Federal Reserve Bulletin, 1963-04

FEDERAL RESERVE April 1963 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Financing the U. S. Payments Deficit 421 Federal Reserve Open Market Operations in 1962 429 Negotiable Time Certificates of Deposit 458 Statement on Proposed Currency Legislation 469 Law Department 471 Announcements 479 National Summary of Business Conditions 480 Guide to Tabular Presentation 482 Financial and Business Statistics, U. S. (Contents on p. 483) 484 International Financial Statistics (Contents on p. 557) 558 Board of Governors and Staff 574 Open Market Committee and Staff; Federal Advisory Council 575 Federal Reserve Banks and Branches 575 Federal Reserve Board Publications 577 Index to Statistical Tables 579 Map of Federal Reserve System Inside back cover Volume 49 Number 4 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

Financing the US. Payments Deficit THE u.s. DEFICIT in international transactions in 1962 was the fifth in a series of sizable, though gradually diminishing, deficits. It brought the cumulative deficit for the past 5 years to nearly $16 billion. This excludes the U.S. subscription to the International Monetary Fund in 1959. The deficit is defined as the transactions balance financed by declines in U.S. reserves of gold and foreign exchange and by increases in liquid U.S. liabilities to both official and private foreigners and to international institutions. The amounts settled in gold and the distribution of liquid liabilities among various foreign and international holders have varied from year to year. The deficit in 1962 was financed almost NOTE.—Based on figures shown in table on p. 423. entirely by transfers of gold and increases in liquid U.S. liabilities to foreign and interna- Nonmonetary international institutions— tional monetary authorities. The small part mainly those engaged in development lendnot covered by these official settlements rep- ing, including the International Bank for Reresented additions to the liquid dollar re- construction and Development, the Internasources of international development-lend- tional Development Association, and the ing institutions. There was no net change in Inter-American Development Bank—added liquid liabilities to foreign private holders. $1.4 billion to their liquid dollar assets dur- For 1958-62 as a whole, about $12 bil- ing the 5-year period, plus $300 million in lion of the deficit, or three-fourths, was fi- special U.S. notes. They obtained funds nanced by official settlements. Foreign mon- from subscriptions and borrowings well in etary authorities purchased more than $7 excess of disbursements. billion of U.S. gold and added nearly $4 Holdings of liquid assets in the United billion to their liquid assets in the United States by commercial banks abroad and by States. Dollar holdings of the IMF increased other private foreign holders increased by by nearly $2 billion (not counting the U.S. more than $2 billion, or about one-third, subscription in 1959) as a result of repay- during 1958-62. While this increase was ments by foreign countries that had previ- large in relation to the outstanding volume ously drawn on the Fund and of sales by of such assets, it financed less than one-sixth the Fund of $750 million of gold for dollars. of the U.S. payments deficit. 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN • APRIL 1963 THE PAYMENTS PROBLEM GOLD SETTLEMENTS AND GOLD RESERVES The United States was able to finance more than half of its 1958-62 deficit by incurring A deficit in the U.S. balance of payments liabilities instead of selling gold—and even adds first to foreign dollar holdings. Most to cover nearly half of its official settlements of these accrue to foreign monetary authorin this way—because U.S. dollars are so ities when the deficit is large. The countries widely held and used by other countries. that find their dollar reserves rising are gen- But holders of the currency of a country in erally those that have payments surpluses persistent deficit might eventually become with the world as a whole, and not necesreluctant to add to their holdings if they sarily with the United States. did not see continuing progress toward elim- Monetary authorities in many countries ination of the deficit. take some of their reserve gains in dollars Achievement of reasonable equilibrium in and some in gold. A number of countries U.S. international transactions has been a also hold reserves in sterling or other curmatter of both national and international rencies. Reserve practices and attitudes difconcern. The United States has directed a fer from country to country and change with wide range of policies toward this end, and changing circumstances. leading foreign countries have increasingly Reserve changes. Through 1957 the recooperated to facilitate and hasten the ad- building of foreign countries' monetary rejustment. serves was an explicit policy objective here When a country with a payments deficit and abroad because larger reserves were is a major trading country and international essential for efficient functioning of the intercapital market—as the United States is— national financial system. Moderate deficits other countries share its vital interest in in the U.S. balance of payments contributed achieving the required adjustment in an or- to this rebuilding. Reserves of the rest of the derly way. And since the U.S. dollar is more free world rose rapidly in percentage terms widely held than any other currency as an but not so fast in absolute amount as they international reserve, the interest of all coun- have in recent years. tries in achieving a smooth adjustment is From the end of 1951 through 1957, particularly strong. Preservation of an inter- foreign countries increased their gold renational payments mechanism that provides serves—and the gold proportion of their a useful supplement to limited gold supplies combined gold and foreign exchange reis important for all. serves—mainly out of gold production in the The U.S. deficit was at its worst in 1959. free world and small purchases from the Since then basic economic forces, reinforced U.S.S.R. While they made net purchases of by policy actions here and abroad, have been $900 million from the United States, the working in the direction of restoring balance IMF sold $800 million to this country, so in international transactions. But it is taking that the U.S. gold stock did not change time for these forces to affect private and significantly. government transactions in goods and serv- Since 1957, however, there have been ices and investments. Continued efforts are much larger U.S. deficits, an accompanying needed, both to speed up and to supplement rapid rise in foreign countries' reserves, and market processes of adjustment. only limited additions to the free world's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE U.S. PAYMENTS DEFICIT 423 total stock of monetary gold. Under these New gold production was rising rapidly conditions, it was inevitable that foreign in this 5-year period. But of this supply plus countries would make large net purchases Russian sales, only about two-fifths went of gold, and that a major part of this de- into free world monetary stocks. The promand would be met from the U.S. gold portion fell to about one-fourth in 1960 and stock. Also, during this period foreign coun- again in 1962 when political and economic tries have made gold subscriptions and re- uncertainties in various parts of the world payments to the IMF in excess of sales of stimulated private buying. gold to them by the Fund. The proportion of gold to total reserves As a result, the U.S. gold stock declined for all non-Communist foreign countries by $6.8 billion, or nearly 30 per cent, dur- combined increased from 45 per cent at the ing 1958-62, including $344 million sub- end of 1957 to 49 per cent at the end of scribed to the IMF. Foreign countries added 1962. In this and the following calculations, about $8.5 billion, or nearly 60 per cent, to national reserves include net IMF positions their gold holdings, and the IMF gained $1 of member countries—their quotas less Fund billion. Only about $2.7 billion of this gold holdings of their currencies. was acquired from new production and Rus- Roughly three-fourths of the addition to sian sales. foreign countries' gold stocks had the effect FINANCING THE U.S. PAYMENTS DEFICIT, 1958-62 (In billions of dollars) Changes: Out- Decreases in reserves; increases in liabilities stand- Item ing: Dec. 31, 1958 19591 1960 1961 1962 1958-621 1962 Over-all deficit. 3.5 3.7 3.9 2.4 2.2 15.7 Official settlements, total 3.0 2.3 3.6 1.3 2.0 12.1 U.S. reserves2 2.3 .7 1.7 .7 .9 6.4 16.2 U.S. liquid liabilities .7 1.6 1.9 .5 1.1 5.7 16.5 To foreign central banks and govts.3. .7 1.0 1.1 .7 .5 3.9 12.6 To International Monetary Fund .6 .7 -.1 .6 1.9 3.9 Other settlements, in U.S. liquid liabilities: To other international institutions .3 .1 .3 A 1.4 2.2 To private foreigners .2 1.3 .1 2.2 8.4 Commercial banks 1.1 .6 7.7 5.2 Others 2 .2 -.1 .1 .1 .5 3.2 1 Excludes U.S. subscription to the International Monetary Fund demand or with an original maturity of less than 1 year (other than in 1959 of $344 million in gold and $1,031 million in dollars. those of nonfinancial concerns) and U.S. Govt. bonds and notes 2 Gold, plus $0.1 billion of convertible currencies added to re- (other than nonnegotiable, non-interest-bearing special U.S. notes serves during 1961 and maintained in 1962. held by the International Development Assn. and the Inter-American 3 Includes Bank for International Settlements, European Pay- Development Bank, of which $276 million were outstanding at the end ments Union (in 1958), and European Fund (since 1958). of 1962, and nonmarketable U.S. Treasury bonds, foreign currency series, held by official institutions in foreign countries, of which NOTE.—Based on data from Dept. of Commerce, Treasury, and $251 million were outstanding at the end of 1962). Federal Reserve. Liquid liabilities include liabilities payable on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN • APRIL 1963 of keeping the gold share constant in a and devalued further. And Italian reserves rapidly rising reserve total. And part of the were still relatively low in 1957. additional increase resulted from the con- Other European countries that took large centration of reserve gains in Western Euro- reserve gains mainly in gold during the pean countries, which are the main gold- period included the United Kingdom, the holding countries outside of the United Netherlands, and Belgium—all of which States. were under strain in 1957 and drew from Thus the large size of the U.S. payments the IMF—and Switzerland and Austria. deficit and the concentration in Europe of the corresponding surpluses of the rest of OFFICIAL GOLD AND FOREIGN EXCHANGE the world have played a much larger role RESERVES in U.S. gold losses than have actions by in- (In billions of dollars) dividual foreign countries to increase the Total, Gold, Change, Country endOf— end of— 1958-62 gold proportion of their reserves. 1957 1962 1957 1962 Total Gold Thirteen countries each had more than U.S 24.8 17.2 22.9 16.1 -7.6 -6.8 $1 billion of official gold and foreign ex- U.K 2.0 3.3 1.6 2.6 + 1.3 + 1.0 change reserves at the end of 1962. Nine Germany . 5.2 7.0 2.5 3.7 + 1.8 + 1.1 France... .5 4.0 .6 2.6 +3.5 +2.0 were in Europe. Outside of Europe and the Italy.. . . 1.4 3.6 .5 2.2 +2.3 + 1.8 United States there were only three—Can- Switzerland. ... .9 2.9 1.7 2.7 + 1.0 + 1.0 ada, Japan, and Australia. Japan and Aus- Canada... .9 2.4 1.1 7 + .5 - .4 Japan.... .5 2.0 .1 ,3 + 1.5 + .2 tralia hold only small amounts in gold; Nether- Japan holds mainly dollars, Australia mainly lands. .. .0 1.9 .7 1.6 + .9 + .8 Belgium. . .1 1.8 .9 1.4 + .6 + .5 sterling. And Canada reduced its gold re- Australia.. .3 1.4 .1 2 + .1 + .1 Austria... ' .5 1.1 .1 5 + .6 + .4 serves during 1958-62 even though its total Spain .1 1.1 .1 •4 + 1.0 + .3 reserves increased. It took the increase, and more, in U.S. dollars. NOTE.—International Monetary Fund data; figures for each country (except Switzerland) include its quota in the IMF less Fund holdings of its currency. Fund holdings of U. S. dollars in this calculation The three countries with the largest pay- exclude income-earning investments in U. S. securities. Figures for Australia include commercial bank holdings of foreign ments surpluses during 1958-62 and with exchange. the largest gains in both total reserves and U.K. reserves are still considered to be low gold holdings were France, Italy, and Gerin view of the role of the pound sterling as many, as the accompanying table shows. a reserve currency. But few other European Germany had been gaining reserves heavily countries feel a need for still larger reserves even before 1958. Its reserves now total than they now have. about $7 billion and are second only to Reserve and settlement practices. Because those of the United States. of the wide diversity of national reserve- Rapid French and Italian reserve gains holding practices, the way in, which paysince 1957 illustrate how widely the inter- ments imbalances are settled depends partly national position of a country can swing on which countries have the deficits and in a short span of years. In 1957 France which have the surpluses. However, a few had had to draw from the IMF and devalue general rules of behavior and some interestits currency after its reserves had melted ing changes in them can be discerned. away; in 1958 it drew on the IMF again When the reserves of any country are felt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

