 350 Weekly reporting member banks. 352 Business loans 355 Interest rates 356 Security prices; stock market credit; open market paper 357 Savings institutions . . .. . .. 358 Federal finance; Federally sponsored credit agencies 360 Security issues. . 365 Business finance 369 Real estate credit 371 Consumer credit 374 Industrial production 378 Business activity 382 Construction 382 Employment and earnings 384 Department stores . 386 Foreign trade 387 Wholesale and consumer prices . . . 388 National product and income series. . . 390 Flow of funds, saving and investment . 392 Banking and monetary statistics, 1962 394 Guide to tabular presentation 332 Index to statistical tables. . 419 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). 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 BANK RESERVES AND RELATED ITEMS MARCH 1963 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o . t S al . G B o r o o v i u g u t g . h t - h t s t ec R u c a r e h i g t p a r i u e e se s e r- - c v D o a a a n u n i d s c n d - - e ts s Float i t T a o l - 2 s G to o c ld k T r s o c r e t u i e a n u n u r a n g r c y t- s - 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 n a e r l g s a y d h s s - - Tr t u h e w r a a y i s n t - h m r F e e s F . e m o R r r v b . - e e B s r , a O b n a t k h n s e k ri c O F o . a t u c h R - n e t . r s B F W . a n i R t k M h . s e r m e c r C s o b e a e n n i e u n r c r d r v - y 3 e b s an T k otal Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 ,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 443 26,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,2J6 96 564 496 28,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 1,92131,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Feb... 28,384 28,377 7 118 1,290 29,839 16,793 5,586 32,848 449 426 211 272 ,096 16,916 2,655 19,571 Mar.. 28,570 28,524 46 156 1,293 30,063 16,707 5,588 32,996 439 448 215 272 ,049 16,939 2,611 19,550 29,143 29,015 128 134 1,317 3-0,634 16,564 5,588 33,235 428 485 220 350 985 17,083 2,640 19,723 May! ] 29,503 29,457 46 128 1,326 30,991 16,456 5,594 33,327 419 551 221 351 1,048 17,122 2,70! 19,823 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 1,736 3-1",475 16,310 5,602 33,989 398 490 273 312 654 17,272 2,771 20,043 Aug... 30,088 30,074 14 143 1,330 31,600 16,136 5,598 33,962 405 524 200 335 764 17,144 2,780 19,924 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 71C 17,382 2.823 20,205 Nov.. 30,195 30,064 131 129 1,694 3~20,53 15,978 5,552 34,584 401 472 202 293 925 16,706r2,898 19,604 Dec.. 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 r3,108 20,040 1963—Jan.. 30,198 30.148 tOl 2.27832,663 15.950 5.568 34.574 422 777 226 299 976 16.Q09 3,126 20,035 Feb., 30,541 30,355 186 181 1,50332,287 15,922 5,567 34,229 438 832 208 305 i,041 16,724*>2,857*>19,581 Week ending— 1962 Jan. 3 28,931 28,720 211 356 355 31,695 16,889 5,586 33,919 429 441 290 297 ,053 17,740 3,062 20,802 10 28,784 28,717 67 79 059 30,972 16,883 5,587 33,661 434 380 240 261 ,043 17,421 2,871 20,292 17 28,520 28,501 19 89 870 30,529 16,839 5,586 33,386 440 435 232 292 ,040 17,130 2,926 20,056 24 28,279 28,279 72 786 30,185 16,839 5,589 33,070 442 439 220 305 ,043 17,094 2,878 19,972 31 28,310 28,310 94 227 29,678 16,832 5,590 32,793 450 424 213 296 ,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 ,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 ,022 16,914 2,606 19,520 21 28,090 28,062 28 122 ,655 29',913 16,790 5,586 32,870 447 433 197 274 ,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 1,24830,121 16,666 5,587 32,951 433 481 197 318 1,028 16,966 2,682 19,648 Apr-!?:::::::: 29,150 28,996 154 140 029 30,361 16,609 5,591 33,050 433 400 220 351 1,025 17,080 2,583 19,663 29,281 29,134 147 125 156 30,603 16,609 5,589 33,274 432 458 252 327 1,030 17,027 2,477 19,504 18 29,030 28,957 73 140 1412 30,622 16,585 5,584 33,356 425 480 204 364 960 17,002 2,684 19,686 25 29,033 28,882 151 150 500 30,722 16,523 5,586 33,244 428 518 209 354 963 17,115 2,763 19,878 May 2 29,188 29,093 95 128 1,35130,704 16,494 5,590 33,133 419 607 213 366 958 17,091 2,777 19,868 9 29,634 29,467 167 112 1.24531,025 16,490 5,594 33,267 419 502 224 372 956 17,369 2,483 19,852 16 29,532 29,511 21 129 1,276 30,970 16,456 5,595 33,406 423 537 219 342 996 17,098 2,717 19,815 23 29,341 29,341 112 1,66731,153 16,434 5,593 33,327 419 599 237 327 1,132 17,138 2,693 19,831 30 29,560 29,560 151 1,19130,935 16,434 5,594 33,331 418 524 208 344 1,130 17,007 2,802 19,809 June 6 29,837 29,837 117 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 20 29,433 29,356 180 1,779 31,423 16,434 5,604 33,654 400 509 274 337 996 17,291 2,747 20,038 27 29,320 29,233 216 1,66831,236 16,433 5,600 33,584 396 550 343 266 886 17,244 2,818 20,062 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 BANK RESERVES AND RELATED ITEMS 335 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o . t S al . G B o r o o v i u g u t. g h t - h t s t ec R u m c a r e h g i e t p a r i n u e e s t e s e r s - - c v D o a a a n u i n d s c n d - - e ts s Float t T a o l - 2 s G to o c ld k T r s c o r e t u i e a u n n u r a n r g c y t s - - 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 n e a r l g a s y d h s s - - T t r h e w a a i s n t - h m r F e e s . F e m e i o R r g b v r n . - e e B r s , a O b n a t k h n s e k r i c O F o . a t u c h - R n e t r . s B F W a . i n t R k M h s . e r m e c r C s b o a e e u i e n n r r n r d c v - 3 y e b s an T k otal Averages of daily figures Week ending— 1962 July 4 29,884 29,7071 177! 153 1,498 31,597 16,435 5,600 33,863 391 533 330 290 699 17,527 2,713 20,240 11 29,962 29,870 92! 81 1,627 31,729 16,412 5,602 34,155 394 452 294 301 700 17,447 2,694 20,141 18 29,304 29,3041 178 2,039 31,561 16,298 5,601 34,091 388 496 315 298 607 17,265 2,829 20,094 25 29,230 29,230!; 74 1,968 31,315 16,269 5,603 33,901 404 551 221 317 641 17,152 2,850 20,002 Aug. 1 . 29.592 29,592| 85 1,346 31,,066 16,168 5,604 33,813 414 428 234 343 643 16,962 2,876 19,838 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 1,279 31,642 16,148 5,596 34,059* 402 598 198 375 703 17,050 2,763 19,813 22 2 3 9 0 , ,0 9 1 0 9 2 2 3 9 0 , , 8 0 9 1 0 9|. 1 9 7 2 1 1 1, , 2 6 "8 8 "7 4 3 1 31 ,4 ,7 3 9 3 5 1 1 6 6 , , 1 14 1 7 2 5 5 , , 6 5 0 9 1 7 3 3 4 3 , , 0 8 0 7 3 0 4 3 0 9 4 7 5 5 5 0 3 2 1 1 8 9 9 2 3 3 2 1 5 4 8 8 2 2 7 0 1 1 7 7 , , 2 0 4 4 7 4 2 2 , , 7 8 6 7 3 0 2 1 0 9 , , 0 9 1 1 0 4 Sept. 5 30,412 30,264 148 105 1,134 31,685 16,098 5,556 33,977 404 459 175 315 866 17,143 2,696 19,839 12 30,396 30,269 127 89 1,400 31,921 16,093 5,550 34,167 392 503 204 293 839 17,165 2,787 19,952 19 29,748 29,748 36 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 :16,067 5,552 33,914 ^•400 476 217 323 754 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 2,083 32,116 16,052 5,551 34,115 398 519 211 315 684 17,476 2,882 20,358 31 29,888 29,853 "35 91 1,475 31,491 16,006 5,55: 34,042 406 541 207 311 672 16,872 2,935 19,807 Nov. 7 30,235 30,048 187 170 1,247 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 1J ,330000 31,868 15,978 34,560 401 523 216 309 798 16,589 2,828 19,417 21 30,104 30,044 60 105 2,'056 32,299 15,978 34,684 394 464 193 289 1,020 16,783 2,902 19,685 28 30,012 29,994 18 103 2,109 32,259 15,978 34,803 400 488 214 262 1,023 16,597 3,033 19,630 Dec. 5 30,411 30,223; 93 1,832 32,373 15,977 5,556 34,860 390 500 207 315 1,068 16,565 2,964 19,529 30.698 30,603! 109 1,755 32,629 15,977 5,55' 35,226 402 478 207 268 1,068 16,517 3,010 19,527 19 30,493 30,493! 164 2,44333,163 15,978 5,560 35,366 399 669 208 277 1,011 16,771 3,182 19,953 26 30,510 30,489!' 308 2,842 33,733 15,978 5,564 35,471 395 665 210 295 1,026 17,212 3,113 20,325 1963 Jan. 2 30,598 30,478| 120 716 2,684 34,104 15,978 5,568 35,349 399 628 280 319 1,054 17,623 3,456 21,079 9 30,404 30,404! 65 2,728 33,286 15,978 5,572 35,022 423 711 226 306 991 17,157 3.139 20,296 16 30,227 30,227 j 80 2,392 32,784 15,963 5,563 34,694 412 767 232 298 980 16,927 3,173 20,100 23 29,898 29,898! 172 2,30732,464 15,928 5,567 34,361 429 823 225 281 960 16,881 3,034 19,915 30 30,123 29,975!" 101 1,61531,916 15,928 5,571 34,080 432 837 220 297 966 16,583 3,028 19,611 Feb. 6 30,540 30,2351 305 225 1,35832,194 15,928 5,569 34,107 421 783 206 297 971 16,907 2,777 19,684 13 30,786 30,447! 339 165 1,31932,330 15,928 5,563 34,263 427 838 212 298 959 16,825 2,799 19,624 20 30,39f 30,337! 55 157 ; 32,312 15,928 5,566 34,293 444 901 187 310 1,086 16,586 2,926 19,512 27 30,405 30,36l! 44 159 1,595 32,219 15,913 5,570 34,228 454 801 230 314 1,125 16,550 P2'927 ^19,477 End of month 1962 Dec 30,820 39,478| 342 33,871 15,978 5,567 35338 380 597 247 393 1,006 17,454 3,234 20,688 1963 Jan 30,289 30,110; 179| 87 1,51131,959 15,928 5,569 34093 406 821 197 327 968 16,644 3,250 19,894 Feb 30,586 30,3911 195 209 1,75932,608^15,878 557r 34264 841 192 322 1,140 16,850*3,252P20,102 Wednesday 1963 Jan. 2 30,478 30,478 2,913 33,589 15,978 5,57: 35267 416 694 248 289 993 17,233 3,520 20,753 2 3 1 9 3 0 6 2 3 3 3 9 0 0 0 , , , , 8 2 0 3 6 3 6 0 3 8 6 6 2 3 3 3 9 0 0 0 , , , , 8 2 0 0 6 6 3 5 3 6 8 4 2 2" 1 11 , , , , 1 1 6 2 1 ' 7 5 7 0 7 " 8 1 5 0 8 " 3 3 3 3 2 2 1 2 , , , , 6 2 7 3 2 4 1 8 5 5 3 3 1 1 1 1 5 5 5 5 , , , , 9 9 9 9 7 2 2 2 8 8 8 8 5 5 5 5 , , , , 5 5 5 5 7 6 7 6 3 5 1 8 3 3 3 3 4 4 4 4 8 2 0 5 8 1 4 8 9 8 9 0 4 4 4 4 2 2 2 3 9 5 3 8 8 7 7 8 1 7 6 8 3 9 3 0 2 2 2 2 4 1 0 3 1 9 0 2 2 2 2 3 8 9 7 2 ' 2 6 5 9 9 9 9 8 5 5 6 9 8 8 8 1 1 1 1 6 6 6 6 , , , , 5 4 6 7 2 1 5 7 3 9 6 7 3 3 3 3 , , , , 3 3 4 3 4 1 4 9 1 9 0 0 2 2 1 1 0 0 9 9 , , , , 0 0 9 7 6 6 9 3 3 7 7 8 Feb. 6 30,960 30,466 1,14532,425 15,928 5,571 34177 433 836 196 29' 980 17,006 2,929 19,935 13 30,746 30,433 96731,936 15,928 5,562 34331 436 800 206 311 905 16,437 3,106 19,543 20 30,527 30,394 1,63932,627 15,928 5,567 34288 459 908 190 311 1,113 16,854 3,217 20,071 27 30,498 30,361 32,133 15,878 5,572 34235 461 759 222 271 1,139 16,496 3,258 19,754 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 BULL., p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959). For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F. R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 BANK RESERVES AND RELATED ITEMS MARCH 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 re - d Excess B F r i a n o . 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 a n o . 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 re - d Excess B F r i a n o . a n R w g t k s . - s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 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 5,008 5,623 3,012 2,611 2,611 ,141 601 540 540 1941__Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 ,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 ,074 1,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1.191 8 5 3 1951—Dec. 20,310 19,484 826 657 169 5,275 5,231 44 151 — 107 ,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 —870 5,357 5,328 30 486 —456 ,406 ,409 -4 232 —236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 — 101 ,795 ,295 1 37 -36 1954_Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 —91 ,149 ,138 12 97 —86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 — 105 ,136 ,127 8 85 -77 1958 Dec 18 899 18,383 516 557 -41 4,033 4,010 23 102 —81 I 077 070 7 39 -31 1959_Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 .018 .038 104 -104 I960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 $ -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962 Feb . 19,571 19,069 502 68 434 3,680 3,664 17 6 11 955 954 1 4 -3 Mar.. 19,550 19,077 473 91 382 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 19,823 19,320 503 63 440 3,724 3,713 11 1 10 990 983 7 4 June. 19,924 19,433 491 100 391 3,781 3,774 7 19 -12 976 977 -1 2 -3 July 20,043 19,514 529 89 440 3,766 3,732 34 16 18 1,000 989 10 4 6 Aug 19,924 19,358 566 127 439 3,709 3,684 24 17 7 1,017 1,013 4 18 -14 Sept.. 20,034 19,579 455 80 375 3,718 3,723 -4 15 -19 1,021 1,022 -1 9 -10 N O o ct v 1 2 9 0 , , 6 2 0 0 4 5 1 1 9 9, , 7 0 2 1 1 2 r5 4 9 8 2 4 1 6 1 5 9 '4 4 7 1 3 9 3 3 , , 6 7 2 7 7 4 3 3 , , 6 7 0 3 1 6 2 3 7 8 1 4 4 3 1 4 3 1 1, , 0 0 0 3 7 6 1 1 , , 0 0 0 3 1 2 6 5 1 6 3 - - 1 7 Dec '20,040 19,468 '572 304 '268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Jan 20,035 19,552 483 99 384 3,857 3,840 18 5 13 1,038 1,037 7 -6 Feb.. "19,581^19,107 172 P302 ^3,704 42 V 016 P1,012 H 15 Week ending— 1962—Feb. 7 19,698 19,241 457 72 385 3,744 3,735 9 7 1 971 968 3 4 -1 14 19,520 19,022 498 70 428 3,637 3,623 14 8 6 941 946 -5 11 -16 21 19,580 19,047 533 72 461 3,655 3,647 8 4 3 962 953 9 8 28. 19,485 18,965 520 56 464 3,685 3,649 36 4 32 945 949 -4 -4 ""M:::: 19,839 19,418 421 94 327 3,697 3,689 8 8 1 014 1 Oil 3 10 -7 19,952 19,427 525 77 448 3,676 3,664 12 15 -3 1,015 1,009 6 9 -3 20,159 19,643 516 25 491 3,777 3,749 28 28 l,0?4 1,026 3 -5 2169........ 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 2 9 -7 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 4 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 e 32 —27 1,014 1,008 5 5 28 19,630 19,080 550 95 455 3,658 3,598 60 60 1,014 1,008 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 19,953 19,438 515 163 352 3,840 3,826 14 3S -25 1,032 1,034 -2 3 -4 26.... 20,325 19,764 561 307 254 3,971 3,922 49 126 -77 1,074 1,065 9 4 5 1963—Jan. 2.... 21,079 20,045 1,034 714 320 4,180 4,030 149 299 -150 1,102 1,092 10 65 -55 9.... 20,296 19,858 438 63 375 3,973 3,934 39 39 1,063 1,056 7 2 6 16.... 20,100 19,579 521 79 442 3,816 3,818 6 -? 1,028 1,029 -1 12 -12 23 19,915 19,429 486 170 316 3,811 3,793 it 13 1,030 1,025 6 9 -3 30.... 19,611 19,180 431 99 332 3,757 3,746 11 1 11 1,019 1,017 2 7 -5 Feb. 6 19,684 19,227 457 223 234 3,785 3,777 8 54 -46 1,030 1,024 6 15 -9 13.... 19,624 19,121 503 165 338 3,707 3,683 24 14 10 1,011 1,008 3 44 -41 20 19,512 19,087 425 157 268 3,699 3,682 17 51 -34 1,011 1,006 5 1 4 27 ^19,476*19,010 *>466 129 P337 3,691 3,682 10 34 -24 1,004 1,009 -5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 BANK RESERVES AND RELATED ITEMS 337 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrow- T h o e t l a d l Required Excess i B F n a g ? s n R k a . s t re F se r r e v e es T h o e t l a d l Required Excess W re F se r r e v e es Banks 1929—June 761 749 12 409 —397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 —30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 — 170 5,756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962 Feb 8,094 8,047 47 25 22 6,842 6,405 437 33 404 Mar 8,106 8,065 41 26 15 6,787 6,358 429 32 397 Apr 8,195 8,158 37 28 9 6,836 6,410 425 24 401 May 8,234 8,174 60 21 39 6,875 6,449 425 37 388 June 8,270 8,209 61 45 16 6,896 6,473 423 34 389 July 8,306 8,266 40 40 6,972 6,526 445 29 416 Aus 8,182 8,129 52 47 5 7,017 6,531 486 45 441 Sent . 8,189 8,166 23 26 -3 7,106 6,668 438 30 408 Oct 8,203 8,175 29 24 5 7,192 6,779 413 31 382 Nov '7,995 7,951 r-44 60 '-16 6,975 6,459 515 32 483 Dec 8,178 8,100 78 130 -52 '6,956 6,515 '442 48 '394 1963 Jan 8,115 8,104 10 60 -50 7,025 6,572 453 27 426 Feb *7,945 ^7,919 *>26 80 P-54 ^6,898 ^6,472 H26 35 *>391 Week ending— 1962—Feb. 7 8,153 8,108 45 19 26 6,830 6,430 400 42 358 14 8,075 8,037 39 26 13 6,867 6,416 450 25 425 21 8,103 8,050 52 33 19 6,860 6,396 464 35 429 28 8,041 7,991 50 21 29 6,814 6,376 438 30 408 Sept. 5 8,154 8,126 29 20 9 6,964 6,582 382 56 326 12 . 8,157 8,120 37 24 13 7,104 6,633 470 29 441 19 8,211 8,181 30 3 27 7,147 6,687 460 19 441 26 . 8,223 8,200 22 62 -39 7,186 6,717 469 24 445 Oct 3.. 8,232 8,206 26 28 -2 7,095 6,705 391 28 363 10 8,299 8,268 31 11 20 7,213 6,782 431 24 407 17 8,287 8,267 20 16 4 7,263 6,791 473 32 441 24.. 8,281 8,244 37 26 11 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 22 483 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 6,489 577 21 556 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 39 343 12 7,992 7,952 40 47 -6 6,829 6,469 359 51 308 19.. 8,105 8,073 31 80 -49 6,978 6,505 472 41 431 °6 8,275 8,225 51 116 -65 7,004 6,552 452 61 391 1963 Jan. 2.. 8,455 8,318 137 315 -178 7,342 6,605 737 35 702 9 8,301 8,248 53 34 19 6.958 6,620 338 27 311 16 8,151 8,131 20 48 -28 7,:O5 6,601 504 13 490 23 8,077 8,036 41 115 -74 6,997 6,576 421 33 388 30 7,972 7,938 34 53 -19 6,862 6,479 383 38 345 Feb. 6 7,982 7,960 22 90 -68 6,887 6,467 420 64 356 13 7,950 7,927 23 80 -57 6,956 6,503 453 27 426 20.. 7,944 7,923 21 75 -54 6,858 6,476 382 30 352 27 7,895 7,869 26 70 -44 ^6,887 2>6,451 *436 25 ?411 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. 1963 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

338 DISCOUNT RATES MARCH 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. 13 3 Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Feb. 28 date rate Feb. 28 date rate Feb. 28 date rate Boston Aug. 23,1960 Aug. 23, 1960 Aug. 23, 1960 New York... Aug. 12,1960 Aug. 12,1960 June 10, 1960 Philadelphia.. Aug. 19,1960 Aug. 19, 1960 Aug. 19, 1960 Cleveland Aug. 12,1960 Aug. 12,1960 Aug. 12, 1960 Richmond... Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 Atlanta Aug. 16,1960 Aug. 16, 1960 Aug. 16, 1960 Chicago Aug. 19,1960 Aug. 19, 1960 June 10, 1960 St. Louis Aug. 19,1960 Aug. 19, 1960 Aug. 19, 1960 Minneapolis.. Aug. 15,1960 Aug. 15,1960 Aug. 15, 1960 Kansas City.. Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 Dallas Sept. 9,1960 Sept. 9, 1960 Sept. 9, 1960 San Francisco Sept. 2,1960 Sept. 2, 1960 June 3,1960 i Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F. R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturities not over 6 months and 9 months, respectively, and advances maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F. R. Range F. R. Range F. R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F. R. of date all F. R. of date all F. R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 Ausik:: 19 : 5 : 0 1*4-1% Nov. 1 1 9 5 57—Cont. 1933 Dec. 2 Mar. 3 ?€ 4 1953 1958 Apr. 7 Jan. 22 May 26 2% Jan. 16 24 Oct. 20 23 Mar. 7 1954 13 1934 Feb. 5 21 Feb. 2 15 Apr. 18 Mar, 16 Apr. 14 May 9 16 Aug. 15 1935 May 21 Jan. 11 sept^:::::::: May 14 1955 Oct. 24 Nov. 7 1937 *"•»::::: Aug. 27 1 -2 May 2 1959 Sept. 4 1 -1 Aug. 4 Mar. 6 16 1942 12!!!.".' May 29 Apr. 11 June 12 Oct. 15 Sept. 11 30 Nov. 18 18 23 1946 1956 1960 Apr. 25 Apr. 13 June 3 May 10 20 10 Aug. 24 14 1948 31 Aug. 12 Jan. 12 Sept. 9 19 1957 Aug. 13 3 J 1963 In effect Feb. 28.. 1 Preferential rate of V4 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

MARCH 1963 RESERVE REQUIREMENTS 339 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 Time deposit Central J 1 a 9 n 3 . 6 1 J 1 a 9 n 5 . 7 1 J 1 a 9 n 6 . 2 1 Effective date* C b re a e c s n n i e t k t r y r v s a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r re 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: L 1 e y ss e a t r h a o n r m 1 o y r e e ar } } » 3 { k 1949— J M un a e y 30 1 , , 5 July 1.. 24 2 2 1 0 1 1 4 5 7 6 7 6 r 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 t h o s r - 1 m o y r e e ar 3 A Se u p g t . . 25 1 2 22 2% 1 1 8 8 % 90 days-6 months 2% 1951—Jan 11, 16 . . 23 19 13 6 6 Less than 90 days Jan. 25, Feb. 1. 24 20 14 1953—July 1, 9 22 19 13 1954—June 16, 24. , , . 21 5 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 July 29, Aug. 1. 20 18 12 BULL., p. 1279. NOTE.—Maximum rates that may be paid by member banks as estab- 1958—Feb. 27, Mar. 1. 19% ,7* 11% lished by the Board of Governors under provisions of Regulation Q. Mar. 20, Apr. 1.. 19 11 Under this Regulation the rate payable by a member bank may not in Apr. 17 18% any event exceed the maximum rate payable by State banks or trust com- Apr. 24 18 16% panies on like deposits under the laws of the State in which the member I960—Sept. 1 17% bank is located. Effective Feb. 1, 1936, maximum rates that may be Nov 24 12 paid by insured nonmember commercial banks, as established by the Dec. 1 16% F.D.I.C., have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits: 1962—Oct. 25 Nov 1. 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. In effect Mar. 1, 1963... 16% 12 4 4 MARGIN REQUIREMENTS Present legal requirement: (Per cent of market value) Minimum 10 3 3 Maximum 422 14 6 6 Effective date 1 When two dates are shown, first-of-month or midmonth dates record Regulation changes at country banks, and other dates (usually Thurs.) record changes Oct. 16, July 28, July 10, at central reserve or reserve city banks. 1958 1960 1962 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. Regulation T: 3 Authority of the Board of Governors to classify or reclassify cities as For extensions of credit by brokers and central reserve cities was terminated effective July 28, 1962. dealers on listed securities 90 70 50 4 Before July 28, 1959, the minimum and maximum legal requirements For short sales 90 70 50 for central reserve city banks were 13 and 26 per cent, respectively, and Regulation U: the maximum for reserve city banks was 20 per cent. For loans by banks on stocks 90 70 50 NOTE.—All required reserves were held on deposit with Federal Reserve Banks, June 21, 1917, until late 1959. Since then, member banks have NOTE.—Regulations T and U, prescribed in accordance with Securities also been allowed to count vault cash as reserves, as follows: Country Exchange Act of 1934, limit the amount of credit that may be extended on banks—in excess of 4 and 2% per cent of net demand deposits effective a security by prescribing a maximum loan value, which is a specified Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city; and percentage of its market value at the time of extension: margin require- reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 ments are the difference between the market value (100+) and the maxi- and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. mum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item me A m ll ber New City C b o a u n n k t s ry Item me A m 1 b 1 er New City C b o a u n n k t s ry banks York of Other banks York of Other City Chicago City Chicago Four weeks ending Jan. 9, 1963 Four weeks ending Feb.6, 1963 Gr T o o ss t al demand: 137,309 21 AH 6,758 52,646 50,427 Gr T o o ss t a d l emand: m ,313 25,644 6 374 so,071 49 ??3 I U n . t e S r . b a G n o k vt 1 5 5 , , 3 5 2 0 5 4 4 1 , , 5 18 3 6 6 1,3 3 3 3 5 6 7 2 , , 7 0 4 2 8 9 1 1 ,7 8 7 8 4 6 I U n te S r ba G n o k vt 14 ,8 4 3 66 0 4 4 8 0 32 3 1 2 2 1 2 2 2 7 1 J 1 0 41 6 1 8 1 1 J i7 3 8 6 1 5 Other 116,479 21,756 5,087 42,869 46,767 Other in ,017 20,409 4 940 41, 593 46 075 Net demand * 112,126 21,536 5,695 42,361 42 534 Net demand i 109 091 20 598 441 41 10? 4? 051 Time 79,737 9,367 3,049 30,663 36,658 Time 81,152 9,621 144 M ,?7? 37j Demand balances due Demand balances due from domestic banks. . 7,918 158 104 2,189 5,468 from domestic banks. . 7,196 132 97 1,981 4,986 Currency and coin 3,223 278 45 994 1,906 Currency and coin 3,002 243 41 914 1,805 Balances with F. R. Balances with F. R. To B ta a l n r k e s serves held 2 1 0 7 , , 4 1 1 9 3 0 3 3 , ,9 7 9 1 1 3 1 1, , 0 0 6 2 8 3 7 8 , , 2 2 9 8 0 4 5 7 , , 1 0 6 7 4 0 To B ta a l n r k e s serves held 1 19 6, , 8 8 2 2 5 7 3 3 , , 5 7 4 9 9 2 1,0 9 2 8 7 6 7 8 s 0 n 4 ? 6 6 ^ 9 1 6 5 3 8 19,776 3,928 1,062 8,216 6,570 Required 1^ 354 3 784 1,023 8j016 6 531 Excess 637 63 6 68 500 Excess 473 8 4 30 432 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F. R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BANKS MARCH 1963 CONSOLIDATED STATEMENT OF CONDITION (In millions of dollars) Wednesday End of month Item 1963 1963 1962 Feb. 27 Feb. 20 Feb.13 Feb. 6 Jan. 30 Feb. Jan. Feb. Assets 14,332 14,382 14,382 14,382 14,385 14,332 14.385 15,380 Redemption fund for F. R. notes 1,263 1,265 1,271 1,275 1,275 1,263 1,275 1,150 15,595 15,647 15,653 15,657 15,660 15,595 15,660 16,530 Cash 408 401 420 433 437 418 449 480 Discounts and advances: Member bank borrowings 94 403 164 251 150 179 87 74 30 30 65 57 58 59 59 59 54 62 44 Held under repurchase agreement.... 10 20 10 U. S. Govt. securities: Bought outright: Bills 2,328 2,361 2,400 2,433 2,053 2,358 2,109 2,830 Certificates—Special Other 13,580 13,580 13,182 13,182 13,182 13,580 13,182 4,972 Notes 10,289 10,289 10,687 10,687 10,682 10,289 10,682 16,772 Bonds 4,164 4,164 4,164 4,164 4,137 4,164 4,137 3,786 Total bought outright 30,361 30,394 30,433 30,466 30,054 30,391 30,110 28,360 Held under repurchase agreement 137 133 313 494 252 195 179 Total U. S. Govt. securities 30,498 30,527 30,746 30,960 30,306 30,586 30,289 28,360 Total loans and securities 30,679 30,988 30,969 31,280 30,535 30,849 30,448 28,543 Cash items in process of collection 5,394 5,677 5,241 4,805 4,806 5,416 4,846 5,038 105 105 104 104 104 104 104 108 Other assets: Denominated in foreign currencies 93 113 113 105 115 93 110 9 All other 218 203 398 377 361 223 367 205 Total assets 52,492 53,134 52,898 52,761 52,018 52,698 51,984 50,913 Liabilities F. R. notes 29,249 29,299 29,350 29,200 29,100 29,276 29,111 27,937 Deposits: 16,496 16,854 16,437 17,006 16,419 16,850 16,644 16,808 U S Treasurer—General account .... . .. 759 908 800 836 779 841 821 449 222 190 206 196 219 192 197 204 Other 271 311 311 297 325 322 327 389 Total deposits 17,748 18,263 17,754 18,335 17,742 18,205 17,989 17,850 Deferred availability cash items 3,940 4.038 4,274 3,660 3,628 3,657 3,335 3,653 Other liabilities and accrued dividends 70 67 71 73 70 72 68 65 Total liabilities 51,007 51,667 51,449 51,268 50,540 51,210 50,503 49,505 Capital Accounts Capital paid in . 474 474 473 473 471 474 471 451 934 934 934 934 934 934 934 888 Other capital accounts 77 59 42 86 73 80 76 69 Total liabilities and capital accounts 52,492 53,134 52,898 52,761 52,018 52,698 51,984 50,913 Contingent liability on acceptances purchased for 84 84 84 84 84 84 84 113 U. S. Govt. securities held in custody for foreign 7,115 7,158 7,148 7,053 7,107 7,079 7,033 5,432 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 31,343 31,355 31,440 31,496 31,627 31,324 31,595 29,830 Collateral held against notes outstanding: Gold certificate account 7,388 7,408 7,408 7,408 7,517 7,388 7,517 8,035 Eligible paper 30 93 29 50 55 11 24 35 U. S. Govt. securities 25,280 25,280 25,280 25,280 25,231 25,231 23,205 25,280 Total collateral. 32,698 32,781 32,717 32,738 32,803 32,679 32,772 31,275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 FEDERAL RESERVE BANKS 341 STATEMENT OF CONDITION OF EACH BANK ON FEBRUARY 28, 1963 (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 - L S ou 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 14,332 745 3,671 742 1,118 1,003 741 2,404 560 293 662 614 1 779 Redemption fund for F. R. notes.... 1,263 72 297 74 110 99 75 229 52 28 51 39 137 15,595 817 3,968 816 1,228 1,102 816 2,633 612 321 713 653 1,916 F. R. notes of other Banks 592 49 128 55 45 32 81 53 17 34 14 33 51 Other cash 418 33 63 27 39 34 34 69 21 12 13 14 59 Discounts and advances: Secured by U. S. Govt. securities... 179 1 102 1 24 4 4 15 2 6 * 20 Other 30 1 8 2 3 1 2 4 1 1 1 2 4 Acceptances: 54 54 Held under repurchase agreement.. U. S. Govt. securities: 30,391 1,524 7,474 1,678 2,535 2,036 1,699 5,129 1,240 634 1,301 1 249 3 892 Held under repurchase agreement.. 195 195 30,849 1,526 7,833 1,681 2,562 2,041 1,705 5,148 1,241 637 1,308 1,251 3,916 Cash items in process of collection... 6,740 480 1,289 382 564 436 515 1,130 295 199 360 308 782 104 3 8 3 7 5 14 24 6 4 7 12 11 Other assets: Denominated in foreign currencies. 93 5 125 6 9 4 5 13 3 2 4 5 12 All other 223 11 54 12 19 15 13 37 10 5 10 9 28 Total assets 54,614 2,924 13,368 2,982 4,473 3,669 3,183 9,107 2,205 1,214 2,429 2,285 6,775 Liabilities F. R. notes 29,868 1,761 7,129 1,804 2,600 2,432 1,713 5,406 1,258 565 1,195 881 3,124 Deposits: 16,850 656 4,523 744 1,258 747 904 2,555 604 421 846 978 2,614 U. S. Treasurer—General account.. 841 46 109 35 45 83 53 106 55 36 56 75 142 192 10 2 45 12 19 9 11 28 7 5 8 11 27 Other 322 269 1 1 3 1 1 * * 2 1 43 18,205 712 4,946 792 1,323 842 969 2,690 666 462 912 1,065 2,826 Deferred availability cash items 4,981 376 873 297 408 320 415 788 227 150 256 252 619 Other liabilities and accrued dividends. 72 4 19 4 5 4 4 12 3 3 3 3 8 Total liabilities 53,126 2,853 12,967 2,897 4,336 3,598 3,101 8,896 2,154 1,180 2,366 2,201 6,577 Capital Accounts Capital paid in 474 23 128 27 44 22 26 67 16 11 20 27 63 934 44 251 54 87 44 51 132 32 22 40 53 124 Other capital accounts 80 4 22 4 6 5 5 12 3 1 3 4 11 Total liabilities and capital accounts.. 54,614 2,924 13,368 2,982 4,473 3,669 3,183 9,107 2,205 1,214 2,429 2,285 6,775 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Feb. 28, 1963 32.4 33.0 32.9 31.4 31.3 33.7 30.4 32.5 31.8 31.3 33.8 33.6 32.2 Jan 31 1963. 32 7 32 4 33.7 32.4 31.5 33.5 31.7 33.1 33.2 34.3 32.9 33.6 30.6 Feb. 28, 1962 35.7 30.9 37.8 32.7 33.9 38.2 33.6 35.1 34.7 35.7 34.7 34.6 37.1 Contingent liability on acceptances purchased for foreign correspondents 84 4 3 22 5 8 4 5 12 3 2 3 5 11 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 31,324 1,830 7,456 1,880 2,798 2,565 1,781 5,594 1,320 657 1,233 941 3,269 Collateral held against notes outstanding: Gold certificate account 7,388 443 1 465 670 645 400 1,400 330 130 790 215 800 11 1 4 6 U. S. Govt. securities 25,280 1,404 6,000 1,500 2,250 1,976 1,450 4,500 1,050 550 1,000 800 2,800 Total collateral 32,679 1,847 7,600 1,966 2,920 2,625 1,850 5,900 1,380 680 1,296 1,015 3,600 1 After deducting $68 million participations of other F. R. Banks. 3 After deducting $62 million participations of other F. R. Banks. 2 After deducting $147 million participations of other F. R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BANKS; BANK DEBITS MARCH 1963 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1963 1963 1962 Feb. 27 Feb. 20 Feb. 13 Feb. 6 Jan. 30 Feb. Jan. Feb. Discounts and advances—Total 124 403 164 251 150 209 87 139 Within 15 days 92 401 162 249 148 178 85 73 16 days to 90 days 32 2 2 2 2 31 2 51 91 days to 1 year... 15 Acceptances—Total... 57 58 59 69 79 54 72 44 Within 15 days 18 19 18 25 37 17 27 11 16 days to 90 days 39 39 41 44 42 37 45 33 U. S. Government securities—Total 30,498 30,527 30,746 30,960 30,306 30,586 30,289 28,360 Within 15 days 546 612 4,469 4,697 511 462 4,154 426 16 days to 90 days 4,657 4,589 1,455 1,425 5,021 4,681 1,256 3,320 91 days to 1 year 12,337 12,368 11,773 11,789 11,756 12,485 11,861 12,040 Over 1 year to 5 years 10,687 10,687 10,778 10,778 10,773 10,687 10,773 10,081 Over 5 years to 10 years 2,114 2,114 2,114 2,114 2,094 2,114 2,094 2,227 Over 10 years 157 157 157 157 151 157 151 266 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 l d a i r a s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an N gu l e a i t n l h d d e e s r r s - f S ra w n i c ss s 1962—May. 134 50 50 32 1 June. 439 50 50 250 50 27 11 1 July. 418 50 50 250 50 16 1 1 Aug. 317 40 250 1 16 5 5 Sept. 350 50 251 31 1 15 Oct.. 214 40 127 1 31 10 5 Nov. 154 30 77 1 31 11 4 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts 1 Annual rate of turnover (billions of dollars) of demand deposits l Period All Leading centers 337 other Leading centers 337 other 343 reporting reporting reporting centers 4 centers New York 6 others 2 centers 3 New York 6others 2 centers 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. S.A N.S.A. 1955. 2,043.5 766.9 431.7 845.0 42.7 27.3 20.4 22.3 1956. ^ # #2,200.6 815.9 462.9 ..... 921.9 45.8 28.8 21.8 23.7 1 1 9 9 5 5 7 8 . . 2 2 , , 3 4 5 3 6 9 . . 8 8 9 8 5 8 8 8. . 5 7 4 4 8 8 9 7 . . 3 4 9 9 7 9 9 3 . . 0 6 4 5 9 3 . . 5 6 .... • •. 3 30 0 . . 0 4 m t 2 2 3 2. . 9 0 2 2 5 4 . . 1 9 1959. 2,679.2 1,023.6 545.3 1,110.3 56.4 ... 32.5 24.5 26.7 1960. 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 28.2 1961. 3,111.1 1,278.8 622.7 1,209.6 70.0 36.9 26.2 29.0 1962. 3,436.4 1,415.8 .... .. 701.7 • •1,318.9 '. 77.8 ... 41.2 27.7 .. 31.3 1962—Feb 239.4 103.3 94.3 544 49.0 105.4 96.1 68.1 64.6 38.4 36.3 27.1 25.9 30.2 28.7 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 31.0 31.7 Apr... 281.5 118.1 117.2 59.1 58.0 111.3 106.3 78.4 76.9 41.7 42.6 28.2 27.3 31.6 31.3 May.. 295.4 119.1 122.1 57 6 59.8 110.3 113.5 78.8 79.0 40.8 41.5 28.0 28.4 31.7 31.9 June.. 291.8 115.7 121.9 579 59.4 108.8 110.5 77.3 83.0 41.3 43.0 27.8 28.7 31.6 32.5 July... 279.7 114.4 111.4 590 57.5 112.2 110.7 77.3 76.1 42.1 41.2 28.6 28.5 31.9 31.9 Aug... 281.0 115.8 110.8 574 57.5 110.7 112.7 78.8 74.3 41.1 39.9 28.3 27.9 31.8 31.0 Stpt... 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 31.1 30.9 Oct.... 307.4 124.5 127.5 61 0 62.8 112.4 117.2 82.9 82.3 43.7 43.0 28.5 28.5 32.5 32.3 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 32.5 32.6 Dec... 320.9 134.2 141.6 609 63.7 111.3 115.6 88.9 93.7 43.4 44.4 27.7 28.5 31. 32.6 1963—Jan.... 325.9 128.1 137.2 62 8 66.3 116.3 122.4 83.7 84.5 44.1 43.7 28.8 28.7 32.6 32.6 Feb... 274.5 127.7 116.6 61 2 55.2 112.7 102.8 84.6 80 3 P42.7 »40.4 P28.3 *27.I *32.2 *>30.6 1 Excludes interbank and U. S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los • Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 U. S. CURRENCY 343 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir - tion i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—Jan 32,774 23,400 2,552 ,485 91 2,178 6,575 10,519 9,374 2,804 6,027 239 297 3 5 Feb 32,880 23,530 2,562 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 ,484 91 2,188 6,686 10,622 9,367 2,795 6,032 238 294 3 5 33,159 23,742 2,612 1,497 92 2,190 6,680 10,670 9,418 2,812 6,066 238 294 3 5 May...... 33,518 24,057 2,637 1,515 93 2,225 6,789 10,798 9,461 2,831 6,089 238 295 3 5 June 33,770 24,267 2,652 1,516 93 2,231 6,837 10,937 9,503 2,850 6,111 239 295 3 5 July 33,869 24,327 2,671 1,512 94 2,214 6,814 11,021 9,542 2,868 6,134 239 294 3 5 Aug 33,932 24,364 2,687 1,502 93 2,210 6,832 11,040 9,568 2,870 6,163 237 291 3 5 Sept 33,893 24,305 2,701 1,518 93 2,211 6,801 10,980 9,588 2,864 6,188 237 291 3 5 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 Dec 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—Jan 34,093 24,214 2,759 ,524 95 2,217 6,723 10,899 9,879 2,937 6,407 239 289 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 1 Held by Kind of currency T s J o t a a t 1 n n a 9 l . d 6 3 i o 3 n 1 u g , t- A g a s o s g l s i d a l e v i c n e a u s r n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s A B F a g a . n e n R d n k t . s s Ja 1 n 9 . 6 3 3 1, De 1 c 9 . 6 3 2 1, Ja 1 n 9 . 6 3 2 1, certificates Agents Gold 15,928 (15,660) 2268 Gold certificates (15,660) 312,844 2,816 F R notes 31 596 96 2,484 29,015 30,084 27,735 Treasury currency—Total 5,569 (2,189) 42 450 5,077 5,254 5,039 Standard silver dollars 486 62 27 10 387 385 347 Silver bullion 2,126 2,126 Silver certificates (2,189) 344 1,844 1,986 1,944 Subsidiary silver coin 1,772 8 49 1,716 1,739 1,594 Minor coin . . .. . 665 8 656 658 611 U In n p it r e o d c e S s t s a t o e f s r n e o ti t r e e s ment4 3 1 4 72 7 5 * 39 * 3 1 0 7 3 1 3 1 1 7 5 2 2 3 3 0 7 6 Total Jan 31 1963 553,093 (17,849) 406 12,844 5,750 34,093 Dec 31 1962 553,665 (17,912) 380 12,880 5,066 35,338 Jan. 31, 1962 552,475 (18,856) 446 13,726 5,530 32,774 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. 335. 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 4 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

344 MONEY SUPPLY MARCH 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 r o en n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d e - d1 Total c C om ur p r o e n nc e y nt c D o d m e e m p p o o a n s n i e t d nt jus a t d e - d 1 d d e e p m os a i n ts d i 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 I960 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 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 1962 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 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96 6 5 6 1963—Jan... 148.7 30.7 118.1 99.1 151.8 30.5 121.3 98 4 4 8 Feb.** 148.6 30.9 117.7 100.3 148.3 30.5 117.8 99.9 5.6 Half month 1962—Nov. 1 146.7 30.4 116.3 95.6 148.4 30.7 117.7 95.5 5.4 2 147.1 30.5 116.6 96.4 148.0 30.8 117 2 95 3 6 6 Dec 1 147.5 30.6 116.9 97.0 150.5 31.2 119.4 96 1 5 0 2 148.3 30.5 117.8 97.9 152.6 31.2 121.4 97 0 6 1 1963—Jan. 1 149.3 30.7 118.7 98.6 152.8 30.8 122.0 98 0 5 4 2 148.2 30.7 117.5 99.7 150.9 30.3 120.6 98 9 4 1 Feb. 1 148.7 30.8 117.9 99.9 149.8 30.5 119.2 99.6 4.9 148.4 30.9 117.4 100.8 146.7 30.4 116.2 100.3 6.5 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o r m re p n o c - y D c d o e e m m po a p s n o it d - d ju e T p a s i t d m o e - s d e it * s d d e G e U p m o o .S s a v i . n t t . s d i en W di e n e g k — Total C c u o r m re p n o c - y D c d o e e m m po a p s n o it d - d ju e T p s a i t d m o e - s d e it 1 s d d e G e U p m o o .S a v s . n i t t . d sl nent nent nent nent 1961—Nov. 1 145.8 29.2 116.6 81.7 5.6 1962—Nov. 7 148.2 30.7 117.5 95.5 6.1 8 146.0 29.7 116.3 81.7 5.8 14 148.7 30.8 117.9 95.5 4.7 15 147 1 29.7 117.4 81.7 4.8 21 147.9 30.9 117.1 95.1 6.7 22 145.9 29.8 116.1 81.3 6.5 28 147.8 30.7 117.1 95.3 6.5 29 146.0 29.8 116.2 81.4 6.1 Dec. 5 149.1 30.9 118.1 95.8 6.3 Dec. 6 147.2 30.0 117.2 81.6 5.4 12 150.7 31.2 119.5 96.2 4.5 13 148.8 30.2 118.7 81.7 3.5 19 152.6 31.2 121.4 96.6 4.5 20 150.7 30.2 120.5 81.7 4.1 26 152.2 31.4 120.8 96.9 6.4 27 149.5 30.4 119.1 81.9 6.1 1963—Jan. 2 153.4 30.9 122.6 97.5 6.8 1962—Jan. 3 152.1 30.0 122.2 82.3 6.0 9 152.4 31.0 121.5 97.8 6.0 10 149.7 29.9 119.7 82.8 4.6 16 152.7 30.6 122.1 98.3 4.2 17 149.5 29.6 119.9 83.5 3.1 23 151.5 30.4 121.1 98.7 4.2 24 148.1 29.3 118.8 83.9 2.9 30 150.1 30.1 120.0 99.0 4.1 31 147.4 29.0 118.3 84.3 3.8 Feb. 6 150.3 30.5 119.9 99.3 4.8 Feb. 7 146.9 29.4 117.6 84.8 4.7 13 149.6 30.6 119.0 99.8 4.8 14 146.3 29.5 116.9 85.3 3.7 20 147.6 30.5 117.1 100.1 6.1 21 144.1 29.4 114.8 85.6 5.1 27*.... 146.3 30.4 115.9 100.4 6.6 28 143.7 29.2 114.4 86.0 5.1 Mar. 6... . Mar 7 . 144.4 29.6 114.8 86.6 5.0 13 14 145.0 29.6 115.3 87.2 3.2 i 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

MARCH 1963 BANKS AND THE MONETARY SYSTEM 345 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit a T s o se ta ts l , Treas- net- Date Gold s r t c o e u i a u n n u r n r g y c t d - - y - Total Lo n a e n t s, Tota U l . S. G m C o a e o v r n c m e d i r a - n l men R 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 T a i i a n a p t o n i b e i t e t d t i a s a l l - l, c d u T e 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 i n c e s n i - d t c t t a s . , l savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 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—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—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* 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* 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 1963—Jan. 30* 15,900 5,600 305.300 167,000 103,000 72,100 30,300 600 35,200 326,800 296,600 30,200 Feb. 27^ 15,900 5,600 306;800 168,800 102,300 71,200 30,500 600 35,600 328,200 297,800 30,400 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 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 4 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—r)ec, 30.... 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2,409 846 634 1 19 9 4 4 5 1 — — D D eecc . 3 3 1 1 . . . . . . . . 1 4 0 8 2 , , 6 3 0 4 7 1 2 9 6 , , 6 4 1 9 5 0 7 3 5 8 , . 8 9 5 9 1 2 2 4 7 8 , , 7 4 2 5 9 2 3 1 0 5 , , 1 8 3 8 5 4 1 1 0 5 , , 5 38 3 5 2 2 1 . ,3 9 1 3 3 2 2 1 ,4 1 9 4 8 1 2 2 , , 2 2 1 8 5 7 24 1 , ,8 6 9 0 5 8 9 8 7 6 7 7 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 >,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 5,203 391 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 $,184 377 6,193 485 1961—Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 ] ,497 422 6,219 465 1962—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 87i700 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 ,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 ,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 ,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*... 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 1963—Jan. 30^.. 146,600 30,000 116,600 148,600 29,600 119,000 141,100 98,800 41,700 500 ,300 400 4,500 800 Feb. 27*... 147,000 30,200 116,800 146,200 29,800 116,400 142,700 100,300 41,900 500 ,200 500 6,500 800 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 banks in May 1961 reduced this item by $1,900 million ($1,500 million to time and $4C0 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 COMMERCIAL AND MUTUAL SAVINGS BANKS MARCH 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 te ank Total Loans G U o S .S v e . c t. urit O ie t s her a C ss a e s t h s! c b c T o a i a l l a u o p i i n c a t n t i - d i a t - t e a l s s l 2 Total i m I D n a e t n - e d rba T nk im ] e U.S D . ema O nd ther 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 b N a b u o n e m f r ks - Govt. Other AH banks: 1941—Dec. 31. .. 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 . .. 140,227 30,362 101,288 8,577 3355,415 177,332 165,612 14,065 105,935 45,613 227 10,54214,553 1947—Dec. 314.. 134,924 43,002 81,19910,72338,388 175,091 161,86512,793 240 1,346 94,381 53,105 66 11,94814,714 1960—Dec. 31 . .. 238,623 144,764 67,"2 4"2" 26,61753,022 298,126 266,196 17,080 1,800 5,949 133,408107,959 167 24,53913,986 1961—June 30. .. 242,192 146,164 68,104 27,923 46,457 295,567 262.54713,633 462 6,368 125,219116,865 452 25,40513,977 Dec. 30. .. 256,700 154,318 72,715 29,667 57,368 321,394 287; 17617,914 482 5,952141,979120,848 482 26,22713,946 1962—Feb. 28 . .. 256,100 153,580 72,340 30.180 48.540 311,910 275,17014,110 510 5,090130, 124,890 2,310 26 39013,941 June 30... 263,542 160,123 70,722 32,697 49;612 320638 285,18614,400 526 9,559 128 131,855 796 2703613,934 July 25 . .. 263,570 159.920 70,460 33,190 45;440 316;200 279; 680 13; 830 520 5,530127,510 132,290 1,930 2688013,931 Aug. 29^. , 265,700 161,980 70,160 33.560 45;480 318;280 280 ,3"1 0"13,840 510 7,450 960133,550 2,750 27 10013,932 Sept. 26^.. 269,080 164,640 70,560 33.880 47.480 323;,770 286,17014,530 510 8,090 160134,880 2,610 17,25013,928 Oct. 31*. 272,380 166,480 71,600 34!300 50;560 330;280 292,25015,260 510 6,330 030136,120 2,780 2745013,925 Nov. 28*>. , 273,310 167,240 71,530 34.540 48.280 328;,870 290,500 15,190 520 5,990 290136,510 2,500 27 63013,938 Dec. 26^. 279,440 172,480 72,000 34!960 49;440 336.410 297 ,5"6-015,160 510 6,780 136,760 138,350 3,220 2772013,943 1963—Jan. 30 rP. 276,750 169,490 72,070 35!190 46,540 331;060 292,620 14,100 520 4,220 132,980 140,800 2,67027,79013,951 Feb. 27?. , 278,520 171,720 71,160 35;640 48;100 334410 294,940 14,140 520 6,300 131,540 142,440 3,070 27,98013,953 Commercial banks: 1941—Dec. 31. . 50,746 21,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31 .. 124,019 26,083 90,606 7,33134,806 160,312 150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31 4. 116,284 38,057 69,,2 21 9,006 3377,502 155,377 144,10312,792 240 1,343 94,367 35,360 65I 10,05914,181 1960—Dec. 31 . .. 199,509 117,642 6611,000033 20,864 52,150 257,552 229,84317,079 1,799 5,945133,379 71,641 163 20,98613,472 1961—June 30. . 201,848 117,953 61,824 22,07145,595 253,749224,99713,633 461 6,362 125,161 79,380 443 21,74513,463 Dec. 30. . 215,441 124,925 66,578J23,937 "56'; ,561248,68917,914 481 5,946141,920 82,429 47122,45913,432 1962—Feb. 28. . 214,260 123,780 66,030 24450 47.670 268,540 236,35014,110 510 5,090130,510 86,130 2,310 22,57013,428 June 30.. 220,670 129,193 64,443 27034 48.728 276 14,400 525 9,554128,785 92,034 786 23,18313,422 July 25. . 220,410 128,730 64,180 27 500 44;600 271;520 239,64013,830 520 5 530 127,450 92,310 1,930 23,02013,419 Aug. 29». 222,140 130,430 63,850 27 860 44,670 273,230240,05013,840 510 7 450124,!900 93,350 2,750 23 200 13,421 Sept. 26?. 225,270 132,840 64,250 28 180 46;630 278,400 245 14,530 510 ,090128,100 94,250 2,610 23 330 13,417 Oct. 31?. 228,460 134,400 65,450 28 610 49;690 284790 251. 15,260 510 330133,970 95,300 2,780 23 560 13,414 Nov. 28*>. 229,060 134,840 65,400 28 820 47;,450 283110|249: 15,190 520 990132,:230 95,550 2,500 23 680 13,427 Dec. 26*. 234,970 139,860 65,870 29,240 48520 2903401256: 15,160 510 780136,700 96,990 3,220 23,78013,432 1963—Jan. 30?. 231,840 136,420 65,920 29 500 45,730 284610 250; 14,100 520 220132,920 99,100 2,670 23,,84013,440 Feb. 27P. 233.430 138.500 64,990 29; 940 47250 287730 253. 14,140J 520 300131,480100,580 3,070 24,010J13,442 Member banks: 1941—Dec. 31 .. 43,521 18.021 19,539 5,96123.1231 68,121 61,71710,385! 140 1,709 37,136 12,347 6,619 1945—Dec. 31 .. 107,183 22,775 78,338 6, 29,845ll38,304129,67013,5761 64 22,179 69,640 24,210 208 , 6,884 1947—Dec. 31 .. 97,846 32,628 57,914 7,304 32,845132.060122,52812,353! 50 1,176 80.609 28,340 54 7,589 6,923 1960—Dec. 31.. 165,619 99,933 49,10616,579 45,756 216,577193,02916,436 .639 5,287112^393 57,272 130 8,464 6,174 1961—June 30. . 168,049 99,99: 50,36117,696 40.084213,719189,22613,077 276 5,731 105,568 64,574 38217,398 6,141 Dec. 30. . 179,599 106,23: 54,058 ,308 49,579 235; 112 209.63017,195 303 5,381 119,595 67,157 43818,027 6,113 18,638 1962—Feb. 28. . 178,389 105,144 53,467 778 41894 ,2101198 13,560 332 4,525 109,671 70,292 2,26418,749 6,099 June 30.. 183,497 109,21" 52,065 22219 42 853 ,359 206; 13,796 351 8,734108,014 75,162 73519,179 6,070 July 25. . 183,008 108,767 51,612 22 39,001 ,806 200. 13,241 347 4,952 106,611 75,331 1,87019,060 6,062 Aug. 29. . 184,398 110,331 51,149 22 39,107 229,231200,66713,232 338 6,695 104,280 76,122 2,68219,212 6,060 Sept. 26^. 186,641112,240 51,27123,130 40,877233279 204;99513,878 337 7,284 106,702 76,794 2,58519,281 6,053 Oct. 31*. 189,420113,711 52,238 23;47143;686 239009 210;32814,577 339 5,700112,045 77,667 2,72219,466 6,054 Nov. 28*>. 189,619 113,865 52,097 23.,657 41564 237 208,25914,502 343 5,301 110,181 77,932 2,42319,546 6,056 Dec. 26^. 195,195 118,524 52,625 24,046 42,541243,824 21441214,442 340 6,165 114,220 79,245 3,15719,635 c6,049 1963—Jan. 30^. 192,301115,289 52,749 24,263 40,024 238 565 209.58913,449 341 3,785 110,954 81,060 2,61419,697 6,046 Feb. 27*>. 193,694117,075 51,984 24,635 41,471241,407 211,52513.501 347 5,667109,730 82,280 3,03319,819 6,041 Mutual savings banks: 1941—Dec. 31.. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31.. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 314. 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 I960—Dec. 31... 39,114 27,12f 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—Feb. 28.. 41,840 29,800 6,310 5,730 870 43,370 38,820 38,760 3,820 513 June 30. . 42,872 30,930 6,278 5,663 884 44,418 39,888 39,821 3,853 512 July 25.. 43,160 31,190 6,280 5,690 840 44,680 40,040 39,980 3,860i 511 Aug. 29*>. 43,560 31,550 6,310 5,700 810 45,050 40,260 40,200 3,900 511 Sept. 26*>. 43,810 31,800 6,310 5,700 850 45,370 40,690 40,630 3,920 511 Oct. 31?., 43,920 32,080 6,150 5,690 870 45,490 40,880 40,820 3,890 511 Nov. 28?. 44,250 32,400 6,130 5,720 830 45,760 41,020 40,960 3,950 511 Dec. 26P. 44,470 32,620 6,130 5,720 920 46,070 41,420 41,360 3,940 511 1963—Jan. 30^ 44,910 33,070 6,150 5,690 810 46,450 41,760 41,700 3,950 511 Feb. 27». 45,090 33,220 6,170 5,700 850 46,680 41,920 41,860 3,970 511 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 347 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S . v S ec t . . urit O ie t s her a C ss a e s t h s1 c c b T o a i a l a l p o u i n i c a t i t n d i - t - a e a t l s s l : Total i m I D n a e t n e - d rba T nk im * e U. D S. ema O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f r ks - Govt. Reserve city member banks: New York City: 5 1941—Dec. 31 12,896 4,0721 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334! 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1960—Dec. 31 27,726 18,465 6,980 2,28210,301 39,767 33,761 5,289 ,216 1,217 21,833 4,206 3,554 15 1961—June 30 28,220 18,054 7,642 2,524 8,616 38,741 32,225 4,211 167 1,380 19,832 6,635 "ill 3,634 15 Dec. 30 30,297 19,535 7,862 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Feb. 28 29,895 19,067 7,716 3,112 9,878 41,965 33,944 4,241 202 862 21,163 7,476 1,094 3,706 13 June 30 30,396 19,224 7,659 3,513 9,552 41,910 35,039 4,517 210 1,918 20,296 8,098 381 3,761 13 July 25 29,471 18,852 6,995 3,624 7,578 38,990 32,065 3,923 214 937 18,988 8,003 393 3,748 13 Aug. 29 (oldbasis). 29,672 19,319 6,619 3,734 7,942 39,576 31,775 3,836 210 1,315 18,247 8,167 1,225 3,764 13 Aug. 29 (new basis) 30,090 19,619 6,709 3,762 8,026 40,085 32,214 3,844 210 1,332 18,552 8,276 1,242 3,806 16 Sept. 26* 30,497 20.234 6,421 3,842 8,488 40,868 33,033 3.990 208 1,459 19,054 8,322 1,384 3,809 16 Oct. 31* 31,196 20,693 6,684 3,819 10,491 43,634 35,766 4,350 205 1,287 21,501 8,423 1,333 3,853 16 Nov. 28* 30,371 20,119 6.346 3,906 8,863 41,204 33,746 4,298 211 910 19,606 8,721 935 3,849 16 Dec. 26* 32,899 22,142 6,744 4,013 8,600 43,549 35,675 4,034 210 1,421 20,857 9,153 1,331 3,867 17 1963—Jan. 30* 31,808 20,649 7,009 4,150 8,731 42,626 34,799 4,119 213 769 20,231 9,467 1,082 3,897 17 Feb. 27* 32,302 20,874 7,125 4,303 9,125 43,563 35,044 4,047 209 1,068 20,000 9,720 1,645 3,904 16 City of Chicago: 5 1941__Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 ,380 327 4,899 1,530 35 822 10 1961—June 30 7,020 4,249 2,058 714 1,899 9,068 8,037 ,125 380 4,602 1,920 10 848 10 Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 ,624 369 5,268 2,008 35 870 9 1962—Feb. 28 7,508 4,509 2,078 921 1,896 9,576 8,285 ,183 222 4,673 2.190 209 874 9 June 30 7,937 4,672 1,936 ,329 1,893 10,009 8,810 ,12! 546 4,520 2,598 34 894 9 July 25 7,765 4,510 1,907 ,348 1,860 9,795 8,584 ,203 256 4,489 2,619 75 890 9 Aug. 29 (old basis; 7,883 4,570 1,923 ,390 1,801 9,852 8,580 ,193 361 4,353 2,656 117 895 9 Aug. 29 (new basis1 8,201 4,761 2,001 ,439 1,870 10,247 8,934 ,201 384 4,554 2,778 122 925 12 Sept. 26* .' 8,293 4,879 2,028 ,386 1,997 10,469 9,087 ,243 440 4,569 2,820 163 930 12 Oct. 31* 8,552 4,961 2,175 ,416 2,073 10,815 9,380 ,281 366 4,826 2,892 267 944 12 Nov. 28* 8,456 5,029 2,025 ,402 2,102 10,738 9,450 ,326 279 4,879 2,951 66 941 12 Dec. 26* 8,911 5,340 2,163 ,408 2,010 11,115 9,686 1,268 418 4.953 3,033 224 951 13 1963—Jan. 30* 8,682 5,101 2,217 ,364 1,969 10,860 9,481 1,140 218 4,956 3,152 132 956 13 Feb. 27* 8,901 5.348 2,232 ,321 1,982 11.092 9,594 1,194 309 4,872 3,204 235 955 13 Other reserve city:6 1941_Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1 967 351 1945—Dec. 31 40,108 8,514!29,552 2; 04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11.423 1 2,844 353 I960—Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,S 326 1,960 42,,226677 "2,2525 73 6,423 217 1961—June 30 63,670 39,747 18,053 5,87016,529 82,141 73,557 6,335 62 2,241 39,72125,199 131 6,684 205 Dec. 30 68,565 42,379 19,748 6,438 2"0",216 90,815 81,883 8,350 62 2,103 44,986 2-6',381 81 6,997 206 1962—Feb. 28 67,806 41,986 19,183 6,63716,884 86,764 76,989 6,660 77 1,787 40,787 27,678 796 7,071 206 June 30 70,145 43,824 18,627 7,694 1177,602 89,885 80,631 6,622 75 3,670 40,60129,663 240 7,201 206 July 25 70,305 43,969 18,482 854 16,409 88,886 78,686 6,633 79 1,927 40,367 2"9".680 1,159 7,181 207 Aug. 29 (old basis; 70,333 44,540 17,987 806 16,180 88,626 78,317 6,662 74 2,639 39,126 29;;816 1,058 7,214 200 Aug. 29 (new basis; 69,597 44,049 17,819 7,72916,027 87,722 77,524 6,646 74 2,599 38,620 29.585 1,036 7,142 194 Sept. 26* 69,932 44,389 17,809 7,73416,897 88,950 78,946 7,010 66 2,839 39,,259 29,112 938 7,148 193 Oct. 31* 71,007 45,155 17,947 7,90517,046 90,244 80,217 7,235 71 2,063 40,78130,067 892 7,190 193 Nov. 28* 71,264 45,211 18,088 7,96516,881 90,307 79,777 7,139 69 1,918 40,61130,040 1,216 7,201 195 Dec. 26* 73,145 46,768 18,198 8,17917,963 93,332 82,662 7,334 68 2,375 42,33930,546 1,365 7,237 191 1963—Jan. 30* 72,053 45,692 18,143 8,21816,172 90,467 80,101 6,555 65 1,400 40,76531,316 1,178 7,263 189 Feb. 27* 72,315 46,412 17,564 8,33916,884 91,380 81,023 6,660 75 2,276 40,29831.714 994 7,298 189 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 ,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1960—Dec. 31 67,890 36,981 22,848 8,060 1144,740 84,126 76,004 ,778 1,783 43,39529,011 23 6,599 5,932 1961—June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 ,406 1,730 41,41330,820 121 6,861 5,911 Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 ,925 1,641 46,21131,832 40 7,088 5,885 1962—Feb. 28 73,180 39,582 24,490 9,108 13,236 87,905 79,162 ,476 1,654 43,04832,948 165 7,098 5,871 June 30 75,019 41,492 23,843 9,68513,806 90,555 81,577 ,529 2,601 42,596 3"4 ,803 80 7,323 842 July 25 75,467 41,436 24,228 9,80313,154 90,135 81,147 ,482 1,832 42,767 35,029 243 7,241 833 Aug. 29 76,510 41,902 24,620 9,988 13,184 91,177 81,995 ,541 2,380 42,554 35,483 282 7,339 838 Sept. 26* 77,919 42,738 25,01310,16813,495 92,992 83,929 ,635 2,546 43,820 35,880 100 7,394 832 Oct. 31* 78,665 42,902 25,432 10,33114,076 94,316 84,965 ,711 1,984 44,93736,285 230 7,479 833 Nov. 28* 79,528 43,506 25,63810,38413,718 94,801 85,286 ,739 2,194 45,085 3366,220 206 7,555 833 Dec. 26* 80,240 44,274'25,520 10446 13,968 95,828 86,389 ,806 1,951 46,07136,513 237 7,580 828 1963—Jan. 30* 79,758 43,847 25,380 10 "' 13,152 94,612 85,208 ,635 1,398 45,002 3""7,125 222 7,581 827 Feb. 27* 80,176 44,441 25,06310,67213,480 95,372 85,864 ,600 2,014 44,560 37,642 159 7,662 5,823 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 COMMERCIAL AND MUTUAL SAVINGS BANKS MARCH 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 U S . e S c . urities as C s a e s ts h 1 c b T a i a l l p o i n i a t i t d i t a - e a l s l Total I D n e te - rbank * Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - Govt. Other cou a n c- ts 2 mand Time U.S. Time Govt. Other Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,975 34,882 61 9,73413,398 1958—Dec. 31.. 183,596 97,730 65,669 20,198 48,689 236,724 214,485 15,653 2,209 4,241129,214 63,168 67' 18,15413,101 1959—Dec. 31.. 188,790110,299 58,348 20,143 49,158 242,828 218,47415,500 1,358 5,037130,720 65,858 602 19,20613,107 1960—Dec. 31.. 198,011117,092 60,46820,451 51,836 255,669 228,40116,921 1,667 5,932 1"3 2,533 71,348 149 20,628 1133,119 1961—Dec. 30.. 213,904124,348 66,026 "2"3,531 56,086 276,600 247,17617,737 333 5,934 141,050 82,122 462 22,08913,108 1962—June 30.. 219,163128,613 63,92126,630 48,415 274,318 243,85614,235 388 9,529 1'2"7,990 91,714 773 22,81013,104 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 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 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 5,409 5,005 1958—Dec. 31.. 99,277 52,627 35,71410,936 26,781 128,397 116,714 9,035 767 2,292 69,80834,812 9,643 4,578 1959—Dec. 31.. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,01536,421 340 10,302 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 "3,9546 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 2"1716 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 ,570 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1958—Dec. 31.. 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 12,063 2,696 6,793 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 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 Noainsured 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 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1947—Dec. 31* 1958—Dec. 31.. 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—Dec. 31.. 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—Dec. 31.. 1,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—June 30.. 1,507 580 523 404 313 1,902 1,442 165 137 795 320 372 318 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1958—Dec. 31.. 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 1959—Dec. 31.. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 1960—Dec. 31.. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 14,388 3,590 7,300 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 3,822 7,320 1962—June 30.. 37,188 19,989 12,383 4,816 5,876 43,877 39,256 605 174 819 20,77116,886 4,005 7,353 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 12 12,192 1,252 194 1958—Dec. 31.. 28,980 19,180 5,215 4,585 752 30,189 27,277 28 277,,:243 2,473 241 1959—Dec. 31.. 30,580 20,942 5,016 4,622 686 31,743 28,577 28 288,,544 2,654 268 1960—Dec. 31.. 33,794 23,852 4,787 5,155 766 35,092 31,502 29) 31,468 2,998 325 1961—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

MARCH 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 349 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s * b T i a l l o i n i a t t d i a - e l s Total 1 Interbank1 De O m t a h n e d r r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f r ks - G U o .S v . t. Other c c o a u a p c n i - t t s a l 2 m D a e n - d Time 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 1960—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 345. 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. « 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 1 Loans1 Total 1 Loans1 U G . o v S t . . Other G U o .S v . t. Other 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—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.". 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 1963—Jan.*.. 228.8 134.9 64.3 29.6 229.0 133.6 65.9 29.5 Feb.*. 232.2 137.0 65.1 30.1 230.3 135.4 65.0 29.9 * 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

350 COMMERCIAL BANKS MARCH 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 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 1 - Total 2 C m d t a c i r o u n i n i e s a 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 r a 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 th n o e s rs R t e a e s t - a e l O u v i d t t a i n 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 l g r a o i e o t t n c c a i v d e a u t t e s l - . O j i e t t i c h e u e s r r ers Total: 2 1947—Dec. 31. 116,284 38,057 18.,1671,660 830 ,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 i; 833 966 7,106 28,713 26,396 2,90161,003 8,072 2:,,99"20 19,013 30,99817,570 3,294 1961—Dec. 30. 215,441124, 172 6,248 4,056 2,134 1,033 7,31130,320 27 847 3,4"1"2 66,57811,488 2,,1114 26,336 26,64120,345 3,592 1962—June 30. 220,670129,193 45909 6,8013,254 2,005 1,474 7,221 32,036 29 444 3,713 64,443 8,320 3,629 26;0411L2_6,, 45323,,1_6„5 3,,869 Sept. 28.224,950132,340 46780 6,,36-0" 3",530 1,950 2,040 7,440 33,240 29 850 3,830 64,390 8,490 3,530 24,000 28,37024,090 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 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 88,912 2,45519,07116,045 5"1,342 3,8733,258 1947—Dec. 31. 114,274 37,58318,"0 1"2 1,610 " 1,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 1960—Dec. 31. 198,011117,092 42,957 5,628 3,2471,811 965 7,090 28,602 26,263 2,883 60,468 7,994 2,884 18,868 30,72217,300 3,150 1961—Dec. 30. 213,904124,348 44,965 6,211 44,^03300 2,107 1,027 7,296 30,21127,708 3,396 66,02611,356 2,098 26,145 26,42620,068 3,462 1962—June 30. 219,163128,613 45,717 6,766 3,2341,981 1,469 7,200 31,915 2-9,299 3,692 63,921 8,226 3,577 25,886 26,23122,883 3,747 Sept. 28.223,438131,755 46!595 6,328 3,5121,927 2,022 7,42133,114 29 63,853 8,377 3,479 23,860 28,13723,821 4,009 Member, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 ' 057 78,338 2,27516,98514,27144,807 ,815 1947—Dec. 31. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4"5-,295 4^1993,105 1960—Dec. 31.. 165,619 99,933 39,2883,5093,1241,564 947 6,726 22,518 21,622 2,694 49 6,402 2,296 15,072 25,33514,1412,439 1961—Dec. 30.. 179,599106,232 40,9313,934 3,8771,827 1,014 6,893 23,987 22,852 3,198 54 9,229 1,842 21,390 21,59816,6912,617 1962—June 30.. 183,497109,212 41435 4,220 3,0881,699 1,453 6,789 25,: ,006 3,480 52 6,467 2,984 21,367 21.24719,,3221,899 Dec. 28.. 195,698118,637 43 843 4,419 4,9541,777 2,445 7,936 27,162 24,799 3.657 52: 8,862 19,44321,41420,773 3,319 New York City: 3 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1960—Dec. 31.. 27,726 18,46510,876 1,574 399 500 1,799 868 1,930 940 6,980 1,422 578 1,708 3,272 1,964 317 1961—Dec. 30.. 30,297 19,53511,278 1,956 467 376 1,711 934 2,072 1,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—June 30.. 30,396 19,22410,980 10 1,512 409 568 1,774 1,084 2,0751,321 7,659 1,989 492 2,931 2,247 3,158 355 Dec. 28.. 32,989 21,95411,943 17 2,766 425 572 2,087 1,329 2,1431,196 7,017 1,998 508 2,488 2,023 3,585 432 City of Chicago: 3 1941—Dec. 31.. 2,760 954 732 6 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1960—Dec. 31.. 7,050 4,485 2,690 23 322 134 564 196 421 197 1,882 132 37 663 1,050 607 76 1961—Dec. 30.. 7,606 4,626 2,609 23 354 137 669 221 476 229 2,041 478 92 728 743 816 124 1962—June 30.. 7,937 4,672 2,659 20 265 147 611 278 456 298 1,936 200 151 844 741 1,150 179 Dec. 28.. 8,957 5,418 2,941 35 407 152 703 362 523 369 2,129 377 115 849 788 1,242 168 Other reserve city:3 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 33!87 2199,552 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 90917,396 2,031 794 5,461 9,111 4,817 738 1961—Dec. 30.. 68,565 42,379 16,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—June 30.. 70,145 43,824 17,0771,184 888 727 556 3,148 10,272 9,6821,129 18,627 1,611 1,267 8,186 7,563 6,867 827 Dec. 28.. 73,130 46,56717,6601,1791,053 752 1,020 3,58311,030 9,8601,266 1'8",398 2,343 1,403 7,257 7,395 7,252 913 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 528 4,377 110 481 3,787 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4j 1,881 70*7 359 26%999 630 5,102 4,544 166,722 1,3421,067 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 2,0"0'6 1,262 1960—Dec. 31..67,890 36,981 9,499 2,589 508 293 29 1,147 12,44910,550 647 22£,848 2,817 888 7,240 11,903 6,7521,308 1961—Dec. 30..73,131 39,69310, ,811 591 438 116 1,251 13,24211,132 75124,407 3,614 566 9,560 10,667 7,— 1,500 1962—June 30.. 75,019 41,49210,719 3,007 424 416 240 1,256 13,72811,792 7321 2233,843 2,667 1,075 9,40510,696 8,146 1,539 Dec. 28.. 80,623 44,69811,299 3,187 728 447 764 1,563 14,44112,273 826 25,425 4,144 1,223 8,84911,209 8,6941,807 Nonmember: 2 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1960—Dec. 31.. 33,910 17,719 3,883388 2,167 161 269 379 6,205 4,774 20711,904 1,670 624 3,941 5,668 3,431 857 1961—Dec. 30.. 35,856 18,700 4,2412,314 179 306 418 6,341 4,995 214 12,525 2,259 272 4,947 5,046 3,655 976 1962-June 30.. 37,188 19,989 4, 4'7-4' 2-,580 165 306 431 6,682 5,439 233 12,383 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

MARCH 1963 COMMERCIAL BANKS 351 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a . r i e n v t R - k h e . s s r C c e a o n n u i c d r n - y b m a a w B d n e n a o c i s l k t - e t - h i s s c 4 j p m u D o s a d a t s d e e e n - i - - t d d s 5 m D e I o s n t - t i e c r ' ba e F n i k g o n r- 6 G U o .S v . t. g S 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 i d t d s k - i ' s - , IPC I b n a t n e k r- P G U S i a o n o a . n s g S v v t d s . a - t. l g S l a o o t n c a v d a t t e l . IPC B r i o n o w g r s - - c C o a t a u a c p - l n i t - s etc. Total: 2 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 I960—Dec. 31... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 116633 20,986 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 11,799114,043 13,185 1,215 9,554 11,814 4,437 112,534 525 300 6,341 85,393 786 23,183 Sept. 28 <\ . 17,000 3,420 12,260115,810 13,600 1,100 8,600 11,590 3,790 114,330 430 270 6,180 87,8901,510 23,690 All insured: 1941_Dec. 31... 12,396 1,358 8,570 37,845 9,823 673 1,762 3.677 1,077 36,544 1581 59 492 15,146 10 6,844 1945_Dec. 31... 15,810 1,829 11,075 74,722 12,566 1,248 233,740 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| 826 33,946 61 9,734 I960—Dec. 31... 16,720 3,326 13,409114,292 15,339 1,582 5,932 11,582 4,564 116,388 l,667i 262 4,481 66,605 149 20,628 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 " 22,089 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 22,810 Sept. 28c.. 16,999 3,401 11.832114,922 13,482 1,088 8,573 11,508 3,745 113,672 395 268 6,131 87,6231,496 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 1401 50 418 11,878 4 5,886 1945_Dec. 31... 15,811 1,438 7,117 64,184 12,333 1,243 2122,179 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 I960—Dec. 31... 16,720 2,518 8,582 94,594 14,875 1,561 5,287 9,106 4,244 99,134 ,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 35l! 274 5,096 69,793 73519,179 Dec. 28... 17,680 3,263 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 3581 5J58J 74,316 3,550 19,854 New York City:* 1941_Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 1,206 195 2,120 1947_Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 1,418 30 2,259 I960—Dec. 31... 3,398 199 147 15,352 4,105 1,184 1,217 305 2,476 19,051 ,216! 271 203 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| 53j 221 7,824 381 3,761 Dec. 28... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207! 53 j 266 8,9371,728 3,898 City of Chicago:3 1941_Dec. 31... 1,021 298 2,215 ,027 127 233 34 2,152 476 288 1945_Dec. 31... 942 200 3,153 ,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 175 3,737 ,196 72 285 63 3,853 902 426 1960—Dec. 3!... 171 3,968 ,327 327 298 102 4,499 j 7| 1,521 35 822 1961— Dec. 30... 889 158 3,809 ,578 369 315 124 4,830 141 1,996 35 870 1962—June 30... 916 94 3,728 ,083 546 330 109 4,082 18; 10 2,581 34 894 Dec. 28... 1,071 99 4,262 ,235 410 351 109 4,804 18! 16 3.001 262 948 Other reserve city:* 1941__Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 1041 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 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22] 45 332 11,045 I 2,844 I960—Dec. 31... 7,354 753 2,610 34,357 7,688 301 1,960 953 37,986 3261 85 1,787 20,652 73 6,423 1961—Dec. 30... 7,533 858 2,542 36,187 8,107 243 2,103 ,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 3,670 907 36,504 75 1102,706 26,847 240 7,201 Dec. 28... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 39,413 82 83 2,633 28,0271,388 7,263 Country: 1941— Dec. 31... 2,210 526 3,216 9.661 790 225 1,370 239 8,500 31 146 6,082 1,982 1945_Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 2,525 1947_Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 2,934 I960—Dec. 31... 5,070 1,534 5,655 40,917 1,755 23 1,783 5,083 713 37,598 122 1,562 27,327 6,599 1961—Dec. 30... 5,210 1,678 5,881 43,575 1,910 1,641 5,320 796 40,095 108 1,891 29,834 7,088 1962—June 30... 5,023 1,438 4,872 40,321 1,512 2,601 5,261 676 36,660 1042,158 32,541 7,323 Dec. 28... 4,817 1,947 5,389 44,689 1,753 1,931 5,337 756 40,801 1002,242 34,350 172 7,744 Nonmember:2 1947—Dec. 31. 544 3,947 13,595 385 167 1,295 180 12,284 190 6 172 6,858 1,596 I960—Dec. 31. 828 5,099 20,525 578 657 2,658 357 17,970 160 25 985 13,378 3,590 1961—Dec. 30. 876 5,446 21,994 649 565 2,755 402 19,168 178 23 1,094 14,169 3,822 1962—June 30. 787 4,617 20,489 553 819 2,707 356 17,708 174 26 1,245 15,614 4,005 4 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States. These 5 Through 1960, demand deposits other than interbank and U. S. figures exclude data for banks in U. S. possessions except for member Govt., less cash items in process of collection; beginning with 1961 banks. During 1941 3 mutual savings banks became members of the demand deposits other than domestic commercial interbank and U. S. FRS; these banks (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. Comparability of figures for classes of banks is affected central banks reduced foreign interbank demand deposits by about $400 somewhat by changes in F. R. membership, deposit insurance status, and million and interbank time deposits by about $1,500 million. These the reserve classifications of cities and individual banks, and by mergers, amounts are now included in demand and time deposits of individuals, etc. partnerships, and corporations. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 WEEKLY REPORTING MEMBER BANKS MARCH 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Loans Total and Wednesday m i l n o a e v n a n e n d t s s s t- 1 j i m u n s a v e t d e n e - s t d t s - 2 j L u a s o t d a e - n d s 2 i C n m t a c r o d n i e i a m u a d r l s l - - - A t c u u g r l r a - i l - G U a T o . n o S v d . t b . d r e o O a k l s e t e e h r r - s e s r G U T o .S v o . t . oth O e s t r e h s - er For B - ank m D t e i o c s - - P s a a e N n l r e d s o s . nbank e R st e a a t l e o A th l e l r V s t e a r i r e o l v - u n e a s curi- curi- eign com- finan. Other c t u ie r s i- ties c t u ie r s i- ties m ci e a r l - C e O tc S . ., Total— Leading Cities 1962 Feb. 7 119,704 117,866 71,705 32,038 1,314 389 1,946 109 ,357 649 1,838 3,036 2,292 13,415 16,865 ,705 14 119,637 117,877 72,099 32,117 1,318 595 1,966 110 ,362 643 1,760 3,064 2,295 13,452 16,888 ,711 21 119,380 117,829 71,901 32,176 1,315 322 1,996 107 ,361 650 1,551 3,079 2,285 13,475 16,847 ,712 28 120,656 118,928 72,886 32,204 1,322 640 2.345 133 ,360 629 1,728 3,274 2,301 13,497 16,894 ,713 1963 Jan. 2 133,221 131,094 82,947 35,351 ,562 1,569'2,801 113 ,413 669 2,127 4,563 •2,834 15,519 18,454 ,901 9 130,380 128,641 80,842 34,937 ,552 1,087'2,481 109 ,383 651 1,739 3,881 '2,792 15,520 18,351 ,902 16 130,938 129,012 80,801 34,612 ,544 1,453 '2,682 112 ,381 645 1,926 3,660 2,785 15,565 18,275 ,913 23 128,724 127,482 79,536 34,291 ,540 837'2,532 98 ,378 645 1,242 3,495 2,788 15,585 18,262 ,915 30 129,284 127,391 79,457 34,295 ,527 537 2,531 95 ,387 651 1,893 3,694 2,740 15,626 18,290 1,916 Feb. 6 129,454 127,662 79,690 34,388 ,521 753 2,507 99 ,400 630 1,792 3,706 2,735 15,641 18,230 1,920 13 129,584 127,409 79,784 34,389 ,524 706 2,579 95 ,381 633 2,175 3,751 2,726 15,688 18,235 1,923 20 129,407 127,738 79,890 34,534 ,521 689 2,554 92 ,384 615 1,669 3,729 2,715 15,748 18,232 1,923 130,534 128,344 80,67f 34,564 ,508 1,249 2,607 91 ,385 647 2,190 3,807 2,704 15,768 18,269 1,927 27 New York City 1962 Feb. 7., 29,096 28,491 17,609 10,642 223 1,071 444 304 605 884 442 835 3,219 490 14. 28,975 28,563 17,913 10,653 426 1,077 443 308 412 957 443 852 3,213 493 21.. 28,884 28,382 17,720 10,659 200 1,104 443 313 502 965 442 861 3,194 493 29,687 29,180 18,397 10,652 460 1,315 447 312 507 1,101 442 868 3,232 494 1963 Jan. 2 32,216 31,709 21,075 11,751 945 1,567 428 317 507 1,606 562 1,209 3,205 549 9 31,132 30,434 19,913 11,570 647 1,354 415 314 698 1,193 558 1,208 3,167 549 16 31,544 30,860 19,985 11,373 927 1,483 412 313 684 ,083 551 1,224 3,147 554 23 30,488 30,198 19,447 11,248 645 1,358 404 31 290 ,058 556 1,221 3,172 554 30 30,940 30,192 19,368 11,317 388 1,304 408 31 748 ,197 546 1,230 3,193 554 Feb. 6 31,08 30,427 19,465 11,374 538 1,331 404 299 660 ,147 536 1,238 3,124 556 13 30,991 30,25^ 19,440 11,352 452 1,379 399 296 734 ,198 523 1,252 3,120 557 20 30,845 30,45- 19,338 11,385 330 1,351 400 297 391 ,205 517 1,281 3,104 558 27 31.563 30,966 19,852 11,367 749 1,408 403 311 59' ,240 511 1,292 3,102 558 Outside New York City 1962 Feb. 7 90,608 89,375 54,096 21,396 ,303 166 87. 913 345 1,233 2,15: 1,850 12,580 13,646 1,215 14 90,662 89,314 54,186 21,464 ,307 16! 889 919 335 1,348 2,10' 1,852 12,600 13,675 1,218 21 90,496 89,447 54,181 21,517 ,304 122 892 918 33' 1,049 2,114 1,843 12,614 13,653 1,219 28 90,969 89.748 54,489 21,552 ,311 180 1,030 913 31 1,221 2,173 1,859 12,629 13,662 1,219 1963 Jan. 2 101,005 99,385 61,872 23,600 ,545 624 rl,234 985 352 1,620 2,957 '2,27: 14,310 15,249 ,352 9 99,248 98,207 60,929 23,367 ,535 440 '1,127 968 33' 1,041 2,688 '2,234 14,312 15,184 ,353 16 99,394 98,152 60,816 23,239 ,533 526 ,199 969 332 1,242 2,577 '2,234 14,341 15,128 ,359 23 98,236 97,284 60,089 23,043 ,529 192 ,174 97- 333 952 2,437 '2,232 14,364 15,090 ,361 30 98,344 97,199 60,089 22,978 ,515 149 ,227 979 339 1,145 2,497 2,194 14,396 15,097 ,362 Feb. 6 98,36' 97,23 60,225 23,01 ,509 215 ,176 996 331 1,132 2,559 2.199 14,403 15,106 ,364 13 98,593 97,15 60,344 23,037 ,512 254 ,200 98: 337 1,441 2,553 2,203 14,436 15,115 ,366 20 98,562 97,284 60,552 23,149 1,509 359 ,203 98 318 1,278 2,524 2,198 14,467 15,128 ,365 27 98,97' 97,37P 60,820 23,19^ 1,495 500 ,199 982 336 1,593 2,567 2,193 14,476 15,167 ,369 For notes see p. 354. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 WEEKLY REPORTING MEMBER BANKS 353 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U. S. Government securities assets- All Total Wednesday Total Bills c C t a i e f t i r e - - s W i i N n th o - m te a s tu a l n t r o i d n g b — on A d f s ter O s r e i t t c h i u e e s - r Total d b a o w B a n t m a i n i c t c l e k e h - s s s - b a w e B f a n o i a i n g c r t l e n k h - - s s Cu c a r o r n i e d n ncy B s F w e R a r . i n R v e t k h - e . s s other a c l c i a a c a t p i o b n e i u i d t s l a n i- l ts lyear 5 years 5 years Total- Leading Cities 1962 Feb. 7 33,914 5,779 1,436 5,509 17,668 3,522 12,247 16,910 2,657 151 ,457 12,645 4,785 152,692 14 33,564 5,497 1,461 5,553 17,581 3,472 12,214 17,079 2,960 158 ,542 12,419 4,804 154,972 21 33,492 5,366 2,352 6,047 16,265 3,462 12,436 16,739 2,786 147 ,474 12,332 4,665 153,059 28 33,510 5,498 2,367 6,074 16,150 3,421 12,532 17,099 2,873 157 ,464 12,605 4,795 156,834 1963 Jan. 2 32,369 5,487 2,368 3,996 14,330 6,188 15,778 18,596 3,761 181 ,816 12,838 4,972 173,985 9 31,961 5,164 2,363 3,988 14,286 6,160 15,838 17,386 3,006 163 ,761 12,456 4,831 166,627 16 32,409 5,651 2,360 3,929 14,299 6,170 15,802 17,467 3,137 184 ,665 12,481 4,831 168,749 23 32,116 5,353 2,348 3,961 14,297 6,157 15,830 17,459 2,898 173 ,687 12,701 4,817 163,546 30 31,986 5,205 2,358 3,958 14,277 6,188 15,948 17,078 2,853 168 ,659 12,398 4,925 163,742 Feb. 6 32,050 5,231 2,370 4,067 14,202 6,180 15,922 17,331 2,908 161 ,522 12,740 5,000 164,080 13 31,735 5,005 2,338 4,068 14,215 6,109 15,890 17,112 3,068 182 ,666 12,196 5,056 166,476 20 31,716 5,029 2,455 3,485 13,789 6,958 16,132 17,509 2,933 199 ,636 12,741 4,804 164,421 31,446 4,829 2,525 3,629 13,401 7,062 16,226 17,228 2,971 207 ,665 12,385 4,904 166,242 27 New York City 1962 7,904 2,091 469 1,209 3,460 675 2,978 3,910 221 3,555 2,145 39,069 Feb. 7 7,695 1,928 469 1,236 3,409 653 2,955 4,083 231 3,709 2,157 39,887 14 7,591 1,831 592 1,469 3,073 626 3,071 3,784 209 3,425 2,109 39,091 21 7,664 2,003 582 1,465 3,028 586 3,119 4,078 207 3,716 2,157 41,688 28 1963 Jan. 2 6,668 1,859 495 701 2,323 ,290 3,966 4,505 116 275 4,028 2,082 44,893 9 6,527 1,781 494 685 2,315 ,252 3,994 3,962 90 265 3,538 2,025 41,783 16 6,905 2,195 490 689 2,321 ,210 3,970 3,979 110 246 3,537 2,059 42,985 23 6,743 2,030 483 703 2,307 ,220 4,008 4,207 100 247 3,778 1,996 40,956 30 6,75" 2,032 491 708 2,306 ,215 4,07f 4,076 94 248 3,651 2,036 41,561 Feb. 6 6,905 2,188 504 705 2,313 ,195 4,05 3,982 9: 245 3,572 2,096 41,231 13 6,779 2,077 508 701 2,317 ,176 4,038 3,950 101 258 3,513 2,126 42,344 20 6,959 2,245 459 543 2,241 ,471 4,157 4,304 94 248 3,874 2,046 41,344 27 6,895 1,986 566 2,190 ,467 4,219 4,153 121 246 3,695 2,086 42,662 Outside New York City 1962 Feb. 7 26,010 3,688 967 4,300 14,208 2,847 9,269 13,000 2,597 ,236 9,090 2,640 113,623 14 25,869 3,569 992 4,317 14,172 2,819 9,259 12,996 2,890 ,311 8,710 2,647 115,085 21 25,901 3,535 1,760 4,578 13,192 2,836 9,365 12,955 2,716 ,265 8,907 2,556 113,968 28 25,846 3,495 1,785 4,609 13,122 2,835 9,413 13,021 2,791 ,257 8,889 2,638 115,146 1963 Jan. 2 25,701 3,628 1,873 3,295 12,007 4,898 11,81 14,091 3,645 95 ,541 8,810 2,890 129,092 9 25,434 3,383 1,869 3,303 11,971 4,908 11,844 13,424 2,916 94 ,496 8,918 2,806 124,844 16 25,504 3,456 1,870 3,240 11,978 4,960 11,832 13,488 3,027 98 ,419 8,944 2,772 125,764 23 25,373 3,323 ',865 3,258 11,990 4,937 11,822 13,252 2,798 91 ,440 8,923 2,821 122,590 30 25,234 3,173 ,867 3,250 11,971 4,973 11,876 13,002 2,759 85 ,411 8,747 2,889 122,181 Feb. 6 25,145 3,043 ,866 3,362 11,889 4,985 11,865 13,349 2,816 88 ,277 9,168 2,904 122,849 13 24,956 2,928 ,830 3,367 11,898 4,933 11,852 13,162 2,967 104 ,408 8,683 2,930 124,132 20 24,757 2,784 ,996 2,942 11,548 5,487 11,975 13,205 2,839 111 ,388 8,867 2,758 123,077 27 24,551 2,843 ,959 2,943 11,211 5,595 12,007 13,075 2,850 116 1,419 8,690 2,818 123,580 For notes see p. 354. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 WEEKLY REPORTING MEMBER BANKS MARCH 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Cap- De- Other ital Wednesday ju u T s n o t a e t d a d l - 4 ju p m s o a d t a e d s e n - i - d t d s 5 Total IPC G S l a o t o n c a v d a te t l . e F ig o n r - 7 U r . O S V . t. c m m D c o t e i i o e m a s c - r - l - - Total » 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 e F ig o n r - 7 B F F a . r o n R m k . s o F t r h o e m rs li i a ti b e i s l- co a u c n - ts banks Govt. Total— Leading Cities 1962 Feb. 7 131,692 63,445 88,483 64,941 4,973 1,5672,324 11,421 43,209 30,801 "6,722 3,098 2,250 105 2,160 5,672 13,063 14 133,878 63,071 90,519 67,133 4,686 1,570 2,48911,507 43,359 "30,907 '6,756 3,108 2,248 138 2,141 5,766 13,049 21 132,395 62,148 88,735 64,523 4,951 1,604 3',44510,867 43,660 '31,012'6,923 3,139 2,244 79 1,809 5,738 13,038 28 135,777 63,104 91,871 66,501 5,234 1,,595 3,31611,167 43,906 31,082r7,058 3,169 2,245 45 2,126 5,789 13,097 1963 Jan. 2 152,495 65,843 102,109 71.531 5,125 1,849 4,74914,321 50,386 34,920 9,221 3,410 2,483 75 2,566 5,219 13,630 9 145,280 64,787 94,677 68,378 4,749 1,770044 2J916 12,944 50,603 34,993 9,265 3,475 2,514 54 2,453 5,208 13,632 16 147,033 65,447 96,160 70,075 4,939 1,7612,682 12,518 50,873 35,042 9,384 3,537 2,545 76 2,607 5,417 13,616 23 142,086 64,401 90,951 67,052 4,866 1,765 ,56611,438 51,135 35,106 9,463 3,595 2,611 595 1,799 5,445 13,621 30 142,022 64,495 90,720 66,791 5,054 1,716 2,76011,010 51,302 35,143 9,542 3,622 2,635 107 2,398 5,558 13,657 Feb. 6 142,126 63,135 90,586 65,492 5,070 1,,659 3,32611,830 51,540 35,267 9,623 3,649 2,644 190 2,432 5,627 13,705 13 144,111 62,593 92,448 67,344 4,935 1,6293,35411,777 51,663 35,328 9,676 3,628 2,677 145 2,763 5,763 13,694 20 142,237 61,958 90,328 64,776 5,132 1,6414,53211,137 51,909 35,384 9,807 3,661 2,704 362 2,356 5,776 13,690 143,712 62,654 91,562 65,834 5,329 1,648 4,25411,078 52,150 35,426 9', 9283,668 2,771 65 2,885 5,859 13,721 27 New York City 1962 31,159 16,384 23,864 16,811 276 1,192 710 2,852 7,295 3,111 2,155 200 1,673 1,005 3,152 3,701 Feb. 7 31,742 16,147 24,438 17,502 233 ,187 681 2,938 7,304 3,137 2,128 211 1,671 1,225 3,158 3,702 14 31,443 15,992 24,049 16,807 250 ,213 857 2,886 7,394 3,167 2,191 211 1,664 796 3,133 3,689 21 33,698 16,372 26,211 17,873 284 ,201 868 3,205 7,487 3,181 2,265 210 1,662 1,100 3,187 3,703 28 1963 Jan. 2 37,254 16,849 28,262 18,341 360 ,3951,441 3,882 8,992 3,974 2,864 212 1,760 1,242 2,580 3,817 9 34,178 16,416 25,133 17,116 272 ,277 857 3,196 9,045 4,001 2,855 213 1,791 1,204 2,581 3,820 16 35,030 16,519 25,919 17,605 348 ,345 773 3,224 9,111 4,017 2,867 226 1,816 12 1,458 2,665 3,820 23 33,369 16,073 24,176 16,751 251 ,348 736 3,102 9,193 4,040 2,872 227 1,868 67 987 2,713 3,820 30 33,857 16,264 24,613 17,043 306 ,295 757 3,083 9,244 4,050 2,892 224 1,892 4 1,078 2,807 3,815 Feb. 6 33,219 15,725 23,909 16,349 292 ,228 995 3,123 9,310 4,084 2,916 224 1,902 75 1,233 2,859 3,845 13 34,213 15,350 24,890 17,018 247 ,203 959 3,304 9,323 4,099 2,889 223 1,928 4 1,388 2,894 3,845 20 33,260 15,597 23,868 16,407 275 ,2291,153 2,969 9,392 4,111 2,922 224 1,951 167 1,189 2,893 3,835 27 34,249 15,816 24,736 16,864 376 ,2281,055 3,005 9,513 4,120 2,989 224 1,992 1,649 2,929 3,835 Outside New York City 1962 Feb. 7 100,533 47,061 64,619 48,130 4,697 375 ,614 8,569 35,914 '27,690 r4,567 2,898 577 1.155 2,520 9,362 14 102,136 46,924 66,081 49,631 4,453 383 ,808 8,569 36,055 '27,770 r4,628 2,897 577 '916 2,608 9,347 21 100,952 46,156 64,686 47,716 4,701 3912,588 7,981 36,266 '27,845 r4,732 2,928 580 1,013 2,605 9,349 28 102,079 46,732 65,660 48,628 4,950 394 2",448 7,962 36,419 '27,901 r4,793 2,959 583 1,026 2,602 9,394 1963 Jan. 2 115,241 48,994 73,847 53,190 4,765 454 3,30810,439 41,394 30,946 6,357 3,198 723 75 1,324 2,639 9,813 9... 111,102 48,371 69,544 51,262 4,477 4'2"7" 22,0599,748 41,558 30,992 6,410 3,262 723 54 1,249 2,627 9,812 16... 112,003 48,928 70,241 52,470 4,591 4161,909 9,294 41,762 31,025 6,517 3,311 729 64 1,149 2,752 9,796 23... 108,717 48,328 66,775 50,301 4,615 4171,830 8,336 41,942 31,066 6,591 3,368 743 528 812 2,732 9,801 30... 108,165 48,231 66,107 49,748 4,748 4212,003 7,927 42,058 31,093 6,650 3,398 743 103 1,320 2,751 9,842 Feb. 6... 108,907 47,410 66,677 49,143 4,778 4312,331 8,707 42,230 31,183 6,707 3,425 742 115 1,199 2,768 9,860 13... 109,898 47,243 67,558 50,326 4,688 442266 2,395 8,473 42,340 31,229 6,787 3,405 749 141 1,375 2,869 9,849 20... 108,977 46,361 66,460 48,369 4,857 4123,379 8,168 42,517 31,273 6,885 3,437 753 195 1,167 2,883 9,855 27... 109,463 46,838 66,826 48,970 4,953 420 3",199 8,073 42,637 31,306 6,939 3,444 779 65 1,236 2,930 9,886 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 loans 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