425 FINANCING THE U.S. PAYMENTS DEFICIT to be adequate, their level—whatever it important. They were used to support sterhappens to be—tends to be taken as given. ling in March 1961 and again early this year, The attention of policy-makers then seems and to assist Canada in mid-1962. Since to focus on the prevention of large or per- early 1962, the Federal Reserve has entered sistent reserve changes, especially reserve into reciprocal "swap" arrangements with losses. 10 foreign central banks and the Bank for International Settlements. As of mid-April, Two somewhat conflicting principles seem these provided for potential drawings up to govern the composition of reserves. First, to the equivalent of $1.1 billion. all countries find it useful to hold some re- Various ways to eliminate exchange risks serves in the form of foreign exchange; they inherent in the holding of foreign currencies need at least working balances, and they as reserves have also been explored. Gold can earn interest on foreign exchange asvalue guarantees are a feature, for example, sets. But secondly, many prosperous counof IMF holdings of national currencies. Safetries—and some that are not so prosperous guards against the effect of changes in the —wish to hold a substantial gold reserve par value of the other party's currency are for reasons of tradition, public confidence, embodied in Federal Reserve swap arrangeprestige, and immunity from exchange risks. ments. During the past year and a half, the The tradition of holding gold reserves has U.S. Treasury has issued short- and mediumlong been strong in Europe and the United term securities to foreign official institutions, States. payable in the lender's currency. There is not enough monetary gold to Thus, in the long run, the international permit the world to hold all of its official payments system may be moving towards reserves in gold. Some must be held in forincreased reliance on supplements to gold eign exchange. Such reserves have come to for both the reserve function and the official be held almost exclusively in U.S. dollars settlement of international payments deficits and pounds sterling. and surpluses. Nevertheless, any continued In 1961 U.S. monetary authorities began large deficit in the U.S. balance of payments to hold foreign exchange as well as gold. would need to be settled to some extent in Treasury and Federal Reserve officials have gold, as it was in 1958-62. suggested that the United States may add to its foreign exchange reserves in the fu- LIQUID U.S. LIABILITIES TO MONETARY AUTHORITIES ture when total U.S. reserves are rising. Various supplements to gold and foreign More than $1 billion of the U.S. payments exchange reserves have been tried or pro- deficit in 1962, and nearly $6 billion during posed during the postwar period. IMF quo- 1958-62, was settled through an increase in tas, which were increased in 1959 and sup- liquid U.S. liabilities to foreign monetary plemented in 1962 by special arrangements authorities, including the IMF. among 10 leading member countries, have At the end of 1962 liquid U.S. liabilities proved to be a practical and important addi- to the Fund were $3.9 billion and those to tion to international liquidity. foreign central banks and governments were Bilateral short-term credit arrangements $12.6 billion. The latter represented more between central banks have also become than one-fourth of the official monetary re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN • APRIL 1963 serves of free world countries other than the ties. Some of these holdings are on deposit United States. The proportion of their total not in this country but in commercial banks reserves held in dollars increased slightly abroad, that is, in the so-called Euro-dollar during 1958-62. Meanwhile, the amount of market. The corresponding dollar-denomisterling held as reserves changed little, as nated assets of those banks may be in loans, shown in the chart, and declined as a pro- investments, or deposits either outside the portion of the rising total. United States or in this country. In the latter Growth in foreign official holdings of U.S. instance, the foreign assets show up in U.S. dollars reflects not only the position of the statistics as U.S. liabilities to foreign comdollar as a reserve currency but also the im- mercial banks. The volume of official dollar reserves, as well as of private dollar balances, that are held with banks abroad ap- RAPID RISE in foreign official holdings pears to have increased with the rapid broadof both gold and dollars since 1957 ening of the Euro-dollar market in recent years. All OTHER COUNTRIES _ Although almost all liquid U.S. liabilities IMF POSITIONS are denominated in U.S. dollars, they in- AND OTHER ASSETS 40 clude some foreign-currency liabilities of commercial banks. Beginning in 1961 they also include some liabilities of the U.S. UNITED STATES Treasury arising from the issuance of non- Mf POSITION marketable U.S. Treasury certificates de- 20 nominated in the currency of the foreign official holder. The large rise in U.S. liabilities to the IMF during 1958-62—apart from the 1959 OECEMBFTt 31, DECEMBER 31, subscription—reflected large repayments to 1957 1962 1957 \962 the Fund by many industrial countries and Fund sales of $750 million of gold for dol- NOTE.—Based on Federal Reserve and IMF data. All other countries exclude the Soviet bloc and mainland China. Dollar reserves shown are liquid U.S. liabilities to foreign central lars, including $600 million sold to acquire banks and governments. Sterling reserves are U.K. sterling liabilities to foreign official holders. IMF positions are mem- income-earning U.S. securities. Under the bers' quotas in the Fund less Fund holdings of members' currencies. Other reserve assets include statistical discrepan- Fund's rules, drawings may be repaid either cies. Grand totals equal total reported reserves plus IMF positions. in any convertible currency of which IMF portance of U.S. credit facilities to foreign holdings are less than 75 per cent of quota authorities. Some foreign official dollar hold- or in gold. ings represent collateral for loans by U.S. At the end of 1957 a number of Eurobanks, compensating balances under such pean countries and Japan had large outloans, or balances relevant to a customer standing drawings from the Fund, and the relationship that may facilitate future loans Fund's holdings of U.S. dollars, apart from or underwritings. income-earning investments, were only 28 Foreign official holdings of U.S. dollar per cent of the U.S. quota. Now, however, assets are measured only approximately by IMF holdings of dollars are almost 75 per reported U.S. liabilities to foreign authori- cent of the U.S. quota. Hence, unless there Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE U.S. PAYMENTS DEFICIT 427 are new drawings of dollars from the Fund, Interest rates in the United States declined additions to dollar holdings of foreign mone- during the first half of 1960, and around tary authorities that result from the U.S. midyear rates in European centers rose payments deficit can no longer be absorbed sharply. Consequently, foreign banks found to a significant extent through net repay- it increasingly attractive to place U.S. dollar ments to the Fund. funds in investments and loans in the Eurodollar market and to convert some dollars FOREIGN PRIVATE HOLDINGS into foreign currencies. In the second half of the year their dollar assets in the United Holdings of foreign commercial banks ac- States declined. count for most of the $2.2 billion net rise in U.S. liquid liabilities to foreign private Again in 1961 movements in interest holders during the past 5 years. Commercial rates led foreign banks to increase their dolbank holdings have fluctuated widely from lar holdings in the United States consideryear to year. Other private foreign holdings ably. Interest rates declined in Germany and have risen gradually in most years. Over the London in late 1960 and early 1961. Al- 5-year period 1958-62 they increased by though there was a sharp rise in sterling $0.5 billion. interest rates in London later in the year, it was offset by widening of the forward dis- Net increases in dollar holdings of forcount on sterling, so that covered rate difeign commercial banks have reflected proferentials in favor of movements of shortgressive relaxation of restrictions on interterm funds into sterling remained small. national capital movements by European countries and Japan and a growth in bal- Moreover, the spread between Euroances with correspondent banks. Growth dollar rates in London and money market in foreign banks' holdings has also resulted rates in New York tended to narrow throughto some extent from their participation in out most of 1961, in part because of a subthe Euro-dollar market, in which dollars are stantial increase in dollar funds supplied to loaned and borrowed outside the United the Euro-dollar market by German com- States. The dollar holdings of these banks mercial banks. The relatively low level of are also influenced by transactions between German money market rates in 1961 enmembers of a single banking organization couraged these banks to enlarge their holdinasmuch as U.S. liabilities to foreign banks ings of dollar assets, and the German central include liabilities to foreign affiliates of re- bank enabled them to cover their exchange porting banks in the United States. rate risks at a cost well below that ruling in The timing of changes in foreign banks' the market. dollar holdings has been strongly influenced Other factors tending to stimulate the by changes in relative credit conditions and growth of deposits of U.S. dollars with interest rates here and abroad. The sharp banks outside the United States during 1961 rise in foreign banks' dollar holdings in the were a change in Canadian tax laws and a United States that occurred in 1959, after change in Canadian exchange rate policy. the establishment of formal convertibility of U.S. residents increased their U.S. dollar leading European currencies, was stimulated deposits with Canadian banks by nearly $400 by the very high yields then available on million in the first 9 months of the year. short-term investments in the U.S. market. Thus the balance of supply and demand in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN • APRIL 1963 markets for dollar funds outside the United sometimes been large enough during short States during 1961 led to a rise in the hold- periods to finance a significant portion of ings of dollars in the United States by banks the U.S. over-all payments deficit. Over and banking offices abroad with whom dol- longer periods, however, most of the deficit lar deposits were being placed. has been financed by U.S. gold sales and In summary, increases in foreign private by additions to foreign official holdings of holdings of dollars in the United States have dollar assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Open Market Operations in 1962 This report describes the open market lar vantage point of the Trading Desk at the operations of the Federal Reserve System Federal Reserve Bank of New York, This against the background of broad System was where actual trading operations were policy objectives on the one side and money effected in order to carry out the System's and capital market developments on the open market policies on a day-to-day basis. other. It supplements the Annual Report The report was prepared by Robert W. of the Board of Governors of the Federal Stone, Manager, System Open Market Ac- Reserve System, which traced the develop- count, and Vice President of the New York ment of Open Market Committee policy Reserve Bank. Associates on the Trading over the year, with a report from the particu- Desk assisted in its preparation. Monetary policy in 1962 was directed —even though it was significantly below the toward providing stimulus to a somewhat average of 6.7 per cent for 1961. sluggish domestic economy, while avoiding At times, particularly in late summer and money market conditions conducive to out- early fall, a number of analysts suggested flows of funds abroad. These objectives con- that the economy was in danger of sliding tinued without major change throughout into a recession unless monetary or fiscal the year, as indeed they had continued measures, or both, were used more vigorthrough 1961. There were some modest ously to promote expansion. There were shifts in emphasis, however, including a several jolts to business confidence during slight movement toward less ease around the year, notably a conflict between the admidyear, and a similar shift during the clos- ministration and the steel industry over ing weeks of the year. The continuance of a prices, a sharp break in the stock market in generally easy monetary policy since the the spring, and international crises over spring of 1960 made this the longest period Laos and particularly over Cuba. of uninterrupted ease since 1951. There was no evidence to suggest that the In the background of open market opera- economy was held back by an insufficient tions during 1962 was a domestic economy availability of credit, however. On the conthat gave rise to recurrent hopes but some- trary, credit seemed to be abundantly availwhat disappointing results. Although there able throughout the year. Long-term interest was a moderate rise in business activity, it rates moved lower while short-term rates lacked vigor and at no time came near to fluctuated within a narrow range, closing utilizing fully either the manpower or plant the year at levels slightly above those at the and equipment available to the economy. end of 1961. Unemployment remained above 5 per cent Although developments in the domestic of the labor force—it averaged 5.6 per cent economy called for a continued policy of 429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN • APRIL 1963 monetary ease, the stubborn persistence of a SYSTEM OPERATIONS sizable deficit in the U.S. balance of inter- Given the objectives outlined above, System national payments was still a major prob- policy was designed to maintain reserve lem. The deficit in 1962 was $2.2 billion— availability at a level sufficient to encourage down only slightly from the $2.4 billion the expansion of bank credit and the money deficit of the previous year, and financed to supply, yet not so abundant as to encourage the extent of $900 million through a further an outflow of funds by depressing interest outflow of gold. Moreover, in both 1961 rates—particularly short-term interest rates. and 1962 the payments deficits were re- Profile of policy over the year. During the duced because of certain special transactions first half of the year there was widespread that could not be counted on to continue. concern over the sluggishness of the domes- It was difficult to measure the precise extent tic economy, especially in the late spring to which private capital outflows enlarged when there were signs of faltering in the the balance of payments deficit and also already slow rate of business expansion and difficult to assess the exact role of relative when the stock market sustained its sharpest levels of interest rates in encouraging or disbreak since 1929. The balance of payments couraging such outflows. But clearly withalso played a role in the formulation of polout significant improvement in the balance icy, although the seriousness of the counof payments, these considerations were imtry's payments situation was somewhat obportant both in the formulation of policy scured by the temporary benefits accruing and in the choice of techniques to be used to the United States from a major flow of in pursuing such policy. funds from Canada, which culminated in a Even though domestic and international speculative onslaught against the Canadian objectives tended to exert different pulls on dollar in June. monetary policy, it was widely recognized System policy in this period was easy, as that the two sets of objectives have much in may be seen in various indicators of reserve common. Progress toward balance in interavailability. Weekly averages of free renational payments depends in no small deserves typically ranged from about $400 gree on the achievement of a healthy, nonmillion to $600 million from January inflationary, and increasingly productive through mid-June, and for the first 5Vi domestic economy. And domestic expansion months of the year averaged about $440 mildepends in part on the same factors that can lion. Federal funds were in comfortable bring a better balance in international paysupply, trading most frequently below the ments—including an increase in our favor- 3 per cent discount rate, while member bank able balance of trade and an attractive inborrowing averaged in the neighborhood of vestment climate that would retain investi- $70 million. ble funds and even draw funds into the Toward midyear, while the economic ad- United States from abroad. It was also recogvance remained sluggish and hesitant, it nized that our adverse balance of payments became increasingly apparent that the balcasts a long shadow over domestic activity ance of payments problem was further from and that a solution to our payments probsolution than many had hoped. Moreover, lem would probably give an important attention began to focus on the size of the psychological lift to the domestic economy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 431 expansion in bank credit and total liquidity payments still unsatisfactory, the System that had already occurred. It appeared that shifted credit policy once more toward monetary policy might be reaching the limit slightly less ease. of its usefulness as a stimulus to economic Indicative of the mildness of the shift in activity. Consequently, after mid-June the emphasis toward less ease in June, weekly System shifted the emphasis of monetary average free reserves most often moved in a policy toward slightly less ease and toward range of about $350 million to $500 milmaintaining a moderately firm tone in the lion from mid-June to mid-December. This money market. However, policy remained range largely overlapped the range of fluctuation earlier in the year—free reserves averaged about $410 million compared with FREE RESERVES fluctuated from week to week $440 million in the first SV2 months. Fed- Millions of dollars 800 eral funds traded mainly in a 2%-3 per cent range from mid-June to mid-December, 600 compared with 2V4 -3 per cent earlier. Member bank borrowing averaged around $100 million. In the latter part of December, net 400 reserve availability was reduced somewhat further, and Federal funds tended to trade 200 more steadily at 3 per cent; member bank XJ borrowing increased. Guidelines for operations. During the while SHORT-TERM RATES moved narrowly Per cent course of 1962, a good deal of consideration 3-MONTH — 4 •REASURY BILLS was given to the matter of appropriate guide- 3 lines for the conduct of open market opera- ^FEDERAL FUNDS _ 2 .., , 1 . . 1 . . 1 . • 1 i .. 1 tions. J S D Continuing attention was paid to free 1962 reserves, but not to the extent of pursuing NOTE.—Member bank free reserves are excess reserves less particular free reserve levels at the expense borrowings from the Federal Reserve. Borrowings are borrowings from the Federal Reserve. Federal funds rate is the rate paid by member banks in borrowing excess reserves from other of wide swings in the general tone of the member banks. All are weekly averages of daily figures. The rate for 3-month Treasury bills is the average issuing rate. money market. Consequently, free reserve levels sometimes fluctuated widely from one basically easy and encouraging to credit week to another. Meanwhile close attention expansion. This policy posture was main- was given to the location of reserves, the tained throughout the summer and fall. availability of Federal funds, dealer financ- In October and early November, at the ing needs, and trends in short-term rates. time of the Cuban crisis, particular emphasis The general pattern of capital market dewas placed on maintaining as steady a cli- velopments, of credit expansion, and of mate as possible in the money market. In growth in the money supply was also folthe closing weeks of the year, with business lowed carefully. sentiment perceptibly improved, with bank Thus the wide fluctuations in measures of reserves, bank credit, and money supply reserve availability during 1962 were usushowing strength, and with the balance of ally accompanied by changes in the distri- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN • APRIL 1963 bution of reserves between money centers Techniques of operation. As in 1961, the and country banks, or by changes in the in- defense of the short-term rate structure tensity of use of reserves and hence of the against fairly persistent downward pressures demands on the money market. At times, it was an important consideration not only in was appropriate for free reserves to rise in shaping monetary policy but also in the order to accommodate temporarily enlarged choice of the techniques used to achieve demands for liquidity. At other times, when policy objectives. liquid funds were in less demand and banks Thus in order to supply reserves while sought to employ their reserves in the Fed- exerting as little downward pressure on eral funds market and the Treasury bill mar- short-term rates as possible, the System conket, it was appropriate for free reserves to tinued to buy intermediate-term and some contract in order to avoid undue downward long-term obligations as an alternative to purchases of bills or short-term coupon pressure on short-term rates. issues. Sometimes the system bought longer With free reserves ranging rather widely, issues to offset the reserve effect of the tendencies toward excessive ease or restraint bill sales made to cushion downward presin the market were cushioned. Particularly sures on short-term rates. These operations during the second half of the year, the rate in intermediate- and longer-term securities for Federal funds seldom fluctuated sharply were in accordance with the change of proand money market conditions were relacedures adopted in early 1961. Compared tively stable. On a few occasions, however, with 1961, however, there were few periods there were departures from that general during 1962 when investors were seeking to stability when unusually high amounts of sell intermediate- and long-term Treasury Federal Reserve float provided reserves in obligations on a large scale. At the times greater-than-expected volume or when counwhen the System needed to supply reserves, try banks shifted large amounts of excess there was not always a substantial availabilreserves to the money centers on the final ity of such obligations that could be purday or two of their reserve computation chased without pushing prices to unsustainperiods. able levels. In addition, various measures of total and System purchases of intermediate and required reserves were analyzed intensively longer issues were accordingly smaller and during the year. At times, especially during less frequent than in 1961, as the Trading the summer months, total reserves and re- Desk continued to make its purchases on a quired reserves grew only moderately, if at scale and in a manner intended to exert all. In other periods—notably toward the minimum direct influence on prevailing year-end—total and required reserves prices and yields. Typically, this meant that bulged sharply above earlier growth trends. the Desk did not solicit offerings from deal- It was clear that such measures had to be ers but rather purchased some of the securiconsidered as part of the total picture that ties offered at the dealers' initiative. Genalso included the other indicators noted erally, an effort was made to leave a portion above, particularly those bearing on the of the offerings in the market rather than day-to-day condition of the money and to corral all or most of the available supply securities markets. at any time. Prices and yields were thus Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 433 established by the market, with the System portance of 3-month rates as a focal point in being to a large extent a marginal, albeit the short-term rate structure. Similarly the significant, participant in the market. This System frequently concentrated sales of bills method of operation would appear to have in this area. As the year progressed, howfurthered the System's objectives more sat- ever, the yield curve for short-term issues isfactorily than if prices had been pushed to flattened to the extent that purchases or unsustainable levels in an effort to buy more sales of any bills seemed to have almost as securities than were readily available at cur- much effect on the 3-month rate as operarent prices. tions in issues of that maturity. In addition, instead of buying Treasury Use was also made of transactions directly bills outright and driving short-term rates with official foreign accounts maintained down, the System often used repurchase with the Federal Reserve. The System made agreements as a means of meeting tempo- sizable purchases of securities, mostly Treasrary reserve needs. Almost all of these agree- ury bills, from such accounts as a means of ments were made at the discount rate of 3 supplying reserves without injecting System per cent. That rate was usually competitive buying directly into the market. On an even with the rates of other lenders when the use larger scale, the System sometimes sold bills of the repurchase agreement technique was to foreign accounts in order to reduce the particularly important. However, sometimes volume of foreign account buying in the the conduct of System operations was com- market. Even so, only about 20-30 per cent plicated by the fact that securities acquired of the volume of transactions executed for by the Federal Reserve under repurchase foreign accounts at the Trading Desk was agreements were withdrawn on a fairly arranged directly with the System; the large scale in advance of their maturities as greater share was executed in the market. dealers found financing on more attractive A final important means of minimizing terms or as they made outright sales of the downward rate pressures was the October securities. action of the Board of Governors of the Fed- Outright purchases of Treasury bills to eral Reserve System in reducing from 5 to 4 meet reserve needs were also necessary on per cent reserve requirements against time many occasions. Indeed in the first statement and savings deposits. This release of reweeks of July, August, and October, System serves, amounting to about $780 million, purchases of bills in the market ranged from satisfied a substantial part of the seasonal about $500 million to $1.1 billion. These need for reserves in the last 2 months of the very large purchases had little downward year. Open market purchases to meet seaimpact on Treasury bill rates, however, be- sonal reserve needs were accordingly recause they coincided with periods of large duced. dealer inventories and accompanying mar- Portfolio changes. Over the year as a whole ket pressures toward higher rates. there was a net increase of $1,939 million In making market purchases of Treasury in the System's holdings of Treasury obligabills, the System avoided as much as possible tions, of which $1,756 million represented the maturity area closely surrounding the outright purchases, and $183 million repur- 3-month bill because of the particular im- chase agreements. Holdings of bankers' ac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN • APRIL 1963 ceptances increased by $59 million, com- ings of 1-5 year issues increased by $2,070 prising an increase of $4 million in outright million, mainly reflecting net purchases of holdings and a rise of $55 million in hold- nearly $1.5 billion securities in that maturings under repurchase agreements. ity range. The System also bought $326 mil- In rough terms, the System's total net pur- lion and $37 million of securities maturing chases of almost $2 billion, together with a in 5-10 years and over 10 years, respecrise in member bank vault cash of about tively. But the System's holdings in these $370 million, offset the combined effect on two maturity categories decreased by $133 reserves of a gold outflow of about $900 million and $116 million because of the million and a $1,400 million rise in currency shortening effect of the passage of time on in circulation. Net changes in other factors issues held in the Account. At the close of affecting reserves for the year were relatively 1962 the average maturity of System Account holdings was 20.4 months, compared with 20.9 months a year earlier and 19.4 SYSTEM INCREASED ITS HOLDINGS of securities by $2 billion months at the end of 1960. Billions of dollars In addition to its open market operations in Treasury securities the Federal Reserve System continued to conduct some open U S. GOVT SECURITIES market operations in bankers' acceptances. These operations, which are typically quite small compared with System operations in Treasury securities, are designed to maintain contact with, and encourage the further development of, this important market in the financing of world trade. Federal Reserve holdings of acceptances on an outright basis varied between $30 million and $52 million during 1962. In line 1962 with the practice of previous years, outright holdings were reduced in the first half of the NOTE.—Cumulative changes in System holdings of Treasury issues and acceptances both on an outright basis and under year by allowing maturities to exceed purrepurchase agreement. Wed. figures and Dec. 31. chases and were increased in the second half small. The release of about $780 million of by stepping up purchases. There was a deviareserves as a result of the lower required tion from this pattern in July, however, reserve ratio against time and savings dewhen System holdings were temporarily inposits was approximately matched by the creased as the market experienced a sharp rise in reserves needed to support increases influx of acceptances. The System's outright in total deposits. holdings were at a peak at the end of the Outright System holdings of Treasury year, when market supplies were excepsecurities maturing within a year decreased tionally large under the influence of heavy by $65 million as bill holdings were down seasonal pressures. The System also acby $751 million while short-term coupon quired acceptances under short-term repurissues were increased by $686 million. Hold- chase agreements from time to time during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 435 the year. These holdings also reached a peak during the year and up so sharply for the during the year-end period. year as a whole, the market impact of Treasury operations on the short-term debt TREASURY DEBT MANAGEMENT structure probably was greater than this Throughout the year, System open mar- modest net increase might suggest. ket operations were closely meshed with Debt extension. The Treasury also signif- Treasury debt management operations; both icantly extended the maturity of the debt worked toward similar domestic and inter- during the year, partly by offering intermenational objectives. diate- and longer-term options in its regular Short-term debt. In an effort to resist refundings but mainly by means of two addownward pressures on short-term interest vance refundings. In the first of the advance rates, the Treasury added almost continu- refundings, in February, about $5 billion of ously to the weekly offerings of 3- and 6- obligations maturing from 1964 to 1972 month bills. It sold a strip of $1 billion were extended to longer maturities. In the regular bills. It increased the January and second, in September, $8 billion early 1963 October quarterly offerings of 1-year bills issues were prerefunded out to 1967 and by $500 million each. In addition, it sought 1972. As a result, the volume of marketable to include an attractively priced short- debt maturing in over 5 years increased by term anchor issue in each of its regular $9 billion during 1962, while 1-5 year marefundings. turities declined by $3 billion. The average As a result, the volume of Treasury bills maturity of the debt at the end of the year outstanding increased to $48.2 billion at the was 4 years 11 months, compared with 4 end of 1962 from $43.4 billion a year earlier years 7 months a year earlier. —despite a decline from $6 billion to $3 Toward the end of the year, market atbillion in the volume of outstanding tax an- tention was directed to a prospective Treasticipation bills. So strong was the market's ury offering of a long-term bond through appetite for bills that even the strip of $1 competitive bidding by syndicates. This exbillion bills, offered in November without periment was part of a long-standing Treasthe privilege of bank payment through tax ury effort to find better techniques to sell and loan accounts, was readily absorbed— long-term debt—an effort that was given after an upward adjustment in rates. In con- further impetus by the market's initially trast, a similar offering a year earlier had mediocre response to the 4V4 per cent bonds had a sharper impact on rate levels and of 1987-92 sold in the summer of 1962. The market atmosphere. first auction sale of $250 million bonds was At the same time, partly because of a carried out successfully in early 1963, with successful prerefunding operation, total a net interest cost to the Treasury of under coupon issues maturing within a year de- 4.01 per cent for a 1993 maturity callable clined from $42.5 billion at the end of 1961 in 1988. to $39 billion at the close of 1962. As a net result of these operations, the amount of CREDIT MARKETS marketable Treasury issues due within 1 The System's monetary policy of moderate year increased by $1.4 billion over the year. ease helped to encourage substantial flows But with bill issues increased so persistently of funds through the capital markets during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN • APRIL 1963 1962, largely at steady or declining rates of INTEREST RATES ON BONDS declined during 1962 interest. Commercial bank credit played a Per cent key role in this process, with total bank 5.0 loans rising by $14 billion during the year. Bank investments increased by $5 billion, CORPORATE Aaa with holdings of tax-exempt securities up particularly sharply. Commercial bank hold- 4.0 ings of U.S. Government securities actually declined slightly during the year. U. S. GOVERNMENT The total bank credit increase of $19 billion, the largest in the postwar period, was STATE AND LOCAL Aaa associated with a very sharp rise in time and 3.0 savings deposits. These grew with particular rapidity in the first half of the year following 2.5 the permitted increase in ceiling rates of in- 1961 1962 terest; time deposits were up $15 billion for the year. In contrast, private demand de- NOTE.—Aaa corporate and Aaa State and local bond yields are Moody's Investors Service series. State and local bonds, posits changed relatively little. In fact they general obligations only, based on Thurs. figures. Corporate bonds and U.S. Govt. bonds are Wed. figures. U.S. Govt. bonds edged slightly lower through August (sea- are averages for issues maturing or callable in 10 years or more. sonally adjusted), and then spurted up in Treasury bonds. In the opening weeks of the final months of the year. They rose only the year participants in the Treasury bond by about $1 billion for the year as a whole. market were cautious about the outlook for Although the money supply—as convenbond prices, particularly in the light of fairly tionally defined to include private demand optimistic views about business, concern deposits and currency outside banks—rose over the balance of payments, and a related by only about $2 billion during the year, the belief that monetary policy might have volume of close money substitutes expanded moved a little away from the degree of ease sharply. Estimated total liquid assets held prevailing in 1961. Average yields on longby the nonbank public increased by about term Treasury bonds, which started the year $34 billion, or 8 per cent, over the year. at 4.07 per cent, reached a high of 4.14 per And the ratio of such assets to gross national cent in February. product rose to 80.6 per cent in the final quarter of 1962 from 78.2 per cent a year Through the rest of the year, varying marearlier. This indication of ample and ex- ket appraisals of the factors mentioned panding liquidity in the economy agreed above largely shaped the trend of prices and with a market impression that the economy yields. Thus after the opening period of cauwas not pinched for want of credit, and that tion it became apparent that the business excredit was generally available to encourage pansion was proceeding slowly at best, while and support further economic expansion. the outlook for the balance of payments Treasury bond yields. The pattern of seemed more promising. Bond prices began movements in long-term yields within the to rise and the average yield declined, reachyear can be seen in the course followed by ing a low of 3.84 per cent in early May. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 437 Treasury bond yields moved generally reduction in reserve requirements against higher through June and July in a market time and savings deposits was initially recautious for several reasons. The Canadian garded by some as heralding an easier credit foreign exchange situation was considered to policy rather than as a device to supply seahave adverse implications for our own bal- sonal reserve needs by means other than ance of payments problem. Discussion of a open market operations. This belief proquick tax cut to stimulate the lagging econ- vided some further temporary strengthening omy produced expectations of larger Fed- to bond prices—although the market reeral budget deficits. And related to both of appraised the significance of the move fairly these developments, there was a feeling in soon thereafter. The Cuban crisis, occurring the market that Federal Reserve policy about that time, had remarkably little immight move away from ease. Under these pact on bond prices. circumstances the market sensed the Sys- Later in November and into early Decemtem's shift toward slightly less ease in mid- ber there was more confidence in the busi- June almost immediately. By the end of ness outlook, which was reflected in a slight July, a number of longer-term Treasury is- rise in yields. This change in market sentisues were yielding more than 4 per cent, and ment came when dealer holdings of intera new long-term Treasury bond elicited only mediate-term Treasury obligations were limited interest when offered to yield 4.19 particularly large, following Treasury reper cent. funding operations. The increased market Over the next 3 months yields again de- supply of securities enabled the System to clined, approaching or attaining new lows meet a large part of the remaining seasonal for the year around mid-November. One reserve needs through purchases of securities factor that helped to initiate the rising price outside the short-term area and thus to minitrend was the President's decision to post- mize downward pressure on short-term rates. pone a request for a tax cut. In addition, at The System's buying, in turn, helped to imthe annual meetings of the International prove the technical position of the market Bank for Reconstruction and Development by enabling dealers to reduce their invenand the International Monetary Fund in tories. September, and in various discussions and The market then strengthened and in the statements related to these meetings, there week before Christmas a number of issues was widespread comment to the effect that reached new high prices for the year. The significant progress was being made in re- average yield on long-term issues returned ducing the U.S. balance of payments deficit. to the May low point of 3.84 per cent. At the same time, the domestic business sit- Prices receded again in the final few days uation still showed no particular vigor. In- of the year as the market began to take deed a number of analysts believed that the some cognizance of the System's further economy's next move might be downward slight shift away from ease undertaken in rather than a continuation of the sluggish mid-December. At the year-end, the average advance. yield on long Treasury bonds was 3.87 per In these circumstances the Board of Gov- cent—down 20 basis points for the year as ernors' announcement in late October of a a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN • APRIL 1963 Other long-term markets. An important about equal to or even a little below the part of the flow of funds in 1962 found its yields on recently offered issues of similar way into the tax-exempt area. For the quality. In the latter part of 1962, highsecond successive year, new offerings of grade corporate utility issues were being re- State and local government securities ag- offered at yields of around 4.22-4.30 per gregated over $8 billion. During the first cent compared with about 4.44-4.69 per half of the year these issues were avidly cent a year earlier. In addition, there was a sought by commercial banks striving to em- tendency for the spread between top-grade ploy time and savings deposits profitably. and lesser-rated securities to narrow as in- Yields declined through early May. Yields vestors reached for higher yields. then rose until early August as bank demand Dwarfing the increases in municipal and for tax-exempt bonds tapered off somewhat. corporate borrowing, the increase in mort- During the balance of the year, the demand gage debt was an unprecedented $24 billion remained sufficiently strong so that the con- during 1962 as a large share of institutional tinuing sizable volume of new issues was savings found outlets in this area. Here, too, floated at declining yields. Moody's index there was some downward drift in yields for Aaa-rated obligations of State and local over the course of the year. governments fell to a low of 2.88 per cent in Short-term rates. The range of fluctuation early November, a level not reached since for short-term money market rates was relamid-195 8. Over the year, yields on Aaa- tively narrow throughout the year. The avrated tax-exempt issues declined by 37 basis erage issuing rate for 3-month Treasury bills points to 2.94 per cent. remained between about 2.65 and 3 per cent Corporate bond financing in 1962, al- and was most often between 2.75 and 2.85 though still a sizable $9 billion for the per cent. year, was not so large as in either 1958 or Throughout the year the combined influ- 1961. This lower borrowing reflected in part ence of the moderately easy monetary clia rise in internally generated corporate mate fostered by the System and a steady liquidity. This liquidity not only lessened demand for bills from corporations and other corporations' needs to borrow but also made nonbank buyers exerted persistent downthem steady purchasers of short-term obliga- ward pressure on rates. This tendency was tions, thereby accentuating the downward resisted by the coordinated use of System pressure on short-term rates. Corporate open market operations and Treasury debt bond yields declined until late May from the management techniques, however, in order levels prevailing in the latter half of 1961. to keep U.S. rates competitive with yields in But the decline was gentler than that for tax- foreign money markets. The availability of exempt bonds, which benefited from the time certificates of deposit as an alternative heavy bank buying. At the close of 1962 investment also tended to relieve downward Moody's Aaa corporate bond index, at 4.22 pressures on rates. On balance, short-term per cent, was 22 basis points below a year market rates actually rose slightly over the earlier. year. Nevertheless, there was no attempt to During much of the year, corporate un- set rigid floors under rates, at which the auderwriters bid aggressively for new issues thorities would make unlimited amounts of and reoffered them to investors at yields bills available. Rates fluctuated enough to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 439 provide some market uncertainties and to re- on 3-month Treasury bills of the United quire an appraisal of market forces in the States and the United Kingdom favored the management of both dealer positions and in- U.K. bills by a maximum of about 70 basis vestment portfolios. points during the year, a high reached in At the same time, the official actions in late October. In 1961 the covered spread in response to downward market pressures on favor of London had been as much as 105 bill rates probably contributed to the flat- basis points, and in 1960 it had ranged up tening of yield curves, including both a nar- to about 165 basis points. rowing of spreads between short- and long- During most of 1962, the covered spread term issues and a narrowing of spreads in favor of London was no more than 25 or within the short-term area. At times, the 30 basis points. At times the spread favored spread between 3- and 6-month Treasury U.S. bills—as in April, shortly after the Britbills decreased to as little as 2 or 3 basis ish bank rate had been reduced for the third points. time in the space of 2 months. However, part Treasury bill rates dropped to their lowest of the effect of these successive reductions levels of the year in May, when large System tended to be offset either by lower bill rates purchases were superimposed on vigorous in the United States or by a decline in the bank and nonbank demands. This brought discount on forward sterling. the market rate for 3-month bills down to Further assistance in keeping U.S. short- 2.63 per cent (bid) on May 11. The year's term rates competitive with those abroad high rate level for 3-month bills (2.98 per came in October when new legislation recent) was reached in July following the moved for 3 years the ceiling interest rates slight firming in monetary policy and in- on time deposits held in member banks by creased concern over the balance of pay- foreign official accounts. ments. Along with the rise in market supplies of After their high point in July, bill rates Treasury bills, negotiable time certificates of declined until late October as corporate and deposit, introduced to the market in early other nonbank demand absorbed the almost 1961, assumed greater importance as a uninterrupted increases in bill supplies mar- money market instrument during 1962. This keted by the Treasury. Rates turned up was partly due to the higher rates permitted again in November after the Treasury an- on these obligations and to the banks' agnounced its plans to auction a $1 billion gressiveness in using the instruments to atstrip of bills. Although the strip was readily tract deposits during the year. (An article on absorbed, rates tended to remain at their these certificates appears on pages 458 ff. higher level as the money market atmosphere of this BULLETIN.) firmed somewhat. The 3-month bill closed Total time certificates issued by New on December 31 at 2.93 per cent (bid)— York City banks and outstanding at the about V4 per cent above the comparable year-end were $1.8 billion compared with rate at the end of 1961. $1 billion at the end of 1961. Certificates of The level and movement of short-term Chicago banks increased by almost $300 rates was such that—after allowance for the million during the year to $545 million. cost of forward cover in the foreign ex- Large increases also took place in the outchange market—the spread between rates standing volume of certificates issued by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN • APRIL 1963 banks in many other centers. In early De- countries. Again, precise comparisons are cember, the total volume of outstanding cer- difficult to make, but it can be pointed out tificates at weekly reporting member banks that while acceptance credit costs moved throughout the country was estimated to be somewhat higher in the United States there somewhat over $6 billion. Active trading in was an easing in commercial credit condicertificates developed in the secondary mar- tions in some foreign countries. In general, ket. The market tended to broaden during however, the cost of credit in the United the year as new investors appeared and as States continued to be lower than that availcertificates of lesser-known banks gained able in a number of important foreign money wider acceptability. markets. Bankers' acceptances. In contrast to the Another factor that apparently restrained sizable increases in the volume of Treasury the growth of acceptance financing was the bills and time certificates of deposit in changing pattern of U.S. exports. In pre- 1962, the volume of bankers' acceptances vious years, increasing exports to Japan— in the United States declined slightly. The financed to a considerable degree through net decline of $33 million to a year-end acceptances—had helped to account for the total of $2,650 million interrupted a period rapid rise in acceptance credits. In 1962, of almost steady growth since the fall of while total U. S. exports increased, exports 1959. Market activity was also somewhat to Japan declined. This decline probably aclighter during the year, with dealers' average counted for part of the nearly $200 million weekly sales slipping to $110 million from decline in acceptance financing of exports $130 million in 1961. over the year. One reason for the slowdown of accept- The basic demand for acceptances reance financing in 1962 seemed to be a shift mained good during most of 1962. Alin the relative cost of such credits vis-a-vis though the yield advantage of acceptances other means of financing. Domestically, the over Treasury bills was smaller than in previous cost advantage of acceptance cred- 1961, it was high enough so that market supits over direct bank loans apparently shrank plies of acceptances were readily absorbed to little or nothing. While clear-cut com- during most of the year. However, the parisons would involve analysis of a number margin of unsatisfied demand was not strong of variables, it seems significant that in 1962 enough to push rates down. It may seem the effective cost of 3-month acceptance paradoxical that acceptances yielded, for the credits (the rate of discount plus the ac- investor, a smaller interest advantage over ceptance commission) never fell below the Treasury bills in 1962 than in 1961, while prime bank loan rate of AlA per cent, and at the same time from the borrower's standoften exceeded that rate by as much as Vs to point acceptance rates tended to be a bit V4 per cent. In contrast, during 1961 the higher relative to alternative financing cost of acceptance credits was generally sources than a year earlier. This result seems below the prime loan rate. to have emerged out of the flattening of the In addition, there seemed to be some nar- yield curve in 1962. While for the investor, rowing of the cost advantage of U.S. ac- acceptance rates compete with rates on ceptance credits over credit facilities availa- Treasury bills and other short-term marketble to borrowers in a number of foreign able paper, the more relevant comparison Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 441 for the borrower is between acceptance rates commercial bank sales in the somewhat —plus related fees—and bank lending rates firmer money market, while demand tapered to high-grade borrowers. off with the rise in Treasury bill rates. As Reflecting the general stability of short- a result, dealers' inventories reached a high term rates over the year, there were only of $123 million on July 16, despite a rate four general changes in acceptance rates increase in late June. In these circumstances during 1962. The rates were reduced by Vs another increase in rate was made on July of a percentage point in May and were 17. Dealers' portfolios declined rapidly raised by a similar amount in late June; thereafter, and rates moved lower again in they were further increased by Vs in July early October. However, inventories rose but reduced again by that amount in early very sharply in the closing weeks of the year October. As a result, rates were at the same under the impact of exceptionally large sealevel at the beginning and end of the year. sonal supplies. Dealers' holdings reached Early in 1962, with demand exceeding $218 million on December 31—a level atsupply, dealers' portfolios declined rapidly tained only once before, in January 1930. from their end-of-1961 level of somewhat Dealers refrained from increasing rates in above $60 million to around $10 million to the year-end period, hoping that January $20 million by late January. Inventories 1963 reinvestment demand would relieve fluctuated close to this range until the latter their swollen inventories. But such demand, part of June. The rate reduction in early while good, was not up to expectations and May failed to produce substantially indid not reduce dealer portfolios appreciably. creased supplies, as other rates were also declining. By late June, however, the sup- Shortly after the turn of the year, rates were ply reaching the market was augmented by moved up again. (A chronological review of System operations during 1962 appears on following pages.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN • APRIL 1963 CHRONOLOGICAL REVIEW A more detailed description of System January-February: Seasonal reserve absorpoperations for the major periods of 1962 tion. In the opening weeks of 1962, the joint is given in the following section, along with domestic and international objectives of Sysmore detail on related money and capital tem policy posed no serious difficulty to the market developments. The connections be- conduct of open market operations. Partly tween System operations and developments as a result of System operations, Treasury in the short-term money market were par- bill rates were somewhat higher by midticularly close throughout the year, as the February than at the end of 1961, despite magnitude and the techniques of System recurrent downward pressures. transactions were partly guided by, and were Guided by the need to offset the usual in turn an important influence on, money reflux of reserves to the banking system, market trends. open market operations withdrew a net of The pattern of activity in the long-term $838 million reserves from January 2 capital markets was also significant. For a through February 21. Sales and redemptions continuing concern of System policy is the of some $1.3 billion of securities, including smooth functioning of the nation's capital sales of about $700 million of Treasury bills markets, so that savings and newly created in the market, more than offset purchases of credit can be channeled efficiently in the $660 million of securities. Holdings under directions and at the prices set by the in- repurchase agreements also declined. terplay of market forces. At the very start of the year, the System SYSTEM OPERATIONS IN GOVERNMENT SECURITIES DURING 1962 (In millions of dollars) Repurchase Outright purchases Outright sales agreements Re- Treasury bills Treasury bills Net Period dempchange tions Coupon Coupon Pur- Sales From issues To issues chases In In foreign foreign market accounts market accounts Jan. 2-Feb. 21... 367.2 200.3 92.5 697.1 231.3 177.0 234.1 338.0 497.0 - 838.5 Feb. 22-Mar. 28... 733.2 101.2 452.7 224.0 222.6 156.3 496.4 444.4 736.2 Mar. 29-May 2... 649.6 135.6 140.0 260.0 73.3 36.3 1,150.5 1,129.5 576.6 May 3-June 6... 593.0 124.1 599.5 329.0 321.1 229.0 302.0 593.5 June 7-July 25... 853.7 200.3 410.0 1,151.4 562.0 160.0 359.4 706.2 706.2 - 768.8 July 26-Sept. 26... 856.5 323.6 375.6 679.5 573.3 381.0 552.0 552.0 - 78.1 Sept. 27-Nov. 28... 1,107.8 302.0 618.7 503.0 330.9 63.0 174.8 1,546.2 1,546.2 956.8 Nov. 29-Dec. 31... 256.0 8.6 327.4 52.7 109.5 10.7 1,097.0 755.0 761.1 Total 5,417.0 1,395.7 3,016.4 3,844.0 2,367.2 509.5 1,352.6 6,115.3 5,932.3 1,938.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 443 supplied a moderate amount of reserves to auctioned on January 9 at an average issurelieve lingering year-end pressures in the ing rate of 3.37 per cent—or about 39 basis money market, primarily through repurchase points higher than the previous 1-year bill agreements and Treasury bill purchases issue auctioned in October 1961. Bill rates from foreign accounts. In addition, repur- then moved lower through early February, chase agreements were made in moderate but rose again thereafter. The average issuvolume on January 15, when signs of firm- ing rates for new 3- and 6-month bills in the ness appeared in the money market on the regular weekly auction on February 19 rose payment date for $2 billion of new 1-year to 2.85 and 3.03 per cent, respectively. bills. In late January and early February Prices of intermediate- and long-term reserves were supplied as float dropped Government securities declined at the beginsharply. Apart from these three occasions, ning of the year, continuing the trend of late however, reserves were absorbed in sizable 1961. The decline reflected optimism about volume on most days of the January 2- the domestic economy, prospects for in- February 21 period. creased defense spending, concern over the In addition to System operations, several balance of payments, and a related feeling other factors helped sustain Treasury bill that a less easy credit policy might be underrates during the first 7 weeks of 1962. Al- way—particularly in view of the strong though there was bank and nonbank surge of credit demand in the final weeks of demand for bills throughout most of the 1961. period, its impact on rates was blunted by Despite this bearish atmosphere in the the effect on market psychology of the bond market the Treasury's cash offering in optimistic economic outlook that prevailed January of $1 billion 4 per cent bonds of at the year's start, by the prospect for in- 1969 was accorded a reasonably good marcreased competition with bills from com- ket reception. The 60 per cent allotment was mercial bank time and savings deposits fol- somewhat larger than expected, and the islowing the revision in Regulation Q, and by sue initially traded slightly below the Treasmarket awareness of continuing official con- ury's offering price. But it soon recovered, cern over the level of short-term rates. Debt and the entire operation appeared to have management actions also contributed to sus- little price impact on other outstanding taining the rates, for the Treasury raised an Treasury issues. additional $500 million in the auction of By the end of January, bond market ex- 1-year bills maturing on January 15 and pectations began to shift toward the view sold $100 million of additional 3-month that significant increases in interest rates bills in the regular auctions on January 29 were unlikely. The President's proposal of a and February 9 and 19. balanced budget for fiscal 1963, the failure In this setting, Treasury bill rates con- of the strong credit demands that appeared tinued to edge irregularly upward during the in late 1962 to continue, and the weakness first several days of the new year, following in the stock market lent support to those a sharp rise in the last 2 months of 1961 views. These expectations were reinforced which had carried the 3-month rate to 2.67 in early February as reports on several key per cent (bid) at the end of December. The economic indicators for January raised $2 billion quarterly issue of 1-year bills was doubts about the strength of the domestic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN • APRIL 1963 economy. Although the immediate effect of of debt extension had been accomplished, these developments on bond prices was yields of long-term issues were only slightly muted by large-scale Treasury refunding op- above end-of-1961 levels. The average yield erations in February, the increasingly favor- on long-term Treasury issues was 4.08 per able outlook for the bond market contrib- cent compared with 4.07 per cent at the end uted to the success of the operations. of 1961. The first of the refundings provided hold- Other sectors of the long-term capital ers of $12 billion of maturing issues the op- market were more buoyant in price than the tion of exchanging into either a 3Vi per cent Treasury bond market during the first weeks 1-year certificate or a 4 per cent AVi year of 1962, and this helped to moderate the note. Holdings by the public—that is, hold- downward price tendencies in the Treasury ings by others than the Federal Reserve market. The market in tax-exempt issues and Government investment accounts— was particularly strong, reflecting heavy amounted to $7 billion. commercial bank buying as banks sought Investor response was excellent. The pub- to employ their rapidly rising time deposits lic acquired $3.4 billion of certificates and profitably. New State and local issues totaled $2.9 billion of notes, and attrition was only about $2 billion in January and February, about 6 per cent of public holdings. (The or nearly half again as much as in the first System exchanged its $4.8 billion of matur- 2 months of 1961. This enormous flow was ing issues for $3.3 billion of new certificates absorbed at declining rates of interest. By and $1.5 billion of new notes.) The good the end of February, Moody's yield index demand for the AVi year notes highlighted for Aaa-rated tax-exempt issues was down the attractiveness of a 4 per cent return— to 3.08 per cent from 3.31 per cent at the particularly for commercial banks that were end of 1961. paying higher rates on time deposits. The rise in corporate bond prices was less On February 15, the Treasury announced pronounced than for municipals at the start an advance refunding operation. Holders of of the year, and there was some decline in nearly $19 billion of outstanding bonds, of corporate bond prices in February. Neverwhich $17 billion were held by the public, theless, at the end of February yields on could exchange into longer maturities at corporate issues were still a shade lower than higher yields. This offering also won a favor- at the end of 1961, with the average yield able market reception. Holders of $2.8 bil- on Moody's Aaa corporate bonds at 4.42 lion of 1964 and 1965 maturities exchanged per cent compared with 4.44 per cent 2 into a new 4 per cent bond due in 1971, months earlier. Corporate bond flotations while holders of a 1965 issue exchanged aggregated $1.2 billion during Januaryinto $563 million of the reopened 4 per February 1962, compared with $1 billion cent bonds of 1980. In addition, holders of a year earlier. IVi per cent bonds of 1967-72 exchanged February-June: Reserve expansion. After into $900 million and $933 million of the completing the seasonal absorption of re- 3Y2 per cent bonds of 1990 and 1998, re- serves during the opening weeks of the year, spectively. In all, $5.2 billion of the securi- the System Open Market Account turned ties eligible for exchange were converted. in late February to the more difficult task By the end of February, after a good deal of providing funds to maintain an adequate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 445 level of reserve availability for continued million of Treasury bills were sold directly credit growth during a period when Treas- to foreign accounts, thereby avoiding the ury bill rates were subject to persistent direct impact of these foreign purchase downward pressures. These pressures be- orders on bill rates. came particularly pronounced as the impact The opening week of this interval (the of continuous investor demand was rein- week ended February 28) proved to be difforced by the psychological effects of three ficult for System operations. Statistical indireductions of V2 per cent each in the British cators pointed to a sizable reserve need, but bank rate that took place between March Treasury bill rates, after having risen in the 8 and April 26. auction on February 19, were declining System open market operations on bal- rapidly in response to a strong and broadly ance provided nearly $2 billion of reserves based demand; the 3-month rate dropped to the banking system over the February 22- 14 basis points to 2.66 per cent (bid) by June 6 interval. The injection of so large a February 26. With only limited opportunivolume of reserves without unduly depress- ties to supply funds through purchases of ing rates in the short-term area called for coupon issues or through repurchase agreeparticular attention to the techniques and ments, the System purchased almost $300 timing of operations. million of Treasury bills in the market. In Thus the Account Management sought to the latter part of that week, the System sold minimize purchases of Treasury bills in the some bills in the 3-month area, thus modmarket and supplied reserves whenever fea- erating the downward rate pressure still sible by buying bills directly from foreign evident in the market, and partially offset accounts, by buying coupon securities, and the reserve effect of these sales through purby making short-term repurchase agree- chases of coupon issues—by then in larger ments. Purchases of Treasury bills from supply. After this action, bill rates steadied foreign accounts amounted to about $360 and then edged upward, with the 3-month million during the February 22-June 6 in- bill closing the week at 2.71 per cent. terval, and purchases of coupon securities to The increased availability of coupon $1.2 billion. In addition, almost $1.9 billion securities persisted for some time, enabling of new repurchase agreements were made, the System Account to meet a good portion and terminated, during the period. of the reserve needs of succeeding weeks On occasions when these alternate ave- through purchases of these issues. Thus, nues for supplying reserves were not availa- from February 22 through March 28, $453 ble and it was necessary to buy Treasury million of reserves were supplied through bills in the market, the System generally purchases of coupon issues, mostly maturing avoided the 3-month area. Moreover, dur- within 1 to 3 years. In addition, $496 miling the midmonth periods, when reserves lion of repurchase agreements were arwere temporarily provided by float and other ranged with Government securities dealers. market factors, offsetting System sales were Treasury bill rates held within a narrow designed to have maximum impact on the range from late February through March, 3-month bill rate. In addition to System with the 3-month rate usually at 2.70-2.75 sales of $813 million of bills in the market per cent. The Treasury's announcement on during the February 22-June 6 period, $617 March 8 of an offering of $1.8 billion of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN • APRIL 1963 September tax anticipation bills, coupled as ing reserve needs over the balance of April it was with the news of a $60 million gold and in early May. outflow in the week ended March 7, helped Renewed downward pressures on shortto offset the psychological impact on bill term rates appeared in May as the money rates of a Vi per cent reduction in the Brit- market turned easier. An accumulation of ish bank rate. While the auction of the tax large Treasury deposits in commercial banks bills on March 20 generated a good interest, contributed to a surplus of reserves in money dealers' positions were sharply increased as center banks. Trading in Federal funds they received nearly half of the issue. This moved down from its previous range of 2Vi to 3 per cent to a range of 2 to 2V2 per cent increase in dealers' inventories enlarged the on most days, and even lower on several dealers' financing requirements and thus endays in May. abled the System to make greater use of re- At the same time, the System again found purchase agreements in meeting subsequent it necessary to meet a sizable portion of rereserve needs. serve needs through market purchases of Such needs increased sharply in late March bills. As this buying was superimposed on and early April because of a large decline strong demand from both bank and nonin float and a sizable gold outflow. Although bank sources, the 3-month rate dropped to the System provided funds through repura low for the year of 2.63 per cent (bid) on chase agreements and purchases of coupon May 11. Then, although the additions to the issues, the need for reserves also required weekly auctions by the Treasury were insubstantial purchases of Treasury bills in the creased from $100 million to $200 million market. The System again cushioned the rate beginning with the June 4 auction, the bill impact of this buying, however, by confinrate generally fluctuated between 2.64 and ing purchases to shorter maturities, which 2.70 per cent through June 6. The System were offered in the firmer money market that was able to absorb reserves in the week developed around the end of March. The 3ended May 23, but sizable System purchases month bill rate thus remained close to or of Treasury bills were made during the 2 above 2.70 per cent through April and into weeks ended June 6. These purchases were early May. Meanwhile the spread between designed to offset reserve drains stemming U.S. and British bill rates, after allowing for from market factors and thus to help assure cost of foreign exchange cover, reached 39 a steady supply of reserves after the sharp basis points in favor of the United States— break in stock prices in late May. the widest for the year—following another Meanwhile, the prices of intermediate- V2 per cent reduction in the British bank and long-term obligations tended to move rate on April 26. higher, particularly in the first part of the The Treasury was in the market again in late February-early June period. For Treasearly April to roll over $2 billion of 1-year ury notes and bonds, this tendency was albills maturing April 15, at an average rate ready developing toward the end of Februof 2.94 per cent. This operation tended to ary. Market confidence was reinforced by keep dealers' inventories at a high level. the reductions in the British bank rate, by Thus the System could continue to rely official statements indicating an improveheavily on repurchase agreements in meet- ment in the nation's balance of payments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 447 (over the poor figures for the fourth quarter 3% per cent Treasury notes maturing in of 1961), by the relatively noninflationary February 1966, or 3% per cent Treasury labor contract negotiated in the steel indus- bonds maturing in November 1971. Despite try in March, and by the weakness in the some initial disappointment that a 4 per cent stock market. issue had not been included in the offering, By early April, prices of Treasury notes and there was a strong investor and professional bonds had reached new high levels for the demand for the maturing rights. The exyear, with yields on all Treasury issues change was $6.7 billion for the certificates below 3.95 per cent, and average yields on (including the System's $2.2 billion holdlong-term Treasury issues at 3.87 per cent ing), $3.1 billion for the notes, and $1.2 compared with 4.14 per cent on February billion for the bonds. Attrition on the public 20. The Treasury's $1 billion cash offering holdings of rights was only 7 per cent. of 3% per cent bonds of 1968 in early April Prices of new and outstanding issues conwas considered quite attractive. With sub- tinued to move higher after the results of the scriptions for the new issue totaling $6.8 financing were announced in early May. The billion, an allotment of only 15 per cent was already favorable outlook for bond prices, made, and the bonds quickly moved to a which reflected expectations of only a modpremium quotation. erate economic expansion and a continued The market reacted sharply after the news policy of credit ease, was reinforced during on April 11 that most major steel companies this period by further declines in stock had increased prices—a development re- prices. By the second week of May, most garded in the market as possibly setting the intermediate- and long-term issues had stage for a new round of inflation. Bond reached new low yields for the year; the averprice declines ranged to about Vi point fol- age on long-term Treasury bonds was 3.84 lowing the announcement. These declines per cent, the lowest since June 1961. were quickly reversed when the steel com- Toward the middle of May a technical panies, partly because of criticism from the reaction set in following the prolonged rise Administration, rescinded the price in- in Treasury bond prices. Demand tapered crease. Indeed, expectations about bond off at the price levels that had been reached, prices* appeared to be more buoyant after the and the market softened further because of steel price episode than before. This re- increased offerings related to the settlement flected renewed confidence in the outlook of the May refunding. In addition, the defor over-all price stability, and also the view teriorating situation in Laos, somewhat betof some market observers that the steel ter news about the domestic economy, and situation might affect business sentiment and reports of a faster gold outflow contributed capital spending adversely, and thus affect to the heavier market atmosphere, as did the credit demands and monetary policy. relatively congested state of the corporate Thus the market background was favora- and municipal bond markets. Prices of inble for the Treasury's May refunding. In this termediate- and long-term Treasury issues offering, holders of close to $12 billion of thus moved lower from May 11 to May 21. maturing securities—$9 billion held by the Later in May, investment demand expublic—were given the opportunity to ex- panded at the lower price levels that had change into 3lA per cent 1-year certificates, been reached, which enabled dealers to re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN • APRIL 1963 duce their large inventories considerably. end of February to 4.27 per cent on May 21. The bond market was also strengthened in Yields edged up only slightly to 4.29 per late May and early June by the accelerated cent at the end of June. decline in stock prices. However, on days June-July: Policy shift to slightly less ease. when the stock market had its worst sinking System operations from June 7 through July spells, bond prices also declined as some 25 on balance absorbed about $770 million holders sold bonds hurriedly in order to raise of reserves to offset seasonal factors and, in funds to cover undermargined stock pur- the latter part of the interval, to help achieve chase accounts. Under the influence of these the moderately firm money market tone various factors, prices of Treasury issues called for by the Open Market Committee's edged irregularly higher from late May directive of June 19. Gross sales and rethrough mid-June, although prices failed to demptions of Treasury bills totaled some $2 recover the high levels of early May. billion during the period, including $1.2 bil- The markets in corporate and municipal lion of Treasury bills sold in the market. bonds also strengthened after late February. Partly offsetting purchases of securities in- Yields on tax-exempt issues reached a low cluded $1.1 billion of Treasury bills (of of 2.92 per cent (Moody's Aaa index) in which $854 million were bought in the marearly May. As a record pace of offerings ket), and $410 million of coupon securities. continued (averaging about $800 million In addition, $706 million of new repurchase monthly from March through June) and agreements were made and terminated to demand began to taper off, dealers' inven- meet temporary reserve needs. tories mounted and yields began to rise fairly With market factors supplying reserves sharply in mid-May. The "Blue List" of in the early part of the period, the System dealers' advertised inventories rose to a made heavy sales of Treasury bills to the record $680 million on May 17 and, al- market. The securities thus sold added to a though the volume of new issues declined market supply already swollen by the return toward the end of June, yields continued to of securities to dealers from corporations climb, with Moody's index for Aaa-rated with the approach of mid-June dividend and municipal bonds reaching 3.09 per cent by tax dates. The accompanying sharp increase early July. The reception of most new issues in dealer financing needs tended to converge was very good from late February through on the money center banks. The money mar- March and April, but after mid-May bonds ket consequently firmed, with Federal funds were sold partly at concessions from their moving up to a 2%-3 per cent range. original offering prices. In addition to the increased market sup- Price movements in the corporate bond ply of bills and the higher costs of dealer market were fairly narrow in comparison financing, market psychology was adversely with those in the municipal sector. New affected in late June by the announcement bond sales were at a monthly average of of the measures being taken by Canada to about $800 million from March through deal with its international payments problem, June. Corporate bond yields moved lower which served also to focus attention on the from March through late May, with U.S. payments situation. As commercial Moody's index for Aaa-rated corporate bank and dealer offerings of bills expanded, bonds declining from 4.42 per cent at the while nonbank demand remained seasonally Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 449 light, rates for Treasury bills moved sharply mid-June. As in the short-term area, attihigher. The 3-month issue reached 2.90 per tudes of market participants reflected widecent by the end of June, after having moved spread discussion of the persisting balance in a 2.65-2.70 per cent range in the early of payments problem and the related prospart of the month. pect of a somewhat less easy credit policy to The System entered the market as a large curb capital outflows. Moreover, many marbuyer of securities just before the July 4 ket observers felt that in view of the lack of holiday to offset the combined month-end vigor of the domestic economy, any move and holiday reserve drains. It met part of the toward a less easy credit policy for balance reserve need through the purchase of $288 of payments purposes was likely to be acmillion of coupon securities and by arrang- companied by a more expansive fiscal policy, ing $197 million of repurchase agreements. leading to larger budget deficits and addi- The System also purchased over $600 mil- tional Treasury borrowing. In particular, lion of Treasury bills in the market. there was widespread discussion of the pos- Despite these large purchases, short-term sibility of an immediate tax cut. rates continued to edge higher as a note of Demand for bonds slackened after midcaution continued to characterize the mar- June. Although liquidation of securities by ket. This caution reflected not only concern investors was not heavy, dealers sought to over the balance of payments, but now also lighten their inventories by reducing prices. a related concern about credit policy, as On the 2 days following news of the Canarecent reserve statistics appeared to confirm dian balance of payments measures, prices market views that policy had become some- fell by Vi to 1 full point, and prices edged what less easy. Moreover, in the 2 weeks irregularly downward thereafter. By the end after July 4, large System sales of bills were of July some issues were as much as 2% made in the market to absorb the post-holi- points below early June levels. Yields on day reflux of currency and to offset a mid- most long-term Treasury issues were above month expansion of float. Finally, the Treas- 4 per cent once again, with the average yield ury continued to add $200 million to the reaching 4.04 per cent on July 31. The July regular weekly bill auctions through June 9 announcement by the Board of Governors and July, and also rolled over $2 billion of of the Federal Reserve System of a reduction 1-year bills on July 10—at an average rate in margin requirements on stock purchases of 3.26 per cent, up from 2.94 per cent in had little impact on the market for Treasury April. issues or for other fixed income securities. Rates on other bill issues moved up to Late July to late September: Offsetting seatheir highest level for the year, with the 3- sonal factors in steady money market. System month rate reaching 2.98 per cent in mid- operations from late July through late Sep- July. Bill rates declined toward the end of tember alternately provided and absorbed July as investor demand strengthened again reserves in response to seasonal forces. and as moderate System purchases were There was little net change in System holdmade. The 3-month bill rate, however, did ings over the 2-month interval, while operanot fall below a 2.86-2.89 per cent range. tions were designed to preserve the money A heavier atmosphere also emerged in the market atmosphere and moderate expansion market for Treasury notes and bonds after of the reserve base sought by the Open Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN • APRIL 1963 Market Committee after mid-June. Market chases of $266 million of coupon securities sales and redemptions of Treasury bills ex- during the 2 weeks ended September 5 and ceeded market purchases of these obliga- through making repurchase agreements. tions by about $200 million during this With System purchases of bills thus period. The System also sold a net of $250 minimal, bill rates moved irregularly after million of bills to foreign accounts. These the declines of early August despite the pernet sales and redemptions of bills were sistence of generally good investor demand. largely offset by net purchases of about Rates then rose slightly in early September, $375 million of interest-bearing securities. when corporate demand contracted with the In addition, $552 million of repurchase approach of the mid-September tax and agreements were made and terminated dividend dates. within the period. System sales and redemptions of Treasury The System supplied about $1 billion bills during the 3 weeks ended September 26 of reserves in the two statement weeks ended amounted to $1.2 billion, as the post-Labor August 8 to offset a sizable absorption of Day reflux of funds was augmented by an reserves through market factors. There were exceptionally large midmonth expansion in few offerings of coupon securities to the float. Some repurchase agreements were Trading Desk—the bond market was just in made during this period, however, when the the process of strengthening—and the low New York banks came under strong reserve level of dealer financing needs provided little pressures as a result of heavy dealer borrowopportunity to make repurchase agree- ings. After the September dividend and tax ments. Consequently, the System purchased dates these repurchase agreements termi- $760 million of Treasury bills in the market nated. The System then moved to absorb and another $226 million of bills from for- funds more actively as reserve availability eign accounts. At the same time, reserves frequently turned out to be higher than antended to be concentrated at money center ticipated and bill rates came under renewed banks, and the money market was slightly downward pressure. easier. This gave rise to commercial bank These downward pressures on bill rates buying that augmented nonbank demand persisted despite the firmness of the money for bills, and Treasury bill rates declined market—in which Federal funds traded at 3 moderately in early August. per cent during most of September. The Later in August, the distribution of re- demand for bills was enlarged by investors serves shifted in favor of country banks and purchasing bills after selling rights to the a somewhat firmer tone re-emerged in the Treasury's September prerefunding, and by money market. This firmness increased a resurgence of outright nonbank investment when the System sold or redeemed a net of buying. Another source of strength to the about $270 million of bills during the week bill market in September was the generally ended August 22 to offset a midmonth ex- optimistic tone of discussions around the pansion of reserves from market factors. time of the annual meeting of the Interna- The System reversed direction in late August tional Bank and the International Monetary and early September to meet large seasonal Fund regarding prospects for the U.S. balreserve needs around Labor Day. These ance of payments. reserves were provided mainly through pur- Dealers consequently bid aggressively for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 451 new bills in the weekly auctions, particularly of time provided, and the relatively narrow for the attractive December maturities. The yield spread between the 1969 and 1992 Treasury's offering of $3 billion of March issues. tax anticipation bills on September 26 was The stronger market generated by the strongly bid for and sold at an average is- successful financing operation was reinsuing rate of 2.62 per cent, as commercial forced during August by the President's debanks sought to gain the accompanying tax cision not to request an immediate tax cut and loan deposits. and by the simultaneous improvement in the As to capital market developments in the corporate and municipal bond markets. late July-September period, after 2 months Some further impetus was provided by the of increase in long-term yields the Treasury Treasury's announcement on August 13 that announced on July 26 the terms of a cash it would call for redemption, on December financing to refund $7.5 billion of August 15, $1.5 billion of 2% per cent partially maturities and to raise about $1 billion of tax-exempt bonds of 1960-65, a move which new money. Public holdings of the matur- was interpreted by the market as indicating ing issues were about $3.7 billion. Three Treasury confidence that yields would go no issues were offered, including $6.5 billion higher in the months just ahead. Price gains of 3Yi per cent 1-year certificates, $1.5 bil- for the month of August ranged to as much lion of 4 per cent bonds of February 1969, as 2Yi points, and the average yield on longand "up to $750 million" of 4V4 per cent term Treasury bonds receded by 10 basis bonds of 1987-92. Except for the AlA per points from the end of July high point to cent bond, interest in the new issues was ex- 3.94 per cent in late August. cellent. In fact the reaction to the offering The strength in the bond market conseemed to be a turning point in market psy- tinued into September, providing a favorable chology as a feeling grew that the recent atmosphere for the Treasury's prerefunding upward yield adjustments might have been in that month. In this offering, holders of overdone. The allotments of only \2Yi per six issues ($19 billion of public holdings) cent and 22 per cent on subscriptions for the maturing in February and May 1963 could new 3Y2 and 4 per cent issues, respectively, exchange up to $9 billion of these securities proved to be even smaller than had been for a 33A per cent note maturing in August expected, and tended further to strengthen 1967 or a 4 per cent bond maturing in Authe market. gust 1972. The offering was well received Public subscriptions for the 4V4 per cent with little net price reaction in the market bond were only $316 million. While there and with a substantial $7.5 billion of the had been no expectation that the public eligible maturities exchanged for the new would want as much as $750 million, the issues. relatively small volume of subscriptions was Prices continued to edge higher over the disappointing. However, rather than inter- rest of September, with only temporary hesipreting this result as a sign of weak demand tancy following the Treasury's announcefor long-term bonds, a number of observers ment that it was considering an experimental ascribed it to other factors. These factors offering of $250 million of long-term bonds included the inability of some long-term in- through competitive bidding by underwritvestors to reach a decision in the short space ing syndicates and the news that the Ameri- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN • APRIL 1963 can Telephone and Telegraph Company October-November: Seasonal provision of would offer $250 million of long-term bonds reserves in period of international crisis. By in late October. A continued upward stim- late September, the System turned to meetulus to bond prices was provided by the in- ing the seasonal reserve needs that develop ternational financial meetings in Washing- as the economy moves into the typical ton, with their aura of optimism regarding fourth-quarter rise in activity. Open market the U.S. balance of payments. Moreover, operations on balance supplied about $1 continued uncertainty regarding the business billion of reserves from September 27 outlook caused some observers to suggest through November 28. In addition, the rethat the next shift in monetary policy might duction in reserve requirements against time be toward greater ease. and savings deposits, effective October 25 By the end of September the average for reserve city banks and on November 1 yield on long-term Treasury issues was 3.92 for country banks, released an estimated per cent, compared with 4.04 per cent in $780 million of additional reserves. This late July. The new 4V\ per cent bonds, reduced the System's need to purchase which had elicited only limited interest when securities and thereby minimized downward offered 2 months earlier at a price of 101 pressures on short-term rates—because a to yield 4.19 per cent were trading at about good part of the securities that it would 102%, equivalent to a yield of 4.08 per cent otherwise have been necessary to purchase to maturity. would have had to be short-term issues, if distorting effects on long-term markets were The markets for corporate and municipal to be avoided. Apart from the first week of bonds also strengthened during August and the period, when System purchases of Treas- September, influenced by many of the same ury bills totaled $1.1 billion, there was no factors that acted upon the Treasury market. further need to buy bills in the market. The calling for redemption of the 2% per cent partially tax-exempt Treasury bonds The balance of the reserve need was suphad a particularly bullish impact in the plied through the purchase of $619 million municipal market, where a good part of the of coupon issues, through $1.5 billion of rereinvestment demand by holders of the purchase agreements, and through purcalled bonds was expected to center. In ad- chases of $302 million of bills from foreign dition, the volume of new corporate and accounts. Sales and redemptions of Treasury municipal bond offerings declined by about bills during the period amounted to about a third in the third quarter, to about $1.9 $1 billion, so that on balance the seasonal billion of corporate and $1.6 billion of provision of reserves was accomplished with municipal flotations. A steady demand was only a moderate rise in System bill holdings. evident through the period and new issues The Cuban crisis, at its height from Octowere generally well received. By the end of ber 23 until early November, did not require September Moody's indexes on high-grade any unusual responses in terms of open marcorporate and municipal obligations were ket operations as the market reacted to the down to 4.31 and 3.00 per cent, 6 and 15 tense situation with remarkable calmness. basis points, respectively, below the mid- The System maintained as steady a posture summer high levels, although still above the as possible in the market, looking both to the levels reached in May. continued normal functioning of the econ- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 453 omy and to the atmosphere surrounding the the widest spread of the year. On some oc- Treasury's November refunding operation, casions during November, the System sold the terms of which had to be decided in the bills to moderate downward pressure on bill midst of the crisis. rates, and offset the reserve impact of such The largest System operations during the sales by purchases of coupon issues. Coupon October-November interval were under- issues were readily available in this period taken in the statement week ended October because dealers were attempting to lighten 3, when an all-time weekly record of almost the relatively large inventories they had $1.5 billion of Treasury securities was pur- built up during the Treasury's November chased to counteract a precipitous decline refunding. in float from its prolonged high level in Sep- While flexibility in the conduct of open tember and to offset reserve losses stemming market operations was thus afforded by the from other market factors. In spite of this ability to provide reserves without resort to enormous injection of reserves, which in- the Treasury bill market, System operations cluded market purchases of over $1.1 billion both in October and November were comof Treasury bills, there was only a small de- plicated by the erratic behavior of market cline in bill rates as dealers sold bills will- factors affecting reserves. At times these deingly out of their large inventories. To some parted substantially from seasonal norms. extent, impact on 3-month bill rates was In the latter part of the interval, the conduct moderated by avoiding purchases in that of operations was further complicated by maturity area. Moreover, the Treasury of- uncertainties regarding the extent to which fered an additional $500 million of 1-year member banks—especially country banks— bills in the auction on October 9, selling would use the funds gained through the re- $2.5 billion of new bills to replace $2 billion duction in reserve requirements against their of bills maturing October 15. time and savings deposits. During the next three statement weeks in As it worked out, the money market re- October the System sold or redeemed $750 mained quite steady in October and Nomillion of Treasury bills to offset reserve vember—moderately firm but without siggains through market factors. Reserve needs nificant strain, as Federal funds traded conover the balance of the period through sistently in a 2% -3 per cent range. It tem- November 28 were met by purchases of porarily became somewhat firmer in mid- $306 million of coupon issues, by purchas- October as dealer borrowing needs, which ing $242 million of bills from foreign ac- were increased in connection with the paycounts, and through an extensive use of re- ment for the new 1-year bills, converged on purchase agreements (amounting to about New York City banks. $1,260 million during the 4 weeks ended The release of funds to reserve city banks November 21). The availability of these on October 25 through the reduction in realternate means of supplying reserves was serve requirements temporarily eased the particularly useful during the first week of positions of money center banks, but Fed- November, when concern over the level of eral funds traded mainly at 3 per cent after bill rates heightened as the covered rate ad- November 1. While the level of free reserves vantage of U.K. Treasury bills over U.S. was somewhat higher in November than in Treasury bills exceeded 70 basis points— October, reserve availability tended to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 FEDERAL RESERVE BULLETIN • APRIL 1963 concentrated at country banks following the banks were not permitted to make payments reduction in their reserve requirements. through credits to Treasury tax and loan ac- Moreover, heavy churning developed in the counts. money market around the midmonth settle- As expected, there was a strong initial ment date for the Treasury's November re- rate reaction to the Treasury's announcefunding. There was no undue tightness, how- ment. The market saw the move not only ever, and countrywide borrowing from the as a means of adding to the supply of bills System remained moderate. in a manner that tends to have maximum In the Treasury bill market, the 3-month upward impact on rates but also as an indirate declined only slightly at the start of cation of continued official concern over October despite the System's huge pur- short-term rates. System sales of Treasury chases, and the rate held within a 2.69-2.77 bills on the day after the announcement of per cent range throughout October. As had the bill strip tended to reinforce this belief. been true earlier in the year, an expanded The oustanding 3-month Treasury bill rate demand for longer maturities resulted in jumped from 2.72 per cent to 2.83 per cent narrowing the spread between 3- and 6- following the news, but then held steady as month bills, at times to only a few basis demand expanded at the higher rate level. points. The auction of the strip of bills on Novem- The auction of 1-year bills in October at- ber 7 attracted a good interest at an average tracted strong interest despite the fact that issuing rate of 2.87 per cent, and rates edged the Treasury raised an extra $500 million downward after the auction. Before any sigin the operation. The average issuing rate nificant decline occurred, however, the was 2.97 per cent, compared with 3.26 per Treasury moved to increase its additions in cent in the July auction of 1-year bills, when the regular weekly bill auction from $100 the amount was only $2 billion. By the end million to $200 million in the final 2 weeks of October, 3- and 6-month bills were of November. On November 26, 3- and 6quoted at 2.72 and 2.80 per cent bid, re- month bills were auctioned at rates of 2.85 spectively. Although the 3-month rate was and 2.94 per cent, respectively, 17 and 16 little changed from the level at the start of basis points above the late October levels. the month, it appeared low in relation to In the long-term bond market, underlying competitive rates abroad. Largely reflecting confidence in the outlook for stable or a decline in the cost of forward cover in the slightly lower interest rates remained in eviforeign exchange market, U.K. Treasury dence throughout October and into early bills at the end of October provided a November. This confidence was based on covered yield advantage of more than 70 persisting evidence of sluggishness in basis points over U.S. bills. domestic economic conditions, coupled with It was partly this factor that prompted the a belief in the market that reasonably good Treasury, in raising money in early Novem- progress was being made with the balance ber, to choose the device of a strip of $1 of payments. There was a continuing investbillion of bills. In the operation, the Treas- ment demand, augmented by purchases of ury added $100 million to each of 10 out- dealers who sought to expand their invenstanding bill issues maturing from January tories in expectation of further demand. The 17 through March 21, 1963. Commercial market also derived a temporary boost from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 455 the October 18 announcement of a 1 per rights were exchanged for the certificate. cent reduction in reserve requirements After the successful refunding, prices of against member bank time and savings de- intermediate- and long-term Treasury secuposits, which some press reports interpreted rities continued to move higher, with several as a move toward an easier credit policy. issues reaching new 1962 highs. The average All of these influences were overshadowed yield on long-term Treasury bonds declined on Monday, October 22, and for several to 3.85 per cent by November 9, 19 basis days thereafter, by the Cuban crisis—a points below the end-of-July level and close period in which the market's behavior was to the May low point. impressively calm. Inevitably there was a As mid-November approached, the interdownward price adjustment, but investor mediate- and long-term sectors of the Treasselling of securities was very light and the ury market began to experience the lessenprice markdowns were minimal. The $250 ing of demand that was already pushing million American Telephone and Telegraph short-term yields somewhat higher. Market issue was bid for on October 23, the day confidence was reduced by the emergence after the President's urgent Cuban message, of a more optimistic appraisal of the ecoand was successfully sold at a 4.30 per cent nomic outlook highlighted by a rebounding reoffering yield—only slightly above the stock market, by concern over the budget yield expected before the crisis. This per- impact of a widely discussed tax cut, and by formance gave a lift to the whole market. renewed concern over the balance of pay- Investor demand soon expanded again at the ments as disappointing third-quarter results slightly lower price levels that had devel- became known. oped, and within a few days a confident tone Dealers consequently sought to reduce had returned to the market. inventories which had been swollen by sub- In the crisis atmosphere of late October, stantial holdings of the November refunding the Treasury faced unusual difficulties in issues, and in addition some investor selling setting terms for its $11 billion November appeared with the approach of the Novemrefunding, including also $3.8 billion of is- ber 15 settlement date for that refunding. sues maturing or called for December 15. The price declines were moderated by a con- Holders of the maturing or called issues were tinuing demand, however, including sizable given a choice of a 3Ys per cent 1-year cer- System purchases and a large volume of tificate, a 3Yi per cent note maturing No- maturity-lengthening swaps undertaken by vember 1965, or a 4 per cent bond due in banks and other investors. Under these in- February 1972. fluences, the market steadied in late No- The market's response was favorable, par- vember. ticularly for the two longer issues, as the December: A further slight shift toward a crisis atmosphere began to wane. Of the less easy policy. System open market operapublic holdings of $7.2 billion of the rights, tions supplied some $760 million of reserves $3.3 billion was exchanged for the 3Yi per to the market in the period from November cent notes, $2.3 billion for the 4 per cent 29 through December 31. Once again the bonds, and only about $ 1 billion for the cer- System was able to meet the largest portion tificates. Attrition amounted to about 7 per of these needs without resort to the Treasury cent. System holdings of $3.7 billion of bill market. In fact, market purchases of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN • APRIL 1963 bills were undertaken on only one day, De- making repurchase agreements in moderate cember 7, when purchases totaled $256 volume. The effective interest rate for Fedmillion. Gross purchases of coupon issues eral funds remained at 3 per cent through amounted to $327 million, including $15 December 28. million of bonds maturing in over 10 years. Treasury bill rates, which had declined About $1.1 billion of new repurchase agree- slightly in early December, edged slightly ments were made during the period, of higher in the second half of the month as which $342 million were outstanding at the demand contracted and the volume of offeryear's end. ings grew in the firmer money market. The Operations during the first half of De- Treasury's continued additions to weekly cember were designed to keep the money offerings also contributed to the slight rise in market steady in a period when market rates. On December 31,3- and 6-month bills factors were absorbing reserves in sizable were quoted at 2.93 and 2.97 per cent volume. In addition to the System's purchase (bid), respectively, giving a spread of only of $256 million of Treasury bills on De- 4 basis points between the two issues. At cember 7, reserves were provided during these levels, the 3-month rate was 26 basis this period through purchases of coupon points above the closing 3-month bid rate issues and through repurchase agreements. on December 31, 1961. The 6-month rate The money market was generally comfort- was up only 6 basis points over the year. able during this period despite a lower free The long-term capital markets tended to reserve level than in November, because the strengthen during most of December. In the distribution of funds favored money center early part of the month a combination of banks. Federal funds traded mainly in a investor and System purchases helped to re- 2% to 2% per cent range until the middle duce dealer inventories of Treasury notes of December. and bonds from the relatively high levels The money market turned firmer around reached at the time of the November refundmidmonth. Dealer financing needs, inflated ing. Also contributing strength were the to record size as corporations sold securities diminishing prospects for an early tax cut to raise funds for dividend and tax pay- and related doubts about the vigor of the ments, placed heavy demands on the money economy. Prices of many issues thus reached market banks. The System met the reserve new highs for the year on December 24, and needs associated with these developments the average yield on long-term Treasury only in part, however. For following the De- issues receded to 3.84 per cent—equaling cember 18 Open Market Committee meet- the low point in May. In the last few days of ing, operations were directed toward the the year, however, there was some decline in maintenance of somewhat firmer money prices as some market observers began to market conditions to offset the anticipated think that the System might be shifting to a seasonal decline in Treasury bill rates, al- slightly less easy policy. By the end of the though still within the framework of a policy year, the average yield had edged up to 3.87 of ease. No outright purchases of securities per cent—which was still 20 basis points for System Account were undertaken in the below the end-of-1961 level. market after December 7, and reserve needs Corporate bond issues during the fourth in the latter part of the month were met by quarter amounted to about $2.7 billion, up Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962 457 nearly $300 million from the same period in and the size of dealer inventories. In the 1961. Offerings of $1.7 billion of new tax- corporate sector, demand soon strengthened exempt securities were about $400 million again and brought yields to new lows for the lower than in the fourth quarter of 1961. year in late December, but in the tax-exempt Prices advanced in both markets during area some congestion remained. At the October and early November, paralleling year's end, Moody's Aaa corporate bond the price rise in the Treasury market. Yields index stood at 4.22 per cent, slightly below on high-grade corporate bonds reached their the early November level and 22 basis points lowest point since early 1961 while tax- lower than at the end of 1961. Moody's exempt yields reached their lowest level Aaa municipal bond average, at 2.94 per since early 1958. cent, was somewhat above the early No- Both markets weakened somewhat after vember level, but 37 basis points lower than early November, because of increased in- at the end of 1961—and lower than at any vestor resistance at the higher price levels year-end since 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Negotiable Time Certificates of Deposit NEGOTIABLE TIME CERTIFICATES of de- down demand deposits to buy U.S. Govposit have become a major money market ernment securities, the deposits move to the instrument. A special survey by the Federal bank at which the seller of the bills has his Reserve of 410 member banks indicates that account. And this is often not the bank such certificates outstanding at these banks where the buyer has held his deposit. If had reached $6.2 billion by December 5, individual banks can offer negotiable CD's 1962. This compares with just over $1 bil- to potential investors, they can counteract lion at the end of 1960 and $3.2 billion at some of this kind of deposit outflow. the end of 1961. Of the banks covered by Time certificates of deposit, issued for the survey, only 44 per cent were issuing many years on a local and regional scale, certificates in December I960, but by late are essentially evidence that a depositor will 1962, 66 per cent were. The volume of leave his funds for a specified length of time certificates outstanding near the end of 1962 in return for a specific rate of interest. As evidence of such a claim, many of these compares with $6.0 billion of commercial certificates have always been legally negoand finance company paper and only $2.7 tiable. But in the last 2 years they have billion of bankers' acceptances. become highly marketable—that is, easily Time certificates of deposit (CD's) serve sold to third parties before maturity—as a as a means for an individual bank to atresult of two related events in early 1961. tract funds that might migrate elsewhere in At that time several large money market search of higher investment returns. For banks in New York City began to offer CD's example, when a corporate depositor draws in readily marketable form to their corporate depositors. And one securities firm an- NOTE.—This survey was planned by a System Comnounced that it stood ready to buy and sell mittee on Negotiable Time Certificates of Deposit, with George Garvy, Economic Adviser of the Fed- CD's in open trading. The practice was soon eral Reserve Bank of New York, as Chairman. The taken up by other banks and other dealers. survey was carried out by members of the staff of the Board of Governors of the Federal Reserve By offering certificates with this high degree System and the Federal Reserve Banks. The 410 banks of marketability, banks have been able to covered by the survey included all 351 respondents in the weekly reporting member bank series and se- attract large amounts of funds. lected additional banks in several districts which the Not all CD's are readily marketable de- Federal Reserve Banks believed might have an appreciable volume of negotiable time certificates of spite the establishment of a flourishing secdeposit outstanding. ondary market. Many are issued by banks Robert Lindsay, Senior Economist of the research staff of the Federal Reserve Bank of New York and that are not well known outside their own Chairman of a System subcommittee responsible for localities. Others have been issued in deevaluating the results of the survey, prepared this article. Robert R. Wyand II, Economist in the Board's nominations that are too small to attract the Banking Section, had responsibility for processing the large-scale investors that are active in the data and preparing statistical tables, under the supersecondary market. And in any case, many vision of James B. Eckert, Chief. 458 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 459 holders in practice do not buy with the the survey holdings at these smaller banks intention of selling. While the typical de- were sizable. For example, banks in the two nomination in this market is $1 million or smaller groups—that is, with deposits of more, transactions involving CD's as small $500 million or less—had issued more than as $500,000 are fairly common, and there a fourth of the total outstandings. Banks are occasional trades in denominations of with deposits of less than $100 million had $100,000 or less. As the market continues only a small part of the volume of CD's to broaden, these smaller denominations outstanding. Most of these were at banks may become increasingly marketable. with total deposits of $50 million or more, Negotiable CD's proved immediately at- as few banks below this size were covered tractive to corporations and others and by the survey in most districts. quickly found a place alongside Treasury The pronounced growth of certificates bills and commercial paper as a medium for at the large banks was partly a result of short-term investment. By the end of 1962, their having adopted so recently an acthe market for negotiable CD's had become tivity that had long been practiced at many national and had become an important seg- smaller banks. This was an influential dement of the nation's money market. cision that helped to create a new market The rapid growth of CD's and the increas- for all CD's, including those of banks that ing participation by the banking community had been issuing them for many years. It have raised several questions. What kinds led in turn, however, to a sharp increase in of banks have contributed to the sharp in- the volume of CD's issued by the smaller crease in outstanding CD's? Who have their banks as well. Thus, at the time of the surcustomers been? And what are the charac- vey, the largest banks still accounted for a teristics of the instrument itself? smaller percentage of the CD's issued at all reporting banks (44 per cent) than of total ISSUING BANKS deposits of these banks (52 per cent). The largest banks—those with total deposits The participation of smaller banks is of over $1 billion—experienced the most also suggested by the sizes of the certificates rapid growth in CD's over the period cov- issued, relative to the size of the issuing ered by the survey. At the end of 1960 bank. About 72 per cent of the issuing these banks had accounted for only about banks had CD's of $500,000 or more, which 10 per cent of total CD's outstanding, but can usually be traded in the secondary marby the end of 1962 they had issued about ket without great difficulty. And about 90 45 per cent of the total. The more pro- per cent of the issuing banks had outstandnounced growth at the large banks was also ing CD's at least as large as $100,000, a deevident in the number of issuing banks in nomination that is sometimes traded. Moreeach of the four size groups. It was equally over, about 55 per cent of the banks with marked when the banks were grouped ac- some CD's of $500,000 or more outstanding cording to amount of certificates outstand- were banks that had issued a total of less ing. (See Table 1 on the following pages.) than $10 million of such certificates. This By contrast, growth at banks in each of pattern suggests a wide distribution of CD's the smaller size groups covered by the sur- among banks outside the major money marvey was slower. Nevertheless, at the time of ket centers, even if many of the smaller Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN • APRIL 1963 TABLE 1 VOLUME OF TIME CERTIFICATES AND NUMBER OF ISSUING BANKS Banks ranked by amount of—1 Total Total Total deposits outstanding certificates report- (millions of dollars) Date and denomination (millions of dollars) ing banks 1,000 50 Under 100- 500- Under 10and and 100 500 1,000 10 50 over over Amount (millions of dollars) Dec. 31, 1960: All denominations 1,095 139 366 477 114 306 329 461 Under $100,000 265 61 92 104 8 111 93 60 $100,000-500,000 328 49 118 138 23 107 99 122 $500,000 and over 450 28 156 235 31 85 137 228 Dec. 30, 1961: All denominations 3,223 151 690 804 1,578 430 710 2,083 Under $100,000 330 67 127 121 15 134 113 83 $100,000-500,000 614 57 205 234 117 151 193 270 $500,000 and over 2,156 25 354 449 1,329 144 400 1,613 Dec. 5, 1962: All denominations 6,181 296 1,400 1,744 2,742 839 1,336 4,005 Under $100,000 597 247 167 51 273 183 141 $100,000-500,000 978 321 352 211 240 309 429 $500,000 and over 4,606 69 832 1,225 2,480 326 844 3,435 Number of banks Dec. 31, 1960: All denominations 182 64 83 25 10 124 38 20 Under $100,000 172 62 81 21 8 117 37 18 $100,000-500,000 144 42 72 21 9 91 35 18 $500,000 and over 95 17 51 18 9 44 33 18 Dec. 30, 1961: All denominations 232 72 105 35 20 151 49 32 Under $100,000 205 68 93 30 14 135 44 26 $100,000-500,000 192 51 90 34 17 115 48 29 $500,000 and over 153 21 78 35 19 72 49 32 Dec. 5, 1962: All denominations 270 82 128 40 20 182 56 32 Under $100,000 235 79 109 34 13 160 50 25 $100,000-500,000 224 57 110 38 19 138 55 31 $500,000 and over 194 31 103 40 20 106 56 32 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 461 TABLE 1—Continued VOLUME OF TIME CERTIFICATES AND NUMBER OF ISSUING BANKS Banks ranked by amount of— * Total Total Total deposits outstanding certificates report- (millions of dollars) Date and denomination (millions of dollars) ing banks 1,000 50 Under 100- 500- Under 10- 100 500 1,000 and 10 50 and over Percentage distribution of amount Dec. 31, 1960: All denominations... 100.0 12.7 33.4 43.5 10.4 27.9 30.0 42.1 Under $100,000... 100.0 23.0 34.7 39.2 3.0 41.9 35.1 22.6 $100,000-500,000.. 100.0 14.9 36.0 42.1 7.0 32.6 30.2 37.2 $500,000 and over. 100.0 6.2 34.7 52.2 6.9 18.9 30.4 50.7 Dec. 30, 1961: All denominations... 100.0 4.7 21.4 24.9 49.0 13.3 22.0 64.6 Under $100,000... 100.0 20.3 38.5 36.7 4.5 40.6 34.2 25.2 $100,000-500,000.. 100.0 9.3 33.4 38.1 19.9 24.6 31.4 44.0 $500,000 and over. 100.0 1.2 16.4 20.8 61.6 6.7 18.6 74.8 Dec. 5, 1962: All denominations... 100.0 4.8 22.7 28.2 44.4 13.6 21.6 64.8 Under $100,000... 100.0 22.3 41.4 28.0 8.5 45.7 30.7 23.6 $100,000-500,000.. 100.0 9.6 32.8 36.0 21.6 24.5 31.6 43.9 $500,000 and over. 100.0 1.5 18.1 26.6 53.8 7.1 18.3 74.6 Percentage distribution of banks Dec. 31, 1960: All denominations.. 100.0 35.2 45.6 13.7 5.5 68.1 20.9 11.0 Under $100,000.. 100.0 36.0 47.1 12.2 4.7 68.0 21.5 10.5 $100,000-500,000. 100.0 29.2 50.0 14.6 6.3 63.2 24.3 12.5 $500,000 and over 100.0 17.9 53.7 18.9 9.5 46.3 34.7 18.9 Dec. 30, 1961: All denominations.. 100.0 31.0 45.3 15.1 8.6 65.1 21.1 13.8 Under $100,000.. 100.0 33.2 45.4 14.6 6.8 65.9 21.5 12.7 $100,000-500,000. 100.0 26.6 46.9 17.7 8.9 59.9 25.0 15.1 $500,000 and over 100.0 13.7 51.0 22.9 12.4 47 A 32.0 20.9 Dec. 5, 1962: All denominations.. 100.0 30.4 47.4 14.8 7.4 67.5 20.7 11.9 Under $100,000.. 100.0 33.6 46.4 14.5 5.5 68.1 21.3 10.6 $100,000-500,000. 100.0 25.4 49.1 17.0 8.5 61.6 24.6 13.8 $500,000 and over 100.0 16.0 53.1 20.6 10.3 54.6 28.9 16.5 i Banks issuing CD's were ranked according to their amounts of NOTE.—In this and the following tables only outstanding negotiable outstanding certificates in denominations of $100,000 or more. time certificates are included. Details may not add to totals because Although outstanding CD's in denominations under $100,000 were of rounding. not included in determining a bank's ranking, these certificates are included in the amounts shown in the body of the table. The rankings by deposits and by certificates were as of Dec. 5, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN • APRIL 1963 banks may have issued only a few certifi- ORIGINAL PURCHASERS cates in these large denominations. Businesses were the original purchasers of The growth in CD's occurred in all Fed- 69 per cent of the total volume of CD's in eral Reserve districts, but the rate of growth denominations of $100,000 and over that differed greatly from one district to another were outstanding at the time of the survey (Table 2). The smallest rate of increase oc- (Table 3). The second largest purchasers— curred in the Dallas District, where use of but much less important—were State and CD's was already well developed by 1960. local governments. Foreign purchases, offi- Indeed, member banks in the Dallas area cial and private, were much smaller, and inaccounted for about a third of all CD's out- dividual purchases smaller yet. standing at the end of 1960. In other dis- Businesses were especially important as tricts the expansion started from a smaller original purchasers at large banks. This was base, and in each of these the volume at to be expected. Large national corporations, least doubled over the 2 years. In most of which tend to bank with the big money the districts it grew even more. market banks, have also been among the By December 1962, banks in the New heaviest investors in Treasury bills and other York District had become much the largest short-term market instruments. With the issuers of CD's; they accounted for more emergence of negotiable CD's as an alternathan one-third of the total outstanding. The tive outlet for short-term funds, it is under- Chicago District was second, with less than standable that banks with total deposits of a sixth of the total. $1 billion or over have issued almost 80 per TABLE 2 LOCATION OF TIME CERTIFICATES Number of banks Amount (millions of dollars) Reporting outstandings as of— F. R. District Surveyed on Dec. 5, 1962 Dec. 31, Dec. 30, Dec. 5, Dec. 31, Dec. 30, Dec. 5, 1960 1961 1962 1960 1961 1962 Boston 33 11 16 23 21 82 159 New York 37 14 26 33 132 1,117 2,217 PhiladelDhia 16 5 7 9 3 41 133 Cleveland 26 13 16 18 49 253 507 Richmond 21 9 13 14 59 113 137 Atlanta 34 10 13 18 50 103 193 Chicago 61 24 32 39 65 382 940 St Louis 28 11 12 16 25 54 165 M^nneacolis 20 2 4 4 30 192 Kansas Citv 51 22 26 28 64 98 158 Dallas 45 35 36 36 326 405 600 San Francisco 38 26 31 32 301 546 779 Total 410 182 232 270 1,095 3,223 6,181 See Note to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 463 cent of their total CD's outstanding to cor- give way steadily to State and local governporations and other businesses. At smaller ments. At banks with deposits of $1 billion banks, the business share was smaller—less or over these units accounted for less than 6 than half of the total at banks with deposits per cent of the total outstanding. In the of less than $100 million. A similar pattern smaller banks, however, they were someemerges when banks are grouped by the what behind business firms as original puramount of their outstanding CD's rather chasers. than by the amount of their total deposits. The remaining groups combined—for- As one moves from larger to smaller eign, individual, and other—were original banks, business firms as original purchasers purchasers of less than 20 per cent of TABLE 3 ORIGINAL PURCHASERS OF TIME CERTIFICATES OUTSTANDING ON DECEMBER 5, 1962 Banks ranked by amount of— Total Total deposits Total outstanding certificates * report- (millions of dollars) (millions of dollars) Original purchaser ing banks 1,000 50 Under 100- 500- Under 10and and 100 500 1,000 10 50 over over Certificates of $100,000 and over Amount (millions of dollars) Total 5,584 163 1,153 1,577 2,691 566 1,153 3,864 Original purchaser: Businesses 3,851 78 690 963 2,121 309 699 2,842 Individuals 143 11 54 48 30 32 35 76 State and local govt 867 65 303 350 149 174 321 372 Foreign official 2 348 25 42 283 17 38 294 All other foreign 41 7 5 29 3 9 30 Other. . 335 9 75 169 82 31 52 252 Percentage distribution Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Original purchaser: Businesses 69.0 47.9 59.8 61.1 78.8 54.6 60.6 73.6 Individuals 2.6 6.7 4.7 3.0 1.1 5.7 3.0 2 0 State and local govt.. 15.5 39.9 26.3 22.2 5.5 30.7 27.8 9.6 Foreign official 2 6.2 2.2 2.7 10.5 3.0 3.3 7.6 All other foreign .7 .6 .3 1.1 .5 .8 8 Other 6.0 5.5 6.5 10.7 3.0 5.5 4.5 6.5 Number of banks Total 238 59 119 40 20 150 56 32 Original purchaser: Businesses 226 52 117 37 20 139 55 32 Individuals 113 26 52 22 13 60 31 22 State and local govt 139 32 66 31 10 76 41 22 Foreign official 2 40 8 18 14 8 15 17 All other foreign 21 7 7 7 3 9 8 Other 91 10 48 22 11 41 29 21 Table continued on next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN • APRIL 1963 TABLE 3—Continued ORIGINAL PURCHASERS OF TIME CERTIFICATES OUTSTANDING ON DECEMBER 5, 1962 Banks ranked by amount of— Total Total deposits Total outstanding certificates l report- (millions of dollars) (millions of dollars) Original purchaser ing banks 1,000 50 Under 100- 500- Under 10and and 100 500 1,000 10 50 over over Certificates of $500,000 and over Amount (millions of dollars) Total 4,606 69 832 1,225 2,480 326 844 3,435 Original purchaser: Businesses 3,261 31 508 746 1,965 175 526 2,559 Individuals 69 3 23 17 26 12 12 45 State and local govt 624 32 222 274 96 105 231 288 Foreisn official ^ . . 345 23 41 282 17 36 293 All other foreign 33 3 4 26 2 6 26 Other 275 3 53 144 75 16 34 225 Percentage distribution Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Original purchaser: Businesses 70.8 44.9 61.1 60.9 79.9 53.7 62.3 74.5 Individuals 1.5 4.3 2.8 1.4 1.0 3.7 1.4 1.3 State and local 2ovt 13.5 46.4 26.7 22.4 3.9 32.2 27.4 8.4 Foreign official ^ 7.5 2.8 3.3 11.4 5.2 4.3 8.5 All other foreign .7 .4 .3 1.0 .6 .7 8 Other 6.0 4.3 6.4 11.8 3.0 4.9 4.0 6.6 Number of banks Total 194 31 103 40 20 106 56 32 Original purchaser: Businesses 170 21 93 36 20 85 53 32 Individuals 35 5 15 6 9 14 8 13 State and local govt 99 13 52 25 9 43 36 20 Foreign official 2 36 7 15 14 8 13 15 All other foreign 13 3 3 7 2 5 6 Other 43 4 18 11 10 13 12 18 i Banks issuing CD's were ranked according to their amounts of 2 Foreign govts. and central banks and international financial outstanding certificates in denominations of $100,000 or more. institutions. See also Note to Table 1. the total in any of the bank-size groups. portant purchasers of CD's of $500,000 and Foreigners made almost all of their pur- over than of denominations between $100,chases at banks with deposits of $1 billion 000 and $500,000. They accounted for or over. They accounted for 10 per cent of about 70 per cent of the larger issues outthe total outstanding at these large banks. standing in late 1962 and only 60 per cent Purchases by individuals were more signifi- of the smaller denominations. cant at the smaller banks. This pattern was not consistent, however, In general, business firms were more im- among banks of different deposit size. At Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 465 banks with deposits under $100 million, for cent on time deposits. At banks with deposits example, corporations and other businesses of less than $100 million, only 6 per cent were less important as purchasers of the of the total outstanding on December 5, larger denominations than of the smaller 1962, had maturities of under 6 months. ones. And at the larger banks, CD's in these short maturities were less than 3 per cent of the CHARACTERISTICS OF CD'S total outstanding. In the secondary market, on the other For CD's on which interest is paid, the hand, investors have been able to acquire interest ceilings imposed by Regulation Q CD's with less than 6 months remaining behave made those with maturities of 6 months and over the most competitive.1 The maxi- fore maturity at favorable rates. Purchasers of issues initially maturing in 6 months or mum rates permitted on these certificates longer can sell them later on the secondary in recent years have been as follows: market to investors who want shorter-term Effective Effective issues, say of 2 or 3 months. The seller will Maturity Jan. 7, 7957 Jan. 1, 1962 realize a capital gain on sale of the certifi- (Months) (Per cent) cate, while the price to the buyer still en- 12 and over 3 4 ables him to realize a higher yield than on 6-12 3 3Vi U.S. Government securities of comparable 3-6 21/2 IVi maturity and a higher yield than could be Under 3 1 1 obtained by originally placing funds with banks at less than 6-month maturity. Foreign official deposits were exempted The most popular maturity range to the from Regulation Q ceilings for a 3-year original holder was 6-9 months. This group period beginning with October 15, 1962. accounted for almost half of the dollar After that banks could offer competitive volume outstanding. The next most imporrates on the shorter-term maturities pretant was the 1-year maturity. Larger banks ferred by these depositors. Foreign official had, in addition, a heavy concentration in deposits did rise after this change, although 9-12-month issues. Issues of 1-year CD's only part of the increase took the form were much less important to larger banks of negotiable CD's. And it would appear than to the smaller banks. that most of these were in maturities of 6 Issues maturing after 1 year were modmonths or longer. erately important to each of the bank-size The schedule of maximum rates had made groups; at banks with deposits under $100 certificates of deposit maturing in less than million they amounted to about 15 per cent 6 months unattractive to domestic investors. of total CD's outstanding. There were 18 of For example, since late in the year 1961 the banks with outstanding CD's with ma- 3-month Treasury bills have been yielding turities longer than 2 years. Only one of more than the maximum rate of 2lA per these was a bank with deposits of less than 1 Over 20 per cent of the banks reported they had $100 million; most of them had deposits some outstanding CD's on which no interest was being ranging between $100 million and $1 bilpaid. The dollar volume, however, was only $35 million, or less than 1 per cent of the total. lion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN • APRIL 1963 Most banks reported that they impose no centrated in the larger bank-size groups. formal restrictions on the resale of their cer- Some banks also make it easier to redeem tificates. Indeed, only 8 of the 270 issuing CD's at maturity by permitting holders to banks listed any such restrictions. Most of present them for redemption at a bank in the issuing banks—199 of them—make cer- another city. About a third of all banks with tificates available only in "order" form, outstanding CD's offered this option to holdwhich makes them payable only to, or when ers of their certificates. These banks acendorsed by, the party named on the certifi- counted for a significant proportion of the cate. The others use both bearer forms and total number of banks in each of the depositorder forms; these banks were heavily con- size groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT 467 FEDERAL RESERVE SURVEY OF NEGOTIABLE TIME CERTIFICATES OF DEPOSIT Name of Bank Federal Reserve District City and State Date The following questions refer only to negotiable time certificates of deposit issued by your bank. Upon completion, please return this form to: Mr. , Vice President, Research Department, Federal Reserve Bank of , I. Does your bank issue time certificates of deposit in a form in which they can be sold by^ the initial purchasers (that is, in negotiable form)? Yes O No O If the above answer is no, disregard the remaining questions and return this form to the Federal Reserve Bank. II. Does your bank issue any time certificates of deposit in bearer form? Yes [J No O III, Does your bank impose upon initial purchasers of negotiable time certificates any direct restrictions or any implied understandings which would restrict their resale of such certificates? Yes U No [J If yes, specify kinds of restrictions IV, Indicate dollar volume (and in the last column, the number) of negotiable time certificates of deposit in different denominations (face value) outstanding on the dates shown below. Dec. 31, 1960 Dec. 30, 1961 Dec. 5, 1962 Less then $100,000 $ $ $ $100,000 - $^99,999 No* $500,000 and over No. If a single transaction involves several certificates, count them separately. NOTE; The remaining questions refer only to negotiable certificates in denominations of $100,000 and over outstanding on December 5, 1962. If your bank did not have such certificates outstanding on this date, disregard the remaining questions and return this form to the Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN - APRIL 1963 - 2 - /• Indicate the total dollar amount, if any, of $100,000 and larger negotiable time certificates outstanding issued at a zero rate of interest $_ . VI. Indicate the dollar amount of $100,000 and larger negotiable time certificates of deposit outstanding with original maturity of: Less than 6 months $ Six months and over, but less than 9 months Nine months and over, but less than one year One year Over one year Specify the longest original maturity on any certificate outstanding^ VII, Indicate the dollar amount of negotiable certificates of deposit outstanding according to original purchaser for the following two size brackets: ft 100,OOO-4M+99,999 $500,000 and over Corporate and other business (financial and nonfinancial) Personal States and political subdivisions Foreign Foreign governments, central banks, and international financial institutions All other foreign Other (incl, nonprofit) VIII, Does your bank issue time certificates of deposit in denonimations of #100,000 and larger in a form which permits redemption at maturity at a bank other than your own? Yes £7 No (Name of officer) (Title) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement on Proposed Currency Legislation I APPEAR today in response to your invi- the resulting shift from silver certificates to tation to present the views of the Board of Federal Reserve notes take place gradually. Governors of the Federal Reserve System Roughly $2 billion in silver certificates are with respect to H. R. 4413, which would outstanding. A complete shift of this amount repeal the silver purchase laws and provide to Federal Reserve notes would reduce the for replacement of silver certificates with Treasury's free gold stock by $500 million, Federal Reserve notes. because of the 25 per cent gold certificate The Board believes that it is unnecessary reserve requirement on Federal Reserve to utilize silver as part of the U. S. monetary notes. I am pleased, therefore, to note Secsystem, other than as a material for coinage. retary Dillon's statement yesterday that the There is no need, therefore, to retain the increase in the required gold certificate resilver purchase provisions that would be re- serve resulting from the retirement of silver pealed by H. R. 4413. As a practical matter, certificates and their subsequent replacethese provisions are inoperative today, be- ment with Federal Reserve notes should not cause of the rise in the market price of silver. exceed $35 million a year. The Board favors the proposed amend- Although some concern has been exment in Section 3 of the bill, which would pressed that removing the silver "backing" authorize issuance of Federal Reserve notes from part of our currency might lower its in $1 denomination in addition to the de- value, I would not agree. The fact is that nominations of $5, $10, $20, $50, $100, the stability or instability of prices in our $500, $1,000, $5,000, and $10,000 now economy does not depend on the amount authorized. Since the bill as introduced of silver in the Treasury. The relatively would authorize the Federal Reserve Sys- small part of our total money supply repretem to issue notes in all present denomina- sented by silver certificates does not detions of currency except for $2 bills, we rive its value from the silver the Treasury recommend broadening the bill to cover $2 must hold as "backing" for the certificates. notes as well. Throughout the history of the silver pur- Although the Board is not in a position chase laws that this bill would repeal, the to comment on the technicalities of the bill's dollar has been worth more than the silver tax provisions, we perceive no objection in in it. This is still true today, even after the principle to repealing the tax on transfers recent steady rise in the market price of of silver bullion. silver. So it would seem that public accept- If this bill is enacted, it is important that ance of silver certificates must rest on their appraisal of factors apart from the silver NOTE.—Statement of William McChesney Martin, "backing." This is further demonstrated by Jr., Chairman, Board of Governors of the Federal the fact that the public accepts Federal Re- Reserve System, before the House Committee on Banking and Currency, Mar. 12, 1963. serve notes as readily as silver certificates. 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN • APRIL 1963 About $30 billion of Federal Reserve notes ver cannot be used to maintain the role of are in circulation—15 times the amount of the dollar as a key international currency, silver certificates circulating. because silver is not a readily acceptable It is possible, of course, that the market means of settling our accounts with other price of silver could rise above its monetary countries. Offhand, one might suppose it value if the Treasury's supply of free silver would bolster the value of our currency to should ever be exhausted. H. R. 4413 is de- keep a valuable commodity such as silver signed in part to avoid the problems that in the stockpile of Government assets. But could arise in that eventuality. If this bill without this bill, the Treasury sooner or is not enacted, the Treasury must continue later will be forced to buy more silver for to issue silver certificates to meet the pub- silver certificates, in competition with other lic's need for $1 bills. Under those circum- buyers who seek it for other uses. It can stances, if the market price of silver went hardly be supposed that the Government high enough to encourage the public to turn will find itself in a sounder financial posiin silver certificates for silver dollars to be tion for having been forced to acquire an melted down for metal, the Treasury would asset by simultaneously adding an equal be faced with the impossible task of trying amount to its debt, as would occur under to meet the public's need for $1 bills by is- these circumstances. suing a certificate that would be exchange- There is no point now in renewing the able for dollar coins containing more than historic controversy over the desirability of a dollar's worth of silver. Consequently, sil- the silver purchase program as a means of ver certificates would soon be returned from assuring a favorable price to producers of circulation. This would not only add signifi- silver. Today, because our economy has cantly to the operating costs of the mints many other uses for this metal, its market and the Federal Reserve Banks but would price is well above that guaranteed by the also thwart, rather than serve, the public's silver purchase laws. The time seems ripe need for a stable medium of exchange. to take this step toward a free market in Unlike gold, the Treasury's stock of sil- silver. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Bank Service Arrangements preparation and mailing of checks, statements, notices, and similar items, or other clerical, bookkeeping, The Board of Governors, effective April 3, accounting, statistical, or similar functions performed 1963, adopted a new rule, designated as Regula- for a bank. tion S, to implement the requirement contained SECTION 219.2—FORM OF ASSURANCES in Section 5 of the Bank Service Corporation Act Unless additional or different assurances are con- (12 U.S.C. 1865), with respect to assurances con- sidered necessary by the Board in specific cases, the assurances referred to in Section 219.1 of this part cerning examination and regulation. This Regulamay be submitted in the form of a letter (or separate tion is applicable to the performance of bank letters) signed by a duly authorized officer of the services for any State member bank whether such State member bank and by the party (or a duly authorized officer or representative of such party) that services are performed by bank service corpora- will perform the bank services for the bank, stating, tions in which the Act authorizes banks to invest, in substance, that the bank and the party performing such services have entered into an agreement that the or by others. The Regulation incorporates, with performance of the services will be subject to regulasome modification, the basic provisions of the tion and examination by the Board to the same extent Statement issued by the Board immediately follow- as if such services were being performed by the bank itself on its own premises. All such letters of assuring passage of the Act as an initial guide to State ances shall be addressed to the Board of Governors member banks and published in the 1962 Federal of the Federal Reserve System in care of the Federal Reserve Bank of the district in which the State mem- Reserve BULLETIN at page 1429. A similar Reguber bank has its main office. lation has been adopted by the Federal Deposit Insurance Corporation, with respect to insured SECTION 219.3—TIME FOR FURNISHING ASSURANCES nonmember banks. The new Regulation reads as As to any arrangement for the performance of bank services entered into or renewed after the effective follows: date of this part, assurances complying with Section 219.2 shall be furnished prior to the performance of REGULATION S any service for the bank under the bank service (12 CFR PART 219) arrangement. With respect to any bank service arrangement entered into prior to the effective date of Adopted Effective April 3, 1963 this part, such assurances shall be furnished within 30 BANK SERVICE ARRANGEMENTS days after the effective date of this part, unless a letter of assurances covering such bank service ar- SECTION 219.1—AUTHORITY AND SCOPE rangement has been furnished previously pursuant to the Board's "Statement for State Member Banks on This part implements the provisions of Section 5 the 'Bank Service Corporation Act'" issued October of the Bank Service Corporation Act, Public Law 23, 1962 (Federal Reserve BULLETIN, November 87-856, approved October 23, 1962 (Sec. 5, 76 Stat. 1962, page 1428). 1132; 12 U.S.C. 1865), in the application thereof to arrangements for the performance of bank services SECTION 219.4 SPECIAL SITUATIONS for State banks that are members of the Federal Re- Assurances complying with Section 219.2 need not serve System. Under that Section of the Act, no State be furnished in connection with arrangements for bank member bank may cause to be performed, by contract services which are immediately necessary because of or otherwise, any bank services for itself, whether on emergency conditions or situations or are required or off its premises, unless assurances satisfactory to for short periods of time due to unusually heavy work the Board of Governors of the Federal Reserve Sysdemands, if the State member bank promptly advises tem are furnished to the Board by both the bank and the Federal Reserve Bank of its district of the circumthe party performing such services that the performstances involved and of the length of time during ance thereof will be subject to regulation and exami- which any of the bank's books or records or any nation by the Board to the same extent as if such banking media will be removed from the bank's services were being performed by the bank itself on premises and of the location thereof, and unless the its own premises. Such assurances are required by the bank is advised by the Federal Reserve Bank that Act whether the bank services are performed by bank such assurances must be furnished. Unless specifically service corporations in which the Act authorizes banks requested by the Board, assurances complying with to invest, or by others. Under Section l(b) of the Section 219.2 need not be furnished in connection Act, the term "bank services" means services such as with any arrangement by a State member bank for check and deposit sorting and posting, computation the performance of legal, advisory, and administrative and posting of interest and other credits and charges, services, such as transportation or guard services. 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN • APRIL 1963 Order Under Section 3 of Bank Holding By order of the Board of Governors. Company Act Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and The Board of Governors of the Federal Reserve Mitchell. Absent and not voting: Governor King. System has issued the following Order and State- (Signed) MERRITT SHERMAN, ment with respect to an application by a bank Secretary. holding company for approval of the acquisition [SEAL] of voting shares of a bank: STATEMENT BRENTON COMPANIES, INC., DES MOINES, Brenton Companies, Inc., Des Moines, Iowa IOWA ("Applicant"), a registered bank holding company, has applied pursuant to Section 3(a) (2) of In the matter of the application of Brenton the Bank Holding Company Act of 1956 ("Act"), Companies, Inc., Des Moines, Iowa, for prior for the Board's prior approval of the acquisition approval of acquisition of shares of First National of 60 per cent or more of the outstanding voting Bank of Davenport, Davenport, Iowa. shares of the First National Bank of Davenport ORDER APPROVING APPLICATION UNDER ("Bank"), a proposed new bank to be located in BANK HOLDING COMPANY ACT the city of Davenport, Iowa. There has come before the Board of Governors, Statutory factors. Section 3(c) of the Act repursuant to Section 3(a) (2) of the Bank Holding quires that the Board take into consideration the Company Act of 1956 (12 U.S.C. 1842) and Sec- following five factors: (1) the financial history tion 222.4(a) (2) of Federal Reserve Regulation Y and condition of the holding company and banks (12 CFR 222.4(a)(2)), an application by Bren- concerned; (2) their prospects; (3) the character ton Companies, Inc., Des Moines, Iowa, for the of their management; (4) the convenience, needs, Board's prior approval of the acquisition of 60 and welfare of the communities and area conper cent or more of the voting shares of First cerned; and (5) whether or not the effect of the National Bank of Davenport, Davenport, Iowa. acquisition would be to expand the size or extent As required by Section 3(b) of the Act, the of the bank holding company system involved Board notified the Comptroller of the Currency of beyond limits consistent with adequate and sound the receipt of the application and requested his banking, the public interest, and the preservation views. The Comptroller recommended approval of of competition in the field of banking. the application. Discussion. Applicant, organized in 1948 for A Notice of Receipt of Application was pub- the purpose of managing the Brenton family lished in the Federal Register on January 15, 1963 banks, presently controls thirteen banks in the (28 Federal Register 386), affording opportunity State of Iowa. The financial history, condition and for submission of comments and views regarding management of Applicant are satisfactory, and its the proposed acquisition. The time provided by prospects are favorable. the notice for filing comments and views has ex- Bank, of course, has no financial history; howpired and the matter has been considered fully by ever, based on projected deposits of $3.5 million the Board. and loans of $1.7 million at the end of the third year of operation, considering that its manage- IT IS HEREBY ORDERED, for the reasons set forth ment will be supplied from Applicant's experiin the Board's Statement of this date, that the said enced personnel, and in view of the area that it application be and hereby is granted, and the will primarily serve, Bank's prospects appear acquisition by Applicant of 60 per cent or more favorable. of the voting shares of First National Bank of Davenport, Iowa, the seat of Scott County, is Davenport is hereby approved, provided that such located on the north bank of the Mississippi River acquisition shall not be consummated (a) within in the extreme eastern section of the State. Its 7 calendar days after the date of this Order or (b) 1961 population is estimated to be slightly over later than 3 months after said date. 90,000 and that of Scott County approximately Dated at Washington, D. C, this 27th day of 122,000. The principal business district is about March, 1963. three blocks north of the river. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 473 Bank will be located in the approximate geo- banking competition in the area involved, none of graphical center of Davenport, about one and a Applicant's subsidiary banking offices are located half miles north of the business district, at the in Scott County nor in any of the counties conintersection of two major thoroughfares, one of tiguous thereto. Applicant's nearest subsidiary to which becomes U. S. Highway 61 to Dubuque. Bank's proposed location is approximately 90 Within the principal business district and within miles northwest. None of these banks compete in a few blocks of each other are two of the three the Davenport area. Applicant's thirteen subsidbanks located in and serving Davenport. They are iary banks are located in eight counties of the the Davenport Bank and Trust Company (June 30, State, and at June 30, 1962 operated twenty-four 1962, deposits of $100 million), and the First offices and held aggregate deposits of $64.5 mil- Trust and Savings Bank (June 30, 1962, deposits lion, representing 2.8 per cent of the offices, and of $19 million). Davenport's third bank, located 2 per cent of the deposits, of all banks in the about one and a half miles west of Bank's pro- State. Applicant's banks ranged in size from $7.5 posed site, is the Northwest Bank and Trust Com- million down to $1.9 million of deposits. pany (June 30, 1962, deposits of $21 million). A As mentioned earlier, there are three banks fourth bank, Bettendorf Bank and Trust Com- located in Davenport and one in Bettendorf. Aspany, is located about four miles to the east- suming that at the end of three years of operation, southeast in the contiguous city of Bettendorf. Bank has reached the deposit and loan totals This bank had deposits, as of June 30, 1962, of projected by Applicant, and presuming that the $7 million. None of the four banks mentioned are banks in Davenport and the one bank in Bettenlocated within Bank's projected seven square mile dorf remain at their respective midyear 1962 primary service area, which has an estimated popu- deposit and loan totals, Bank would control less lation of about 30,000. However, Applicant states than 2.5 per cent of the deposits and of the loans that the four banks are in competition for the of the four banks in Davenport, and of the five business of the area. banks in Davenport and Bettendorf. Applicant has made no showing that there pres- A study of all data relevant to a determination ently exists in the Davenport area any unserved of the size and extent of Applicant's present system demand for usual banking services. However, in reflects that the proportions of total banking offices the period 1950-1961, the population of Daven- represented and total deposits controlled by Appliport increased by 15,850. In the same period no cant's banking offices in the State as a whole are new banks have been established in the city of relatively small. The extent to which these figures Davenport or in nearby areas. Of the four banks would be increased as a result of the proposal presently serving the area involved, the newest under consideration is negligible. Similarly, Applibank in Davenport was opened for business in cant's entry into the city of Davenport and the 1941. The Bettendorf Bank and Trust Company Davenport-Bettendorf area through consummation was opened in 1949. Davenport is presently not of this proposal would not result in an undue overbanked, and it appears that it can well sup- concentration in any respect. port an additional banking institution. In view of The Board concludes that consummation of Bank's proposed location in a section of the city Applicant's proposal would not adversely affect that is experiencing commercial development ex- the existing competitive structure in the areas contending north from downtown Davenport, there is cerned, but rather would offer reasonable promise reasonable assurance that Bank will experience a of improving to a modest degree the competition healthy, although gradual, growth rate. Bank's that presently exists. growth will, to a large extent, mirror what appears Accordingly, viewing the relevant facts in the to be a present need within the area for more light of the general purposes of the Act and the convenient banking services than are presently factors enumerated in Section 3(c), it is the available. The reasonable appearance of benefit to judgment of the Board that the proposed acquisithe public in this respect weighs in favor of ap- tion would be consistent with the statutory objecproval of the application. tives and the public interest and that the applica- As to the effect of the proposed acquisition on tion should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULLETIN • APRIL 1963 Orders Under Bank Merger Act STATEMENT The Board of Governors of the Federal Reserve The Elyria Savings & Trust Company, Elyria, System has issued the following Orders and State- Ohio ("Elyria Savings"), with deposits of $46.4 ments with respect to applications for approval of million as of September 28, 1962, has applied, the merger or consolidation of certain banks: pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval THE ELYRIA SAVINGS AND TRUST of consolidation with The Grafton Savings and COMPANY, ELYRIA, OHIO Banking Company, Grafton, Ohio ("Grafton In the matter of the application of The Elyria Bank"), with deposits of $7.9 million as of Sep- Savings & Trust Company for approval of contember 28, 1962, under the title and charter of solidation with The Graf ton Savings and Banking Elyria Savings. The proposal contemplates that Company. the two present offices of Grafton Bank would be ORDER APPROVING CONSOLIDATION OF BANKS operated as branches of the resulting bank, thus There has come before the Board of Governors, increasing the number of Elyria savings offices pursuant to the Bank Merger Act of 1960 (12 from seven to nine. U.S.C. 1828(c)), an application by The Elyria Under the Act, the Board is required to con- Savings & Trust Company, Elyria, Ohio, a State- sider, as to each of the banks involved, (1) its chartered member of the Federal Reserve System, financial history and condition, (2) the adequacy for the Board's prior approval of the consolidation of its capital structure, (3) its future earnings of that bank and The Grafton Savings and Bank- prospects, (4) the general character of its maning Company, Grafton, Ohio, under the charter agement, (5) whether its corporate powers are and title of The Elyria Savings & Trust Company. consistent with the purposes of 12 U.S.C, Ch. 16 As an incident to the consolidation, the two offices (the Federal Deposit Insurance Act), (6) the conof The Grafton Savings and Banking Company venience and needs of the community to be served, would be operated as branches of The Elyria and (7) the effect of the transaction on competi- Savings & Trust Company. Notice of the proposed tion (including any tendency toward monopoly). consolidation, in form approved by the Board, has The Board may not approve the transaction unbeen published pursuant to said Act. less, after considering all these factors, it finds the Upon consideration of all relevant material in transaction to be in the public interest. the light of the factors set forth in said Act, in- Banking factors. The financial history and concluding reports furnished by the Comptroller of dition, as well as the capital structure, of both the Currency, the Federal Deposit Insurance Cor- banks are satisfactory. The earnings record of poration and the Department of Justice on the Elyria Savings also has been satisfactory. Concompetitive factors involved in the proposed con- summation of the proposal would provide a basis solidation, for improving the present poor earnings prospects IT IS HEREBY ORDERED, for the reasons set forth of Grafton Bank and would eliminate that bank's in the Board's Statement of this date, that said existing management succession problem. Present application be and hereby is approved, provided management of Grafton Bank is satisfactory, but that said consolidation shall not be consummated circumstances indicate difficulty in attracting a (a) within seven calendar days after the date of qualified successor to replace the President who this Order or (b) later than three months after wishes to retire. The resulting bank, which would said date. be under the competent management of Elyria Dated at Washington, D. C, this 12th day of Savings, would have a satisfactory financial con- March, 1963. dition, an adequate capital structure, and favorable By order of the Board of Governors. earnings prospects—the latter based in part on economies anticipated in the operation of Graf- Voting for this action: Chairman Martin, and Governors Balderston, Robertson, Shepardson, King, and ton Bank's present offices. There is no indication Mitchell. Absent and not voting: Governor Mills. of any inconsistency with the provisions of 12 (Signed) MERRITT SHERMAN, U.S.C, Ch. 16. Secretary. [SEAL] Convenience and needs of the communities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