MARCH 1963 BUSINESS LOANS OF BANKS 355 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (Net change in millions of dollars) Week Month Quarter Half year Industry 1963 1963 1962 1962 1962 F 2 e 7 b. F 2 e 0 b. F 1 e 3 b. Fe 6 b. Ja 3 n 0 . Feb. Jan. Dec. IV m II 2nd 1st Durable goods manufacturing: Primary metals 4 -2 4 20 -1 -3 8 -25 -49 -119 -74 -131 4 36 13 31 -8 84 -56 17 -13 31 -50 19 89 Transportation equipment -11 15 4 17 -3 25 -58 64 62 -15 27 47 96 Other fabricated metal products... 7 7 10 9 9 33 -12 1 -44 -48 50 -91 126 10 10 14 1 —4 35 -49 —92 — 158 140 112 — 18 128 Nondurable goods manufacturing: -65 14 -45 -2 -99 -205 129 416 111 -152 528 -497 Textiles apparel and leather.... 28 30 31 32 9 121 -38 -64 -275 96 42 -179 289 -11 -6 c -4 -21 -24 11 31 12 -14 43 -67 2 21 -19 9 11 13 -28 -4 25 -154 37 -129 76 Other nondurable goods 6 8 4 10 3 27 -16 -37 -112 7 164 -105 174 Mining, including crude petroleum and natural gas -32 -14 -13 45 -24 -13 232 74 91 -25 8 66 178 Trade* Commodity dealers -2 -11 -15 24 28 -5 19 -58 133 87 -161 220 -237 8 21 -8 11 -11 32 -108 31 60 63 52 123 34 Retail 7 39 14 -1 3 59 -169 -128 117 36 52 154 61 Transportation, communication, and 24 -38 6 -58 -37 -67 -183 197 346 309 -223 655 -510 Construction -16 7 8 3 -17 2 -67 -27 -46 29 164 -17 182 All other types of business, mainly services • 54 -35 49 18 -57 209 283 8 127 290 205 Net change in classified loans 19 136 3 86 23 244 -821 329 893 640 116 1533 196 Commercial and industrial change— 30 145 1 93 4 269 -871 486 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 p A e a r n r i e d o a d lo A a l n l s 1— (thou 10 sa — nds of 1 0 d 0 o — llars) 200 p A e a r n r i e d o a d lo A a l n l s 1— (tho 1 u 0 s — ands of 1 0 d 0 o — llars) 200 10 100 200 and over 10 100 200 and over 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 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 :i 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 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 1 Based on new loans and renewals for first 15 days of month. per cent): 1954—Mar. 17, 3; 1955—Aug. 4, 3V4; Oct. 14, 3%; 1956— NOTE.—Weighted averages. For description see Mar. 1949 BULL., Apr. 13, 3V4; Aug. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, pp. 228-37. Bank prime rate was 3*4 per cent Jan. 1,1954-Mar. 16, 1954. 3i/2; Sept. 11,4; 1959—May 18, 4&; Sept. 1, 5; and 1960—Aug. 23, 4i/2. Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 INTEREST RATES MARCH 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 paper, placed accept- 4- to 6- directly, ances, 3- to 5months 1 m 3 o - n to th 6 s - 2 90 days i on R is s a n u t e e e w M y a ie r l k d et on R is s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l k d s ) et Other 4 iss y u e e a s r 5 I960 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 1962 Feb 3.22 3.00 3.00 2.752 2.73 2.955 2.93 3.21 3 11 3 77 Mar 3.25 3.02 3.00 2.719 2.72 2.883 2.87 2.98 2 99 3 55 Apr 3.20 3.09 3.00 2.735 2.73 2.838 2.83 2.90 2.94 3.48 May 3 16 2.95 2.91 2.694 2.68 2.789 2.78 2 91 2 98 3 53 June 3.25 3.02 2.90 2.719 2.73 2.804 2.80 2.89 3.02 3.51 July 3.36 3.20 3.07 2.945 2.92 3.085 3.08 3.17 3.23 3.71 Aug 3.30 3.12 3.11 2.837 2.82 3.005 2.99 3.10 3.13 3.57 Sept 3.34 3.13 3.09 2.792 2.78 2.947 2.93 2.99 3.00 3.56 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 1963 Jan 3.34 3.18 3.07 2.914 2.91 2.962 2.96 3.00 2.97 3.47 Feb 3.25 3.13 3.13 2.916 2.92 2.970 2.98 3.00 2.89 3.48 Week ending— 1963 Feb 2 3.25 3.13 3.13 2.917 2.93 2.972 2.99 3.02 2.95 3.50 9 3.25 3.13 3.13 2.946 2.95 2.995 3.00 3.02 2.89 3.47 16 3.25 3.13 3.13 2.944 2.93 2.995 2.99 3.01 2.87 3.46 23 3.25 3.13 3.13 2.905 2.90 2.969 2.96 2.99 2 88 3 46 Mar. 2 3.25 3.13 3.13 2.870 2.90 2.922 2.94 2.98 2.91 3.50 1 Averages of daily offering rates of dealers. * Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturi- 5 Selected note and bond issues. ties in the 90-179 day range. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds •Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and loca rating group price ratio price ratio States Total i (longterm) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P 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 C3.47 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 C2.97 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 1962 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 3.87 3.22 2.93 3.57 4.52 4.24 4.92 4.40 4.76 4.41 4.42 3.40 1963 Jan 3.88 3.22 2.95 3.56 4.49 4.21 4.91 4.38 4.72 4.38 4.34 3.31 Feb 3.92 3.24 2.99 3.57 4.48 4.19 4.89 4.37 4.69 4.37 4.27 3.27 Week ending— 1963 Feb 2 3.90 3.23 2.97 3.57 4.48 4.21 4.90 4.37 4.70 4.38 4.28 3.25 9 3.92 3.23 2.98 3.57 4.48 4.19 4.90 4.37 4.70 4.37 4.29 3.24 16 3.91 3.23 2.98 3.57 4.48 4.19 4.90 4.37 4.68 4.37 4.26 3.25 23 3.92 3.23 2.98 3.57 4.47 4.19 4.88 4.37 4.68 4.37 4.26 3 27 Mar. 2 3.94 3.25 3.02 3.57 4.47 4.19 4.88 4.37 4.68 4.37 4.27 3.31 Number of issues 4-11 20 5 5 120 30 30 40 40 40 14 500 500 i Includes bonds rated Aa and A, data for which are not shown sep- figures Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number of from Moody's Investors Service series. corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and heal govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 SECURITY MARKETS 357 SECURITY PRICES Bonds Common stocks Vol- Standard and Poor's index Securities and Exchange Commissiori index ume (1941-43= 10) (1957-59= 100) of Period ( G t U l e o o r . n m S v g . t ) . - n g ( i h M r c a i i g d u p h e - a - ) l g ( C h r r p a a i o o g d t - r e h e - - ) Total d t I r u n i s a - - l R ro a a i d l- P u i l u t t i i b y c l - - Total Tot M al anu r D f a a b u c l - e turin N r d a g o b u n l - e - p T t o r i a r o t n n a s - - P u i l u t t i i b y c l - - T n s a a r e i f a c n n i r - e d v d c - e e , , M in i g n- s ( s h t t a r h i a o n a n o r f d g d e u - s s - ) I960 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 1962 86.94 112.0 95.6 62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0 98.0 3,820 1962 Feb 85.17 110.5 94.5 70.22 74.22 34.23 63.70 142.8 133.4 134.4 132.6 110.5 183.0 176.4 109.7 3,481 Mar 86.21 111.9 94.9 70.29 74.22 33.45 64.51 142.9 133.5 134.0 133.1 107.4 184.2 175 2 106.6 3,113 Apr 87.69 113.7 95.4 68.05 71.64 32.31 63.86 138.0 128.2 128.0 128.5 103.1 180.3 172.0 103.9 3,263 May 87.87 113.5 95.9 62.99 66.32 30.71 58.84 128.3 119.0 117.5 120.6 98.5 167.1 161.6 97.5 5,045 June 87.61 111.2 95.7 55.63 58.32 28.05 53.32 114.3 105.7 103.2 108.1 90.2 151.1 141.3 88.3 4,770 July 86.07 110.2 95.4 56.97 59.61 28.29 55.51 116.0 106.9 104.4 109.2 90.0 156.7 139.4 90.9 3,532 Aug 86.64 110.1 95.3 58.52 61.29 28.09 56.96 119.5 110.4 109.1 111.7 90.6 160.7 143 6 92.7 3,368 Sept 87.02 112.1 95.8 58.00 60.67 27.68 56.96 117.9 108.9 106.2 111.5 88.5 158.2 141.6 92.3 3,310 Oct 87 73 114.4 96.6 56.17 58 66 27 40 55 63 114.3 105.6 102.5 108.4 86.6 154 3 135 9 91 3 3 423 Nov 87.96 114.5 96.6 60.04 62.90 30.47 57.69 122.8 114.0 110.7 117.3 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 1963 Jan 87 81 113 0 97.4 65.06 68 00 34 06 63 35 132.6 123.6 119.2 127 7 107.3 173 0 155 8 106 8 4 574 Feb 87.33 112.1 97.8 65.92 68.91 34.59 64.07 135.0 125.5 121.0 129.7 110.3 177 5 158.4 109.3 4,168 Week ending— 1963 Feb 2 87.55 111.9 97.8 66.17 69.18 34.47 64.27 135.2 126.0 121.4 130.2 108.8 176.9 158.2 110.2 4,273 9 ... 87.35 111 .8 97.8 66.20 69.26 34.19 64.09 134.9 125.4 120.7 129.8 109 9 177 8 158 0 108 9 4 042 16 87.45 112.1 97.8 66.10 69.07 34.91 64.35 135.4 125.9 121.7 129.8 112.0 178.1 159.1 109.0 4,522 23 87.39 112.2 97.8 66.12 69.10 34.92 64.27 134.3 124.7 120.2 128.9 110.4 177.3 158.1 109.1 4,236 Mar. 2 87.10 112.2 97.8 64.87 67.77 34.37 63.20 130.6 121.1 116.2 125.8 107.5 172.0 156 0 106 3 3,812 MOTE.—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 Total N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on— Customers' Month securities firms secured by— chasing and carrying— net other than free U. S. Govt. credit securities U. S. Govt. Other U. S. Govt. Other U. S. Govt. Other balances securities securities securities securities securities securities 1959 Dec 4,461 150 3,280 167 1.181 221 2,362 996 1960 Dec 4,415 95 3,222 138 ,193 142 2,133 1,135 1961 Dec 5,602 35 4,259 125 ,343 48 2,954 1,219 1962 Feb 5,426 34 4,066 133 ,360 71 2 812 1 190 Mar 5,457 34 4,083 105 ,374 52 2,912 1,154 Apr . 5,491 36 4,079 117 ,412 57 3,015 1 110 M[ay 5,408 35 4,000 91 ,408 44 2,845 1,205 June 4,938 32 3,605 92 ,333 46 2,194 1 374 July 4,876 29 3,562 83 ,314 32 2,091 1,252 A us 5,073 23 3,773 80 ,300 35 2,472 1 130 Sept 5,156 27 3,887 81 ,269 49 2,689 1,091 Oct 5,165 25 3,864 81 ,301 29 2,596 1,126 Nov 5,285 24 3,951 82 ,334 28 2 558 1 151 Dec 5,494 24 4,125 97 ,369 35 2,785 1,216 196^ Jan 5,595 28 4,208 95 ,387 32 2,8^5 1 199 Feb 5,717 23 4,332 91 ,385 35 3,042 1,191 NOTE.—Data in the first three cols, and last col. are for end of month, Bank loans to others than brokers and dealers: figures are for weekly in the other cols., for last Wed. reporting member banks. Before July 1959, loans for purchasing or Net debit balances and broker and dealer credit; ledger balances of carrying U. S. Govt. securities were reported separately only by N. Y. member firms of the N. Y. Stock Exchange carrying margin accounts, as and Chicago banks. Accordingly, for that period the fifth col. includes reported to the Exchange. Customers' debit and free credit balances any loans for purchasing or carrying such securities at other reporting exclude balances maintained with the reporting firm by other member banks. Composition of series also changed beginning with July 1959; firms of national securities exchanges 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

358 OPEN MARKET PAPER; SAVINGS INSTITUTIONS MARCH 1963 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- ]Jased on- End of period Accepting banks F. R. Goods stored in or Tntnl Banks Im- Ex- shipped between Total t P hr la o c u e c d h P di l r a e c c e t d - Others p in or to ts p fr o o r m ts Do ex ll - ar points in— dealers 1 ly2 Total O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta it te e s d U S n ta it te e s d change United Foreign acct. corr. States countries 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 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962—Jan 5,556 1,762 3,794 2,621 1,163 804 359 45 120 1.294 477 946 74 271 853 Feb 5,520 1,762 3,758 2,559 1,093 788 305 44 113 ,309 472 915 106 223 844 Mar . .. 5,713 1,876 3,837 2,498 1,072 774 298 42 100 1,284 474 889 86 182 867 Apr 5,640 1,883 3,757 2,392 981 763 218 36 94 1,281 479 826 74 158 855 May 5,917 1,869 4,048 2,345 949 733 216 33 112 1,251 462 787 96 145 855 June 5,864 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 1,175 485 705 143 93 881 Aug 6,575 2,119 4,456 2,277 937 721 216 35 71 1,234 488 667 138 72 912 Sept 6,573 2,228 4,345 2,281 952 748 204 36 68 1,225 520 674 144 73 870 Oct r6,979T 2,417 r4,562 2,367 1,025 824 201 34 69 1,239 502 679 160 110 917 Nov r7,082 2,501 r4,581 2,476 1,086 841 245 38 88 1,264 525 719 173 145 914 Dec .... r5 988 2,088 r3 900 2,650 1,153 865 288 110 86 1.301 541 778 186 171 974 1963—Jan 6,767 2,091 4,676 2,593 1,153 849 304 72 84 1,284 538 730 149 180 996 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 assets— End of period M ga o g r e t- Other G U o .S v . t. S g l a o t o n a c v d a t t e l . C ot o r a h a r n e t p d r e o 1 - a C s a se sh ts O as t s h e e ts r s l T u a ia a t c r o i b n c p e t i t d a s l 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 t e g i r a tm g A e e n m lo ts a o u n 3 nt 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 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 1962 32,049 608 6,092 531 5,182 958 695 46,116 41,334 828 3,954 114,985 2 548 1961—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 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 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 Nov 31 820 586 6,133 542 5,181 832 683 45,776 40 791 1,025 3 960 9Q 616 2 323 Dec 32,049 608 6,092 531 5,182 958 695 46,116 41,334 828 3,954 114,985 2,548 1 Includes securities of foreign governments and international organiza- NOTE.—National Assn. of Mutual Savings Banks data; figures are tions and U. S. Govt. agencies not guaranteed, as well as corporate estimates for all savings banks in the United States and differ somewhat securities. from those shown elsewhere in BULLETIN; the latter are for call dates and 2 See note 4, p. 345. are based on reports filed with U. S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Association of the State of New York. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 SAVINGS INSTITUTIONS 359 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total United State and Foreign1 Total Bonds Stocks j g v a i g o e n 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 t r s States local 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 ,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 ,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 1960—Dec 119,576 11,699 6,428 3,606 1,665 51,063 46,967 4,086 41,815 3,796 5,233 5,980 1961—Dec 126,816 11,915 6,135 3,902 ,878 53,96*7 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 ,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 ,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 Nov 132,505 12,720 6,405 4,062 2,253 56,509 51,352 5,157 46,380 4,134 6,185 6,577 Dec 133,169 12,510 6,189 4,060 >,261 56,555 51,374 5,181 46,980 4,124 6,214 6,786 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 io o d f M ga o g r e t s - s G U ec o . u v S r t . i . - Cash Other 1 a li s a T s b e o t il 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 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2.770 48,138 41.912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960 60.070 4,595 2,680 4,131 71.476 62,142 4 983 2.197 .186 968 1,359 1961r 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 ,550 1,136 1,908 1962 78,932 5,545 3,919 5,333 93,729 80,378 6,495 3,619 ,995 1,242 2,220 1961— Dec.r 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 ,550 1,136 1,908 1962—Jan 69,368 5,408 2,933 4 628 82,337 71,342 5,745 2,480 ,488 1,282 1,988 Feb 69,968 5,503 3,031 4,668 83,170 71,920 5,748 2,384 ,539 1,579 2,150 Mar 70,769 5,539 3,162 4,761 84,231 72,854 5,751 2,301 ,657 1,668 2,335 Apr 71,616 5,493 3,084 4,851 85,044 73,240 5,747 2,427 ,795 1,835 2,474 May 72,587 5,480 3,094 5,264 86,425 74,022 5,753 2,525 ,911 2,214 2.616 June 73,631 5,413 3,357 5,206 87,607 75,449 6,042 2,890 ,985 1,241 2,556 July 74,525 5,459 2,963 5,012 87,959 75,467 6,047 2,979 010 1,456 2,551 Aug 75,542 5,448 2,924 5,117 89,031 76,115 6,047 3,071 ,999 1,799 2,518 Sept 76,385 5,490 3,012 5,194 90,081 76,985 6,063 3,166 ,006 1,861 2,472 Oct 77,345 5,521 3,110 5,238 91,214 77,820 6,077 3,202 ,992 2,123 2,439 Nov 78,137 5,556 3,234 5,448 92,375 78,728 6,081 3,173 941 2,452 2,431 Dec 78,932 5,545 3,919 5,333 93,729 80,378 6,495 3,619 ,995 1,242 2,220 * Includes other loans, stock in the Federal home loan banks, other 3 Consists of advances rom FHLB and other borrowing. investments, real estate owned and sold on contract, and office buildings and fixtures. NOTE.—Federal Savings and Loan Insurance Corp. data; figures arc 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 arc 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

360 FEDERAL FINANCE MARCH 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 f T 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 . : - 1 E r T q ec o u t a t s a l . l s 2 : Budget f T P u r l n u u d s s s : t A m L d e e j s u n s s t : s t- E p T q a o u y t a t a s l l s . : payts. C & (d d h i a e a i r n g n b e e t g c n t e .) a I L g t n r e e v b u n s e y s s . s t : 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—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 24,260 4,425 97,929 84,463 24,689 4,414 104,738 -6,809 6,791 -434 470 6,755 1962.. 84,709 25,508 3,942 106,230 91,908 24,456 4,414 111,949 -5,721 9,053 1,056 1,386 6,612 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: 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 -1,484 402 9,180 1962—Jan.-June 45,583 13,652 2,007 57,207 44,622 12,099 2,907 53,814 3,393 2,911 -1,950 521 440 July-Dec 39,126 11,856 1,935 49,023 47,286 12,357 1,507 58,136 -9,114 6,142 -894 865 6,172 Month: 1962—Jan 5.357 866 250 5,968 7,395 2,322 991 8,726 -2.758 608 -737 102 1,243 Feb 6,129 2,743 -98 9,567 6,858 2,027 -82 8,967 600 450 366 31 53 Mar 9,104 1,828 245 10,685 7,749 2,040 1,525 8,263 2,422 -641 329 223 -1,193 Apr 5,754 1,587 279 7,060 7,289 1,867 83 9,074 -2,014 784 -737 39 1,482 May 7,024 4,053 222 10,850 7,229 1,591 -340 9,160 1,690 2,386 2,168 85 133 June 11,615 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 95 10.021 -732 3,258 449 61,548 1,262 Dec 8,360 1,684 491 9,548 7,572 1,811 -53 9; 436 -1,984 -936 6-1,337 289 1963—Jan 5,533 994 238 6,285 8,013 2,477 1,660 8,830 -2,544 -372 -1,007 61 575 Effects of operations on Treasurer's account Change in Treasurer's account Net operating transactions Net financing transactions cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r g c lu i e t s t f T u r n u d s s t a C c l c e o a u ri n n t g s i M ss s u a e o a r c f k n .4 e c t e i I n G n s e v U o c e v . . s t 4 S t . . . p d g d u i r i e r 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 c u c 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 1960 1,224 -359 -149 ,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 1961 -3,856 565 285 -733 -435 2,640 -222 -1,311 6,694 408 5,453 833 1962... -6,378 213 566 658 -435 9.230 118 3.736 10,430 612 8,815 1,003 Half year: 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 July-Dec -8,160 -502 -598 -62 1,135 5,269 4 -2,922 7,509 597 6,092 820 Month: 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 5 -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 -1,852 3 -382 63,323 c-57 591 7,109 585 5,728 796 Dec 788 -127 H,080 -42 626 6-1,920 400 7,509 597 6,092 820 1963—Jan -2,480 -1,483 692 -39 1,396 -53 -2,024 5,485 821 3,678 986 1 Primarily interest payments by Treasury to trust accounts and accumu- 5 Primarily military defense, military assistance, and atomic energy. lations to U. S. employees trust funds. 6 Includes $1,412 million of 2% per cent Treasury bonds of 1960-65 2 Includes small adjustments not shown separately. acquired by Treasury for retirement on Dec. 15, 1962, in exchange for 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

MARCH 1963 FEDERAL FINANCE 361 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Selected excise taxes Budget receipts (IRS data) Period Net2 T O a ra g ld n e - sfer H s w i t g o ay h t - rus R t t i r s . r e e - R . . fu R n e d - s Total W h I e n it l d d h i - v. ta O x t e h s er C r t a a o t x i r o e p s n o- ta c E i x x s e e - s p m t E a l x o m e e n y - s t - O ce r t i e h p - e ts r Liquor b T a o c - co 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 1,807 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: 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 July-Dec. 39,126 5,311 1,672 291 805 47,55318,958 3,319 8,810 6,808 5,608 4,050 n.a. n.a. Month: 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 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 1,106 450 961 257 148 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 1,150 551 516 363 190 Nov 7,027 1,129 218 77 73 8,533 5,195 117 412 1,125 1,208 478 339 182 Dec 8,360 600 277 51 64 9,553 3,131 407 3,450 1,136 652 780 267 152 1963—Jan 5,533 178 261 12 109 6,285 1,269 2,367 517 1,099 429 605 Budget expenditures Period Total* f t e i N d o n e n a s - - e a 5 l a I ff n a t i l r . s s S e p a a r c c e h c A ul g tu ri r - e so N u u r r a e r a c - t l - es t m C ra a o e n n r m d s c p e - . & H de i o c n b u o g e s m l - . . H w e e a lf l a t r h e , E t d i 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 a v n l t - . Fiscal year—1959.. 80,342 46,491 3,780 145 6,590 1,670 2,017 970 3,877 732 5,287 7,671 1,466 I960.. 76,539 45,691 1,832 401 4,882 1,714 1,963 122 3,690 866 5,266 9,266 1,542 1961.. 81,515 47,494 2,500 744 5,173 2,006 2,573 320 4,244 943 5,414 9,050 1,709 1962.. 87,787 51,103 2,817 1,257 5,895 2,147 2,774 349 4,524 1,076 5,403 9,198 1,875 Half year: 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 23,980 1,634 482 3,567 1,179 1,262 346 2,397 462 2,725 4,502 938 1962—Jan.-June. 44,622 27,123 1,183 775 2,328 968 1,512 3 2,127 614 2,678 4,696 937 July-Dec.. 47,286 25,953 1,317 1,024 4,590 1,331 1,339 364 2,556 578 2,663 4,936 979 Month: 1962—Jan 7,395 4,290 237 96 394 154 190 41 467 113 503 808 186 Feb 6,858 4,099 236 101 371 167 258 72 123 108 457 764 118 Mar 7,749 4,598 233 140 504 134 311 19 367 102 449 733 161 Apr 7,289 4,314 273 141 363 143 214 -10 381 84 438 780 175 May 7,229 4,786 -110 155 300 161 231 -29 297 98 434 780 129 June 8,102 5,036 314 142 396 209 308 -90 492 109 397 831 168 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 Dec 7,572 4,344 57 187 721 175 215 121 409 98 445 843 158 1963—Jan 8,013 4,548 251 233 510 184 224 3 483 150 486 863 170 1961 1962 1961 1962 Item II III IV II III IV III IV ii in IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts... 23.3 24.6 24.9 25.3 24.6 26.8 27.6 27.3 24.8 28.5 23.4 21.3 26.2 31.0 26.0 23.0 Payments.. 25.1 26.5 26.2 26.9 27.8 26.8 28.0 29.3 23.4 27.4 26.7 27.2 26.0 r27.9 28.5 29.6 Net -1 .8 -1 .9 -1.4 -1. 6 o.2 - .3 -2.0 1.4 •1 -3. 3 -5 .9 3 r3.1 -2 .5 -6.6 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 U.S. GOVERNMENT SECURITIES MARCH 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 d T g e i r o r b o e t t s a c s 2 l t Total Total Bills Ma C r c k e a e r t t t e i a f s i b - le Notes Bonds 4 b C v i o b e o n r n l d e t - - s N T o o n ta m l a 5 rke S i t n a a g v b s - le S is p s e u c e i s a l • 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 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 216.1 276.6 228.6 160.4 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—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 44.3 298.6 298.2 249.5 196.1 42.0 13.5 65 5 75 0 4.3 49 2 47 6 44.9 July 298.3 297.9 250.1 196.9 42.8 13.5 65.5 75.0 4.3 49 0 47.7 43.8 302.3 301.8 252.5 199.3 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 i 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 1963—Jan 303.9 303.4 257.1 204.0 48.9 22.7 53.7 78.6 4.0 49 2 47.7 42.2 Feb 305.2 304.6 258.1 204.8 49.9 23.7 50.0 81.1 3.9 49.4 47.9 42.5 1 Includes some debt not subject to statutory debt limitation (amounting leave bonds, adjusted service bonds, certificates of indebtedness—Foreign to $370 million on Feb. 28, 1963), and fully guaranteed securities, not series, and Rural Electrification Administration bonds, and before 1956, shown separately. tax 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 2VA per cent partially tax-exempt bonds, totaled $12,355 million on Jan. 31, 1963. acquired by Treasury for retirement on Dec. 15, 1962, in exchange'for * Includes Treasury bonds and minor amounts of Panama Canal and various issues on Nov. 15, 1962. 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 a s 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 a t l h s er n F a i o t n a i r o t n e e n d i r g a - l n 3 O i t m n o t v r i h s s e e c s * r . funds i 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 1955—Dec 280.8 51.7 24.8 204.3 62.0 8.5 14.6 23.5 15.4 50.2 14.5 7.5 8.1 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195 5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958 Dec 283.0 54.4 26.3 202.3 67.5 7 3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 22.3 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62,1 6.3 11.9 19.7 18.7 45.7 19.3 13.0 11.2 1961—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 19.8 19.9 46.7 18.9 14.2 11.3 Aug 302.3 57.1 30.4 214.9 64.5 6.3 11.5 20.9 19.9 46.8 18.9 14.6 11.5 Sept 300.0 56.4 29.8 213.7 64.6 6.3 11.4 18.8 19.8 46.8 19.1 15.0 11.9 Oct 302.6 56.1 30.2 216.3 65.9 6.1 11.5 19.8 19.6 46.8 18.9 15.4 12.3 Nov 305.9 57.9 30.5 217.5 65.4 6.1 11.5 21.7 19.3 46.9 18.9 15.4 12.2 Dec 304.0 55.6 30.8 217.6 66.5 6.1 11.5 r20.1 '19.5 46.9 19.0 15.3 12.7 1963—Jan 303.9 54.5 30.3 219.1 66.0 6.1 11.5 21.1 19.8 47.1 19.2 15.4 12.8 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