475 LAW DEPARTMENT Elyria Savings' main office and three of its be affected significantly by the proposed consolibranches are located in Elyria (1960 population dation. However, while the service area of Grafton about 44,000), a diversified industrial center in Bank contains no other banking facilities, banks Lorain County (1960 population about 218,000), in Oberlin, eight miles to the west, and in Elyria about twenty-five miles west of Cleveland. Its presently offer some competition and, following three other branches are located within seventeen the consolidation, would probably more aggresmiles of Elyria. There are two other banks in sively seek business originating in the Grafton- Elyria, one larger and the other smaller than LaGrange area. Elyria Savings. Summary and conclusion. Although the pro- Grafton Bank's main office is in Graf ton (1960 posed consolidation would eliminate such compepopulation 1,700 and trade area population of tition as exists between the two banks, this would 10,000), seven miles southeast of Elyria. The be offset by resulting benefits. The transaction single branch of Grafton Bank is four miles south- would solve the management succession problem west of Grafton in LaGrange (1960 population at the present Grafton Bank, strengthen earnings 1,000). A large number of Grafton residents are prospects there, and provide both greater banking employed in Cleveland and the Elyria-Lorain area, resources and broader banking services in the although there are small industries in Grafton growing Grafton-LaGrange area. There would be which provide moderate employment. The econ- no significant competitive effect with respect to omy of LaGrange is primarily supported by agri- the other banks in Lorain County. culture. Accordingly, the Board finds the proposed trans- The Grafton area is experiencing considerable action to be in the public interest. residential growth and the prospects for industrial growth are favorable. Grafton Bank presently THE SULLIVAN COUNTY TRUST makes no FHA or VA real estate loans and does COMPANY, MONTICELLO, not provide trust services. Should the proposed NEW YORK consolidation be consummated, the resulting insti- In the matter of the application of The Sullivan tution would provide more complete local banking County Trust Company for approval of merger services than those presently offered by the Grafwith The National Bank and Trust Company of ton Bank, although it would have little other effect Port Jervis. on the convenience and needs of Lorain County. Competition. The main office and in-town ORDER APPROVING MERGER OF BANKS branches of Elyria Savings are approximately There has come before the Board of Governors, seven miles north of Grafton Bank's main office. pursuant to the Bank Merger Act of 1960 (12 The next nearest offices of the two banks are U.S.C. 1828(c)), an application by The Sullivan Grafton Bank's LaGrange office and Elyria Sav- County Trust Company, Monticello, New York, ings' Wellington office, which are approximately a State member bank of the Federal Reserve Systen miles apart. While there is some overlap of tem, for the Board's prior approval of the merger the service areas of the two banks, competition of that bank and The National Bank and Trust between them has not been active. Company of Port Jervis, Port Jervis, New York, In terms of loans and of individual, partnership, under the charter of the former and with the title and corporation deposits, Elyria Savings is now of Intercounty Trust Company. As an incident to the second largest of eight competing banks with head offices in Lorain County. This position would the merger, the sole office of The National Bank not be changed by the proposed consolidation. and Trust Company of Port Jervis would be oper- Competition is also provided by the Lorain branch ated as a branch of the Intercounty Trust Comof the large Cleveland Trust Company, Cleveland, pany. Notice of the proposed merger, in form Ohio. approved by the Board, has been published pur- Such competition as presently exists between suant to said Act. Elyria Savings and Grafton Bank would be elimi- Upon consideration of all relevant material in nated, but county-wide competition among Elyria, the light of the factors set forth in said Act, in- Lorain, Oberlin, and Cleveland banks would not cluding reports furnished by the Comptroller of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN • APRIL 1963 the Currency, the Federal Deposit Insurance Cor- factors, it finds the transaction to be in the public poration, and the Department of Justice on the interest. competitive factors involved in the proposed Banking factors. Sullivan Trust and Port Jervis merger, National have satisfactory financial histories and IT IS HEREBY ORDERED, for the reasons set forth conditions. The capital structure of Port Jervis in the Board's Statement of this date, that said National is adequate. Consummation of the transapplication be and hereby is approved, provided action would strengthen the capital position of that said merger shall not be consummated (a) Sullivan Trust, which is somewhat low. The capiwithin seven calendar days after the date of this tal structure of the resulting bank would be rea- Order or (b) later than three months after said sonably adequate and its financial condition would date. be satisfactory. Dated at Washington, D. C, this 22nd day of Sullivan Trust has favorable earnings prospects. March, 1963. Effectuation of the proposal would provide a basis for needed improvement in earnings and would By order of the Board of Governors. solve a management problem at Port Jervis Na- Voting for this action: Unanimous, with all members tional. Recently, one of the bank's two principal present. (Signed) MERRITT SHERMAN, executive officers retired and the other secured Secretary. employment elsewhere. It is doubtful whether this [SEAL] small bank can attract replacement personnel of satisfactory caliber. The resulting bank, which STATEMENT would be under the competent management of The Sullivan County Trust Company, Monti- Sullivan Trust, would bring to the customers of cello, New York ("Sullivan Trust"), a member its Port Jervis branch the benefits of progressive State bank of the Federal Reserve System, with policies. The earnings prospects of the resulting deposits of $12.5 million as of December 28, bank would be favorable. 1962, has applied, pursuant to the Bank Merger There is no indication of any inconsistency Act of 1960 (12 U.S.C. 1828(c)), for the Board's with 12 U.S.C., Ch. 16. prior approval of the merger of that bank and Convenience and needs of the communities. The National Bank and Trust Company of Port The head office of Sullivan Trust is in the Village Jervis, Port Jervis, New York ("Port Jervis Naof Monticello (year-round population about 6,000, tional"), with deposits of $5.9 million as of the with a 16-fold increase in the area during the same date. The banks would merge under the summer). Monticello is a summer resort in Sullicharter of Sullivan Trust and under the title of van County in the foothills of the Catskill Moun- Intercounty Trust Company. As an incident to the tains, about 90 miles from New York City. The Merger, the sole office of Port Jervis National single branch of Sullivan Trust is the only banking would become a branch of the resulting bank, facility in Wurtsboro (population about 700, with which would then have three offices, the two of a large increase in the summer), which is about Sullivan Trust and the one of Port Jervis National. 12 miles southeast of Monticello in Sullivan Under the Act, the Board is required to con- County. Port Jervis National is in the City of sider, as to each of the banks involved, (1) its Port Jervis (population 9,300). Located in Orange financial history and condition, (2) the adequacy County, Port Jervis is 25 miles south of Montiof its capital structure, (3) its future earnings cello and 18 miles southwest of Wurtsboro. prospects, (4) the general character of its man- The resulting bank would be able to provide agement, (5) whether its corporate powers are broader banking services and larger loan limits consistent with the purposes of 12 U.S.C., Ch. 16 than are now provided by the participating banks (the Federal Deposit Insurance Act), (6) the in each of the three communities. The strengthened convenience and needs of the community to be resources of the resulting bank should be helpful served, and (7) the effect of the transaction on in adequately meeting the needs of the people competition (including any tendency toward in the areas served by the merging banks. monopoly). The Board may not approve the Competition. Monticello, Wurtsboro, and Port transaction unless, after considering all these Jervis constitute three separate service areas that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 477 do not overlap, due to the sparsely populated, Idaho, Boise, Idaho, a member bank of the Fedheavily wooded central part of the large triangle eral Reserve System, for the Board's prior apformed by the three localities. There is virtually proval of the merger of that bank and Panhandle no competition between the two participating State Bank, Coeur d'Alene, Idaho, under the charbanks. ter and title of the former. As an incident to the The proposed merger would have little or no merger, the sole office of Panhandle State Bank effect upon banking competition in Sullivan Coun- would be operated as a branch of Bank of Idaho. ty. Consummation of the proposal would not Notice of the proposed merger, in form approved change the number of banking offices and the by the Board, has been published pursuant to said deposit concentration within Sullivan County and Act. would probably have little effect upon the only Upon consideration of all relevant material in other commercial bank in Monticello, which is a the light of the factors set forth in said Act, inwell-established institution. cluding reports furnished by the Comptroller of Port Jervis National is the seventh largest bank the Currency, the Federal Deposit Insurance Corin Orange County and holds 3.3 per cent of total poration, and the Department of Justice on the commercial bank deposits in the county. The competitive factors involved in the proposed merlargest bank in Sullivan and Orange Counties has ger. a branch office in Port Jervis. Consummation of IT IS HEREBY ORDERED, for the reasons set forth this transaction should stimulate competition in in the Board's Statement of this date, that said the service area of Port Jervis National. Port application be and hereby is approved, provided Jervis would no longer be closed to de novo that said merger shall not be consummated (a) branching since effectuation of the merger would within seven calendar days after the date of this eliminate the "head office protection" afforded Order or (b) later than three months after said Port Jervis National by New York banking law. date. The residents of both Monticello and Port Jervis Dated at Washington, D. C, this 15th day of would continue to have alternative banking facili- April, 1963. ties. By order of the Board of Governors. Summary and conclusion. Consummation of Voting for this action: Chairman Martin, and Goverthe merger would strengthen the capital of Sulli- nors Balderston, Mills, Robertson, Shepardson, and van Trust and would solve the management and Mitchell. Absent and not voting: Governor King. earnings problems of Port Jervis National. The (Signed) MERRITT SHERMAN, resources of the resulting bank should be helpful Secretary. in meeting the needs of the residents of the [SEAL] service area of each of the merging banks. There is virtually no competition between the participat- STATEMENT ing banks, and the effect of this merger upon banking competition in the area of each bank should Bank of Idaho, Boise, Idaho ("Idaho Bank"), not be adverse. with deposits of $63.5 million as of September Accordingly, the Board finds the proposed 28, 1962, has applied, pursuant to the Bank Mermerger to be in the public interest. ger Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval of the merger of that bank and Panhandle State Bank, Coeur d'Alene, Idaho BANK OF IDAHO, BOISE, IDAHO ("State Bank"), with deposits of $3.4 million as In the matter of the application of Bank of of the same date, under the charter and title of Idaho for approval of merger with Panhandle Idaho Bank. As an incident to the merger, the sole State Bank. office of State Bank would be operated as a branch of Idaho Bank, thus increasing its offices from 13 ORDER APPROVING MERGER OF BANKS to 14. There has come before the Board of Gover- Under the Act, the Board is required to connors, pursuant to the Bank Merger Act of 1960 sider, as to each of the banks involved, (1) its (12 U.S.C. 1828(c)), an application by Bank of financial history and condition, (2) the adequacy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN • APRIL 1963 of its capital structure, (3) its future earnings vides 15 per cent of the State's lumber production, prospects, (4) the general character of its man- and, in addition to farming and dairying, resort agement, (5) whether its corporate powers are and tourist trade in the county are increasing imconsistent with the purposes of 12 U.S.C., Ch. 16 portantly. (the Federal Deposit Insurance Act), (6) the con- There are located in Coeur d'Alene branches venience and needs of the community to be served, of the two largest banks in Idaho, as well as State and (7) the effect of the transaction on competi- Bank. Effectuation of the transaction, however, tion (including any tendency toward monopoly). would increase substantially the loan limit appli- The Board may not approve the transaction un- cable at State Bank and would be expected to less, after considering all these factors, it finds the make available to the customers of State Bank, transaction to be in the public interest. under progressive management, a more complete Banking factors. The financial history and con- range of services than those previously available dition of Idaho Bank and State Bank are satis- at that banking office, such as trust services, FHA factory. State Bank's capital structure is adequate, and GI mortgage loans, and a number of specialand recently Idaho Bank strengthened its capital ized services. This would accommodate the needs position by sale of additional capital stock. Idaho and convenience of those customers, in particular, Bank's earnings prospects are favorable and its and provide to the area generally an additional management is satisfactory. source of full banking services. Consummation of the proposal would provide Competition. Idaho Bank is the only subsidiary a basis for needed improvement in the earnings in Idaho of Western Bancorporation, a registered of State Bank, and would solve that bank's man- bank holding company with 24 subsidiary banks agement succession problem which resulted from in 11 western States holding aggregate deposits the recent resignation of its chief executive officer. of $5,312 million. Although Idaho Bank is the The resulting bank, which would be under the third largest bank in Idaho, it is far smaller than management of Idaho Bank, would have a satis- the two larger banks in the State, Idaho First factory asset condition and favorable earnings National Bank, Boise, and First Security Bank of prospects, and its capital structure would be ade- Idaho, N. A., Boise. These two banks hold about quate in the circumstances to warrant the merger. 66 per cent of the commercial bank deposits in There is no indication of any inconsistency with Idaho. Consummation of the proposed merger 12 U.S.C., Ch. 16. would increase Idaho Bank's shares of such deposits from 9.4 per cent to 9.8 per cent. Convenience and needs of the communities. The main office of Idaho Bank and one of its branches The proposal would have virtually no effect are in Boise, the State capital (1960 population upon competition in any area now served by Idaho 34,500). Two of the bank's branches are in un- Bank except in Kootenai County, and the effect incorporated areas adjacent to Boise, five of its there should not be adverse. branches are in southeastern and southwestern The only office of Idaho Bank nearer than 50 Idaho, and its four remaining branches are in miles to State Bank is the former's branch at Post communities in the northern part of the State. Falls (1960 population 2,000), seven miles from Except for a modest increase in the lending limit Coeur d'Alene in Kootenai County, which comof Idaho Bank, the proposed merger would have prises State Bank's service area (that area from little effect upon the convenience and needs of which the bank derives 75 per cent or more of the communities now being served by that bank. its deposits of individuals, partnerships, and cor- The sole office of State Bank is the only inde- porations). Only negligible competition exists bependent banking facility in Coeur d'Alene (1960 tween State Bank and the Post Falls branch, which population 14,000). The largest city in northern is quite small and the business of which is lim- Idaho, Coeur d'Alene is the seat of Kootenai ited primarily to residents of Post Falls (deposits County (1960 population 30,000), and is about $300,000). 400 miles north of Boise and 30 miles east of Of the total deposits of the four banks with Spokane, Washington. The economic prospects of offices in Kootenai County, State Bank has about Kootenai County are favorable. The county pro- 17 per cent and Idaho Bank has about 2 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 479 The remainder is held by the branches in Coeur customers of State Bank with certain banking d'Alene of the two largest Idaho banks. services not now available there. Competition be- Summary and conclusion. Effectuation of the tween the two participating banks is not of signifiproposed merger would enhance the earnings pros- cant magnitude; and the over-all effect upon bankpects of State Bank and solve its management ing competition in the area should not be adverse. succession problem. While the banking needs of the Coeur d'Alene area are apparently being ade- Accordingly, the Board finds the proposed transquately met, the resulting bank would provide action to be in the public interest. Announcements DEATHS OF DIRECTORS for their importance to the historical develop- Mr. Wilbur H. Norton, President, Gorham Corpo- ment of banking in the United States and for ration, Providence, Rhode Island, who had served their relevance to issues still under debate today. as a Class C director of the Federal Reserve Bank Copies of the volume are not available at the of Boston since January 1, 1963, died on April 3, Board of Governors, but they may be obtained 1963. from the Superintendent of Documents, U. S. Gov- Mr. J. Monroe Hodges, President, The Exchange ernment Printing Office, Washington 25, D. C, National Bank of Olean, New York, who had for $1.75 per copy. served as a director of the Buffalo Branch of the PUBLISHED INTERPRETATIONS OF THE BOARD Federal Reserve Bank of New York since Jan- Supplement No. 2 to the loose-leaf compilation uary 1, 1963, died on April 13. of "Published Interpretations of the Board of Governors of the Federal Reserve System," containing the published interpretations for 1962, is FEDERAL BANKING LAWS AND REPORTS, 1780-1912 now available. The U. S. Senate Committee on Banking and Currency, established on March 15, 1913, to con- ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM sider the proposed Federal Reserve Act of 1913, The following bank was admitted to Membership has published a 50th anniversary volume. The in the Federal Reserve System during the period book contains the major Federal banking statutes March 16, to April 15, 1963: enacted between 1780 and 1912 together with various contemporary legislative and executive Florida reports. The documents included were selected Sarasota American Bank of Sarasota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 12 Industrial production rose in March, following materials, and gains were generally larger for several months of little change, and retail sales durable than for nondurable materials. In part continued to increase. Construction activity was because of inventory demands to hedge against a unchanged at a level moderately below last sum- possible work stoppage, output of iron and steel mer and autumn. At 5.6 per cent of the civilian rose sharply in March, and a further rise in early labor force, the unemployment rate was down April is indicated by steel ingot production. Outfrom February and unchanged from the average put of parts for consumer durable goods and for for 1962. Commercial bank credit rose substan- business equipment also increased in March, and tially further. Between mid-March and mid-April production of construction materials showed furcommon stock prices advanced sharply. ther recovery. INDUSTRIAL PRODUCTION CONSTRUCTION ACTIVITY Industrial production rose one point in March New construction activity was revised upward to 120 per cent of the 1957-59 average. Output about 1 per cent for February, and the preliminary of consumer goods, already at a record high in March figures show little change for most types February, increased slightly further and output of private and public building. Construction acof major categories of business equipment re- tivity in February and March was about 3 per mained at advanced levels. Production of indus- cent lower than in the preceding seven months, trial materials, which had been low in relation to reflecting a drop of 6 per cent in private resioutput of final products, increased substantially dential building. to a new high. Auto assemblies, at 139 per cent of the 1957- DISTRIBUTION 59 average, remained at about the high rate Retail sales, after being revised upward for Febprevailing since mid-1962. Output of some apruary, rose 1 per cent further in March to a record pliances, television sets, apparel, and consumer total 2 per cent above the November-January staples increased further. plateau and 7 per cent above a year earlier. In Increases in output were widespread among March sales rose sharply at department stores and increased at some other outlets that sell non- INDUSTRIAL PRODUCTION durable goods primarily. Dealer deliveries of new 1957-59 = TOO autos remained at the advanced rate of recent months, and sales of other durable goods in- ~" TOTAL S***^ ~ — P R F O IN D A U L C T S /N S ^- ' — ~ ~ * ~ •* ^ '» ' '* ~ creased further. COMMODITY PRICES ~~ **«' MATERIALS ~~ The wholesale commodity price index was stable from mid-March to mid-April, after declining about .5 per cent from January. Prices of live- NONDURABLE stock and meats changed little after mid-March, - MANUFACTURES ^ J ^^ — CONSUMER Jf^~J>^ - GOODS - ^^ following sharp decreases that accounted for much of the decline in the total index. Prices of most '- *s*' \j DURABLE - _/ EQUIPMENT _ industrial commodities—sensitive materials as well MANUFACTURES i t 1 1 as finished products—remained stable. On April 9 1963 1959 one producer announced price increases for some Federal Reserve indexes, seasonally adjusted. Monthly fig- steel products. «res, latest shown are for April. 480 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 481 BANK CREDIT, MONEY SUPPLY, AND RESERVES securities. Required reserves and excess reserves declined. Member bank borrowings from the Fed- Seasonally adjusted commercial bank credit rose eral Reserve were reduced slightly. $2.7 billion further in March, a larger amount than in most other recent months. Bank holdings of U. S. Government securities rose substantially, SECURITY MARKETS and holdings of other securities and loans also Yields on all maturities of U. S. Government continued to increase. Between the second half securities rose slightly between mid-March and of February and the second half of March the mid-April while yields on State and local governmoney supply rose somewhat. Time and savings ment bonds declined moderately and those on deposits at commercial banks increased $1.4 bil- corporate bonds changed little. Rates on 3-month lion, about as much as in other recent months. Treasury bills in mid-April were about 2.90 per Total reserves declined by less than the usual cent. amount in March. Reserves were absorbed prin- Common stock prices rose sharply, and trading cipally through an outflow of currency and were activity increased. In mid-April prices were at a supplied through an increase in float and through new high for this year and were about 5 per cent Federal Reserve purchases of U. S. Government below the December 1961 peak. INTEREST RATES RETAIL TRADE '957-59 = 100 RETAIL SALES DEPARTMENT STORES — TOTAL LESS J — STOCKS,,.-* ! I ! ! ._. Discount rate, range or level for all F. R. Banks. Weekly Federal Reserve indexes; retail sales based on Department of average market yields for U. S. Government bonds maturing Commerce data. Seasonally adjusted figures; latest for stocks in 10 years or more and for 90-day Treasury bills. Latest is February, for other series March. figures shown are for week ending April 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated IPC Individuals, partnerships, and corporations c Corrected A Assets p Preliminary L Liabilities r Revised rp Revised preliminary S Financial sources of funds: net change in liabilities I, H, U Financial uses of funds: net acquisitions of in, iv Quarters assets n.a. Not available n.c.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 Apr. 1963 542-550 Banking and monetary statistics, 1962 { gj£ }^ 394I95 Semiannually Banks and branches, number of, by class and Banking offices: State Apr. 1%3 551-52 Analysis of changes in number of Feb. 1963 266 On, and not on, Federal Reserve Par List Income and expenses: number of. Feb. 1963 267 Federal Reserve Banks Feb. 1963 264-65 Member banks: Ca.endar.ear {J£ gg ««I Annually Operating ratios Apr. 1963 553-55 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 482 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 484 Reserve Bank discount rates; margin requirements; reserve requirements 488 Federal Reserve Banks. 490 Bank debits; currency in circulation 492 Money supply; banks and the monetary system 494 Commercial and mutual savings banks, by classes 496 Commercial banks, by classes. 500 Weekly reporting member banks. 502 Business loans 505 Interest rates 506 Security prices; stock market credit; open market paper 507 Savings institutions 508 Federal finance; Federally sponsored credit agencies 510 Security issues 515 Business finance 519 Real estate credit 521 Consumer credit 524 Industrial production 528 Business activity 532 Construction 532 Employment and earnings 534 Department stores 536 Foreign trade 537 Wholesale and consumer prices. 538 National product and income series. 540 Flow of funds, saving and investment. 542 Number of banks and branches in operation on December 31, 1962 551 Member bank operating ratios, 1962. 553 Guide to tabular presentation. 482 Index to statistical tables. 579 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). 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 BANK RESERVES AND RELATED ITEMS APRIL 1963 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve i"unds F. R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a r r i t o e d U. S. Govt. securities Dis- Gold c u u r r y - r C e i n u n c r- y Tr u e r a y s- with r F es . e R rv . e B s, anks O F. t h R e . r reserves Total Bo r o i u u g g h t- h t t R m c a e h g e p a r n u e s t e e r s - - c v o a a a n u n d c d n - e ts s Float i t T al o - 2 stock s o t i a n u n g t- d- c t c u i i o l r a n - - h i o n l g d s - Tr u e r a y s- F ei o g r n - Other i co a u c n - ts B F W a . n i R t k h . s c r C e o a n n i u n c d r y - 3 Total Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933 June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 g 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950 Dec 20,345 20,336 9 142 J 11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,26227,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,49628,412 20,563 5.230 32,371 691 470 262 337 [,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,4?629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960—Dec 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 [,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 1,112 17,259 2,859 20,118 1962 Mar .... 28,570 28,524 46 156 1,29330,063 16,707 5,588 32,996 439 448 215 272 1,049 16,939 2,611 19,550 Apr 29,143 29,015 128 134 1,31730,634 16,564 5,588 33,235 428 485 220 350 985 17,083 2,640 19,723 May 29,503 29,457 46 128 1,32630,991 16,456 5,594 33,327 419 551 221 351 1,048 17,122 2,701 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 1,73631,475 16,310 5,602 33,989 398 490 273 312 654 17,272 2,771 20,043 Aug 30,088 30,074 14 143 1,33031,600 16,136 5,598 33,962 405 524 200 335 764 17,144 2,780 19,924 Sept 29,921 29,865 56 91 1,76031,807 16,079 5,548 34,004 398 500 211 296 799 17,227 2,807 20,034 Oct 30,241 30,178 63 76 1,705 32,057 16,050 5,552 34,111 404 517 216 320 710 17,382 2,823 20,205 Nov ... 30,195 30,064 131 129 1,69432,053 15,978 5,552 34,584 401 472 202 293 925 16,706 2 898 19,604 Dec 30,546 30,474 72 305 2,29833,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Jan 30 198 30,148 50 101 2,27832,663 15,950 5,568 34,574 422 777 226 299 976 16,909 3,126 20,035 Feb 30,541 30,355 186 181 32,287 15,922 5,567r34,230 '437 832 208 305 11,041 16,724 2,857 19,581 Mar 30,613 30,507 106 185 .62632,477 15,878 5,576 34,429 448 878 188 185 1,095 16,707 2,806 19,513 Week ending— 1962 Feb 7 28,588 28,588 122 J .11729,873 16,804 5,584 32,776 460 359 223 277 1,042 17,125 2,573 19,698 14 28,575 28,575 120 1,05029,791 16,789 5,585 32,888 448 444 197 252 1,022 16,914 2,606 19,520 21 28,090 28,062 28 122 1,65529,913 16,790 5,586 32,870 447 433 197 274 1,163 16,904 2,676 19,580 28 28 285 28 285 108 1 34029 778 16 790 5,588 32,857 439 470 227 285 I 15616 721 2 764 19,485 Mar 7 28,433 28,419 14 156 1,33929,974 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 1,25229,917 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 1,44630,176 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 Anr 4 29,150 28,996 154 140 1,02930,361 16,609 5,591 33,050 433 400 220 351 1,025 17,080 2,583 19,663 li.::::::: 29,281 29,134 147 125 1,15630,603 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 1,41230,622 16,585 5,584 33.356 425 480 204 364 960 17,002 2,684 19,686 25 29,033 28,882 151 150 1,50030,722 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 ?4531,025 16,490 5,594 33,267 419 502 224 372 956 17,369 2,483 19,852 16 29,532 29,511 21 129 1,27630,970 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 4345,594 33 331 418 524 208 344 1 13017 0072 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 31,115 16,435 5,602 33,663 402 503 211 339 1,056 16,976 2,662 19,638 20 29,433 29,356 77 180 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 87 216 1,668 31,236 16,433 5,600 33,584 396 550 343 266 886 17,244 2,818 20,062 July 4 29,884 29,707 177 153 1,498 31,597 16,435 5,600 33,863 391 533 330 290 699 17,527 2,713 20,240 11 29,962 29,870 92 81 1 62731,729 16,412 5,602 34,155 394 452 294 301 700 17,447 2,694 20,141 18 29,304 29,304 178 2,039 31,561 16,298 5,601 34,091 388 496 315 298 607 17 265 2 829 20,094 25 29,230 29,230 74 1,968 31,315 16,269 5,603 33,901 404 551 221 317 641 17,152 2,850 20,002 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 BANK RESERVES AND RELATED ITEMS 485 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other Treas- than member bank Member bank P d e o r a i r t o e d U To . t S a . l G B o o o v u u t g . t - h se t cu R c r e i h t p a ie u s s e r- c D o a a i u n d s n d - - ts Float t T al o - 2 s G to o c ld k r s c o e t u i a u n n u r n g r y c t - - d y - r c C t e c u i i n u i o n l r c a r n - - y - T h c i r u o n e a r l g a s y d h s s - - Tre w a i s t - h r F es F . e o R r r v . - e s B , a O n th k e s r i c O F o t a . u h c n e - t R r s . F W . i R th . re r C s e e u n r r c v - y es Tota right vances ury eign Banks and coin 3 Averages of daily figures Week ending;— 1962 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 29,902 29,890 171 1,684 31,795 16,147 5,597 34,003 397 553 189 325 827 17,247 2,763 20,010 29 30,019 30,019 92 1,287 31,433 16,112 5,601 33,870 404 502 192 314 820 17,044 2,870 19,914 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 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 ,416 16,067 5,555 34,102 410 513 243 314 751 17,706 2,627 20,333 17. 30,480 30,385 95 82 1,'633 32,229 16,067 5,551 34,256 397 480 214 336 717 17,445 2,861 20,306 24. 29,931 29,931 67 2,083 32,116 16,052 5,551 34,115 398 519 211 315 684 17,476 2,882 20,358 31. 29,888 29,853 35 91 1,475 31,491 16,006 5,552 34,042 406 541 207 311 672 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 1,300 31,868 15,978 5,550 34,560 401 523 216 309 798 16,589 2,828 19,417 21. 30,104 30,044 60 105 2,056 32,299 15,978 5,550 34,684 394 464 193 289 1,020 16,783 2,902 19,685 28. 30,012 29,994 18 103 2,109 32,259 15,978 5,551 34,803 400 488 214 262 1,023 16,597 3,033 19,630 Dec. 5..... 30,411 30,223 188 93 1,,832 32,373 15,977 5,556 34,860 390 500 207 315 1,068 16,565 2,964 19,529 12 30,698 30,603 95 109 1,,755 32,629 15,977 5,559 35,226 402 478 207 268 1,068 16,517 3,010 19,527 19 30,493 30,493 "ii 164 2,443 33,163 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. 30,22" 30,227 80 2,: ,784 15,963 5,563 34,694 412 767 232 298 980 16,927 3,173 20,100 23. 29,898 29,898 172 2,307 32,464 15,928 5,567 34,361 429 823 225 281 960 16,881 3,034 19,915 30. 30,123 29,975 148 101 1,615 31,916 15,928 5,571 34,080 432 837 220 297 966 16,583 3,028 19,611 Feb. 6. 30,540 30,235 305 225 ,358 32,194 15,928 5,569 34,107 421 783 206 297 971 16,907 2,777 19,684 13. 30,786 30,447 339 165 ,319 32,330 15,928 5,563 34,263 427 838 212 298 959 16,825 2,799 19,624 20. 30,392 30,337 55 157 ,702 32,312 15,928 5,566 34,293 444 901 187 310 1,086 16,586 2,926 19,512 27. 30,405 30,361 44 159 ,595 32,219 15,913 5,570 34,228 454 801 230 314 1,125 16,550 2,927 19,477 Mar. 6 30,552 30,402 150 172 ,66532,444 15,878 5,573 34,282 448 856 188 213 1,135 16,772 2,745 19,517 13 30,651 30,528 123 168 ,52732,402 15,877 5,576 34,454 450 783 191 181 1,114 16,682 2,740 19,422 20 30,430 30,430 87 ,872 3"2,441 15,878 5,577 34,511 448 845 180 191 1,073 16,648 2,857 19,505 27 30,635 30,519 116 271 1,59832,555 15,878 5,576 34,415 451 1,014 186 174 1,078 16,690*2,908^19,598 End of month 1963 Jan 30,289 30,110 179 87 1,51131,959 15,928 5,569 34,093 406 821 197 327 968 16,644 3,250 19,894 Feb 3 3 0 0 , , 9 5 6 8 3 6 3 3 0 0 , ,3 8 9 0 1 5 1 15 9 8 5 2 2 0 0 1 9 1 1 , , 3 7 6 5 9 9 3 3 2 2 , , 5 6 8 0 5 8 21 1 5 5 , , 8 8 7 7 8 8 5 5 , 5 5 7 7 8 3 ' 3 3 4 4 , , 2 4 8 9 6 1 P 4 4 2 3 8 5 9 8 0 4 9 1 2 1 0 9 1 2 3 1 2 8 2 8 1 1 , ,0 1 6 4 9 0 1 16 6 , , 7 8 4 5 8 0 '2 3 , , 5 2 8 4 4 2 2* 2 1 0 9 , , 0 3 9 3 2 2 Mar Wednesday 1963 30,960 30,466 494 251 1,145 32,425 15,928 5,571 34,177 433 836 196 297 980 17,006 2,929 19,935 Feb. 6........ 30,746 30,433 313 164 967 31,936 15,928 5,562 34,331 436 800 206 311 905 16,437 3,106 19,543 30,527 30,394 133 403 ,639 32,627 15,928 5,567 34,288 459 908 190 311 ,113 16,854 3,217 20,071 13... 30,498 30,361 137 124 ,454 32,133 15,878 5,572 34,235 461 759 222 271 ,139 16,496 3,259 19,755 20 Mar. 2 2 2 1 7 6 7 0 3 3 3 3 30 0 0 0 , , , , 6 5 5 5 3 6 5 5 7 4 4 2 3 3 3 3 0 0 0 0 , , , , 5 5 4 5 1 3 6 5 3 3 8 4 3 8 1 4 2 2 1 2 9 1 5 4 9 2 9 , , , , 2 5 4 5 2 6 3 1 3 4 5 8 3 3 3 3 2 2 2 2 , , , , 2 1 3 2 3 3 2 5 3 3 7 3 1 1 1 1 5 5 5 5 , , , , 8 8 8 8 7 7 7 7 8 8 8 8 5 5 5 5 , , , , 5 5 5 5 7 7 7 7 5 7 8 4 3 3 3 3 4 4 4 4 , , , , 3 5 4 4 8 1 4 8 1 3 0 4 4 4 4 4 5 6 4 6 3 0 0 2 7 8 8 8 5 3 9 5 1 7 6 7 1 1 1 1 7 8 8 8 1 4 4 4 1 1 1 1 9 8 8 9 1 9 4 8 , , , , 0 0 0 1 6 7 7 2 7 5 4 9 1 1 1 1 6 6 6 6 , , , , 5 5 4 4 0 5 1 9 5 0 0 4 ' 3 3 2 3 , , , , 1 0 8 1 3 9 8 5 8 4 7 3 • 1 1 1 1 9 9 9 9 , , , , 6 6 3 5 4 4 4 9 4 3 7 7 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