MARCH 1963 U.S. GOVERNMENT SECURITIES 363 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 ea -5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 r 0 s 20 O y v e e a r rs Total Bills Other All holders: 1959—Dec. 31 188,269 78,456 39,643 38,813 61,609 23,625 16,494 8,085 1960—Dec. 31 189,015 73,830 39,446 34,384 72,298 18,684 13,224 10,979 1961—Dec. 31 195,965 84,428 43,444 40,984 66,360 19,782 11,976 13,419 1962 Dec 31 . . .. 203,011 87.284 48,250 39,034 61,640 33,983 4,565 15,539 1963—Jan 31 . 203,959 87,978 48,944 39,034 61,657 33,975 4,566 15,782 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—Dec. 31 9,638 1,591 865 726 1,425 2 731 1,309 2,583 1963—Jan. 31 9,858 1,760 1,040 720 1,450 2,742 1,323 2.583 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—Dec. 31 30,820 17,741 2 723 15 018 10 834 2 094 68 83 1963—Jan 31 . 30,289 17,287 2,262 15,025 10,757 2,094 68 83 Held by public: 1959—Dec. 31 154,227 58,765 36,757 22,008 53,176 21,066 13,812 7,407 1960—Dec. 31 153,515 57,125 35 638 21 487 59 156 15 903 11,520 9,811 1961—Dec. 31 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962—Dec. 31 162,553 67 952 44 662 23 290 49 381 29 1*58 3 188 12,873 1963—Jan 31 163,812 68,932 45,642 23,290 49,449 29,139 3,175 13,116 Commercial banks: 1959—Dec. 31 51,841 11,198 5,011 6,187 28,778 9,235 2,173 457 I960—Dec. 31 54 260 14 697 6 976 7 721 31 596 5 654 I 775 538 1961—Dec 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962—Dec. 31 58,004 19,885 9,838 10,047 26,348 11.163 191 417 1963—Jan. 31 57,669 19,379 9,282 10,097 26,449 11,238 177 426 Mutual savings banks: 1959—Dec. 31 6,129 486 191 295 1,401 2,254 1,427 560 1960—Dec. 31 5,944 480 144 336 1,544 1,849 897 1,174 1961—Dec. 31 5,867 686 181 505 1,514 1,708 662 1,298 1962—Dec 31 5,793 635 252 383 1,337 2,210 306 1,305 1963—Jan. 31 5,808 697 298 399 1,342 2,156 301 1,313 Insurance companies: I959 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—Dec 31 9,265 1,259 552 707 2,175 2,223 718 2,890 1963—Jan 31 9,347 1,325 603 722 2,137 2,249 712 2,926 Nonfinancial corporations: l 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—Dec 31 . .. 10,750 9,063 6,551 2,512 1,524 149 5 9 1963—Jan. 31 11,311 9,496 7,050 2,446 1,654 140 5 16 Savings and loan associations: 1 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—Dec 31 2,862 437 254 183 817 1 .030 105 473 1963—Jan. 31 2,952 485 264 221 832 1,042 114 479 State and local governments: 2 1959—Dec. 31 1960—Dec. 31 10,957 3,933 2,643 1,290 1,785 828 1,382 3,029 1961—Dec. 31 10,893 3,974 2,710 1,264 1,320 842 1,250 3,507 1962—Dec 31 11,716 4.447 3,282 1,165 1,059 1,505 688 4,017 1963—Jan 31 11,969 4,626 3,456 1,170 1,052 1,509 700 4,083 All others: 1959—Dec. 31 1960—Dec. 31 60,158 28,413 19,772 8,641 18,596 4,965 5,598 2,587 1961—Dec. 31 60,440 29,346 20,596 8,750 17,314 6,054 4,713 3,012 1962—Dec. 31 64,162 32,227 23,935 8,292 16,121 10,877 1,175 3,761 1963—Jan. 31 64,756 32,925 24,690 8,235 15,984 10,806 1,167 3,874 1 First reported separately in the Feb. 1960 Survey. Monthly figures ketable issues held by groups, the proportion held on latest date and the for Feb.-May 1960 shown in the Sept. 1960 Treasury Bull, pp. 55-56. number of reporting owners surveyed were: (1) about 90 per cent by the 2 First reported separately in the Dec. 1961 Survey. Monthly figures 6,159 commercial banks, 508 mutual savings banks, and 812 insurance for Dec. 1960-Sept. 1961 shown in the Feb. 1962 Treasury Bull, pp. 59-60. cos. combined; (2) about 50 per cent by the 473 nonfinancial corps, and 488 savings and loan assns.; and (3) about 60 per cent by 480 State and NOTE.—Direct public issues only. Based on Treasury Survey of local govts. Ownership. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and F. R. Banks, all those not reporting in the Treasury Survey, including investor groups but for other groups are based on Treasury Survey data. Of total mar- not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 U. S. GOVERNMENT SECURITIES MARCH 1963 DEALER TRANSACTIONS (Par value, in millions of dollars) U. S. Government securities By maturity By type of customer U.S. Govt Period agency Dealers and brokers securities Tota W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs G U o .S v . t. Other m b e a r n c k ia s l o A th l e l r securities 1962—Jan J.717 J.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 1,357 191 100 33 553 29 652 446 89 July 1,682 ,457 139 63 23 529 34 621 498 82 Aug 1,603 ,318 158 94 33 542 27 600 435 78 Sept 1,913 ,432 293 147 40 571 42 766 534 105 Oct 067 1,517 263 159 28 682 40 744 502 115 Nov 1,770 262 210 33 550 32 722 466 70 Dec . . 2,071 1,446 366 222 38 610 38 881 543 88 1963—Jan 1,872 1,485 226 124 36 621 37 730 484 81 Week ending— 1963—Jan. 2 3,061 2,471 299 269 21 864 47 1,179 971 116 9 1,862 1,445 236 132 49 621 34 702 505 70 16 2,094 1,672 262 118 40 '637 47 r886 534 80 23 1,636 1,265 230 104 37 559 25 r633 420 124 30 1,437 '1,167 163 23 484 36 ••533 384 55 Feb. 6 2,319 1,655 330 304 30 729 53 902 634 64 13 1,714 1,319 188 181 27 599 29 682 405 71 20 1,926 1,435 308 157 25 618 31 741 536 88 27 3,481 2,299 706 298 178 1,036 64 1,469 912 64 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U. S. Govt. securities dealers reporting to the F. R. Bank of N. Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U. S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars U. S. Government securities, by maturity U. S. Commercial banks Period mat A ur ll ities W 1 i y t e h a in r y 1 ea -5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i . y es Period so A ur l c l es Y N C o e i r t 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 1962—Jan... 2,778 2,589 184 5 93 Feb... 2,265 1,914 297 54 115 1962—Jan 2,740 482 596 1,341 320 Mar. 3,056 2,721 228 106 168 Feb 2,296 426 449 1,218 203 Apr . 3,771 3,388 252 131 193 Mar 3,025 855 637 ,299 235 May. 3,642 2,985 403 255 196 3,621 976 835 ,354 456 June. 3,777 3,398 261 118 293 May 3,738 978 769 ,612 379 July.. 2.881 2,818 94 -32 232 June 3,900 1,092 720 ,798 290 Aug.. 2,647 2,484 72 91 165 July 3,053 636 521 1,631 266 Sept.. 3,177 2,643 323 211 190 Aug 2,597 460 405 ,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 ,301 445 Dec. 4,268 3,829 365 74 215 Nov 4,100 1,170 716 ,666 548 Dec 4,378 1,563 839 ,566 411 1963—Jan... 4,021 3,623 368 30 206 1963—Jan 4,062 1,388 895 ,396 383 Week ending- Week ending— 1962—Dec. 5.. 4,035 3,680 272 83 199 12. . 3,899 3,575 265 60 180 1962—Dec. 5... 4,055 1,215 569 ,756 514 19. . 4,367 3,946 361 60 193 12... 3,842 897 608 ,897 441 26. . 4,511 4,001 423 87 288 19. .. 4,519 1,782 914 ,503 318 26... 4,560 1,905 961 ,334 360 1963—Jan. 2.. 4,469 3,818 550 101 302 9.. 3,875 3,339 488 48 248 1963—Jan. 2... 4,890 1,950 1,135 1,306 499 16.. 4,481 4,014 420 47 178 9. .. 4,071 1,460 944 1,318 348 23.. 4,021 3.674 322 25 154 16. .. 4,145 1,523 930 1,358 333 30. . 3,682 3; 439 227 16 147 23... 4,221 1,451 926 1,499 346 30... 3,714 1,024 737 1,497 455 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 inventments by the holders of the securities rather than note of the opposite table on this page. dealer trading positions. Averages of laily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 OUTSTANDING SECURITIES 365 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE, FEBRUARY 28, 1963 (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. Mar. 7, 1963 2,101 Aug. 8,1963 799 Apr. 1, 1965 n/2 466 Sept. 15, 1967-72... 21/2 1.952 M M a a r r . . 2 1 1 4 , , 1 1 9 9 6 6 3 3 2 2 , , 1 0 0 0 1 1 A A u u g g . . 2 1 2 5 , , 1 1 9 9 6 6 3 3 8 8 0 0 0 0 O M c a t y . 15 1 , , 1 1 9 9 6 6 5 5 4 n % /2 2.1 3 1 1 3 5 D N e o c v . . 1 1 5 5 , , 1 19 9 6 6 7 7 -72... 3 21 5 / / 2 8 2 3 , , 7 6 9 0 6 4 M M a a r r . . 2 2 2 8 , , 1 1 9 9 6 6 3 3 i 2 3 , , 0 00 0 5 9 A Oc u t g . . 2 1 9 5 , , 1 1 9 9 6 6 3 3 2,5 8 0 0 0 0 N Fe o b v . . 1 15 5 , , 1 1 9 9 6 6 5 6 3 3 % i/2 3 3 . , 2 1 8 1 6 4 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 8 8 3 3 % % 2 3 . , 4 74 6 7 0 Apr. 4,1963 2.002 Jan. 15, 1964 2,496 Apr. 1,1966 11/2 675 Feb. 15, 1969 4 1,844 Apr. 11, 1963 2,001 Aug. 15, 1966 4 4,454 Oct. 1,1969 4 2,538 Apr. 15, 1963 2,001 Certificates Oct. 1,1966 11/2 357 Aug. 15, 1971 ..4 2,806 Apr. 18, 1963 2,001 May 15, 1963 3*4 5,284 Apr. 1,1967 11/2 270 Nov. 15, 1971 378 1,246 Apr. 25, 1963 2,002 Aug. 15. 1963 31/2 6,851 Aug. 15, 1967 3% 5,282 Feb. 15, 1972 4 2.344 May 2, 1963 2,001 Nov, 15, 1963 31/s 4,856 Oct. 1,1967 11/2 102 Aug. 15, 1972 4 2.579 May 9,1963 2,003 Feb. 15, 1964 314 6,741 Nov. 15, 1974 3% 1,171 May 16, 1963 2,005 Treasury bonds May 15, 1975-85... 4*4 470 May 23, 1963 2,100 Treasury notes June 15, 1962-67... 21/2 1.462 June 15, 1978-83... 3 V4 1.592 May 31, 1963 2.101 Apr. 1, 1963 n/2 533 Aug. 15, 1963 21/2 4,317 Feb. 15, 1980 4 1,480 June 6,1963 801 May 15, 1963 4 1,183 Dec. 15, 1963-68... 21/2 1,816 Nov. 15, 1980 31/2 1,915 June 13, 1963 801 May 15, 1963 314 3.027 Feb. 15, 1964 3 2,700 May 15, 1985 3V4 1,131 June 20, 1963 800 Oct. 1,1963 n/2 506 June 15, 1964-69... 21/2 2,632 Feb. 15, 1990 3% •4,914 June 24, 1963 i 1,001 Nov. 15, 1963 47/s 3,011 Dec. 15, 1964-69... 2% 2,544 Aug. 15, 1987-92... 4*4 365 June 27, 1963 802 Apr. 1, 1964 iy> 457 Feb. 15, 1965 2% 4,682 Feb. 15, 1988-93 4 250 July 5,1963 801 May 15, 1964 4% 4,933 Mar. 15, 1965-70.. .2% 2,422 Feb. 15, 1995 3 2,593 July 11, 1963 800 May 15, 1964 3% 3,893 May 15, 1966 3% 3,597 Nov. 15, 1998 31/2 4,459 July 15, 1963 2,004 Aug. 15, 1964 5 2,316 Aug. 15, 1966 3 1,484 J J u u l l y y 2 1 5 8 , , 1 1 9 9 6 6 3 3 8 8 0 0 0 0 A Oc u t g . . 1 1 5 , , 1 1 9 9 6 6 4 4 3 1 3 % 4 5, 4 0 9 1 0 9 N M o a v r. . 1 1 5 5 , , 1 19 9 6 6 6 6 -71... 2 33 % /8 2 1 , , 4 41 3 0 8 Co I n n v v e e r s t t i m bl e e n b t o S n e d r s ies B Aug. 1,1963 800 Nov. 15, 1964 4% 4,195 June 15, 1967-72... 21/2 1,324 Apr. 1, 1975-80... 2% 3.902 1 Tax anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U. S. Treasury. FEDERALLY SPONSORED AGENCIES, JANUARY 31, 1963 Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Agency a , n t d y p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures : Mar. 15, 1962 3% Feb. 15, 1963 238 May 1, 1962 3V8 Feb. 4, 1963 June 15, 1962 3.15 Mar.15, 1963 417 June 4,1962 3.10 Mar. 4, 1963 213 Aug. 15, 1962 3.40 Apr. 15, 1963 126 July 2, 1962 3.15 Apr. 1, 1963 186 July 20, 1962 3.40 May 15, 1963 312 Aug. 1, 1962 3.45 May 1, 1963 197 Sept. 17, 1962 3.30 Auo..15, 1963 110 Sept. 4, 1962 3.35 June 3, 1963 145 Oct. 15, 1962 3.30 Sept.16, 1963 450 Oct. 1, 1962 3.20 July 1, 1963 167 Nov. 1, 1962 3.10 Aug. 1, 1963 183 Bonds: Dec. 3, 1962 3.15 Sept. 3, 1963 190 Apr. 15, 1958 3l/s Apr. 15, 1963 241 Jan. 2,1963 3.15 Oct. 1, 1963 225 Apr. 16, 1962 3% July 16, 1963 280 Sept. 17, 1962 3% Sept.15, 1963 175 Federal land banks Bonds: Federal National Mortgage Association— June 20, 1961 35/8 Feb. 20,1963 115 secondary market operations May 1,1958 234 May 1,1963 122 Aug. 20, 1962 35/s Aug. 20,1963 144 Discount notes 205 Oct. 22, 1962 314 Oct. 22,1963 136 Apr. 20, 1963 4y2 Apr. 20,1964 147 Debentures: Dec. 20, 1960 4 Oct. 20,1964 90 Mar. 10, 1958 3*4 Mar. 11, 1963 150 Oct. 20, 1960 4 Oct. 20,1965 160 Nov. 10, 1958 41/g Nov. 12, 1963 100 June 20, 1961 4 Dec. 20.1965 115 May 10, 1961 3% May 11, 1964 100 Apr. 3,1961 35/s Feb. 21,1966 150 D Se e p c. t . 1 1 1 1 , , 1 1 9 9 6 6 1 1 3% 4 D Se e p c t . . I 1 l 0 l , 1 1 9 9 6 6 4 4 1 1 2 5 5 0 S M e a p y t. 20 1 , , 1 1 9 9 5 6 8 1 3 4V V4 4 J M u a l y y 2 2 0 , , 1 1 9 9 6 6 6 6 1 1 0 9 8 3 D Se e p c. t . 1 1 0 0 , , 1 1 9 9 5 6 7 2 4 3 3 3 / 4 8 J M u a n r e . 1 1 0 0 , ; 1 1 9 9 6 6 6 5 1 1 0 5 0 0 M Fe a b y . 15 1 , , 1 1 9 9 5 6 7 2 4V 4 s M Fe a b y . 22 1 , 5,1 1 9 96 67 7 - 72 | ! 1 7 8 2 0 Dec, 12, 1960 4ft Dec. 12, 1966 100 Oct. 1,1957 41/2 Oct. 1,1967-70 75 Mar. 10, 1958 3% Mar. 11, 1968 100 Apr. 1,1959 414 Mar. 20,1968 86 A A p p r r . . 1 10 1 , , 1 1 9 9 6 5 0 9 4 45 3 / / s 8 A Ap p r r . . 1 1 0 0 , , 1 1 9 9 6 7 9 0 1 9 5 0 0 J F u e l b y . 1 2 5 , , 1 1 9 9 5 5 9 7 4 4 3 % /8 J M u a l r y . 1 2 5 0 , ,1 1 9 9 6 6 9 9 1 6 0 0 0 Sept. 12, 1960 41/g Sept. 10, 1970 125 Feb. 1,1960 5% Feb. 20,1970 82 A Se u p g t . . 2 1 3 1 , , 1 1 9 96 6 1 0 4 4 1 V /s i A Se u p g t . . 1 1 0 0 , , 1 1 9 9 7 7 1 1 1 7 0 5 0 J F a e n b . . 1 5 4 , , 1 1 9 9 6 5 0 8 5 3 M i/2 ; J A u p l r y . 20 1 , , 1 1 9 9 7 7 0 0 8 8 3 5 Feb. 10, 1960 5Vs Feb. 10, 1972 100 May 1,1956 3% May 1,1971 60 D Ju e n c e . 1 1 1 2 , , 1 1 9 9 6 6 1 1 4 4 3 V /g 4 J Ju u n n e e 1 12 2 , , 1 1 9 97 7 3 2 1 15 0 0 0 S Fe e b p . t . 2 1 0 4 , , 1 1 9 9 6 5 2 6 3 4 7 % /8 F Se e p b t . . 2 1 0 5 , ,1 1 9 9 7 7 2 4 1 1 0 5 9 5 Feb. 13, 1962 41/2 Feb. 10, 1977 200 Tennessee Valley Authority Banks for cooperatives Bonds: Debentures: Nov. 15, 1960 4.40 Nov. 15, 1985 50 Aug. 1,1962 33/8 Feb. 4, 1963 188 July 1, 1961 45/s July 1, 1986 50 Oct. 1,1962 3.15 Apr. 1, 1963 158 Feb. 1, 1962 414 Feb. 1, 1987 45 Dec. 3,1962 3.05 June 3, 1963 159 NOTE.—These securities are not guaranteed by the U. S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 CREDIT AGENCIES; SECURITY ISSUES MARCH 1963 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Banks Federal Federal Association for intermediate land (secondary market cooperatives credit banks banks Assets Liabilities and capital operations) End of period Liabiliv m a b A n t e e o d m c r - s e - s I m nv e e n s t t s - p C a o d a n s e s d i - h ts B n a o o n n t d e d s s M po b d e s e e m i - r ts - C s a to p c it k al A m l s g o s a o a e g r n t e t s s - — d t n t i e a u e o b n r s t e e — d e n s s - A c a o l s o t o s i t a e v o p n t e e s s s r — - L d t t i i e u a e b r b s e e — i n s li - - A c l s o o a d s u n a i e s n n d t - s t s s — L d t t i i e u a e b r b s e e — i n s li - - A m s g l s o a o e a g r t n t e s - s — L b t i i o a e n b s— d il s i- 1955 1,417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1,228 ],027 62 963 683 607 628 ""266' 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1.315 454 222 932 886 1,919 1,599 1958 1,298 999 75 714 819 769 1.323 1,100 510 252 1,157 1,116 2,089 1,743 1959 2,134 .093 103 1,774 589 866 1,967 1.640 622 364 1,391 1,356 2,360 1,986 1960 1,981 .233 90 1.266 938 989 2.788 2.523 649 407 1,501 1,454 2,564 2,210 1961 2,662 ,153 159 1.571 1,180 ],107 2,770 2.453 697 435 1,650 1,585 2,828 2,431 1962—Jan.. . 2,320 1,481 66 1.656 996 ,110 2.859 2,602 716 435 1,652 1,569 2,848 2,431 Feb... 2,228 1,379 63 1,443 1,008 ,111 2.926 2.633 730 452 1,703 1,602 2,868 2,495 Mar.. 2,151 ,691 59 1,567 1,109 .112 2.919 2.658 728 452 1,765 1,644 2,899 2,495 Apr... 2,323 .435 61 1,498 1,096 ; ii3 2.853 2.612 719 441 1,843 1,718 2,922 2,495 May.. 2,429 ,407 60 1,564 1,107 ,114 2.817 2.566 694 441 1,923 1,781 2,948 2,550 June.. 2,767 .335 114 1,797 1,192 ,116 2,774 2.557 692 430 1,998 1,855 2,968 2,550 July. . 2,860 ,384 67 2.108 976 .117 2.743 2.435 704 430 2,047 1,926 2,986 2,550 Aug.. 2,948 ,420 58 2.233 954 ,118 2.750 2.458 680 482 2,049 1,952 3,003 2,596 Sept. . 3,046 ,363 75 2,257 984 ,118 2,752 2.481 690 475 2,007 1,930 3,021 2,596 Oct... 3,091 .800 79 2,707 1,016 ,120 2,765 2,492 738 480 1,896 1,842 3,031 2,628 Nov.. 3,068 1,848 75 2,707 1,028 ,121 2.768 2.479 746 480 1,822 1,774 3,037 2,628 Dec... 3,479 ,531 173 2,707 1,214 ,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Jan.. . 2,802 .876 87 2,348 1,155 ,128 2.708 2,370 111 505 1,858 1,729 3,069 2,628 NOTE.—Data from Federal Home Loan Bank Board, Federal National home loan banks, bonds held within the System), and are not guaranteed Mortgage Association, and Farm Credit Administration. Among the by the U. S. Govt.; for a listing of these securities, see preceding page. omitted balance sheet items are capital accounts of all agencies, except Loans are gross of valuation reserves and represent cost for Federal for stock of home loan banks. Bonds, debentures, and notes are valued National Mortgage Association and unpaid principal for other agencies. at par. They include only publicly offered securities (excluding, for the 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 amount Period deliv- Total g G a o e t b a i n o l l e i n - r s - R n e u v e e- PHA 1 lo G U a o . n v S s t . . 2 State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other 4 ered 5 Total c E a d ti u o - n R br a o i n d a d g d e s s i U tie t s il - 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 I954 6 969 3 380 3 205 r375 9 2 047 1 463 3 459 6 789 1 432 2 136 1 270 456 162 1 333 1955 5 976 r3'742 1 730 c502 2 1 408 1 097 3 472 5 911 1 516 1 362 881 570 169 1956 5,446 3'577 1,626 199 44 800 983 3,664 5,383 1,455 698 ,399 258 110 ,464 1957 »6 925 4 792 1 967 66 99 1,489 1,272 4,163 6J568 6,874 2,524 1,036 ,516 113 333 352 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 ,412 251 339 ,657 1959 7,695 4:778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 ,989 402 355 1,683 1960 . 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 QflQ 1961—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 562 250 200 106 6 62 184 317 640 543 127 33 151 io6 126 Sept r439 343 r74 23 60 r58 r322 r559 r426 r 174 31 85 7 r 128 Oct r655 r 374 r266 15 150 r236 r269 r415 r640 r207 12 r 136 r285 Nov.. . . 605 403 191 12 121 197 288 639 577 213 97 149 2 114 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Excludes U. S. Govt. loans. Based on date of delivery to purchaser requiring the Public Housing Administration to make annual contributions (and payment to issuer), which occurs after date of sale. to the local authority. 6 Water, sewer, and other utilities. 2 Beginning with 1957, coverage is considerably broader than earlier. 7 Includes urban redevelopment loans. 3 Classifications before 1957 as to use of proceeds and type of issuer 8 Beginning with 1957 this figure differs from that shown on the followare based principally on issues of $500,000 or more; smaller issues not ing page, which is based on Bond Buyer data. The principal difference classified. As a result some categories, particularly education, are under- is in the treatment of U. S. Govt. loans. stated relative to later data. 4 Municipalities, counties, townships, school districts, and before 1957 NOTE.—Beginning with 1957, Investment Bankers Assn. data; par small unclassified issues. amounts of long-term issues. Based on date of sale unless otherwise indicated. Before 1957, based on Bond Buyer data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 SECURITY ISSUES 367 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues l 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 Re- Period tire- Bonds Stock ment Total G U o . v S t . .: 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 Total Total o P f l f i u e c b r l e y - d p v l P a a t r c e i- e ly d fe P r r r e e - d Corn- Total Total m N on ew ey6 O p p o t u h s r e e - s r s ri e o t c i f e u s - 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 7 6,958 557 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 1,052 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 1962. 29,975 8,590 1,188 8,558 869 10,770 9,016 4,487 4,529 436 1,318 10,572 9,814 8,323 1,491 151 1961—Dec. 2,094 341 654 1,094 784 217 567 26 284 1,071 1,000 930 70 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.. 4,07f 1,506 461 877 14 1,217 881 654 227 120 216 1,185 1,113 1,033 80 72 May. 2,14! 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.. ••2,150 359 646 '169 '976 '853 '539 '314 49 '74 '961 '835 '727 '108 '126 Nov. '1,821 327 595 '115 '784 '73: '286 '446 24 28 '776 '703 r494 '209 '73 Dec. 2,14!" 29: 547 111 1,197 1,07: 264 808 59 65 1,184 1,103 923 180 81 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 a s nd 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 capital 8 secu- capital8 secu- capital8 secu- capital» secu- capital8 secu- capital8 securities rities rities rities rities rities 1955 2,397 533 769 51 544 338 2,254 174 ,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 ,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 ,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 ,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 ,036 1 2,401 71 1961 3.708 306 1,095 46 680 26 2,892 104 ,427 378 2,176 36 1962 3,020 204 832 29 551 30 2,357 445 ,281 10 1,773 39 1961—Dec 306 18 151 32 168 40 42 174 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 10 384 67 103 28 377 88 134 1 M^y! 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.. '153 no '40 '20 141 108 '260 '222 Nov. '271 '40 '35 15 '175 '50 '4 '178 Dec. 345 '3 104 90 13 252 25 54 257 31 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. * Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 SECURITY ISSUES MARCH 1963 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All types Bonds and notes Common and preferred stock Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change Invest- Invest- Investment Other ment Other ment Other cos.1 cos.i cos.1 1957 14,350 3,609 10,741 9,638 2,584 7,053 1,391 3,321 406 618 985 2,703 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 1960 12,958 4,760 8,198 8,044 3,010 5,034 2,272 2.642 869 882 1,403 1,761 1961 16,745 6,967 9,778 9,205 4,090 5,114 3,279 4,261 1,181 1,696 2,098 2,566 1961—m 3 594 1,750 1,844 2,011 1,213 798 868 714 254 283 614 432 IV 4,338 1,991 2,347 2,432 852 1,581 867 1,039 263 877 604 162 1962—1 3,226 1,406 1,820 1,668 730 938 966 592 282 394 684 198 II 4,097 1,633 2,463 2,606 793 1,813 811 680 485 355 326 325 III 2,744 1,634 1,110 1,816 1,082 734 500 428 235 317 265 111 Typeo issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 4 Period Bonds Bonds Bonds Bonds Bonds Bonds and Stock and Stock and Stock and Stock and Stock and Stock notes notes notes notes notes notes 1957 1 779 1,391 169 24 289 2,585 815 1,236 198 995 1 259 1958 2,191 -61 417 9 413 -93 2,133 1,027 494 1,070 206 1,656 1959 316 425 217 158 335 2 1,738 1,028 475 443 994 1,866 1960 487 440 248 19 167 -35 1,690 626 871 380 1,569 1,735 1961 1,938 318 505 -432 63 -1 1,655 700 148 1,472 805 2,604 1961 III 562 28 65 69 -32 271 151 -177 106 110 692 IV 377 64 259 -500 12 -2 628 152 119 150 186 903 1962—I . ... 193 28 79 -122 -56 -1 201 51 434 82 86 844 II 605 -189 147 -25 -18 -9 698 233 191 85 191 558 in 291 -159 8 11 -27 -12 87 134 244 100 132 302 1 Open-end and closed-end cos. exclude foreign and include offerings of open-end investment companies, 2 Extractive and commercial and misc. cos. sales of securities held by affiliated companies or RFC, special offerings 3 Railroad and other transportation cos. to employees, and also new stock issues and cash proceeds connected 4 Includes investment companies. with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with NOTE.—Securities and Exchange Commission estimates of cash trans- proceeds of issues for that purpose shown on p. 367. actions only. As contrasted with data shown on p. 367, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales Re t d io e n m s p- s N a e le t s Total i po C si a t s i h on 2 Other Sales Re t d io e n m s p- s N al e e t s Total i po C si a ti s o h n 2 Other 1952 783 196 587 3,931 n.a. n.a. 1962—Jan... 362 100 262 22,281 1,108 21,173 1953 672 239 433 4,146 n.a. n.a. Feb... 271 83 188 22,955 1,225 21,730 1954 863 400 463 6,110 309 5,801 Mar.. 289 99 190 23,048 1,284 21,764 Apr... 260 91 169 21,811 1,207 20,604 1955 1,207 443 765 7,838 438 7,400 May.. 292 122 171 19,947 1,106 18,841 1956 1,347 433 914 9,046 492 8,554 June.. 219 107 112 18,436 1,019 17,417 1957 1,391 406 984 8,714 523 8,191 July... 207 74 133 19,384 1,205 18,179 1958 1,620 511 1,109 13,242 634 12,608 Aug... 155 79 76 20,124 1,382 18,742 1959 2,280 786 1,494 15,818 860 14,958 Sept.. 134 83 51 19,088 1,334 17,754 Oct... 157 92 65 19,215 ,298 17,917 1960 2,097 842 1,255 17,026 973 16,053 Nov.. 163 89 74 21,088 1,324 19,764 1961 2,951 1,160 1,791 22,789 980 21,809 Dec... 191 105 87 21,271 1,315 19,956 1962 2,699 1,123 1,576 21,271 1,315 19,956 1963—Jan... 235 116 118 22,447 1,336 21,111 1 Market value at end of period less current liabilities. NOTE.—Investment Company Institute data based on reports of mem- 2 Cash and deposits, receivables, all U. S. Gov't. securities, other bers, which comprise substantially all open-end investment companies short-term debt securities less current liabilities. registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 BUSINESS FINANCE 369 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1961 1962 Industry 1957 1958 1959 1960 1961 II III IV II III Manufacturing Total (180 corps.): Sales 114,229105,134 423123,126122,632 28,651 31,233 29,541 33,207 33,291 34,602 31,986 Profits before taxes 13,349 10,466 090 13,463 13,293 2,693 3,478 2,961 4,161 3,908 4,096 3,241 Profits after taxes 7,177 5,714 440 7,121 7,180 1,436 1,838 1,618 2,288 2,033 2,096 1,710 Dividends 4,192 4,078 342 4,464 4,710 1,103 1,111 1,117 1,380 1,154 1,158 1,163 Nondurable goods industries (79 corps.): * Sales 41,704 41,541 442 47,277 49,226 11,831 12,133 12,205 13,056 12,793 12,984 12,999 Profits before taxes 5,010 4,402 648 5,570 5,659 1,324 1,385 1,406 1,545 1,461 1,501 1,515 Profits after taxes 2,944 2,574 210 3,210 3,246 757 772 796 921 816 815 835 Dividends 1,776 1,785 912 1,953 2,036 486 486 488 577 512 513 516 Durable goods industries (101 corps.):2 Sales 72,525 63,593 981 75,849 73,406 16,820 19,100 17,336 20,151 20,499 21,619 18,987 Profits before taxes 8,339 6,065 442 7,893 7,634 1,368 2,094 1,555 2,616 2,447 2,595 1,726 Profits after taxes 4,233 3,140 231 3,911 3,935 679 1,066 822 1,367 1,217 1,282 874 Dividends 2,416 2,294 430 2,510 2,674 618 625 629 803 642 644 647 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 Profits before taxes 1,024 1,152 1,274 1,328 1,424 319 360 379 365 336 355 379 Profits after taxes 497 555 604 631 672 150 170 179 174 160 167 181 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 12,788 2,979 3,250 3,210 3,348 3,372 3,567 3,467 Profits before taxes 1,823 1,538 2,187 2,010 2,015 438 514 499 564 545 586 571 Profits after taxes 948 829 1,131 1,061 1,063 229 267 260 306 279 297 294 Dividends 737 717 799 795 843 193 189 191 270 198 196 199 Petroleum refining (16 corps.): Sales 13,463 12,838 13,372 13,815 14,409 3,488 3,398 3,424 4,100 3,771 3,612 3,730 Profits before taxes 1,325 919 1,187 1,267 1,255 354 270 292 339 343 300 336 Profits after taxes 1,075 791 969 1,026 1,011 272 214 243 283 262 227 251 Dividends 512 516 518 521 528 129 134 131 133 139 142 141 Primary metals and products (35 corps.): Sales 22,468 19,226 21,035 20,898 20,155 4,396 5,189 5.235 5,335 5,733 5,535 4,978 Profits before taxes 2,977 2,182 2,331 2,215 2,020 309 560 550 602 620 505 367 Profits after taxes 1,540 1,154 1,222 1,170 1,090 166 295 299 329 320 269 194 Dividends 873 802 831 840 844 207 208 208 221 209 210 209 Machinery (25 corps.): Sales 15,115 14,685 17,095 16,826 17,531 4,137 4,367 4,295 4,732 4,537 4.916 4,647 Profits before taxes 1,457 1,463 1,890 1,499 1,675 362 398 384 530 454 490 436 Profits after taxes 729 734 934 763 837 178 202 191 267 225 240 221 Dividends 416 422 448 482 497 121 125 124 128 129 129 132 Automobiles and equipment (14 corps.): Sales 23,453 18,469 22,731 25,738 22,781 5,293 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 1,096 1,253 589 Profits after taxes 1,354 706 1,479 1,527 1,408 223 417 173 596 531 596 287 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 Profits before taxes 1,058 843 845 648 625 27 137 184 278 133 186 172 Profits after taxes 737 602 578 445 382 -12 74 122 200 66 105 125 Dividends 438 419 406 385 356 86 91 67 112 84 91 67 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- Profits before taxes 2,579 2,704 2,983 3,163 3,331 918 767 802 844 1,051 835 887 Profits after taxes 1,413 1,519 1,655 1,793 1,894 523 447 447 477 585 472 488 Dividends 1,069 1,134 1,219 1,307 1,375 343 344 335 353 366 371 356< Telephone: Operating revenue 6,467 6,939 7,572 8,111 8.615 2,090 2,139 2,156 2,230 2,245 2.296 2 300^ Profits before taxes 1,562 1,860 2,153 2,326 2,478 587 614 620 657 648 678 68? Profits after taxes 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. TTeelleepphhoonne.e . DDaattaa oobbttaaiinneedd ffrroomm FFeeddeerraal l CCoommmmuunnicicaatitoionns s CCoommmmiiss-- 2 Includes 27 cos. in groups not shown separately. on on revenues and profits for telephone operations of the Bell System onsolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corps. Data are obtained primarily from published co. reports. Railroads. Interstate Commerce Commission data for Class I line- ing subsidiaries and the 2 affiliates. haul railroads. All series. Profits before taxes are income after all charges and before Electric power. Federal Power Commission data for Class A and B Federal income taxes and dividends. For description of series see electric utilities, except that quarterly figures on operating revenue and June 1949 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

370 BUSINESS FINANCE MARCH 1963 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Memo: Memo: Corporate Corporate Profits In- Profits Cash Undis- capital Profits In- Profits Cash Undis- capital 'ear before come after divi- tributed consump- Quarter before come after divi- tributed consumptaxes taxes taxes dends profits tion taxes taxes taxes dends profits tion allow- allowances ! ances ! 1955 44 9 21 8 23 0 11 2 11 8 18 4 1961—x 39 8 19 4 20 3 14 7 5 6 26 6 1956 44 7 21 2 23 5 12.1 11.3 20.0 II 44.8 21.9 22 9 14 8 8 1 27 3 1957 43.2 20.9 22.3 12.6 9.7 21.8 Ill 46.3 22.6 23.7 14.9 8 7 27 8 1958 37.4 18.6 18.8 12.4 6.4 22.7 IV 51.4 25.1 26.3 15.5 10.8 28 5 1959 47.7 23 2 24.5 13 7 10.8 24 3 196° I 50.1 24.4 25.6 15.8 9.9 28.7 I960 45.4 22.4 23.0 14.4 8.6 25.9 II 50.9 24.9 26.1 15.8 10.3 29.1 1961 45.6 22.3 23.3 15.0 8.3 27.5 Ill 51.1 24.9 26.1 15.8 10 3 29 4 1962 2 50.9 24.8 26.0 15.9 10.1 IV 16.4 29.7 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. 2 Preliminary estimates by Council of Economic Advisers. 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 Govt. Inven- Other Total Federal Other securi- tories income 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 .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 .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 8 103.1 13.5 38.6 1961 III 136.0 294.9 36.0 18.6 3.2 131.5 93.5 12.1 159.0 ,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 .8 109.5 14.1 40.3 1962—1 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 .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 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 1 Receivables from, and payables to, the U. S. Govt. exclude NOTE.—Securities and Exchange Commission estimates; excludes amounts offset against each other on corps, books. banks, savings and loan associations, and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Non- Mining u P t u il b it l i i e c s n C i o c m ati m on u s - Other 1 a ( n S n . u A a . l Durable durable Railroad Other rate) 1955 28.70 5.44 6.00 .96 .92 1.60 4.31 1.98 7.49 1956 35 08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 . • • 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 19622r 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 2 39 10 7.78 7.90 1.01 .96 1.84 5.66 13.94 1961 III 8.65 1.50 1.84 .25 .16 .47 1.50 .78 2.16 34.70 IV 9.54 1.79 2.09 .26 .16 .50 .54 .88 2.32 35.40 1962 I 8.02 1.44 1.69 .26 .16 .47 1.06 .88 2.06 35.70 II 9.50 1.77 1.92 .27 .26 .60 .37 .93 2.37 36.95 Ill 9.62 .79 1.93 .28 .24 .50 .54 .87 2.48 38.35 IVr 10.18 L03 2.10 .27 .20 .50 .52 .95 2.60 37.95 1963 I2r 8.48 [.65 1.72 .23 .22 .36 1.07 3.22 37.95 112 9.89 1.86 2.04 .27 .30 .51 1.42 3.49 38.65 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

371 MARCH 1963 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties ^onfarm Farm Other Multifamily and holders 2 1- to 4-family houses commercial properties 3 End of period All Fi c n ia a l n- All All Fi c n ia a l n- Other ho er l s d- tu i t n i s o t n i- s ! U a c g i . e e S n s . - v o I i a t d n h n u d e d a i r - l s s ho er l s d- Total tu F i t n i i n o s a t n i n s - . ^ O h e o t r h l s d e - r Total tu F i t n i i n s o a t n i n - s . * O h e o t r h ld s e - r h e o r ld s - tu i t n i s o t n i- s * holders* 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 1 1 9 9 5 5 8 7 1 1 7 5 1 6 . . 9 6 1 1 3 1 1 9 . . 5 7 7 7 . . 8 5 2 3 9 2. . 7 4 1 1 6 4 0 6 . . 7 1 1 1 0 1 7 7 . . 6 7 9 8 8 9 . . 5 9 1 1 7 9 . . 7 2 4 3 3 8 . . 0 5 2 2 5 8 . . 8 8 1 14 2 . . 2 7 1 1 0 1 . . 5 3 4 4 . . 2 0 6 7. . 1 5 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 1960—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—1* 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 II* 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 8.9 220.1 168.4 11.4 40.3 206.1 149.6 125.8 23.8 56.5 37.7 18.9 14.0 4.9 9.1 IV* 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—1* 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 9.4 236.8 181.6 12.1 43.2 221.9 160.1 135.0 25.1 61.8 41.3 20.4 14.9 5.3 9.7 Ill* 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) Commerciai bank holdings l Mutual savings bank holdings2 Residential Residential End of period Total FHA- VA- Con- non- Farm Total FHA- VA- Con- O n t o h n e - r Farm Total in- guar- ven- farm Total in- guar- yen- farm sured anteed tional sured antr«d rional 1941 4,906 3.292 1,048 566 4,812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5 773 5,64* 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 rv 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8.986 8,246 2,575 54 1961—1 28,864 20,281 5,793 2,776 11,712 6,906 1,677 27,447 24,800 7,353 9,111 8.336 2,597 50 n 29,383 20,595 5,820 2,726 12,049 7,072 1,716 28,015 25,318 7,634 9,192 8,492 2,645 51 in 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 rv 30.442 21,225 5 975 2 627 12 623 7,470 1,747 29,145 26 341 8,045 9 267 9,028 2 753 51 1962—1 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 22,049 6,195 2,593 13,260 8,218 1,927 30,638 27,632 8,662 9,502 9,469 2,954 51 HI 33,268 22,662 6,214 2,617 13,831 8,628 1,978 31,504 28,484 8,984 9,647 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 States 2 Data for 1941 and 1945, except for totals, are special F. R. estimates. and possessions; first and third quarters, estimates based on FDIC data 3 Reflects a $40 million reclassification of loans from commercial for insured banks beginning in 1962. For earlier years the basis for and industrial to real estate by 1 bank. first and third quarter estimates included F. R. commercial bank call data and data from National Assn. of Mutual Savings Banks. NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 REAL ESTATE CREDIT MARCH 1963 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A a ee r - d - Other i Farm *• Total Total in F s H ur A e - d a g n V u t A a ee r - d - Other Farm 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 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 C552 44,203 41,033 9,665 6,553 24,815 3,170 1962P 7,476 6,854 1,397 458 4,999 622 46,980 43,582 10,257 6,394 26,931 3,398 1961—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 Fob 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 Dec 1,016 952 148 49 755 64 46,980 43,582 10,257 6,394 26,931 3,398 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 t o ru n c - - c p h u a r s - e Total 2 su in r - ed a g n u t a ee r d - ti v o e n n a - l 2 S.A.2 N.S.A. in lo g a s 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 I 379 437 581 4,578 1941 4,732 1,490 404 1,165 218 1945 cm 181 1 358 5 376 1945 5,650 2,017 250 1,097 in 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1956 27,088 9,532 1,799 5,458 J.R24 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 I960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 I960 29,341 12,158 1,318 4,520 1,557 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1961 31,157 13,662 1.160 4.997 1,741 1962 20.754 5,979 8,524 78,973 4,480 7,022 67,471 1962 QS7 1962 1961 34,187 15,144 1,212 5,851 Jan 1,323 353 550 69,363 4,203 7,160 58,000 Dec 2,763 156 Feb [,303 362 509 69,964 4,240 7,158 58,566 Mar ,611 464 633 70,766 4,276 7,169 59,321 1962 2,579 1,132 96 399 Apr j661 512 635 71,608 4,311 7,120 60,177 Mav ,857 584 739 72,585 4,333 7,133 61,119 2,696 138 572 823 73,631 4,355 7,120 62,156 Feb 2,682 2,238 971 79 374 114 July ,839 515 796 74,511 4,378 7,105 63,028 Mar 2,670 22,,465297 11,,014712 9808 444020 120 Aug 1,036 540 920 75,527 4,399 7,097 64,031 Apr 2,745 2,704 1,210 89 482 131 Sept ,731 495 746 76,371 4,414 7,086 64,871 May 2,836 2,983 1,350 100 534 154 Oct 1,953 543 823 77,333 4,425 7,081 65,827 2,891 3,075 1,391 107 542 177 Nov 1,750 505 708 78,137 4,459 7,069 66,609 July 2,973 3,134 1,382 107 549 201 Dec 1,755 534 643 78,973 4,480 7,022 67,471 2,933 3,333 1,501 123 563 201 Seot 2,929 2,861 1,285 104 476 183 1963 Oct 2,925 3,208 1,403 116 554 191 Nov ... 2,939 2,883 1,270 105 490 178 Jan.P 1,603 443 623 79,648 4,502 6,951 68,195 Dec 2,682 1,168 103 444 168 * Includes loans for repair, additions and alterations, refinancing, etc. * Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 REAL ESTATE CREDIT 373 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 N M ew ortga i g s E e ti x s n - g e P c r t o s j - i p P r e i r o m r o t v y p - e - - Total 3 N M ew ortga i g s E e ti x s n - g 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 homes homes ments 2 homes homes 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 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 1962* 168.7 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 I960—IV 141.3 56.4 26.7 29.7 84.8 1962—Jan 617 179 301 74 63 227 127 99 Feb 474 150 248 26 50 175 95 80 1961—1 143.2 57.1 27.4 29.7 86.1 Mar 541 157 261 70 53 205 115 90 n 146.3 57.8 28.0 29.8 88.6 Apr 515 132 240 88 56 182 99 83 Ill 149.6 58.7 28.8 29.9 90.9 May 560 140 263 87 70 184 96 88 IV* 153.0 59.1 29.5 29.6 93.9 June 643 137 267 143 96 207 108 99 July 678 144 289 164 81 219 109 110 1962—I* 155.9 59.9 30.3 29.6 95.9 Aug 670 157 308 130 75 247 120 127 II* 160.1 60.4 30.9 29.5 99.7 Sept 576 144 287 62 83 231 114 117 Ill* 164.3 61.0 31.5 29.5 103.3 Oct 673 193 353 54 72 285 136 149 IV* 168.7 Nov 649 172 321 86 70 254 124 129 Dec 589 145 284 95 65 236 115 121 NOTE.—For total debt outstanding, figures are 1963—Jan 618 179 324 60 54 254 123 131 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 holdings tr M an o s r a t c g t a i g o e ns Com- Advances outstanding (during mit- (end of period) E pe n r d i o o d f FHA- VA- period) m u e n n - 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 Total su in re - d a g n u te a e r- d c P ha u s r e - s Sales bu d r i s s- ed Total t S e h rm or t * - t L e o rm ng 2 - 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 1957 3,974 1,237 2,737 1,096 3 764 1956 745 934 1,228 798 430 683 1958 3,901 1,483 2,418 623 482 1,541 1957 1,116 1,079 1,265 731 534 653 1959 5,531 2,546 2,985 1,907 5 568 1958 1,364 1,331 1,298 685 613 819 1959 2,067 1,231 2,134 1,192 942 589 I960 6.159 3,356 2,803 1,248 357 576 1961 6,093 3,490 2,603 815 541 631 1960 1,943 2,097 1,981 1,089 892 938 1962 5,923 3,571 2,353 740 498 355 1961 2,882 2,200 2,662 1,447 1,216 1,180 1962 4,111 3,294 3,479 2,005 1,474 1,213 1962—Jan 6,186 3,566 2,620 124 1 637 Feb 6,248 3,618 2,630 102 7 605 1962—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 12 429 Sept. 279 180 3,046 1,835 1,211 984 Oct 5,944 3,555 2,389 39 11 431 Oct.. 383 338 3,091 .876 1,215 1,016 Nov 5,949 3,575 2,374 57 19 366 Nov. 252 275 3,068 .821 ,246 1,028 Dec 5,923 3,571 2,353 26 18 355 Dec. 611 200 3,479 >,005 1,474 1,213 1963—Jan 5,853 3,552 2,300 34 66 336 1963—Jan.. 249 926 2,802 ,669 [,134 1,155 Feb.. 178 370 2,611 1,534 1,077 1,213 NOTE.—Federal National Mortgage Association data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage 1 Secured or unsecured loans maturing in 1 year or less. Company, the Defense Homes Corporation, the Public Housing Admin- 2 Secured loans, amortized quarterly, having maturities of more than istration and Community Facilities Administration. 1 year but not more than 10 years. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 CONSUMER CREDIT MARCH 1963 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g O p n o a s t o p u h d e m e r r s er e a r n R l n o d e i a z p m n a a s t o i i r o l d n - Pe lo rs a o n n s al Total p S a l i o y n a m g n l e e s n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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 1960 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 1962 '63,458 r48,243 '19.384 12,855 3,290 12,714 15,215 5,579 5,642 3,994 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 Aug. 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.. 60,626 46,722 19,083 11,986 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 Dec. r63,458 r48,243 r19,384 12,855 3,290 12,714 15,215 5,579 5,642 3,994 1963—Jan.. 62,741 48,143 19,426 12,732 3,250 12,735 14,598 5,511 5,046 4,041 * 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) ]Financial insitutions Retail outlets End of period Total Total m C b e a o r n m c k ia - s l fi S n c a o a s l n e . s ce u C n r i e o d n it s f s in u C a m o n n e c - r e * Other i Total D st m e o p r e e a n s r t t 2 - F st t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m A ea o u l b e to r il 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 1956 31,720 26,977 11,777 9,117 2,014 2,940 1.129 4,743 1,408 1.187 377 502 K269 1957 33,867 29,200 12,843 9,609 2,429 3,124 ,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 ,407 5,676 2,292 ,225 310 481 [,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,462 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 1,058 293 342 1,481 1962 r48,243 r41,807 18,909 r12,194 4,973 4,131 [,600 6,436 3,013 [,073 279 284 ,787 1962—Jan 43,265 38,002 16,964 11,468 4,283 3,782 1,505 5,263 2,158 [,036 287 339 ,443 Feb 43,074 37,904 16,967 11,361 4,288 3,783 ,505 5,170 2,153 [.018 283 336 ,380 Mar 43,211 37,995 17,062 11,283 4,333 3,795 ,522 5,216 2,227 998 278 330 1,383 Apr 43,837 38,497 17,366 11,359 4,426 3,826 1,520 5,340 2,339 991 275 320 ,413 May 44,495 39,032 17,686 11,440 4,520 3,836 ,550 5,463 2,430 991 274 310 [,451 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 46,204 40,537 18,427 11,796 4,783 3,948 5,667 2,609 999 275 296 ,488 Sept 46,310 40,597 18,443 11,787 4,814 3,969 1,584 5,713 2,675 998 273 299 ,468 Oct 46,722 40,896 18,613 11,860 4,874 3,974 ,575 5,826 2,737 1,002 273 298 ,516 Nov 47,274 41,285 18,765 11,986 4,928 4,009 1597 5,989 2,835 1,019 274 292 .569 Dec r48,243 r41,807 18,909 r12,194 4,973 4,131 .600 6,436 3,013 1,073 279 284 .787 1963 Jan 48,143 42,340 18,981 12,704 4,939 4,134 1,582 5,803 2,468 1,049 275 272 1,739 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. * Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 CONSUMER CREDIT 375 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total P A u u r- t p o a m pe o D r b i i r l e e ct s O g p c u o a o t m o p h n d e e e - r r s r R e m r t a e n i o n p o iz d d a n a - ir - s l P o o e a n r n a - s l End of period Total m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r 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- s l P o o e a n r n a - s l chased loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 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 I960 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 1962 r12,194 '7,449 3,123 170 1,452 1962 18,909 6,181 3.393 2,811 2,238 4,286 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 [,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 11,570 7,122 2,997 168 1,283 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 11,796 7,327 2,969 171 1,329 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 Dec r12,194 r7,449 3,123 170 I 452 Dec 18,909 6,181 3,393 2,811 2,238 4,286 1963 Jan 12,704 7,471 3,603 167 1,463 1963—Jan 18,981 6,194 3,427 2,832 2,213 4,315 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 c 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 n e l i n - r - ss m p t D o a e r e r e n - t- s t 1 o O r u e t t t h l a e e i t l r s C ca re 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 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1,178 518 1957 6,748 ,114 588 490 4,555 1941 3,087 693 152 275 1 370 597 1958 7,035 ,152 565 595 4,723 1945 3,203 674 72 290 1 322 845 1959 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3 842 260 2 366 I960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3 953 317 2 593 1961 9,654 ,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2*800 1962 10,704 2,077 769 882 6,976 1959 12,297 3,582 547 958 3 753 393 3 064 1962 Jan 9,570 1,798 733 819 6,220 I960 13,196 3,884 623 941 3,952 436 3 360 Feb 9,576 1,801 729 814 6,232 1961 14,151 4,413 723 948 3 907 469 3 691 Mar 9,650 1,824 731 818 6,277 1962 15,215 4 704 875 927 4 203 512 3 994 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 10,045 1,934 746 844 6,521 Feb... 13,019 4,294 694 635 3,085 472 3,839 July 10,145 .962 749 849 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 Scot 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 47* 3,876 Nov. 10,534 2,058 760 881 6,835 July... 13,714 4,662 740 569 3,388 500 3,855 Dec 10,704 2,077 769 882 6,976 Aug... 13,799 4,657 812 570 3,394 527 3,839 Sept... 13,816 4,666 815 614 3,353 528 3,840 1963—Jan 10,655 2,062 766 870 6,957 Oct... 13,904 4,662 780 638 3,507 518 3,799 Nov... 14,199 4,680 846 688 3,629 508 3,848 Dec... 15,215 4,704 875 927 4,203 512 3,994 NOTE.—Institutions represented are consumer finance cos., credit unions, industrial loan cos., mutual savings banks, savings and loan 1963—Jan.... 14,598 4,680 831 763 3,759 524 4,041 , and other lending institutions holding consumer instalment loans. See NOTE to first table on previous page. 1 Includes map-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

376 CONSUMER CREDIT MARCH 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 i t r i o a n n d loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 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 1962 r55,395 r 19,515 16,129 2,113 17,638 1962—Jan 4,327 3,878 1.504 1,355 J.280 1,116 171 126 1.372 1.281 Feb 4,356 3,611 ,546 1,318 ,276 166 126 1,368 ,194 Mar 4,499 4,392 ,582 1,616 ,328 1,196 174 160 1,415 1,420 Apr 4,659 4,737 1,675 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 4,623 4,923 1,621 1,810 1,344 1,384 187 201 1,471 1,528 July 4,669 4,720 ,631 1,751 1,368 1,290 189 199 1,481 11,480 4,619 4,862 1,602 1,731 1,325 1,345 179 209 1,513 1,577 Sent 4,491 4,098 1,505 1,309 1,308 1,255 170 176 [,508 1,358 Oct 4,682 4,913 1,685 1,816 1,335 1,432 169 191 1,493 1,474 Nov 4,961 4,932 ,797 1,701 ,425 1,499 168 177 [,571 ,555 Dec M,829 r 5,379 r 6R4 r 1,539 46Q <m 172 151 1.504 752 1963—Jan 4,893 4,381 1,743 1,570 1,436 1,243 176 130 1,538 1,438 Repayments 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 1960 45,972 16,384 13,574 1,883 .,... 14,130 1961 47,700 16,472 14,246 2,015 14,967 1962 r50,679 r 17,354 15,131 2,014 16,180 1962—Jan 4,048 4,140 1.401 1.423 1.190 1.253 165 166 1.292 1.298 Feb 4,084 3,802 1,390 1,282 1,236 1,197 167 154 1,291 1,169 Mar 4,121 4,255 1,415 1,459 1,231 1,285 168 170 1,307 1,341 Apr 4,166 4,111 1,435 1,409 1,247 1,228 168 166 1 316 1,308 May 4,211 4,292 1,447 1,476 1,260 1,283 173 175 1,331 1,358 June 4,202 4,210 1,433 1,432 1,260 1,256 170 170 1,339 1,352 July 4,283 4,278 1,456 1,481 1,296 1,262 170 173 1,361 1,362 4,261 4,308 1,446 1,478 1,281 1,275 172 175 1,362 1,380 Seot 4,289 3,992 (.440 1,361 1,298 1,218 169 159 I 382 1,254 Oct 4,298 4,501 1.491 1.614 1,261 1.307 165 179 1,381 1,401 Nov 4,380 4,380 1.490 ,477 1,302 1,299 163 164 1,425 [,440 Dec r4 371 r4,410 r1,513 .462 .293 1,268 171 163 1 1Q4 •517 1963—Jan 4,376 4,481 1,504 1,528 1,294 1,366 169 170 1,409 1.417 Net change in credit outstanding 2 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 53 777 1962 r4 716 r2 161 998 99 1,458 1962—Jan 279 -262 103 -68 90 -137 6 -40 80 — 17 Feb 272 -191 156 36 40 —224 -28 77 25 Mar.. 378 137 167 157 97 -89 6 -10 108 79 493 626 240 323 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 384 412 194 202 74 125 4 12 112 73 Nov 581 552 307 224 123 200 5 13 146 115 Dec M58 '969 M71 r77 176 669 1 -12 110 235 1963 Jan 517 -100 239 42 142 -123 7 -40 129 21 1 Includes adjustment for difference in trading days. sales of instalment paper, and certain other transactions may increase 2 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. NOTE.—Estimates are based on accounting records and often include financing charges. Renewals and refinancing of loans, purchases and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 CONSUMER CREDIT 377 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a i n n i a e n s ce Ot i h n e s r t itu fi t n i a o n n c s ial Retail outlets Period S.A.1 N.S.A. S.A.I N.S.A. S.A.I N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 14,463 9,619 9,148 6,638 1 1 9 9 5 5 7 8 4 4 2 0 , , 0 1 1 1 6 9 1 1 5 4 , , 3 8 5 6 5 0 1 9 0 , , 0 2 4 5 3 0 9 9 , , 9 6 1 5 5 4 • • • • • • • • •' 6 6 , , 4 5 9 6 5 3 1959 48,052 17,976 11,196 10,940 7,940 I960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962 '55,395 20,360 '12,124 13,623 9,288 1962—Jan 4,327 3,878 1.575 1.498 977 884 J.055 942 720 554 Fcb 4,356 3,611 ,642 ,418 955 788 ,054 913 705 492 Mar 4,499 4,392 ,637 ,648 955 937 ,112 ,116 795 691 Apr 4,659 4,737 ,726 ,816 1,010 1,008 1,149 1,154 774 759 May 4,650 4,950 ,710 ,881 1,007 1,059 ,150 1,205 783 805 4,623 4,923 ,720 ,862 992 1,081 ,139 1,194 772 786 July 4,669 4,720 ,708 ,789 984 1,069 ,146 ,152 831 710 4,619 4,862 ,679 ,773 971 1,068 ,177 1,233 792 788 Sept 4,491 4,098 ,643 ,486 944 863 ,138 1,015 766 734 Oct 4,682 4,913 ,722 ,806 1,021 1,108 ,144 1,136 795 863 Nov 4,961 4,932 ,813 ,701 1,104 1,070 ,208 ,231 836 930 Dec r4,829 r5 379 772 .682 ' 1 189 r IRQ T43 Wl 725 1 176 1963—Jan. 4,893 4,381 1,782 1,698 1,101 993 1,174 1,050 836 640 Repayments 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 1962 '50,679 18,450 '11,434 12,570 8,225 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 1,015 1,018 1,042 617 645 Apr 4,166 4,111 1,514 1,503 952 941 1,042 1,032 658 635 May 4,211 4,292 1,526 1,561 965 978 1,047 1,071 673 682 4,202 4,210 1,526 1,524 960 951 1,038 1,055 678 680 July 4,283 4,278 1,546 1,578 956 957 1,055 1,052 726 691 4,261 4,308 1,555 1,581 932 954 1,054 1,064 720 709 Sept 4,289 3,992 1,562 1,470 936 872 1,062 962 729 688 Oct 4,298 4,501 1 546 1,636 949 1,035 1,071 1,080 732 750 Nov 4,380 4,380 1,579 1,549 937 944 1,105 1,120 759 767 Dec '4,371 '4,410 1,594 1,538 '978 r981 1,060 1,162 739 729 1963—Jan... 4,376 4,481 1,586 1,626 970 959 1,090 1,099 730 797 Net change in credit outstanding 2 1956 2 814 1,176 670 733 235 1957 2,148 1,066 491 665 -75 1958 — 225 — 63 — 765 289 315 1959 5,601 2,447 1,475 986 693 I960 3 588 1 446 1 152 1 051 -61 1961 696 335 -199 578 -20 1962 r4,716 1,901 '921 1,053 841 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 no 123 421 713 194 338 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 384 412 176 170 72 73 73 56 63 113 Nov 581 552 234 152 167 126 103 111 77 163 Dec r458 r969 178 144 '211 '208 83 170 -14 447 1963—Jan 517 -100 196 72 607 510 84 -49 -370 -633 * Includes adjustment for differences in trading days. to eliminate duplication resulting from large transfers of paper. In 2 Net changes in credit outstanding equal extensions less repayments those months the differences between the two for some types of holders except: (1) in 1959, when the differences do not reflect the introduction of do not equal the changes in outstanding credit. Such transfers do not outstanding balances for Alaska and Hawaii, and (2) in certain months affect total instalment credit outstanding. when data for extensions and repayments have been adjusted as necessary See also Note to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 INDUSTRIAL PRODUCTION: S.A. MARCH 1963 MARKET GROUPINGS (1957-59= 100) 1957-59 1961 1962 1963 Grouping pro- averp ti o o r n - age Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.' Dec.r Jan. Total index 100.00 109.8 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.6 119.1 118.9 47.35 111.3 115.7 116.8 118.2 118.5 120.2 120.6 121.7 121.6 122.0 121.5 121.4 121.9 122.6 Consumer goods . . .. 32.31 112.7 116.5 117.3 118.8 119.1 121.1 120.9 121.7 120.9 121.8 120.8 120.7 121.5 122.5 Equipment, including defense.... 15.04 108.3 112.7 115.0 116.1 117.0 118.5 120.1 121.8 123.2 123.2 123.6 123.1 122.8 121.9 Materials 52.65 108.4 113.7 115.5 116.9 117.1 117.0 117.1 117.0 117.7 118.1 117.2 117.8 116.6 116.1 Consumer goods Automotive products 3.21 111.8 127.8 123.7 122.6 129.4 132.8 126.8 135.2 134.1 135.3 135.8 135.4 137.1 136.3 Autos 1.82 108.6 132.8 125.5 123.8 133.9 140.8 129.3 142.4 140.0 141.2 142.1 141.1 142.0 141.3 Auto parts and allied products 1.39 116.0 121.1 121.4 121.0 123.5 122.3 123.6 125.7 126.3 127.5 127.5 128.0 130.7 129.7 Home goods and apparel 10.00 110.5 114.1 116.5 119.0 120.1 121.2 121.7 120.1 118.7 119.8 119.3 118.9 120.2 120.6 Home goods . .. ... 4.59 112.2 118.8 120.4 122.6 124.4 126.0 126.2 122.7 121.2 122.2 121.1 122.1 124.8 126.7 Appliances, TV, and radios 1.81 109.9 114.0 116.0 120.3 123.8 124.2 123.3 118.5 115.2 115.8 116.7 118.1 121.1 121.6 Appliances 1.33 110.7 115.4 114.9 117.7 120.1 120.7 122.9 120.9 119.3 120.7 124.0 127.3 131.0 128.9 TV and home radios .47 107.8 110.1 118.8 127.5 134.2 133.9 124.7 112.0 103.7 102.1 96.1 92.3 93.3 101.2 Furniture and rugs 1.26 112.8 118.5 121.0 121.5 123.8 124.5 126.5 124.3 125.4 127.9 125.8 125.8 125.4 128.8 1.52 114.5 124.8 125.1 126.3 125.6 129.5 129.3 126.2 123.4 125.2 122.3 123.9 128.8 131.1 Apparel, knit goods, and shoes 5.41 109.0 109.1 112.2 113.8 114.2 114.8 115.6 115.4 114.9 116.1 116.1 116.2 116.3 Consumer staples . . • 19.10 114.0 115.8 116.6 118.0 117.1 118.8 119.2 120.3 119.7 120.6 119.1 119.7 120.2 121.1 Processed foods 8.43 110.5 111.3 111.5 113.2 113.6 114.3 112.8 115.9 115.6 115.7 114.0 114.3 114 4 116 0 2.43 109.5 108.4 109.9 113.7 106.9 109.1 109.0 110.9 108.0 111.9 109.5 112.1 111.7 Drugs soap and toiletries .. .. 2.97 120.7 123.6 126.6 127.5 125.8 129.9 131.9 131.5 131.0 132.0 131.6 130.8 132.0 132.1 Newspapers, magazines, and books. 1.47 114.9 116.2 116.9 116.6 115.7 117.4 117.7 117.7 117.0 117.0 116.4 116.4 115.8 114.0 Consumer fuel and lighting 3.67 119.2 124.2 124.3 124.8 125.1 126.9 130.7 128.3 127.0 128.9 128.0 129.0 Fuel oil and gasoline . . 1.20 107.6 110.1 111.1 111.3 110.4 112.3 115.0 111.7 108.4 114.0 112.8 112.0 *ii3l7 *ii3.*6 2.46 124.9 131.1 130.8 131.5 132.3 134.0 138.4 136.4 136.0 136.2 135.5 137.4 Electricity 1.72 125.3 131.7 131.1 131.3 131.6 133.6 139.5 141.4 140.4 139.3 137.6 139.9 Gas . . .74 124.0 Equipment Business equipment 11.63 110.1 113.4 116.3 118.0 119.3 121.2 123.1 124.4 125.6 126.2 126.6 125.9 125.6 124.6 Industrial equipment 6.85 107.4 112.2 113.4 114.2 115.1 116.7 118.5 119.0 119.2 118.9 120.4 120 5 119 9 129 2 Commercial equipment 2.42 127.0 136.3 139.3 141.7 144.0 144.4 144.8 145.6 144.7 144.9 143.8 U4.4 144 2 145.5 Freight and passenger equipment... 1.76 103.4 107.0 109.0 111.6 109.7 111.2 114.9 121.0 124.2 125.2 125.6 124.5 126.7 126.4 Farm equipment .61 93.4 87.8 94.3 99.9 102.6 105.6 110.4 110.4 110.8 116.6 117.3 117.6 123.3 3.41 Materials Durable goods materials . 26.73 104.8 110.8 113.1 115.1 116.2 114.6 113.7 113.8 114.8 114.9 114.0 114.1 113.1 112.7 3.43 107.9 120.5 119.2 124.1 134.7 134.5 127.0 134.2 130.6 129.7 127.6 126.9 128 5 127 5 7.84 105.7 113.1 114.5 116.9 120.3 119.5 120.8 119.3 119.2 121.3 121.0 120.4 120.3 121 5 Construction . 9.17 105.2 103.0 107.3 109.9 110.7 111.4 111.8 112.1 112.6 113 3 111.2 111 3 108 6 107 7 Metal materials nee 6.29 101.2 116.9 120.1 118.1 114.6 104.5 99.4 96.4 98.5 98.5 99.1 102.3 102.9 104.7 Nondurable materials 25.92 112.1 116.6 117.8 118.6 117.9 119.3 120.5 120.3 120.7 121.5 120.5 122.3 121 1 119 6 Business suoolies 9.11 110.5 113.1 115.0 115.8 114.1 116.1 116.9 116.1 116.5 118.1 116.2 118.2 117.1 115.5 Containers 3.03 111.3 114.1 116.7 119.7 113.1 115.9 117.5 117.2 116.4 118.6 115.9 120.5 117 8 119 7 General business supplies ... . 6.07 110.0 112.6 114.2 113.9 114.6 116.2 116.6 115.5 116.6 117.9 116.3 117.1 116.7 113.4 Nondurable materials n e.c 7.40 120.6 128.8 130.4 132.5 131.3 133.9 135.9 135.3 135.5 136.7 135.2 137.9 137 9 135 3 Business fuel and power . 9.41 107.1 110.5 110.5 110.2 110.9 110.9 111.8 112.6 112.0 112.7 113.1 114.1 111.8 111.2 M^ineral fuels 6.07 102.0 103.7 103.2 103.2 104.6 103.6 104.5 106.1 105.5 106.6 106.5 107.2 103 7 102 4 Nonresidential utilities .... 2 86 121 0 127.5 128.0 128.0 127.7 130 2 131.4 130.9 129.1 130 2 131 9 133 1 2.32 121 7 128.4 128.5 128.2 127.6 130 4 131.9 132.4 130.1 130.4 132.3 133.6 General industrial 1.03 114 8 121.9 122.4 121.3 122.7 121.6 122.6 124.1 122.0 122.7 124 3 123 5 1.21 129.1 136.4 136.1 136.4 134.1 140.5 142.4 142.0 139.5 139.5 141.7 144.9 .54 118.0 Supplementary groups of consumer goods 7.80 112.0 122.6 121.8 122.7 126.5 128.9 126.5 127.9 126.3 127.6 127.1 127 6 129 9 130 7 24.51 112.9 114.3 115.6 117.1 116.5 117.9 118.4 119.2 118.6 119.6 118.4 118.9 119.3 119.8 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 INDUSTRIAL PRODUCTION: S.A. 379 INDUSTRY GROUPINGS (1957-59- 100) 957-59 1961 1962 1963 Grouping p p r o o r - - avertion age Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov.1 Dec.1 Jan. Total index 100.00 109.8 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.6 119.1 118.9 Manufacturing; total 86.45 109.7 114.4 116.3 117.4 118.1 118.8 118.9 779.7 120.3 120.4 119.7 720.0 119.6 779.3 Durable 48.07 107,0 113.2 115.4 116.5 118.5 118.2 117.7 118.7 119.8 119.5 118.6 119.1 118.9 118.6 Nondurable 38.38 112 9 115.9 117.3 118.6 117.5 119.6 120.3 121.0 120.8 121.5 120.9 121.1 120.6 120.2 Mining 8.23 102.6 104.0 104.3 104.8 105.5 104.8 104.6 106. 105.5 105.9 105.5 106.2 103.0 102.7 Utilities 5.32 122.8 128.8 129.0 128.8 128.1 129.8 132.4 133.5 132.3 133.0 133.5 135.1 136.2 137.5 Durable manufactures Primary and fabricated metals 12.32 102.2 111.5 115.1 115.3 114.1 108.3 106.3 106.3 108.2 108.2 107.1 705.5 707.0 706.7 Primary metals 6.95 98.9 111.9 117.5 116.6 112,4 101.3 96.8 96.6 99.1 99.6 98.9 100.7 99.2 98.6 Iron and steel 5.45 96 5 112.9 117.7 118.5 112.6 96.5 89.5 87.8 92.1 92.8 91.0 95.3 95.8 95.7 Nonferrous metals and products. 1.50 107.5 117.6 122.0 120.6 118.6 120.8 118.2 117.9 112.9 118.4 120.1 121.2 118.1 118.0 Fabricated metal products 5.37 106.5 111.0 111.9 113.6 116.3 117.4 118.5 118.8 119.9 119.3 117,8 118.5 117.1 117.2 Structural metal parts 2.86 105.2 107.3 108.6 110.2 113.7 115.7 116.4 115.6 115.2 115.1 114.2 112.8 112.5 113.6 Machinery and related products 27.98 108.8 115.4 116.8 118.2 121.2 122.9 122.9 124.8 125.6 124.9 124.6 724.5 725.0 124.8 Machinery 14 80 110.4 115.6 117.5 120.2 122.9 124.5 125.9 125.4 126.5 126.4 125.6 125.3 125.9 125.5 Nonelectrical machinery 8.43 106.5 110. 112.4 115.2 117.8 120.0 121.8 121.9 124.6 123.9 123.0 122.8 121.4 121.5 Electrical machinery 6.37 115.7 122.9 124.3 126.8 129.7 130.4 131.3 130.1 129.0 129.6 129.0 128.6 131.8 130.9 Transportation equipment 10.19 103.6 112.5 113.4 113.4 116.8 119.4 116 8 122.1 122.0 121.5 121.8 121.5 121.9 122.1 Motor vehicles and parts 4.68 111.9 126.9 126.2 126.3 134.4 139.1 132.0 141.3 138.1 137.8 138.1 137.3 138.2 137.3 Aircraft and other equipment... 5.26 95.7 99.6 101.5 101.4 100.7 101.6 103.0 104.7 107.3 106.7 107.2 107.2 107.0 108.0 Instruments and related products.. 1.71 115.8 118.9 118.5 119.0 122.3 122.6 124.7 124.9 125.8 124.3 124.2 125.0 125.4 124.9 Ordnance and accessories 1.28 Clay* glass, and lumber 4.72 104.5 101.5 106.6 105.9 108.9 110.1 110.7 109.9 7/2.7 772.5 108.9 770.7 709.5 705.2 Clay, glass, and stone products. 2.99 106.3 104.4 105.1 104.8 110.3 111.9 112.5 113.7 114.9 114.9 113.2 113.3 110.5 110.8 Lumber and products 1.73 101.3 96.5 109.2 107.9 106.4 107.1 107.5 103.4 107.4 108.3 101.5 106.1 108.7 103.8 Furniture and miscellaneous.. 3.05 114.1 117.6 118.2 121.5 126.1 127.3 127 4 127 3 725.5 726.8 725.5 725.5 124.6 725.0 Furniture and fixtures 1.54 115,3 118.3 120.8 124.0 126.6 129.3 129.2 127.7 128 3 129.2 128.2 129.3 128.6 129.5 Miscellaneous manufactures. 1.51 112.8 116.9 115.5 119.0 125.5 125.2 125.5 126.9 123.3 124.4 122.3 121.7 120.5 120.5 Nondurable manufacture! Textiles, apparel, and leather 7.60 108.4 112.4 113.6 114.8 114.8 115.2 115.8 115.5 115.2 775.7 775.7 775.5 775.5 114.6 Textile mill products 2.90 106.9 113.4 114.6 116.8 115.0 116.1 117. 116.6 117.1 115.9 114.5 112.9 112.8 113.0 Apparel products. , 3.59 112 115.5 116.0 116.5 117.6 118.3 118.4 119.2 118.1 120.5 121.4 122.3 122.2 Leather and products 1.11 100.2 100.1 103.0 104.0 105.5 102.9 103.8 100.5 100.6 106.6 100.8 100.7 99.5 Paper and printing , 8.17 112.4 115.1 116.2 116.9 115.7 117 0 116.7 118.0 775.7 775.2 /77.2 7/7.9 115.4 114.5 Paper and products 3.43 113.7 117.3 119.0 120.7 117.5 119 9 119 6 12 .1 120.5 120.9 120.8 122.1 119.6 Printing and publishing. 4.74 111.5 113.5 114.2 114.1 114.4 114.9 114 7 115.7 116.3 116.2 114.6 114.8 112.3 110.3 Newspapers 1.53 106.0 108.6 109.4 108.6 107.5 107.9 108.6 110.3 111.8 111.3 108.2 109.7 100.5 94.0 Chemicals, petroleum, and rubber., 11.54 118.8 124.1 125.8 126.7 126.6 130 8 132.6 133.2 133.2 133.7 134.2 753.7 755.7 752.3 Chemicals and products 7.58 123.3 128.4 131.1 131.8 131.6 135 7 137 1 137 6 138.3 139.0 139.5 139.1 138.3 138.1 Industrial chemicals 3.84 129.6 138 6 140.4 141.0 142.2 145 8 147 7 149 7 150.7 151.0 153. 152.7 150.6 Petroleum products 1.97 108.7 112.2 111.1 114.0 109.6 112.6 115.1 113.4 112.1 113.6 113.6 113.0 114.2 114.6 Rubber and plastics products 1.99 111.9 119.6 120.5 119.9 124.0 130.2 132.8 136.1 134.8 133.4 134.1 133.4 135.5 Foods, beverages, and tobacco.... 11.07 110.4 777. 111.7 113 5 112.1 112.8 112.5 114. 113.8 114.7 773.5 114.1 114.4 775.5 Foods and beverages 10.25 110.3 111.4 111.7 113.2 112.3 112.9 112.9 114.3 114.0 114.6 113.9 114.0 114.6 115.9 Food manufactures 8.64 110.6 112.0 112. 113 4 113.6 113.9 113.5 115. 115.5 115.5 114.6 114.7 115.1 116.5 Beverages 1.61 107.9 108. 109.3 112.2 105.2 107.3 109.4 109.7 105.9 109.8 109.9 110.5 111.9 Tobacco products .82 110.8 109. 111. 116.8 110.3 112.5 108.2 113.4 112.0 116.0 108.6 115.2 111.4 Mining Coal, oil, and gas 6.80 100.9 102.9 102.3 102.9 104.0 102 6 103.0 704.7 104.1 705.2 105.3 705.5 702.5 700.5 Coal 1.16 90 1 98.0 95. 96.3 97 6 92 2 91.8 91.8 93.7 93 8 94.0 96.3 93.2 95.1 Crude oil and natural gas. 5.64 103 103.9 103.8 104 2 105.3 104 7 105 3 107.4 106,2 107 5 107.6 107.4 104.2 102.0 Oil and gas extraction.. 4.91 104 9 105.0 105,1 104.8 106 2 106 3 107 4 109.5 108.3 109.6 109.4 109.8 106.2 104.1 Crude oil 4.25 103.0 102 7 103. 102.4 104.1 104, 105.6 107.7 106.7 107.8 107.2 107.5 103.8 101.0 Gas and gas liquids.. .66 116 8 119 8 117.4 120.4 119.7 120.5 119. Oil and gas drilling.... .73 91.3 96.5 95.0 100.2 99.2 93.7 91.1 92 8 92.3 93.0 95.4 91.5 90.5 87.6 Metal, stone, and earth minerals.. 1.43 110.5 109.4 113.9 113.9 112.5 115.7 112.0 772.5 772.0 709.5 106.7 709.3 706.2 777.7 Metal mining .61 111.9 129.4 131.7 128.9 120.0 116.6 109 5 110.4 104.1 97.8 96.8 106.2 114.9 122.5 Stone and earth minerals .82 109.4 94.5 100.6 102.7 106.9 115.1 113.8 114.5 117.9 118.2 114.0 111.6 99.7 103.7 Utilities Electric 4.04 123.: 129.8 129.6 129.5 129.3 131.8 135.1 136.: 134.5 134.2 134.5 136.3 Gas 1.28 121.5 125.5 126.9 126.5 124.2 123.6 123.8 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

380 INDUSTRIAL PRODUCTION: N.S.A. MARCH 1963 MARKET GROUPINGS (1957-59- 100) 1957-59 1962 1963 pro- 1961 Grouping por- avertion age Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.' Dec. r Jan. 100.00 109.8 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.8 47.35 111.3 113.8 116.7 118.6 118.6 118.5 121.3 117.5 119.4 125.0 125.3 122.2 119.6 120.6 32.31 112.7 113.9 116.9 118.7 118.5 118.2 121.3 116.5 118.8 126.5 126.7 122.2 117.9 119.5 EquipmentT including defense.... 15.04 108.3 113.6 116.1 118.3 118.6 119.1 121.1 119.6 120.6 122.0 122.5 122.0 123.4 122.9 52.65 108.4 112.6 116.1 117.6 118.2 118.0 118.7 110.7 116.1 119.7 119.9 119.2 115.1 115.3 Consumer goods 3.21 111.8 131.1 130.0 131.3 138.6 138.5 133.1 129.8 79.4 124.9 148.1 145.1 143.7 142.2 1.82 108.6 139.4 136.8 139.9 150.0 149.3 137.1 136.7 43.4 120.0 160.6 159.4 157.6 152.6 Auto parts and allied products 1.39 116.0 120.2 121.0 120.1 123.6 124.2 127.9 120.7 126.8 131.3 131.6 126.3 125.4 128.5 10.00 110.5 109.2 119.3 122.9 120.5 117.6 120.8 107.7 119.6 124.0 123.9 120.1 111.2 113.3 Home goods 4.59 112.2 112.1 119.9 124.2 122.4 121.0 125.5 110.7 117.8 130.6 131.1 128.3 123.2 118.7 Appliances, TV, and radios 1.81 109.9 108.2 120.8 127.2 121.3 117.2 124.3 99.6 103.6 127.5 128.1 124.8 115.6 112.0 1.33 110.7 109.5 121.5 132.5 125.8 120.8 129.9 107.1 101.7 127.1 127.5 128.1 124.8 117.6 TV and home radios .47 107.8 104.6 118.8 112.2 108.7 107.1 108.5 78.4 108.9 128.6 129.7 115.4 89.6 96.1 1.26 112.8 113.8 119.8 121.3 121.9 120.1 123.5 116.8 126.7 131.4 131.6 129.6 130.4 124.9 1.52 114.5 115.2 118.8 123.0 124.1 126.3 128.5 119.0 127.3 133.6 134.2 131.3 126.5 121.7 Apparel, knit goods, and shoes 5.41 109.0 106.9 118.9 121.8 118.8 114.8 116.8 105.0 121.2 118.4 117.8 113.2 100.9 19.10 114.0 113.4 113.5 114.4 114.1 115.1 119.7 118.9 125.0 128.0 124.5 119.5 117.1 119.0 8.43 110.5 104.6 103.9 104.7 106.3 107.4 112.0 116.1 124.2 131.0 126.0 117.5 110.7 109.6 2.43 109.5 95.5 100.2 109.3 109.7 116.6 125.0 113.6 117.8 116.4 113.9 105.9 96.7 Drugs soap, and toiletries 2.97 120.7 123.6 126.2 126.2 127.7 128.7 133.2 125.3 133.9 132.4 134.2 131.2 130.7 132.1 Newspapers, magazines, and books.. 1.47 114.9 116.2 116.3 117.8 115.7 116.2 115.9 114.8 117.6 119.9 118.1 116.4 115.8 114.0 Consumer fuel and lighting 3.67 119.2 135.7 132.3 128.7 122.8 120.0 124.3 125.7 127.6 128.9 122.7 124.3 1.20 107.6 114.8 113.3 109.5 105.1 108.6 113.4 114.2 112.3 113.5 110.1 111.5 Residential utilities 2.46 124.9 Electricity 1.72 125.3 152.8 146.6 iio.8 BO.3 121.6 126.9 134.0 139 1 139 7 128.1 130.1 Gas .74 124.0 Equipment Business tQuivttxcTit •••• .*••• 11.63 110.1 114.5 117.5 120.2 121.3 122.0 124.6 122.0 122.6 124.9 125.3 124.3 126.1 125.8 6.85 107.4 111.9 112.8 114.3 115.7 116.8 119.6 117.8 118 8 120 0 119.7 118.8 120.6 119.4 2.42 127.0 135.6 138.3 140.4 141.3 142.7 145.2 142.7 145.0 147.1 146.2 146.1 146.7 145.6 Freight and passenger equipment... 1.76 103.4 104.9 111.4 117.3 116.2 116.1 119.5 117.6 116.6 118.2 124.3 122.0 122.6 123.9 Farm equipment .61 93.4 88.7 104.5 114.0 120.2 114.9 113.7 99.6 94.1 111.4 108.0 106.6 116.3 3.41 Materials 26.73 104.8 109.5 113.4 115.3 116.9 116.5 116.1 108.7 111.3 116.8 116.6 115.5 112.1 111.9 3.43 107.9 128.1 126.9 128.4 128.4 130.6 123.6 117.4 107.5 130.5 134.1 136.0 138.8 135.5 7.84 105.7 115.0 116.7 119.0 120.9 119.7 119.8 115.4 116.1 119.4 120.2 121.7 122.7 123.6 9.17 105.2 94.8 100.2 103.4 109.6 114.7 118.8 113.8 119.4 119.9 116.7 111.1 102.5 99.9 6.29 101.2 113.9 121.2 120.9 116.3 107.1 103.6 88.4 95.7 101.5 102.5 103.1 98.4 102.0 Nondurable materials •• 25.92 112.1 115.7 118.8 120.0 119.4 119.7 121.3 112.7 121.1 122.7 123.4 122.9 118.2 118.8 9.11 110.5 109.5 113.5 116.6 117.2 117.3 118.2 108.7 118.5 121.9 121.6 119.2 111.2 111.8 3.03 111.3 107.3 114.4 119.7 116.5 117.1 123.4 112.5 128.0 126.3 121.7 113.9 102.5 112.5 General business suDDlies 6.07 110.0 110.6 113.1 115.0 117.5 117.4 115.6 106.8 113.7 119.7 121.5 121.8 115.5 111.4 Nondurable materials nee 7.40 120.6 128.8 134.3 135.1 133.9 135.9 136.6 124.9 134.8 135.3 137.9 139.3 133.8 135.3 9.41 107.1 111.5 111.7 111.4 110.2 109.2 112.3 107.0 112.8 113.6 113.6 113.7 112.6 112 6 6.07 102.0 105.9 106.8 106.2 105.4 102.5 104.8 96.4 103.7 104.8 106.7 107.8 106.0 105.2 Nonresidential utilities 2.86 121.0 2.32 121.7 126.1 123.1 124.6 122.3 126.6 133.6 136.1 140.3 139.3 134.2 130.7 General industrial 1.03 114.8 121.3 119.2 122.0 120.1 121.6 123.7 120.6 125.4 125.2 127.0 123.9 1.21 129.1 132.4 128.6 129.0 126.2 133.1 144.7 152.2 156.1 154.3 143.1 139.0 Gas .54 118.0 Supplementary groups of consumer goods Automotive and home soods....... 7.80 112.0 120.1 124.3 127.4 129.3 128.4 128.8 118.8 102.2 128.3 138.1 135.2 131.7 128.4 24.51 112.9 112.1 114.8 116.1 115.3 115.1 119.1 116.0 124.3 125.9 123.0 118.1 113.5 116.7 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 INDUSTRIAL PRODUCTION: N.S.A. 381 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1961 1962 1963 Grouping p p r o o r - - avertion age Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index. 100.00 109.8 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.8 Manufacturingt total., 86.45 109.7 112.7 116.6 118.6 119.1 119.0 120.4 114.0 117.6 122.8 123.4 121.3 117.4 117.7 Durable 48.07 107.0 112.9 116.6 118.6 119.6 118.8 119.2 113.6 112.8 120.4 121.7 121.0 119.3 118.4 Nondurable 38.38 112.9 112.5 116.6 118.6 118.4 119.1 121.8 114.5 123.6 125.8 125.5 121.7 115.0 116.8 Mining 8.23 102.6 103.1 103.7 103.5 104.9 105.5 107.5 101.0 106.4 106.5 107.1 106.3 103. 102.2 Utilities 5.32 122.8 Durable manufactures Primary and fabricated metals 12.32 102.2 112.5 117.5 119.0 116.5 109.8 108.4 97.6 104.5 110.2 109.2 100.0 105.9 707.7 Primary metals 6.95 98.9 115.3 123.0 123.8 117.7 103.9 98.7 82.9 92.0 98.5 99.9 101.7 96.8 101.6 Iron and steel 5.45 96.5 115.2 122.8 124.4 116.0 97.5 91.3 76.8 86.6 92.8 93.7 96.3 93.4 97.6 Nonferrous metals and products. 1.50 107.5 115.6 123.8 121.9 123.8 127.2 125.5 104.9 111.8 119.2 122.4 121.2 109.1 116.0 Fabricated metal products 5.37 106.5 108.8 110.4 112.7 115.1 117.4 120.9 116.7 120.7 125.3 121.3 118.6 117.7 115.6 Structural metal parts 2.86 105.2 106.2 106.9 108.2 110.7 113.4 116.4 113.9 115.8 118.6 117.9 116.0 114.8 112.5 Machinery and related products 27.98 108.8 116.7 119.0 121.4 122.7 123.2 123.4 119.8 113.4 123.8 127.0 127.1 127.7 725.5 Machinery 14.80 110.4 116.2 119.8 122.9 123.7 123.9 126.7 119.3 121.1 127.6 127.0 126.2 127.0 126.0 Nonelectrical machinery 8.43 106.5 111.9 115.5 119.6 121.5 121.9 123.6 119.1 118.0 121.2 120.7 120.5 122.5 123.4 Electrical machinery 6.37 115.7 122.0 125.6 127.2 126.7 126.5 130.8 119.6 125.2 136.1 135.3 133.7 132.9 129.4 Transportation equipment 10.19 103.6 115.2 116.0 117.9 119.8 120.9 117.0 118.0 97.1 116.6 126.3 127.2 127.6 126.3 Motor vehicles and parts 4.68 111.9 132.1 131.1 133.4 139.7 141.9 133.6 135.0 87.0 128.9 148.3 149.1 149.1 145.6 Aircraft and other equipment... 5.26 95.7 100.6 102.2 103.6 101.2 101.2 101.6 102.7 104.8 105.4 106.7 107.8 108.6 109.1 Instruments and related products.. 1.71 115.8 119.0 118.3 119.4 121.0 121.4 124.1 122.2 125.0 125.2 125.6 127.2 127.0 125.0 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 104.5 91.0 99.6 100.4 108.3 113.9 118.3 112.6 120.1 119.4 116.3 770.5 99.8 96.3 Clay, glass, and stone products. 2.99 106.3 94.0 97.7 100.6 109.7 116.4 118.7 117.7 121.8 119.5 118.9 113.9 102.8 98.6 Lumber and products 1.73 101.3 85.9 102.9 100.0 105.8 109.6 117.6 103.9 117.2 119.3 111.7 104.1 94.6 92.4 Furniture and miscellaneous.. 3.05 114.1 113.7 117.0 120.1 121.8 123.3 126.4 122.5 729.7 131.9 752.7 729.6 725.5 727.2 Furniture and fixtures , 1.54 115.3 116.2 120.6 122.5 123.6 124.3 127.9 124.8 132.1 133.1 133.3 131.4 131.2 127.2 Miscellaneous manufactures. 1.51 112.8 111.1 113.4 117.5 120.0 122.2 124.9 120.2 126.0 130.6 130.9 127.9 121.7 115.2 Nondurable manufactures Textiles, apparel, and leather 7.60 108.4 109.0 119.5 122.0 118.0 116.6 777.P 102.4 77P.5 117.4 775.9 774.5 704.7 770.9 Textile mill products 2.90 106.9 111.1 116.9 119.1 115.0 119.6 121.2 100.9 118.3 115.9 115.6 115.2 108.3 111.9 Apparel products 3.59 112.1 109.7 124.6 128.1 124.3 119.5 119.6 107.0 124.0 122.3 122.6 119.2 105.7 Leather and products 1.11 100.2 101.6 110.1 109.7 105.5 99.1 104.2 91.9 107.9 105.2 102.3 98.2 92.3 Paper and printing 8.17 112.4 111.8 116.1 118.9 118.4 777.7 777.5 108.7 777.2 779.5 722.4 120.8 777.4 772.2 Paper and products 3.43 113.7 114.4 121.5 123.7 122.0 120.0 122.0 107.8 123.5 122.0 127.3 123.0 108.6 Printing and publishing 4.74 111.5 109.9 112.2 115.5 115.8 116.0 114.3 109.5 112.7 117.9 118.9 119.2 113.4 Newspapers 1.53 106.0 100.0 105.2 110.8 114.1 115.0 108.6 96.0 101.7 112.1 117.7 120.7 100.0 86.6 Chemicals, petroleum, and rubber., 11.54 118.8 124.4 127.5 128.4 129.4 131.0 134.2 125.8 752.7 134.2 755.4 755.2 757.0 752.7 Chemicals and products 7.58 123.3 127.7 132.2 133.8 135.8 137.1 138.7 131.2 137.9 138.1 139.4 138.5 136.3 137.3 Industrial chemicals 3.84 129.6 138.6 143.5 144.8 145.2 146.8 147.7 142.5 148.0 149.2 151.6 153.6 150.6 Petroleum products 1.97 108.7 110.5 109.4 110.0 106.3 110.9 117.4 117.9 116.6 118.1 114.2 111.3 112.5 112.9 Rubber and plastics products 1.99 111.9 125.7 127.5 126.1 127.8 127.6 133.5 113.0 125.4 135.1 141.6 134.2 129.4 Foods, beverages, and tobacco 11.07 110.4 103.1 103.6 106.0 107.3 109.5 114.7 115.2 722.4 727.4 725.5 775.4 707.9 707.5 Foods and beverages 10.25 110.3 102.7 103. 105.3 107.0 108.9 114.5 116.4 122.5 128.1 123.9| 115.3 109.3 107.4 Food manufactures 8.64 110.6 105.3 104 6 105.0 106.6 107.5 111.8 115.7 123.7 130.5 126.1 118.1 111.1 110.2 Beverages 1.61 107.9 89.2 95.0 106.5 109.4 116.5 129.1 120.3 116.0 114.8 111.7J 100.3 99.8 Tobacco products .82 110.8 107.9 110.5 115.0 110. 116.6 116.9 100.4 121.2 119.4 118.3 117.0 90.7 Mining Coal, oil, and gas 6.80 100.9 105.4 105.3 104.6 104.0 707.4 103.5 96.2 102.8 103.8 705.5 705.2 704.7 103.8 Coal 1.16 90.1 95.1 95.4 96. 94.9 93.1 103.8 60.7 98.6 99.2 102.5 100.2 92.3 93.2 Crude oil and natural gas. 5.64 103.1 107.6 107.4 106.3 105.9 103.0 103.4 103.6 103.7 104.7 106.1 107.5 107.2 106.0 Oil and gas extraction.. 4.91 104.9 108.5 109.5 108.6 107.9 104.7 105.1 104.8 104.9 106.1 107.6 109.6 109.3 108.1 Crude oil 4.25 103.0 105.3 107.0 105.7 105 9 103.1 104.0 103.6 103.7 104.9 105.6 106.7 105.8 104.1 Gas and gas liquids.. .66 116.8 128.9 125.5 126.7 120.5 114.8 111.9 Oil and gas drilling.... .73 91.3 101.3 92.8 91.2 92.4 91.9 92.0 95.2 95.7 95.1 95.9 93.3 93.2 92.0 Metal, stone, and earth minerals. 1.43 110.5 91.8 96.2 98.5 108.8 125.0 126.5 725.9 725.5 779.7 774.5 705.5 95.6 94.3 Metal mining .61 111.9 101.6 106.3 105.3 112.9 133.7 134.8 126.6 119.5 113.2 105.6 96.2 94.7 96.2 Stone and earth minerals .82 109.4 84.6 88.7 93.5 105.8 118.6 120.3 121.8 126.4 124.5 121.2 114.2 96.2 92.8 Utilities Electric, 4.04 123.2 137.5 133.2 131.6 125.7 124.5 130.8 135.3 139.8 139.5 131.6 130.4 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

382 BUSINESS ACTIVITY MARCH 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 Major industry C st o ru n - - r t i u c r u a l l - Freight Depart- Period Total Tot F a i l nal g s C o u p o o m ro n d e d s r u E c m t q s e u n ip t - M ria a l t s e- Mfg. gro M u in p i g n in - g U iti t e il s - t c r ti a o o c n n t - s m T p o e e l m t n o a t y - l — - i p m E lo e m n y - t - P ro a l y ls - lo in a g d s - s s t a o le re s s C u o m n e - r W m c s o h o a d m o le i l t - e y - 1949. 64.7 64.5 68.8 5? 0 64.8 65.1 74 5 43.4 44 83 93.6 60.0 108 ? 67 83.0 83.5 1950. 74.9 72.8 78.6 564 76.9 75.8 83 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 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'i 105.4 106.0 99.7 108.0 105 101 6 100.0 105.1 97 9 105 101.5 100.6 1960. 108.7 109.9 111.0 1076 107.6 108.9 101 6 115.6 105 103 4 99.7 106.6 95 106 103.1 100.7 1961. 109.8 111.3 112.7 108 108.4 109.7 10? 6 122.8 108 10? 9 95.6 105.2 91 <•> 109 104 100.3 1962. 118.2 119.7 119.7 119.8 116.8 118. 6 104.9 132.3 120 105 2 98.6 113.3 92.4 114 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. 129.0 119 104 97.7 112.7 96 8 111 104.8 100.7 Mar .... 117.0 118.2 118.8 116 116.9 117.4 104.8 128.8 131 104 4 98.4 113.4 96 6 117 105.0 100.7 Apr 117.7 118.5 119.1 117!o 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. 100.2 June 118.6 120.6 120.9 120 117.1 118.9 104.6 132.4 120 105 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. 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 119.8 122.0 121.8 123.2 118.1 120.4 105.9 133.0 113 105 7 98.8 115.2 90.0 117 106.1 101.2 Oct 119.2 121.5 120.8 123.6 117.2 119.7 105 5 133.5 117 105 9 98.6 113.2 90.3 110 106.0 100.6 Nov r119.6 r121.4 1r117.8 r120 0 106 135 1 123 105 8 97 9 113 3 94 1 118 106 0 100.7 Dec r121.9 r121.5 8 r116.6 r119.6 r103 0 r136.2 138 '105 7 r97 8 114.3 90 5 117 105 8 100.4 1963—Tan 118.9 122.6 122.5 1?1 9 116.1 119.3 102 7 137.5 121 105 7 97 3 114.6 88 106 0 r100.5 Feb *>119 1P122 8 ^122 4 ^119 5 2*138 5 .0 n\5.o 94.5 "113 100.2 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) 1962 1963 Type of ownership and 1961 1962 type of construction Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total construction. 37 135 41 2 658 2,749 986 3,860 4,009 ,900 ,747 6^1 77^ ,475 3,188 198 2,779 By type of ownership: Public 12,547 n 599 922 877 1475 1j 1 1 1 1099 1 003 1,099 1 190 Private • * 24,588 07 705 1,736 1,871 511 2,650 7,78? o^569 ,516 ,591 174 2 089 ->009 By type of construction: Residential 16,123 18039 1,190 1,192 1 55? 1,816 1819 1656 1 1651 1 519 1 610 1,361 1 166 1,250 Nonresidential 010 853 893 r?5 1,102 ?75 1 1,197 1,177 1019 1,075 1,066 1 016 Public works and utilities 8,897 10,255 615 664 1,108 943 915 1,002 926 802 735 740 761 1,111 514 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

MARCH 1963 CONSTRUCTION 383 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total Indu B s u - sine C ss om- Public O n d re t o e h s n n i e - - - r Total M 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 3,680 089 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 1,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 1959 i 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 1,488 5,870 [,467 7,386 I960. 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 1,487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 1,368 5,818 1,581 8,267 1962 61,084 43,378 24,833 13,286 2,814 4,964 5,508 5,259 17,706 1,267 6,254 ,754 8,431 1962—Fcb 56,714 39,909 22,245 12,622 2,592 4,756 5,274 5,042 16,805 1,211 5,414 1,666 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 1,715 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 1,775 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 1,805 8,303 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 1,802 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 Scot 62,358 44,976 25,813 13,692 2,930 5,214 5,548 5,471 17,382 1,164 6,140 1,754 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 62,610 44,059 25,432 13,424 2,820 4,967 5,637 5,203 18,551 1,003 6,922 ,755 8,871 Dec . ... 61,823 44,134 25,654 13,424 2,788 4,979 5,657 5,056 17,689 1 324 6,343 ,738 8,284 1963—Jan.P 62,451 43,308 24.633 13,551 2,773 5,086 5,692 5,124 19,143 n.a. 7,483 1,758 n.a. Feb P 59,533 41,656 23,121 13,405 2,716 4,999 5,690 5,130 17,877 n.a. n.a. ! 771 n.a. i 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- Period (private only) Total Metro- Non- Private underwritten Total N fa o rm n- politan p m o e li t t r a o n - Total family fam 2- ily M fam ul i t l i y - Public Total FHA VA 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1 190 33 87 19 670 m 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 ,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962^ 1,481 1,043 439 .452 990 48 413 29 339 261 78 1962—Jan 1.273 1.247 83 60 23 81 54 3 23 2 23 18 4 Feb ,152 1,134 78 56 22 76 54 3 20 1 20 15 5 Mar 1,431 1,407 '117 '83 34 115 80 5 31 '2 27 21 6 Apr 1,542 1,521 152 111 41 147 101 5 41 5 33 25 8 May ,579 1,566 '157 112 '45 154 107 5 42 2 34 26 8 June 1,425 1,399 140 96 43 136 96 4 36 3 31 24 7 July 1,466 [,447 139 98 42 136 95 4 36 4 33 25 7 1,529 1,500 148 99 49 146 101 4 41 2 36 28 8 Sept [,289 [,261 '116 '84 33 114 76 4 34 '3 26 20 6 Oct 1,550 1,504 136 93 43 134 91 4 39 3 30 23 7 Nov 1,586 1,571 122 83 39 120 78 4 38 2 25 19 6 Dec p1.461 V1.442 67 26 57 4 32 P\ 20 16 5 1963—Jan H,242 Pi,219 ^83 62 21 "81 ,2 18 14 4 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

384 EMPLOYMENT MARCH 1963 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Cb/ilian labor force Unemploy- Period i p T n o s o t p t i a u tu 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 E In m n p o l n o a y g e r d i l - 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 S r a . e t A c e n e . 2 t nt) Total cultural 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 6^,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 1960 3 125,368 73,126 70,612 66.681 60,958 5.723 3,931 52.242 5.6 1961 127,852 74,175 71,603 66,796 61 333 5.463 4,806 53,677 6.7 1962 130,081 74,681 71,854 67,846 62,657 5. 190 4,007 55,400 5.6 1962—Feb 129,290 73,218 70,332 65,789 61,211 4.578 4,543 56,072 r5.7 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 May 129,752 74,797 71,922 68,203 62,775 5.428 3,719 54,956 r<; 5 June 129 930 76 857 74,001 69,539 63 249 6,290 4 463 53,072 July 130,183 76,437 73,582 69,564 63,500 6,064 4,018 53,746 '•5.4 Aus? 130,359 76,554 73,695 69,762 63,993 5.770 3,932 53,805 r5.7 Sept 130,546 74,914 72,179 68,668 63,103 5.564 3,512 55,631 r5.6 Oct 130,730 74,923 72,187 68,893 63,418 5.475 3,294 55,808 '5 1 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 1963—Jan 131,253 73,323 70,607 65,935 61,730 4,206 4,672 57,930 5.8 Feb 131,414 73,999 71,275 66,358 62,309 4,049 4,918 57,414 6.1 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is- 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 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 n r a u c c t - T t l i i r o c a n n u s & t p il o i p t r i u t e a b s - - Trade Finance Service G m ov e e n r t n- 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 2,471 6,749 7 626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 i 53,380 16,667 731 2,955 4,010 11,125 2,597 7,105 8,190 I960 54,347 16,762 709 2,882 4,017 11,412 2,684 7,361 8,520 1961 54,077 16,267 666 2,760 3,923 11,368 2,748 7,516 8,828 1962 55,325 16,752 647 2.695 3,925 11,572 2,794 7,757 9 184 SEASONALLY ADJUSTED 1962 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 Aug 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 55,597 16,695 636 2.696 3,918 11,600 2,822 7,846 9,384 Dec 55,580 16,681 625 2,654 3,921 11,573 2,821 7,876 9,429 1963—Jan.? 55,552 16,628 624 2,647 3,840 11,660 2,830 7,898 9 425 Feb.? 55,734 16,654 623 2,632 3,920 11,706 2,834 7,931 9,434 NOT SEASONALLY ADJUSTED 1962— 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 8,87^ Aug 55,709 16,931 658 3,031 3,963 11,558 2,841 7,867 8,860 Sent 56,252 17,127 651 2,978 3,959 11,627 2,813 7,856 9,241 Oct 56,333 17,028 64 S 2,936 3,959 11,682 2,807 7,870 9 406 Nov 56,214 16,891 638 2,801 3,934 11,842 2,808 7,830 9,470 Dec . . . . . 56,444 16,727 628 2,532 3,937 12,401 2,807 7,805 9,607 1963— Jan v 54,846 16,544 618 2,345 3,798 11,543 2,805 7,764 9,429 Feb P 54,786 16,536 612 2,229 3,869 11,441 2,808 7,796 9,495 1 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

MARCH 1963 EMPLOYMENT AND EARNINGS 385 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1962 1963 1962 1963 Feb. Feb." Feb. Dec. Jan.p Feb.* Total 12,300 12,311 12,259 12,279 12,187 12,358 12,184 12,169 Durable goods 6,846 6,880 6,852 6,874 6,820 6,929 6,859 6,849 Ordnance and accessories 96 100 99 101 96 101 100 101 Lumber and wood products 547 541 544 543 513 530 515 509 Furniture and fixtures 311 317 315 316 310 319 315 315 Stone, clay, and glass products 451 451 447 447 432 447 431 428 Primary metal industries 983 898 899 906 984 900 902 907 Fabricated metal products 839 849 842 849 837 859 848 847 Machinery except electrical 984 1,021 1,017 1,012 997 1,018 1.022 1,025 Electrical machinery 1,013 1,034 1,034 1,039 1,013 1,053 1,044 1,039 Transportation equipment 1.089 1,131 1,120 1,125 1,119 1,168 1,166 1,157 Instruments and related products 225 228 228 229 225 230 229 229 Miscellaneous manufacturing industries. 308 310 307 307 295 305 288 294 Nondurable goods 5,454 5,431 5,407 5,405 5,367 5,429 5,325 5,320 Food and kindred products 1,181 1,175 1,172 1,167 1,088 1,147 1,098 1,075 Tobacco manufactures 77 78 76 78 75 82 77 76 Textile-mill products 798 111 773 773 793 779 768 768 Apparel and other finished textiles 1,072 1,089 1,081 1,084 1,093 1,097 1,081 1,106 Paper and allied products 473 478 477 476 468 480 475 471 Printing, publishing and allied industries 596 582 581 578 593 587 579 575 Chemicals and allied products 515 517 519 517 513 515 516 515 Products of petroleum and coal 129 120 119 119 127 119 118 117 Rubber products 295 300 301 301 295 306 305 301 Leather and leather products 318 315 308 312 322 318 310 316 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 1962 1963 1962 1963 1962 1963 Feb. Dec. Feb.? Feb. Dec. Jan.p Feb.* Feb. Dec. Total 40.3 40.3 40.2 40.3 95.20 98.42 97.44 97.20 2.38 2.43 2.43 2.43 Durable goods 40.9 41.1 40.8 41.0 103.53 107.53 106.08 105.82 2.55 2.61 2.60 2.60 Ordnance and accessories 41.3 41.6 41.4 42.1 116.47 120.96 120.80 122.09 2.82 2.88 2.89 2.90 Lumber and wood products 40.1 39.7 40.1 40.1 76.24 78.01 76.64 77.03 1.94 1.99 1.95 1.96 Furniture and fixtures 40.6 40.4 40.6 40.8 77.59 81.58 78.79 79.18 1.93 1.98 1.96 1.96 Stone, clay, and glass products 40.6 40.5 40.4 40.8 94.33 97.84 97.11 97.60 2.37 2.44 2.44 2.44 Primary metal industries 40.9 40.2 40.2 40.4 122.81 120.39 120.80 120.50 3.01 2.98 2.99 2.99 Fabricated metal products 41.1 40.8 41.2 41.3 102.72 106.30 105.78 105.26 2.53 2.58 2.58 2.58 Machinery except electrical 41.7 41.6 41.6 41.7 111.49 114.26 113.98 114.40 2.68 2.74 2.74 2.75 Electrical machinery 40.5 40.3 40.3 40.6 95.91 99.96 97.93 98.58 2.38 2.45 2.43 2.44 Transportation equipment 41.2 42.3 41.7 42.1 117.26 129.73 125.04 124.15 2.86 3.01 2.97 2.97 Instruments and related products 40.7 41.2 40.5 40.4 98.82 102.18 100.04 99.70 2.44 2.48 2.47 2.48 Miscellaneous manufacturing industries., 39.3 39.5 39.5 39.6 77.42 80.19 79.78 79.59 1.98 2.02 2.03 2.02 Nondurable goods 39.5 39.6 39.5 39.4 84.28 86.94 86.46 86.02 2.15 2.19 2.20 2.20 Food and kindred products 40.7 40.9 40.7 40.8 90.00 94.12 93.15 92.63 2.25 2.29 2.30 2.31 Tobacco manufactures 38.7 39.0 38.6 37.4 68.82 75.39 73.34 68.78 1.84 1.88 1.90 1.90 Textile-mill products 40.6 40.2 40.0 40.1 66.83 68.45 67.26 68.00 1.65 1.69 1.69 1.70 Apparel and other finished textiles 35.8 36.4 35.9 36.0 59.95 60.12 59.81 60.65 1.67 1.67 1.68 1.68 Paper and allied products 42.6 42.8 42.6 42.5 100.01 104.68 103.46 102.72 2.37 2.44 2.44 2.44 Printing, publishing and allied industries 38.3 38.3 38.4 38.5 106.68 109.24 108.11 109.16 2.80 2.83 2.83 2.85 Chemicals and allied products 41.6 41.4 41.3 41.2 108.47 112.17 111.10 110.29 2.62 2.69 2.69 2.69 Products of petroleum and coal 41.1 41.9 41.9 41.1 123.02 126.99 130.52 127.08 3.03 3.06 3.13 3.13 Rubber products , 40.6 41.0 41.2 41.1 97.28 103.00 102.50 100.94 2.42 2.50 2.50 2.48 Leather and leather products 37.4 37.4 36.8 36.9 64.98 65.05 65.60 66.00 1.71 1.73 1.74 1.76 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