486 BANK RESERVES AND RELATED ITEMS APRIL 1963 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B F r i a o . n a n w g t R k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e re - d Excess B F r i a o n . a n w R g t k s . - s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B F r i a o n . a n w g t R k s - . s s F e r r r e e v - e e s 1929—June. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June. 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941_Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 5, 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64! -61 1952—Dec 21,180 20,457 723 ,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 i 15 -16 1955—Dec. 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 85 -77 1958—Dec. 18,89r 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 39 -31 1959—Dec. 18,93: 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 1960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 -4 1961—Dec. 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22j — 22 1962—Mar.. 19,550 19,077 473 91 382 3,693 3,705 -12 12 -24 964 949 15 2l| -6 A M p a r y .. . 1 1 9 9 , , 7 8 2 2 3 3 1 1 9 9 , , 2 3 1 2 3 0 5 50 1 3 0 6 6 9 3 4 4 4 4 1 0 3 3, , 7 7 2 5 4 2 3 3, , 7 6 1 9 3 2 6 1 0 1 1 1 0 5 1 0 0 9 9 4 9 0 0 9 9 5 8 3 3 -13 7 l\ -20 3 June. 19,924 19,433 491 100 391 3,781 3,774 7 19 -1 976 977 -1 _3 July.. 20,043 19,514 529 89 440 3,766 3,732 34 16 18 1,000 989 10 2 6 S A e u p g t. . . . 2 1 0 9 , , 0 9 3 2 4 4 1 19 9 , , 5 3 7 5 9 8 4 5 5 6 5 6 1 8 2 0 7 4 3 3 7 9 5 3 3, , 7 7 1 0 8 9 3 3, , 7 6 2 8 3 4 - 2 4 4 1 1 7 5 — 19 1 1, , 0 0 2 1 1 7 1 1 , , 0 0 1 2 3 2 -1 4 1 4 8 - - 1 1 4 0 Oct... 20,205 19,721 484 65 419 3,774 3,736 38 4 34 1,036 1,032 5 91 -1 D N e o c v . .. 2 1 0 9 , , 0 6 4 0 0 4 1 19 9 , , 4 0 6 1 8 2 5 57 9 : 2 3 1 0 1 4 9 4 2 7 6 3 8 3 3 , , 6 8 2 6 7 3 3 3 , , 8 6 1 0 7 1 2 4 7 6 10 1 8 4 -6: 13 1 1 , , 0 0 0 4 ' : " 1 1 , , 0 0 0 3 1 5 6 7 .51 -11 "7 1963—Jan... 20,035 19,552 483 99 384 3,857 3,840 18 13 1,038 1,037 -6 Feb.. 19,581 19,109 47: 17: 300 3,721 3,704 17 -25 1,016 1,012 j -11 Mar.. *>19,513'19,090 *423 155 *3,752 *3,734 v — 9 l009 *>l,008 Week ending— 1962—Mar. 7. 19,484 19,038 446 90 356 3,700 3,694 6 8 962 955 -1 14. 19,348 18,870 478 53 425 3,648 3,632 16 16 932 936 -5 21. 19,665 19,181 484 133 351 3,754 3,759 c 13 -18 95( 952 -62 28. 19,648 19,189 459 86 373 3,748 3,735 13 23 960 958 -15 Oct. 3. 20,17- 19,728 446 63 383 3,810 3,785 25 6 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 14 -22 1,035 1,035 -9 24. 20,358 19,853 505 56 44! 3,772 3,755 18 3 15 1,041 1,042 — 2 31. 19,807 19,353 45- 79 375 3,735 3,675 61 6 1,01 1,009 Nov. 7. 19,55S 19,010 549 158 391 3,667 3,655 18 — 6 1,017 1,012 35 14. 19,417 18,846 571 144 42' 3,561 3,541 20 9 11 977 974 13 21. 19,685 19,078 607 93 51' 3,598 3,593 < 32 2' 1,01. 1,008 28. 19,630 19,080 550 95 455 3,658 3,598 60 60 1,01 1,008 Dec 5. 19,529 19,149 380 92 288 3,658 3,678 -20 11 -3 1,011 1,011 2 -2 12. 19,527 19,081 446 107 339 3,708 3,669 39 5 34 998 991 4 3 19. 19,953 19,438 515 163 352 3,840 3,826 14 39 -25 1,032 1,034 3 -4 26. 20,325 19,764 561 307 254 3,971 3,92f 4! 126 1,07- 1,065 4 5 1963—Jan. 2. 21,079 20,045 1,03- 71 320 4,180 4,030 14! 299 150 1,102 1,092 65 -55 9. 20,296 19,858 438 63 375 3,973 3,934 39 39 1,063 1,056 2 6 16. 20,100 19,579 52 79 44: 3,816 3,818 1,028 1,029 12 -12 23. 19,91 19,429 486 170 31- 3,81 3,793 18 1,030 1,025 9 -3 30. 19,61 19,180 43 99 332 3,75 3,746 1 1,01" 1,017 7 5 Feb. 6. 19,684 19,227 45' 223 234 3,785 3,777 8 -46 l,03C 1,024 15 -9 13. 19,624 19,121 503 165 33! 3,707 3,683 24 i,or 1,008 44 -41 20. 19,51 19,087 425 157 26! 3,699 3,682 1 -34 1,006 1 4 27. 19,47 19,010 467 129 338 3,69 3,682 10 -2- 1 1 , , 0 0 1 04 1,009 -5 Mar. 6. 19,51 19,12 396 14: 254 3,746 3,740 -3C 1,03: 1,022 9 13. 19,42 18,933 48! 13' 35: 3,696 3,66^ 99C 994 2i\ -30 20. 19,50: 19,129 376 5' 31' 3,775 3,773 1,02: 1,011 11 27. *19,59! 1913 24: J>22: 3,75" 3,730 -1 l01 1,012 112 -108 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 BANK RESERVES AND RELATED ITEMS 487 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued [In millions of dollars] Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess Banks reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 — 30 1939—Dec 3 140 1,953 1 188 1,188 1 568 897 671 3 668 1941_Dec 4,317 3,014 1,303 1 1,302 2 210 1,406 804 4 800 1945_Dec. . 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5 756 5 161 596 88 508 1952—Dec. 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7 962 7,877 85 184 -99 5 901 5 307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5 716 5 220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5 859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7 940 7,883 57 254 -198 5 849 5 419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6 020 5,569 450 213 237 1960—Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—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 Aug 8,182 8,129 52 47 5 7,017 6,531 486 45 441 Sept 8,189 8,166 23 26 o 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 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 25 80 —55 6,899 6,474 425 35 390 Mar... *7,936 *>7,916 50 J>6,816 *6,433 40 Week ending— 1962—Mar. 7 8,041 8,022 19 34 -15 6,782 6,367 415 40 375 14 8,014 7,958 57 27 30 6,753 6,344 409 25 384 21 8,151 8,111 40 19 21 6,801 6,359 442 32 410 28 8,174 8,134 41 24 17 6,766 6,363 403 22 381 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 26... 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 7,105 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 6,451 436 25 411 Mar. 6 7,940 7,910 31 70 -39 6,800 6,449 350 36 314 13 7,897 7,854 42 50 -8 6,840 6,417 423 41 382 20 7,938 7,915 23 20 3 6,769 6,430 338 30 308 27 . 7,969 7,951 18 50 -32 *6,862 39 1 This total excludes, and that in the preceding table includes, $51 Nov. 1959; thereafter on closing figures for balances with F. R. Banks million in balances of unlicensed banks. and opening figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each NOTE.—Averages of daily figures. Beginning with Jan. 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

488 DISCOUNT RATES APRIL 1963 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 13 3 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Mar. 31 date rate Mar. 31 date rate Mar. 31 date rate Boston Aug. 23, 1960 Aug. 23,1960 Aug. 23,1960 4* New York... Aug. 12,1960 Aug. 12,1960 June 10,1960 Philadelphia.. Aug. 19,1960 Aug. 19,1960 Aug. 19,1960 5 Cleveland Aug. 12, 1960 Aug. 12,1960 Aug. 12,1960 Richmond... Aug. 12,1960 Aug. 12,1960 Aug. 12,1960 f 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 AUB-£:: 1 : 9 : 5 : 0 Nov. 1 1 9 5 57_Cont. 1933 1% Dec. 2 Mar. 3 4 1953 1958 Jan. 16 Jan. 22 M^y 26;;;'.'.'.'.;.'.'.;'.'.'. 24 Oct. 20 23 Mar. 7 1954 13 1934 Feb. 5 21 Feb. 2 18 15 Apr. 18 Mar. 16 Apr. 14 May 9 16 Aug. 15 1935 May 21 Sept. 12 Jan. 11 23 May 14 1955 Oct. 24 Nov. 7 1937 **&:::: Aug. 27 1 -2 May 2 1959 Sept. 4 1 -1 Mar. 6 Aug. 4 16 1942 May 29 3 -? Apr. 11 1 12;;;.*; June 12 Oct. 15 III" Sept- if::::: Sept. 11 30 18 Nov. 18 1946 1960 Apr. 25 23 June 3 May 10 1956 10 f 1948 *Au*g- • ! & ?: : : : :: : : : Aug. 1 1 2 4 , Jan. 12 1 2 Sept. 9 19 1957 Aug. 13 Aug. 9 1963 23 23 In effect Mar. 31., l Preferential rate of Vi 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

APRIL 1963 RESERVE REQUIREMENTS 489 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits 2 Time deposits Effective date Time deposit Central Ja 1 n 9 . 3 6 1, Ja 1 n 9 . 5 7 1, Ja 1 n 9 . 6 2 1, Effective date b C re a e c s n n i e k t t r y s r v a e :" l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i e n e t r d r y v v e e C ba t o r n u y k n s - Savings deposits held for: banks 1 year or more } 2* 3 { t* Less than 1 year In effect Dec. 31, 1948.. 26 V/2 Postal savings deposits held for: 1 year or more } >* 3 { k 1949—May 1,5 24 21 15 7 Less than 1 year June 30, July 1.. 20 14 6 Aug. 1,11 191/2 13 Other time deposits payable in: l Aug. 16, 18 23 19 12 1 year or more } 2K 3 Aug. 25 221/2 181/2 6 months-1 year Sept. 1 22 18 90 days-6 months 1951—Jan. 11, 16 23 19 13 Less than 90 days 1 Jan. 25, Feb. 1. 24 20 14 1953—July 1,9 22 19 13 1954—June 16, 24 21 1 For exceptions with respect to foreign time deposits, see Oct. 1962 July 29, Aug. 1 . 20 18 BULL., p. 1279. 1958—Feb. 27, Mar. 1. 191/2 17i/2 NOTE.—Maximum rates that may be paid by member banks as estab- Mar. 20, Apr. 1. 19 17 lished by the Board of Governors under provisions of Regulation Q. Apr. 17 I81/2 Under this Regulation the rate payable by a member bank may not in Apr. 24 18 I6V2 any event exceed the maximum rate payable by State banks or trust com- 1960—Sept. 1 17i/2 panies on like deposits under the laws of the State in which the member Nov. 24 bank is located. Effective Feb. 1, 1936, maximum rates that may be Dec. 1 I61/2 paid by insured nonmember commercial banks, as established by the FDIC, have been the same as those in effect for member banks. 1962—Oct. 25, Nov. 1. Maximum rate payable on all types of time and savings deposits: Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% In effect Apr. 1, 1963 16 V2 per cent. MARGIN REQUIREMENTS Present legal requirement: Minimum 7 (Per cent of market value) Maximum 14 Effective date 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes Regulation at central reserve or reserve city banks. Oct. 16, July 28, July 10, 2 Demand deposits subject to reserve requirements are gross demand 1958 1960 1962 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 2l/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 m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k b l s er Y N o e r w k C o i f ty Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Feb. 6, 1963 Four weeks ending Mar. 6, 1963 Gross demand : Gross demand: Total 131,313 25,644 6,374 50,073 49,223 Total 129,038 25,047 6,297 49,259 48,434 Interbank 14,466 4,403 1,212 7,068 1,783 Interbank 13,955 4,265 1,210 6,817 1,663 U. S. Govt 3,830 832 222 1,411 1,365 U. S. Govt 5,354 1,098 304 2.117 1,836 Other 113,017 20,409 4,940 41,593 46,075 Other 109,729 19,685 4,783 40^25 44,935 Net demand 1 109,091 20,598 5,441 41,102 42,051 Net demand 1 106,995 20,023 5.352 40.237 41,384 Time 81,152 9,621 3,144 31,272 37,115 Time 82,323 9,823 3; 207 3i;702 37,592 Demand balances due Demand balances due from domestic banks.. 7,196 132 97 1,981 4,986 from domestic banks. , 7,036 133 1.967 4,838 Currency and coin 3,002 243 41 914 1,805 Currency and coin , 2.849 234 40 872 1,702 Balances with F. R. Balances with F. R. Banks 16,825 3,549 986 7,132 5,158 Banks 16.684 3.477 975 7,060 5,173 Total reserves held 19,827 3,792 1,027 8,046 6,963 Total reserves held 19,533 3,711 1,015 7,932 6,875 Required 19,354 3,784 ;,023 8,016 6,531 Required 19.085 3.697 1,011 7,907 6,470 Excess 473 8 4 30 432 Excess 448 14 25 405 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

490 FEDERAL RESERVE BANKS APRIL 1963 CONSOLIDATED STATEMENT OF CONDITION (In millions of dollars) Wednesday End of month 1963 1963 1962 Mar. 27 Mar. 20 Mar. 13 Mar. 6 Feb. 27 Mar. Feb. Mar. Assets Gold certificate account 14 338 14,317 14,327 14,332 14,332 14,338 14,332 15,196 Redemption fund for F. R. notes 1,268 1,268 1,264 1,263 1,263 1,268 1,263 1,140 Total gold certificate reserves.... 15,606 15,585 15,591 15,595 15,595 15,606 15,595 16,336 Cash 394 399 399 406 408 407 418 423 Discounts and advances: Member bank borrowings 194 129 64 182 94 171 179 50 Other 30 30 35 30 30 30 30 65 Acceptances—Bought outright 49 50 52 54 57 52 54 42 Held under repurchase agreement. ... U. S. Govt. securities: Bought outright: Bills 2,252 2,293 2,430 2,435 2,328 2,466 2,358 2,985 Certificates Special Other. ... 13 580 13,580 13,580 13,580 13,580 13,580 13,580 4,972 Notes 10,410 10,410 10,319 10,289 10,289 10,475 10,289 16,903 Bonds 4,271 4,271 4,204 4,164 4,164 4,284 4,164 4,076 Total bought outright . . 30 513 30 554 30 533 30,468 30,361 30,805 30,391 28,936 Held under repurchase agreement 124 31 84 137 158 195 125 Total U. S. Govt. securities... 30,637 30,554 30,564 30,552 30,498 30,963 30,586 29,061 Total loans and securities.... 30,910 30,763 30,715 30,818 30,679 31,216 30,849 29,218 Cash items in process of collection 4,902 6,546 5,493 5,107 5,394 4,548 5,416 3,932 Bank premises 103 104 104 104 105 103 104 108 Other assets: Denominated in foreign currencies 94 94 94 95 93 94 93 84 All other 291 271 262 241 218 310 223 281 Total assets 52,300 53,762 52,658 52,366 52,492 52,284 52,698 50,382 Liabilities F. R. notes 29,424 29,474 29,501 29,392 29,249 29,483 29,276 28,007 Deposits: Member bank reserves 16,410 16,505 16,550 16,494 16,496 16,748 16,850 16,972 U. S. Treasurer—General account 851 896 737 857 759 909 841 403 Foreign 184 171 184 184 222 201 192 221 Other 189 191 184 198 271 188 322 356 Total deposits 17,634 17,763 17,655 17,733 17,748 18,046 18,205 17,952 Deferred availability cash items 3,679 4,982 3,975 3,672 3,940 3,179 3,657 2,926 Other liabilities and accrued dividends 69 67 69 67 70 71 72 71 Total liabilities. 50,806 52,286 51,200 50,864 51,007 50,779 51,210 48,956 Capital Accounts Capital paid in 478 477 475 474 474 478 474 453 Surplus 934 934 934 934 934 934 934 888 Other capital accounts 82 65 49 94 77 93 80 85 Total liabilities and capital accounts 52,300 53,762 52,658 52,366 52,492 52,284 52,698 50,382 Contingent liability on acceptances purchased for foreign correspondents 83 83 84 84 84 83 84 100 U. S. Govt. securities held in custody for foreign account 7,341 7,288 7,206 7,133 7,115 7,277 7,079 5,762 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 31,246 31,296 31,324 31,301 31,343 31,207 31,324 29,658 Collateral held against notes outstanding: Gold certificate account 7,283 7,373 7,373 7,368 7,388 7,283 7,388 8,035 Eligible paper 26 12 16 43 30 7 11 8 U S Govt securities 25,360 25,360 25,330 25,280 25,280 25,360 25,280 23,205 Total collateral 32,669 32,745 32,719 32,691 32,698 32,650 32,679 31,248 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 FEDERAL RESERVE BANKS 491 STATEMENT OF CONDITION OF EACH BANK ON MARCH 31, 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 - Lo S u t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold, certificate account 14,338 737 3,767 774 1,133 928 735 2,363 509 318 653 577 1,844 Redemption fund for F. R. notes.... 1,268 72 304 72 113 99 74 228 52 28 51 39 136 Total gold certificate reserves 15,606 809 4,071 846 1,246 1,027 809 2,591 561 346 704 616 1,980 F. R. notes of other Banks 451 33 96 43 37 25 65 32 12 29 12 29 38 407 30 66 25 36 32 36 71 19 9 13 14 56 Discounts and advances: Secured by U. S. Govt. securities... 171 38 62 2 1 24 5 27 4 5 3 Other 30 1 8 2 3 1 2 4 1 1 1 2 Acceptances: Bought outright 52 52 Held under repurchase agreement . U.S. Govt. securities: Bought outright 30,805 1,544 7,575 1,701 2,570 2,064 1,722 5,198 1,258 643 1,319 1,266 3,945 Held under repurchase agreement.. 158 158 Total loans and securities 31,216 1,583 7,855 1,705 2,574 2,089 1,729 5,229 1,259 648 1,325 1,271 3,949 Cash items in process of collection... 5,748 406 1,139 321 478 405 408 919 230 167 290 268 717 Bank premises 103 3 8 3 7 5 14 23 6 4 7 12 11 Other assets: Denominated in foreign currencies. 94 5 125 6 9 4 5 13 3 2 4 5 13 All other 310 14 74 16 32 21 18 51 13 7 14 13 37 Total assets 53,935 2,883 13,334 2,965 4,419 3,608 3,084 8,929 2,103 1,212 2,369 2,228 6,801 Liabilities F R notes 29,934 1,765 7,168 1,800 2,601 2,423 1,702 5,425 1,257 567 1,194 882 3,150 Deposits: Member banks reserves 16,748 614 4,608 747 1,239 690 916 2,455 530 429 819 964 2,737 U. S. Treasurer—General account.. 909 68 136 67 59 77 41 95 69 49 64 67 117 Foreign 201 9 2 65 11 17 9 10 26 6 4 8 11 25 Other 188 * 125 1 2 4 1 1 1 1 1 1 50 Total deoosits . . 18,046 691 4,934 826 1,317 780 968 2,577 606 483 892 1,043 2,929 Deferred availability cash items 4,379 352 808 250 357 328 327 701 186 126 216 215 513 Other liabilities and accrued dividends. 71 4 19 3 6 4 4 12 3 1 3 3 9 Total liabilities 52,430 2,812 12,929 2,879 4,281 3,535 3,001 8,715 2,052 1,177 2,305 2,143 6,601 Capital Accounts Capital paid in 478 23 129 27 44 23 27 67 16 11 20 27 64 Surplus 934 44 251 54 87 44 51 132 32 22 40 53 124 93 4 25 5 7 6 5 15 3 2 4 5 12 Total liabilities and capital accounts.. 53,935 2,883 13,334 2,965 4,419 3,608 3,084 8,929 2,103 1,212 2,369 2,228 6,801 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Mar 31 1963 32.5 32.9 33.6 32.2 31.8 32.1 30.3 32.4 30.1 33.0 33.7 32.0 32.6 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 Mar 31 1962 35.2 32.7 34.2 35.1 34.5 38.7 32.5 35.4 34.4 35.4 35.1 33.3 38.4 Contingent liability on acceptances purchased for foreign correspond- 83 4 3 22 5 8 4 4 12 3 2 3 5 11 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 31,207 1,829 7,455 1,871 2,780 2,543 1,769 5,553 1,313 654 1,226 936 3,278 Collateral held against notes outstanding: Gold certificate account 7,283 443 1,600 465 580 650 400 1,400 310 130 290 215 800 Elifiible r>at>er ... .. 7 2 5 U. S. Govt. securities 25,360 1,434 6,000 1,500 2,250 1,976 1,450 4,500 1,100 550 1,000 800 2,800 Total collateral .. . . 32,650 1,877 7,600 1,967 2,830 2,626 1,850 5,900 1,410 680 1,295 1,015 3,600 1 After deducting $69 million participations of other F. R. Banks. 3 After deducting $61 million participations of other F. R. Banks. 2 After deducting $136 million participations of other F. R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BANKS; BANK DEBITS APRIL 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 Mar. 27 Mar. 20 Mar. 13 Mar. 6 Feb. 27 Mar. Feb. Mar. Discounts and advances—Total 224 159 99 212 124 201 209 115 Within 15 days 191 127 67 181 92 169 178 49 16 days to 90 days 33 32 32 31 32 32 31 51 91 days to 1 year 15 Acceptances—Total 49 50 52 54 57 52 54 42 Within 15 days 13 14 16 16 18 14 17 11 16 days to 90 days 36 36 36 38 39 38 37 31 U.S. Government securities—Total 30,637 30,554 30,564 30,552 30,498 30,963 30,586 29,061 Within 15 daysi 520 529 568 558 546 517 462 434 16 days to 90 days 4,603 4,507 4,564 4,657 4,657 4,717 4,681 3,832 91 days to 1 year 12,328 12,332 12,404 12,379 12,337 12,464 12,485 11,854 Over 1 year to 5 years 10,838 10,838 10,726 10,687 10,687 10,917 10,687 10,438 Over 5 years to 10 years 2,183 2,183 2,137 2,114 2,114 2,183 2,114 2,237 Over 10 years 165 165 165 157 157 165 157 266 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U. S. dollar equivalents) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an g N u l e a i t n l h d d e e s r r - s f S ra w n i c ss s 1962—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 1 31 1 15 Oct.. 214 40 127 1 31 10 Nov. 154 30 77 1 31 11 4 Dec. 81 36 2 1 27 11 4 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand dep(5sit accounts i Annual rate of turnover (billions ofdollars) 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 6 others * 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 .... m m 21.8 23.7 1957. 2,356.8 888.5 489.3 ....... 979.0 49.5 ..... 30.4 .... 23.0 25.1 1958. 2,439.8 958.7 487.4 993.6 53.6 t # 30.0 •... # t 22.9 24.9 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 m ^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—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 57.9 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 59.0 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 57.4 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 60.9 63.7 111.3 115.6 88.9 93,7 43.4 44.4 27 7 28.5 31.3 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 42.7 40.4 28.3 27.1 32.2 30.6 Mar.. 306.4 128.Q 133.0 61.6 62.5 112.7 110.9 85.8 88.4 P43. 1 *45.6 ^28.2 J»28.3 0 P32.7 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

APRIL 1963 U. S. CURRENCY 493 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation 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 44 1 355 2 731 2 545 3 044 724 1 433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8 438 2 422 5 043 368 588 4 12 1955 31,158 22,021 1,927 I 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 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—Feb 32,880 23,530 2,562 1,477 91 2,178 6,644 10,579 9,350 2,791 6,017 239 296 3 5 Mar 33,018 23,651 2,580 1,484 91 2,188 6,686 10,622 9,367 2,795 6,032 238 294 3 5 Apr 33,159 23,742 2,612 1,497 92 2,190 6,680 10,670 9,418 2,812 6,066 238 294 3 5 May 33,518 24,057 2,637 1,515 93 2,225 6,789 10,798 9,461 2,831 6,089 238 295 3 5 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 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 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 1,524 95 2,217 6,723 10,899 9,879 2,937 6,407 239 289 3 4 Feb . . 34,286 24,385 2,773 I M9 95 2,219 6,788 10,991 9,902 2,939 6?427 239 289 3 4 i Outside Treasury and F. R. Banks. Before 1955 the totals shown as 2 Paper currency only; $1 silver coins reported under coin. in circulation were less than totals of coin and paper currency shown by denomination by amounts of unassorted currency (not shown separately). NOTE.—Condensed from Circulation Statement of United States Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation i Total out- Held bv Kind of currency standing As security For F. R." Feb. 28, against F. R. Banks 1963 gold and Treasury Banks and Feb. 28 Jan. 31, Feb. 28, silver cash and Agents 1963 ' 1963 1962 certificates Agents Gold 15,878 (15,595) 2 283 Gold certificates (15,595) 3 J2,779 2,816 F R notes . .. 31,324 78 2,046 29,200 29,015 27,833 Treasury currency—Total 5,573 (2,151) 67 420 5,086 5,077 5,047 Standard silver dollars . 486 36 52 8 391 387 348 Silver bullion 2,115 2,115 Silver certificates (2,151) 317 1,833 1,844 1,939 Subsidiary silver coin 1,78 s' 8 54 1.724 1,716 1,601 U iM n i i n t o ed r c S o t i a n t es . notes 6 3 6 4 8 7 2 5 3I 6 3 5 1 8 0 6 3 5 0 6 3 6 3 1 1 3 0 In process of retirement 4 171 * 170 171 236 Total—Feb 28, 1963 5 52,775 (17,745) 428 12,779 5,282 34 286 Jan 31 1963 5 53,093 (17,849) 406 12 844 5 750 34 093 Feb 28, 1962 5 52,205 (18,845) 425 13,714 5,186 32,880 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. 485. 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