386 DEPARTMENT STORES MARCH 1963 SALES AND STOCKS, BY DISTRICT (1957-59= 100) Federal Reserve district United Period States Boston Y N o e r w k a P p d h h e i i a l l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K a a t n y sas Dallas F c S i r a s a c m n o - SALES 1955. 88 91 80 93 92 89 81 95 90 85 88 84 82 1956. 94 96 89 97 96 95 90 99 96 93 93 92 91 1957. 96 96 95 98 98 97 94 100 97 97 94 96 93 1958. 99 99 100 99 98 98 99 97 98 99 99 99 98 1959. 105 104 105 104 104 105 107 104 104 104 107 105 109 1960. 106 106 108 104 108 105 107 104 103 106 108 100 110 1961. 109 112 112 107 110 108 110 105 104 108 111 102 115 1962. 114 114 116 110 113 113 '118 110 109 109 114 108 123 SEASONALLY ADJUSTED 1962—Jan... 110 nn 112 110 112 109 '112 104 '99 '106 105 101 119 J O D J A S N F M M u e c u e o u a e ? p l t n b v g r c t y y . . e . . . . . . ! . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 8 0 7 7 7 4 5 1 1 1 1 1 1 1 1 1 1 1 1 0 2 1 1 2 1 1 1 1 1 5 1 0 3 6 2 0 6 2 7 0 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 0 1 1 1 2 1 1 1 3 9 9 8 8 3 2 0 7 2 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 0 1 0 1 0 1 9 1 1 3 5 7 2 6 0 4 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 6 8 4 6 9 9 8 4 7 0 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 0 1 1 1 9 3 1 8 7 5 5 9 6 2 0 1 1 1 1 1 1 1 1 1 1 1 2 1 1 2 2 1 2 1 0 1 1 1 8 5 5 2 8 6 8 8 7 2 ' 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 0 0 1 1 1 1 1 3 7 3 5 8 8 2 2 3 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 0 0 1 0 1 1 3 5 5 7 3 8 4 2 8 ' ' ' ' ' ' ' ' ' ' ' 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 0 0 1 1 1 1 1 1 6 9 0 6 8 0 0 1 1 1 1 u 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 s 1 6 8 8 5 3 7 7 6 4 1 1 1 1 1 1 1 1 1 1 1 0 1 0 0 0 0 0 0 1 3 9 2 6 0 7 7 8 4 0 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 1 2 1 3 3 8 1 3 4 2 7 8 a 1963—Jan., P114 115 113 102 111 116 v 122 107 ^104 n\i ^108 107 "128 NOT SEASONALLY ADJUSTED 1962—Jan... 83 '"85 90 80 84 77 85 77 75 74 79 79 '91 Feb.. 83 72 87 75 81 78 91 75 78 78 82 80 95 Mar.. 96 94 99 95 93 93 105 93 90 87 97 91 99 112 115 113 112 114 113 115 108 105 112 111 103 116 May! 110 108 109 110 111 110 111 111 113 103 113 104 110 June. 105 108 105 102 102 102 104 103 97 106 105 96 117 July.. 96 87 86 84 95 94 106 92 94 88 105 102 112 Aug.. 104 96 94 92 99 103 109 101 103 106 111 108 119 Sept.. 117 117 120 113 114 118 114 116 114 118 119 109 121 Oct... 113 115 120 112 109 115 113 111 110 111 111 102 117 Nov.. 141 147 152 145 141 142 139 136 133 130 133 126 145 Dec.. 212 225 216 202 211 210 219 201 201 '197 203 193 232 1963—Jan.. 87 90 75 83 82 79 P82 83 STOCKS 1955. 85 88 78 87 86 90 86 89 93 88 90 79 81 1956. 94 96 89 95 93 99 98 97 102 98 99 91 92 1957. 99 97 97 99 102 100 102 100 103 102 100 99 96 1958. 98 99 99 98 97 96 97 97 98 97 98 98 97 1959. 103 104 104 103 101 104 101 103 99 101 103 104 107 1960. 109 108 110 105 113 108 107 108 103 108 109 106 114 1961. 110 111 109 105 112 110 108 109 111 108 111 103 115 1962. 117 116 115 112 116 118 118 119 117 112 113 112 125 SEASONALLY ADJUSTED 1962—Jan... 114 '113 112 110 114 116 '113 114 112 111 111 '109 121 Feb.. 115 115 114 110 114 118 111 114 114 '112 113 113 122 Mar.. 116 117 113 112 114 118 114 116 115 '112 114 114 124 Apr.. 115 116 112 111 115 118 114 113 117 '113 114 111 124 May. 117 115 113 112 115 116 114 116 121 M13 115 114 127 June. 118 115 113 112 117 119 115 121 117 '114 114 115 128 July.. '119 118 113 113 116 119 120 122 117 '113 115 114 127 Aug.. 118 115 116 113 115 117 116 123 116 '115 115 112 126 Sept.. 118 114 116 112 118 117 119 122 115 '115 111 110 127 Oct... 120 116 118 114 118 119 125 124 117 '115 111 113 129 Nov.. 118 116 119 112 116 121 123 122 119 113 108 112 118 Dec. 117 118 120 112 114 122 130 121 121 '111 111 '111 108 1963—Jan... 119 117 113 125 ^122 "129 120 117 111 NOT SEASONALLY ADJUSTED 1962—J F a e n b . . . . . 1 10 0 8 2 1 r 0996 ' 1 10 0 1 6 1 r 0 97 3 1 9 0 8 6 1 1 0 0 1 8 ' 1 1 0 0 8 2 1 1 0 0 2 6 1 10 0 6 0 1 9 0 9 6 1 1 0 0 1 7 1 ' 0 9 6 5 1 1 0 1 9 5 Mar.. 116 115 114 112 114 119 116 116 116 111 114 115 125 Apr.. 118 117 116 116 116 121 117 118 121 112 116 115 125 May. 117 116 115 114 115 118 113 119 120 111 114 112 125 June. 112 109 106 106 111 113 107 117 111 104 109 108 123 July.. 112 108 102 103 112 112 110 119 112 107 110 109 123 Aug.. 117 114 113 109 115 119 116 122 117 111 112 115 126 Sept.. 125 123 121 119 125 126 126 129 123 120 116 117 132 Oct... 135 134 134 131 135 135 140 135 133 128 123 127 143 Nov.. 135 137 138 132 138 138 144 136 135 131 126 128 129 Dec. 110 110 112 102 105 112 115 108 108 '104 103 r103 118 1963—Jan *"i07 104 106 99 106 ^116 108 104 115 NOTE.—Based on retail value figures; sales are average per trading day; For description of series and for back date beginning with 1947. i stocks are as of end of month or averages of monthly data. July 1962 BULL., p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 DEPARTMENT STORES; FOREIGN TRADE 387 DEPARTMENT STORE MERCHANDISING DATA \mounts (millions of dollars) Ratios to sales Period Out- Out- Stocks Sales Stocks st i a n n g d- ce R i e p - ts o N rd e e w rs Stocks st i a n n g d- o p u lu ts s , ce R ip e- ts orders orders orders 1953 406 1.163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 0 1955 437 1,195 446 444 449 2.9 l.l 4.0 0 1956 454 1,286 470 459 458 3.0 l.l 4.1 1.0 1957 459 1,338 461 461 458 3.1 l.l 4.1 0 1958 462 1,323 437 462 464 3.0 1.0 4.1 0 1959 488 1,391 510 495 498 3.0 l.l 4.1 l.l I960 494 1,474 518 496 493 3.1 l.l 4.3 0 1961 506 1,485 529 512 517 3.1 l.l 4.2 1.0 1962 526 1,593 571 535 '533 3.2 4.4 1.0 1.2 1962 Jan r404 1,407 r477 r390 r473 3.5 r4.7 0 Feb 360 1,466 532 418 474 4.1 11..52 5.6 1.2 Mar 472 1,576 498 582 548 3.3 l.l 4.4 1.2 Apr 502 1,589 457 515 474 3.2 .9 4.1 0 May 507 1,571 499 489 531 3.1 1.0 4.1 L.O 472 1,509 679 410 590 3.2 1.4 4.6 .9 July .. 406 1,490 724 387 432 3.7 1.8 5.5 1.0 Aug 482 1,571 675 563 514 3.3 1.4 4.7 .2 Sept 493 1,700 706 622 653 3.4 1.4 4.9 Oct 556 1,845 666 701 661 3.3 1.2 4.5 [.3 Nov 657 1,892 549 704 587 2.9 .8 3.7 1 Dec 998 1,505 385 611 447 1.5 .4 1.9 .6 1963 Jan * 405 1,464 498 364 477 3.6 1.2 4.8 .9 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, seasonally adjusted) Exports ! Imports 2 Export surplus Period 1960 1961 r 1962 r 1963 1960 1961^ 1962 r 1963 1960 1961 r 1962 r 1963 Month: Jan 1 561 1,623 ,655 3 982 1,246 1,161 1,327 3 1,093 315 462 328 3 -ill Feb ,566 1,712 ,812 1,348 1,150 1,315 218 562 497 Mar 1,518 1.751 1,674 1,290 1,163 1,339 228 588 335 Apr . . . 622 ,662 1,803 1,349 1,152 1 364 273 510 439 May 1,659 ,585 1,782 1,269 1,153 1,386 390 432 396 June 634 3 1,582 1,838 1 277 3 1 174 1 342 357 3408 496 July 1,707 3 ,689 1,729 1,271 3 1,379 1,362 436 3 310 367 Aug 1,625 ,689 1,687 1,256 1,254 1,364 369 435 323 Sept 647 ,678 3 1,943 1,221 1,262 3 1,476 426 416 3 467 Oct 1,668 ,780 3 1.493 1,206 1,300 3 1,319 462 480 3 174 Nov ... 1,681 ,733 1,695 1 162 1,309 1 432 519 424 263 Dec 1,645 .725 31,839 1,125 1,315 31,372 520 410 3467 Quarter: I 4,645 5,086 5,141 3,884 3,474 3,981 761 1 612 1 160 II 4,915 3 4,829 5,423 3,895 3 3,479 4,092 1,020 31,350 1,331 HI 4,979 3 5,056 3 5,359 3,748 3 3,895 3 4,202 1 231 3 1,161 3 1 157 IV 4,994 5,238 3 5,027 3,493 3,924 34,123 1,501 1,314 3 904 Year 4 19,609 20,152 20,901 15,017 14,713 16,397 4,592 5,439 4,504 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 PRICES MARCH 1963 CONSUMER PRICES (1957-59- 100) Housing Read- Other Period it A em ll s Food Total Rent t e r G a l i n e c a c i d t s - y p S l f e a e u o u t n e l r m i d l o d s - H n i f n o u is u g r h s - se- o H h p t 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 r o t n n a s - - M c ic a e a r d l e - s c P o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n r o e v d d s - s 1929 59.7 55.6 85.4 56.6 56.2 1933 45 1 35 3 60 8 42.7 42.8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 1953 93.2 95.6 92.3 90.3 91.4 90.9 103.7 87.9 97.8 92.1 83.9 18.1 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 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 Fcb 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 Aug. 105.5 103.8 104.8 105.8 108.0 100.1 98.5 107.4 102.5 107.4 114.6 106.8 110.3 105.5 Sept 106.1 104.8 104.9 105.9 108.0 101.3 98.7 107.6 104.6 107.8 114.7 106.8 110.0 105.6 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 Dec 105.8 103.5 105.2 106.2 108.1 104.8 98.6 108.1 103.9 108.0 115.3 107.6 110.0 105.6 1963—Jan 106.0 104.7 105.4 106.3 108.2 104.9 97.9 109.3 103.0 106.6 115.5 107.4 110.2 105.7 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 i m e 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 t e 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 . rtMetals c M e h r i a n y - - F t e u u t r r c e n . , i- N t m m a o l i e n l n i - - c - b T ac o c - o n c M e e l o i l s a u - - s erals 1953 92.7 105.9 97.0 90.1 102.8 94.1 95.9 96.1 86.3 99.4 88.7 83.6 82.2 92.9 86.9 89.8 105.4 1954 92.9 104.4 97.6 90.4 100.6 89.9 94.6 97.3 87.6 97.6 88.8 84.3 83.2 93.9 88.8 93.8 110.5 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98 7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 I960 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 1962—Jan 100.8 97.9 102.0 101.0 100.3 108.2 101.0 98.4 r94.1 94.7 99.9 100.7 102.3 99.3 101.9 103.8 106.7 Feb 100.7 98.2 101.7 100.8 100.4 107.7 100.4 98.1 93.3 95.2 99.9 100.6 102.3 99.1 102.1 103.8 105.6 Mar. 100.7 98.4 101.4 100.8 100.5 107.4 98.9 98.0 93.8 96.2 101.0 100.4 102.3 99.0 102.2 104.0 105.6 Apr 100.4 96.9 100.0 100.9 100.5 106.9 100.2 97.9 92.9 96.8 101.3 100.3 102.3 98.9 102.4 104 0 106.0 May 100.2 96.2 99.5 100.9 100.7 107.2 99.7 97.7 93.2 97.1 100.8 100.2 102.3 99.0 102.1 105.1 106.0 100.0 95.3 99.8 100.7 100.8 108.0 99.6 97.6 93.0 97.3 100.5 99.8 102.2 98.9 101.9 104.1 105.4 July 100.4 96.5 100.8 100.8 100.9 107.5 100.0 97.2 92.7 97.5 100.0 99.7 102.3 98.8 101.6 104.0 107.6 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 101.2 100.6 103.3 100.8 100.6 107.5 100.8 96.9 92.8 97.0 99.5 99.7 102.3 98.6 101.5 104.2 109.1 Oct 100.6 98.7 101.5 100.7 100.5 107.4 100.8 97.1 93.1 96.6 99.3 99.4 102.2 98.5 101.6 104.5 108.7 Nov 100.7 99.3 101.3 100.7 100.5 107.3 100 8 97.0 93.7 96.3 99.1 99.3 102.2 98.6 101 6 104.5 109 8 Dec 100.4 97.3 100.9 100.7 100.6 106.9 100.8 96.8 94.4 r95.8 99.0 '99.3 102.3 '98.4 101.5 104.3 110.2 1963—Jan 100.6 98.5 100.9 100.7 100.4 106.1 100.5 96.9 94.3 95.9 99.0 99.4 102.3 98.3 101.4 104.3 111.7 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 PRICES 389 WHOLESALE PRICES: DETAIL (1957-59= 100) 1962 1963 1962 1963 Group Group Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 97.0 96.4 r88.5 104.1 Woodpulp 95.0 89.4 89.4 89.4 Grains 97.2 99.5 101.1 102.0 Wastepaper 100.9 96.0 94.6 94.7 Livestock and poultry 95.7 98.3 96.2 95.1 Paper 102.0 102.2 102.2 102.2 Plant and animal fibers 98.0 97.6 98.1 99.3 Paperboard 89.7 94.1 94.1 94.1 Fluid milk 105.3 102.4 101.9 101.3 Converted paper and paperboard... 101.4 99.7 '99.6 99.6 Eggs 97.9 112.4 99.3 100.1 Building paper and board 98.6 96.6 '96.2 95.6 Hay and seeds 104.2 106.9 108.2 111.7 Other farm products 93.5 90.1 89.0 87.4 Metals and Metal Products: Processed Foods: Iron and steel 100.6 98.4 98.7 D C C S P A M u a a e a n e e c g n r i i a t k e r 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 a y a n t f e , n k s f r r e o e d 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 i r i c e f o s a r e r d h u t y e u c i r t r c s i e a t , s a ls m and veg- 1 1 1 9 9 8 8 0 0 0 9 9 9 4 2 1 6 , . . , , . .9 1 1 1 1 9 9 8 0 0 0 0 6 2 0 0 2 7 8 . . . . . . . 1 3 5 2 2 7 0 1 1 1 » 9 8 8 0 0 0 -9 5 0 5 8 2 7 9 . . . . . . . 7 2 2 1 8 6 4 1 1 1 1 9 8 8 0 0 0 0 7 0 2 7 5 7 0 . . . . . . . 9 2 5 9 0 4 2 N H P H F M F l a a o a e u e u b b r a n m t c d r r a t f i i t 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 q n s i i m t n u o p r e i n u e m p r s t c s m a e t t r l n u e s 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 8 3 4 0 3 4 3 . . . . . . . 3 8 1 5 7 5 2 1 1 1 9 9 9 9 0 0 0 8 8 7 2 3 3 3 . . . . . . . 1 3 5 8 7 8 9 1 1 1 ' r 9 9 9 9 0 0 0 3 8 7 7 3 3 3 . . . . . . . 3 1 7 5 7 8 8 1 1 1 9 9 9 9 0 0 0 7 7 2 8 4 3 3 . . . . . . . 9 5 1 3 6 7 8 Crude vegetable oils 96, 79.8 r78.9 81.0 Refined vegetable oils 88.7 90.0 88.4 Machinery and Motive Products: Vegetable oil and products 103 91.8 91.8 91.9 Miscellaneous processed foods 102.2 101 .2 100.4 100.2 Agricultural machinery and equip 108.8 110.2 110.5 110.8 Construction machinery and equip.. . 107.7 108.2 108.3 108.3 Textile Products and Apparel: Metalworking machinery and equip... 108.9 109.3 109.3 109.2 General purpose machinery and Cotton products 102.0 100.7 100.8 100.6 equipment 102.9 103.7 103.8 103.9 Wool products 97.8 100.1 100.2 100.7 Miscellaneous machinery 103.2 103.4 103.6 103.6 Man-made fiber textile products 93.3 93.6 93.7 93.8 Special industry machinery and equip- Silk products 111.5 130.3 143.3 149.8 ment (Jan. 1961= 100) 101.4 102.5 102.8 102.9 Apparel 101.2 101.7 101.7 101.5 Electrical machinery and equip 98.8 r98.1 r98.1 98.0 Other textile products 122.4 127.8 127.9 123.2 Motor vehicles 100.3 100.4 100.4 100.4 Transportation equip., RR. rolling Hides, Skins, Leather, and Products: stock (Jan. 1961= 100) 100.5 100.5 100.5 100.5 L H Fo e id a o t e t h w s e e a r a n r d skins , 1 1 1 1 1 0 0 0 8 . . . 1 9 5 1 1 1 0 0 0 7 6 8 . . . 1 8 6 1 1 1 0 0 0 1 6 8 . . . 1 6 7 1 1 9 0 0 5 5 8 . . . 2 2 5 Furn b it l u e r s e : and Other Household Dura- Other leather products 104.7 105.0 105.5 105.4 Household furniture 103.4 104.1 104.2 104.4 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 r niture , 1 9 0 8 2 . . 9 2 1 9 0 6 2 . . 8 5 '1 9 0 6 2 . . 4 3 1 9 0 6 2 . . 2 3 C C G o o a a k s l e fuels (Jan. 1958= 100) , 1 1 9 1 0 8 8 3 . , . 1 1 9 0 2 7 3 2 . . . 7 6 3 1 1 r9 0 2 8 3 3 . . . 3 6 1 1 1 9 0 2 8 3 1 . . . 3 6 8 H T O e o t l h u e e s v r e i s h h i o o o l n u d , s e r a h a p d o p i l l d o ia s d n , c u a e n ra s d b l p e h o go n o o d g s raphs., 1 9 9 0 5 2 3 . . . 0 4 1 1 r9 9 0 0 3 2 . . . 4 1 9 1 r r9 9 0 0 3 2 . . . 4 0 8 1 9 9 0 2 0 2 . . . 4 2 7 Electric power (Jan. 1958= 100) 102. 102.7 102.7 102.6 Crude petroleum and natural gasoline 98. 98.1 98.1 98.1 Nonmetallic Mineral Products: Petroleum products, refined , 99.6 98.9 '98.6 98.2 Flat glass 96.2 96.6 96.6 96.6 Chemicals and Allied Products: Concrete ingredients 102.8 103.3 103.2 102.9 Concrete products 102.2 102.8 102.5 102.5 Industrial chemicals 97.3 95.9 95.9 96.0 Structural clay products 103.4 103.4 103.5 103.5 Prepared paint , 103.7 103.8 103.8 103.8 Gypsum products 105.0 105.0 105.0 105.0 Paint materials 97.4 93.9 92.9 93.0 Prepared asphalt roofing 102.1 89.4 89.4 89.4 Drugs and Pharmaceuticals , 97.2 95.1 '94.8 95.3 Other nonmetallic minerals 101.7 102.4 102.4 102.4 Fats and oils, inedible 83.0 75.9 72.8 71.7 Mixed fertilizers 103.7 103.1 102.8 103.0 Fertilizer materials 105.8 99.2 99.6 100.8 Tobacco Products and Bottled Bev- Other chemicals and products 99.2 99.5 99.5 99.6 erages: Tobacco products 102.0 102.2 102.2 102.2 Rubber and Products: Alcoholic beverages 100.7 101.5 101.1 101.1 Crude rubber , 94.5 92.8 94.7 94.1 Nonalcoholic beverages 116.2 117.4 117.4 117.4 Tires and tubes 88.5 88.0 89.0 89.0 Miscellaneous rubber products 99.4 99.7 99.7 99.7 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 100.5 101.2 101.3 101.2 Manufactured animal feeds 109.7 114.9 115.7 118.3 Lumber , 94.0 96.3 '95.8 95.9 Notions and accessories 98.7 98.7 98.7 Millwork 100.9 102.3 102.1 102.3 Jewelry, watches, photo equipment.. 103.6 104.4 104.4 104.4 Plywood , 92.2 91.5 '90.4 90.4 Other miscellaneous products 101.2 101.7 101.5 101.8 NOTE.—Bureau of Labor Statistics Index Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 NATIONAL PRODUCT AND INCOME MARCH 1963 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1961 1962 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 rv I n in IV Gross national product 104.4 56.0 125.8 284.6 444.5 482.7 503.4 518.7 553.9 538.6 545.0 552.0 555.3 563.5 79.0 46.4 81.9 195.0 293.2 313.5 328.5 338.1 356.7 346.1 350.2 354.9 358.2 363.5 Durable goods .. 9.2 3.5 9.7 30.4 37.3 43.6 44.8 43.7 47.5 46.6 46.3 47.2 47.1 49.6 Nondurable goods 37.7 22.3 43.2 99.8 141.6 147.1 151.8 155.2 162.0 157.2 159.9 161.3 163.0 163.9 Services . 32.1 20.7 29.0 64.9 114.3 122.8 131.9 139.1 147.1 142.3 144.1 146.3 148.1 150.1 Gross private domestic investment 16.2 1.4 18 1 50.0 56.6 72.7 72.4 69.3 76.6 76.6 75.9 77.4 76.3 76.2 New construction .. 8 7 1.4 6.6 24.2 35.5 40.2 40.7 41.6 44.5 43.2 41.6 44.5 46.1 45.0 3.6 .5 3.5 14.1 18.0 22.3 21.1 21.0 23.3 22.8 21.2 23.3 24.3 23.8 Other 5.1 1.0 3.1 10.1 17.4 17,9 19.7 20.5 21.2 20.4 20.5 21.2 21.8 21.3 Producers' durable equipment 5.9 1.6 6.9 18.9 23.1 25.9 27.6 25.5 28.9 27.4 27.6 28.9 29.2 29.9 Change in business inventories 1.7 -1.6 4.5 6.8 -2.0 6.6 4.1 2,1 3.2 6.0 6.7 4.0 1.0 1.2 Nonfarro only .. 1.8 -1.4 4.0 6.0 -2.9 6.5 3.7 1.9 3.2 5.9 6.6 3.9 1.0 1.1 a \ H f e -l 7 Exports 7 0 2.4 6.0 13.1 22.7 22.9 26.4 27.3 28.4 28.3 28.2 29.0 28.3 28.2 Imports .. 6.3 2.3 4.8 12.5 21.5 23.6 23.5 23.3 25.2 24.5 24.5 25.3 25.8 25.0 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 93.5 97.2 99.7 107.4 117.3 112.1 115.2 116.0 118.2 120.7 Federal 1.3 2.0 16.9 19.3 52.6 53.6 53.2 57.0 62.4 59.5 61.9 62.1 62.7 63.4 National defense j 13.8 14.3 44.8 46.2 45.7 49.0 53.4 50.8 53.0 53.2 54.0 54.2 Other . ) 1.3 2.0 \ 3.2 5.2 8.3 7.9 8.1 8.7 9.7 9.2 9.6 9.5 9.6 10.1 Less* Government sales ... . .1 .5 .5 .6 .6 .8 6 .6 .6 .8 .9 State and local 7.2 6.6 7.8 19.7 40.8 43.6 46.5 50.4 55.0 52.6 53.3 54.0 55.5 57.3 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 401.3 428.6 440.2 447.9 471.9 463.4 467.4 470.8 471.6 477.7 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 1941 1958 1959 1961 ,«, M rv I n in IV National income 87.8 40.2 104.7 241.9 367.4 400.5 415.5 427.8 457.5 444.0 448.9 456.7 459.8 Compensation of employees . 51.1 29.5 64.8 154.2 257.1 278.5 293.7 302.2 321.6 309.9 315.2 321.7 323.8 325.8 Wages and salaries 50.4 29.0 62.1 146.4 239.8 258.5 271.3 278.8 295.8 286.1 289.9 295.9 297.8 299.7 45.5 23.9 51.9 124.1 196.6 213.1 222.9 227.0 239.7 232.5 235.0 240.1 241.4 242.2 .3 1.9 5.0 9.8 9.9 9.9 10.2 11.0 10.8 11.2 11.2 10.9 10.6 Government civilian 4.6 4.9 8.3 17.3 33.5 35.4 38.5 41.6 45.2 42.8 43.7 44.6 45.5 46.9 Supplements to wages and salaries .7 .5 2.7 7.8 77.5 20.1 22.4 23.4 25.8 23.8 25.2 25.8 25.9 26.1 Employer contributions for social in- .1 .1 2.0 4.0 8.0 9.7 11.4 12.0 13.5 12.2 13.3 13.4 13.5 13.6 Other labor income .6 .4 .7 3 8 9.4 10.4 11.0 11.4 12.3 11.6 12.0 12.3 12.4 12.5 Proprietors' income 14.8 5.6 17.4 37.5 46.1 46.5 46.2 47.8 49.8 49.5 49.1 49.5 49.7 50.9 8.8 3.2 10.9 23.5 32.5 35.1 34.2 34.8 36.8 36.0 36.2 36.t 37.0 37.3 Farm . .. . 6.0 2.4 6.5 14.0 13.5 11.4 12.0 13.1 13.0 13.6 12.9 12.t 12.8 13.6 Rental income of Dersons 5.4 2.0 3.5 9.0 12.2 11.9 11.9 12.3 12.8 12.5 12.6 12.8 12.9 12.9 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.2 47.2 45.6 45.5 51.0 51.1 50.4 50.7 51.0 Profits before tax 9.6 .2 77.0 40.6 37.4 47.7 45.4 45.6 50.9 51.4 50.1 50.9 57.7 Profits tax liability 1.4 .5 7.6 17.9 18.6 23.2 22.4 22.3 24.8 25.1 24.4 24.9 24.9 Profits after tax 8.3 -.4 9.4 22.8 18.8 24.5 23.0 23.3 26.0 26.3 25.6 26.1 26.1 5.8 4.5 9.2 12.4 13.7 14.4 15.0 15.9 15.5 15.8 15.8 15.8 ' i6.*4 Undistributed profits 2.4 -2.4 4.9 13.6 6.4 10.8 8.6 8.3 10.1 10.8 9.8 10.3 10.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 - 3 - .5 .2 .2 -.3 .3 -.2 -.1 .8 Net interest 6.4 5.0 4.5 5.5 14.8 16.4 18.1 20.0 22.2 21.0 21.5 22.0 22.5 23.0 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 NATIONAL PRODUCT AND INCOME 391 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1961 1962 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 IV I II in IV Gross national product 104.4 56.0 125.8 284.6 444.5 482.7 503.4 518.7 553.9 538.6 545.6 552.0 555.3 563.5 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 38.6 41.0 43.2 45.3 47.6 46.6 47.0 47.5 47.5 48.3 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 39.3 42.6 46.5 48.2 51.6 49.7 50.2 51.4 51.8 52.9 Business transfer payments .6 .7 .5 .8 1.8 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 .3 .9 .4 -1.5 — 3 0 -3.4 -3.1 -3.3 -1.9 -1.4 —4.0 -4.3 Plus: Subsidies less current surplus of government enterprises -.1 .2 1.1 .4 .5 1.7 1.7 2.0 1.8 1.8 1.8 1.6 Equals: National income 87.8 40.2 104.7 241.9 367.4 400.5 415.5 427.8 457.5 444.0 448.9 456.7 459.8 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.2 47.2 45.6 45.5 51.0 51.1 50.4 50.7 51.0 Contributions for social insurance .2 .3 2.8 6.9 14.8 17.6 20.6 21.6 23.9 22.1 23.6 23.9 24.0 "lA.2 Plus: Government transfer payments .9 1.5 2.6 14.3 24.5 25.4 27.3 31.3 32.4 31.6 31.9 32.0 32.3 33.5 1.0 1.2 Dividends 5.8 2.1 4.5 9.2 12.4 13.7 14.4 15.0 15.9 15.5 15.8 15.8 15.8 16.4 Business transfer payments. . . . 6 7 5 8 1 8 2 1 2 1 2 1 2.1 2 1 2.1 2.1 2.1 2.1 Equals: Personal income . . . 85 8 47 2 96 3 228 5 360 3 383 9 400 8 416 4 440 5 427 3 432 0 439 5 442 6 448.0 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 42.3 46.8 51.4 52.8 57.6 54.6 56.4 57.7 58.5 58.7 Federal. . . 1.3 .5 2.0 18.2 36.6 40.4 44.0 45.0 49.1 46.7 48.0 49.2 49.9 50.1 State and local 1 4 1 0 1 3 2 6 5 7 6 4 7 4 7 8 8 5 8 0 8 4 8 5 8 6 8.7 Equals: Disposable personal income 83.1 45.7 93.0 207.7 317.9 337 1 349.4 363.6 382.9 372.6 375.6 381.8 384.1 389.3 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 293.2 313.5 328.5 338.1 356.7 346.1 350.2 354.9 358.2 363.5 Equals: Personal saving 4.2 -.6 11.1 12.6 24.7 23.6 20.9 25.6 26.2 26.5 25.4 26.9 26.0 25.8 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 296.3 310.7 317.3 327.3 341.6 334.5 336.6 340 9 342.1 345.8 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) 1962 1963 Item 1961 1962 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total personal income 416.4 440.5 428.8 431.9 435.2 438.3 439.7 440.7 441.9 443.0 443.5 445.6 448.2 450.4 1452.4 Wage and salary disbursements 278.8 295.8 287.4 290.3 292. 295.3 296.0 296.9 297.8 298.1 298 0 298.5 299.8 301.0 301.5 Commodity-producing industries... 110.8 117.2 113.8 115. 116.1 118. 118. 118.1 118.4 118.1 117.9 117.8 117.8 117.8 117.7 Manufacturing only 87.5 93.6 90.8 92.0 92.8 94.4 94.5 94.5 94.5 94.1 94.0 93.9 94.0 94.2 93.9 Distributive industries 72.9 76.2 74.4 75.0 75.4 75.8 76. 76.2 76.4 76.6 76.7 76.9 77.1 77.6 77.6 Service industries 43.4 46.3 44.9 45. 45.3 45.6 45.9 46.5 46.7 47.0 47.0 47.1 47. 47.5 47.7 Government 51.8 56.2 54.4 55.0 55.4 55.6 55.8 56.0 56.3 56.5 56.4 56.7 57. 58.0 58.5 Other labor income .. 11.4 12.3 11.8 12.0 12.1 12.: 12.3 12.4 12.4 12.4 12.4 12.5 12.5 12.5 12.6 Proprietors'* income 47.8 49.8 49.2 49.0 49.3 49.4 49.6 49.6 49.6 49.8 49.9 50.5 50.9 51.4 51.1 Business and professional. 34.8 36.8 36.1 36.2 36.4 36.6 36.8 36.8 36.9 37.0 37 0 37.1 37.3 37 4 37.5 Farm 13.1 13.0 13.1 12.8 12.9 12.8 12.8 12.8 12.7 12.5 12.9 13.2 13.6 14.0 13.6 Rental income... 12.3 12.8 12.6 12.6 12.7 12.7 12.8 12.8 12.8 12.9 12.9 12.9 12.9 12.9 12.9 Dividends 15.0 15.9 15.6 15.8 15.9 15.8 15.8 15.8 15.7 15.7 16.0 16.1 16.2 17.0 16.3 Personal interest income. . . 27.4 29.7 28.6 28.8 29.0 29.2 29.4 29.6 29.8 30.0 30.2 30.4 30.6 30.8 31.1 Transfer payments 33.4 34.6 33.9 33.8 34.5 34.2 34.2 34.1 34.2 34.5 34.5 35.5 35.8 35.5 138.5 Less: Personal contributions for social insurance 9.7 10.5 10.3 10.4 10.4 10.5 10.5 10.5 10.5 10.5 10.4 10.5 10.5 10.6 11.6 Nonagricultural income. . 399.1 423.2 411.6 414.8 418.0 421.2 422.6 423.5 424.8 425.9 426.4 428.2 430.4 432.3 1434.5 Agricultural income 17.3 17.3 17.2 17.1 17.2 17.1 17.1 17.2 17.1 17.1 17.1 17.4 17.8 18.2 17.9 1 Includes stepped-up rate of Govt. life insurance payments to veterans NOTE.—Dept. of Commerce estimates. Monthly data are seasonally and a special dividend to all W.W. II veterans holding NSLI policies; adjusted totals at annual rates. See also NOTE to table at top of previous disbursements amounted to $3.6 billion. page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FLOW OF FUNDS/SAVING MARCH 1963 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1960 1961 1962 Transaction category, or sector 1957 1958 1959 1960 1961 III IV II III IV II III I. Saving and investment A Gross national saving 109.4 94.1 115.6 120.4 1169 118.6 114.9 106.0 116.4 119.3 126.1 127.6 129.3 124.9 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 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 D Corporate nonfin. business 26.3 25.0 35.6 31.5 35 0 29.3 28.8 28.2 34.2 36.2 41.2 40.6 40.2 38.1 E U.S. Government 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 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 -4.8 -5.7 G Financial sectors 2.6 2.1 2.1 2.9 2.1 3.4 4.0 3. 2.8 1.7 .9 1.1 .9 1.3 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. 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 .7 .8 .8 .8 .8 .8 N 0 Net financial investment 4.3 .4 -1.7 .7 1.8 1.2 2.2 3.4 .2 2.3 1.1 2.6 1.7 -.1 -1.3 -.2 .9 2.5 2.2 2.6 2.3 1.7 5.0 .6 1.5 2.9 2.8 1.4 P Discrepancy (A-H) II. Financial flows—Summary 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 Net funds raised—Nonfin. sectors.. 12.8 3 3 19.2 7.8 19.3 20.4 .3 26.9 17.0 4.5 28.8 34.9 20.9 -7.1 B Loans and short-term securities 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 Long-term securities and mtgs By sector -1.3 8.6 8.7 -2.2 7.4 -2.7 -2.4 .4 9.3 15.3 4.7 15.0 7.6 -4.4 D D U.S. Government 5.5 -1.2 5.5 -5.1 11.3 12.2 -10.8 22.0 16.6 -4.6 11.4 22. 4.1 -18.6 E P 1 N 0 S Q J L M H R K E F G P F v o L S L S O S t r . e e h o o e t i O B S 7 d c C C O h c o a a g u t - o u a e n r n t o o n a t r t h m r r n h s s t n r - t i i o e t e k e t p t b s s e i e i r r u e o e o e 4 s r a l s c m r s t m r l m - o i n o a r u f c a e a o a o d a t r r n e n i m w s n r n t l e s d t i c s s o o g i e e c e r l n n c r a s y u m e c s . a f g e r d u i m l o i . e n i r t c o t r i s . i o e t t b g r i s s l e t a e i g s g g c a t e g o s e rs s - 2 3 6 8 3 2 2 4 8 6 5 1 2 1 . . . . . . . . . . . . . 4 . 6 5 6 3 6 8 8 9 4 9 5 6 4 2 3 1 5 9 5 8 2 3 1 0 8 1 1 1 1 . . . . . . . . . . . . . . 2 5 0 8 5 1 1 1 3 1 3 8 7 9 4 2 1 1 9 6 5 5 2 4 5 3 3 3 4 . . . . . . . . . . . . . . 1 6 4 7 8 2 4 8 2 7 1 8 1 2 3 1 1 4 3 2 5 5 2 2 3 0 5 1 6 1 . . . . . . . . . . . . . . 4 7 9 4 8 4 7 4 0 7 3 3 4 0 - 3 3 1 4 2 6 2 5 2 5 1 2 7 0 1 6 . . . . . . . . . . . . . 2 . 3 1 3 7 8 1 9 2 7 0 8 4 2 -1 2 1 3 — 6 3 5 2 4 6 6 0 6 1 2 1 . . . . . ! . . . . . . . 3 2 9 2 0 5 0 1 7 8 9 6 8 7 2 3 1 2 2 3 5 2 5 8 8 3 4 0 3 3 . . . . . . . . . . . . . 4 7 4 4 4 4 0 2 6 1 9 3 6 9 -2 2 2 1 2 5 2 5 2 4 5 6 0 1 1 . . . . . . . . . . . . . . 5 0 2 3 6 1 2 8 1 7 2 2 4 7 - - 3 1 1 3 - - 1 7 5 3 1 2 3 1 1 5 . . . . 2 . . 1 . . . . . . 0 1 . 5 9 8 3 9 7 5 9 3 * 2 3 3 1 4 6 6 2 5 7 1 1 2 3 0 0 7 . . . . . . . . . . . . . . 0 0 6 0 7 9 4 6 4 1 0 7 9 4 - 4 1 3 1 8 4 6 4 4 3 4 5 7 7 2 1 2 . . . . . . . . . . . . . 2 . 1 7 7 2 3 3 1 7 8 1 9 9 2 - A 3 1 7 5 4 3 2 8 8 3 3 3 7 3 l . \ . . . . . . . . . . . 9 7 7 3 7 0 5 8 4 7 2 7 9 5 3 1 1 4 6 9 6 5 7 6 3 4 1 8 1 6 . . . . . . . . . . . . . . 1 1 7 3 6 0 0 2 6 5 3 8 2 6 4 3 1 1 1 - - 9 4 3 3 4 5 5 6 1 4 6 . . . 7 . . . . 3 . . . . . . . 3 5 2 9 4 6 3 9 4 2 3 1 M K N H I G O L F s J I W T U V Ne C U F t o h s .S r o g e u . . i r g G i c n n e o s U v f u t o . . n S f l d . c e s r n G e d o d in i v t g t . ( c « a = s A h ) bal 3 - 2 2 . . 1 ! 5 4 4 3 2 1 . . . 1 1 8 5 3 3 2 . . . . 6 8 7 6 3 2 3 6 . . . . 4 2 2 8 4 2 2 6 . . . 8 1 3 5 31 3 1 1 . . . 8 7 4 9 - 3 1 2 5 4 . . 4 9 6 0 - 3 5 2 0 1 . . . . 4 8 8 0 4 - - 2 4 . . 5 8 . . 7 3 5 5 5 3 6 . . . . 1 5 8 0 - 5 2 4 4 4 . . . 4 . 1 8 7 6 3 3 3 1 . . . . 5 6 3 5 6 4 6 2 3 . . . . 4 4 0 9 - 4 4 2 1 1 . . . 3 . 7 0 5 w U V T X V P S v ou t. r c in e s s u n r. . e a .c nd pension reserves.. 7 3 . . 0 2 7 4 . . 8 8 5 8 . . 8 8 6 8 . . 8 2 5 8 . . 1 7 9 3 . . 0 7 7 6. . 1 5 7 2 . . 7 1 7. . 5 7 1 9 3 . . 2 4 1 4 0 . . 1 2 3 8 . . 0 6 9 2 . . 7 9 9 7. . 3 8 X Y Z Pvt. Domestic Nonfin. Sectors 19 8 25 2 30 9 14 8 27.2 12.2 IS 2 20.9 34 8 19 1 34 0 39 4 3S.4 24 9 Z AA Deposits and U.S. Govt. secur.... 10.5 17.8 23 3 7.7 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 1.1 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 2.7 5.5 8.8 8.2 9.1 72.7 70.9 6.5 5.7 23.0 75.7 9.8 AE AF At savings instit 6.8 8.7 8.4 9.6 11.4 10.0 10.8 77.2 77.5 10.6 12.4 12 3 12.2 75.0 AF AG U.S. Govt. securities -.4 -2.8 12.5 -5.9 -.9 -12.5 -11.7 -8.9 .9 -.3 4.7 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 .2 -.3 1.3 .9 -.3 .1 3.0 .6 1.4 -.4 -3.8 2.8 AI III. Financial institutions 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 A Net funds advanced—Total -.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 B U.S. Govt. securities 17.6 23.1 23 20.7 27.9 23.5 24.0 21.9 26.0 31.3 32.3 24.7 40.7 32.0 C C Other securities and mtgs 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 D Loans 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 H Finance n.e.c 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 1 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 J Gross saving 2.6 2.1 2.9 2. 3.4 4.0 3.1 2.8 1.7 .9 1.1 .9 1.3 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 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 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 N Other savings accounts 6.9 8.9 8.4 9.5 11.5 10.0 10.9 11.2 11.5 10.6 12.9 12 3 12 4 13.0 O Svg. through life insurance 2.7 3.3 3.6 3.5 3.7 3.5 3.4 3.7 3.3 4.0 3.9 4.7 4.9 4.8 P Svg. 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 Q Credit market instruments 2.2 .5 5.9 3.5 3.7 2.0 3.4 .1 2.6 6 0 6.1 4.2 7.1 6.8 R Investment co. shares 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 S Corporate bonds .6 1.0 1.4 1.4 1.9 .9 1.3 .2 .9 * 1.2 .3 T Loans .1 2.9 .4 -.8 -2.5 -.2 3.7 2.0 .7 3.7 5.3 U Security credit .1 .6 .5 .9 3.1 -1.3 2.2 1.0 1.7 -1.9 -.8 1.1 V Other sources, net -1.2 3.7 3.3 4. 1.9 2.2 5.0 2.1 -5.2 8.9 1.9 .5 -.3 3.1 NOTE. —Quarterly data are seasonally a djusted totals at annual rates. For other notes see Jan. 1963 BULL., p. 85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 FLOW OF FUNDS/SAVING 393 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1960 1961 1962 Transaction category, or sector 1957 1958 1959 1960 1961 III IV I II III IV I II III I. Demand deposits and currency A Net incr. in banking system liability.. -.8 5.8 1.1 * 5.6 4.1 .7 -2.0 6.5 9.6 8.3 -3.6 6.3 1.3 A B US Govt deposits .2 .1 .6 .8 .1 1.4 -1.4 -5.4 2.7 5.5 -2.4 3.6 6.4 -4.3 B C Other -1.0 5.6 .5 -.8 5.5 2.8 2.1 3.4 3.8 4.1 10.7 -7.2 -.1 5.5 C D 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 D E US Govt .2 .1 .7 .9 .3 1.7 -1.5 -5.7 1.0 8.9 -3.0 3.5 6.0 -3.0 E .3 6.1 -.5 -.6 4.1 2.2 1.5 2.9 4.4 1.9 7.2 -5.6 *i 5.8 F -.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 G H Nonfinancial business .7 2.7 -2.2 -1.7 .9 -1.6 -1.6 -2.8 -.1 .6 6.0 -6.4 -4.4 -.4 H .3 .3 .5 .2 .6 1.4 .7 -.7 1.9 -1.7 2.6 -3.3 1.7 2.2 I 3 .7 .5 1.2 .6 .2 1.4 1.1 1.5 .9 1.4 .2 1.2 J K Rest of the world .2 * .1 .4 .8 .9 -.9 .4 1.0 2.0 -.9 -1.1 K L Discrepancy U S cash • * -.1 * -.2 -.3 .1 .3 1.7 -3.4 .5 .1 .4 -1.3 L M Other -1.5 -.5 .9 -.2 1.0 .6 -.2 -.5 .3 1.8 2.5 -3.6 1.5 .8 M II. Time and savings accounts A 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 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 B .9 -.4 .8 1.3 1.6 2.0 5.6 1.2 .8 -2.4 4.8 2.6 .6 C D State and local govts .3 .7 -.5 1.3 .9 2.1 2.1 .9 .8 .9 .9 2.1 .3 .4 D * .9 -.9 .3 .6 1.2 .3 -.3 .7 1.3 .6 -.5 .2 -.1 E F Consumer and nonprofit 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 F G At savings institutions 6.9 8.9 8.4 9.5 11.5 10.0 10.9 11.2 11.5 10.6 12.9 12.3 12.4 13.0 G H Memo—Consumer and nonprofit organ —Total . 12.0 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 H III. U. S. Govt. Securities -.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 4.7 2.6 5.7 -2.1 E -.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 —2.2 -.7 -2.0 — .4 .7 -.2 .5 .3 .5 .8 1.2 -.7 .7 .4 G 1 3 — 1.4 8 3 -2.7 — .8 -3.1 -8.4 —8.2 -4.6 4.4 5.2 — .8 2 6 7 H I Corp nonfin business • 4.4 -3.0 -.9 -1A -3.3 -1.6 4.1 -5.1 -1.0 1.3 .8 -3.1 I J State and local govts .5 -.4 1.8 .3 .2 -1.8 -.6 .6 1.0 -.3 -.6 2.2 2.1 .5 J -.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 K L Banking system .. ... -.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 L Mi Afotietary authorities -.7 2.2 .3 .7 7.5 7.2 -.7 2.2 .2 7.5 2.0 5.5 .3 -.3 M N Commercial banks .2 7.9 -7.4 2.0 5.9 7.4 9.0 4.9 70.5 12.4 -4.3 3.1 .6 -2.8 N .3 A .6 -A .5 -1.1 .3 1.2 -.2 -.1 1.2 1.7 -1.0 .4 O -.9 .3 .2 -.4 -.1 * — .9 .7 -1.2 -.3 .6 .7 .3 P Q Finance n.e.c .2 .2 1.0 -.1 2.0 .6 -.8 .. 1.9 -1.3 * -.1 1.0 Q R Rest of the world .1 * .4 .3 -.7 .7 .5 "-'.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 A A fy C. | 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 C .6 1.0 1.4 .8 1.4 1.9 .9 1.3 .2 .9 1.2 .3 D P Rest of the world .5 1.3 .7 .7 .8 .6 .6 .2 .9 .7 1.1 .5 1.2 .4 E 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 F G Consumers and nonprofit org 5.1 3.8 3.0 2.3 1.5 1.9 .4 .3 7.0 -2.8 1.6 3.8 -2.0 -2.8 G 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 H I Corn business .1 .5 .7 .3 .4 .2 .1 .2 .4 .5 .7 .6 .6 .5 I J 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 J K Insurance and pension funds 6.5 6.5 7.0 7.0 7.7 7.9 7.8 6.0 7.2 9.0 8.7 5.6 7.2 6.9 K M Security brokers and dealers -.2 .2 -.5 -.5 .1 -.5 * -.4 .2 . . 4 9 . . 2 2 - - 1 . . 8 5 -.1 * 1 1 . . 9 0 - - . . 2 8 - - 4 2 . . 2 3 2 2. . 1 6 - - 2 . . 6 5 M L — .9 .3 — 1. 1 A 1 r 2 j - 1 .5 .0 — 1 .4 .6 1.1 2 -.5 .8 - 1 .4 .2 1.5 - 1 .8 .2 -1 1 .1 .6 -1 2 .3 .0 2. . 7 6 --1..46 ON P 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 1.3 P O Rest of world .2 .4 .3 .3 .1 * .4 .5 .1 .3 .5 — .1 .1 Q 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 A 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 13.5 160 15.6 B 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 C D 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 D 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 E F US Government 1.4 .3 2.2 1.2 .6 1.4 1.1 — .2 1.0 1.7 1.0 -.2 .1 F G Commercial banks ... .6 2.1 2.6 .7 1.6 .6 .3 .9 1.8 1.8 1.9 2.1 5.1 4.8 G 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 H 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 I J Mortgage companies -.3 .5 .2 * .6 .1 -.3 .5 .8 1.2 <y 1.2 .8 J VI. Bank loans n.e.c. A Total net borrowing • 2.3 1.2 7.4 2.8 3.1 -1.4 2.4 -1.4 -.3 5.1 8.9 4.S 6.3 6.2 A 2.1 1.4 5.3 2.8 2.0 -.4 2.2 .3 -.2 1.5 6.5 2.9 5.1 3.9 B 2.0 .4 3.8 2.6 1.6 1.2 1.9 1.7 .1 * 4 6 1.7 3.1 C D Nonfarm noncorporate -.2 .5 .9 * .1 -1.7 .3 -1.9 -.3 .9 1.7 .7 4.4 .9 D E Farm .3 .6 .7 .2 .3 .1 .5 * .5 .2 .5 .7 -.2 E F Rest of the world .4 .5 .2 .1 .7 .1 "".5 .3 .8 1.3 1.9 .1 • F G Financial sectors • • . -.4 -1.1 1.6 -.3 .1 -1.3 — .6 -2.1 -1.0 3.3 .3 -.4 .9 1.8 G NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1963 BULL., p. 85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 BANK RESERVES AND RELATED ITEMS, 1962 MARCH 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 F r i o n . a w g t R s - . s F e r r r e v e - e e s T h o e t l a d l qu R i e re - d Excess B F r i o a n . a n w g t R k s - . s s F e r r r e v e - e e s T h o e t ld al qu R i e re - d Excess B F r i o a n . a n w g t R k s - . s Free Banks Jan 20,089 19,464 '625 70 '555 3,811 3,763 48 7 41 987 982 5 Feb 19,571 19,069 502 68 434 3,680 3,664 17 6 11 955 954 1 Mar 19,550 19,077 '473 91 '382 3,693 3,705 -12 12 -24 964 949 15 -6 Apr 19,723 19,213 510 69 441 3,752 3,692 60 10 50 940 953 -13 -20 May 19,823 19,320 '503 63 '440 3,724 3,713 11 10 990 983 7 3 June 19,924 19,433 '491 100 '391 3,781 3,774 7 19 -12 976 977 i 3 July 20,043 19,514 '529 89 '440 3,766 34 16 18 1,000 989 10 6 Aug 19,924 19,358 '566 127 '439 3,709 24 17 7 1,017 1,013 4 -14 Sept 20,034 19,579 '455 80 '375 3,718 3,723 -4 15 -19 1,021 1,022 -1 -10 Oct 20,205 19,721 484 65 419 3,774 ,736 38 4 34 1,036 1,032 5 Nov 19,604 19,012 '592 119 '473 3,627 ,601 27 14 13 1,007 1,001 6 -7 20,040 19,468 '572 304 '268 3,863 3,817 46 108 -62 1,042 1,035 7 -11 Dec Week ending— 20,348 19,788 560 216 344 3,891 3,870 86 -65 1,009 1,006 1961—Dec. 27. . 1962—Jan. 3.. 20,802 20,076 726 341 385 4,002 4,003 -1 179 -180 1,026 1,025 34 -34 10.. 20,292 19,682 610 64 546 3,887 3,823 64 64 1,003 998 5 5 17.. 20,056 19,452 604 69 535 3,733 3,730 3 "*2 1 973 976 -4 -12 24. . 19,972 19,271 701 44 657 3,747 3,C" 59 59 976 964 11 10 31.. 19,758 19,227 531 60 471 3,745 3,709 36 36 C971 971 1 -3 Feb. 7. . 19,698 19,241 457 72 385 3,744 3,735 9 1 971 968 -1 14.. 19,520 19,022 498 70 428 3,637 3,623 14 6 941 946! -16 21. . 19,580 19,047 533 72 461 3,655 3,647 8 3 962 953| 9 8 28. . 19,485 18,965 520 56 464 3,685 3,649 36 32 945 949 -4 -4 Mar. 7. . 19,484 19,038 446 90 356 3,700 3,694 6 -2 962 9551 7 -1 14.. 19,348 18,870 478 53 425 3,648 3,632 16 16 932 936J -4 ll -5 21.. 19,665 19,181 484 133 351 3,754 3,759 -5 -18 959 952| 7 69 -62 28.. 19,648 19,189 459 86 373 3,748 3,735 13 -9 960 958 171 -15 Apr. 4. . 19,663 19,146 517 75 442 3,728 3,709 19 10 939 938 1 -2 11. . 19,504 19,060 444 60 384 3,629 3,620 9 938 936 2 -7 18.. 19,686 19,194 492 75 417 3,667 3,664 3 -19 947 949 -3 -13 25.. 19,878 19,328 550 85 465 3,753 3,732 21 12 972 966 1 May 2.. 19,868 19,410 458 63 395 3,828 3,792 36 36 985 987 -2 -11 9.. 19,852 19,393 459 46 413 3,757 3,743 14 14 995 988 6 3 16.. 19,815 19,328 487 64 423 3,695 3,680 15 10 978 982 -4 -9 23.. 19,831 19,299 532 47 485 3,727 3,707 20 20 989 980 9 30.. 19,809 19,202 607 86 521 3,765 3,683 82 82 1,006 974 32 June 6. . 19,801 19,289 512 55 45' 3,733 7 7 962 970 -7 -7 13.. 19,638 19,245 393 47 346 3,689 2 1 963 959 4 4 20.. 20,038 19,568 470 124 346 3,807 24 -12 982 986 -4 -12 27.. 20,062 19,569 493 168 325 3,827 3,813 14 -22 993 986 7 6 July 4.. 20,240 19,697 543 120 423 3,907 3,867 40 10 1,012 999 14 10 11.. 20,141 19,595 546 55 491 3,764 3,746 19 8 980 985 -5 -5 18.. 20,094 19,532 562 163 399 3,694 3,688 7 -33 981 986 -4 -15 25.. 20,002 19,427 575 59 516 3,753 3,678 75 75 984 972 12 10 Aug. 1. . 19,838 19,404 434 70 364 3,768 3,753 15 15 1,024 1,016 6 8.. 19,815 19,325 490 156 334 3,706 3,704 3 -15 1,01" 1,010 2 -16 15.. 19,813 19,216 597 130 467 3,667 3,630 37 29 997 999 -2 -25 22.. 20,010 19,468 542 156 386 3,716 3,704 12 -2' 1,026 1,022 4 -22 29.. 19,914 19,379 535 73 462 3,691 3,67^ 15 1,024 1,019 -5 Sept. 5.. 19,839 19,418 421 94 327 3,69' 3,689 8 1,024 1,021 -7 12., 19,952 19,427 525 77 448 3,676 3,664 1 1,015 1,009 -3 19., 20,159 19,643 516 25 491 3,777 3,749 28 28 1,024 1,026 -5 26., 20,191 19,687 504 141 363 3,751 3,744 8 -29 1,031 1,025 -12 Oct. 3. 20,174 19,728 446 63 383 3,810 3,785 25 19 1,037 1,032 4 10. 20,333 19,854 479 44 435 3,779 3,764 15 15 1,042 1,040 -7 17. 20,306 19,821 485 71 41< 3,721 3,729 -8 -22 1,035 1,035 -9 24. 20,358 19,853 505 56 44? 3,772 3,755 18 15 1,041 1,04: -2 31. 19,807 19,353 454 79 375 3,735 C3,67< 61 61 1,01 1,009 Nov. 7. 19,559 19,010 549 158 39 3,667 3,655 -6 1,017 1,01 -35 14. 19,417 18,846 571 144 427 3,561 3,541 20 11 977 974 -13 21. 19,685 19,078 607 93 51 3,598 3,593 -27 1,014 1,008 5 28. 19,630 19,080 550 95 455 3,658 C3,599 60 60 1,01 1,008 6 Dec. 5. 19,529 19,149 380 92 288 3,658 3,678 -20 11 -31 1,011 1,011 -2 12. 19,527 19,081 446 107 33< 3,708 3,669 3( 34 998 991 3 19. 19,953 19,438 515 163 352 3,840 3,826 1 39 -25 1,032 1,034 -4 26. 20,325 19,764 561 307 254 3,971 3,922 49 126 -77 1,07- 1,065 5 For NOTE see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 BANK RESERVES AND RELATED ITEMS, 1962 395 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks 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 Jan 8,311 8,257 54 34 20 6,979 '6,462 '518 26 '492 Feb 8,094 8,047 47 25 22 6,842 6,405 437 33 404 Mar 8,106 8,065 41 26 15 ' 6,787 6,358 '429 32 '397 Apr 8,195 8,158 37 28 9 6,836 6,410 425 24 401 May '8,234 8,174 '60 21 '39 '6,875 6,449 '425 37 '388 June 8,270 ' 8,209 '61 45 r16 6,896 6.473 423 34 389 July '8,306 8,266 M0 40 6,972 6,526 445 29 416 Aug '8.182 8,129 '52 47 r5 7,017 6,531 486 45 441 Sept r 8;189 8,166 '"23 26 '7,106 ' 6,668 438 30 408 Oct 8.203 8,174 29 24 5 7,192 6,779 413 31 382 Nov r 7,995 7,951 60 -16 6,975 6,459 515 32 483 8,178 8,100 78 130 -52 r6,956 6,515 '442 48 '394 Dec Week ending— 8,498 8,447 77 -26 6,951 6,465 486 435 1961—Dec. 27. .. 8,576 8,526 50 107 -57 7,197 6,522 676 21 655 1962—Jan. 3 8,431 8.356 75 35 40 6,971 6,505 466 29 437 10 8,307 8,266 41 40 1 7,043 6,480 564 18 546 17 8,276 8,172 103 15 88 6,973 6,446 527 28 499 24 8,163 8,119 44 23 21 6,878 6,428 450 33 417 31 Feb. 7 8,153 8.108 45 19 26 6,830 6,430 400 42 358 14 8,075 8,037 39 26 13 6,867 6,416 450 25 425 21 8,103 8,050 52 33 19 6,860 6,396 464 35 429 28 8,041 7,991 50 22 29 6,814 6,376 438 30 408 Mar. 7 8,041 8,022 19 34 -15 6,782 6.367 415 40 375 14 8.014 7,958 57 27 30 6,753 6^344 409 25 384 21 8,151 8,111 40 19 21 6,801 6,359 442 32 410 28 8,174 8,134 41 24 16 6,766 6,363 403 22 381 Apr. 4 8,199 8,143 56 37 40 6,796 6,356 440 45 395 11 8,165 8,118 47 26 21 6,773 6,387 386 17 369 18..... 8,205 8,171 34 19 15 6,867 6,409 458 23 435 25 8,223 8,182 41 53 -12 6,929 6,448 481 18 463 May 2 8,233 8,199 34 19 14 6,822 6,432 390 35 355 9 8,249 8,214 35 18 17 6,851 6,448 403 25 377 16 8,220 8,192 28 20 8 6,921 6,473 447 34 414 23 8,194 8,155 39 20 19 6,921 6,457 464 26 438 30 8,230 8,119 110 24 6,809 6,427 382 61 321 June 6 8,201 8,152 49 26 23 6,897 6,434 463 29 433 13 8,174 8,139 36 13 23 6,810 6,458 352 33 318 20 8,307 8,274 33 64 -31 6,919 6,501 418 17 401 27 8,325 8,288 38 69 -31 6,918 6,483 435 63 372 July 4 8,433 8,342 91 57 34 6,888 6.488 399 29 369 11 8,359 8,322 36 13 23 7,037 6.542 496 31 464 18 8,324 c8,302 22 97 -75 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 34 448 8,154 8,126 29 20 9 6,964 6,582 382 56 326 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 7,095 6.705 391 28 363 10 8,299 8,268 31 11 20 7,213 6.782 431 24 407 17 8,287 8,267 20 16 4 7,263 6.791 473 32 441 24 8,281 8,244 37 26 11 7,264 6.812 452 25 427 31 7,943 7,905 38 30 7,115 6.766 349 44 305 Nov. 7 7,967 7,938 29 78 -49 6,909 6,404 505 22 483 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 6,489 577 21 556 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 39 343 12 7,992 7,952 40 47 -6 6,829 6,469 359 51 308 19 8,105 8,073 31 80 -49 6,978 6,505 472 41 431 26 8,275 8,225 51 116 -64 7,004 6,552 452 61 391 NOTE.—Averages of daily figures. Required reserves: Based on deposits as of opening of business each Total reserves held: Based on closing figures for balances with F. R. day. Banks and opening figures for allowable cash. Borrowings at F. R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. . 398 Gold production 399 Net gold purchases and gold stock of the United States. . 400 Estimated foreign gold reserves and dollar holdings. 401 International capital transactions of the United States 402 U. S. balance of payments . 411 Money rates in foreign countries. . 411 Foreign exchange rates. 413 Guide to tabular presentation 332 Index to statistical tables. 419 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- 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 GOLD RESERVES MARCH 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 l t a d e l d i 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 i - a A tr u i s a - g B i e u l m - Brazil Canada Chile lo C m o b - ia C o R o f e n t p g h . o e , 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 Q1S 324 1,100 40 62 81 1958..... 39,490 1,332 20,582 17,575 60 162 194 ,270 325 1,078 40 72 83 1959 40,185 2,407 19,507 18,270 56 154 292 1,134 327 960 43 71 42 1960 . . r40,520 2,439 17,804 '20,275 104 147 293 1,170 287 885 45 78 1961 '41,150 2,077 16,947 '"22,125 190 162 303 1,248 285 946 48 88 1962 Jan 2,079 16,847 190 164 303 1,277 285 950 48 89 Feb 2,096 16,795 165 164 304 ,291 285 962 47 89 Mar r41,285 2,098 16,643 '22,545 164 167 344 1,297 285 964 46 91 Apr 2,099 16,519 114 170 363 ,315 285 963 46 91 May 2,106 16,458 114 174 363 1,318 286 913 45 92 June r41,280 2,110 16,527 '22,645 102 177 363 [,335 286 669 45 93 July 2,136 16,182 78 180 419 1,335 286 674 44 93 Aug 2,155 16,139 74 182 419 ,342 286 683 44 94 Sept 41,350 2,175 16,081 23,095 71 184 419 ,341 286 689 43 83 Oct 2,179 16,026 68 186 429 ,341 286 695 43 Nov 2,190 16,014 64 187 439 1,340 286 702 43 Dec Ml,455 2,195 16,057 23,205 190 454 1 365 708 43 1963—Jan 2,199 15,974 192 454 1,362 714 43 Domin- Ger- E pe n r d i o o d f Cuba m De a n rk - 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 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 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 M^ay 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 Aug 31 3 19 18 62 2,450 3,667 86 24 247 129 Sept 31 3 19 18 61 2,481 3,668 86 24 247 129 Oct 31 3 19 18 61 2,513 3,669 81 24 247 129 Nov 31 3 19 18 61 2,545 3,669 77 247 129 Dec 31 3 19 18 61 2,587 3,679 247 129 1963—Jan 31 3 19 61 2,626 3,694 247 129 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 1956 14 18 338 77 167 844 33 50 49 35 22 448 224 1957 20 18 452 91 180 744 33 45 49 28 6 461 217 1958 34 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 I960 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961 84 18 2,225 140 112 1,581 1 30 53 47 27 443 298 1962—Jan 98 18 2,228 140 111 1,581 30 53 47 27 444 343 Feb 98 18 2,228 140 110 1,581 30 53 47 28 444 361 Mar 98 18 2,229 140 109 1,581 30 53 47 30 446 379 Apr 98 18 2,234 140 109 1,581 30 53 47 31 446 386 May 98 18 2,240 140 107 1,581 30 53 47 33 447 407 June 98 18 2,242 151 106 1,581 30 53 47 34 454 432 July 98 18 2,244 172 106 1,581 30 53 47 35 455 446 Aug 98 18 2,244 172 98 1,581 30 53 47 36 467 468 Sept 98 18 2,241 172 97 1,581 30 53 47 37 469 488 Oct 98 18 2,239 172 95 1,581 30 53 47 38 469 501 Nov 18 2,237 172 95 1,581 30 53 47 471 509 Dec 18 2,243 1,581 30 53 47 471 499 1963 Jan 18 2,254 1,581 [ 30 53 47 486 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 GOLD RESERVES AND PRODUCTION 399 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o 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 d K o n i m n it g e 2 - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . - E E P F U 4 ments 3 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 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 61 Apr.... 376 181 2,424 104 140 174 3,472 180 401 162 May. . . 400 181 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 2,452 104 140 174 2,822 180 401 172 Nov.... 437 181 2,421 104 140 174 2,884 180 401 151 Dec.. . . 446 181 2,667 104 140 174 2,806 180 401 -50 56 1963—Jan 475 181 2,455 140 174 2,864 401 116 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 European Payments Union through Dec. 1958 and European Fund The figures included for the Bank for International Settlements are thereafter. the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the NOTE.—For back figures and description of the data in this and the gold deposited with the BIS is included in the gold reserves of individual following tables on gold (except production), see "Gold" Section 14, countries. Supplement to Banking and Monetary Statistics. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Other World Period produc- All tion l A So fr u ic th a R de h s o i - a Ghana C o R o f n e t p g h . o e , U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India other i 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 5^6.2 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 . rl,215.0 803.1 20.1 r29.2 8.1 54.8 155.5 9.4 7.7 4.4 14.0 37.5 5.7 r65.5 1961—Dec 67.8 1 6 2 5 3.4 12.9 .5 4 1.1 3.3 5 1962 Jan 70 6 J 6 2 3 3 5 12 6 7 4 1 3 2 9 5 Feb 67.4 6 2 4 3.2 11.4 9 4 4 2 9 5 Mar 72 9 7 2 5 3 2 1 3 5 12 8 1 l 4 3 1 5 Apr 72.3 6 2 4 3.0 12.4 .9 3 2.6 4 M^ay . .. 74 0 2 6 3 4 12 3 6 4 [ 2 3 0 5 June 75 2 6 3 i 8 3 1 11 8 8 4 q 3 3 5 July 76.3 6 4.0 11.9 6 4 3 3 5 Aus 76 6 6 4 6 12 0 8 4 0 3 4 5 Sept 76.1 7 3 i 8 4.8 11.7 .7 3 3.4 Oct 78.1 6 4.3 12.5 .5 .4 9 3.2 Nov 78 5 1 6 3.8 12.1 4 Dec 74.7 3.7 11.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on reports of the U. S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual countries 2 Gold exports. and of the Bureau of Mines except Brazil, data for which are from 3 Quarterly data. American Bureau of Metal Statistics. For the United States, annual figures are from the Bureau of the Mint and monthly figures are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 U. S. GOLD MARCH 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 1955 1956 1957 1958 1959 1960 1961 1962 IV I II III IV Western Europe: Austria -84 -83 -1 -143 -39 -17 -56 -30 Belgium • 3 3 -329 -39 -141 -144 -63 -81 -28 -35 France -68 -34 -266 -173 -459 -45 -98 -214 -103 -10 34 23 Italy -349 100 Netherlands 25 -261 -30 -249 -25 —5 -20 -10 Spain 31 32 -114 -156 -146 -40 -47 -59 -20 -20 -8 -215 20 -324 -125 102 -5 62 35 -45 50 100 -900 -350 -550 -306 -387 -326 -181 -150 -64 8 Bank for Intl. Settlements -178 -32 -36 -23 Other 4 18 8 -21 -38 -96 -53 -12 -14 -ii -15 • 15 Total -78 80 68-2,326 -827 -1,718 -754 -1,108 -466 -290 -339 -399 -80 Canada 15 5 190 190 Latin American republics: 115 75 67 -50 -90 85....... 25 60 Brazil -1 -11 -2 -2 57 i -1 -1 59 Colombia . .. 28 -6 38 10 27 Mexico -30 -20 Venezuela. -200 65 Other 14 29 6 2 -5 -22 -17 -5 -3 -1 ^ Total 14 -28 81 69 19 -100 -109 175 -4 24 59 9 83 Asia: -30 -157 -15 Other -5 * 18 -4 -28 -97 i -101 2 -93 -20 -24 -16 -41 -11 Total -5 * 18 -34 -186 -113 -101 -93 -20 -24 -16 -41 -11 All other 1 14 -3 -5 -38 -6 3 -4 -1 3 -2 2 Total foreign countries -68 80 172-2,294 -998 -1,969 -970 -833 -494 -291 -102 -434 -6 3 200 600 4 _44 3 300 150 Grand total -68 280 772-2,294 -1,041 -1,669 -820 -833 -494 -291 -102 -434 -6 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 3 Proceeds from this sale invested by the IMF in U. S. Govt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. 4 Payment to the IMF of $344 million as increase in U. S. gold subscription less sale by the IMF of $300 million (see also note 3). U. S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U. S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Total Tot G al o 2 ld s T to r c e k a s i ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total Tot G al o 2 ld s T to r c e k a s i ury h c F o u o l r d r r e i e n i n g g c n s y 3 Total T g o o t l a d l 1951 22,873 22,873 22,695 53 53 1962—Feb.. 16,948 16,795 16,790 153 -15 -52 1952 23,252 23,252 23,187 379 379 Mar.. 16,873 16,643 16.608 230 -75 -152 1953 22,091 22,091 22,030 -1,161 -1,161 Apr.. 16,762 16,519 16,495 243 -111 -124 1954 21,793 21,793 21,713 -298 -298 May. 16,718 16,458 16.434 260 -44 -61 June. 17,081 16,527 16.435 554 363 69 1955 21,753 21,753 21,690 -40 -40 July. 16,678 16,182 16.147 496 -403 -345 1956 22,058 22,058 21,949 305 305 Aug.. 16,562 16,139 16,098 423 -116 -43 1957 22,857 22,857 22,781 799 799 Sept.. 16,531 16.081 16,067 450 -31 -58 1958 20,582 20,582 20,534 -2,275 -2,275 Oct.. 16,364 16,026 15,978 338 -167 -55 1959 19,507 19,507 19,456 -1,075 4-1,075 Nov.. 16,216 16,014 15,977 202 -148 -12 Dec. 16,156 16,057 15,978 99 -60 43 1960 17,804 17,804 17,767 -1,703 -1,703 1961 17,063 16,947 16,889 116 -741 -857 1963—Jan... 16,102 15,974 15,928 128 -54 -83 1962 16,156 16,057 15,978 99 -907 -890 Feb.** 16,024 15,892 15,878 132 -78 -82 1 Includes gold sold to the United States by the International Mone- 4 Includes payment of $344 million as increase in U. S. gold subscriptary Fund with the right of repurchase, which amounted to $800 million tion to the International Monetary Fund. on Feb. 28, 1963. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 8 on page 409 for gold held under earmark at 3 For holdings of F. R. Banks only see pp. 340 and 342. F. R. Banks for foreign and international accounts. Gold under earmark is not included in the gold stock of the United States. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 GOLD RESERVES AND DOLLAR HOLDINGS 401 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3],1960 Dec. 3I, 1961 Mar. 31,1962 June 30, 1962 Sept. 30, 1962 Dec. 31, 1962P 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 i Western Europe: Austria 536 3 558 3 594 * 640 * 744 783 * 1,312 2 1,574 8 1,616 8 1,593 2 1,511 * 1,539 85 31 83 30 80 29 83 29 78 30 98 16 Finland . • .... 87 * 138 2 138 2 133 2 135 2 134 2 France 2,160 5 3,110 4 3,360 3 3,664 3 3,643 3 3,741 3 6,447 3 r6,506 3 6,200 3 6,289 3 6,467 3 6,409 3 Greece . • 139 * 154 * 189 * 206 * 187 * 196 * Italy 3,080 * 3,459 * 3,416 * 3,429 * 3,533 * 3,627 * Netherlands 1,779 4 1,797 3 1,822 2 1,888 2 1,857 2 1,829 1 112 148 135 126 142 93 131 85 142 91 155 87 Portugal 636 1 542 1 532 1 584 1 610 1 632 1 Spain 327 1 469 1 516 1 568 1 588 1 622 1 Sweden 397 82 586 93 584 92 607 123 639 102 671 93 Switzerland 2 863 94 3,435 83 3,262 83 3,360 83 3,290 86 3,575 83 Turkey 152 * 165 * 160 * 163 * 162 * 165 * 4,467 420 r4,527 435 4,941 388 4,864 440 4,402 418 4,217 370 Other3 529 44 '676 48 728 46 667 46 661 47 528 48 Total 25,108 838 27,914 840 28,280 751 28,869 820 28,649 786 28,921 708 Canada 3,324 446 3,704 459 3,454 423 3,566 '253 4,169 266 4,051 389 Latin American republics: Argentina 419 1 425 1 407 1 310 1 301 272 Brazil 481 2 513 1 492 1 511 1 499 1 430 Chile 180 * 153 * 160 * 176 147 * 176 Colombia 236 1 235 1 228 1 252 1 228 1 204 Cuba 78 1 44 • 40 * 38 * 37 * 16 Guatemala 68 * 70 * 82 * 76 * 58 * 65 « Mexico 534 7 '607 5 615 6 609 6 528 6 626 Panama Republic of 123 1 87 1 82 1 87 1 85 1 98 Peru 114 * 131 1 137 * 137 * 154 * 152 Uruguay. 231 1 237 1 255 1 259 1 272 1 281 Venezuela 799 1 819 1 801 1 765 1 780 1 806 Other '255 '223 '270 '329 296 269 3 Total '3,518 15 '3,544 12 '3,569 12 '3,549 12 3,385 12 3,395 13 Asia: India 301 41 325 6 321 6 296 6 293 6 288 Indonesia 236 1 119 1 137 1 125 1 76 1 71 1 Iran 152 * 161 * 165 * 155 * 157 * 148 * Japan 2,166 3 '41,976 3 '2,152 3 2,210 3 2,344 3 2,481 3 218 2 212 1 195 1 213 1 198 1 212 * Thailand 290 * 368 * 410 * 431 * 430 * 437 * Other 991 45 1,168 45 '1,211 41 '1,204 41 1,263 41 1,296 40 Total... 4,354 92 '44,329 56 '4,591 52 '4,634 52 4,761 52 4,933 50 All other: Australia 235 * 260 * 268 * 281 * 315 * 337 South Africa 207 * 330 * 415 * 471 * 535 * 538 * U.A.R. (Egypt) 196 * 189 # 190 * 193 * 186 * 188 * Other '593 35 '634 39 '630 42 '638 39 662 40 675 39 Total '1,231 35 '1,413 39 '1,503 42 '1,583 39 1,698 40 1,738 39 Total foreign countries 5 '37,535 1,426 '440,904 '1,406 '41,397 '1,280 '42,201 '1,176 42 662 1,156 43,038 1,199 International and regional6. r6,451 900 '5,822 '1,432 '6,451 '1,275 '6,617 '1,165 7,122 993 7,347 911 Grand total5 '43,986 2,326 '446,726 2,838 '47,848 2,555 '48,818 '2,341 49,784 2,149 50,385 2,110 1 Excludes nonmarketable U.S. Treasury bonds, foreign currency 6 International Bank for Reconstruction and Development, Interseries, as follows (in dollar equivalents): issued and payable in Italian national Monetary Fund, International Finance Corporation, Interlire (200 million) and in Swiss francs (51 million). national Development Association, and other international organiza- 2 Gold reserves are estimated. tions; Inter-American Development Bank, European Coal and Steel 3 In addition to other Western European countries includes unpub- Community, European Investment Bank, and other Latin Amer can and lished gold reserves of certain Western European countries; gold to be European regional organizations except the B.I.S. and E.F. (see note 3). distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements NOTE.—Gold and short-term dollars include reported and estimated (the figures for the gold reserves of the BIS represent the Bank's net official gold reserves, and official and private short-term dollar holdings gold assets; see note 1 to table on gold reserves). (principally deposits and U. S. Treasury bills and certificates); excludes 4 Total short-term dollars include $82 million reported by banks nonnegotiable, non-interest-bearing special U.S. notes held by the Interinitially included as of Dec. 31, 1961, of which $81 million reported for American Development Bank and the International Development Japan. Association. U. S. Govt. bonds and notes are official and private holdings 5 Excludes gold reserves of the U. S. S. R., other Eastern European of U. S. Govt. securities with an original maturity of more than 1 year. countries, and China Mainland. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 INTT CAPITAL TRANSACTIONS OF THE U. S. MARCH 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) In- Foreign Europe Latin terna- Amer- End of period G to r t a al n d r io ti n r a o e a n n g l d a - r l l Total r ci O al f f • i » - • 2 Other r R m G F e a p e e n . d r y - . o , f U K d n i o n i m t g e - d io O ( n r e e t a x h g l c e ) - l r r . 3 io T ( n r e e o a x g l t c ) a - 7 l l . " 3 Canada io ( r e n i e x c a g a c l - l ) . r Asia r Ot A he ll r r 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 419,389 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 4,012 17,260 10,212 7,048 3,476 1,667 3,903 9,046 2,439 2,307 3,115 353 1961 522,522 3,745 518,777 10,935 5 7,842 2,842 2,227 5,249 10,318 2,758 2,341 5 2,974 386 1962 Jan 22,469 3,755 18,714 10,227 8,487 2,299 2,502 5,284 10,085 2,909 2,297 3,008 415 Feb 22,783 4,066 18,717 10,076 8,641 2,401 2,566 5,218 10,185 2,761 2,306 3,085 380 Mar 23,204 4,353 18,851 10,464 8,387 2,534 2,491 5,356 10,381 2,490 2,397 3,189 394 Apr 23,398 4,448 18,950 10,261 8,689 2,518 2,469 5,378 10,365 2,503 2,516 3,174 392 May 23,527 4,529 18,998 10,454 8,544 2,509 2,399 5,561 10,469 2,514 2,385 3,194 436 June 24,064 4,507 19,557 11,201 8,356 2,622 2,264 5,709 10,595 2,897 2,434 3,212 419 July .. ... 23,614 4,831 18,783 10,710 8,073 2,543 1,853 5,191 9,587 3,120 2,427 3,200 449 Aug i... 24,149 5,010 19,139 11,027 8,112 2,592 1,846 5,255 9 693 3,416 2,338 3,233 459 Sept 24,515 4,938 19,577 11,577 8,000 2,799 1,802 5,424 10,025 3,480 2,329 3,280 463 Oct 25,203 5,001 20,202 11,974 8,228 2,823 1,853 5,558 10,234 3,894 2 262 3,345 467 25,196 5,095 20,101 11,996 8,105 2,770 1,893 5,627 10,290 3,667 2,295 3,365 484 Dec P 24,984 5,143 19,841 11,944 7,897 2,730 1,617 5,810 10,157 3,343 2,445 3,426 470 |963 Jan p . 24,928 5,100 19,828 11,541 8,287 2,495 1,945 5,586 10,026 3,275 2,557 3,505 465 la. Other Europe Total End of period reg (i i n o c n l a . l) A tr u i s a - 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 - - O r t h 3 er io R n e a g l - 6 1958 5,081 411 115 169 69 532 126 1.121 339 130 163 36 303 852 715 1959 5,496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 622 I960 3 903 243 142 54 46 519 63 877 328 82 84 149 227 678 411 1961 5,249 255 326 52 91 989 67 11,234 216 105 99 153 406 875 381 1962 Jan 5 284 256 357 52 90 J.083 76 1,248 218 93 93 159 392 775 392 Feb 5,218 262 328 55 90 L097 85 1,100 263 103 91 152 394 819 379 Mar 5 356 250 319 49 77 1,189 98 11187 241 112 86 165 403 818 362 Apr 5,378 229 293 49 74 1.261 104 1,185 247 141 98 160 391 808 338 May 5,561 238 293 60 70 1,445 103 1,147 259 123 108 153 415 830 317 5,709 277 258 52 71 1,394 110 1,187 307 101 130 159 425 951 287 July 5,220 291 204 44 68 1,046 100 1,095 339 103 132 176 425 913 255 29 5,288 316 184 52 70 1,080 98 1,244 258 117 137 144 463 832 260 33 Sent 5,459 325 170 47 74 1,162 101 1,292 276 112 141 160 458 837 269 35 Oct 5,592 319 190 55 73 1,205 103 1,310 259 109 156 151 458 885 285 34 Nov . . .. 5,661 305 195 69 72 [,271 113 [,296 243 115 154 165 483 837 309 34 Dec p 5,844 329 174 67 73 1,154 119 1,384 248 125 161 176 490 908 402 34 1963 Jan P 5,616 320 177 56 75 1,270 140 1,182 232 120 167 182 476 861 328 30 lb. Latin America End of period io T ( r i n e o n a g t c l a - l ) l . r A t r i g n e a n- 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 ico e x r - N S t n A a e i u a l n t l n r m h e d - i s . - , l a p P i R m c u a e b n o a - - - f , Peru U gu r a u y - V zu e e n l e a - Other r i R o e n g a - l 1958 2,403 150 138 100 169 286 40 26 42 418 79 146 77 82 494 156 1959 2,408 337 151 185 217 164 37 28 37 442 88 129 82 62 277 172 I960 2,422 315 194 135 158 77 37 24 44 397 72 123 72 51 398 210 115 1961 2,398 235 228 105 147 43 23 22 46 495 89 87 84 57 418 262 57 1962—Jan 2,353 228 252 99 119 41 26 24 48 474 86 79 79 68 397 111 56 Feb 2,360 217 241 95 139 40 28 29 54 474 88 83 80 80 381 277 54 Mar 2,457 243 207 114 137 39 34 28 58 506 92 82 90 75 400 292 60 Apr 2,576 221 255 110 140 38 42 29 57 517 97 90 92 75 447 306 60 May 2,440 209 236 110 142 37 43 34 55 491 90 91 90 72 379 306 55 June 2,496 208 225 131 159 37 48 35 52 503 87 87 90 79 364 329 62 July 2,492 231 201 113 149 37 43 36 42 474 96 87 96 73 436 313 65 Aug 2,420 210 198 106 143 36 42 33 37 454 93 87 104 87 394 314 82 Sept 2,413 230 213 104 145 36 40 31 34 431 94 85 107 92 379 308 84 Oct 2,388 187 180 112 152 7 15 35 25 33 437 92 84 103 90 417 300 126 Nov....... 2,420 205 176 101 136 15 44 21 33 492 95 87 103 85 407 295 125 Dec.P 2,621 208 204 133 148 15 42 22 41 531 97 98 105 101 405 295 176 1963—Jan.p 2,732 210 188 129 183 15 35 35 47 558 97 96 105 90 455 314 175 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 INT'L CAPITAL TRANSACTIONS OF THE U. S. 403 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lc. Asia and All Other Asia All other End of period Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p K r R l u e o i o e a c f b - - , - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C R t g o o h e o f e n p , - . S A o f u ri t c h a ( U E . g A y . p R t) .Other 1958 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 30 16 125 1959 2,780 60 114 139 47 87 1,285 148 172 94 141 494 373 110 31 49 20 162 1960 .. .... 3,115 57 54 178 22 75 1,887 152 203 84 186 217 353 88 32 29 22 182 1961 . . . 52,974 56 78 76 31 63 51,672 199 185 92 264 258 386 98 34 32 15 207 1962 Jan 3,008 59 75 86 34 63 1.68! 188 202 98 276 246 415 127 31 32 21 204 Feb 3.085 57 74 100 35 87 ,723 187 171 103 293 255 380 95 28 36 14 207 Mar 3,189 58 74 94 36 71 1,848 183 165 92 306 262 394 101 27 36 16 214 Apr 3,174 58 70 88 23 78 1,812 181 173 90 314 287 392 96 27 43 17 209 May 3,194 62 54 80 18 76 1,855 174 184 S5 323 283 436 97 40 42 25 232 June 3.212 56 49 82 26 76 [,906 164 179 85 327 262 419 104 37 39 19 220 July 3,200 60 39 79 32 76 1,903 160 169 86 327 269 449 122 37 36 22 232 Aug 3,233 60 39 83 37 89 Q49 155 169 82 327 250 459 126 41 45 13 234 Sept 3,280 57 46 33 28 81 2^ 040 153 161 80 326 275 463 131 35 47 12 238 Oct 3,345 63 49 39 27 74 2,104 147 163 78 326 275 467 155 31 42 13 226 Nov 3 365 62 51 26 22 81 2,111 142 171 76 324 299 483 158 38 43 17 227 Dec.*1 3,426 65 41 28 19 81 2,177 136 174 75 333 297 470 147 35 39 14 235 1963—Jan.?7 3,505 62 46 30 37 87 2,190 129 174 79 348 323 465 142 36 40 13 234 Id. Supplementary Data8 (end of year) Area or country 1959 1960 1961 1962 Area or country 1959 1960 1961 1962 Other Europe: Other Asia (Cont.): Bulgaria 1.2 .5 1.2 1.6 Cambodia 19.7 10.9 15.3 12.6 Czechoslovakia 9 .7 1.0 .9 Ceylon 34.4 6.9 6.5 4.9 Hungary 1.3 1.0 1.0 China Mainland 9 35.8 34.8 34.6 35.7 Iceland 2.7 5.1 3.1 5.6 Iraq 63.1 13.8 20.2 n.a. Ireland, Republic of 5.4 2.7 3.2 2.9 Jordan 2.5 1.8 1.6 1.2 Luxembourg 7.2 12.6 16.1 10.8 Kuwait 9.4 9.6 27.1 33.0 Monaco 5.3 4.1 3.4 1.7 Laos 21.0 5.0 4.6 n.a. Poland 9 4.0 6.1 7.2 8.9 Lebanon 38.0 36.2 52.3 65.9 Rumania 9 , .9 1.1 1.5 1.7 Malaya 1.4 6.3 4.4 12.6 Soviet Zone of Germany , 1.5 1.3 1.3 1.6 Pakistan 23.5 10.6 10.1 15.9 Turkey 9 30.7 18.4 25.9 25.2 Ryukyn Islands (inci. Okinawa) 14.8 14.2 14.6 n.a. U. S. S. R.9 2.6 12.1 4.8 2.6 Saudi Arabia 111.6 18.4 24.9 28.4 Yugoslavia 9 6.2 10.0 11.6 10.5 Singapore 3.5 1.9 3.2 5.8 Syria 5.0 4.2 2.6 4.9 Other Latin America: Viet-Nam 68.3 14.6 7.9 10.1 Bahamas , (10) 47.2 77.5 81.7 Bermuda 14.3 21.7 33.5 41.1 All other: Bolivia 9 24.4 23.1 26.2 23.2 Algeria .6 .4 .5 1.6 British West Indies i] 32.6 11.3 14.0 9.0 Ethiopia incl. Eritrea 18.7 9.3 11.1 17.0 Costa Rica 18.9 19.8 13.3 16.5 Ghana .4 .9 1.1 4.1 Ecuador 21.7 27.3 23.6 36.3 Liberia 20.3 16.8 21.9 17.6 French West Indies and French Guiam .4 .5 1.0 Libya 17.6 5.6 5.4 5.5 Haiti io!s 10.7 9.9 10.5 Morocco (incl. Tangier) 57.8 64.3 93.0 67.9 J H a o m n a d i u ca ras 12.8 1 ( 5 1 . 0 0 ) 1 1 4 . . 8 8 1 n 3 . . a 8 . N M e o w z a Z m e b a i l q a u n e d 2 6 . . 0 8 3 2 5 . . 2 1 4 1 . . 0 6 4 2 . . 7 5 T N Pa r i i c r n a a i g r d a u a g a d u y a and Tobago 1 ( 6 2 1 . . 0 7 5 ) 1 4 ( 1 1 . . 0 6 9 ) 1 4 ( 7 1 . . 0 9 3 ) 1 5 3 4 . . . 7 1 8 N R So i h g m o e d a r e i l a i s i R a e a p n u d b l N ic yasaland, Federation of. .3 3 3 . . . 5 9 8 2 6 1 1 . . . 5 7 8 n 6 . . . a 8 6 . (10) Sudan 1.6 1.9 2.0 2.4 Other Asia: Tunisia 8.4 2.8 1.2 n.a. Afghanistan 11.0 9.8 3.6 5.3 Burma 4.3 .9 4.5 2.5 1 International Bank for Reconstruction and Development, Inter- 8 Except where noted, data based on reports by banks in the Second national Monetary Fund, International Finance Corporation, Interna- (N. Y.) F. R. District and are a partial breakdown of the amounts shown tional Development Association, and other international organizations; in the "other" categories in Tables la-lc. Inter-American Development Bank, European Coal and Steel Com- 9 Based on reports by banks in all F. R. districts, munity, European Investment Bank and other Latin American and i o Included with British West Indies. European regional organizations, except Bank for International Settle- i! Includes Bahamas, Jamaica, and Trinidad and Tobago as indicated ments and European Fund which are included under "Other Europe". by note 10. 2 Foreign central banks and foreign central governments and their agencies, and Bank for International Settlements and European Fund. NOTE.—Short-term liabilities are principally deposits (demand and 3 Includes Bank for International Settlements and European Fund. time) and U. S. Govt. securities maturing in not more than 1 year from 4 Includes $1,031 million representing increase in U. S. dollar sub- their date of issue; the latter, however, exclude nonnegotiable, nonscription to the IMF paid in June 1959. interest-bearing special U. S. notes held by the International Develop- 5 Includes $82 million reported by banks initially included as of Dec. ment Association and the Inter-American Development Bank. For 31, 1961, of which $81 million reported for Japan. back figures and further description of the data in this and the following 6 Not shown separately until July 1962. tables on international capital transactions of the United States, see 7 Decline from Sept. reflects reclassification of deposits for changes "International Finance" Section 15, Supplement to Banking and Monetary in domicile over the past few years from Cuba to other countries. Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 INT'L CAPITAL TRANSACTIONS OF THE U. S. MARCH 1963 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (In millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period, or area Totalr in foreign and country U.S. U.S. currencies Totalr Deposits r T bi r l e ls a s a u n r d y Other 2 r Totalr Deposits r T bi r l e ls a s a u n r d y Others certificates1 certificates Total amounts outstanding 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 1.833 295 270 77 I960 21,272 18,929 7,568 9,960 1,401 2,230 1,849 148 233 113 1961 22,440 19,934 8,633 9,751 1,550 2,356 1,976 149 231 150 19613 22,522 20,014 8,696 9,751 1,567 2,358 1,977 149 232 150 1962 Jan 22,469 19,945 9,189 9,232 1,524 2,363 1,969 151 243 161 Feb 22,783 20,199 9,182 9,500 1.517 2,432 .975 166 291 152 Mar 23,204 20,564 8,820 10,218 ,526 2,456 2,006 156 294 184 Apr 23,398 20,740 9,146 10,011 ,583 2,477 2,040 140 297 181 May 23,527 20,864 8,843 10,409 ,612 2,496 2,052 100 344 167 June 24,064 21,211 8,687 10,973 1,551 2,676 2,209 107 360 177 July 23,614 20,881 8,367 11,020 .494 2,553 2,087 112 354 180 Aug 24,149 21,362 8,280 11,645 1,437 2,541 2,065 109 367 246 Sept 24,515 21,730 8,197 12,082 1,451 2,531 2,057 100 374 254 Oct . .. 25,203 22,400 8,486 12,463 1,451 2,521 2,050 108 363 282 Nov 25,196 22,425 8,437 12,465 1,523 2,559 2,049 130 380 212 Dec v 24,984 22,272 8,510 12,226 1,536 2,569 2,090 116 363 143 1963 Jan P 24,928 22,184 8,836 11,760 1,588 2,566 2,071 123 372 178 Area and country detail, Nov. 30, 1962 Europe: Austria 305 303 233 65 5 2 2 * * Belgium 195 166 108 50 8 30 27 2 * Denmark 69 61 32 27 2 8 7 * * * Finland 72 70 43 21 7 1 1 * France 1,271 1,221 203 942 76 49 42 4 3 2 Germany, Fed. Rep. of.... 2,770 2,728 270 2,114 345 39 33 1 4 3 Greece 113 97 68 20 10 16 16 * Italy 1,296 1,218 210 874 135 27 25 2 * 50 Netherlands 243 203 90 101 12 37 26 1 10 3 Norway 115 82 48 11 23 33 31 1 * * Portusal 154 111 108 4 42 42 * * Spain 165 133 111 20 2 32 30 2 * Sweden 483 464 119 332 13 18 18 1 * Switzerland 837 685 262 242 181 95 63 13 19 57 Turkey 25 24 24 2 2 United Kingdom 1,893 1,365 1,059 253 54 460 143 54 262 68 Yugoslavia 15 15 12 2 1 1 * Other . ... 270 259 57 102 100 10 9 * * * Regional 34 34 26 8 Total 10,324 9,240 3,079 5,175 985 900 519 78 303 184 Canada 3,667 3,428 1,718 1,691 20 225 174 36 14 14 Latin America: Argentina. . .. 205 95 80 11 4 110 104 6 Bolivia 22 5 5 * 17 17 * Brazil 176 81 70 * 11 95 94 * 1 Chile 101 24 23 * 78 77 * 1 > Colombia 136 57 52 * 5 79 76 * 2 Cuba 15 2 2 13 13 * Dominican Republic 44 27 23 4 17 17 * * El Salvador 21 6 5 1 15 14 1 Guatemala 33 18 14 2 2 15 15 * * Miexico 492 292 195 22 75 199 196 * 3 * Neth. Antilles and Surinam 95 42 27 11 5 53 33 2 18 * Panama Reo of 87 10 9 * 77 65 1 11 Peru 103 40 39 * 63 62 1 * Uruguay 85 33 26 7 52 46 2 4 * Venezuela . 407 169 169 * 237 232 4 2 * Other 273 149 125 4 19 121 107 5 8 3 Regional 125 125 18 18 89 Total. 2,420 1,174 882 69 223 1,241 1,169 15 57 4 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 INT'L CAPITAL TRANSACTIONS OF THE U. S. 405 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (In millions of dollars) Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a r b ei l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n ry d Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates certificates Area and country detai, Nov. 30, 1962—Com. Asia: Hons Kons 62 31 25 6 30 29 * * India 51 44 24 15 6 6 6 * 1 26 24 19 6 * 2 2 Iran 22 14 13 * 8 8 Israel 81 75 52 7 16 6 5 * 1 2,111 2,088 1,194 719 175 23 22 * * * 142 141 138 3 1 Philirjoines 171 146 135 1 10 25 25 * * * Taiwan 76 68 61 * 8 8 8 * * 324 320 91 223 6 3 3 Other 300 256 196 25 35 43 42 * 1 1 Total 3,365 3,207 1,947 995 265 156 152 1 3 9 All other: Australia 158 151 55 86 10 4 3 * 4 Congo Rep of the 38 36 36 * 2 2 South Africa 43 41 40 * 2 2 * 1 U A R (Bzwi) .. 17 16 14 1 1 1 * Other 227 196 145 38 13 28 27 1 3 Total 483 440 291 126 24 36 34 * 7 Total foreign countries. 20,260 17,489 7,917 8,056 1,516 2,558 2,048 130 380 212 International 4,936 4,936 520 4 4,409 7 * Grand total 25,196 22,425 8,437 4 12,465 1,523 2,559 2,049 130 380 212 l Includes nqnnegotiable, non-interest-bearing special U. S. notes held 2 Principally bankers' acceptances and commercial paper. by the International Monetary Fund, which amounted to $2,995 million 3 These figures reflect the inclusion of data for banks initially included on Jan. 31, 1963; excludes such notes held by the International Develop- as of Dec. 31, 1961. ment Association and the Inter-American Development Bank, which 4 Includes $3,( 12 million of nonnegotiable, non-interest-bearing special amounted to $276 million on Jan. 31. 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 r France R m e G F p a e e . n d r y o - . , f Italy S l z a w e n r i d - t- U K d n i o i n m t g e - d Other r Total C ad a a n - r A L i m c at a e i ' n r ' - Asiar o A th l e l r 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 ,175 586 56 I960 3,614 32 82 34 60 245 264 717 421 ,356 1 052 69 1961 14,804 42 165 35 105 181 239 767 539 ,522 11,891 85 1962 Jan . 4,675 40 157 36 68 163 214 678 485 ,442 1,978 92 Feb 4,788 44 155 39 71 160 214 683 498 ,472 2,045 90 Mar 4,970 52 144 37 76 159 222 690 542 ,513 2,131 94 Apr 4,957 47 161 41 68 142 208 667 519 ,538 2,132 101 4,941 55 139 37 68 159 228 686 457 ,583 2,112 103 4,878 55 129 36 68 151 254 693 436 ,546 2,087 116 JUly 4,876 51 137 43 67 161 244 703 451 ,540 2 058 124 4,832 42 139 39 69 166 254 709 430 ,522 2,044 127 Sept 4,809 43 135 41 68 163 276 726 443 ,521 1,981 138 Oct. 4,952 47 143 45 75 201 252 763 547 ,524 1,983 135 ]SIov 4,864 62 139 43 64 211 222 741 489 ,563 1,939 132 Dec P 5,101 68 186 53 75 223 272 877 446 .618 2,013 147 1 963—Jan.* 4,895 56 134 51 72 197 256 766 449 1,584 1,965 131 i Includes $58 million reported by banks initially included as of Dec. foreigners where collection is being made by banks and bankers for 31, 1961, of which $52 million reported for Japan. 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