494 MONEY SUPPLY APRIL 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 D d e e m po a s n it d jus a t d e - d i Total c C om ur p r o en n c e y nt D d e e m po a s n it d ju a s d te - d1 d d e e p m o a si n t d s1 component component 1955—Dec 135.2 27.8 107.4 50.2 138.6 28.4 110.2 49.6 3.4 1956—Dec 136.9 28.2 108.7 52.1 140.3 28.8 111.5 51.4 3.4 1957—Dec 135.9 28.3 107.5 57.5 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.2 28.6 112.6 65.5 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.0 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec. 141.2 28.9 112.2 72.7 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.7 29.6 116.1 82.5 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 1962—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.* 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 Mar.P. . 148.9 31.1 117.8 101.8 147.4 30.7 116.7 101.7 5.9 Half month 1962—Dec. 1 147.5 30.6 116.9 97.0 150.5 31.2 119.4 96.1 5.0 2 14B.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 2 148.4 30.9 117.4 100.8 146.7 30.4 116.2 100.3 6.5 Mar. 1 149.0 31.0 118.0 101.3 147.9 30.8 117.1 101.2 5.2 148.8 31.1 117.6 102.2 146.9 30.7 116.2 102.1 6.6 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Time U.S. Week Time U.S. ending— Total C c u o n r m e r n e p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju ep a st d o e - s d it 1 s d d e G e p m o o a v s n i t t . d s1 ending— Total C c u o n r m e r n e p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju ep a st d o e - s d it 1 s de G p o os v i t ts1 1961—Dec. 6., 147.2 30.0 117.2 81.6 5.4 1962—Dec. 149.1 30.9 118.1 95.8 6.3 13., 148.8 30.2 118.7 81.7 3.5 150.7 31.2 119.5 96.2 4.5 20., 150.7 30.2 120.5 81.7 4.1 152.6 31.2 121.4 96.6 4.5 27., 149.5 30.4 119.1 81.9 6.1 152.2 31.4 120.8 96.9 6.4 1962—Jan. 3. 152.1 30.0 122.2 82.3 6.0 1963—Jan. 153.4 30.9 122.6 97.5 6.8 10., 149.7 29.9 119.7 82.8 4.6 152.4 31.0 121.5 97.8 6.0 17., 149.5 29.6 119.9 83.5 3.1 152.7 30.6 122.1 98.3 4.2 24. 148.1 29.3 118.8 83.9 2.9 151.5 30.4 121.1 98.7 4.2 31. 147.4 29.0 118.3 84.3 3.8 150.1 30.1 120.0 99.0 4.1 Feb. 7. 146.9 29.4 117.6 84.8 4.7 Feb. 6. 150.3 30.5 119.9 99.3 4.8 14. 146.3 29.5 116.9 85.3 3.7 13. 149.6 30.6 119.0 99.8 4.8 21. 144.1 29.4 114.8 85.6 5.1 20. 147.6 30.5 117.1 100.1 6.1 28. 143.7 29.2 114.4 86.0 5.1 27. 146.3 30.4 115.8 100.4 6.6 Mar. 7., 144.4 29.6 114.8 86.6 5.0 Mar. 6. 147.4 30.7 116.7 100.8 6.4 14. 145.0 29.6 115.3 87.2 3.2 13. 148.0 30.9 117.2 101.4 4.5 21. 145.0 29.6 115.4 87.4 4.9 20. 148.4 30.8 117.7 101.8 4.9 28. 142.8 29.4 113.4 88.0 6.8 27. 146.1 30.6 115.5 102.1 7.2 143.7 29.6 114.0 88.4 6.1 Apr. 3. Apr- 145.5 30.0 115.5 88.8 3.7 10. 18. 147.4 29.8 117.6 88.9 2.5 17. 1 At all commercial banks. the U. S. Govt., less cash items in process of collection and F. R. float; (2) foreign demand balances at F. R. Banks; and (3) currency outside the NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL., Treasury, the F. R. S., and the vaults of all commercial banks. Time pp. 941-51. Money supply consists of (1) demand deposits at all com- deposits adjusted are time deposits at all commercial banks other than mercial banks other than those due to domestic commercial banks and those due to domestic commercial banks and the U. S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 BANKS AND THE MONETARY SYSTEM 495 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit a T s o se ta ts l , Treas- netury U. S. Government securities Total Capital Date cur- liabil- Total and Gold s r t o e i a n u n n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s r e i t t c h ie u e s - r ca i a n p t n i e i e t d t s al, c d u e r a p r n e o d n si c t y s c m o n a u i c e n s - t c ts . , 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 l947_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—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. 30P. 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 5,600 306,900 169,000 102,300 71,200 30,500 600 35,600 328,400 297,900 30,500 Mar. 27*. 15,900 5,600 308,800 170,300 102,100 70,900 30,600 600 36,400 330,200 300,000 30,200 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted J Not seasonally adjusted Time 3 U. S. Government Date Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n - d s - d i t 2 s Total o b r u C e a t n u n s c i r k d - y s e j d u m e s D p a t a e d o e n d - s - d i t 2 s Total m b C e a o r n m c k ia s - l b M sa a v n u i k t n u s g a s 4 l S P a S t o e v y s m i s t n - a g l s n e F i e o g t r n - 5 , T h c i r u o n a e r l g s a y d h s s - - sa c m a c v o A n i e i m a n d t r l g - - s B F A a .R n t k . s banks 1929—June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933—June 30.... 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939—Dec. 30.... 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2,409 846 634 1941 Dec 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945 Dec. 31 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2141 2,287 24,608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,4U 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1959—Dec. 31.... 140,200 28,200 112,000 144,824 29,422 115,402 101,779 65,884 34,947 948 $,203 391 5,319 504 1960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Mar. 28.... 144,000 29,200 114,800 141,900 28,900 113,000 127,600 87,700 39,200 600 1,300 400 6,500 500 Apr. 25.... 145,800 29,200 116,600 145,800 28,900 116,900 128,400 88,600 39,200 600 1,300 400 4,200 600 May 30 143,500 29,200 114,300 141,900 29,300 112,600 130,000 90,100 39,300 600 1,300 400 7,500 600 June 30 143,300 29,300 114,000 142,522 30,433 112,089 132,106 91,734 39,791 581 1,508 379 9,841 612 July 25.... 144,300 29,400 114,900 144,200 29,500 114,700 132,600 92,000 40,000 600 1,300 400 5,800 600 Aug. 29*... 142,900 29,300 113,600 141,600 29,500 112,100 133,800 93,100 40,200 600 1,200 400 7,700 500 Sept. 26*... 144,400 29,300 115,100 143,500 29,400 114,100 135,200 94,000 40,600 600 1,300 400 8,300 500 Oct. 31*... 145,100 29,400 115,700 146,800 29,700 117,100 136,400 95,000 40,800 600 1,200 400 6,600 500 Nov. 28*... 145,700 29,600 116,100 147,600 30,100 117,500 136,800 95,300 41,000 500 1,200 400 6,200 600 Dec. 26*... 147,300 29,500 117,800 152,400 30,700 121,700 138,600 96,700 41,400 500 1,400 400 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 1,300 400 4,500 800 Feb. 27 r*.. 147,000 30,200 116,800 146,200 29,800 116,400 142,800 100,300 41,900 500 1,200 500 6,500 800 Mar. 27*... 147,600 30,400 117,200 145,300 30,000 115,300 144,800 102,000 42,300 500 1,200 400 7,400 900 1 Series began in 1946; data are available only for last Wed. of the month. NOTE.—Includes all commercial and mutual savings banks, F. R. Banks, For description of series and back data see Feb. 1960 BULL., pp. 133-36. Postal Savings System, and Treasury currency funds (the gold account, 2 Other than interbank and U. S. Govt, less cash items in process of Treasury currency account, and Exchange Stabilization Fund). collection. For description of statement and back figures (except for seasonally 3 Other than interbank, Treasurer's open account, and those of Postal adjusted money supply), see Jan. 1948 BULL., pp. 24-43, except that Savings System in banks. stock of F. R. Banks held by member banks is included in other securities * Before June 30, 1947, includes a small amount of demand deposits. and in capital and misc. accounts, net, and balances of the PSS and the Beginning with June 1961 includes amounts reported by insured mutual ESF with the Treasury are netted against capital and misc. accounts, net. savings banks as demand deposits, previously reported as time deposits Except on call dates, figures are partly estimated and are rounded to or other liabilities. nearest $100 million. 5 Reclassification of deposits of foreign central banks in May 1961 reduced this item by $1,900 million ($1,500 million to time and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 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 U S .S e . curities a C ss a e s t h s1 b c T a i a l l o p i i n a t t i d i a - t e a l s l Total i I D n e t - erbank *• Dema O nd ther B r i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N b b a u o n e m f r ks - Govt. Other co a u c n - ts2 mand Time U.S. Other Time 3 Govt. All 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... 40,227 30,362 10011,288 8,57735,415 [77,333322 165,612 14,065 105,935 45,613 227 10,54214,553 1947__Dec. 31 *.. 34,924 43,002 81,19910,723 3388,388 ]7..5,,.0.9.1. 161,86512,793 240 1,346 94,381 53,105 66 11,94814,714 I960—Dec. 31... 138,623 44,764 67,24226,61753,022 298,126 226666,19617,080 1,800 5,949 133,408107,959 167 24,53913,986 1961—Dec. 30... 156,700 .54,318 72,715 2"9",66757,368 321 394 287,17617,914 482 5,952141,979120,848 482 26,22713,946 1962—Mar. 28... 257,520 55,460 70,960 31 100 45560 310.230 273,72013,750 510 6,260 125980127,220 2,420 2647013,930 June 30... 263,542 60,123 70,722 32697 49,612 320' 285,186 .4,400 526 9,559 845131,855 796 27 036 13,934 July 25... 263,570 59,920 70,460 33 190 45440 316!200 279,680 .3,830 520 5,530 510132,290 1,930 26880 13,931 Aug. 29*.. 265,700 61,980 70,160 33 560 45,480 318!280 280,310 .3,840 510 7,450 124,960 133,550 2,750 27 100 13,932 Sept. 26*.. 269,080 64,640 70,560 33 880 47,480 323!770 286,170 .4,530 510 8,090128,160 134,880 2,610 27 250 13,928 Oct. 31*.. 272,380 66,480 71,600 3430050,:560 330;280 292,250 .5,260 510 6,330 134,030 136,120 2,780 27450 13,925 Nov. 28*.. 273,310 67,240 71,53034540 48 280 328;870 290,500 5,190 520 5,990 132^90 136,510 2,500 27;630 13,938 Dec. 26*.. 279,440 72,480 72,000 34960 49 440 336;;410 297,560 5,160 510 6,780 136J60 138,350 3,220 27720: 1963—Jan. 30*>. . 276,750 69,490 72,070 35 190 46540 331 060 292,62014,100 520 4,220 132,980 140,800 2,670 27;790:.,... Feb. 27 r*. 278,660 71,890 71,170 35600 48 120 334550 295,00014,140 520 6,300 " '" 142,500 3,070 28;000 13,954 Mar. 27*.. 280,360 73,140 70,870 36;350 46; 180 334370 294,900'3,800 520 7,190 144,550 3,100 28;06013,962 Commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31... 24,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 314.. 16,284 38,057 69,221 9,006 37,502 155,377 144,10312,792 240 1,343 94,367 35,360 6510,05914,181 I960—Dec. 31... 99,509 .17,642 61,,0 00303 20,864 52,150 257,552 229,84317,079 1,799 5,945133,379 71,641 163 20,98613,472 1961—Dec. 30... 115,441 .24,925 66,57823,937 56,432278,561 248,68917,914 481 5,946141,920 82,429 47122,45913,432 1962—Mar. 28... 215,180125,380 64,440 25,360 44,680266,340234,43013,750 510 6,260 125,920 87,990 2,420 22. 13,417 June 30... 220,670129,193 64,443 27,034 48,728 276220 245,29814,400 525 554128,785 92,034 786 23! 13,422 July 25... 220,410128,730 6"4 ,180 27;500 44,600 271520 239,, 6401.3.,.8.3 0. 520 530 127r,450 92,310 1,930 23 i020 13,419 Aug. 29*.. 222,140130,430 63,850 27;860 44,670 273 230 240,050 13,840 510 450 124^900 93,350 2,750 23,200 13,421 Sept. 26*.. 225,270132,840 64,250 28 180 46,630 278400 245 ,4~80~14,530 510 090 128,100 94,250 2,610 23,330 13,417 Oct. 31*., 228,460134,400 65,450 28 610 49,690 284790 251,37015,260 510 330 133,970 95,300 2,780 23,560 13,414 Nov. 28*., 229,060134,840 65,400 28,820 47,450 283 110 249,48015,190 520 990 132,230 95,550 2,500 23,680 13,427 Dec. 26*. 234,970139,860 65,870 29,240 48,520 290 340 256,14015,160 510 780 136,700 96,990 3,220 23,780 13,432 1963—Jan. 30*., 231,840136,420 65,920 29.500 45,730 284610 2501,86014,100 520 220 132,920 99,100 2,670 23,840 13,440 Feb. 27*., 233,430138,500 64,990 29;940 47,250287,730 253,02014,140 520 300 131 480 100,580 3,070 24,010 13,443 Mar. 27*., 234,700139,450 64,570 30, 52013,800 520 190128,780102,230 3,100 24.050 13,451 Member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,070 2-9,845 138,304 1[2299,67013,576 64 222,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845132,060122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1960—Dec. 31... 165,619 99,933 49,10616,579 45,756 221166,577193,02916,436 1,639 5,287112,393 57,272 130 17,398 6,174 1961—Dec. 30.. 179,599106,23" 54,05819,308 49 579 235,112209,63017,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Mar. 28.. 179,254106,600 52,036 20,61839,091244,114196,59513,209 335 5,631 105,552 71,868 2,38018,785 6,085 June 30.. 183,497109,212 52,06522;219 42. 232,359 206, 13,796 351 8,734 108,014 75,16: 73519,179 6,070 July 25... 183,008108,767 51,612 22 629 39; 227 806 200; 13,241 347 106,611 75,331 1,87019,060 6,062 Aug. 29.. 184,398110,331 51,149 22918 39,107 229,231200 13,232 338 104,280 76,122 2,68219,212 6,060 Sept. 26*., 186,641112,240 51,27123130 40,877233279 204 13,878 337 284 106,702 76,794 2,58519,281 6,053 Oct. 31*. 189,420113,711 52,238 23 471 43;686 239 009 210 14,577 339 700 112,045 77,667 2,72219,466 6,054 Nov. 28*. 189,619113,865 52,097 23 657 41 564 237 050208,25914,502 343 110,181 77,932 2,42319,546 6,056 Dec. 26*. 195,195118,524 52,62524,046 42,541243,824 214,41214,442 340 114,220 79,245 3,15719,635 6,049 1963—Jan. 30*. 192,301115,289 52,749 24. 40,024 238,56:209,58913,449 341 110,954 81,060 2,61419,697 6,046 Feb. 27*. 193,694117,075 51,984 24; 41,471241,407 211,52513,501 347 109,730 82,280 3,03319,819 6,042 Mar. 27*. 194,88'117,883 51,719 25 39,685240,835211,14613,186 345 107,402 83,690 3,04219,851 6,039 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. 31*. 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 I960—Dec. 31... 39,11 27,122 6,239 5,752 872 40,574 36,353 36,318 3,553 514 1961—Dec. 30.. 41,259 29,393 6,136 5,730 936 42,833 38,487 38,420 3,768 514 1962—Mar. 28... 42,340 30,080 6,520 5,740 880 43,890 39,290 39,230 3,840 513 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 3,860 511 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. 26*. 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'* 45,230 33,390 6,180 5,660 870 46,820 41,980 41,920 3,990 511 Mar. 27*. 45,660 33,690 6,300 5,670 870 47,270 42,380 42,320 4,010 511 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 497 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s1 c b T a i a l l p o i i n a t i t d i t - a e a l s l Total i Interbank 1 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e f m k r s - G U o .S v . t. Other co a u c n - ts2 m D a e n - d Time U.S. Time Govt. Other Reserve city member banks: New York City: 5 1941—Dec 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 I960—Dec. 31 27,726 18,465 6,980 2,28210,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—Dec. 30 30,297 19,535 7,862 2,90011,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Mar. 28 29,650 19,494 6,826 3,330 8,480 40,147 32,496 3,885 209 1,255 19,481 7,666 1,073 3,689 13 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 3,819 100,491 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 Mar. 27* 32.533 20,950 7,096 4,487 7,987 42,652 34,794 3,913 214 1,385 19,320 9,962 1,117 3,904 16 City of Chicago: 5 1941—Dec. 31.. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31.. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31.. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 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—Dec. 30.. 7,606 4,626 2,041 940 2,603 10,383 9,283 ,624 369 5,268 2,008 35 870 9 1962— Mar. 28 7,652 4,503 2,183 966 1,788 9,613 8,208 ,194 323 4,383 2,292 329 870 9 June 30 7,937 4,672 1,936 1,329 1,893 10,009 8,810 ,128 546 4,520 2,598 34 894 9 July 25 7,765 4,510 1,907 1,348 1,860 9,795 8,584 ,203 256 4,489 2,619 75 890 9 Aug. 29 (old basis) 7,883 4,570 1,923 1,390 1,801 9,852 8,580 ,193 361 4,353 2,656 117 895 9 Aug. 29 (new basis) 8,201 4,761 2,001 1,439 1,870 10,247 8,934 ,201 384 4,554 2,778 122 925 12 Sept. 26* 8,293 4,879 2,028 1,386 1,997 10,469 9,087 ,243 440 4,569 2,820 163 930 12 Oct. 31*. 8,552 4,961 2,175 1,416 2,073 10,815 9,380 ,281 366 4,826 2,892 267 944 12 Nov. 28*.. ..... 8,456 5,029 2,025 1,402 2,102 10,738 9,450 ,326 279 4,879 2,951 66 941 12 Dec. 26* 8,911 5,340 2,163 1,408 2,010 11,115 9,686 ,268 418 4,953 3,033 224 951 13 1963—Jan. 30*.. 8,682 5,101 2,217 1,364 1,969 10,860 9,481 ,140 218 4,956 3,152 132 956 13 Feb. 27* 8,901 5,348 2,232 1,321 1,982 11,092 9,594 ,194 309 4,872 3,204 235 955 13 Mar, 27* 9,138 5,376 2,440 1,322 1,899 11,260 9,410 ,155 427 4,619 3,198 596 957 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,"3 96' 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1960—Dec. 31.... 62,953 40.002 17,396 5,5..5 418,668 83,464 75,067 7,989 326 1,960 42,,226677 2"2,525 73 6,423 217 1961—Dec. 30 68,565 42,379 19,748 6,438 20,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—Mar. 28 68,635 42,713 18,840 7,08216,089 86,762 77,084 6,678 73 2,213 39,74328,377 836 7,087 206 June 30 70,145 43,824 18,627 7,694 17,602 89,885 80,631 6,622 75 3,670 40,601 2"9 ,663 240 7,201 206 July 25 70,305 43,969 18,482 7,85416,409 88,886 78,686 6,633 79 1,927 40,367 29,680 1,159 7,181 207 Aug. 29 (old basis) 70,333 44,540 17,987 7,80616,180 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 29,772 938 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 42,339 3300,546 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 Mar. 27?' 72,850 46,821 17,420 8,60916,603 91,622 81,320 6,561 72 2,605 39,69832,384 1,082 7,315 189 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 2,40810,632 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 28,378 1144,560 23 2,934 6,519 I960—Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 ,778 1,783 43,39529,011 23 6,599 5,932 1961—Dec. 30 73,131 39,693 24,407 9,03115,595 90,376 81,646 ,925 1,641 46,21131,832 40 7,088 5,885 1962—Mar. 28 73,317 39,890 24,187 9,24012,734 87,592 78,807 ,452 1,840 41,94533,533 142 7,139 5,857 June 30...... 75,019 41,492 23,843 9,68513,806 90,555 81,577 ,529 2,601 42,596 34,803 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 5,833 Aug. 29 76,510 41,902 24,620 9,98813,184 91,177 81,995 ,541 2,380 42, ,483 282 7,339 5,838 Sept. 26*.... 77,919 42,738 25,01310,16813,495 92,992 83,929 ,635 2,546 43,820 35,880 100 7,394 5,832 Oct. 31*.... 78,665 42,902 25,43210,33114,076 94,316 84;965 ,711 1,984 44,937 36,285 230 7,479 5,833 Nov. 28 J".... 79,528 43,506 25,63810,38413,718 94,801 85,286 ,739 2,194 45,085 36,220 206 7,555 5,833 Dec. 26*.... 80,240 44,274 25,52010,44613,968 95,828 86,389 ,806 1,951 46,07136,513 237 7,580 5,828 1963—Jan. 30*.... 79,758 43,847 25,38010,53113,152 94,612 85,208 ,635 1,398 45,002 37,125 222 7,581 5,827 Feb. 27* 80,176 44,441 25,06310,67213,480 95,372 85,864 ,600 2,014 44,560 37,642 159 7,662 5,824 Mar. 27*•. . . 80,363 44,736 24,76310,86413,196 95,301 85,622 1,557 2,106 43,76538,146 247 7,675 5,821 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 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 .S e . curities as C s a e s ts h i c b T a i a l l o p i i n a t t i d i a t - e a l s l Total i I D n e t - erbank l 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 t t a l s l jN b b a o u n e f m r ks - Govt. Other cou a n c- ts 2 mand Time U. S. Other Time Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 2299,876 215 8,67113,297 1947_Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 2,615 54 1,325 92,97534,882 61 9,73413,398 1959—Dec. 31.. 188,790 10,299 58,34820,143 49,158 242,828 218,474 5,500 1,358 5,037130,720 65,858 60219,20613,107 1960—Dec. 31.. 198,011 17,092 60,46820,451 51,836 255,669 228,401 6,921 1,667 5,932 132,533 7711,348 149 20,62813,119 1961—Dec. 30.. 213,904 24,348 66,02623,531 56,086 276,600 247,176 7,737 333 5,934 141,05082,122 ,08913,108 1962—June 30.. 219,163 28,613 63,92126,630 48,415 274,318 243,856 4,235 388 9,5291279,9—0 91,714 773 22,81013,104 Dec. 28.. 234,243 39,449 65,89128,903 53,702 295,093 260,609 5,844 402 6,815140,16997,380 3,584 23,71213,119 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78C4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,54119,278 45 5,409 5,005 1959—Dec. 31.. 102,615 59,962 31,761 0,892 27,464 132,636 119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 I960—Dec. 31.. 107,546 63,694 32,712 1,140 28,675 139,261 124,911 9,829 611 3,265 71,660 3399,546 11111,098 4,530 1961—Dec. 30.. 116,402 67,309 36,088 3,006 31,078 150,809 135,511 0,359 104 3,315 76,29245,441 22511,875 4,513 1962—June 30.. 119,241 69,771 34,508 4,962 26,860 149,559 133,728 8,154 123 5,424 69,256 5500,770 37912,243 4,500 Dec. 28.. 127,254 75,548 35,663 6,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 1,63612,750 4,505 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 | 621 13,874 4,025 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1959—Dec. 31.. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 I960—Dec. 31.. 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 1,644 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,30321,716 213 6,763 1,600 1962—June 30.. 64,256 39,442 17,557 7,257 15,993 82,800 72,329 5,641 227 3,310 38,7"5""8 "2'4,392 355 6,936 1,570 Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,924 25,983 1,914 7,104 1,544 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,70: 129 53 4,16: 3,360 6 959 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 7 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 7 1,271 6,478 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73: 13,059 21 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,14014,095 19 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 24 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 38 3,633 7,036 Dec. 28.. 38,557 20,811 12,93: 4,814 6,276 45,61~ 41,142 535 729 22,17017,664 34 3,870 7,072 Noninsured nonmember commercial bank: 1941—Dec. 31.. 1,45 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 51 2,768 2,452 181 1,905 365 279 714 1947—Dec. 314. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1959—Dec. 31.. ,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—Dec. 31.. ,498 550 535 413 31 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30.. ,536 57 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—June 30.. ,506 580 523 404 313 cl,901 1,442 165 137 795 320 372 C317 Dec. 28.. ,584 65' 534 392 346 2,009 1,513 164 133 872 330 371 308 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,43 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 f 18,454 5,432 11,318 1,703 4,659 23,33' 21,591 439 190 167 13,758 7,036 1,596 7,261 1959—Dec. 31. 32,419 16,068 12,134 4,216 5,96 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 1960—Dec. 31. 33,910 17,719 11,904 4,28^ 6,396 40,997 36,83- 643 160 657 20,98614,388 3,590 7,300 1961—Dec. 30. 35,856 18,700 12,525 4,63 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 Dec. 28. 40,14' 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,04217,994 4,240 7,380 Insured mutual savings banks: 1941—Dec. 31. 1,693 642 629 42 15 1,958 1,789 1,789 164 52 1945—Dec. 31. 10,846 3,08 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31. 12,683 3,560 8,165 958 671 13,499 12,207 1212,192 1,252 194 1959—Dec. 31. 30,580 20,942 5,01 4,622 686 31,743 28,577 28 28,544 2,654 268 1960—Dec. 31. 33,794 23,852 4,787 5,155 766 35,092 31,502 29 31,468 2,998 325 1961—Dec. 30. 35,660 25,812 4,690 5,158 821 37,065 33,400 256 33,137 3,191 330 1962—June 30. 36,989 27,179 4,708 5,102 779 38,366 34,58 27534,300 3,259 331 Dec. 28. 38,597 28,778 4,639 5,180 784 39,95 36,104 26'35,827 3,343 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 499 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 i c b T a i a l l o p i i n a t t i d i a - t e a l s l Total 1 Interbank * Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e f m r ks - G U o .S v . t. Other cou ac n - ts2 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 1959 Dec 31.. 6,981 4,184 1,848 949 143 7,200 6,405 6,404 1 705 249 I960—Dec 31 5,320 3,270 1,453 597 107 5,481 4,850 4,850 555 189 1961 Dec 30 5,600 3,581 1,446 572 108 5,768 5,087 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 Dec 28 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 1 608 180 1 Reciprocal balances excluded beginning with 1942. Reclassification NOTE.—Data are for all commercial and mutual savings banks ia 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 495. 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 reclassincation of New York City and city of by changes in F. R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962. For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962 BULL., p. 993. Figures are partly estimated except on call dates. 6 See note 6, Oct. 1962 BULL., p. 1315. For revisions in series before June 30, 1947, see July 1947 BULL., pp. 870-71. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i Loans1 Total i Loans1 G U o .S v . t. Other G U o . v S 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 I960 194.5 114.2 59.6 20.7 198.5 116.7 61.0 20.9 1961 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962?2 227.6 134.8 63.8 29.0 233.1 138.0 65.9 29.2 1962—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 Sentp 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 Novv 225.8 132.3 64.4 29.1 226.7 132.4 65 4 28 8 Decp2 .... 227.6 134.8 63.8 29.0 233.1 138.0 65.9 29.2 1963—Jan P 228.8 134.9 64.3 29.6 229.0 133.6 65.9 29.5 Feb P 232.2 137.0 65.1 30.1 230.3 135.4 65.0 29.9 Mar P 234.9 138.0 66.4 30.5 231.8 136.6 64.6 30.7 1 Adjusted to exclude interbank loans. NOTE.—Data are for last Wed. of month (except for June 30 and 2 Data for Dec. are estimates for Dec. 31, 1962. Dec. 31 call dates). For description of seasonally adjusted series and back data, see July 1962 BULL., pp. 797-802. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 COMMERCIAL BANKS APRIL 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans * Investments For To Class Oi lo T a o n t s a l 1 C m o e m r- - p o s r u e r c c c a u h r r a r it s y i i i e n n s g g in f s in ti a t n u c ti i o a n l s Other U. S. s e G cu o r v i e ti r e n s ment State b c a a n ll k d a a n te d i m n a v e n e n d s t t s - Total 2 d t a c i r u n i n i s a - a - d l l A c tu u a g l r l - r - i- ot T he o rsba T n o ks ot T h o ers R t e a e s t - a e l u v i d i t n a d o i - l - - s Other Total Bills c C t a i e f t i e r - s - Notes Bonds s g r l a o e i o t n c c i v u a e d t s l - . O r se i t t c h ie u e s - r Total: 2 1947—Dec. 31. 116,284 38,057 18.,1671,660 830 1,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,276 3,729 1960—Dec. 31. 199,509117,642 43,125 5,676 3,284 1,833 966 7,106 28,713 26,396 2,901 <61,003 8,072 2,92019,013 30,99817,570 35294 1961—Dec. 30. 215,441124,925 45,172 6,248 4,056 2,134 1,033 7,31130,3320 27,847 3,412 6"6,;5:78 11,488 2,114 26;336 26,64120,3453,592 1962—June 30. 220,670129,193 45,909 6,8013,254 2,005 1,474 7,22132,0036 29,444 3.713 64L,-443 8,320 3,,629 266,041 453 2"3,165 3.869 Dec. 28. 235,839140,106 48,6737,097 5,144 2,131 2,578 8i459 34J259 30^53 3^09 66,434 11,674 3,,932 233,841 987 24J755 4,543 All insured: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 88,912 2,455 19,07116,045 51,342 3,—873 3',258 1947—Dec. 31. 114,274 37,58318,"0 1^2 1,610 8~2"3 "1",1 9"0" 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 196O-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,.8 68 30,.722 300 3,150 1961—Dec. 30. 213,904124,348 44,965 6 ,2~1"1 4',0 3'0" 2,107 1,027 7,296 30,211 27,708 3,396 66,02611,356 2,098 26,145 26,426 20,068 3,462 1962—June 30. 219,163128,613 45,717 6,766 3,234 1,981 1,469 7,200 31,915 29,299 3,692 63,921 8,226 ,886 26,231 883 3,747 Dec. 28. 234,243139,449 48,458 7,060 5,119 2,103 2,551 8,434 34,123 30,402 3,890 65,89111,514 3,'916 23,715 267,"4'6 24,547 4,356 Member, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,057 7788,338 2,27516,98514,27144,807 3,,254 2,815 1947—Dec. 31. 97,846 32,62816,962 1,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4'5",295 4, ,199 3,105 1960—Dec. 31. 165,619 99,933 39,288 3,509 3,124 947 6,726 22,518 21,622 2,694 49,106 6,402 2,296 15,072 25,335 14,1412,439 1961-—Dec. 30. 179,599106,232 40,931 1,014 6,893 23,987 22,852 3,198 54,058 9,229 1,842 21,,390 21,59816,691 2,617 1962—June 30. 183,497109,2 1,453 6,789 25,362 24,006 3,480 52,065 6,467 2,984 21,367 21.247 1199,321 2,899 Dec. 28. 195,698118,637 43,843 4,419 4,954 2,445 7,936 27,162 24,799 3,657 52,968 8,862 3,24919,443 21,414 20,773 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 2,453 1,172 26 80 287 27217,574 477 3,433 3,325 10,339 606 629 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 18,465 10,876 10 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 19,535 11,278 231,956 467 376 1,711 934 2,—072 1,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—June 30.. 30,396 19,224 1100,980 10 1,512 409 568 1,774 1,084 2,075 1,321 7,659 1,989 492 2,931 2,247 3,158 355 Dec. 28.. 32,989 21,954 11,943 17 2,766 425 572 2,087 1,329 2,143 1,196 7,017 1,998 508 2,488 2,023 3,585 432 City of Chicago: 3 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1960—Dec. 31.. 7,050 4,485 2,690 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 1,527 508 6,467 295 751 5,421 956 820 1945_Dec. 31.. 40,108 8.514 3,661 205 427 1,503 17 1,459 855 387 2199,552 1,034 6,982 5,63315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 373 2,358 1,901 15,563 1,342 1,053 1960—Dec. 31.. 62,953 40,002 16,223 887 719 739 351 3,216 9,005 8,721 909 17,396 2,031 794 5,461 9,111 4,817 738 1961—Dec. 30.. 68,565 42,37916,879 1,076 976 784 470 3,261 9,590 9,172 998 19,748 3,020 741 8,605 7,382 5,710 727 1962—June 30.. 70,145 43,882244 1177,;077 1,184 888 727 556 3,148 10,272 9,682 1,12918,627 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 18,398 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 4 1,881 707' 359 26,999 630 5,102 4,544 166,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,108 17,687 2,006 1,262 I960-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 6,752 1,308 2961—Dec. 30.. 73,131 39,69310,1652,811 591 438 116 1,251 13,24211,132 75124,407 3,614 566 9,560 10,667 7,530 ,500 1962—June 30.. 75,019 41,49210,7193,007 424 416 240 1,256 13,72811,792 732 2"33,843 2,667 1,075 9,405 10,696 8,146 ,539 Dec. 28.. 80,623 44,69811,299 3,187 728 447 764 1,563 14,44112,273 826 255,425 4,144 1,223 8,849 11,209 8,6941,807 Nonmember: 2 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1960—Dec. 31.. 33,910 17,719 3,838 M67 161 269 19 379 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 19 418 6.341 4,995 214 12,525 2,259 272 4,947 5,046 3,655 976 1962-June 30.. 37 188 19,989 4.474 2'.580 165 306 22 431 6 682 5,439 23312.383 1,853 645 4,675 5,210 3,845 971 Dec. 28.. 40,141 21,469 4,,830 2,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,9821,224 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; leserve 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

APRIL 1963 COMMERCIAL BANKS 501 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l l n a l k s s a d n a o t c f I e B s F w e a R . i r e n t v R - k e h . s s r C c a e u o n n r i d c - n y b m a a w e B d n i s a n o c l t t k - e - i h s s c 4 j p m u o D a d a s s e e d t n i - - e - t d d s 5 me D s I o t n - i t c e 4 rba e F n i o g k r n - ^ G U o . v S t . . S g l a t o o n c a v d a t t l e . c C h c o e a f e e e f r t i n c r f t c e i d s k i . - d ' s - , IPC I b n a t n er k - P G U o S i a o . s a n n v S t g v d t a . s - . l S l g a o t o n c a v d a t t l e . IPC B r i o o n w r g - - s C C O c a l t t i c m - ts 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 65 10,059 1960—Dec.31.... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 16320986 1961—Dec.30.... 16,918 3,689 14,169122,654 HJ,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 471 22459 1962—June 30.... 16,839 3,185 11,799114,043 i:,185 1,215 9,554 11,814 4,437 112,534 525 300 6,341 85,393 78623183 Dec. 28.... 17,680 4,252 13,099124,342 U\,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,991 3,62724094 All insured: 1941—Dec.31.... 12,396 1,358 8,570 37,845 S>,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6844 1945—Dec.31.... 15,810 ,829 11,075 74,722 i:>,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9734 1960—Dec. 31.... 16,720 3,326 13,409114,292 If5,339 1,582 5,932 11,582 4,564 116,388 1,667 262 4 481 66,605 14920628 1961—Dec.30.... 16,918 3,670 13,871121,671 1(>,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222089 1962—J D u e n c. e 2 3 8 0 . . . . . . . . 1 1 6 7 , ,6 83 8 9 0 4 3 , , 2 16 3 8 2 1 1 2 1 , , 7 5 9 2 5 41 1 1 23 3 ,3 1 6 3 1 6 I u :1 t , , 0 5 5 7 3 9 1 1, , 2 1 6 8 5 2 9 6 , , 5 8 2 1 9 5 1 1 1 1 ,9 7 9 2 1 7 4 4, , 3 4 9 3 0 4 H 12 I 3 , ,7 8 4 7 4 4 4 3 0 8 2 8 2 3 6 0 9 0 6 6 2 3 9 9 0 7 9 8 0 5 , , 7 1 1 2 4 4 3, 7 5 7 8 3 4 2 2 2 37 8 1 1 2 0 Member, total 1941—Dec.31.... 12,396 1,087 6,246 33 754 9,714 671 1,709 3 066 1,009 33,061 140 50 418 11 878 4 5886 1945—Dec.31.... 15,811 1,438 7,117 64 184 12,333 1,24322 179 4 240 2,450 62,950 64 99 399 23 712 208 7589 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 8464 1960—Dec. 31.... 16,720 2,518 8 582 94 594 14,875 1,561 5,287 c9016 4,244 99,134 1,639 237 3 559 53 477 13017398 1961—Dec.30.... 16918 2,813 8 724100660 15,924 1,270 5 381 9 487 4,654 105 454 303 260 4 371 62 526 438 18638 1962—June 30.... 16 839 2,399 7,182 93 555 12,633 1,163 8,734 9 107 4,080 94,826 351 274 5 096 69 793 735 19179 Dec. 28.... 17 680 3,263 7 897101 528 14,071 1,237 6 086 9 270 4,083 104 646 358 243 5 158 74 3163,55019854 New York City:* 1 1 9 9 4 4 1 5 — _ D D e e c c . . 3 3 1 1 . . . . . . . . 4 5 0 1 1 0 5 5 1 9 1 3 1 1 7 4 8 1 1 1 0 5 7 0 6 6 1 5 J *, , 5 5 3 9 5 5 1, 6 1 0 0 7 5 69 8 4 6 0 6 2 3 3 1 7 9 1, 4 3 5 3 0 8 1 1 1 5 ,2 7 8 1 2 2 1 6 7 10 2 2 9 0 12 7 0 7 6 8 "l95 I6 1 4 2 8 0 1947—Dec. 31.... 4 639 151 70 16653 J.236 1,217 267 290 1,105 17,646 12 12 14 1418 30 259 1960—Dec.31.... 3 398 199 147 15 352 4,105 1,184 1 217 305 2,476 19051 1,216 27 203 3 976 3554 1961—Dec.30.... 3 286 240 143 17089 4,330 967 1267 333 2,583 20,213 191 38 162 6 735 283 3683 1962—June30.... 3 495 165 106 15796 3,643 874 1918 327 2,390 17,580 210 53 221 7 824 381 3761 Dec. 28.... 4,121 251 156 17095 3,854 929 1408 366 2,237 19 628 207 53 266 8 937 1,728 898 City of Chicago:* 1941—Dec. 31 1021 43 298 2215 1,027 8 127 233 34 2 152 476 288 1945—Dec.31.... 942 36 200 153 1,292 20 1552 237 66 3 160 719 377 1947_Dec.31 1070 30 175 ! 737 1,196 21 72 285 63 3a853 2 9 902 426 1960—Dec.31.... 899 33 171 3 968 1,327 53 327 298 102 4 499 61 2 7 S1 521 35 822 1961—Dec.30.... 889 37 158 809 1,578 45 369 315 124 4 830 14 5 8 996 35 870 1962—June30.... 916 31 94 728 1,083 44 546 330 109 4 082 18 7 10 581 34 894 Dec. 28.... 1071 44 99 ! 262 1,235 41 410 351 109 4 804 18 7 16 001 262 948 Oth 1 e 9 r 4 1 re _ s D e e r c ve . c 3 i 1 t . y . : . 3 . 060 425 ] 590 11 117 •,302 54 491 i 144 286 11 127 104 20 243 542 1,967 1945—Dec. 31.... 326 494 174 22,372 5,307 110 8221 ,763 611 22 281 30 38 160 563 "*2 ,566 1947_Dec. 31.... 7095 562 125 25,714 5,497 131 405 ,282 705 26 003 22 45 332 11045 2,844 1960—Dec.31.... 7 354 753 2 610 34,357 7,688 301 1 960 ,329 953 37 986 326 85 1,787 20,652 73 6,423 1961—Dec.30.... 7 533 858 542 36,187 8,107 243 2 103 3,520 1,152 40 315 62 110 ,310 23,962 81 6,997 1962—June30.... 7 406 764 111 33,710 5,394 228 3,670 3,191 907 36 504 75 110 2,706 26,847 240 7,201 Dec. 28.... 7 671 1,021 2 253 35,481 7,229 248 2,337 3,216 980 39 413 82 83 ,633 28,0271,388 7,263 Country: 1941_Dec.31.... ,210 526 3,216 9,661 790 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec.31.... 4527 796 4,665 23,595 1,199 i 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec.31.... ,993 929 3,900 27,424 1,049 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1960—Dec.31.... 5,070 1,534 5,655 40,917 1,755 23 1,783 5,083 713 37,598 37 122 1,562 27,327 23 6,599 1961—Dec. 30.... 5,210 1,678 5,881 43,575 1,910 15 1,641 ,320 796 40,095 37 108 ,891 29,834 40 7,088 1962—June 30... 5,023 1,438 4,872 40,321 1,512 17 2,601 5,261 676 36,660 48 104 2,158 32,541 80 7,323 Dec. 28... 4,817 1,947 ,389 44,689 1,753 19 1,931 5.337 756 40,801 51 100 2,242 34,350 172 7,744 Nonmember:2 1947-Dec.31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1960—Dec.31 828 5,099 20,525 578 65 657 2,658 357 17,970 160 25 985 13,378 33 3,590 1961—Dec. 30... ... 876 5,446 21,994 649 70 565 2,755 402 19,168 178 23 1,094 14,169 33 3,822 1962—June 30... 787 4,617 20,489 553 52 819 2,707 356 17,708 174 26 1,245 15,614 52 4,005 Dec. 28 989 5,202 22,814 642 57 743 ,802 428 19,813 176 26 ,292 16,675 77 4,240 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

502 WEEKLY REPORTING MEMBER BANKS APRIL 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Total Loans Wednesday m i l n o a e v n a n e n d t s s s t - i j i m u n a s a v e t n d e n e d - s d t t s ^ - j L u o a s d t a e - n d s 2 i C n m t a c r d o n i e i a u m a d r l l s - - - A t c u g u r r l a - i l - G U c a T t s u o i n . e o e r v S d - s i t - . b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U c t s u T i o . e e r S v o - s i- . t. oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - an c k m m D c o t i i e e m o a c s r - l - - - F S P C a e i a e O N n n t l r c S a d e s o . . n s , . n . b O an t k her e R s e ta a t l e o A th l e l r \ s V e t r i r a e o v l - n u e a s - Total- Leading Cities 1962 Mar 7 119,657 117,995 72,294 32,203 1,318 440 2,108 134 1,373 627 1,662 3,191 2,249 13,484 16,882 1,715 14 120,246 118,435 72,981 32,607 •1 , 373 582 2,065 112 1,375 640 1,811 3,257 2,266 13,546 16,928 1,720 21 .... 121,182 119,478 73,650 33,145 •1,328 472 2,132 115 1,374 672 1,704 3,348 2,271 13,599 16,913 1,719 28 121,349 119,538 74,030 33,014 1,322 837 2,203 105 1,374 692 1,811 3,351 2,273 13,620 16,958 1,719 1963 Feb 6 129 454 127,662 79,690 34,388 1,521 753 2,507 99 1,400 630 1,792 3,706 2,735 15,641 18,230 1,920 13 129,584 127,409 79,784 34,389 •1,524 706 2,579 95 1,381 633 2,175 3,751 2,726 15,688 18,235 1,923 20 129,407 127,738 79,890 34,534 • 689 2,554 92 1,384 615 1,669 3,729 2,715 15,748 18,232 1,923 27 130,534 128,344 80,672 34,564 - ,508 1,249 2,607 91 1,385 647 2,190 3,807 2,704 15,768 18,269 1,927 Mar 6 129,858 128,158 80,991 34,639 ,510 1,566 2,584 102 1,404 663 1,700 3,700 2,685 15,784 18,286 1,932 13 130,504 128,491 81,142 34,746 1,502 1,558 2,532 104 1,405 644 2,013 3,762 2,704 15,827 18,290 1,932 20 131,161 129,106 81,591 35,289 1,504 902 2,637 99 1,425 639 2,055 4,117 2,724 15,872 18,312 1,929 27 131,557 129,556 81,406 35,208 1,510 759 2,617 100 1,423 637 2,001 4,050 2,740 15.921 18,372 1,931 New York City 1962 Mar 7 28,999 28,508 17,920 10,638 10 271 1,164 50 451 310 491 1,003 446 86? 3,209 494 14 29,275 28,590 18,256 10,825 11 370 1,154 23 446 312 685 1,050 454 874 3,231 494 21 29,392 28,878 18,522 11,092 11 251 1,196 20 446 328 514 1,116 454 893 3,209 494 ?8 29,451 28,965 18,860 11,016 11 614 1,208 20 442 330 486 1,135 456 898 3,224 494 1963 Feb 6 31,087 30,427 19,465 11,374 12 538 1,331 18 404 299 660 1,147 536 1,238 3,124 556 13 30,991 30,257 19,440 11,352 12 452 1,379 14 399 296 734 1,198 523 1,252 3,120 557 20 30,845 30,454 19,338 11,385 1? 330 1,351 14 400 297 391 1,205 517 ,781 3,104 558 27 31,563 30,966 19,852 11,367 13 749 1,408 14 403 311 597 1,240 511 1,292 3,102 558 Mar 6 31,242 30,826 19,914 11,376 13 956 1,321 22 398 316 416 1,155 504 ,304 3,109 560 13 31,684 31,057 20,009 11,391 13 963 1,315 22 397 299 627 1,252 505 ,323 3,089 560 20 31,679 31,012 20,111 11,658 13 481 1,388 19 397 299 667 1,498 502 1 3,080 560 27 31,812 31,138 19,878 11,620 12 353 1,372 24 398 293 674 1,433 510 1,341 3,082 560 Outside New York City 1962 Mar 7 90,658 89,487 54,374 21,565 1,308 169 944 84 922 317 1,171 2,188 1,803 V>,622 13,673 1,221 14 90,971 89,845 54,725 21,782 ,312 212 911 89 929 328 1,126 2,207 1,812 Vi,672 13,697 1,226 21 91,790 90,600 55,128 22,053 317 221 936 95 928 344 1,190 2,232 1,817 V>,706 13,704 1,225 28 91,898 90,573 55,170 21,998 1,311 223 995 85 932 362 1,325 2,216 1,817 Vt,722 13,734 1,225 1963 Feb. 6 98,367 97,235 60,225 23,014 509 215 1,176 81 996 331 1,132 2,559 2,199 u^403 15,106 ,364 13 98,593 97,152 60,344 23,037 ,512 254 1,200 81 982 337 1,441 2,553 2,203 u1,436 15,115 1,366 20 98,562 97,284 60,552 23,149 ,509 359 1,203 78 984 318 1,278 2,524 2,198 uk467 15,128 1,365 27 98,971 97,378 60,820 23,197 1,495 500 1,199 77 982 336 1,593 2,567 2,193 14,476 15,167 1,369 Mar. 6 98,616 97,332 61,077 23,263 1,497 610 1,263 80 1,006 347 1,284 2,545 2,181 14.480 15,177 1,372 13 98,820 97,434 61,133 23,355 1,489 595 1,217 82 1,008 345 1,386 2,510 2,199 UK504 15,201 1,372 20 99,482 98,094 61,480 23,631 1,491 421 1,249 80 1,028 340 1,388 2,619 2,222 14L.536 15,232 1,369 27 99,745 98,418 61,528 23,588 1,498 406 1,245 76 1,025 344 1,327 2,617 2,230 14',580 15,290 1,371 For notes see p. 504. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 WEEKLY REPORTING MEMBER BANKS 503 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIED—Continued (In millions of dollars) Investments Cash assets 3 U. S. Government securities Total assets— Wednesday Total Bills c C t a i e f t i e r - - s W i i N n th o - m te a s tu a 1 n r i d t n o g b — on A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l e k e h - s s s - b a w B e f a n o i n a i c g r t l e k n h - - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e t R k h - e . s s a o s A t s h e l e l t r s a c l c T i a a c a t p o i b o n e i t i d u s t a l a n i l - l ts 1 year 5 years 5 years Total— Leading Cities 1962 Mar 7 32,908 4,995 2 355 6,073 15,921 3,564 12,793 17,022 2,682 158 1,407 12,775 4,754 152,914 14 32,585 4,944 2,351 6,051 15,218 4,021 12,869 17,201 2,996 153 1,523 12,529 4,717 155,945 21 32,556 4,952 2,361 6,090 15,065 4,088 13,272 17,717 2,823 178 1,485 13,231 4,615 155,794 28 32,214 4,598 2,390 6,145 14,991 4,090 13,294 17,163 2,790 166 1,531 12,676 4,592 154,769 1963 Feb. 6 32,050 5,231 2,370 4,067 14,202 6,180 15,922 17,331 2,908 161 1,522 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 1,666 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 1,636 12,741 4,804 164,421 27 31,446 4,829 2,525 3,629 13,401 7,062 16,226 17,228 2,971 207 1,665 12,385 4,904 166,242 Mar 6 30,940 4,464 2,576 3,599 13,296 7,005 16,227 17,159 3,062 198 1,503 12,396 4,958 165,005 13 30,722 4,256 2,586 3,622 13,282 6,976 16,627 17,387 3,205 197 1,629 12,356 4,880 166,615 20 30,912 4,508 1,771 2,578 14,340 7,715 16,603 17,342 3,152 171 1,615 12,404 4,845 166,773 27 31,399 4,988 1 753 2,593 14,343 7,722 16,751 17,129 2,940 174 1,663 12,352 4,912 165,680 New York City 1962 Mar 7 7,345 1,760 580 1,472 2,915 618 3,243 4,104 61 73 210 3,760 2,161 39,107 14 7,081 1,736 575 1,479 2,464 827 3,253 4,032 77 73 238 3,644 2,107 40,457 21 7,005 1,710 581 1,471 2,420 823 3,351 4,296 68 94 216 3,918 2,031 39,971 28 6,773 1,468 606 1,428 2,448 823 3,332 4,027 90 82 223 3,632 1,983 39,892 1963 Feb. 6 6,905 2,188 504 705 2,313 1,195 4,057 3,982 92 73 245 3,572 2,096 41,231 13 6,779 2,077 508 701 2,317 1,176 4,038 3,950 101 78 258 3,513 2,126 42,344 20 6,959 2,245 459 543 2,241 1,471 4,157 4,304 94 88 248 3,874 2,046 41,344 27 6,895 1,986 566 686 2,190 1,467 4,219 4,153 121 91 246 3,695 2,086 42,662 Mar. 6 6,707 1,680 634 780 2,170 1,443 4,205 4,026 145 80 239 3,562 2,140 41,863 13 6,639 1,631 640 780 2,171 1,417 4,409 4,013 110 78 246 3,579 2,079 42,558 20 6,544 1,648 212 477 2,520 1,687 4,357 3,867 88 65 239 3,475 2,012 42,423 27 6,861 1,937 199 499 2,520 4,399 3,780 80 70 246 3,384 2,081 41,765 Outside New York City 1962 Mar 7 25 563 3,235 1 775 4,601 13,006 2,946 9,550 12,918 2,621 85 1,197 9,015 2,593 113,807 14 25,504 3,208 1,776 4,572 12,754 3,194 9,616 13,169 2,919 80 1,285 8,885 2,610 115,488 21 25,551 3,242 1,780 4,619 12,645 3,265 9,921 13,421 2,755 84 1,269 9,313 2,584 115,823 28 . 25,441 3,130 1,784 4,717 12,543 3,267 9,962 13,136 2,700 84 1,308 9,044 2,609 114,877 1963 Feb. 6 25,145 3,043 1,866 3,362 11,889 4,985 11,865 13,349 2,816 88 1,277 9,168 2,904 122,849 13 24,956 2,928 1,830 3,367 11,898 4,933 11,852 13,162 2,967 104 1,408 8,683 2,930 124,132 20 24,757 2,784 1,996 2,942 11,548 5,487 11,975 13,205 2,839 111 1,388 8,867 2,758 123,077 27 24,551 2,843 1,959 2,943 11,211 5,595 12,007 13,075 2,850 116 1,419 8,690 2,818 123,580 Mar. 6 24,233 2,784 1,942 2,819 11,126 5,562 12,022 13,133 2,917 118 1,264 8,834 2,818 123,142 13.... 24 083 2,625 1,946 2,842 11,111 5,559 12,218 13,374 3,095 119 1,383 8,777 2,801 124,057 20 24,368 2,860 1,559 2,101 11,820 6,028 12,246 13,475 3,064 106 1,376 8,929 2,833 124,350 27 24,538 3,051 1,554 2,094 11,823 6,016 12,352 13,349 2,860 104 1,417 8,968 2,831 123,915 For notes see p. 504. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 WEEKLY REPORTING MEMBER BANKS APRIL 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday ju u T s n o t a e t d a d l - 4 j p u m o s a d a t e d s e r n i - t d d s 5 Total* IPC G S l a o t o n a c v t d a e t l s . e F ig o n r- 7 G U o . v S t . , c m m D c o t i i e e m o a c s r - l - - - Total 8 S in a g v s - IPC Oth S l a e o ta n r c t d a e t l i s me For- B F F a r . o n R m k . s o F t r h o e m rs lia ti b e i s li- co i a u t c a n - l ts banks Govt. Total- Leading Cities 1962 Mar. 7 131,627 62,286 87,295 64,183 4,896 1,580 2:,,179 11,349 44,332 '31,258 '7,327 3,126 2,264 298 2,141 5,743 13,105 14 134,706 63,090 90,060 67,160 4,489 1,652 11,77911,410 44,646 '31,400 '7,455 3,149 2,284 43 2,403 5,703 13,090 21 134,681 61,904 89,903 64,573 4,617 ,683 44,59411,125 44,778 '31,518 '7,468 3,176 2,254 341 2,211 5,484 13,077 28 134,070 62,229 89,015 63,936 4,848 i;663 4,27710,844 45,055 '31,634 '7,614 3,212 2,237 150 2,154 5,297 13,098 1963 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 1,662299 33,35411,777 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 27 143,712 62,654 91,562 65,834 5,329 1,6 4"8" 4',25411,078 52,150 35,426 9,928 3,668 2,771 65 2,885 5,859 13,721 Mar. 6 142,644 61,701 90,082 64,477 5,238 1,6393,36311,S 52,562 35,56210,159 3,704 2,773 130 2,597 5,* 13,748 13 144,119 63,232 91,181 67,074 4,737 1,6"33 2^.,52311,582 52,938 35,65710,363 3,783 2,759 29 2,898 5,830 13,739 20 144,307 61,936 91,336 65,207 4,779 1,,753 4,275 11,700 52,971 35,75110,328 3,797 2,712 96 3,020 5,637 13,713 143,446 62,312 90,259 64,608 4,916 1,712 5,03410,831 53,187 35,87410,372 3,824 2,744 165 2,770 5,562 13,737 27 New York City 1962 31,110 16,220 23,515 16,755 281 1,190 615 2,837 7,595 3,214 2,344 209 ,659 60 1,111 3,134 3,692 Mar. 7 32,626 16,431 24,941 17,748 233 1,248 481 2,986 7,685 3,237 2,406 209 ,662 1,071 3,066 3,694 14 32,242 16,168 24,599 16,897 270 1,2651,371 2,808 7,643 3,259 2,368 212 ,632 1,034 2,914 3,689 21 32,268 16,042 24,586 16,770 222 1,2211,260 2,853 7,682 3,283 2,402 207 ,619 1,070 2,859 3,685 28 1963 Feb. 6 33,219 15,725 23,909 16,349 292 1,228 995 3,123 9,310 4,084 2,916 224 ,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 ,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 ,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 ,992 1,649 2,929 3,835 Mar. 6 33,662 15,469 24,040 16,326 318 ,224 907 3,209 9,622 4,142 3,059 222 ,010 36 1,327 2,995 3,843 13 34,374 16,075 24,619 17,052 274 ,221 669 3,093 9,755 4,161 3,137 274 ,992 1,422 2,919 3,843 20 34,436 15,403 24,738 16,392 260 ,3251,170 3,300 9,698 4,175 3,110 270 ,949 39 1,373 2,742 3,833 27 34,016 15,882 24,264 16,595 216 1,2741,372 2,918 9,752 4,182 3,140 269 ,969 1,112 2,797 3,834 Outside New York City 1962 Mar. 7 100,517 46,066 63,780 47,428 4,615 3901,564 8,512 36,737'28,044 r4,983 2,917 605 238 1,030 2,609 9,413 14 102,080 46,659 65,119 49,412 4,256 4041,298 8,424 36,961'28,163 r5,049 2,940 622 43 1,332 2,637 9,396 21 102,439 45,736 65,304 47,676 4,347 418 3,223 8,317 37,135'28,259 r5,100 2,964 622 249 1,177 2,570 9,388 28 101,802 46,187 64,429 47,166 4,626 442 3,017 7,991 37,373'28,351 r5,212 3,005 618 140 1,084 2,438 9,413 1963 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 4,688 426 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 4,857 412 3,379 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 Mar. 6 108,982 46,232 66,042 48,151 4,920 4152,456 8,779 42,940 31,420 7,100 3,482 763 94 1,270 2,891 9,905 13 109,745 47,157 66,562 50,022 4,463 4121,854 8,489 43,183 31,496 7,226 3,509 767 29 1,476 2,911 9,896 20 109,871 46,533 66,598 48,815 4,519 428 3,105 8,400 43,273 31,576 7,218 3,527 763 57 1,647 2,895 9,880 27 109,430 46,430 65,995 48,013 4,700 438 3,662 7,913 43,435 31,692 7,232 3,555 775 159 1,658 2,765 9,903 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

APRIL 1963 BUSINESS LOANS OF BANKS 505 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (Net change in millions of dollars) Week Month Quarter Half year Industry 1963 1963 1963 1962 1962 M 2 a 7 r. M 2 a 0 r. M 1 a 3 r. M 6 ar. F 2 e 7 b. Mar. Feb. Jan. I IV III 2nd 1st Durable goods manufacturing: Primary metals ... 8 5 _5 4 16 -1 -3 12 -25 -49 -74 -131 Machinery -13 82 20 17 4 107 84 -56 135 -13 31 19 89 Transportation equipment -58 79 -14 15 23 25 -58 -11 62 -15 47 96 Other fabricated metal products. . . -24 19 3 5 7 2 33 -12 22 -44 -48 -91 126 No O n t d h u e r r a b du le r a g b o le o d g s o o m d a s nufacturing: 7 20 15 4 10 46 35 -49 33 -158 140 -18 128 Food, liquor, and tobacco -17 -28 -27 -65 -67 -99 -205 -371 416 111 528 -497 Textiles, apparel, and leather 24 3? 39 25 28 125 121 -38 207 -275 96 -179 289 Petroleum refining -3 -4 8 12 -11 13 -21 -32 31 12 43 -67 Chemicals and rubber 16 66 14 9 2 105 13 =S 90 25 -154 -129 76 Other nondurable goods. 5 10 11 8 6 34 27 46 -112 7 -105 174 Mining, including crude petroleum -16 and natural gas 5 3 -11 79 -32 78 -13 232 296 91 -25 66 178 Trade: Commodity dealers -20 -29 -17 -17 -2 -82 -A 19 -69 133 87 220 -237 O Re th ta e i r l wholesale -1 -4 6 5 6 5 3 1 5 8 -9 16 7 8 1 -2 02 59 - -1 1 6 0 9 8 -7 -7 7 1 6 1 0 7 6 3 3 6 1 1 2 5 3 4 6 3 1 4 Transportation, communication, and other public utilities 103 -11 24 16 -« -183 -233 346 309 655 -510 Construction . 2 8 21 -70 -16 23 -67 -42 -46 29 -17 182 All other types of business, mainly services 9 27 21 54 60 18 -57 21 283 8 290 205 3 Net change in classified loans -90 497 130 61 19 598 244 -821| 21 893 640 1533 196 Commercial and industrial change— i all weekly reporting banks -81 543 107 75 30 644 269 -871 42| 1103 709 1812 434 i NOTE.—Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 95 per cent of total commercial and End-of-week date shown. Figures for periods other than week are industrial loans of all weekly reporting member banks and about 70 per based on weekly changes. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan (thousands of dollars) (thousands of dollars) A an re d a lo A a l n l s A an re d a lo A a l n l s period 1— 10— 100— 200 period 1— 10— 100— 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: l 19 large cities: New York City: 1962—Mar.. . 4.78 5.65 5.36 5.04 4.68 1954 3.6 5.0 4.3 3.9 3.4 June... 4.79 5.64 5.35 5.09 4.68 1955 . . 3.7 5.0 4.4 4.0 3.5 Sept.. . 4.77 5.60 5.35 5.14 4.65 1956 4.2 5.2 4.8 4.4 4.0 Dec... 4.78 5.61 5.33 5.12 4.68 1957... 4.6 5.5 5.1 4.8 4.5 1963—Mar.. . 4.80 5.62 5.36 5.06 4.70 1958 .3 5.5 5.0 4.6 4.1 i 959 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 1962—Mar.. . 4.97 5.53 5.17 4.83 1961... .. 5.0 5.9 5.5 5.2 4.8 June.., 5.00 5.52 4.86 1062... 5.0 5.9 5.5 5.2 4.8 Sept.. . 5.00 5.51 4.87 Dec... 5.05 5.55 4.92 1963—Mar.. . 4.98 5.85 5.53 4.84 Quarter: l 11 southern and 19 large cities: western cities: 1962—Mar.. 4.98 5.54 4.81 1962—Mar 5.28 6.01 5.66 5.35 5.03 June. 5.01 5.53 4.84 June.... 5.33 6.01 5.65 5.39 5.12 Sept.. 4.99 5.53 4.82 Sept 5.32 5.98 5.65 5.28 5.12 Dec. 5.02 5.55 4.85 Dec 5.33 6.01 5.68 5.41 5.10 '. 963— Mar.. 5.00 5.89 5.55 5.21 4.83 1963—Mar.. . . 5.30 6.02 5.66 5.33 5.07 - Based on new loans and renewals for first 15 days of month. NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 228-37. Bank prime rate was 3*4 per cent Jan. 1, 1954-Mar. 16, 1954. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 INTEREST RATES APRIL 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 placed acceptdirectly, ances, 3- to 5months 1 m 3 o - n to th 6 s - 2 90 days i on i R s s a n u t e e e w M y a ie r l k d et o i R n s 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 d k s e ) t Other * is y su 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 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 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 A. UK 3.30 3.12 3.11 2.837 2.82 3.005 2.99 3.10 3.13 3.57 SeDt 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 Mar 3.34 3.15 3.13 2.897 2.89 2.950 2.95 2.97 2.99 3.50 Week ending— 1963 Mar 2 3.25 3.13 3.13 2.870 2.90 2.922 2.94 2.98 2.93 3.50 9 3.25 3.13 3.13 2.897 2.89 2.938 2.93 2.97 2.99 3.49 16 3.38 3.13 3.13 2.870 2.88 2.931 2.94 2.95 2.97 3.49 23 3.38 3.13 3.13 2.902 2.90 2.955 2.96 2.97 2.99 3.51 30 3.38 3.23 3.13 2.919 2.91 2.977 2.98 2.99 3.01 3.53 1 Averages of daily offering rates of dealers. 4 Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturi- s 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 <ind local rating group price ratio price ratio ( S l t o a n t g es - Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a il d - P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - I960 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.47 5 P8 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2.97 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 5.97 1962—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 3.90 3.31 3.06 3.65 4.59 4.28 5.02 4.45 4.86 4.47 4.52 3.78 6.41 July 4.02 3.37 3.10 3.72 4.63 4.34 5.05 4.52 4.90 4.48 4.59 3.68 Aug 3.97 3.38 3.10 3.74 4.64 4.35 5.06 4.51 4.90 4.50 4.55 3 57 Sept 3.94 3.28 3.01 3.66 4.61 4.32 5.03 4.45 4.88 4.49 4.50 3.60 6.22 Oct 3.89 3.21 2.94 3.62 4.57 4.28 4.99 4.40 4.85 4.46 4.49 3.71 Nov 3.87 3.15 2.89 3.53 4.55 4.25 4.96 4.39 4.83 4.42 4.45 3.50 Dec 3.87 3.22 2.93 3.57 4.52 4.24 4.92 4.40 4.76 4.41 4.42 3.40 6.24 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 Mar 3.93 3.21 2.97 3.56 4.47 4.19 4.88 4.38 4.65 4.38 4.24 3.28 Week ending— 1963 Mar 2 3.94 3.25 3.02 3.57 4.47 4.19 4.88 4.37 4.66 4.37 4.27 3.31 9 3.92 3.25 3.02 3.57 4.47 4.19 4.88 4.37 4.65 4.37 4 24 3.33 16 3.93 3.23 2.98 3.57 4.47 4.19 4.88 4.38 4.65 4.38 4.25 3.28 23 .. . .. 3 94 3.18 2.93 3.55 4.47 4.19 4.87 4 37 4 66 4 37 4 24 3 27 30 3.95 3.19 2.93 3.55 4.46 4.19 4.88 4.37 4.64 4.37 4.24 3.24 Number of issues 4-11 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- figures Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number of from Moody's Investors Service series. corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 SECURITY MARKETS 507 SECURITY PRICES BoneIs Common stocks Vol- Standard and Poor's index Securities and Exchange Commission index ume (1941-43=10) [1957-59= 100) of Period u.S. Mu- Cor tr in ad g - Govt. nicipal po- Manufacturing Trade, (thou- ( t l e o r n m g ) - g (h ra ig d h e - ) g (h r r a a ig t d e h e - ) Total d t I r u n i s a - - l R ro a a i d l- P u i h u t t i e b y l - - Total Total r D ab u l - e N r d a 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 - - n s a a e i f n c n r i e - v d c - e, M in i g n- s s h a a o n r f d es s ) 1960 86.22 1039 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 C69.99 '32.83 C6187 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1962 86.94 1120 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—Mar.... 86.21 1119 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 1137 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 1135 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 1112 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 1102 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 Mar... . 87.15 113.3 97.8 65.67 68.71 34.60 63 35 133.7 124.5 118.7 129.9 109.3 174.5 158.6 111.5 3,565 Week ending— 1963—Mar. 2. 87.10 112.2 97.8 64.87 67.77 34.37 63 20 1306 121.1 116.2 125.8 1075 172.0 156.0 106.3 3,812 9. 87.33 112.2 97.8 64.98 67.90 34.72 63 09 133.2 123.9 118.4 129.1 1089 173.9 1587 109.8 3,349 16. 87.20 113.3 97.9 65.72 68.77 34.55 63 38 1343 125.1 119.0 130.8 109.0 174.9 159 1 111.8 3,521 23. 87.13 113.8 97.8 65.81 68.87 34.46 6346 1349 125.6 119.3 131.5 109.9 175.9 159.2 115.7 3,433 30. 86.95 113.7 97.7 66.49 69.63 34.77 63 69 1356 126.6 120.8 132.1 Ill 0 175.9 159.2 114.1 3,870 NOTE.—Annual data are averages of monthly data. Monthly and Common stocks, Standard and Poor's index based on averages of daily weekly data are computed as follows: figures; Securities and Exchange Commission index on weekly closing U. S. Govt. bonds, derived from average market yields in preceding prices. table on basis of an assumed 3 per cent, 20-year bond, averages of daily Volume of trading, average daily trading in stocks on the N. Y. Stock figures. Exchange for a 5^-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 1,193 142 2,133 1,135 1961—Dec. 5,602 35 4,259 125 ,343 48 2,954 1,219 1962—Mar. 5,457 34 4,083 105 1,374 52 2,912 1,154 Apr.. 5,491 36 4,079 117 1,412 57 3,015 1,110 May, 5,408 35 4,000 91 1,408 44 2,845 1,205 June 4,938 32 3,605 92 1,333 46 2,194 1,374 July. 4,876 29 3,562 83 [,314 32 2,091 1,252 Aug. 5,073 23 3,773 80 ,300 35 2,472 1,130 Sept. 5,156 27 3,887 81 1,269 49 2,689 1,091 Oct.. 5,165 25 3,864 81 1,301 29 2,596 1,126 Nov. 5,285 24 3,951 82 1,334 28 2,558 1,151 Dec. 5,494 24 4,125 97 1,369 35 2,785 1,216 1963—Jan.. 5,595 28 4,208 95 1,387 32 2,895 1,199 Feb.. 5,717 23 4,332 91 1,385 35 3,042 1,191 Mar. 5,754 28 4,331 100 [,423 63 3,192 1,175 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 f rms of national securit'es exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 OPEN MARKET PAPER; SAVINGS INSTITUTIONS APRIL 1963 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Baaed on— End of period Accepting banks F. R. Goods stored in or Banks Im- Ex- shipped between Placed Placed ports ports Dollar points in— Total through direct- into from exdealers * ly2 Total O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta it t e e d s U S n ta it te e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 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 [,234 485 969 117 293 819 1962—Feb 5,520 1,762 3,758 2,559 1,093 788 305 44 113 1,309 472 915 106 223 844 Mar 5,713 1,876 3,837 2,498 1.072 774 298 42 100 1,284 474 889 86 182 867 Apr 5,640 1,883 3,757 2,392 981 763 218 36 94 1,281 479 826 74 158 855 May 5,917 RfiQ 4,048 2,345 949 733 216 33 112 1,251 462 787 96 145 855 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 AUK 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 r6,979 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 '5,988 2,088 r3,9OO 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 ,284 538 730 149 180 996 Feb.. . 6,964 2,193 4,771 2,565 1,141 840 301 54 84 ,285 542 703 159 148 1,013 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- Mortga End of period M ga o g r e t- Other G U o .S vt . . S g l a o o t n c a v d a t t e l . C ot o r a h a r n e t p d r e o - i a C s a se sh ts O as t s h e e t r s s l a T u ia a t c r o i b n c p e t i d t l s a l s u i l . - s D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u p c n - lu ts s N c u o m m b m er itm A en m ts o u 3 nt 1941 4 787 89 3 592 1 786 829 689 11 772 10 503 38 1 231 1945 4,202 62 10,650 1.2S7 606 185 16,962 15,332 48 1,582 1955 17 279 211 8 464 646 3 366 966 414 31 346 78 182 310 2 854 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1 19 9 5 5 8 7. . .. 2 2 0 3 ,0 9 3 7 8 1 2 3 5 2 3 0 7 7 , , 5 2 8 7 3 0 6 7 8 2 5 9 4 4 ,9 3 7 4 1 4 9 8 2 8 1 9 4 5 9 3 0 5 3 35 7 ,7 2 8 1 4 5 3 34 1 , 0 6 3 8 1 3 4 5 2 2 7 6 3 3 ,2 1 2 0 7 5 89,912 1,664 1959 * 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1 1 9 9 6 6 1 2 r 2 3 8 2 , , 9 0 0 5 2 6 4 6 7 0 5 2 6 6 , , 1 1 6 0 0 7 6 5 7 2 7 7 5 5 , ,1 0 7 4 7 0 9 9 3 5 7 6 6 6 4 9 0 5 4 4 2 6 , ,1 8 2 2 1 9 4 3 1 8 , ,2 3 7 3 7 6 7 8 8 2 1 8 3 3 , , 7 9 7 5 1 7 1 6 1 1 4 , , 8 9 5 8 5 5 2 1 , ,6 5 5 4 4 8 1962—Jan 29,145 455 6,245 669 5,064 837 655 43,071 38,446 845 3,780 68,614 1,588 Feb 29,333 461 6,322 651 5,065 884 661 43,378 38,611 944 3,823 65,839 1,644 Mar 29,563 508 6,531 633 5,090 896 676 43,897 39,083 973 3,840 69,223 1,698 Apr 29,833 468 6,315 607 5,055 817 671 43,766 39,032 923 3,811 73,401 1,817 May 30,087 537 6,331 587 5,057 829 670 44,100 39,216 1,016 3,868 78,707 1,897 June 30,398 519 6,296 582 5,069 883 675 44,421 39,642 921 3,859 79,248 1,940 July 30,688 506 6,285 577 5,135 837 678 44,706 39,814 1,021 3,871 84,357 1,994 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 99,616 2,323 Dec.r 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3.957 114,985 2,548 1963—Jan 32,492 575 6,146 512 5,173 819 735 46,451 41,565 932 3,955 101,815 2,345 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. 495. 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

APRIL 1963 SAVINGS INSTITUTIONS 509 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort- Real Policy Other End of period assets Total U S n ta i t t e e s d Sta lo te c a a l ndForeign Total Bonds Stocks gages estate loans assets Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945..... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960. 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961. 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 Book value: I960—Dec. 119,576 11,699 6,428 3,606 1,665 C51,053 46,967 4,086 41,815 3,796 5,233 5,980 1961—Dec. 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 1962—Jan.. 127,311 12,155 6,314 3,958 1,883 54,329 49,506 4,823 44,378 3,973 5,768 6,708 Feb.. 127,731 12,196 6,335 3,960 1,901 54,519 49,657 4,862 44,494 3,992 5,792 6,738 Mar.. 128,108 12,248 6,257 4,078 1,913 54,704 49,814 4,890 44,637 3,989 5,834 6,696 Apr.. 128,569 12,341 6,351 4,064 1,926 54,965 50,039 4,926 44,751 4,010 5,880 6,622 May. 128,931 12,323 6,325 4,050 1,948 55,274 50,307 4,967 44,946 4,024 5,927 6,437 June. 129,144 12,237 6,230 4,058 1,949 55,445 50,491 4,954 45,142 4,043 5,981 6,296 July. 130,002 12,418 6,406 4,062 1,950 55,697 50,706 4,991 45,340 4,097 6,038 6,412 Aug.. 130,596 12,459 6,385 4,090 1,984 55,927 50,908 5,019 45,576 4,106 6,079 6,449 Sept.. 131,069 12,451 6,337 4,104 2,010 56,165 51.099 5,066 45,758 4,110 6,114 6,471 Oct.. 131,735 12,609 6,368 4,080 2,161 56,359 51,246 5,113 46,051 4,124 6,151 6,441 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 2,261 56,555 51,374 5,181 46,980 4,124 6,214 6,786 1963—Jan 134,011 12,852 6,312 4,088 2,452 56,829 51,592 5,237 47,203 4,154 6,245 6,728 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other 1 li a a T s b s o i e l t i a t t s i l e 2 s 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 or o r n o e w y e 3 d L p o r a o n ce s s i s n Other co m l m o e a n m n ts itties 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 2,782 119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957. 40,007 3,173 146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958. 45,627 3,819 585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959. 53,141 4,477 183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960. 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961. 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962' 78,973 5,549 3,946 5,348 93,816 80,422 6,539 3,633 2,010 1,212 2,230 1962—Jan 69,368 5,408 2,933 4,628 82,337 71,342 5,745 2,480 1,488 1,282 1,988 Feb 69,968 5,503 3,031 4,668 83,170 71,920 5,748 2,384 1,539 1,579 2,150 Mar 70,769 5,539 3,162 4,761 84,231 72,854 5,751 2,301 1,657 1,668 2,335 Apr 71,616 5,493 3,084 4,851 85,044 73,240 5,747 2,427 1,795 1,835 2,474 May 72,587 5,480 3,094 5,264 86,425 74,022 5,753 2,525 1,911 2,214 2,616 June 73,631 5,413 3,357 5,206 87,607 75,449 6,042 2,890 1,985 1,241 2,556 July 74,525 5,459 2,963 5,012 87,959 75,467 6,047 2,979 2,010 1,456 2,551 Aug 75,542 5,448 2,924 5,117 89,031 76,115 6,047 3,071 1,999 1,799 2,518 Sept 76,385 5,490 3,012 5,194 90,081 76,985 6,063 3,166 2,006 1,861 2,472 Oct 77,345 5,521 3,110 5,238 91,214 77,820 6,077 3,202 1,992 2,123 2,439 Nov 78,137 5,556 3,234 5,448 92,375 78,728 6,081 3,173 1,941 2,452 2,431 Dec.r 78,973 5,549 3,946 5,348 93,816 80,422 6,539 3,633 2,010 1,212 2,230 1963—Jan 79,648 5,745 3,598 5,230 94,221 81,342 6,560 2,911 1,944 1,464 2,348 1 Includes other loans, stock in the Federal home loans banks, other 3 Consists of advances from FHLB and other borrowing. investments, real estate owned and sold on contract, and office buildings and fixtures. NOTE.—Federal Sayings and Loan Insurance Corp. data; figures are 2 Before 1958 mortgages are net of mortgage pledged shares. Asset estimates for all savings and loan assns. in the United States. Data items will not add to total assets, which include gross mortgages with no beginning with 1954 are based on monthly reports of insured assns. and deductions for mortgage pledged shares. Beginning with Jan. 1958, no annual reports of noninsured assns. Data before 1954 are based entirely 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

510 FEDERAL FINANCE APRIL 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 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 e q c 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- 3 E p T q a u o y a t t a l s s l . : p re a o c y r t t s s . . C & (d h d a i i a e r n g n b e e t c g n t e .) a I t L g n r e b e v u n s e y s s . s t : s t c . c 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 I960.. 77,763 20,534 3,167 95,078 76,539 20,891 3,129 94,301 111 3,371 953 597 1,821 1961.. 77,659 23,583 3,946 97,242 81,515 23,016 5,003 99,528 -2,286 2,102 870 536 698 1962.. 81,409 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—Feb 6,729 2,743 -98 9,567 6,858 2,027 -82 8,967 600 450 366 31 53 Mar 9,104 1,828 245 10,685 7,749 2,040 1,525 8,263 2,422 -641 329 223 -1,193 Apr 5,754 1,587 279 7,060 7,289 1,867 83 9,074 -2,014 784 -737 39 1,482 May 7,024 4,053 222 10,850 7,229 1,591 -340 9,160 1,690 2,386 2,168 85 133 June 11,615 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 «1,548 1,262 Dec 8,360 1,684 491 9,548 7,572 1,811 -53 9,436 112 -1,984 -936 «-l,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 Feb 7,305 3,365 315 10,352 6,763 2,492 478 8,776 1,576 1,010 522 33 455 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C sh h a b n a g l e a n i c n es Trea (e s n u d re o r' f s p a e c r c i o o u d n ) t Period Agencies & trusts Operating bal. Change 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 r a c f k n * e c t e i I n G n s v e U o e c v . * s t S t . , . p d g d u i r e i 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 t d x n s. O as n t s h e e t e t r s Fiscal year—1959. -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 I960.. 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 1961., -3,856 565 285 -733 -435 2,640 -222 -1,311 6,694 408 5,453 833 1962. -6,378 213 566 658 -435 9,230 118 3,736 10,430 612 8,815 1,003 Half year: 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—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 -57 591 7,109 585 5,728 796 Dec 788 -127 1,080 -42 626 6-1,920 6 400 7,509 597 6,092 820 1963—Jan -2,480 -1,483 692 -39 1,396 -53 57 -2,024 5,485 821 3,678 936 Feb 542 873 -133 -17 -452 1,221 73 1,961 7,446 841 5,580 1,025 1 Primarily interest payments by Treasury f:ro 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

APRIL 1963 FEDERAL FINANCE 511 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Selected excise taxes Budget receipts (IRS data) Transfers to trusts Indiv. taxes Period Net 2 Old- High- R ti r . r e e - R . . fu R n e d - s Total W he it ld h- Other C r t a a o t x i r o e p s n o- ta c E i x x s e e - s p m t E a l x o e m 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 6,266 103,81836,246 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. n.a. Month: 1962—Fob 6,729 1,620 207 81 743 9,773 5,124 786 400 967 2,080 416 189 116 Mar 9,104 1,119 248 50 1,813 12,354 2,896 832 5,879 1,140 1,188 419 313 215 n.a. Apr 5,754 729 230 13 1,417 8,153 1,017 4,330 445 959 745 657 245 158 May 7,024 2,181 264 82 1,101 10,658 5,287 955 469 1,157 2,266 524 305 169 1,356 June 11,615 1,001 233 51 233 13,346 3,024 1,985 5,377 1,126 1,054 780 311 192 July 3,566 436 281 12 165 4,540 1,199 299 525 1,106 450 961 257 148 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 1,099 429 605 243 166 Feb 7,305 1,761 234 78 838 10,997 5,422 783 422 1,038 2,596 736 Budget expenditures Period Total* f t e i N d o n e n a s - - a e l 5 a I ff n a t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u u r r a e r a c - t l - es t m C r a a o e n m r m d c p e - . & H de i c o n v o u g e m s l - . . l H w ab e e a o lf l r a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e 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 1960 76,539 45,691 1,832 401 4,882 1,714 1,963 122 3,690 866 5,266 9,266 1,542 1961 81,515 47,494 2,500 744 5,173 2,006 2,573 320 4,244 943 5,414 9,050 1,709 1962 87,787 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—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 -n27o3 141 363 143 214 -10 381 84 438 780 175 May 7,229 4,786 155 300 161 231 -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 Feb 6,763 4,102 208 194 253 156 310 -125 150 125 445 820 149 1961 1962 1961 1962 Item II III IV II IH IV III IV in rv Seasonally adjusted Not seasonally adjusted Cash budget: Receipts... 23.3 24.6 24.9 253 246 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 26.2 269 278 26.8 28.0 29.3 23.4 27.4 26.7 27.2 26.0 27.9 28.5 29.6 Net -1.8 -1.9 -1.4 -1 6 -3 2 -.3 -2.0 1.4 1.1 2.3 -5.9 .3 3.1 -2.5 -6.6 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 U.S. GOVERNMENT SECURITIES APRIL 1963 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 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 o b e t s a c t s 2 l t Total Marketable C ve o r n t- - Nonmarketable i S s p su e e c s ia 6 l Total Bills C c e a r t t e if s i- Notes Bonds 4 bo ib n l d e s Total 5 S in a g v s bonds 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec 278.7 278.1 255.7 198.8 17 0 38.2 23 0 120.6 56.9 48.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec . 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec . .. . .. 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Dec . . .. 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec 296.5 296.2 249.2 196 0 43.4 5.5 71 5 75.5 4 6 48.6 47.5 43.5 1962—Mar . . . . 296.5 296.1 249.7 196.5 43.0 12.4 64.5 76.6 4.4 48.8 47.6 42.8 Apr 297.4 297.0 251.2 198.1 43.4 12.4 64.5 77.8 4.3 48.8 47.6 42.1 May 299.6 299.2 251.2 198.2 43.7 13.5 65.4 75.5 4.3 48.7 47.6 44.3 June. 298.6 298.2 249.5 196 1 42 0 13.5 65 5 75.0 4.3 49.2 47.6 44.9 July 298.3 297.9 250.1 196.9 42.8 13.5 65.5 75.0 4.3 49.0 47.7 43.8 Aug 302.3 301.8 252.5 199.3 43.6 20.4 58.1 77.2 4.2 49.0 47.7 45.4 Sept 300.0 299.5 251.0 197 9 42.2 17.8 58.1 79.8 4.1 48.9 47.7 44.6 Oct 302.6 302.1 254.3 201.3 46.1 17.9 57.6 79.7 4.0 48.9 47.7 43.9 Nov 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 Mar 303.5 303.0 256.8 203.5 48.5 21.8 53.4 79.8 3.7 49.6 48.0 42.2 1 Includes some debt not subject to statutory debt limitation (amounting leave bonds, adjusted service bonds, certificates of indebtedness—Foreign to $370 million on Mar. 31, 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 2% per cent partially tax-exempt bonds, totaled $12,566 million on Feb. 28, 1963. acquired by Treasury for retirement on Dec. 15, 1962, in exchange for 4 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 i o o d f T g d r o e o t b s a t s l ag G U t e a r o . n u n v c s d S i t t . e . s b F a . n R ks . Total b m C a e n o r k c m 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 p o e o n r - s g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r t n o e e d n i r g - a n l3 t i O m o n r t v i s h s e e c s r . 4 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—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 20.1 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 19.9 47.1 19.2 15.4 12.8 Feb 305.2 55.1 30.6 219.5 65.1 6.1 11.4 21.7 19.8 47.2 19.2 15.3 13.7 1 Includes the Postal Savings System. 4 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes holdings by banks in territories and insular possessions, institutions, and corporate pension funds. which amounted to about $70 million on Dec. 31, 1961. 3 Includes investments of foreign balances and international accounts NOTE.—Reported data for F. R. Banks and U. S. Govt. agencies and i n the United States. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 U.S. GOVERNMENT SECURITIES 513 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs Total Bills Other All holders: I960 Dec 31 . . 189,015 73,830 39,446 34,384 72,298 18,684 13,224 10,979 1961—Dec. 31 195,965 84,428 43,444 40,984 66,360 19,782 11,976 13,419 1962 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 Feb. 28 204,751 88,951 49,941 39,010 59,003 36,458 4,565 15 774 U. S. Govt. agencies and trust funds: 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 Feb. 28 10,074 1,887 1,167 720 1,429 2,846 1 323 2 590 Federal Reserve Banks: 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 Feb 28 30,586 17,624 2,542 15,082 10,691 2,114 69 88 Held by public: I960—Dec 31 153,515 57,125 35,638 21,487 59,156 15,903 11,520 9,811 1961 Dec 31 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962—Dec 31.. 162,553 67,952 44,662 23,290 49,381 29,158 3 188 12 873 1963—Jan. 31 163,812 68,932 45,642 23,290 49,449 29,139 3,175 13,116 Feb 28 164,091 69,440 46,232 23,208 46,883 31,498 3,173 13,096 Commercial banks: I960 Dec 31 . . 54,260 14,697 6,976 7,721 31,596 5 654 1 775 538 1961—Dec. 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962 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 Feb 28 56,863 19,337 9,096 10,241 24,299 12,630 179 419 Mutual savings banks: I960 Dec 31 5,944 480 144 336 1,544 1,849 897 1,174 1961—Dec 31 5,867 686 181 505 1,514 1,708 662 1 298 1962 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 i 3n Feb 28 5,842 797 419 378 1,282 2,175 293 1,295 Insurance companies: 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 2 671 196^ 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 Feb 28 9,240 1,239 659 580 2,054 2,300 715 2,932 Nonfinancial corporations: I960 Dec 31 10,741 8,340 5,599 2,741 2,269 39 33 1961—Dec 31 10,547 8,697 5,466 3,231 1,747 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 16 Feb. 28 11,834 9,708 7,736 1,972 1,755 356 5 11 Savings and loan associations: 1960 Dec 31 2,454 322 163 159 858 473 396 406 1961—Dec 31 2,760 446 155 291 895 617 371 431 1962—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 Feb 28 . . 3,074 538 279 259 745 1,184 133 474 State and local governments : I960—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 Feb. 28 11,937 4,617 3,684 933 1,081 1,464 691 4,084 AH others : I960—Dec. 31 60,158 28,413 19,772 8,641 18,596 4,965 5,598 2 587 1961 Dec 31 60,440 29,346 20,596 8,750 17,314 6,054 4,713 3,012 1962—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 Feb 28 65,300 33,204 24,359 8,845 15,668 11,389 1,158 3,881 NOTE.—Direct public issues only. Based on Treasury Survey of cos. combined; (2) about 50 per cent by the 473 nonfinancial corps, and Ownership. 488 savings and loan assns.; and (3) about 60 per cent by 480 State and Data complete for U. S. Govt. agencies and trust funds and F. R. Banks, local govts. but for other groups are based on Treasury Survey data. Of total mar- Holdings of "all others," a residual throughout, include holdings of ketable issues held by groups, the proportion held on latest date and the all those not reporting in the Treasury Survey, including investor groups number of reporting owners surveyed were: (1) about 90 per cent by the not listed separately. 6,144 commercial banks, 508 mutual savings banks, and 809 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 U. S. GOVERNMENT SECURITIES APRIL 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 Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 n 0 10 O v y e ea r rs G U o .S y . t. Other m b C e a o r n m c k ia s - l ot A h l e l r securities 1962—Feb 1,970 1,520 295 95 60 565 36 832 537 83 Mar.... 1,675 1,332 217 69 56 569 33 659 414 80 Apr.... 1,689 1,350 180 114 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 1,457 139 63 23 529 34 621 498 82 Aug.... 1,603 1,318 158 94 33 542 27 600 435 78 Sept.... 1,913 1,432 293 147 40 571 42 764 534 105 Oct 1,967 1,517 263 159 28 682 40 744 502 115 Nov.... 1,770 1,266 262 210 33 550 32 722 466 70 Dec... 2,071 1,446 366 222 38 610 38 881 543 1963—Jan 1,872 1,485 226 124 36 621 37 730 484 81 Feb 2,350 1,646 400 230 75 733 44 952 622 73 Week ending— 1963—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 rl,927 r1,436 308 157 25 618 31 '742 536 88 27 3,481 2,299 706 298 178 1,036 64 1,469 912 64 Mar. 6 2,039 1,355 327 196 160 628 60 814 537 96 13 1,679 1,259 199 159 62 576 33 621 449 76 20 1,707 1,192 264 167 82 531 40 675 461 131 27 1,525 1,154 213 94 65 478 35 635 377 71 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 All Within 1-5 Over se a G c g u e o r n v it c t i . y es Period so A ur l c l es New Else- C t o io rp n o s r * a- o A th l e l r maturities 1 year years 5 years Y C o it r y k where 1962—Fcb 2,265 1,914 297 54 115 Mar..... 3,056 2,721 228 106 168 1962—Feb 2,296 426 449 1,218 203 Apr .... 3,771 3,388 252 131 193 Mar 3,025 855 637 1,299 235 May.... 3,642 2,985 403 255 196 Apr 3,621 976 835 1,354 456 June.... 3,777 3,398 261 118 293 May 3,738 978 769 1,612 379 July .... 2,881 2,818 94 -32 232 June.... 3,900 11,092 720 1,798 290 Aug..... 2,647 2,484 72 91 165 July 3,053 636 521 1,631 266 Sept 3,177 2,643 323 211 190 Aug 2,597 460 405 1,438 294 Oct 3,569 2,991 383 194 248 Sept 3,332 943 660 1,307 421 Nov. 4,013 3,309 447 256 204 Oct 3,528 1,074 707 1,301 445 Dec 4,268 3,829 365 74 215 Nov 4,100 1,170 716 1,666 548 Dec 4,378 1,563 839 1,566 411 1963—Jan 4,021 3,623 368 30 206 Feb 3,410 2,863 473 74 129 1963—Jan 4,062 1,388 895 1,396 383 Feb 3,553 ,070 897 1,083 502 Week ending— Week ending— 1963—Jan. 2. 4,469 3,818 550 101 302 1963—Jan. 2. 4,890 ,950 1,135 1,306 499 9. 3,875 3,339 488 48 248 9. 4,071 ,460 944 1,318 348 16. 4,481 4,014 420 47 178 16. 4,145 ,523 930 1,358 333 23. 4,021 3,674 322 25 154 23. 4,221 1,451 926 1,499 346 30. 3,682 3,439 227 16 147 30. 3,714 1,024 737 1,497 455 Feb. 6. 3,777 3,556 342 -121 128 Feb. 6. 3,767 1,215 818 1,147 587 13. 3,190 2,465 491 -272 115 13. 3,620 1,066 784 1,111 659 20. 3,198 2,587 412 199 120 20. 3,193 841 896 1,074 381 27. 3,578 3,188 605 -215 148 27. 3,500 1,083 1,045 1,014 358 NOTE.—The figures include all securities sold by dealers under repur- 1 All business corps, except commercial banks and insurance cos. chase contracts regardless of the maturity date of the contract unless the contract is matched by a reverse repurchase (resale) agreement or delayed NOTE.—Averages of daily figures based on the number of calendar days delivery sale with the same maturity and involving the same amount of in the period. Both bank and nonbank dealers are included. See also securities. Included in the repurchase contracts are some that more note of the opposite table on this page. clearly represent inyentmcnts by the holders of the securities rather than dealer trading positions. Averages of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 OUTSTANDING SECURITIES 515 IJ. S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MARCH 31, 1963 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Apr. 4, 1963 2.002 Sept. 12, 1963 800 May 15, 19>65 4% 2,113 Sept. 15, 1967-72... 21/2 1,952 Apr. 11, 1963 2.001 Sept. 19, 1963 801 Oct. 1,1965 IVi 315 Nov. 15, 1967 35/s 3,604 Apr. 15, 1963 2.001 Sept. 26, 1963 800 Nov. 15, 1965 3Vi 2,954 Dec. 15, 1967-72... 2% 2,791 Apr. 18, 1963 2,001 Oct. 15, 1963 2,500 Feb. 15, 1966 35/8 2,380 May 15, 1968 3% 2,460 Apr. 25, 1963 2,002 Jan. 15, 1964 2,496 Apr. 1. 1966 11/2 675 Aug. 15, 1968 3% 3,747 May 2, 1963 2.001 Aug. 15, 1966 4 4,454 Feb. 15, 1969 4 1,844 M Ma a y y 1 9 6 , , 1 1 9 9 6 6 3 3 2 2 , , 0 0 0 0 5 3 Ce M rti a fi y c at 1 e 5 s , 1963 5,284 O Fe c b t . . 15 1 , , 1 1 9 9 6 6 7 6 3 i % y2 4.2 3 8 5 6 7 A O u ct g . . 15 1 , , 1 1 9 9 6 7 9 1 4 4 2 2 , . 8 5 0 3 6 8 May 23, 1963 2,100 Aug. 15, 1963 5,181 Apr. 1,1967 11/2 270 Nov. 15, 1971 3% 2,760 J M un ay e 3 6 1 , , 1 1 9 9 6 6 3 3 2 2 . , 1 1 0 0 1 2 N Fe o b v . , 1 1 5 5 , , 1 1 9 9 6 6 3 4 4 6 , , 5 74 5 1 4 O A c u t g . . 15 1 , , 1 1 9 9 6 6 7 7 3 P y /2 4 5.2 2 8 5 2 4 F A e u b g . . 1 1 5 5 , , 1 1 9 9 7 7 2 2 4 4 2 2. , 5 3 7 4 9 4 June 13, 1963 2,101 Nov. 15, 1974 3% 2,244 June 20, 1963 2,101 Treasury notes Treasury bonds May 15, 1975-85... 4*4 470 June 24, 1963 i 2,503 Apr. 1, 1963. 533 June 15, 1962-67... 21/2 1,462 June 15, 1978-83... 314 1,591 June 27, 1963 2,102 May 15, 1963. 1,183 Aug. 15, 1963 21/2 1,461 Feb. 15, 1980 4 2,611 July 5,1963 801 May 15, 1963. 3,027 Dec. 15, 1963-68... 21/2 1,815 Nov. 15, 1980 31/2 1,915 July 11, 1963 800 Oct. 1, 1963. 506 Feb. 15, 1964 3 1,635 May 15, 1985 3>VA 1,131 J J J u u u l l l y y y 2 1 1 5 8 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 2,0 8 8 0 0 0 4 0 0 A N M p o a r v y . . 1 1 5 5 1 , , , 1 1 1 9 9 9 6 6 6 4 4 3 . . . 4 3 , ,0 9 4 1 3 5 1 7 3 J D F u e e n b c . e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 5 4 4 - - 6 6 9 9 . . . . . . 2 2 2 % 1 ] / / 2 2 4 2 2 , , , 6 6 5 8 3 4 2 2 3 A F F e e u b b g . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 8 8 0 8 7 - - 9 9 3 2 ...4 3 * i 4 / 4 2 4,9 2 3 1 5 6 4 0 5 A A u u g g . . 8 1 , , 1 1 9 9 6 6 3 3 7 8 9 0 9 0 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 4 4 . . 2 3 , , 3 8 1 9 6 3 M Ma a y r. 1 1 5 5 , , 1 19 9 6 6 6 5-70...2 3% y2 2 3 , , 4 5 2 9 2 7 N Fe o b v . . 1 15 5 , , 1 1 9 99 9 5 8 31/ 3 2 4 2 , , 4 5 5 8 9 5 Aug. 15, 1963 800 Aug. 15, 1964. 5,019 Aug. 15, 1966 3 1,024 A S A e u u p g g t . . . 2 29 5 2 , , , 1 1 1 9 9 9 6 6 6 3 3 3 8 8 80 0 0 1 0 0 O N A c p o t r v . . . 15 1 1 , , , 1 1 1 9 9 9 6 6 6 4 5 4 . . . 4,1 4 4 9 9 6 5 0 6 J N M u o n a v e r. . 1 1 15 5 5 , , , 1 1 1 9 9 9 6 6 6 6 7 6 - - 7 7 2 1 . . . ..2 3 V 3/ 2 8 1 1 1, , , 3 4 8 2 1 5 0 0 2 Co A I n n v p v e r e . r s t t i m bl 1 e e , n b t 1 o 9 S n 7 e d 5 r s i - e 8 s 0 B ... 2% 3,747 . 21/2 1 Tax anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U. S. Treasury. FEDERALLY SPONSORED AGENCIES, FEBRUARY 28, 1963 Agency, type and date of issue, Amount Agency, type and date of issue, Amount and coupon rate Maturity (millions and coupon rate Maturity (millions of dollars) of dollars) Federal home loan banks Federal intermediate credit banks Notes: Debentures: June 15, 1962 3.15 Mar. 15, 1963 402 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 AUG. 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 192 Bonds: Dec. 3, 1962 3.15 Sept. 3 1963 190 Apr. 15, 1958 3'/8 Apr. 15, 1963 241 Jan. 2, 1963 3.15 Oct. 1 1963 225 Apr. 16, 1962 3*4 July 16, 1963 280 Feb. 4,1963 3.15 Nov. 4, 1963 272 Sept. 17, 1962 3% Sept. 15, 1965 175 Federal land banks Federal National Mortgage Association— Bonds: secondary market operations May 1,1958 2% May 1, 1963 122 Aug. 20, 1962 3% Aug.20, 1963 144 Discount notes. . . Oct. 22, 1962 314 Oct. 22, 1963 136 Apr. 20, 1963 4i/2 Apr.20, 1964 147 Debentures: Dec. 20, I960 4 Oct. 20, 1964 90 Mar. 10, 1958 ty4 Mar. 11, 1963 150 Oct. 20, 1960 4 Oct. 20, 1965 160 Nov. 10. 1958 4Vs Nov. 12, 1963 100 June 20, 1961 4 Dec.20. 1965 115 May 10; 1961 3% May 11, 1964 100 Apr. 3, 1961 3y8 Feb. 21, 1966 150 Sept. 11, 1961 4 Sept. 10. 1964 150 May 1,1958 3*4 May 2, 1966 108 Dec, 11, 1961 3% Dec. 11. 1964 125 Sept. 20, 1961 414 July 20, 1966 193 Dec. 10. 1957 4% June 10, 1965 100 Feb. 15, 1957 4i/8 Feb. 15,1967-72 72 Sept. 10, 1962 334 Mar. 10, 1966 150 May 1,1962 4 May 22, 1967 180 Dec. 12, 1960 4y8 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 AVA Mar.20, 1968 86 Apr. 10, 1959 4V8 Apr. 10, 1969 90 Feb. 2,1959 43/8 Mar.20, 1969 100 Apr. 11, 1960 4y8 Apr. 10, 1970 150 July 15, 1957 4% July 15, 1969 60 Sept. 12, 1960 4y8 Sept. 10, 1970 125 Feb. 1, 1960 5V6 Feb. 20, 1970 82 Aug. 23, 1960 41/s Aug. 10, 1971 75 Feb. 14, 1958 3i/2 Apt. 1, 1970 83 Sept. 11, 1961 4i/2 Sept. 10, 1971 100 Jan. 5,1960 5»/s July 20, 1970 85 Feb. 10, 1960 5% Feb. 10, 1972 100 May 1,1956 , 3V2 May 1, 1971 60 Dec. 11, 1961 4% June 12, 1972 100 Sept. 14, 1956 3% Sept.15, 1972 109 June 12, 1961 4*4 June 12, 1973 150 Feb. 20, 1963 4% Feb. 20,1973-78 148 Feb. 13, 1962 4y2 Feb. 10, 1977 200 Feb. 20, 1962 AVi Feb. 20, 1974 155 Banks for cooperatives Tennessee Valley Authority Debentures: Bonds: Oct. 1,1962 3.15 Apr. 1, 1963 161 Nov. 15, 1960 4.40 Nov.15, 1985 50 Dec. 3,1962 3.05 June 3, 1963 159 July 1, 1961 4% July 1, 1986 50 Feb. 4,1963 3.15 Aug. 1, 1963 160 Feb. 1, 1962 41/2 Feb. 1 1987 45 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

CREDIT AGENCIES; SECURITY ISSUES APRIL 1963 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal horne loan baiks Federal National Mortgage Assn. Banks Federal Federa (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of — period v m a A t n e o d m c - e - s I m nv e e n s ts t- C a d a n e s d - h B n a o o n n t d e d s s M b d e e e m - r - C s a to p c it k al M l g o a o a g n r e t s - D n t e a u o b n r t e d e e s n s - c L a o t o o i to v p a e n e s s r- D t e u b re e s n- c L o d a o u i n a s n d - n t s s D t e u b re e s n- M l g o a o a g n r e t s - Bonds bers (A) (L) (A) (L) (A) (L) (A) (L) 1955 1 417 765 62 975 698 516 83 371 110 693 657 1 497 1 191 1956 1 228 1 027 62 963 683 607 628 200 457 143 747 705 1 744 1 417 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 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960 1 981 J ?33 90 1 ?6fi 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 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962—Feb... 2,228 ,379 63 ,443 1,008 ,111 2,926 2,633 730 452 1,703 1,602 2,868 2,495 Mar. . 2,151 1,691 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 ,498 1,096 ,113 2,853 2,612 719 441 1,843 1,718 2,922 2,495 May.. 2,429 ,407 60 ,564 1,107 ,114 2,817 2,566 694 441 1,923 1,781 2,948 2,550 June.. 2,767 1,335 114 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 1,363 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 ,848 75 2,707 1,028 ,121 2.768 2,479 746 480 1,822 1,774 3,037 2,628 Dec... 3,479 1,531 173 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 Feb... 2,611 1,883 81 2,096 1,213 ,129 2,599 2,343 775 480 1,926 1,787 3,089 2,661 NOTE.—Data from Federal Home Loan Bank Board, Federal National Mortgage Assn., and Farm Credit Admin. Among the omitted balance sheeeett iitteemmss aarree ccaappiittaall aaccccoouunnttss ooff aallll aaggeenncciieess,, eexxcceepptt ffoorr ssttoocckk ooff hhoommee an banks. Bonds, debentures, and notes are valued at par. They include nly publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issuesfor new capital Type of issue Type of issiler Total Use of proceeds 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 i G l U o o . a v n S t s . . 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 2 ered 3 Total c E at d i u o - n R br a o i n d a d g d e s s i U tie t s il - 4 H in o g u s 5 - V a a e n i t d s e ' r- O p p o t u h s r e e - s r 1957r 6 6,926 4,795 1,965 66 .??1,489 1,272 4,164 6,568 6,875 2,524 1,036 1,517 113 333 1,352 1958r 5,447 1,778 187 1,993 1,371 4,162 7,708 7,441 2,617 1 164 1,412 251 339 1 6^7 1959r 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 I9607" 7 292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1 007 1,316 426 201 1 891 1961r 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962r 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1961— Dec.r... 680 375 298 6 39 326 315 876 610 196 112 164 9 129 1962 r—Jan 886 499 347 33 7 218 347 706 876 325 252 94 33 172 Feb.... 1,190 804 299 80 7 202 296 692 806 1,133 387 265 157 87 25 212 Mar 644 394 241 8 72 198 373 1,131 628 137 146 4 120 Apr.... 894 602 179 101 12 67 266 561 704 873 276 111 149 106 230 May 940 670 258 12 206 229 505 897 912 348 31 234 58 242 June... 790 556 205 29 173 164 454 841 786 328 67 127 100 163 July 650 404 237 9 34 179 437 839 612 62 146 213 Aug 563 251 200 106 6 62 184 317 639 544 127 33 151 106 126 Sept ... 440 343 74 23 60 58 323 559 427 175 31 7 128 Oct 666 378 273 15 150 236 280 416 650 14 136 ?90 Nov 610 403 194 . . 12 121 200 650 578 213 97 150 2 116 Dec.... 572 277 173 117 6 54 242 276 544 550 163 14 93 117 163 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions 6 This figure differs from that shown on the following page, which is to the local authority. based on Bond Buyer data. The principal difference is in the treatment 2 Municipalities, counties, townships, school districts. of U. S. Govt. loans. 3 Excludes U. S. Govt. loans. Based on date of delivery to purchaser NOTE.—Investment Bankers Assn. data; par amounts of long-term (and payment to issuer), which occurs after date of sale. issues. Based on date of sale unless otherwise indicated. 4 Water, sewer, and other utilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 SECURITY ISSUES 517 TOTAL NEW ISSUES (In millions of dollars) Gioss proceeds, all issues l Prop a o l s l e c d o u rp s o e 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 I^riod Bonds Stock t R ir e e - - Total G U o . v S t . . 2 G a U c g o y . e S v n 3 . t - . S U l a o t n . c a S d a te . l Other < Total Total o P f l f i u e c b r ly e - d p v l P a a t r c e i- e ly d fe P r r r e e - d C m o o m n - Total Total m N on ew ey6 O p p o t u h s r e e - s r m s ri e o t e c i f e n u s t - 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 405 5,517 169 5,446 334 10,939 8,00? 4,225 3 777 636 2,301 10,749 10,384 9,663 364 1957. 30,571 9,601 572 7 6,958 557 12,884 9,957 6,118 3 839 411 2,516 12,661 12,447 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 3,557 632 531 2,027 9,527 9,392 8,578 814 135 1960 77,541 7 906 1 672 7,230 579 10,154 8 081 4,806 1 775 409 1,664 9 9 653 8,758 895 271 1961 15,494 ?53 1,448 8,345 302 13,147 9,4?5 4,706 4 7?0 449 3,273 1? 874 11979 10,829 150 895 196~> 975 8 590 1 188 8,558 869 10,770 9 016 4,487 4 416 1,318 10 570 9 814 8,323 1491 757 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 M Ap a r r .. 41 ,0 8 7 7 5 7 1 ,5 1 0 7 6 ? 461 6 8 2 77 1 3 14 8 1,2 8 1 4 7 7 6 88 1 1 8 6 3 5 8 4 6 ?53 120 5 2 2 0 16 4 1,185 1,1 8 1 0 3 7 1,0 7 3 0 3 9 9 80 7 7 1 2 6 May. 2, 149 352 897 99 801 667 247 420 14 120 785 760 621 139 25 June 47? 363 760 67 1,232 1,063 488 575 46 124 1 13? 953 180 82 July. 1 663 358 641 34 630 565 200 166 32 32 671 58? 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 47? 176 51 110 618 579 441 118 39 Oct 2, 150 646 169 976 851 539 114 49 74 961 835 727 108 126 Nov 177 595 115 784 286 446 24 28 776 701 494 ?09 73 Dec.. 2*149 995 547 1,197 1 07? 264 808 59 65 184 1 101 923 180 81 1963--Jan.. 2 692 774 999 238 681 587 350 238 30 63 671 584 541 43 87 Proposed us*s of net proceeds,major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e al f in e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment ol New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- csipital8 secu- capita secu- capital8 securities rities rities rities rities rities 1955 2,397 533 769 51 544 318 7,254 174 1 045 77 1,812 56 1956 3 336 243 682 51 694 ,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958. 3,265 195 867 13 778 38 3,605 138 1 ?94 118 1,014 47 1959 1 941 70 812 28 942 15 1,189 15 707 * 1,801 6 1960 1 997 79 794 30 672 19 ,754 51 1 1 2,401 71 1961 3,708 306 1,095 46 680 ?6 ,892 104 1 4?7 378 2,176 36 1962 3,020 204 832 29 551 30 2,357 445 1,281 10 1,773 39 1962 T^n 205 14 99 1 23 89 24 71 102 1 Feb . 131 2 52 45 * 148 4 36? 122 1 Mar 318 2 75 2 74 * 193 126 10 Apr.. 384 67 103 3 28 377 88 * 134 1 May 270 5 100 1 38 198 16 64 91 3 June. 342 14 90 4 48 * 410 56 79 163 7 July 217 31 28 24 118 4 88 4 107 Aug.. 218 4 47 7 71 110 142 12C 2 183 3 Sept 166 21 56 1 54 148 14 61 2 88 1 Oct 153 10 40 6 20 141 108 222 2 Nov. 271 1 40 1 35 15 175 50 4 * 178 4 Dec 345 31 104 4 90 11 252 25 54 3 257 5 1963- Jan 133 6 41 1 99 118 79 125 69 1 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 SECURITY ISSUES APRIL 1963 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other 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 1960r 13,084 5,033 8,051 8.072 3.078 4.994 2.288 2,724 869 1,086 1.419 1 638 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 1962 13,490 6,249 7.241 8,593 3.566 5 028 2 788 2.109 1 123 1,561 1 665 548 1961 IV 4,338 1,991 2,347 2,432 852 1,581 867 1,039 263 877 604 162 1962 I 3,226 1,406 1,820 1,668 730 938 966 592 282 394 684 198 4,097 1,633 2,463 2,606 793 1,813 811 680 485 355 326 325 ni 2 744 1 634 1,110 1,816 1 082 734 500 428 235 317 265 111 IV 3,423 1.576 1,848 2,503 960 1,543 511 409 286 330 225 79 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial * Period & B o n n o d t s es Stock & B o n n o d t s es Stock & B o n n o d t s es Stock & B o n n o d t s es Stock & B o n n o d t s es Stock & B o n n o d t s es Stock 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 1960r 399 451 261 -91 173 -42 1.689 635 901 356 1,572 1,749 1961 1,938 318 505 '• — 431 63 r 1 1,655 700 148 1,472 805 2,604 1962 1,479 -403 313 -173 -61 -34 1,301 1,178 363 819 1,972 487 1961 IV 377 64 259 -500 12 -2 628 119 150 186 903 152 1962 I 193 28 79 -122 -56 -1 201 434 82 86 844 II 605 -189 147 -25 -18 Q 698 51 191 85 191 558 Ill 291 -159 8 11 -27 -12 87 213343 244 100 132 302 IV 390 -83 78 -35 40 -11 316 69 308 97 410 268 1 Open-end and closed-end cos. exclude foreign and include offerings of open-end investment cos., sales 2 Extractive and commercial and misc. cos. of securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation cos. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for NOTE.—Securities and Exchange Commission estimates of cash trans- that purpose shown on p. 517. actions only. As contrasted with data shown on p. 517, 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 l 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 1 po C si a ti s o h n 2 Other 1952 783 196 587 3,931 n.a. n.a. 1962—Feb... 271 83 188 22,955 ,225 21,730 1953 672 239 433 4,146 n.a. n.a. Mar. . 289 99 190 23,048 ,284 21,764 1954 863 400 463 6,110 309 5,801 Apr... 260 91 169 21,811 ,207 20,604 May.. 292 122 171 19,947 ,106 18,841 1955 1,207 443 765 7,838 438 7,400 June.. 219 107 112 18,436 ,019 17,417 1956 1,347 433 914 9,046 492 8,554 July... 207 74 133 19,384 1,205 18,179 1957 1,391 406 984 8,714 523 8,191 Aug... 155 79 76 20,124 1,382 18,742 1958 1,620 511 1,109 13,242 634 12,608 Sept.. 134 83 51 19,088 1,334 17,754 1959 2,280 786 1,494 15,818 860 14,958 Oct... 157 92 65 19,215 ,298 17,917 Nov.. 163 89 74 21,088 ,324 19,764 1960 2,097 842 1,255 17,026 973 16,053 Dec... 191 105 87 21,271 ,315 19,956 1961 2,951 1,160 1,791 22,789 980 21,809 1962 2,699 1,123 1,576 21,271 1,315 19,956 1963—Jan... 235 116 118 22,447 [,336 21,111 Feb... 166 115 51 22,015 1,401 20,614 1 Market value at end of period less current liabilities. NOTE.—Investment Co. Institute data based on reports of members, 2 Cash and deposits, receivables, all U. S. Govt. securities, other which comprise substantially all open-end investment companies registered short-term debt securities less current liabilities. 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