406 CAPITAL TRANSACTIONS OF THE U. S. MARCH 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 Totalr A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - Otherr 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 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 18 Fcb 214 5 19 9 23 4 61 22 3 17 18 7 7 19 Mar 222 4 17 8 24 4 66 20 5 15 18 11 4 26 Apr 208 5 15 7 24 4 58 21 5 13 17 13 5 21 May 228 6 18 9 26 A 62 23 5 16 19 13 5 22 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 22 254 6 19 11 28 5 55 27 9 18 17 31 6 22 Sept, 276 7 15 12 28 5 60 28 11 22 16 41 6 25 Oct 252 7 16 10 31 6 49 27 8 24 15 24 6 29 Nov 222 7 21 10 32 7 24 28 9 23 18 12 5 26 Dec * 272 7 31 14 30 6 27 35 9 21 18 42 6 26 1963 Jan P 256 7 19 9 35 6 26 34 9 20 16 42 6 27 3b. Latin America End of period Totalr A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m R D ic e a i o n p n - - . va S E d a o l l- r r G m u a a l t a e- M ic e o x r - N t S A a i e u l n l n t r e d h - i s - ., l a P p i R m c u a e n b o a - - - f , Peru U gu r a u y - V zu e e n l e a - Otherr nam 1958 1.099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960 1,356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961 5?? 192 6 186 127 125 19 13 17 20 425 13 32 74 55 144 74 1962 Jan 1,442 179 5 129 126 134 18 12 15 19 411 9 43 72 61 136 73 Feb 1,472 184 6 130 125 160 19 11 17 19 396 6 41 70 62 156 70 Mar 1,513 205 5 137 120 160 18 10 15 18 433 9 41 71 60 141 70 Apr 1,538 203 5 161 121 156 18 12 16 18 434 9 52 74 61 132 66 May 1,583 204 5 173 139 163 17 14 10 17 428 9 59 80 61 131 73 June 1,546 189 6 200 154 143 17 15 11 13 409 7 41 81 68 122 70 July 1,540 177 6 199 164 147 18 15 12 14 393 7 37 83 63 125 80 Aug 1,522 164 8 191 158 138 17 15 11 14 397 10 36 86 80 122 75 Sept 1,521 183 4 196 161 137 17 14 10 16 369 11 36 86 89 115 77 Oct 1,524 169 4 188 174 151 17 13 12 17 376 10 32 87 99 94 81 Nov 1.563 182 5 180 174 138 17 19 12 18 400 7 32 84 107 104 84 Decp ... 1,618 181 6 171 188 131 17 24 16 19 418 9 30 85 122 102 99 1963—Jan P 1,584 156 4 187 170 129 17 24 18 20 427 10 33 89 114 100 86 3c. Asia and All Other Asia End of period Totalr Hong Kong 1958 435 6 1959 586 10 I960 1,052 9 1961 11,891 1962—Jan 1,978 Feb 2,045 Mar . . 2,131 Apr 2,132 2,112 June 2,087 July 2,058 Aug . .. 2,044 Sept 1,981 Oct 1,983 Nov . 1,939 2,013 1963—Jan P 1,965 ON OONC All other India Iran Israel Japan r ip P p h in il e - s T w a a i n - T la h n a d i- Others- Total t A ra u l s ia - C R on ep g . o, of the 4 27 23 179 67 6 13 Ill 69 13 4 6 29 14 324 24 9 15 155 56 18 3 9 33 24 806 19 7 24 121 69 28 3 8 31 36 1 1 528 114 10 34 121 85 29 6 10 30 36 1,601 133 11 34 113 92 31 6 10 28 37 1,685 118 11 33 114 90 31 3 11 28 41 1,777 114 9 33 108 94 32 12 13 30 39 1,773 108 9 33 115 101 33 43 11 12 32 43 1,761 107 7 30 109 103 33 4 11 14 24 39 1,757 91 7 30 114 116 35 4 11 14 24 38 1,764 76 6 30 95 124 34 2 11 14 25 37 1,766 69 6 33 83 127 40 4 13 18 23 36 1,710 69 8 30 74 138 46 4 13 18 21 37 1.709 70 9 32 74 135 45 2 13 18 23 34 1,660 77 8 33 73 132 44 13 20 25 37 1,731 74 9 41 63 147 41 14 17 23 35 1,690 75 11 43 57 131 38 otot ot South U.A.R. Other' Africa (Egypt) 21 3 29 12 2 21 11 3 24 10 13 27 11 14 30 11 13 32 11 16 32 11 21 32 11 22 33 11 24 42 12 26 50 12 23 48 12 25 51 11 23 54 12 25 49 10 26 68 9 21 61 For notes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 INT'L CAPITAL TRANSACTIONS OF THE U. S. 407 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 Long- End o a f n d p e c ri o o u d n , tr o y r area t t e o rm ta — ll Total Loans to— Collec- Total Banks and t o io u n t- s Other Total De w p i o t s h its Other official Others standing foreigners institutions Total amounts outstanding 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 2 2 034 4,804 4,217 1.038 622 700 1,857 586 386 200 1962 Jan r 2,060 4,675 4,217 ,024 621 714 1,859 458 288 171 Feb.r 2 096 4,788 4,344 ,111 627 721 1.886 443 289 154 Mar.r 2,153 4,970 4,497 ,237 648 736 ,877 473 307 166 Apr r .. 2 100 4,957 4,496 ,261 683 730 ,822 462 278 184 Mayr 2,094 4,941 4,429 ,327 574 717 ,811 513 296 217 June*" 2,189 4,878 4,397 ,338 543 703 ,813 481 316 165 Julyr. . ... 2 209 4,876 4,386 ,304 559 701 ,822 490 311 179 Aug.r 2,200 4,832 4,369 ,274 604 698 ,793 463 304 159 Sept r 2,184 4,809 4,317 1,277 592 690 ,759 493 312 181 Oct.r 2,131 4,952 4,327 ,243 631 706 ,747 625 419 207 Nov . 2,144 4,864 4,292 1,195 643 718 ,736 572 364 208 Dec v 2,155 5,101 4,558 .312 650 740 .857 542 371 171 1963—Jan.?7 2,139 4,895 4,370 1,167 660 691 1,852 525 366 159 Area and country detail, Nov. 30, 1962 Europe: Austria 58 7 7 3 * 2 * * Belgium . . 7 21 15 2 2 10 1 6 6 * Denmark 10 10 9 1 2 6 1 I Finland 10 32 32 3 1 2 26 * France 24 62 51 12 7 14 18 11 11 1 Germany, Fed. Rep. of 91 139 121 29 39 24 29 18 15 3 Greece.. . . 13 7 7 2 5 * * * Italy 32 43 41 8 10 13 10 2 2 * Netherlands 1 24 18 4 1 12 1 5 5 Norway 191 28 27 5 2 2 18 1 1 * Portugal 27 9 9 3 1 2 3 * Spain 10 23 21 4 8 3 6 *) * Sweden. 42 18 15 2 6 7 3 3 * Switzerland 19 64 37 10 12 8 8 27 19 8 Turkey 12 12 8 1 3 * United Kingdom 25 211 71 27 9 14 21 140 99 40 Yugoslavia 2 5 5 2 * * 2 Other 1 26 26 3 7 3 13 1 * * Total 563 741 524 128 100 126 169 217 164 53 Canada 311 489 267 10 166 7 83 222 88 134 Latin America: Argentina 62 182 157 39 23 38 57 25 * Bolivia 5 5 * 3 1 * Brazil 259 180 141 34 51 24 32 39 39 * Chile . . . .. 23 174 174 41 22 26 85 * * * Colombia 66 138 138 14 46 24 54 * Cuba 17 17 1 16 * * * * Dominican Republic 19 19 4 * 10 5 El Salvador * 12 12 * 1 6 5 * Guatemala 9 18 18 2 1 7 8 * * Mexico 201 400 394 145 91 34 124 6 1 5 Netherlands Antilles and Surinam 7 7 7 * 3 4 * Panama Rep of 21 32 32 13 7 7 6 * * Peru.... . . .. 14 84 84 6 12 28 38 * * * Uruguay 2 107 107 9 4 7 87 * * Venezuela 160 104 103 15 17 54 17 I * Other . . .... 70 82 82 12 18 32 20 # * * Total 895 1,563 1,490 334 298 319 539 73 66 1 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 INT'L CAPITAL TRANSACTIONS OF THE U. S. MARCH 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 total1 Total Collec- Total Banks and t o io u n t- s Other Total De w p i o th sits Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detai], Nov. 30, 1962—Cont. Asia: Hong Kong 3 13 13 5 3 4 1 * * India..... 16 18 18 6 1 8 3 * Indonesia * * Iran. . . ... 10 23 23 3 1 17 j Israel 28 34 34 5 2 4 23 Japan 69 1,660 1,619 587 29 149 853 41 41 * Korea Rep of * 4 4 4 1 P T h a i i l w ip a p n ines 61 1 77 8 77 8 52 3 1 * 1 5 3 9 2 * * * Thailand 3 33 33 6 * 5 22 Other 19 68 68 36 4 20 6 i 1 * Total 210 1,939 1,896 703 52 220 920 43 43 * All other: Australia 44 44 30 2 4 15 10 14 13 Congo Rep of the 35 2 2 * 1 S U o A ut h R A C fr E ic e a vDt) 24 2 2 1 5 2 2 1 4 0 101 * 9 2 1 * 3 2 2 * Other . . 60 50 50 7 22 19 2 1 * Total .. . . 165 133 116 19 27 45 25 17 3 13 Total foreign countries. 2,144 4,864 4,292 1,195 643 718 1,736 572 364 208 1 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 Dec. 31, 1961. 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U. S. Govt. bonds & notes1 U. s S e . c u c r o i r ti p e o s r 2 ate Foreign bonds Foreign stocks Net purchases Period c P ha u s r e - s Sales Total r I o e n r g t l i s . o a a n le n a s d l c F o o u r n ei t g r n ies c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r r 1959 1,217 528 689 165 524 2,593 2,158 435 946 1,458 -512 566 804 -238 I960 1,730 1,603 127 225 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 1961 . . 1,744 1,231 512 532 -20 3,384 3,161 223 802 1,262 -460 596 966 -370 1962*3 1,780 2,508 -728 -521 -207 2,540 2,509 31 1,093 2,039 -946 702 111 -75 1962—Jan 30 58 -28 -9 -19 257 220 37 93 91 2 58 80 -22 Feb . 144 269 -125 -64 -61 238 208 30 106 160 -53 51 87 -36 Mar 142 272 -129 -83 -46 268 234 34 95 145 -50 58 90 -32 Apr 104 141 -37 -13 -24 233 211 22 79 114 -35 57 67 -10 May 142 299 -156 -93 -63 286 260 26 125 301 -176 79 79 June 115 136 -21 -5 -16 245 309 -64 56 136 -80 70 108 -38 July 146 119 26 — 7 33 168 200 -32 64 89 -24 48 37 11 Aufi 135 347 -211 -198 -13 r160 156 r4 50 '88 '-38 r48 41 n Sept 327 334 o 32 -40 125 140 -15 44 100 -57 44 39 4 Oct 77 110 -34 14 -48 155 160 -5 251 M08 '-158 58 40 18 Nov 251 319 -67 -74 7 210 198 12 70 201 -131 69 48 22 Decp 167 105 62 -23 85 196 212 -16 60 206 -146 61 61 1963—Jan.? 218 92 126 21 105 213 202 11 53 283 -229 58 59 1 Excludes nonmarketable U. S. Treasury bonds and notes held by NOTE.—Statistics include transactions of international organizations. official institutions of foreign countries; see Table 9. See also NOTE to Table 1. 2 Includes small amounts of State and local govt. securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1963 INT'L CAPITAL TRANSACTIONS OF THE U. S. 409 6. NET PURCHASES OR SALES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total i Neth- Swit- United Latin Stocks Bonds Belgium France er- zer- King- Other Total Canada Amer- All lands land dom Europe Europe ica other i 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 1962" 31 83 -51 -4 4 6 129 -33 -7 95 -43 -21 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 * * * 18 15 * 34 -6 2 -8 May 26 28 -2 1 2 4 21 13 2 43 -10 -8 J Ju u l n y e - - 6 3 4 2 - - 6 1 5 8 -13 1 -2* _2 1 -1 2 -6 6 - -2 2 8 9 1 - - 2 3 3 6 - - 1 1 3 4 -4 * 4 9 O A Se c u p t c t . . - - 1 5 5 r4 - - 9 4 r4 --62 * * * * r -1 * 2 -2 ** -1 1 5 3 '-1 -5 3 9 - - 3 2 2 - r_ 1 -7 2 0 -4 2 -2 * 1 -1 8 * Nov 12 21 -8 -1 -1 -1 8 2 6 * -3 10 Dec.33 -16 -4 -12 -1 -3 6 -10 -3 -4 -15 2 -6 2 1963—Jan v 11 3 8 -1 -1 — 2 -2 4 6 4 * 1 [7 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) Intl. Total Assets in custody Period a r n e d - f c o o re u i n g - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r End of period Deposits gional tries ica U. S. Govt. Earmarked securities l gold 1959 — 157 — 593 — 50 —443 11 —97 — 15 I960 — 147 —498 -117 -196 -107 -41 -36 1958 272 3,695 8,538 1961 — 832 — 262 — 318 — 58 — 121 — 73 1959 345 4,477 9,861 1962^ -235 -786 -185 -354 -23 -175 -50 1960 217 5,726 11,843 1961 279 6,006 11,905 1962—Jan -20 -9 22 -1 -9 -23 Feb.. -96 6 -22 2 4 -11 33 1962—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 o 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.. r\ '-15 r4 8 * i -26 July. 248 6,026 12,678 A Se u p g t . . . . 4 9 '- - 3 6 5 1 r_32 8 -14 3 2 * -5 -5 7 * 1 A Se u p g t . . 2 1 2 6 9 8 6 6 , , 4 76 0 7 7 1 1 2 2 , , 6 6 8 8 9 7 O No ct v . . . . . -10 A r-1 - 3 9 5 9 2 4 9 -1 -9 2 5 5 r_9 * - - 1 6 0 -24 2 O N c o t v . . . 2 1 0 8 2 2 7 7 , , 1 1 3 3 7 2 1 1 2 2 , , 7 6 0 8 6 0 Dec.P -78 -68 2 -41 1 -36 7 Dec. 247 6,990 12,700 1963—Jan.^... -35 -196 — 2 -170 -12 -12 * 1963—Jan.. 197 7,033 12,789 Feb. 192 7,079 12,836 i U. S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. 9. NONMARKETABLE U. S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES NOTE.—Excludes deposits and U. S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and (In millions of dollars) international accounts (for back figures, see "Gold" Section 14, Supplement to Banking and Monetary Statistics). Payable in foreign currencies Payable in dollars End of period Ger- Swit- Can- Total many Italy l z a e n r d - Total ada Italy 1962 Sect Oct 48 25 23 Nov 201 150 51 Dec 251 200 51 1963—Jan 381 100 200 81 183 125 58 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 INT'L CAPITAL TRANSACTIONS OF THE U. S. MARCH 1963 10. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Area and country 1961 III Europe: Austria 2 Belsium 25 Denmark 3 Finland France 41 Germany Fed Rep of 40 Greece 2 Italy 30 Netherlands 49 Norway . 9 Portugal Spain 5 Sweden 6 Switzerland 39 Turkey United Kingdom. Yugoslavia Other Total Canada . Latin America : Argentina Bolivia Brazil Chile Colombia Cuba Dominican Republic El Salvador Guatemala Mexico Neth Antilles and Surinam Panama Rep. of Peru Uruguay Venezuela Other Total Asia: Hong Kong India Indonesia Iran . Israel Japan . Philippines Taiwan Thailand Other Total All other: Australia Congo Rep of the South Africa U.A.R. (Egypt) Other Total International Grand total... :4 OOtOt Lieibilities to foreigners 1962 IV I 2 2 31 27 5 5 1 1 33 34 30 2 2 31 24 44 43 10 8 1 1 8 10 6 8 39 25 111 120 3 5 2 371 366 350 49 45 45 6 6 71 1 24 25 27 5 5 4 5 2 2 2 1 i 1 5 6 5 8 13 12 2 6 4 1 22 20 10 12 109 105 3 3 6 8 7 6 5 5 3 5 71 62 * 7 8 1 2 3 15 11 122 114 12 11 * 4 13 2 2 13 18 30 44 * 676 680 ot ot Claims on foreigners 5th revised ser.1 5th revised ser.1 1961 1962 1962 1962 II II III? III IV I II II III* 2 2 3 4 4 3 4 5 t\ 23 24 24 17 25 26 22 25 27 4 5 5 6 7 6 7 8 6 1 1 2 2 2 2 3 <\ 28 30 34 37 46 46 37 43 <\q 32 34 38 76 78 101 118 130 106 2 2 3 2 3 3 4 4 6 22 25 27 34 47 51 60 67 fj") 41 41 27 23 28 35 43 47 37 8 8 9 8 10 10 12 12 13 1 1 6 5 7 7 7 6 8 8 11 9 12 12 14 16 15 7 7 7 19 19 21 22 23 ">S 15 18 25 16 18 28 24 27 34 5 b 117 122 115 188 198 194 165 178 245 6 6 4 2 2 2 2 2 2 2 3 2 5 6 8 5 7 6 323 341 341 460 516 560 552 609 654 47 58 67 655 607 687 679 723 822 8 9 9 32 36 36 34 36 3"> 1 2 3 3 3 3 4 4 25 26 23 91 64 60 59 68 QO 4 5 5 17 19 21 21 24 ^5 3 3 3 14 13 13 14 16 17 2 2 1 7 5 5 6 7 7 1 1 1 1 * 3 3 3 3 3 3 5 5 5 5 6 6 8 4 6 6 49 41 42 41 12 8 8 5 2 2 2 3 523 2 27 15 15 18 6 9 9 10 11 10 6 4 5 3 18 16 14 12 14 'M 3 2 2 5 4 5 4 4 5 5 19 19 21 19 58 46 46 38 44 IK 8 8 9 16 45 24 28 31 39 43 126 105 112 117 356 295 295 289 337 359 3 2 2 2 3 4 4 3 3 4 6 4 8 10 13 12 15 24 40 6 2 2 2 3 2 3 2 3 6 5 7 6 7 8 8 6 7 5 3 1 1 8 10 11 10 i 12 68 57 59 66 63 80 100 96 101 111 * 1 1 2 3 3 9 4 5 5 7 8 5 9 11 9 1 * 2 7 3 4 5 3 3 5 3 3 3 3 3 3 4 11 16 17 15 19 20 22 31 33 30 115 98 107 111 129 155 176 192 223 213 n 13 13 14 22 25 25 23 25 ^4 * 2 2 3 2 3 3 11 12 14 12 10 10 8 9 10 11 2 1 1 11 10 15 15 17 P 15 16 18 17 19 18 14 17 22 32 42 43 46 45 63 64 64 66 77 fP 1 * 677 616 665 681 1,664 1,638 1,783 1,778 1,970 2 132 1 Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through June 30, 1962 (5th revised series). U. S. banks, and intercompany accounts between U. S. companies and 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

MARCH 1963 U. S. BALANCE OF PAYMENTS 411 U. S. BALANCE OF PAYMENTS (In millions of dollars) 1959 1960 1961 1962 Item III III IV III IV Exports of goods and services, total 1.. 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 M Se e rv rc ic h e a s n 2 dise 4 1 , , 0 89 5 2 8 4 2 , , 3 10 4 5 3 4 1 , , 6 66 1 5 5 5 1 , ,8 0 7 0 4 8 4 1 , , 6 8 9 9 1 0 2 5 , , 1 1 2 4 5 5 5i,r012 4 2 , , 9 0 2 3 2 0 4 1 , , 6 9 7 8 3 3 2 5 , , 3 3 3 0 0 8 5 1 , , 0 98 1 0 5 2 5 , , 3 4 0 9 9 7 4 2, , 2 8 2 9 8 8 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 i;784 Military expenditures 786 754 771 758 797 722 770 756 699 722 752 746 730 Balance on goods and services 1 -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 r.onmilitary 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 -441 -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 omissioas -8 146 74 -100 -90 -476 16 -296 243 -565 151 -64 -444 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 U.S. monetary authorities. NOTE.—Dept. of Commerce estimates. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h ry s1 m D o a d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t t r , h - s s ' T 3 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 - 5 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t I960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 1.11 2.00 1962—Jan 3.08 2.69 5.65 5.35 4.78 4.00 3.51 1.88 2.00 1.31 1.35 2.00 Feb 3.11 2.63 5.65 5.41 4.72 4.00 3.56 1.88 2.06 1.02 .80 2.00 Mar 3.10 2.81 5.13 4.86 4.32 3.46 3.65 2.00 3.13 1.81 1.59 2.00 Apr 3.08 3.12 4.50 4.26 3.70 2.93 3.93 2.13 2.75 2.13 1.75 2.00 May 3.36 3.00 4.14 3.94 3.24 2.50 3.98 2.13 2.56 2.46 1.75 2.00 June 4.48 3.55 3.98 3.80 3.30 2.50 3.59 2.25 3.31 2.32 1.69 2.00 July 5.47 4.89 4.09 3.90 3.33 2.50 3.66 2.38 2.94 2.21 1.78 2.00 Aug 5.15 5.03 4.02 3.79 3.32 2.50 3.46 2.50 2.50 1.53 1.03 2.00 Sept 5.03 4.99 3.93 3.69 3.36 2.50 3.48 2.50 3.06 1.57 1.10 2.00 Oct 4.46 4.64 3.92 3.71 3.16 2.50 3.51 2.63 2.50 1.96 1.50 2.00 Nov 3.81 3.82 4.03 3.77 3.31 2.50 3.50 2.63 2.56 1.85 1.47 2.00 Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 1.24 2.00 1963—Jan 3.82 3.68 3.69 3.51 2.85 2.04 2.63 2.50 1.93 1.66 2.00 1 Based on aveiage 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,11 Section 15 of Supplement to Banking and Monetary Statistics, 3 Rate shown is on private securities. 1962. 4 Rate in effect at end of month. 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 MONEY RATES MARCH 1963 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Feb. 28, 1962 Rate as of Country 1962 1963 Feb. 28, Per Month 1963 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 5.0 4.25 Jan. 1962 4.0 3.75 3.5 3.5 Brazil 10.0 Apr. 1958 10.0 Burma •• 4.0 Feb. 1962 4.0 Canada l.. 3.42 Feb. 1962 3.37 3.32 3.77 16.0 5 5 5 0 4 0 4.0 4.0 Aug. 1960 4.0 Chile 2 . . .. 15.27 Jan. 1962 14.62 14.62 Colombia • 5.0 Aug. 1959 5.0 3.0 Apr. 1939 3.0 Cuba 6.0 Jan. 1960 6.0 Denmark 6.5 May 1961 6.5 Fcuador 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 3.0 May 1961 3.0 6.0 Nov. 1960 5.5 5.5 Honduras ^.. 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India * 4.0 May 1957 4 5 4.5 3.0 Apr. 1946 3.0 Iran 6.0 Nov. 1960 6.0 5.44 Feb. 1962 4.70 4.31 4.09 4.0 3.94 4.06 3.86 3.69 3.69 6.0 Feb 1955 6.0 Italy . . .. 3.5 June 1958 3.5 Japan 7.3 Sept. 1961 6.94 6.57 6.57 4.5 June 1942 4.5 Netherlands . . . .. 3.5 Nov. 1959 4 0 3 5 3.5 New Zealand 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 Portucal . ... 2.0 Jan. 1944 2.0 4 5 Dec 1961 4.0 3.5 3.5 4.0 June 1961 4.0 Sweden 5.0 Jan. 1960 4 5 4 0 3 5 3.5 Switzerland 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 7.5 Mav 1961 7.5 United Kingdom 6.0 Nov. 1961 65.0 4.5 4.0 4.0 4 5 Dec 1960 4.5 * 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 or 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.; « 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

MARCH 1963 FOREIGN EXCHANGE RATES 413 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 .3995 .2376 1958 5 556 1 207 223.88 3.8536 2.0044 103.025 21.049 14.482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 1960 1 2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 i .9080 223.73 3.8685 2.0093 293.561 21.034 14.490 .3107 20.405 1962—Feb 1.2054 224.27 3.8643 2.0086 95.335 21.039 14.522 .3107 20.402 Mar 3 1 2081 224.32 3.8659 2.0086 95.277 21.058 14.534 .3107 20.405 Apr 41.0444 224.22 3.8690 2.0080 95.232 21.059 14.510 .3107 20.405 Mav .9600 224.07 3.8698 2.0089 2 92.394 21.057 14.496 .3107 20.405 June.... 8601 223.77 3.8700 2.0098 91.911 21.039 14.511 .3107 20.405 July .8130 223.63 3.8700 2.0103 92.654 21.036 14.483 .3106 20.405 AUK 8121 223 41 3.8700 2.0105 92.777 21.021 14.458 .3106 20.405 Sept .7874 223.18 3.8700 2.0093 92.848 21.008 14.443 .3106 20.405 Oct .7392 223.21 3.8701 2.0094 92.914 21.009 14.442 .3106 20.405 Nov 6830 223 26 3.8680 2.0098 92.849 21.011 14.455 .3106 20.405 Dec .7057 223.37 3.8694 2.0098 92.924 21.013 14.498 .3106 20.404 1963—Jan .7466 223.49 3.8694 2.0086 92.823 21.021 14.487 531.056 6 20.405 Feb .7422 223.38 3.8676 2.0073 92.777 21.011 14.480 31.057 20.405 Period G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a l l f 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 1962—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 1963—Jan 24.966 20.996 280.48 .16104 .27894 32.817 8.0056 27.772 277.71 Feb 24.985 20.984 280.34 .16102 .27892 32.717 8.0056 27.773 277.56 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 e o p l ) - ic (e P s o g c r a u t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u 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 1960 14 018 49 770 3 4°37 279 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 1962—Feb .... 14 037 3.4995 140.20 1.6650 19.388 23 111 281 46 Mar 14 037 3 5014 140 24 I 6651 19 408 23 042 281 53 Apr 14.033 3.5032 140.17 1.6651 19.424 23.011 281.40 May 14 022 3.5050 140.08 1.6651 19 428 23 098 281 21 June 14 013 3 5011 139 89 L 6651 19 436 23 172 ^80 83 July 14 005 3.5000 139.80 L.6651 19 428 23 162 280 66 Aug 13.994 3.4996 139.67 1.6651 19.432 23.136 280.38 Sept 13.982 3.5018 139.52 1.6659 19.410 23.129 280.09 Oct 13.983 3.4899 139.54 1.6661 19.409 23.139 280 13 Nov 13 989 3 4900 139 57 I 6662 19 363 23 170 280 19 Dec 14.000 3.4902 139.64 1.6664 19.278 23.167 280.33 1963—Jan 14.000 3.4900 139.72 1.6665 19.313 23.120 280.48 Feb 13.995 3.4900 139.64 1.6664 19.290 23.123 280.34 1 Quotations not available Mar. 20-Apr. 3, 1962. 6 Effective Jan. 1, 1963, the franc again became the French monetary 2 Effective May 2, 1962, the par value of the Canadian dollar was set at unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960 92.5 U. S. cents/ 3 Based on quotations through Mar. 19, 1962. NOTE.—Averages of certified noon buying rates in New York for 4 Based on quotations beginning with Apr. 4, 1962. cable transfers. For description of rates and back data, see "International 5 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1963. 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 EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ELIZABETH L. CARMICHAEL, Assistant Secretary ROBERT C. MASTERS, Associate Director GLENN M. GOODMAN, Assistant Director LEGAL DIVISION HENRY BENNER, Assistant Director HOWARD H. HACKLEY, General Counsel JAMES C. SMITH, Assistant Director DAVID B. HEXTER, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director THOMAS J. O'CONNELL, Assistant General ANDREW N. THOMPSON, Assistant Director Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve JEROME W. SHAY, Assistant General Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION GUY E. NOYES, Director EDWIN J. JOHNSON, Director ALBERT R. KOCH, Associate Director H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Adviser FRANK R. GARFIELD, Adviser ROBERT C. HOLLAND, Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Adviser LEWIS N. DEMBITZ, Associate Adviser JOSEPH E. KELLEHER, Director ROBERT SOLOMON, Associate Adviser HARRY E. KERN, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF THE CONTROLLER RALPH A. YOUNG, Director J. HERBERT FURTH, Adviser J. J. CONNELL, Controller A. B. HERSEY, Adviser SAMPSON H. BASS, Assistant Controller ROBERT L. SAMMONS, Adviser SAMUEL I. KATZ, Associate Adviser OFFICE OF DEFENSE PLANNING RALPH C. WOOD, Associate Adviser INNIS D. HARRIS, Coordinator DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director DIVISION OF DATA PROCESSING GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director M. H. SCHWARTZ, Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 414 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 415 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, President 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, Vice President 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

416 FEDERAL RESERVE BULLETIN • MARCH 1963 Presidents and Vice Presidents Federal Vice Presidents President Reserve (Vice Presidents in charge of branches are Bank of First Vice President listed in lower section of this page) Boston. George H Ellis D. Harry Angney 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 Charles A. Coombs Herbert H. Kimbail 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 Robert N. Hilkert John R. Bunting David P. Eastburn James V. Vergari Joseph R. Campbell Murdoch K. Goodwin Richard G. Wilgus Cleveland.. W. D. Fulton Roger R. Clouse W. Braddock Hickman 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 St. Louis. ., Harry A. Shuford Marvin L. Bennett Dale M. Lewis Joseph C. Wotawa Darryl R. Francis Homer Jones Howard H. Weigel Orville O. Wyrick Minneapolis Frederick L. Deming Kyle K. Fossum M. B. Holmgren F. L. Parsons A. W. Mills C. W. Groth A. W. Johnson M. H. Strothman, Jr. H. G. McConnell George H. Clay Wilbur T. Billington C. A. Cravens L. F. Mills Kansas City Henry O. Koppang John T. Boysen Ray J. Doll Clarence W. Tow D. R. Cawthorne J. R. Euans J. T. White F. H. Larson Watrous H. Trons James L. Cauthen G. R. Murff Thomas W. Plant Dallas , 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 David L. Grove D. M. Davenport1 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 Harrell Oklahoma City H. W. Pritz Omaha P. A. Debus Richmond Baltimore D. F. Hagner Charlotte E. F. MacDonald Atlanta Birmingham E. C. Rainey 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, Cuba, Dominican Republic, Ecuador, Guate- DEBITS AND CLEARINGS STATISTICS AND THEIR mala, Haiti, Republic of Honduras, Mexico, USE (rev. ed.). 1959. 144 pp. $1.00 per copy; Nicaragua, Panama, Paraguay, Peru, El Salva- in quantities of 10 or more for single shipment, dor, Uruguay, and Venezuela. (2) Elsewhere, $.85 each. $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more copies sent to one address in ALL-BANK STATISTICS, 1896-1955. Pt. I, U. S. 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. FEDERAL RESERVE CHART BOOK ON FINANCIAL THE FEDERAL RESERVE ACT, as amended through AND BUSINESS STATISTICS. Monthly. Annual October 1, 1961, with an Appendix containing subscription includes one issue of Historical provisions of certain other statutes affecting the Chart Book. Subscription prices: (1) $6.00 per Reserve System. 386 pp. $1.25. annum or $.60 per copy in the United States and the countries listed above. (2) Elsewhere, FLOW OF FUNDS IN THE UNITED STATES, 1939-53. $7.00 per annum or $.70 per copy. (3) In quan- 1955. 390 pp. $2.75. tities of 10 or more of same issue for single shipment, $.50 each. SUPPLEMENT TO BANKING AND MONETARY STA- TISTICS. Sec. 1 Banks and the Monetary System. HISTORICAL CHART BOOK. Issued annually in Sep- 1962. 35 pp. $.35. Sec. 10. Member Bank Retember. Annual subscription to monthly chart serves and Related Items 1962. 64 pp. $.50. book includes one issue of the Historical. Prices: Sec. 14. Gold. 24 pp. $.35. Sec. 15. Interna- (1) $.60 each in the United States and the countional Finance. 1962. 92 pp. $.65. Sec. 11 Curtries listed above. (2) Elsewhere, $.70 each. (3) rency. 1963. 11 pp. $.35. In quantities of 10 or more for single shipment, $.50 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- 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. 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN • MARCH 1963 REPRINTS SURVEY OF COMMON TRUST FUNDS, 1961. May (From Federal Reserve BULLETIN unless preceded 1962. 7 pp. (Also, similar reprint from May by an asterisk) 1961 BULL.) THE MONETARY SYSTEM OF THE UNITED STATES. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. Feb. 1953. 16 pp. July 1962. 6 pp. INFLUENCE OF CREDIT AND MONETARY MEASURES REVISION OF MONTHLY DEPARTMENT STORE IN- ON ECONOMIC STABILITY. Mar. 1953. 16 pp. DEXES. July 1962. 6 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. STABILITY. May 1953. 7 pp. 5 pp. REVISION OF CONSUMER CREDIT STATISTICS. Oct. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. 1956. 24 pp. (Also, similar reprint from Apr. 11 pp. 1953 BULL.) REVISION OF WEEKLY DEPARTMENT STORE SALES OPEN MARKET OPERATIONS IN LONG-TERM SE- INDEX. Aug. 1962. 3 pp. CURITIES. Nov. 1958. 15 pp. THE BALANCE SHEET OF AGRICULTURE, 1962. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- Aug. 1962. 10 pp. print of the U. S. Summary containing a description of revised statistics for all banks in INTEREST RATES IN THE CURRENT CYCLE. Sept. the United States, by class of bank, together 1962. 9 pp. with revised statistics. Apr. 1959. 94 pp. INTEREST RATES AND MONETARY POLICY. Sept. THE GOVERNMENT SECURITIES MARKET. Aug. 1962. 28 pp. 1959. 22 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CONSUMER BUYING INTENTIONS AND QUARTERLY CHANGE OPERATIONS. Sept. 1962. 16 pp. SURVEY OF CONSUMER BUYING INTENTIONS. Combined reprint. Sept. 1960. 31 pp. U. S. BALANCE OF PAYMENTS IN 1962. Oct. 1962. 8 pp. IMPLEMENTATION OF THE 1959 ACT ON RESERVE REQUIREMENTS. Dec. 1960. 6 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. SMALL BUSINESS FINANCING: CORPORATE MANU- FACTURERS. Jan. 1961. 15 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. STATISTICS ON THE GOVERNMENT SECURITIES MARKET. Apr. 1961. 8 pp. AUTOMATION AT COMMERCIAL BANKS. NOV. 1962. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER 13 pp. TIME DEPOSITS. May 1961. 2 pp. (Also, similar QUARTERLY SURVEY OF CONSUMER BUYING INreprint from July 1960 BULL.) TENTIONS. Nov. 1962. 6 pp. (Also, similar re- SURVEY OF FINANCE COMPANIES, MID-19 60. Oct. prints from BULLS, for Dec. 1960, Mar., May, 1961. 21 pp. (Also, similar reprint from Apr. Aug., and Nov. 1961, Mar., May, and Aug. 1957 BULL.) 1962.) LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 14 pp. 1961. 15 pp. A NEW LOOK AT THE FARM DEBT PICTURE. Dec. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1962. 18 pp. 1961. 3 pp. MONEY AND BANK CREDIT IN 1962. Feb. 1963. INTEREST RATES ON TIME DEPOSITS, Mid-January 8 pp. 1962. Feb. 1962. 5 pp. FARM DEBT AS RELATED TO VALUE OF SALES. CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. Feb. 1963. 9 pp. Mar. 1962. 8 pp. MONETARY FUND RESOURCES AND THE INTER- CHANGES IN STRUCTURE OF THE FEDERAL DEBT. NATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp. Mar. 1963. 10 pp. GROWTH IN INSTITUTIONAL SAVINGS. May 1962. TREASURY AND FEDERAL RESERVE FOREIGN EX- 9 pp. CHANGE OPERATIONS. Mar. 1963. 10 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers' 356, 358 Deposits {See also specific types of deposits): Agricultural loans of commercial banks, 350, 352 Adjusted, and currency, 345 Assets and liabilities {See also Foreign liabilities and Banks, by classes, 339, 346, 351, 354, 358 claims): Federal Reserve Banks, 340, 409 Banks and the monetary system, consoli- Postal savings, 339, 345 dated, 345 Discount rates, 338, 412 Corporate, current, 370 Discounts and advances by Federal Reserve Domestic banks, by classes, 346, 350, 352, 358 Banks, 334, 340, 342 Federal Reserve Banks, 340 Dividends, corporate, 369, 370 Automobiles: Dollar assets, foreign, 401, 409 Consumer instalment credit, 374, 375, 376 Production index, 378, 379 Earnings and hours, manufacturing industries, 382, 385 Bankers' balances, 351, 353 Employment, 382, 384, 385 {See also Foreign liabilities and claims) Banking and monetary statistics for 1962, 394 Banks and the monetary system, consolidated state- Farm mortgage loans, 371, 372 ment, 345 Federal finance: Banks for cooperatives, 365, 366 Cash transactions, 360 Bonds {See also U. S. Govt. securities): Receipts and expenditures, 361 New issues, 366, 367, 368 Treasurer's balance, 360 Prices and yields, 356, 357 Federal home loan banks, 365, 366, 373 Brokers and dealers in securities, bank Federal Housing Administration, 365, 366, 371, loans to, 350, 352 372, 373 Business expenditures on new plant and equip- Federal intermediate credit banks, 365, 366 ment, 370 Federal land banks, 365, 366 Business indexes, 382 Federal National Mortgage Association, 365, 366, 373 Business loans {See Commercial and industrial loans) Federal Reserve Banks: Condition statement, 340 U. S. Govt. securities held by, 334, 340, 342, Capital accounts: 362, 363 Banks, by classes, 346, 351, 354 Federal Reserve credit, 334, 340, 342, 394 Federal Reserve Banks, 340 Federal Reserve notes, 340, 343 Carloadings, 382 Federally sponsored credit agencies, 365, 366 Central banks, foreign, 398, 412 Finance company paper, 356, 358 Coins, circulation of, 343 Financial institutions, loans to, 350. 352 Commercial banks: Float, 334 Assets and liabilities, 346, 349, 350 Flow of funds, saving and financial flows, 392 Consumer loans held, by type, 375 Foreign central banks, 398, 412 Number, by classes, 346 Foreign currency operations, 340, 342, 400, 409 Real estate mortgages held, by type, 371 Foreign deposits in U. S. banks, 334, 340, 345, 351, Commercial and industrial loans: 354, 409 Commercial banks, 350 Foreign exchange rates, 413 Weekly reporting member banks, 352, 355 Foreign liabilities and claims: Commercial paper, 356, 358 Banks, 402, 404, 407, 409 Condition statements {See Assets and liabilities) Nonfinancial concerns, 410 Construction, 382, 383 Foreign trade, 387 Consumer credit: Instalment credit, 374, 375, 376, 377 Major parts, 374, 376 Gold: Noninstalment credit, by holder, 375 Earmarked, 400 Consumer price indexes, 382, 388 Net purchases by U. S., 400 Consumption expenditures, 390, 391 Production, 399 Corporate sales, profits, taxes, and dividends, 369, 370 Reserves of central banks and governments, 398 Corporate security issues, 367, 368 Reserves of foreign countries and international Corporate security prices and yields, 356, 357 institutions, 401 Cost of living {See Consumer price indexes) Stock, 334, 345, 400 Currency in circulation, 334, 343, 344 Gold certificates, 340, 343 Customer credit, stock market, 357 Govt. debt. {See U. S. Govt. securities) Gross national product, 390, 391 Debits to deposit accounts, 342 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 345 tries, 382, 385 Adjusted, commercial banks, 342, 344, 351 Housing starts, 383 Banks, by classes, 339, 346, 354 Turnover of, 342 Industrial production index, 378, 382 Type of holder, at commercial banks, 351 Instalment loans, 374, 375, 376, 377 Department stores: Insurance companies, 359, 362, 363, 372 Merchandising data, 387 Insured commercial banks, 348, 350 Sales and stocks, 382, 386 Interbank deposits, 342, 346, 351 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN • MARCH 1963 Interest rates: Reserves: Bond yields, 356 Commercial banks, 351 Business loans by banks, 355 Federal Reserve Banks, 340 Federal Reserve Bank discount rates, 338 Foreign central banks and governments, 398 Foreign countries, 411, 412 Foreign countries and international institu- Open market, 356, 411 tions, 401 Stock yields, 356 Member banks, 334, 336, 339, 351, 353, 394 Time deposits, maximum rates, 339 Residential mortgage loans, 371, 372, 373 International capital transactions of the U. S., 402 International institutions, 398, 400, 401 Sales finance companies, consumer loans of, 374, Inventories, 390 375, 377 Investment companies, new issues, 368 Saving: Investments (See also specific types of investments): Flo w-of-funds series, 392 Banks, by classes, 346, 350, 353, 358 National income series, 391 Commercial banks, 349 Savings deposits (See Time deposits) Federal Reserve Banks, 340, 342 Savings institutions, principal assets, 358, 359 Life insurance companies, 359 Savings and loan asosciations, 359, 363, 372 Savings and loan associations, 359 Securities (See also U. S. Govt. securities): Federally sponsored credit agencies, 365 International transactions, 408, 409 Labor force, 384 New issues, 366, 367, 368 Loans (See also specific types of loans): Silver coin and silver certificates, 343 Banks, by classes, 346, 350, 352, 358 State member banks, 348 CommerciaJ banks, 349 State and municipal securities: Federal Reserve Banks, 334, 340, 342, 394 New issues, 366, 367 Insurance companies, 359, 372 Prices and yields, 356, 357 Savings and loan associations, 359, 372 States and political subdivisions: Loans insured or guaranteed, 371, 372, 373 Deposits of, 351, 354 Holdings of U. S. Govt. securities, 362 Manufactures, production index, 379, 382 Ownership of obligations of, 350, 358, 359 Stock market credit, 357 Margin requirements, 339 Stocks: Member banks: New issues, 367, 368 Assets and liabilities, by classes, 346, 350 Prices and yields, 356, 357 Borrowings at Federal Reserve Banks, 336, 340, 354, 394 Deposits, by classes, 339 Tax receipts, Federal, 361 Number, by classes, 347 Time deposits, 339, 344, 345, 346, 351, 354 Reserve requirements, by classes, 339 Treasurer's account balance, 360 Reserves and related items, 334, 394 Treasury cash, 334, 343, 345 Weekly reporting series, 352 Treasury currency, 334, 343, 345 Mining, production index, 379, 382 Treasury deposits, 334, 340, 360 Money rates (See Interest rates) Money supplv and related data, 344 Unemployment, 384 U. S. balance of payments, 411 Mortgages (See Real estate loans) U. S. Govt. balances: Mutual savings banks, 345, 346, 348, 358, 362, Commercial bank holdings, by classes, 351, 354 363, 371 Consolidated monetary statement, 345 Treasury deposits at Federal Reserve National banks, 348 Banks, 334, 340, 360 National income, 390, 391 U. S. Govt. securities: National securitv expenditures, 361, 390 Bank holdings, 345, 346, 350, 353, 358, 362, 363 Dealer transactions, positions, and financing, 364 Nonmember banks, 340, 348, 350, 351 Federal Reserve Bank holdings, 334, 340, 342, 362, 363 Payrolls, manufacturing, index, 382 Foreign and international holdings, 340, 401, 409 Personal income, 391 International transactions, 408 Postal Savings System, 339, 345 New issues, gross proceeds, 367 Prices: Outstanding, by tvpe of security, 362, 363, 365 Consumer, 382, 388 Ownership of, 362, 363 Security, 357 Prices and yields, 356, 357 Wholesale commodity, 382, 388 United States notes, outstanding and in circula- Production, 378, 382 tion, 343 Profits, corporate, 369, 370 Utilities, production index, 379, 382 Vault cash, 334, 339, 351 Real estate loans: Banks, by classes, 350, 352, 358, 371 Veterans Administration, loans, etc., 371, 372. 373 Type of mortgage holder, 371, 372, 373 Type of property mortgaged, 371, 372, 373 Weekly reporting member banks, 352 Reserve requirements, member banks, 339 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 o) C? HAWAII ' 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