APRIL 1963 BUSINESS FINANCE 519 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1961 1962 Industry 1958 1959 1960 1961 19623 II III IV I II III IV 3 Manufacturing Total (180 corps.): Sales 105,134118,423 123,126122,632135,579 31,233 29,541 33,207 33,291 34,602 '31,995 35,690 Profits before taxes 10,466 14,090 13,463 13,293 15,404 3,478 2,961 4,161 3,908 4,096 '3,187 4,213 Profits after taxes 5,714 7,440 7,121 7,180 8,184 1,838 1,618 2,288 2,033 2,096 '1,700 2,355 Dividends 4,078 4,342 4,464 4,710 5,022 1,111 1,117 1,380 1,154 1,158 1,163 1,548 Nondurable goods industries (79 corps.):1 Sales 41,541 45,442 47,277 49,226 52,077 12,133 12,205 13,056 12,793 12,984 '12,981 13,320 Profits before taxes 4,402 5,648 5,570 5,659 6,004 1,385 1,406 1,545 1 461 1 501 rl,453 1 589 Profits after taxes . 2,574 3,210 3,210 3,246 3,416 772 796 921 816 815 '827 959 Dividends 1,785 1,912 1,953 2,036 2,153 486 488 577 512 513 '517 611 Durable goods industries (101 corps.):2 Sales 63,593 72,981 75,849 73,406 83,502 19,100 17,336 20,151 20 499 21,619 '19,014 22,371 Profits before taxes ... 6,065 8,442 7,893 7,634 9,400 2,094 1,555 2,616 2,447 2,595 '1,734 2,624 Profits after taxes 3,140 4,231 3,911 3,935 4,768 1,066 822 1,367 1 217 1 282 '873 1,397 Dividends 2,294 2,430 2,510 2,674 2,870 625 629 803 642 644 647 936 Selected industries: Foods and kindred products (25 corps.): Sales 10,707 11,303 11,901 12,578 13,124 3,154 3,233 3,169 3 231 3,267 '3,328 3,298 Profits before taxes 1,152 1,274 1,328 1,424 1,440 360 379 365 336 355 '380 368 Profits after taxes 555 604 631 672 685 170 179 174 160 167 '180 178 312 344 367 392 419 96 99 101 103 103 104 109 Chemicals and allied products (21 corps.): Sales 10,390 11,979 12,411 12,788 13,978 3,250 3,210 3,348 3 372 3 567 3 467 3 572 Profits before taxes 1,538 2,187 2,010 2,015 2,229 514 499 564 545 586 '546 553 Profits after taxes 829 1,131 1,061 1,063 1,160 267 260 306 279 297 '283 301 Dividends 717 799 795 843 876 189 191 270 198 196 199 283 Petroleum refining (16 corps.): Sales 12,838 13,372 13,815 14,409 15,013 3,398 3,424 4,100 3 771 3 612 r3 714 3 916 Profits before taxes 919 1,187 1,267 1,255 1,365 270 292 339 343 300 '299 423 Profits after taxes. 791 969 1,026 1,011 1,084 214 243 283 262 227 '255 341 Dividends 516 518 521 528 566 134 131 133 139 142 141 145 Primary metals and products (35 corps.): Sales 19,226 21,035 20,898 20,155 21,361 5,189 5,235 5,335 5,733 5 535 '4 992 5 102 Profits before taxes 2,182 2,331 2,215 2,020 1,860 560 550 602 620 505 '353 383 Profits after taxes 1,154 1,222 1,170 1,090 1,003 295 299 329 320 269 '186 228 Dividends 802 831 840 844 821 208 208 221 209 210 '210 192 Machinery (25 corps.): Sales 14,685 17,095 16,826 17,531 19,127 4,367 4,295 4,732 4 537 4 916 '4 665 5 008 Profits before taxes 1,463 1,890 1,499 1,675 1,913 398 384 530 454 490 '457 512 Profits after taxes 734 934 763 837 957 202 191 267 225 240 '228 265 Dividends 422 448 482 497 520 125 124 128 129 129 '129 133 Automobiles and equipment (14 corps.): Sales 18,469 22,731 25,738 22,781 28,603 6,309 4,604 6,577 6,904 7,515 5,708 8,476 Profits before taxes . . • . ... 1,332 2,985 3,185 2,788 4,326 840 319 1,151 1 096 1 253 589 1 389 Profits after taxes 706 1,479 1,527 1,408 2,136 417 173 596 531 596 287 721 Dividends 758 807 833 967 1,148 207 207 348 215 216 216 501 Public Utility Railroad: Operating revenue . .. 9,565 9,825 9,514 9,189 2,289 2,355 2,414 2,296 2,408 2,332 Profits before taxes 843 845 648 625 137 184 278 133 186 172 Profits after taxes 602 578 445 382 74 122 200 66 105 125 Dividends 419 406 385 356 91 67 112 84 91 67 Electric power: Operating revenue 10,195 11,129 11,906 12,594 13,251 3,007 3,050 3,223 3,399 3 209 '3,255 3,388 Profits before taxes 2,704 2,983 3,163 3,331 3,591 767 802 844 1,051 835 887 818 Profits after taxes 1,519 1,655 1,793 1,894 2,053 447 447 All 585 472 488 508 Dividends ... 1,134 1,219 1,307 1,375 1,459 344 335 353 366 371 356 366 Telephone: Operating revenue 6,939 7,572 8,111 8,615 9,196 2,139 2,156 2,230 2,245 2,296 2,300 2,355 Profits before taxes .. 1,860 2,153 2,326 2,478 2,639 614 620 657 648 678 683 630 Profits after taxes 921 1,073 1,155 1,233 1,327 307 310 326 320 335 337 335 Dividends 674 743 806 867 935 214 218 225 231 232 235 237 1 Includes 17 cos. in groups not shown separately. Telephone. Data obtained from Federal Communications Commis- 2 Includes 27 cos. in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System 3 Figures have not been adjusted for the varying treatment by indi- Consolidated (including the 20 operating subsidiaries and the Long vidual companies of additional depreciation under the new guidelines and Lines and General departments of American Telephone and Telegraph of the investment tax credit. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates. NOTE.—Manufacturing corps. Data are obtained primarily from All series. Profits before taxes are income after all charges and before published co. reports. Federal income taxes and dividends. For description of series see Railroads. Interstate Commerce Commission data for Class I line- June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp. haul railroads. 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). Electric power. Federal Power Commission data for Class A and B Back data available from Division of Research and Statistics. electric utilities, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 BUSINESS FINANCE APRIL 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 Year 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 i ances l 1955 44.9 21.8 23.0 11.2 11.8 18.4 1961—1 . . 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 III.... 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 1962—1 . , 50.1 24.4 25.6 15.8 9.9 28.7 1960 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 III.... 51.1 24.9 26.1 15.8 10.3 29.4 1962 51.3 25.0 26.3 15.9 10.3 29.2 IV.... 53.2 26.0 27.3 16.4 10.9 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. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . .l Other G U o . v S t . .1 Other taxes 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 L.8 103.1 13.5 38.6 1961—ITT 136.0 294.9 36.0 18.6 3.2 131.5 93.5 12.1 159.0 1.8 104.5 12.4 40.3 IV 137.4 303.0 39.0 19.4 3.4 134.5 95.2 11.5 165.6 [.8 109.5 14.1 40.3 1962—1 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 1.8 109.5 13.6 41.8 n 141.1 310.5 36.1 19.3 3.3 140.0 98.7 13.1 169.4 L.8 111.6 13.6 42.4 m 142.1 317.5 36.3 18.8 3.4 145.4 100.3 13.3 175.4 .9 115.7 14.6 43.2 IV 144.5 322.8 39.7 19.8 3.6 145.5 100.9 13.3 178.2 2.0 117.8 15.0 43.4 i Receivables from, and payables to, the U. S. Govt. exclude NOTE.—Securities and Exchange Commission estimates; exclude* 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 Durable d N ur o a n b - le Mining Railroad Other 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 i a ( r n S a n . t u A e) a . l 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 as 5.52 3.22 8 46 1962 2 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 1.54 .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 1.79 1.93 .28 .24 .50 1.54 .87 2.48 38.35 IV 10.18 2.03 2.10 .27 .20 .50 1.52 .95 2.60 37.95 1963—12 8.48 1.65 1.72 .23 .22 .36 1.07 3.22 37.95 II2 9.89 1.86 2 04 .27 .30 .51 1.42 3.49 38.65 1 Includes trade, service, finance, and constructioa 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

APRIL 1963 REAL ESTATE CREDIT 521 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm Farm ho O ld th er e s r 2 1- to 4-family houses com M m u er lt c i i f a a l m p i r l o y p a e n rt d ies 3 End of period h A o er l l d s l - t F u i t i n c n i i s o a a t n i l n - s - 1 U ag . e S n . - v I i n du d a i- ls h A o er l l d s l - Total F in in s a ti n - . O ho th ld e - r Total F in in s a ti n - . O ho th ld e - r h A e o r l l s d l - tu F i t n i c i n o i s a a t n i l n - s - i h O ol t d h e e r r s4 cies and tutions1 ers tutions i ers others 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1956 144.5 111.2 6.0 27.3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957.. 156.6 119.7 7.5 29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 7.8 32.7 160.7 117.7 98.5 19.2 42.0 28.8 14.2 11.3 4.2 7.1 1959 190.9 145.5 10.0 35.4 178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4.5 7.7 I960 207.1 157.6 11.2 38.3 194.0 141.3 117.9 23.4 52.7 35.0 17.7 13.1 4.7 8.4 1961* 225.5 172.6 11.8 41.1 211.3 153.0 128.7 24.3 58.3 38.9 19.4 14.2 5.0 9.2 250.1 192.7 12.2 45.2 234.5 168.4 142.9 25.5 66.1 44.3 21.8 15.5 5.5 10.0 I960—IV.. 207.1 157.6 11.2 38.3 194.0 141.3 117.9 23.4 52.7 35.0 17.7 13.1 4.7 8.4 1961—IP 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 8.6 215.2 164.4 11.2 39.6 201.5 146.3 122.8 23.5 55.1 36.7 18.4 13.7 4.8 8.9 III*. 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 9.1 225.5 172.6 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* 230.0 176.0 12.1 41.9 215.6 155.7 130.9 24.8 59.9 40.0 19.8 14.5 5.1 9.4 236.6 181.6 12.1 42.9 221.6 159.9 135.0 24.9 61.8 41.3 20.4 14.9 5.3 9.7 • lip 243.1 187.0 12.1 43.9 227.8 164.2 139.1 25.1 63.6 42.5 21.0 15.2 5.4 9.9 IV* 250.1 192.7 12.2 45.2 234.5 168.4 142.9 25.5 66.1 44.3 21.8 15.5 5.5 10.0 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- Ho me 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 ©f the Currency. 3 Derived figures; includes sma-1 amounts of farm loans held by savings Figures for first three quarters of each year are F. R. estimates. and 'oan assns. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings * Mutual savings bank holdings 2 Residential Residential End of period Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o rm n- Farm sured anteed tional sured anteed tional 1941. . . 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 ,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 ,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 I960—IV.. 28,806 20,362 5,851 2,859 11,652 6,796 ,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961—I 28,864 20,281 5,793 2,776 11,712 6,906 ,677 27,447 24,800 7,353 9,111 8,336 2,597 50 11 29,383 20,595 5,820 2,726 12,049 7,072 1,716 28,015 25,318 7,634 9,192 8,492 2,645 51 HI 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 IV 30,442 21,225 5,975 2,627 12,623 7,470 ,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 I 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 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' 33,430 22,824 6,376 2,617 13,831 8,628 ,978 31,484 28,464 8,984 9,633 9,847 2,968 52 IV 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1 Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions; first and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F. R. estimates. for insured banks beginning in 1962. For earlier years the basis for first and third quarter estimates included F. R. commercial bank call NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. data and data from National Assn. of Mutual Savings Banks. series for all commercial and mutual savings banks in the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 REAL ESTATE CREDIT APRIL 1963 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total i F ns H u A re - d a g n V u t A a e r e - - d Other i Farm * Total Total i F ns H u A re - d a g n V u t A e a e r - - d Other Farm 1941. 6 442 5 529 815 4 714 913 1945 976 6,636 5 860 1,394 4 466 776 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4 839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959. .. 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6.785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962* . 7,476 6,854 1,397 458 4,999 622 46,980 43,582 10,257 6,394 26,931 3,398 1962 Feb.r 456 399 99 27 273 57 44,513 41,329 9,814 6,516 24,999 3,184 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 1963 Jan 647 581 122 48 411 66 47,203 43,805 10,309 6,397 27,099 3,398 Feb 518 447 98 44 305 71 47,348 43,928 10,343 6,390 27,195 3,420 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 diflFer 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 1,379 437 581 4,578 1941 4,732 1,490 404 1,165 218 1945 1,913 181 1,358 5,376 1945 5,650 2,017 250 1,097 217 1956 . ... 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1956 27,088 9,532 1,799 5,458 ,824 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 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 ,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 ,780 1960 . ... 14,304 4,678 6,132 60,070 3,524 7,222 49,324 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 34,187 15,144 919 5,851 0«?7 1962 1962 Feb 1,303 362 509 69,964 4,240 7,158 58,566 Jan 2,696 2,459 1,041 88 400 138 Mar 1,611 464 633 70,766 4,276 7,169 59,321 Feb 2,682 2,238 971 79 374 114 Apr 1,661 512 635 71,608 4,311 7,120 60,177 Mar 2,670 2,627 1,172 90 442 120 May 1,857 584 739 72,585 4,333 7,133 61,119 Apr 2,745 2,704 1,210 89 482 131 1,936 572 823 73,631 4,355 7,120 62,156 May 2,836 2,983 1,350 100 534 154 Julv... . 1,839 515 796 74,511 4,378 7,105 63,028 2,891 3,075 1,391 107 542 177 Aua 2,036 540 920 75,527 4,399 7,097 64,031 July 2,973 3,134 1,382 107 549 201 Sept 1,731 495 746 76,371 4,414 7,086 64,871 AUE 2,933 3,333 1,501 123 563 201 Oct .. 1,953 543 823 77,333 4,425 7,081 65,827 Sept 2,929 2,861 1,285 104 476 183 Nov 1,750 505 708 78,137 4,459 7,069 66,609 Oct 2,925 3,208 1,403 116 554 191 Dec 1,755 534 643 78,973 4,480 7,022 67.471 Nov 2,939 2,883 1 270 105 490 178 Dec 2,916 2,682 1,168 103 444 168 1963 1963 Jan 1,573 434 616 79,648 4,507 7,026 68,115 Feb.? 1,497 422 575 80,338 4,537 7,062 68,739 Jan 2,658 1,143 100 457 141 1 Includes loans for repair, additions and alterations, refinancing, etc. 1 Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 REAL ESTATE CREDIT 523 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES (Tn millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Mortgages Prop- Mortgages End of Con- Period Total New Ex- e P c r t o s j - 1 pr i o m v - e- Total 3 New Ex- period Total Total F i H n- A- g V u A ar - - t v io e n n a - l homes h is o t m in e g s ments 2 homes h is o t m in e g s sured anteed 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 I960 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* 168.4 62.0 32.3 29.7 106.4 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 Feb 474 150 248 26 50 175 95 80 Mar 541 157 261 70 53 205 115 90 1961—1 143.2 57.1 27.4 29.7 86.1 Apr 515 132 240 88 56 182 99 83 II 146.3 57.8 28.0 29.8 88.6 May . . . 560 140 263 87 70 184 96 88 Ill 149.6 58.7 28.8 29.9 90.9 June 643 137 267 143 96 207 108 99 IV*> 153.0 59.1 29.5 29.6 93.9 July 678 144 289 164 81 219 109 110 670 157 308 130 75 247 120 127 1962—IP 155.7 59.9 30.3 29.6 95.8 Sept 576 144 287 62 83 231 114 117 II*5 159.9 60.4 30.9 29.5 99.4 Oct 673 193 353 54 72 285 136 149 IIIP 164.2 61.0 31.5 29.5 103.2 Nov . . .. 649 172 321 86 70 254 124 129 i\p 168.4 62.0 32.3 29.7 106.4 Dec 589 145 284 95 65 236 115 121 1963—Jan .. 618 179 324 60 54 254 123 131 NOTE.—For total debt outstanding, figures are Feb 141 259 82 54 202 100 101 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 Mortgage holdings transactions 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 Pur- Sales bu d r is s - ed Total t S e h rm or t * - t L e o rm ng 2 chases 1945 278 213 195 176 19 46 1956. 3,047 978 2,069 609 360 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 48? 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 1960 6,159 3,356 2,803 1,248 357 576 1961 6,093 3,490 2,603 815 S41 631 I960 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 J.474 1,213 1962—Feb 6,248 3,618 2,630 102 7 605 Mar 6,231 3,653 2,578 97 80 613 1962—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 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 5,969 3,556 2,413 35 19 442 312 225 2,948 1,787 1,161 954 Sept 5,951 3,552 2,399 32 1? 429 Sept 279 180 3,046 1,835 ,211 984 Oct 5,944 3,555 2,389 39 11 431 Oct 383 338 3,091 1,876 1,215 1,016 Nov 5,949 3,575 2,374 57 19 366 Nov 252 275 3,068 1,821 ,246 1,028 5,923 3,571 2,353 26 18 355 Dec 611 200 3,479 2,005 1,474 1,213 1963 Tan 5,853 3,552 2,300 34 66 336 1963—Jan 249 926 2,802 1,669 1,134 1,155 Feb 5,697 3,469 2,227 17 129 323 Feb 178 370 2,611 1,534 ,077 1,213 Mar 250 348 2.514 1,399 1,115 1,282 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

524 CONSUMER CREDIT APRIL 1963 TOTAL CREDIT (fn millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r - e co O g p n o a s t o p h u d e e m r r s er e a r n l R n o d i e a z p n m a a s t o i i r o ! d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7 222 4,503 1,497 1 620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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 48,243 19,384 12,855 3,290 12,714 15,215 5,579 5,642 3,994 1962—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.... 63,458 48,243 19,384 12,855 3,290 12,714 15,215 5,579 5,642 3,994 1963—Jan '62,740 '48,130 19,426 '12,719 3,250 12,735 r14,610 5,511 '5,058 4,041 Feb 62,219 48,025 19,503 12,511 3,221 12,790 14,194 5,545 4,496 4,153 i Holdings of financial institutions; holdings of retail outlets are in- mortgage loans. The estimates include data for Alaska beginning with cluded in other consumer goods paper. Jan. 1959 (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series NOTE.—Consumer credit estimates cover loans to individuals for see BULL., Apr. 1953. Back data are available upon request. household, family, and other personal expenditures, except real estate INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n c m k ia s - l fi S n a a l n e c s e u C n r i e o d n it s fin s C u an o m c n e e - r 1 Other 1 Total D st m e o p r e e a n s r t t 2 - F s t 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 e A a o u l b e t r i o l s - e 3 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 ,129 4,743 1,408 1,187 377 502 ,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 ,195 4,668 1,393 1,210 361 478 ,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 ,282 4,983 1,882 1,128 292 506 ,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 ,407 5,676 2,292 1,225 310 481 ,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 1,107 333 359 ,482 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 1,058 293 342 ,481 1962 48,243 41,807 18,909 12,194 4,973 4,131 ,600 6,436 3,013 1,073 279 284 ,787 1962—Feb.. 43,074 37,904 16,967 11,361 4,288 3,783 ,505 5,170 2,153 1,018 283 336 ,380 Mar.. 43,211 37,995 17,062 11,283 4,333 3,795 ,522 5,216 2,227 998 278 330 ,383 Apr.. 43,837 38,497 17,366 11,359 4,426 3,826 ,520 5,340 2,339 991 275 320 ,415 May. 44,495 39,032 17,686 11,440 4,520 3,836 ,550 5,463 2,430 991 274 310 ,458 June. 45,208 39,639 18,024 11,570 4,616 3,876 ,553 2,522 988 276 302 ,481 July.. 45,650 40,062 18,235 11,682 4,681 3,907 ,557 2,545 989 275 298 ,481 Aug.. 46,204 40,537 18,427 11,796 4,783 3,948 ,583 2,609 999 275 296 ,488 Sept.. 46,310 40,597 18,443 11,787 4,814 3,969 ,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 ,002 273 298 ,516 Nov.. 47,274 41,285 18,765 11,986 4,928 4,009 ,597 5,989 2,835 ,019 274 292 ,569 Dec. 48,243 41,807 18,909 12,194 4,973 4,131 ,600 6,436 3,013 ,073 279 284 ,787 1963—Jan... '48,130 r42,317 18,981 '12,681 4,939 4,134 ,582 '5,813 '2,478 ,049 275 272 ,739 Feb.. 48,025 42,280 19,057 12,550 4,952 4,138 ,583 5,745 2,506 ,027 273 259 ,680 1 Consumer finance cos. included with 'other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until Sept. 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 CONSUMER CREDIT 525 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 Aut p o a m pe o r bile s g O c u o o t m o h m d e e - r s r e R m r a e n o n p iz d d a a - ir - l s P o o a e n r n a - s l End of period Total m A p o a u p b t e i o l r - e s g O c u o t o m o h n d e e - r s r m R iz o a e a n d p t d i e a o r i n r n- s l P o o a e n n r a - s l ch P a u s r e - d Direct paper l t o i a o n n s paper 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 1960 11,472 7,528 2,739 139 ,066 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 ,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 ,452 1962 18,909 6,181 3,393 2,811 2,238 4,286 1962—Feb 11,361 6,745 3,243 162 ,211 1962—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 ,237 Apr 17,366 5,569 3,056 2,653 2,143 3,945 May 11,440 6,991 3,027 167 ,255 May 17,686 5,692 3,144 2,682 2,165 4,003 June 11,570 7,122 2,997 168 ,283 June 18,024 5,823 3,229 2,716 2,188 4,068 July 11,682 7,228 2,981 171 ,302 July 18,235 5,922 3,270 2,734 2,206 4,103 Aug 11,796 7,327 2,969 171 ,329 Aug 18,427 6,008 3,295 2,726 2,224 4,174 Sept 11,787 7,296 2,957 172 ,362 Sept 18,443 6,009 3,259 2,732 2,235 4,208 Oct 11,860 7,350 2,952 172 ,386 Oct 18,613 6,091 3,305 2,746 2,246 4,225 Nov 11,986 7,440 2,967 171 ,408 Nov 18,765 6,160 3,357 2,762 2,250 4,236 Dec 12,194 7,449 3,123 170 ,452 Dec 18,909 6,181 3,393 2,811 2,238 4,286 1963—Jan '12,681 7,471 '3,580 167 ,463 1963—Jan 18,981 6,194 3,427 2,832 2,213 4,315 Feb 12,550 7,477 3,440 165 ,468 Feb 19,057 6,240 3,458 2,822 2,191 4,346 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 7 9 8 5 9 7 pap 1 e 8 2 r 1 2 g p o a o p d e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 4 5 loa 7 6 n 8 6 s 5 9 End of period Total b C m c a o i n e a m r k l - s - t f O u i i n c n t t i i s h a o a t n e l i n - - r s s m t p D o a e r e r e - n t s - t * o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t 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 1,114 588 490 4,555 1941 3,087 693 152 275 l'37O 597 1958 7,035 1,152 565 595 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 1960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3 953 317 2,593 1961 9,654 1,819 743 832 6,257 1958 11,487 3,156 411 907 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—Feb 9,576 1,801 729 814 6,232 1960 13,196 3,884 623 941 3,952 436 3,360 Mar 9,650 1,824 731 818 6,277 1961 14,151 4,413 723 948 3,907 469 3,691 Apr 9,772 1,862 732 820 6,358 1962 15,215 4,704 875 927 4,203 512 3,994 May 9,906 1,895 736 837 6.438 June 10,045 1,934 746 844 6,521 1962—Feb.. . 13,019 4,294 694 635 3,085 472 3,839 July 10,145 1,962 749 849 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 Sept 10,367 2,018 758 870 6,721 May.. 13,823 4,614 786 636 3,444 464 3,879 Oct 10,423 2,039 760 871 6,753 June.. 13,900 4,671 757 612 3,505 479 3,876 Nov 10,534 2,058 760 881 6,835 July... 13,714 4,662 740 569 3,388 500 3,855 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 Feb 10,673 2,069 763 865 6,976 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 1963—Jan.... '14,610 4,680 831 '775 3,759 524 4,041 unions, industrial loan cos., mutual savings banks, savings and loan Feb.. . 14,194 4,704 841 646 3,324 526 4,153 assns., and other lending institutions holding consumer instalment loans. See NOTE to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 CONSUMER CREDIT APRIL 1963 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er ! mode R rn ep iz a a ir ti o a n n d loans Personal loans Period S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 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 8^1 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 55,395 19,515 16,129 2 113 17,638 1962—Feb 4,356 3,611 1,546 J 318 1,276 973 166 126 1.368 1,194 Mar 4,499 4,392 J 58? ,616 1,328 1,196 174 160 ,415 1,420 Apr 4,659 4,737 ,675 ,732 1,345 1,319 182 181 ,457 1,505 May 4,650 4,950 1,655 ,837 1,338 1,383 183 216 ,474 1,514 June . .... 4,623 4,923 ,621 ,810 1,344 1,384 187 201 ,471 1,528 July 4,669 4,720 1,631 ,751 1,368 1,290 189 199 481 1,480 Aug 4,619 4.862 1,602 ,731 1,325 1,345 179 200 1,513 1,577 Sept 4,491 4,098 1,505 ,309 1,308 1,255 170 176 1,508 1,358 Oct 4,682 4,913 I 685 ,816 1,335 1,432 169 191 1,493 1,474 Nov 4,961 4,932 1,797 ,701 1,425 1,499 168 111 1,571 1,555 Dec 4,829 5,369 1,684 539 1,469 1,937 172 151 1,504 1,752 1963—Jan '4,878 r4,368 1,743 1,570 M,421 176 130 1,538 1,438 Feb 4,885 4,033 1,734 1,477 1,406 l'054 165 125 1,580 1,377 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 50 679 17 354 15 131 2 014 16 180 1962—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 Aug 4,261 4,308 1,446 1,478 1,281 1,275 172 175 1,362 1,380 Sept 4,289 3,992 1,440 1 361 1 298 1,218 169 159 1,382 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 1,477 1,302 163 164 1,425 1,440 Dec 4,371 4,410 1,513 1,462 1,293 1,268 171 163 1,394 1,517 1963—Jan 4,376 4,481 1,504 1,528 1,294 1,366 169 170 1,409 1,417 Feb 4,449 4,138 1,517 1,400 1,307 1,262 167 154 1,458 1,322 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 53 111 1962 4 716 2 161 998 99 1 458 1962 Feb 272 -191 156 36 40 -224 -1 -28 77 25 Mar 378 137 167 157 97 -89 6 -10 108 79 Aor 493 626 240 323 98 91 14 15 141 197 Xy :'•:.'.:... 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 Aug 358 554 156 253 44 70 7 34 151 197 Sept 202 106 65 -52 10 37 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 458 969 171 77 176 669 -12 110 235 1963—Jan r502 -r113 239 42 r127 ^—136 7 -40 129 21 Feb 436 -105 217 77 99 -208 2 -29 122 55 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

APRIL 1963 CONSUMER CREDIT 527 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks Sales finance Other financial Retail outlets companies institutions Period S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1956 39,868 14,463 9,619 9,148 6,638 1957 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9 043 9,654 6,563 1959 48,052 17,976 11,196 10,940 7,940 1960 49,560 18,269 11,456 12,073 7,762 1961. 48,396 17,711 10,667 12,282 7,736 1962 55,395 20,360 12,124 13,623 9,288 1962—Feb 4,356 3,611 1.642 1.418 955 788 1 054 913 705 492 Mar 4,499 4,392 ,637 ,648 955 937 ,112 1,116 795 691 Apr. .. 4,659 4,737 ,726 ,816 1,010 ,008 ,149 1,154 774 759 May 4,650 4,950 ,710 ,881 1,007 ,059 ,150 1,205 783 805 4,623 4,923 1,720 ,862 992 ,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 ,773 971 068 ,177 ,233 792 788 Sept 4,491 4,098 ,643 ,486 944 863 ,138 ,015 766 734 Oct 4,682 4,913 ,722 ,806 1,021 ,108 ,144 ,136 795 863 Nov 4,961 4,932 ,813 ,701 1,104 070 ,208 ,231 836 930 Dec 4,829 5,379 ,772 ,682 1,189 1,189 ,143 ,332 725 1,176 1963—Jan '4,878 '4.368 ,782 ,698 '1,091 '984 ,174 ,050 '831 '636 Feb 4,885 4,033 ,794 1,020 844 ,186 ,025 885 612 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 I960 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 —Feb 4,084 3,802 1.493 1.415 981 895 1.003 907 607 585 Mar 4,121 4,255 1,520 1,553 966 1,015 1,018 1,042 617 645 Apr 4,166 4,111 1,514 1,503 952 941 1,042 1 035 658 635 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 [,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 [,579 ,549 937 944 1,105 ,120 759 767 Dec 4,371 4,410 1,594 [,538 978 981 [,060 1,162 739 729 1963 Jan 4,376 4,481 1,586 ,626 970 959 [,090 1,099 730 797 Feb 4,449 4,138 .564 .476 1,068 975 in 1.007 704 680 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 4 716 1 901 921 1 053 841 1962—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 M^ay 439 658 184 320 42 81 103 134 110 123 June 421 713 194 338 32 130 101 139 94 106 July 386 442 162 211 28 112 91 100 105 19 358 554 124 192 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 77 161 Dec 458 969 178 144 211 208 83 170 — 14 447 1963 Tan '502 '-113 196 72 '583 '487 84 -49 r — 361 ' — 62^ Feb 436 -105 230 76 -48 -131 73 18 181 -68 1 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

528 INDUSTRIAL PRODUCTION: S.A. APRIL 1963 MARKET GROUPINGS (1957-59= 100) 1957-59 1962 1962 1963 Grouping pro- averportion age* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.r Jan.r Feb. Total index 100.00 118.2 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.6 119.1 118.9 119.4 Final products total . ... ... 47.35 119.7 116.8 118.2 118.5 120.2 120.6 121.7 121.6 122.0 121.5 121.4 121.4 122.0 122.4 Consumer goods 32.31 119.7 117.3 118.8 119.1 121.1 120 9 121.7 120.9 121.8 120.8 120.7 120.5 121 9 122 6 Equipment, including defense. . . . 15.04 119.8 115.0 116.1 117.0 118.5 120.1 121.8 123.2 123.2 123.6 123.1 123.2 121.2 121.6 Materials 52.65 116.8 115.5 116.9 117.1 117.0 117.1 117.0 117.7 118.1 117.2 117.8 117.1 116.5 117.2 Consumer goods Automotive products 3.21 131.1 123.7 122.6 129.4 132.8 126.8 135.2 134.1 135.3 135.8 135.4 137.2 136.3 136.2 Autos 1.82 135.9 125.5 123.8 133.9 140.8 129 3 142.4 140.0 141.2 142.1 141.1 142.0 141.3 139.5 Auto parts and allied products 1.39 124.9 121.4 121.0 123.5 122.3 123.6 125.7 126.3 127.5 127.5 128.0 130.8 129.6 131.9 Home goods and apparel 10.00 118.0 116.5 119.0 120.1 121.2 121.7 120.1 118.7 119.8 119.3 118.9 120.2 120.8 121.5 Home goods 4.59 122.2 120.4 122.6 124.4 126.0 126.2 122.7 121.2 122.2 121.1 122.1 124.8 126.7 127.3 Appliances TV and radios 1.81 118.0 116.0 120 3 123.8 124.2 123.3 118.5 115.2 115.8 116.7 118.1 121.1 119.8 122.5 Appliances 1.33 121.1 114.9 117.7 120,1 120.7 122.9 120.9 119.3 120.7 124.0 127.3 130.9 126.4 127 3 TV and home radios .47 109.2 118.8 127.5 134.2 133.9 124.7 112.0 103.7 102.1 96.1 92.3 93.3 101.2 108.8 Furniture and rugs 1 26 123.9 121 0 121.5 123.8 124.5 126.5 124.3 125.4 127.9 125.8 125.8 125.4 130 0 127 6 Miscellaneous home goods 1.52 125.7 125.1 126.3 125.6 129.5 129.3 126.2 123.4 125.2 122.3 123.9 128.8 132.3 132.7 Apparel, knit goods, and shoes 5.41 114.6 112.2 113.8 114.2 114.8 115.6 115.4 114.9 116.1 116.1 116.2 116.3 115.7 116.6 Consumer staples 19.10 118.6 116.6 118.0 117.1 118.8 119 2 120.3 119.7 120.6 119.1 119.7 119.7 120.1 120.8 Processed foods 8.43 113.7 111.5 113.2 113.6 114.3 112 8 115.9 115.6 115.7 114 0 114.3 114.4 113 8 114 0 Beverages and tobacco 2.43 109.9 109.9 113.7 106.9 109.1 109 0 110.9 108 0 111.9 109 5 112.1 111.7 113.5 Drugs soap and toiletries 2.97 129.5 126.6 127.5 125 8 129.9 131 9 131 5 131 0 132.0 131.6 130.8 132.9 133.1 134.9 Newspapers, magazines, and books. 1.47 116.8 116.9 116.6 115.7 117.4 117.7 117.7 117.0 117.0 116.4 116.4 115.8 113.9 115.1 Consumer fuel and lighting 3.67 127.3 124.3 124.8 125.1 126 9 130 7 128.3 127 0 128.9 128 0 129.0 127.9 Fuel oil and gasoline 1.20 111.8 111.1 111.3 110.4 112 3 115 0 111.7 108 4 114.0 112.8 112.0 113.7 113.2 115.2 Residential utilities 2.46 134.8 130.8 131.5 132.3 134.0 138.4 136.4 136.0 136.2 135.5 137.4 134.9 Electricity 1.72 136.5 131.1 131.3 131.6 133.6 139.5 141.4 140.4 139.3 137.6 139.9 139.5 74 125 6 Equipment Business equipment .. 11.63 122.1 116.3 118.0 119.3 121.2 1231 124.4 125.6 126.2 126.6 125.9 126.0 123 9 125 0 Industrial equipment 6.85 117.2 113.4 114.2 115.1 116.7 118 5 119.0 119.2 118.9 120.4 120.5 119.9 118.8 119.3 Commercial equipment 2.42 143.1 139 3 141 7 144.0 144.4 144 8 145 6 144 7 144.9 143.8 144.4 144.2 145.3 144.7 Freight and passenger equipment. .. 1.76 117.2 109.0 111.6 109.7 111.2 114 9 121 0 124.2 125.2 125.6 124.5 126.7 126.2 125.9 Farm equipment .61 107.7 94.3 99.9 102.6 105.6 110.4 110.4 110.8 116.6 117.3 117.6 123.3 115.9 3.41 Materials Durable goods materials 26.73 114.1 113.1 115.1 116 2 114.6 113.7 113.8 114.8 114.9 114.0 114.1 113.2 113.1 114.2 Consumer durable 3.43 127.5 119 2 124 1 134 7 134 5 127 0 134 2 130 6 129.7 127.6 126.9 128.5 127.5 128.6 Equipment 7.84 118.9 114.5 116 9 120.3 119 5 120 8 119.3 119.2 121 3 121.0 120.4 120.3 121.4 121.0 Construction 9.17 110.4 107.3 109 9 110.7 111.4 111 8 112,1 112 6 113.3 111.2 111.3 108.6 108.0 108.7 Metal materials nee 6 29 106.0 120.1 118.1 114.6 104.5 99.4 96.4 98.5 98.5 99.1 102.3 103.5 106.3 109.0 Nondurable materials 25.92 119.7 117.8 118.6 117 9 119.3 120.5 120.3 120.7 121.5 120.5 122.3 121.0 720.0 120.3 Business supplies . 9 11 116.1 115.0 115.8 114.1 116.1 116 9 116.1 116 5 118 1 116.2 118.2 117.1 115.5 115.8 Containers 3.03 117.0 116 7 119 7 113.1 115.9 117 5 117 2 116,4 118.6 115.9 120.5 117.9 119.9 119.9 General business supplies 6.07 115.7 114.2 113.9 114.6 116 2 116 6 115.5 116.6 117.9 116.3 117.1 116.7 113.3 113.8 Nondurable materials n.e.c 7.40 134.2 130.4 132.5 131.3 133.9 135 9 135.3 135.5 136.7 135.2 137.9 137.8 136.0 135.5 Business fuel and power 9.41 111.6 110.5 110,2 110.9 110.9 1118 112.6 112.0 112.7 113.1 114.1 111.7 111.6 112.7 Mineral fuels 6.07 104.7 103.2 103 2 104.6 103 6 104 5 106.1 105.5 106.6 106.5 107.2 103.8 102.9 103.9 2 86 130 1 128.0 128 0 127 7 130 2 131 4 130.9 129.1 130 2 131.9 133 1 132 9 Electricity 2 32 130 6 128.5 128 2 127.6 130 4 131 9 132.4 130.1 130.4 132.3 133.6 133.6 I 03 122.6 122.4 121.3 122.7 121.6 122 6 124.1 122.0 122.7 124.3 123.5 123.2 Commercial and other 1 21 140.0 136.1 136.4 134.1 140.5 142.4 142.0 139.5 139.5 141.7 144.9 145.1 Gas 54 126.4 Supplementary groups of consumer goods Automotive and home goods 7 80 126.0 121.8 122.7 126.5 128 9 126 5 127.9 126.3 127.6 127.1 127.6 129.9 130.7 131 .0 ADDarel and staples 24.51 117.8 115.6 117.1 116.5 117.9 118.4 119.2 118.6 119.6 118.4 118.9 119.0 119.1 119.9 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 INDUSTRIAL PRODUCTION: S.A. 529 INDUSTRY GROUPINGS (1957-59- 100) 957-59 1962 1962 1963 Grouping p p ti r o o o r n - - a a v g e e r ^ - Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb. Total index 100.00 118.2 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.6 119.1 118.9 119.4 Manufacturing, total 86.45 118.6 116.3 117.4 118.1 118.8 118.9 119.7 120.3 120.4 119.7 120.0 119.7 119.2 119.9 Durable 48.07 117.9 115.4 116.5 118.5 118.2 117.7 118.7 119.8 119.5 118.6 119.1! 118.9 118.6 119.4 Nondurable 38.38 119.4 117.3 118.6 117.5 119.6 120.3 121.0 120.8 121.5 120.9 121.1 120.6 120.0 120.4 Mining 8.23 104.9 104.3 104.8 105.5 104.8 104.6 106.1 105.5 105.9 105.5 106.2 103.0 103.0 103.9 Utilities 5.32 132.3 129.0 128.8 12S.1 129.8 132.4 133.5 132.3 133.0 133.5 135.1 135.5 136.4 137.5 Durable manufactures Primary and fabricated metals 12.32 110.0 115.1 115.3 114.1 108.3 106.3 106.3 108.2 108.2 107.1 108.5 107.3 107.6 110.8 Primary metals 6.95 104.5 117.5 116.6 112.4 101.3 96.8 96.6 99.1 99.6 98.9 100.7 99.7 99.9 104.6 Iron and steel 5 45 100.6 117.7 118.5 112.6 96.5 89.5 87.8 92.1 92.8 91.0 95.3 95.8 96.4 102.0 Nonferrous metals and product*. 1.50 118.9 122.0 120.6 118.6 120.8 118.2 117.9 112.9 118.4 120.1 121.2 120.6 121.9 118.9 Fabricated metal products 5 37 117.1 111.9 113.6 116.3 117.4 118.5 118.8 119.9 119.3 117.8 118.5 117.2 117.6 118.8 Structural metal parts 2 86 113.2 108.6 110.2 113.7 115.7 116.4 115.6 115.2 115.1 114.2 112.8 112.5 113.5 113.9 Machinery and related products 27 98 122.1 116.8 118.2 121.2 122.9 122.9 124.8 125.6 124.9 124.6 124.5\ 125.0\ 124.2 124. Machinery 14 80 123.4 117.5 120.2 122.9 124.5 125.9 125.4 126.5 126.4 125.6 125.3 125.9 124.5 125, Nonelectrical machinery 8 43 119.7 112.4 115.2 117.8 120.0 121.8 121.9 124.6 123.9 123.0 122.8 121.4 120.3 121. Electrical machinery 6.37 124.3 126.8 129.7 130.4 131.3 130.1 129.0 129.6 129.0 128.6 131.8 130.0 131. Transportation equipment 10 19 113.4 113.4 116.8 119.4 116.8 122.1 122.0 121.5 121.8 121.5 121.9 122.1 121. Motor vehicles and parts 4.68 134.1 126.2 126.3 134.4 139.1 132.0 141.3 138.1 137.8 138.1 137.3 138.2 137.3 138. Aircraft and other equipment. . . 5.26 103.9 101.5 101.4 100.7 101.6 103.0 104.7 107.3 106.7 107.2 107.2 107.0 107.9 106. Instruments and related products. . 1.71 122.9 118.5 119.0 122.3 122.6 124.7 124.9 125.8 124.3 124.2 125.0 125.4 125.1 126.9 Ordnance and accessories 1.28 Clay, glass, and lumber 4.12 109.1 106.6 105.9 108.9 110.1 110.7 109.9 112.1 112.5 108.9 110.7 109.8 109. 107.9 Clay, glass, and stone products.... 2.99 111.0 105. 104.8 110.3 111.9 112.5 113.7 114.9 114.9 113.2 113.3 110.5 111.9 108.3 Lumber and products 1.73 106.0 109.2 107.9 106.4 107.1 107.5 103.4 107.4 108.3 101.5 106.1 108.7 105.2 107.1 Furniture and miscellaneous. 3 05 124.6 118.2 121.5 126.1 127.3 127.4 127.3 125.8 126.% 125.3 125.5 124.6 124.7 123.1 Furniture and fixtures 1 54 126. 120.8 124.0 126.6 129.3 129.2 127.7 128.3 129.2 128.2 129.3 128.6 129.2 126.9 Miscellaneous manufactures 1.51 122.3 115.5 119.0 125.5 125.2 125.5 126.9 123.3 124.4 122.3 121.7 120.5 120.1 119.3 Nondurable manufactures Textiles, apparel, and leather 7.60 114.9 113.6 114.8 114.8 115.2 115.8 115.5 115.2 116.7 115.7 115.5 115.2 115.2 115.7 Textile mill products 2.90 114.7 114.6 116.8 115.0 116.1 117.1 116.6 117.1 115.9 114.5 112.9 112.7 113.4 113.0 Apparel products 3.59 118.9 116.0 116.5 117.6 118.3 118.4 119.2 118.1 120.5 121.4 122.3 122.2 122.5 123.2 Leather and products 1.11 102.4 103.0 104.0 105.5 102.9 103.8 100.5 100.6 106.6 100.8 100.7 99.4 96.4 i Paper and printing 8.17 116.7 116.2 116.9 115.7 117.0 116.7 118.0 118.1 118.2 117.2 117.9 115.4\ 114.4 114.7 Paper and products 3.43 119.7 119.0 120.7 117.5 119.9 119.6 121. 120.5 120.9 120.8 122. 119.6 iioii Printing and publishing 4 74 114.6 114.2 114.1 114.4 114.9 114.7 115.7 116.3 116.2 114.6 114.8 112.3 110.5 Newspapers 1.53 108.5 109.4 108.6 107.5 107.9 108.6 110.3 111.8 111.3 108.2 109.7 100.5 94.0 93.9 Chemicals, petroleum, and rubber... 11.54 130.6 125.8 126.7 126.6 130.8 132.6 133.2 133.2 133.7 134.2 133.7 133.9 132.9 133.4 Chemicals and products 7.58 135.6 131. 131.8 131.6 135.7 137. 137.6 138.3 139.0 139.5 139.1 138.6 139.0 139.5 Industrial chemicals 3.84 146.9 140.4 141.0 142.2 145.8 147.7 149.7 150.7 151.0 153. 152.7 150.5 151.2 Petroleum products 1.97 112.8 111. 114.0 109.6 112.6 115. 113.4 112.1 113.6 113.6 113.0 114.2 114.3 113.5 Rubber and plastics products 1.99 129.0 120.5 119.9 124,0 130.2 132.8 136.1 134.8 133.4 134.1 133.4 135.5 128.1 Foods, beverages, and tobacco 11.07 113.0 111.7 113.5 112.1 112.8 112.5 114.2 113.8 114.7 113.5 114.1 114.4 114.1 114.2 Foods and beverages 10.25 113.0 111.7 113.2 112.3 112.9 112.9 114.3 114.0 114.6 113.9 114.0 114.6 114.2 114.3 Food manufactures 8.64 113.8 112.2 113.4 113.6 113.9 113.5 115.1 115.5 115,5 114.6 114.7 115.1 114.3 114.4 Beverages 1.61 108.7 109.3 112.2 105.2 107.3 109.4 109.7 105.9 109.8 109.9 110.5 111.9 113.7 Tobacco products 112.3 111.1 116.8 110.3 112.5 108.2 113.4 112.0 116.0 108.6 115.2 111.4 113.0 Mining Coal, oil, and gas 6.80 103.6 102.3 102.9 104.0 102.6 103.0 104.7 104.1 105. 105.3 105.5 102.3\ 101.3 102.2 Coal 1.16 94.3 95.2 96.3 97.6 92.2 91.8 91.8 93.7 93.8 94.0 96.3 93.2; 95.1 96.1 Crude oil and natural gas 5.64 105.5 103.8 104.2 105.3 104.7 105.3 107.4 106. 107.5 107.6 107.4 104.2 102.6 103.4 Oil and gas extraction 4.91 107. 105.1 104.8 106.2 106.3 107.4 109.5 108.3 109.6 109.4 109.8 106.3 104.8 105.8 Crude oil 4.25 105.1 103.2 102.4 104.1 104.1 105.6 107.7 106.7 107.8 107.2 107.5 103.8 101.6 102.4 Gas and gas liquids .66 120.7 117.4 120.4 119.7 120.5 119. Oil and gas drilling .73 94. 95.0 100.2 99.2 93.7 91.1 92*. 3 93.0 '96^5 Metal, stone, and earth minerals.... 1.43 110.9 113.9 113.9 112.5 115.7 112.0 112.8 7/2.0 109.5 106.7 109.3 106.2] 111. 112.3 Metal mining .61 112.5 131.7 128.9 120.0 116.6 109.5 110.4 104.1 97.8 96.8 106.2 114.9! 122. 128.5 Stone and earth minerals 109.6 100.6 102.7 106.9 115.1 113.8 114.5 117.9 118.2 114.0 111.6 99.71 103. 100.3 Utilities Electric 4.04 133. 129.6 129.5 129.3 131.8 135.1 136.2 134.5 134.2 134.5 136.3j 136.1 Gas 1.28 129.8 126.9 126.5 124.2 123.6 123.8 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

530 INDUSTRIAL PRODUCTION: N.S.A. APRIL 1963 MARKET GROUPINGS (1957-59- 100) 1957-59 1962 1962 1963 Grouping pro- averportion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb. Total index 100.00 118. 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122. 122.5 120.6 117.2 117.8 120.0 Final products, total 47.35 119.7 116.7 118.6 118.6 118.5 121.3 117.5 119. 125.0 125.3 122.2 119. 120.1 122.4 Consumer goods 32.31 119. 116.9 118.7 118.5 118.2 121.3 116.5 118.8 126.5 126. 122.2 117.6 119.1 122.3 Equipment, including defense... 15.04 119.8 116.1 118.3 118.6 119.1 121. 119.6 120.6 122.0 122.5 122.0 123.4 122.2 122.7 Materials 52.65 116.8 116.1 117.6 118.2 118.0 118.7 110.7 116.1 119. 119.9 119. 115.1 115.7 117.9 Consumer goods Automotive products 3.21 131.1 130.0 131.3 138.6 138. 133.1 129.8 79.4 124.9 148.1 145.1 143. 142.2 144.0 Autos 1.8! 135.9 136.8 139.9 150.0 149. 137.1 136.7 43.4 120.0 160.6 159.4 157.6 152.6 153.4 Auto parts and allied products 1.39 124.9 121.0 120.1 123.6 124. 127.9 120. 126.8 131.3 131.6 126.3 125. 128. 131.6 Home goods and apparel 10.00 118.0 119.3 122.9 120.5 117.6 120.8 107.7 119.6 124.0 123.9 120.1 HI. 113. 123.3 Home goods 4.59 122.2 119.9 124. 122.4 121.0 125.5 110.7 117.8 130.6 131.1 128.3 123. 118.2 127.0 Appliances, TV, and radios 1.81 118.0 120.8 127. 121.3 117. 124.3 99.6 103.6 127.5 128. 124.8 115.6 108.8 127.4 Appliances 1.33 121.1 121.5 132.5 125.8 120.8 129.9 107.1 101.7 127.1 127.5 128.1 124.8 113.3 133.6 TV and home radios 109.2 118.8 112 108 107 108 78.4 108.9 128.6 129. 115.4 89.6 96.1 109.9 Furniture and rugs 1.26 123.9 119.8 121.3 121.9 120.1 123.5 116.8 126. 131.4 131.6 129.6 130.4 126.1 127.6 Miscellaneous home goods 1.5: 125.7 118.8 123.0 124.1 126.3 128.5 119.0 127.3 133.6 134. 131.3 126.5 122.8 126.1 Apparel, knit goods, and shoes 5.41 114.6 118.9 121.8 118.8 114.8 116.8 105.0 121.2 118.4 117.8 113.2 100.9 109.9 120.1 Consumer staples 19.10 118.6 113.5 114.4 114.1 115.1 119.7 118.9 125.0 128.0 124.5 119.5 116.6 118.0 118.2 Processed foods 8.43 113.7 103.9 104.7 106.3 107.4 112.0 116.1 124.2 131.0 126.0 117.5 110.7 107.5 106.7 Beverages and tobacco 2.43 109.9 100.2 109.3 109.7 116.6 125.0 113.6 117.8 116.4 113.9 105.9 96.7 99.9 Drugs, soap, and toiletries 2.97 129.5 126.2 126.2 127.7 128.7 133.2 125.3 133.9 132.4 134.2 131.2 131.6 133.1 Newspapers, magazines, and books. 1.47 116. 116.3 117.8 115.7 116.2 115.9 114.8 117.6 119.9 118. 116.4 115.8 113.9 114.5 Consumer fuel and lighting 3.67 127.3 132.3 128.7 122.8 120.0 124.3 125.7 127.6 128.9 122.7 124.3 131.5 Fuel oil and gasoline 1.20 111.8 113.3 109.5 105.1 108.6 113.4 114.2 112.3 113.5 110.1 111.5 116.6 Residential utilities 2.46 134.8 Electricity 1.72 136.5 146.6 140.8 130.3 121.6 126.9 134.0 139. 139.7 128.1 130.1 145. Gas .74 125.6 Equipment Business equipment 11.63 122.1 117.5 120.2 121.3 122.0 124.6 122.0 122.6 124.9 125.3 124.3 126.1 125.1 126.2 Industrial equipment 6.85 117.2 112.8 114.3 115.7 116.8 119.6 117.8 118.8 120.0 119.7 118.8 120.6 119.0 118.7 Commercial equipment 2.42 143. 138.3 140.4 141.3 142.7 145.2 142.7 145.0 147. 146.2 146.1 146.7 145.4 143.7 Freight and passenger equipment. 1.76 117.2 111.4 117.3 116.2 116.1 119.5 117.6 116.6 118.2 124.3 122.0 122.6 123.7 128.7 Farm equipment .61 107.7 104.5 114.0 120.2 114.9 113.7 99.6 94.1 111.4 108.0 106.6 116.3 117.3 Defense equipment 3.41 Materials Durable goods materials. 26.73 114.1 113.4 115.3 116.9 116.5 116.1 108.7 111.3 116.8 116.6 775.5 112.3 112.3 114.4 Consumer durable 3.43 127.5 126.9 128.4 128.4 130.6 123.6 117.4 107.5 130.5 134.1 136.0 138.8 135.5 137.0 Equipment 7.84 118.9 116.7 119.0 120.9 119.7 119.8 115.4 116.1 119.4 120.2 121.7 122.7 123.5 123.3 Construction , 9.17 110.4 100.2 103.4 109.6 114.7 118.8 113.8 119.4 119.9 116.7 111.1 102.5 100.2 101.5 Metal materials n.e.c..., 6.29 106.0 121.2 120.9 116.3 107.1 103.6 88.4 95.7 101.5 102.5 103.1 98.9 103.5 110.0 Nondurable materials 25.92 119.7 118.8 120.0 119.4 119.7 121.3 112.7 121.1 122.7 123.4 122.9 118.1 119.1 727.5 Business supplies 9.11 116.1 113.5 116.6 117.2 117.3 118.2 108.7 118.5 121.9 121.6 119.2 111.2 111.8 114.3 Containers 3.03 117.0 114.4 119.7 116.5 117.1 123.4 112.5 128.0 126.3 121.7 113.9 102.6 112.7 117.5 General business supplies. 6.07 115.7 113.1 115.0 117.5 117.4 115.6 106.8 113.7 119.7 121.5 121.8 115.5 111.3 112.7 Nondurable materials n.e.c.. 7.40 134.2 134.3 135.1 133.9 135.9 136.6 124.9 134.8 135.3 137.9 139.3 133.7 136.0 139.6 Business fuel and power 9.41 111.6 111.7 111.4 110.2 109.2 112.3 107.0 112.8 113.6 113.6 113.7 112.5 113.0 114.0 Mineral fuels 6.07 104.7 106.8 106.2 105.4 102.5 104.8 96.4 103.7 104.8 106.7 107.8 106.1 105. 107.8 Nonresidential utilities 2.86 130 Electricity 2.32 130.6 123.1 124.6 122.3 126.6 133.6 136.1 140.3 139.3 134.2 130.7 130.4 General industrial 1.03 122.6 119.2 122.0 120.1 121.6 123.7 120.6 125.4 125.2 127.0 123.9 122.0 Commercial and other 1.21 140.0 128.6 129.0 126.2 133.1 144.7 152.2 156.1 154.3 143. 139.0 140.0 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods. 7.80 126.0 124.3 127.4 129.3 128.4 128.8 118.8 102.2 128.3 138.1 135.2 131.7 128.1 134.0 Apparel and staples 24.51 117.8! 114.8 116.1 115.3 115. 119.1 116.0 124.3 125.9 123.0 118.1 113.1 116.2 118.6 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 INDUSTRIAL PRODUCTION: N.S.A. 531 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1962 1962 1963 Grouping p p ti r o o o r n - - a a v g e e* r- 3 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb. Total index. 100.00 118.2 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.8 120.0 Manufacturing, total., 86.45 118.6 116.6 118.6 119.1 119.0 120.4 114.0 117.6 122.8 123.4 121.3 117.5 117.1 120.3 Durable 48.07 117.9 116.6 118.6 119.6 118.8 119.2 113.6 112.8 120.4 121.7 121.0 119.4 118.4 120.7 Nondurable 38.38 119.4 116.6 118.6 118.4 119.1 121.8 114.5 123.6 125.8 125.5 121.7 115.0 116.8 119.8 Mining 8.23 104.9 103.7 103.5 104.9 105.5 107.5 101.0 106.4 106.5 107.1 106.3 103.1 102.5 103.6 Utilities 5.32 132.3 Durable manufactures Primary and fabricated metals 12.32 110.0 117.5 119.0 116.5 109.8 108.4 97.6 104.5 110.2 109.2 109.0 106.2 108.6 112.4 Primary metals 6.95 104.5 123.0 123.8 117.7 103.9 98.7 82.9 92.0 98.5 99.9 101.7 97.3 102.9 109.5 Iron and steel 5.45 100.6 122.8 124.4 116.0 97.5 91.3 76.8 86.6 92.8 93.7 96.3 93.4 98.3 106.4 Nonferrous metals and products. 1.50 118.9 123.8 121.9 123.8 127.2 125.5 104.9 111.8 119.2 122.4 121.2 111.4 119.8 120.7 Fabricated metal products 5.37 117.1 110.4 112.7 115.1 117.4 120.9 116.7 120.7 125.3 121.3 118.6 117.8 116.0 116.1 Structural metal parts 2.86 113.2 106.9 108.2 110.7 113.4 116.4 113.9 115.8 118.6 117.9 116.0 114.8 112.4 111.5 Machinery and related products 27.98 122 A 119.0 121.4 122.7 123.2 123.4 119.8 113.4 123.8 127.0 127.1 127.7 126.0 127.7 Machinery 14.80 123.4 119.8 122.9 123.7 123.9 126.7 119.3 121.1 127.6 127.0 126.2 127.0 124.9 128.0 Nonelectrical machinery 8.43 119.7 115.5 119.6 121.5 121.9 123.6 119. 118.0 121.2 120.7 120.5 122.5 122.2 125.0 Electrical machinery 6.37 128.4 125.6 127.2 126.7 126.5 130.8 119.6 125.2 136.1 135.3 133.7 132.9 128.5 132.1 Transportation equipment 10.19 118.3 116.0 117.9 119.8 120.9 117.0 118.0 97.1 116.6 126.3 127.2 127.6 126.2 126.3 Motor vehicles and parts 4.68 134.11 131.1 133.4 139.7 141.9 133.6 135.0 87.0 128.9 148.3 149.1 149.1 145.6 146.9 Aircraft and other equipment. .. 5.26 103.91 102.2 103.6 101.2 101.2 101.6 102.7 104.8 105.4 106.7 107.8 108.6 109.0 107.9 Instruments and related products.. 1.71 122.9 118.3 119.4 121.0 121.4 124.1 122.2 125.0 125.2 125.6 127.2 127.0 125.2 126.1 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 109.1 99.6 100.4 108.3 113.9 118.3 112.6 120.1 119.4 116.3 110.3 99. 97.0 100.5 Clay, glass, and stone products. 2.99 111.0 97.7 100.6 109.7 116.4 118.7 117.7 121.8 119.5 118.9 113.9 102.8 99.6 99.6 Lumber and products 1.73 106.0 102.9 100.0 105.8 109.6 117.6 103.9 117.2 119.3 111.7 104. 94.6 92.6 102.0 Furniture and miscellaneous.. 5.05 124.6 117.0 120.1 121.8 123.3 126.4 122.5 129.1 131.9 132.1 129.6 126.5 120.9 122.0 Furniture and fixtures 1.54 126.8 120.6 122.5 123.6 124.3 127.9 124.8 132.1 133.1 133.3 131.4 131.2 126.9 126.6 Miscellaneous manufactures. 1.51 122.3 113.4 117.5 120.0 122.2 124.9 120.2 126.0 130.6 130.9 127.9 121.7 114.8 117.2 Nondurable manufactures Textiles, apparel, and leather 7.50 114.9 119.5 122.0 118.0 116.6 117.9 102.4 119.5 117.4 116.9 114.6 104.7 112.1 120.9 Textile mill products 2.90 114.7 116.9 119.1 115.0 119.6 121.2 100.9 118.3 115.9 115.6 115.2 108.2 112.3 116.4 Apparel products 3.59 118.9 124.6 128.1 124.3 119.5 119.6 107.0 124.0 122.3 122.6 119.2 105.7 116.4 129.4 Leather and products 1.11 102.4 110.1 109.7 105.5 99.1 104.2 91.9 107.9 105.2 102.3 98.2 92.2 97.8 Paper and printing 8.17 116.7 116.1 118.9 118.4 117.7 117.5 108.7 117.2 119.6 122.4 120.8 111.4 112. l\ 114.7 Paper and products 3.43 119.7 121.5 123.7 122.0 120.0 122.0 107.8 123.5 122.0 127.3 123.0 108.6 Printing and publishing 4.74 114.6 112.2 115.5 115.8 116.0 114.3 109.5 112.7 117.9 118.9 119.2 113.4 108.7 Newspapers 1.53 108.5 105.2 110.8 114.1 115.0 108.6 96.0 101.7 112.1 117.7 120.7 100.0 86.6 90.3 Chemicals, petroleum, and rubber., 11.54 130.6 127.5 128.4 129.4 131.0 134.2 125.8 132.1 134.2 135.4 133.2 131.2 133.3 135.2 Chemicals and products 7.58 135.6 132.2 133.8 135.8 137.1 138.7 131.2 137.9 138.1 139.4 138.5 136.6 138.3 140.7 Industrial chemicals 3.84 146.9 143.5 144.8 145.2 146.8 147.7 142.5 148.0 149.2 151.6 153.6 150.5 151.2 Petroleum products 1.97 112.8 109.4 110.0 106.3 110.9 117.4 117.9 116.6 118.1 114.2 111.3 112.5 112.6 111.8 Rubber and plastics products 1.99 129.0 127.5 126.1 127.8 127.6 133.5 113.0 125.4 135.1 141.6 134.2 129.4 134.6 Foods, beverages, and tobacco. 11.07 113.0 103.6 106.0 107.3 109.5 114.7 115.2 122.4 127.4 123.5 115.4 107.9 106.3 106.8 Foods and beverages 10.25 113.0 103.1 105.3 107.0 108.9 114.5 116.4 122.5 128.1 123.9 115.3 109.3 105.9 106.4 Food manufactures 8.64 113.8 104.6 105.0 106.6 107.5 111.8 115.7 123.7 130.5 126.1 118.1 111.1 108.1 107.4 Beverages 1.61 108.7 95.0 106.5 109.4 116.5 129.1 120.3 116.0 114.8 111.7 100.3 99.8 93.8 Tobacco products .82 112.3 110.5 115.0 110.1 116.6 116.9 100.4 121.2 119.4 118.3 117.0 90.7 111.8 Mining Coal, oil, and gas 6.80 103.6 105.3 104.6 704.0 101.4 103.5 96.2 102.8 103.8 105.5 106.2 104.7 104.3 105.4 Coal 1.16 94.3 95.4 96.1 94.9 93.1 103.8 60.7 98.6 99.2 102.5 100.2 92.3 93.2 97.3 Crude oil and natural gas. 5.64 105.5 107.4 106.3 105.9 103.0 103.4 103.6 103.7 104.7 106. 107.5 107.3 106.6 107.1 Oil and gas extraction.. 4.91 107.2 109.5 108.6 107.9 104.7 105.1 104.8 104.9 106.1 107.6 109.6 109.3 108.7 110.3 Crude oil 4.25 105.1 107.0 105.7 105.9 103.1 104.0 103.6 103.7 104.9 105.6 106.7 105.8 104.7 106.2 Gas and gas liquids.. .66 120.7 125.5 126.7 120.5 114.8 111.9 Oil and gas drilling.... .73 94.2 92.8 91.2 92.4 91.9 92.0 95.2 95.7 95.1 95.9 93.3 93.2 92.0 85.4 Metal, stone, and earth minerals. 1.43 110.9 96.2 98.5 108.8 125.0 126.5 123.9 123.5 119.7 114.6 106.5 95.6 93.9 95.0 Metal mining .61 1J2.5 106.3 105.3 112.9 133.7 134.8 126.6 119.5 113.2 105.6 96.2 94.7 95.9 103.7 Stone and earth minerals .82 109.6 88.7 93.5 105.8 118.6 120.3 121.8 126.4 124.5 121.2 114.2 96.2 92.4 88.5 Utilities Electric 4.04 133.2 133.2 131.6 125.7 124.5 130.8 135.3 139.8 139.5 131.6 130.4 136.7 Gas 1.28 129.8 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

532 BUSINESS ACTIVITY APRIL 1963 SELECTED BUSINESS INDEXES (1957-59= 100) Industria1 production Manu- Prices 3 facturing 2 Nonag- Major market groupings Con- ricul- Major industry stru- tural Freight Depart- Period Total Tot F a i l na g l s C o u p o o m r n o 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 i u n i p g n in - gs 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 n m t o a t y l — - - i p m E lo m en y - t - P ro a l y ls - l i o n a g d s - s s t a o le re s s C um on e - r W m c s h o o a o d m le l i e t - y - 1949 64.7 64.5 68.8 52.0 64.8 65.1 74.5 43.4 44 83.3 93.6 60.0 108.2 67 83.0 83.5 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 72 83.8 86.8 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 80.3 121.5 76 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 92.9 106.1 84.5 115.0 78 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 80 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 80 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 88 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 94 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 96 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.3 93.5 93.8 99 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.6 100.0 105.1 97.9 105 101.5 100.6 I960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.7 106.6 95.3 106 103.1 100.7 1961 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 102.9 95.6 105.2 91.2 109 104.2 100,3 1962 118.2 119.7 119.7 119.8 116.8 118.6 104.9 132.3 120 105.2 98.6 113.3 92.4 114 105.4 100.6 1962—Fcb 116.0 116.8 117.3 115.0 115.5 116.3 104.3 129.0 119 104.2 97.7 112.7 96.8 HI 104.8 100.7 Mar 117.0 118.2 118.8 116.1 116.9 117.4 104.8 128.8 131 104.4 98.4 113.4 96.6 117 105.0 100.7 Apr 117.7 118.5 119.1 117.0 117.1 118.1 105.5 128.1 121 105.1 99.6 114.8 96.1 113 105.2 100.4 May 118.4 120.2 121.1 118.5 117.0 118.8 104.8 129.8 117 105.4 99.8 113.7 94.0 115 105.2 100.2 June 118.6 120.6 120.9 120.1 117.1 118.9 104.6 132.4 120 105.6 99.9 113.5 89.9 111 105.3 100.0 July 119.3 121.7 121.7 121.8 117.0 119.7 106.1 133.5 117 105.8 99.7 113.1 89.6 114 105.5 100,4 Aug 119.7 121.6 120.9 123.2 117.7 120.3 105.5 132.3 118 105.6 98.7 112.5 90.2 115 105.5 100.5 Sept 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 119.6 121.4 120.7 123.1 117.8 120.0 106.2 135.1 123 105.8 97.9 113.3 94.1 118 100.7 106.0 Dec 119.1 121.4 120.5 123.2 117.1 119.7 103.0 135.5 138 105.7 97.8 114.3 90.5 117 105.8 100.4 1963—Jan 118.9 '122.0 '121.9 121.2 116.5 119.2 103.0 136.4 121 105.6 97.3 114.5 88.2 113 106.0 100.5 Feb 119.4 122.4 122.6 121.6 117.2 119.9 103.9 137.5 130 106.0 97.5 115.2 94.5 P114 106.1 100.2 Mar ^120 4P\22 6P123 0*121 1P\18 8P120 9 ?105 0 P137 0 P106.4 *>98.2 P115.6 94.7 120 99.9 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. M, 41 2,749 3,986 3,860 4 009 3,900 3,747 6^1 ,773 3,425 3,188 3 198 2 779 2,917 By type of ownership: Public P 547 n 599 877 1,475 1,211 1,771 1,331 1,231 1039 1,099 1,003 1,099 1,190 932 1,092 Private ?4 588 ?7 705 1,871 2,511 2,650 7 787 2,569 2,516 7 591 7 174 2,422 2,089 2,009 1,847 By type of construction: Residential 18 j039 1,192 1,552 1,816 1,819 1,656 1,623 1 1 1,610 1 166 12*115 13 010 893 1,325 1,102 1,?7S 1,242 1,197 1.177 1,019 1,075 1,066 921 1016 8,897 10,255 664 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

APRIL 1963 CONSTRUCTION 533 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 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 ,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 ,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 ,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 ,387 7,123 1959 > 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 1,488 5,870 ,467 7,386 1960 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 ,487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 1,368 5,818 ,581 8,267 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 i 962—Mar........ 57,748 40,553 22,507 12,897 2,653 4,795 5,449 5,149 17,195 1,328 5,771 ,715 8,381 Apr 58,279 41,747 23,484 12,973 2,792 4,793 5,388 5,290 16,532 1,381 5,057 ,775 8,319 May 60,764 43,472 25,018 13,119 2,886 4,752 5,481 5,335 17,292 1,354 5,830 ,805 8,303 June 62,678 44,842 26,118 13,354 2,950 4,865 5,539 5,370 17,836 1,549 5,989 ,807 8,491 July 62,084 44,908 25,987 13,516 2,962 5,110 5,444 5,405 17,176 1,170 5,876 ,802 8,328 Aug 62,829 45,244 25,957 13,835 2,936 5,273 5,626 5,452 17,585 1,244 6,195 ,771 8,375 Sept 62,358 44,976 25,813 13,692 2,930 5,214 5,548 5,471 17,382 1,164 6,140 ,754 8,324 Oct 63,517 43,843 25,013 13,478 2,885 5,018 5,575 5,352 19,674 1,492 7,786 ,764 8,632 Nov 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 62,917 43,434 24,830 13,480 2,773 5,086 5,621 5,124 19,483 1,787 7,483 ,758 8,455 Feb.p 60,396 42,370 23,866 13,374 2,716 4,999 5,659 5,130 18,026 6,180 ,768 Mar.*1 60,661 42,497 23,969 13,389 2,742 4,982 5,665 5,139 18,164 1,784 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 * By type of ownership Government- (private only) Private underwritten Period Total Non- Total N fa o rm n- M po e li t t r a o n - p m o e l t it r a o n - Total fam 1 i - ly 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 19 670 277 393 1956 1.118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 ,209 827 382 ,142 933 39 170 68 439 337 102 1959 1,379 946 432 ,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 477 ,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 ,252 995 44 214 44 336 261 75 1961 1,365 948 417 ,313 975 44 295 52 328 244 83 1962 .482 1,043 439 .453 989 48 415 29 339 261 78 1962—Feb 1.152 1,134 78 56 22 76 54 3 20 1 20 15 5 Mar ,431 1,407 117 83 34 115 80 5 31 2 27 21 6 Apr ,542 1,521 152 111 41 147 101 5 41 5 33 25 8 Mav ,579 1,566 157 112 45 154 107 5 42 2 34 26 g June ,425 1,399 140 96 43 136 96 4 36 3 31 24 7 July ,466 1,447 139 98 42 136 95 4 36 4 33 25 7 AUE ,529 1,500 148 99 49 146 101 4 41 2 36 28 g Sept ,289 1,261 116 84 33 114 76 4 34 3 26 20 6 Oct ,550 1,504 136 93 43 134 91 4 39 3 30 23 7 Nov ,586 1,571 122 83 39 120 78 4 38 2 25 19 Dec ,472 1,453 95 68 27 94 56 4 34 1 20 16 5 1963—Jan V ,229 *>l,207 *>83 61 22 *80 47 3 30 *>3 18 14 4 Feb P ,280 H,254 P87 66 22 *87 Pi 17 13 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 farm and nonfarm series developed initially by the Bureau of Labor inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 EMPLOYMENT APRIL 1963 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employedl l N ab o o t r i n f o t r h c e e m ra e te n 2 t population force Total In nonagri- In U pl n o e y m ed - (pe S r .A ce . 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 65,011 58,789 6,222 2,936 49,699 4.3 1958 121 950 71 284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 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—Mar 129,471 73,582 70,697 66,316 61,533 4,782 4,382 55,889 5.5 Apr 129,587 73,654 70,769 66,824 61,863 4,961 3,946 55,933 5.6 May..., 129,752 74,797 71,922 68,203 62,775 5,428 3,719 54,956 5.5 June 129 930 76 857 74,001 69,539 63,249 6,290 4,463 53,072 5.5 Julv . 130,183 76 437 73,582 69,564 63,500 6,064 4,018 53,746 5.4 Aug 130,359 76,554 73,695 69,762 63,993 5,770 3,932 53,805 5.7 Sept 130,546 74,914 72,179 68,668 63,103 5,564 3,512 55,631 5.6 Oct 130 730 74 923 72,187 68,893 63,418 5,475 3,294 55,808 5.3 Nov 130,910 74,532 71,782 67,981 63,098 4,883 3,801 56,378 5.8 131,096 74,142 71,378 67,561 63,495 4,066 3,817 56,954 5.5 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 Mar 131,590 74,382 71,650 67.148 62,812 4,337 4,501 57,208 5.6 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 p it r u i t e b a 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 2,477 6,749 7 626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 i 53 380 16,667 731 2,955 4,010 11,125 2,597 7,105 8,190 1960 54,347 16,762 709 2,882 4,017 11,412 2,684 7,361 8 520 1961 54,077 16,267 666 2,760 3,923 11,368 2,748 7,516 8 828 1962 55,325 16,752 647 2,695 3,925 11,572 2,794 7,757 9,184 SEASONALLY ADJUSTED 1962—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 55,536 16,632 623 2,651 3,836 11,637 2,828 7,895 9 434 Feb.* 55,727 16,663 624 2,645 3,914 11,683 2,836 7,917 9 445 Mar v 55,928 16,764 630 2,623 3,924 11,753 2,844 7,919 9,471 NOT SEASONALLY ADJUSTED 1962—Mar 54,056 16,525 640 2,328 3,880 11,223 2,754 7,573 9,133 Apr .... 54,849 16,636 647 2,589 3,904 11,470 2,770 7,690 9 143 May 55,209 16,682 657 2,749 3,924 11,476 2,780 7,769 9 172 June 55 777 16 870 661 2,839 3 965 11,582 2,808 7,881 9 171 July 55 493 16,782 648 2,982 3,948 11,540 2,839 7,884 8'870 Aug 55,709 16,931 658 3,031 3,963 11,558 2,841 7,867 8 860 Sept 56 ?52 17 127 651 2,978 3 959 11 627 2,813 7 856 9 241 Oct 56,333 17,028 645 2,936 3,959 11,682 2,807 7,870 9? 406 Nov 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 54,833 16,551 617 2,349 3,794 11,520 2,803 7,761 9 438 Feb.P 54,778 16,545 613 2,240 3,863 11,419 2,810 7,782 9 506 Marv . . . . 55,035 16,605 617 2,306 3,877 11,466 2,821 7,808 9,535 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

APRIL 1963 EMPLOYMENT AND EARNINGS 535 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1962 1963 1962 1963 Mar. Jan. Feb. P Mar.*5 Mar. Jan. Mar.*3 Total 12,387 12,257 12,284 12,370 12,240 12,187 12,177 12,226 Durable goods 6,903 6,853 6,874 6,922 6,857 6,862 6,852 6,876 Ordnance and accessories 96 99 99 99 96 100 99 99 Lumber and wood products 546 547 547 548 509 518 513 511 Furniture and fixtures 314 315 314 315 311 315 313 312 Stone, clay, and glass products 450 448 448 453 435 432 429 438 Primary metal industries 989 898 914 923 991 901 915 925 Fabricated metal products 849 842 848 855 843 848 846 849 Machinery except electrical 998 1,016 1,011 1,015 1,014 1,021 1,024 1,031 Electrical machinery 1,025 1,032 1,032 1,036 1,014 1,042 1,032 1,025 Transportation equipment 1,100 1,122 1,126 1.141 1.118 1,168 1,158 1,159 Instruments and related products 227 228 229 230 227 229 229 230 Miscellaneous manufacturing industries. 309 306 306 307 299 287 293 297 Nondurable goods 5,484 5,404 5,410 5,448 5,383 5,325 5,325 5,350 Food and kindred products 1,182 173 1,169 1,176 1,086 1,099 1,077 1,081 Tobacco manufactures 77 76 75 77 69 77 73 69 Textile-mill products 799 772 772 773 794 767 767 768 Apparel and other finished textiles 1,092 ,081 1,088 1,108 1,106 1,081 1,110 1,122 Paper and allied products 476 476 477 478 471 474 472 473 Printing, publishing and allied industries 597 581 580 582 596 579 577 581 Chemicals and allied products 515 518 519 521 518 515 517 524 Products of petroleum and coal 129 118 119 118 127 117 117 117 Rubber products 297 301 301 304 295 305 301 302 Leather and leather products 320 308 310 311 322 310 314 313 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 Mar. Jan. Feb.*3 Mar. Jan. Feb.*3 Mar.*5 Mar. Jan. Feb.? Mar.? Total 40.5 40.2 40.3 40.3 95.91 97.44 97.20 97.84 2.38 2.43 2.43 2.44 Durable goods 41.0 40.7 41.0 41.0 104.45 105.82 106.23 106.49 2.56 2.60 2.61 2.61 Ordnance and accessories 41.5 41.2 41.6 41.3 117.31 120.64 120.64 120.06 2.82 2.90 2.90 2.90 Lumber and wood products 39.3 40.0 40.0 39.4 75.08 76.83 76.83 76.44 1.93 1.96 1.96 1.96 Furniture and fixtures 40.9 40.5 40.6 40.2 78.76 78.60 78.79 78.20 1.94 1.96 1.96 1.96 Stone, clay, and glass products 40.9 40.4 40.7 41.2 95.68 97.11 97.36 99.23 2.38 2.44 2.44 2.45 Primary metal industries. 40.9 40.2 40.6 40.6 123.41 120.80 121.91 122.91 3.01 2.99 3.01 3.02 Fabricated metal products 41.3 41.2 41.2 41.2 103.48 105.78 105.01 105.26 2.53 2.58 2.58 2.58 Machinery except electrical 41.7 41.6 41.7 41.6 112.71 113.98 114.40 115.37 2.69 2.74 2.75 2.76 Electrical machinery 40.7 40.3 40.4 40.4 96.39 97.93 98.49 98.49 2.38 2.43 2.45 2.45 Transportation equipment 41.5 41.6 42.1 41.8 118.69 124.1 A 124.15 124.15 2.86 2.97 2.97 2.97 Instruments and related products 40.6 40.6 41.0 41.0 98.42 100.28 101.18 101.84 2.43 2.47 2.48 2.49 Miscellaneous manufacturing industries. 40.1 39.4 39.6 39.5 79.00 79.58 79.98 80.19 1.97 2.03 2.03 2.03 Nondurable goods 39.9 39.4 39.4 39.7 85.32 86.24 86.02 86.85 2.16 2.20 2.20 2.21 Food and kindred products 40.9 40.7 40.8 41.0 90.45 93.15 92.63 93.50 2.25 2.30 2.31 2.32 Tobacco manufactures 39.6 38.5 37.3 38.2 72.01 73.15 69.67 71.34 1.91 1.90 1.93 1.96 Textile-mill products 40.9 40.0 40.1 40.2 68.54 67.26 68.00 68.17 1.68 1.69 1.70 1.70 Apparel and other finished textiles 36.7 35.8 36.1 36.6 61.49 59.64 60.82 61.69 1.68 1.68 1.68 1.69 Paper and allied products 42.7 42.5 42.6 42.6 101.15 103.64 102.97 103.88 2.38 2.45 2.44 2.45 Printing, publishing and allied industries 38.5 38.1 38.2 38.2 107.42 106.88 108.30 109.25 2.79 2.82 2.85 2.86 Chemicals and allied products 41.5 41.3 41.4 41.4 108.05 111.10 110.83 111.10 2.61 2.69 2.69 2.69 Products of petroleum and coal 40.9 41.8 41.0 40.9 123.32 130.62 125.55 128.61 3.03 3.14 3.10 3.16 Rubber products 41.0 40.9 41.0 40.9 98.25 101.34 100.69 100.44 2.42 2.49 2.48 2.48 Leather and leather products 37.9 36.8 36.7 36.9 65.36 65.60 64.90 65.12 1.72 1.74 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

536 DEPARTMENT STORES APRIL 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 l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i p n ol n i e s - Ka C n it sa y s Dallas F c S r i a s a c n 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 I960 106 106 108 104 108 105 107 104 103 106 108 100 no 1961 109 112 111 107 110 108 no 105 104 108 111 102 115 1962 114 114 116 110 113 113 118 110 109 109 114 108 123 SEASONALLY ADJUSTED 1962 Feb . 111 101 112 104 109 111 118 103 108 106 114 110 120 Mar 117 122 119 110 118 115 126 112 111 111 118 106 123 Apr 113 113 119 111 112 '110 108 108 107 109 115 104 118 May • - 115 110 113 115 117 115 117 112 113 110 116 108 121 111 112 108 107 110 no 115 108 105 108 111 107 123 July 114 115 113 109 114 112 118 111 112 111 116 112 123 115 117 117 112 109 116 118 113 108 111 in 107 124 Sept 117 116 120 113 116 118 121 115 113 no 118 113 122 O N c o t v 1 11 1 8 0 1 1 1 2 0 0 1 12 1 1 1 1 11 0 1 6 1 1 0 1 8 6 1 11 0 9 7 1 12 1 5 2 1 1 1 0 3 7 1 11 0 1 4 1 11 1 1 6 1 1 0 1 8 7 1 10 0 9 0 1 1 2 2 1 8 Dec 117 116 118 111 114 113 122 114 115 110 117 111 127 1963—Jan 113 115 113 '103 111 116 123 107 104 no 108 107 127 Feb 111 114 108 109 J>112 119 108 108 109 128 NOT SEASONALLY ADJUSTED 1962 Feb 83 72 '86 '76 81 78 91 75 78 78 82 80 95 Mar 96 94 99 95 93 93 105 93 90 87 97 91 99 Apr 112 115 113 112 114 113 115 108 105 112 111 103 116 Mav 110 108 109 no 111 no 111 111 113 103 113 104 no 105 108 105 102 102 102 104 103 97 106 105 96 117 July 96 87 86 84 95 '95 106 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 no 111 111 102 117 D N e o c v 2 1 1 4 2 1 2 1 2 4 5 7 2 1 1 5 6 2 2 1 0 4 2 5 2 1 1 4 1 1 2 1 1 4 0 2 2 1 1 3 9 9 2 1 0 3 1 6 2 1 0 3 1 3 1 19 3 7 0 2 1 0 3 3 3 1 19 2 3 6 2 1 3 4 2 5 1963 Jan 86 87 90 75 83 82 94 79 79 76 82 83 97 Feb 79 88 78 79 P79 93 79 78 *>83 ^84 80 101 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 I960 109 108 no 105 113 108 107 108 103 108 109 106 114 1961 110 111 109 105 112 110 108 109 111 108 in 103 115 1962 117 116 115 111 116 118 118 119 117 111 113 112 125 196^ Feb 115 115 '113 110 114 118 111 114 114 111 mi '110 '121 116 117 113 112 114 118 114 116 115 112 114 114 124 Apr 115 116 112 111 115 118 114 113 117 113 114 in 124 May 117 115 113 112 115 116 114 116 111 113 115 114 127 118 115 113 111 117 '120 115 121 117 114 114 128 July 119 118 113 113 116 119 120 122 117 113 115 114 127 118 115 116 113 115 117 116 123 116 115 115 112 126 Sept .... 118 114 116 112 118 117 119 122 115 115 111 no 127 Oct . . 120 116 118 114 118 119 125 124 117 115 111 129 Nov 118 116 119 112 116 121 123 122 119 113 108 113 118 Dec 117 118 120 112 '118 '123 130 121 121 111 111 112 108 111 1963 Jan 120 119 117 113 125 121 129 120 117 111 HI in 128 Feb • PH9 119 116 109 122 119 127 119 120 112 *>127 NOT SEASONALLY' ADJUSTED 1962 Feb '107 106 106 103 106 108 '107 106 106 106 107 '104 115 Mar '117 115 114 112 114 119 116 116 116 111 114 115 125 Apr 118 117 116 116 116 121 117 118 121 112 116 115 125 May 117 116 115 114 115 118 113 119 120 in 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 no 110 112 102 '109 112 115 108 108 104 103 103 118 1963—Jan 107 104 106 99 106 106 116 108 104 99 101 99 115 Feb P112 109 109 103 113 109 124 no 111 106 P108 *>120 NOTE.—Based on retail value figures; sales are average per trading day; For description of series and for back data beginning with 1947, see tocks 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

APRIL 1963 DEPARTMENT STORES; FOREIGN TRADE 537 DEPARTMENT STORE MERCHANDISING DATA Amounts (millions of dollars) Ratios to sales Period Out- Out- Stocks stand- Re- New stand- plus Re- Sales Stocks ing ceipts orders Stocks ing outs, ceipts orders orders orders 1953 406 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 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 \ 33R 461 461 458 3.1 1.1 4.1 1.0 1958 462 1,323 437 462 464 3.0 1.0 4.1 1.0 1959 488 1,391 510 495 498 3.0 I.I 4.1 1.1 I960 494 1,474 518 496 493 3.1 1.1 4.3 1.0 1961 . 506 L.485 529 512 517 3.1 1.1 4.2 1.0 1962 526 1,593 571 535 533 3.2 1.2 4.4 1.0 1962 Feb '358 r1,458 '528 '407 '455 4.1 1.5 '5.5 1.1 Mar 472 1,576 498 582 548 3.3 1.1 4.4 1.2 Apr 502 1,589 457 515 474 3.2 .9 4.1 1.0 May 507 1,571 499 489 531 3.1 1.0 4.1 1.0 June . 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 1 2 Sept 493 1,700 706 622 653 3.4 1.4 4.9 1.3 Oct 556 1,845 666 701 661 3.3 1.2 4.5 1.3 Nov . . 657 1,892 549 704 587 2.9 .8 3.7 1.1 Dec 998 I 505 385 611 447 1.5 .4 1.9 .6 1963—Tan 407 1,466 498 368 481 3.6 1.2 4.8 .9 Feb v 366 !1,511 553 411 466 4.1 1.5 5.6 1.1 NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts Receipts and new orders: monthly totals derived from reported figures reported by a selected group of department stores whose 1961 sales on sales, stocks, and outstanding orders. were about 45 per cent of estimated total department store sales. Sales For further description see Oct. 1952 BULL., pp. 1093-1102. 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 1962 1963 1960 r 1961 1962 1963 1960 r 1961 1962 1963 Month: Jan 1.561 1.623 1.655 3 982 1.213 1,161 1,327 31,093 348 462 328 3—111 Feb 1,566 1,712 1,812 2,131 1,307 1,150 1,315 1,493 259 562 497 637 Mar 1,518 1,751 1,674 1,261 1,163 1 .339 257 588 335 Apr 1,622 1,662 1,803 1,315 1,152 ,364 308 510 439 May L 659 1,585 1,782 1,242 1,153 .386 417 432 396 June . 1,634 3 1,582 1,838 1,252 31,174 1,342 382 3 408 496 July I 707 3 1,689 1,729 1,235 31,379 362 471 3 310 367 Auc 625 1,689 1,687 .227 1,254 L 364 398 43*5 323 Sept L 647 L 678 3 943 I,'l88 1 262 3 [ 476 459 416 3 467 Oct 1,668 .780 31,493 1,178 1,300 3 ,319 490 480 3 174 Nov 681 1^733 1,9€ 5 1,126 1 309 432 555 424 263 Dec .645 1,725 31,839 1,109 1,315 3 .372 537 410 3 467 Quarter: 4,645 5,086 5,141 3,781 3,474 3,981 864 1,612 1,160 XI 4 915 34,829 5,423 3,809 3 3,479 4,092 1,107 31,350 1 331 HI 4,979 3 5,056 3 5,359 3,650 3 3,895 3 4,202 1,328 3 1,161 31,157 IV 4,994 5,238 3 5,027 3,413 3,924 3 4,123 1,582 1,314 3 904 Year * 19,609 20,152 20,901 14,654 14,713 16,397 4,955 5,439 4 504 1 Exxppoorts of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defenssee sshhiippmmeennttss ooff ggrraannt-aid military equipment and supplies under ^ Sum of unadjusted figures. Mutuaall SSeeccuurriittyy PPrrooggrraamm. 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

538 PRICES APRIL 1963 CONSUMER PRICES (1957-59= 100) Housing Read- Other Period it A em ll s Food Total Rent tr e G a i l c n e a i c d t s - y p S l f e a e u o n u t e l r d m l i o s d - H n i f n o u is g u r h - s s e- H o h t p o i o e o u l r n d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 1929 59.7 55.6 85.4 56.6 56.2 1933 45.1 35.3 60.8 42.7 42.8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 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.S 102.4 100.7 103.8 104.4 102.4 102.4 101.8 1960 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 nO4.4 107.9 101.6 99.5 105.9 102.8 105.0 111.3 104.6 107.2 104.6 1962 105.4 103.6 104.8 105.7 107.9 102.1 98.9 107.4 103.2 107.2 114.2 106.5 109.6 105.3 1962—Feb 104.8 103.1 104.6 105.2 107.9 104.0 99.3 106.9 102.0 106.0 113.0 105.8 109.1 105.0 Mar 105.0 103.2 104.6 105.3 107.9 103.6 99.5 107.1 102.7 105.9 113.6 105.9 109.2 105.1 Apr 105.2 103.4 104.6 105.4 107.8 102.4 99.3 107.1 102.7 107.2 113.9 106.3 109.4 105.1 May 105.2 103.2 104.7 105.5 107.7 100.1 99.0 107.4 102.7 107.3 114.1 106.4 109.5 105.1 June 105.3 103.5 104.8 105.6 107.7 99.4 99.1 107.4 102.8 107.3 114.4 106.1 109.2 105.2 July 105.5 103.8 104.8 105.7 108.0 99.7 99.0 107.5 102.9 106.8 114.6 106.8 110.0 105.6 Aug 105.5 103.8 104.8 105.8 108.0 100.1 98.5 107.4 102.5 107.4 114.6 106.8 110.3 105.5 Sept 106.1 104.8 104.9 105.9 108.0 101.3 98.7 107.6 104.6 107.8 114.7 106.8 110.0 105.6 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 Feb 106.1 105.0 105.4 106.4 108.0 104.8 98.3 109.3 103.3 106.8 115.6 107.3 110.0 105.7 NOTE.—Bureau of Labor Statistics index for city wage-earner and clerical-worker families. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All Farm Proccom- prod- essed Non- Period modi- ucts foods Tex- Chem- Rub- Lum- Ma- Furni- me- Misties Total tiles Hides, Fuel icals, ber, ber, Paper,Metals chin- ture, tallic To- cellaetc. etc. etc. etc. etc. etc. etc. ery etc. min- bacco neous erals 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 97 9 94 Q-> 4 100.7 89 5 94.5 96.9 99.? 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 ? 97.8 92.1 96.9 95.2 95. 1 Q8 1 1957 99.0 99 97 Q QQ 100.8 94 9 102.7 99.6 100.? 98.5 QQ 0 99.7 97.7 99 4 98 9 98 0 96 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 ? QQ ? 101 3 100.4 109 1 98 7 100.0 99.7 104.1 101 0 101.2 102.2 100 4 101.2 102 101 Q 1960 100.7 96.9 99 Q 101 3 101. 105.2 99 6 100.2 99.Q 100.4 101 8 101.3 102.4 100 1 101 4 102 5 99 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. 100.6 97.7 101.2 100.8 100.6 107.4 100 2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1962--Feb 100.7 98 ? r101 8 100.8 100.4 107.7 100 4 98.1 rQ3 5 95.2 QQ 9 100.6 102.3 99.1 102.1 103 8 105 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 1000 100Q 100.s 106.9 100 ? 97.9 92.Q 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 92 3 97.1 100.8 100.2 102.3 99.0 102.1 105.1 106.0 June 1000 95 QQ 8 1007 100 8 108 0 99 97 6 93 0 97 3 100 5 99.8 102 2 98 9 101 9 104 1 105 A 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 1006 103.3 100.8 1006 107.5 100 g 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 1006 106.9 100 8 96.8 94 4 95.8 99.0 99.3 102.3 98.4 101.5 104.3 110.2 1963—Jan noo. 93 c 100.7 1004 r106.0 '100 4 96.9 94 3 95.9 99.0 r99.5 102.3 98.3 101.4 104.3 .6 Feh 100 96 4 100 100.7 1003 105.1 100 3 96.8 94 2 96.1 99 A 99.4 102.3 98.2 101.5 104.3 111.5 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 PRICES 539 WHOLESALE PRICES: DETAIL (1957-59= 100) 1962 1963 1962 1963 Group Group Feb. Jan. Feb. Feb. Dec. | Jan. | Feb. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce. 104.3 88.5 '104.0 96.6 Woodpulp 95.0 i 89.4 89.4 89.4 Grains 96.7 101.1 102.0 103.0 Wastepaper 100.1 | 94.6 94.7 96,1 Livestock and poultry... 94.5 96.2 C94.1 89.5 Paper 102.5 I 102.2 102.2 102.2 Plant and animal fibers.. 98.2 98.1 99.3 100.8 Paperboard , 89.7 94.1 94.1 94.1 Fluid milk 104.8 101.9 101.3 100.6 Converted paper and paperboard. 101.3 ! 99.6 99.6 99.8 Eggs 97.5 99.3 100.1 99.1 Building paper and board 98.4 I 96.2 95.6 95.5 Hay and seeds 104.7 108.2 '111.9 113.5 Other farm products.... 93.5 89.0 87.4 Metals and Metal Products: Processed Foods: Iron and steel 100.4 98.7 98.8 98.6 Cereal and bakery products 107.3 107.6 107.4 108.9 Nonferrous metals 100.3 97.7 '98.0 98.0 D C M a a e e n i t a r n a y t b , e d l p p e r o s o a u d n lt u d r c y t f , s r o a a z n n e d d n f i i s c fr h e u c it r s e , am and veg- 1 9 9 0 8 9 9 . . . 7 8 1 1 9 9 0 5 9 8 . . . 7 4 1 ' '1 1 9 0 0 7 0 7 . . . 9 0 8 1 1 9 0 0 0 5 8 . . . 6 0 0 P H H M l e a u e a r m t d t a i w l b n i c g a n o r g e e n q t e a u q i i n u p e i m p rs m en e t nt , 1 1 1 9 0 0 0 3 4 3 4 . . . . 8 1 7 4 1 1 9 9 0 0 7 3 3 3 . . . . 5 3 8 7 '1 1 ' 0 9 9 0 2 7 4 3 . . . . 5 5 5 8 1 1 1 9 0 0 0 2 1 4 4 . . . . 5 1 0 5 Sugar and confectionery 101.8 102.8 105.0 105.1 Fabricated structural metal products 98.1 98 98.0 P A a n c i k m a a g l e d fa t b s e v an er d a g o e il s materials 8 8 8 2 . . 2 4 8 8 5 0 . . 2 2 '8 8 2 0 . . 8 2 8 8 6 0 . . 0 2 Fa u b c ri ts cated nonstructural metal prod- 103.3 103.8 103.7 i 103.7 Crude vegetable oils 93.9 78.9 81.0 82.5 Refined vegetable oils 106.9 90.0 88.4 89 2 Machinery and Motive Products: Vegetable oil and products 103.3 91.8 91.9 91.9 Miscellaneous processed foods 102.0 100.4 100.2 101.6 Agricultural machinery and equip.... 109.2 I 110.5 110.8 I 110.8 Construction machinery and equip.. . 107.6 ! 108.3 108.3 108.5 Textile Products and Apparel: Metalworking machinery and equip... 109.0 I 109.3 109.2 109.2 General purpose machinery and Cotton products 102.2 100.8 100.6 100.6 equipment 102.8 103.8 103.9 103.5 Wool products 98.1 100.2 100.7 100.7 Miscellaneous machinery* 103.1 103.4 103.4 103.5 Man-made fiber textile products.... 93.3 93.7 r93.7 93.8 Special industry machinery and equip- Silk products 113.2 143.3 149.8 150.2 ment (Jan. 1961= 100) 101.5 102.8 102.9 103.1 Apparel 101.2 101.7 '101.3 101.3 Electrical machinery and equip 98.8 98.1 98.0 98.0 Other textile products 121.7 127.9 '123.3 118.2 Motor vehicles 100.2 100.4 100.4 100.4 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 10 1 0 8 0 5 . . . 5 6 4 1 1 1 0 0 0 6 8 1 . . . 1 7 6 1 1 9 0 0 5 5 8 . . . 2 2 5 1 1 8 0 0 6 8 4 . . . 1 4 7 Furn b i l t e u s r : e and Other Household Dura- Other leather products. 104.6 105.5 '104.9 104.8 Household furniture 103.5 104.2 r104.5 104.4 Commercial furniture 102.2 102.3 102.3 102.3 Fuels and Related Products, and Power: Floor coverings 97.0 96.4 96.2 95.9 C C G o o a a k s l e fuels (Jan. 1958= 100) 1 1 9 2 0 8 2 3 . . . 7 0 6 1 1 9 2 0 8 3 3 . . . 3 1 6 '1 1 9 2 0 8 0 3 . . . 3 8 6 1 1 9 2 0 8 8 3 . . . 3 4 6 H T O e o th l u e e s v r e i s h h i o o o l n u d , s e r a a h p d o p i l l o d ia s d n , u c 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 1 2 . . . 0 7 9 1 9 9 0 3 0 2 . . . 0 4 8 r1 ' ' 9 9 0 0 2 2 . . . 1 3 8 1 9 9 0 0 2 2 . . . 1 3 8 Electric power (Jan. 1958= 100). 103.0 102.7 102.5 102.5 Petroleum products, refined 97.8 98.6 98.2 97.1 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.2 96.6 96.6 96.6 Concrete ingredients 103.0 103.2 '102.7 103.0 Industrial chemicals 96.8 95.9 96.0 95.6 Concrete products 102.6 102.5 102.5 102.2 Prepared paint 103.7 103.8 103.8 103.8 Structural clay products 103.5 103.5 '103.7 103.6 Paint materials 97.0 92.9 93.0 93.0 Gypsum products 105.0 105.0 105.0 105.0 Drugs and Pharmaceuticals 97.1 94.8 '95.2 95.1 Prepared asphalt roofing.... 101.4 89.4 89.4 94.0 Fats and oils, inedible 77.0 72.8 71.7 72.7 Other nonmetallic minerals. 102.8 102.4 102.4 101.7 Mixed fertilizers 104.0 102.8 103.0 103.2 Fertilizer materials 106.3 99.6 100.8 102.3 Tobacco Products and Bottled Bev- Other chemicals and products.. 99.3 99.5 99.6 99.5 erages: Rubber and Products: Tobacco products 102.0 ! 102.2 102.2 102.2 Alcoholic beverages 100.7 I 101.1 101.1 I 101.1 Crude rubber 94.6 94.7 94.1 93.7 Nonalcoholic beverages. 116.2 117.4 117.4 I 117.4 Tires and tubes 87.0 89.0 89.0 89.0 Miscellaneous rubber products. 99.5 99.7 99.7 99.7 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 100.3 101.3 noi.3 101.1 Manufactured animal feeds 107.6 115.7 118.3 118.2 Lumber.. 94.8 95.8 95.9 96.2 Notions and accessories 98.8 98.7 98.7 98,7 Millwork. 100.7 102.1 102.3 102.2 Jewelry, watches, photo equipment.. 103.8 104.4 r104.0 104.0 Plywood.. 92.8 90.4 '90.5 90.5 Other miscellaneous products 10!.6 101.5 101.8 101.7 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 NATIONAL PRODUCT AND INCOME APRIL 1963 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1961 1962 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 IV 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 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 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. 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 Residential, nonfarm 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 Nonfarm 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 Net exports of goods and services. .2 1.1 .6 1.2 a 2.9 4.0 3.3 3.8 3.7 3.7 2.5 3.2 Exports l'.O 2.4 6.0 13.1 22.7 22l9 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 A 62.7 63.4 O L N e t a h s t s e i : o r n G a o l v d e e r f n e m ns e e nt sales 1.3 2.0 ' k 1 3 3 . . 2 8 1 5 4 . . . 2 1 3 4 8 4 . . . 3 8 5 4 7 6 . . . 9 2 5 45 8 . . . 7 1 6 49 8 . . . 0 7 6 53 9 . . . 4 7 8 50 9 . . . 8 2 6 53 9 . . . 0 6 6 53 9 . . . 2 5 6 54 9 . . . 0 6 8 5 1 4 0. . . 1 2 9 State and local 7.2 6.0 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 1929 1933 1941 1950 1958 1959 1960 1961 1962 rv n in IV National income 87.8 40.2 104.7 241.9 367.4 400.5 415.5 427.8 r458.0 444.0 448.9 456.7 459.8 466.6 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 Private 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 Military .3 .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 17.3 20.1 22.4 23.4 25.8 23.8 25.2 25.8 25.9 26. J Employer contributions for social insurance .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 Business and professional 8.8 3.2 10.9 23.5 32.5 35.1 34.2 34.8 36.8 36.0 36.2 36.8 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 12.8 12.8 13.6 Rental income of persons 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 '51.5 51.1 50.4 50.7 51.0 54.0 Profits before tax 9.6 .2 17.0 40.6 37.4 47.7 45.4 45.6 r51.3 51.4 50.1 50.9 51.1 53.2 Profits tax liability 1.4 .5 7.6 17.9 18.6 23.2 22.4 22.3 '25.0 25.1 24.4 24.9 24.9 26.0 Profits after tax 8.3 -.4 9.4 22.5 18.8 24.5 23.0 23.3 '26.3 26.3 25.6 26.1 26.1 27.3 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 Undistributed profits 2.4 -2.4 4.9 13.6 6.4 10.8 8.6 8.3 '10.3 10.8 9.8 10.3 10.3 10.9 Inventory valuation adjustment .5 ~2.\ -2.5 -5.0 - 3 -.5 .2 2 -.3 .3 -.2 -.1 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

APRIL 1963 NATIONAL PRODUCT AND INCOME 541 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 ii in rv 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 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 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments , . . 6 3 . . 7 9 . . 5 4 .8 — 1 1 .8 5 -3 2 . . 0 -3 2 . . 4 1 -3 2 . . 1 1 r-3 2 .6 .1 -1 2 . . 9 1 -1 2 . . 4 1 -4 2 .0 -4 2 . . 3 1 -4 2 . . 8 1 Plus: Subsidies less current surplus of government enterprises .1 .2 1. .4 .5 1.7 1.7 2.0 1.8 1.8 1.8 1.6 Equals: National income 87.8 40.2 104.7 241.9 367.4 400.5 415.5 427.8 458.0 444.0 448.9 456.7 459.8 466.6 Less: Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.7 37.2 47.2 45.6 45.5 51.1 50.4 50.7 51.0 54.0 Contributions for social insurance .2 .3 2.8 6.9 14.8 17.6 20.6 21.6 22.1 23.6 23.9 24.0 24.2 Plus: Government transfer payments... .9 1.5 2.6 14.3 24.5 25.4 27.3 31.3 31.6 31.9 32.0 32.3 33.5 Net interest paid by government. 1.0 1.2 1.3 4.8 6.2 7.1 7.8 7.3 7.2 7.3 7.4 7.5 7.6 Dividends 5.8 2.1 4.5 9.2 12.4 13.7 14.4 15.0 15.5 15.8 15.8 15. S 16.4 Business transfer payments .6 1.8 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 .7 .5 .8 Equals: Personal income 85.8 360.3 383.9 400.8 416.4 440.5 427.3 432.0 439.5 442.6 448.0 47.2 96.3 228.5 Less: Personal tax and nontax payments... . 2.6 42.3 46.8 51.4 52.8 57.6 54.6 56.4 57.7 58.5 58.7 7.5 3.3 20.8 Federal 1.3 2.0 18.2 36.6 40.4 44.0 45.0 49. 46.7 48.0 49.2 49.9 50.1 State and local 1.4 .5 1.3 2.6 5.7 6.4 7.4 7.8 8. 8.0 8.4 8.5 8.6 8.7 r.o Equals: Disposable personal income 83.1 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 45.7 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 46.4 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) -.6 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.* Total personal income. 416.4 440.5 431.9 435.2 438.3 439.7 440.7 441.9 443.0 443.5 445.6 448.2 450.4 *452.4 450.8 Wage and salary disbursements 278.8 295.8 290.3 292.2 295.3 296.0 296.9 297.8 29S.1 298.0 298.5 299.8 301.0 301.5 303.3 Commodity-producing industries... 110.8 117.2 115.2 116.1 118.2 118.2 118.1 118.4 118.1 117.9 117.8 117.8 117.8 117.6 118.2 Manufacturing only 87.5 93.6 92.0 92.8 94.4 94.5 94.5 94.5 94.1 94.0 93.9 94.0 94.2 93.8 94.6 Distributive industries 72.9 76.2 75.0 75.4 75.8 76.1 76.2 16A 76.6 76.7 76.9 77.1 77.6 77.6 78.2 Service industries 43.4 46.3 45.1 45.3 45.6 45.9 46.5 46.7 47.0 47.0 47.1 47.2 47.5 47.8 48.1 Government 51.8 56.2 55.0 55.4 55.6 55.8 56.0 56.3 56.5 56.4 56.7 57.7 58.0 58.5 58.8 Other labor income. 11.4 12.3 12.0 12.1 12.2 12.3 12.4 12.4 12.4 12.4 12.5 12.5 12.5 12.6 12.7 Proprietors' income 47.8 49. 49.0 49.3 49.4 49.6 49.6 49.6 49.8 49.9 50.3 50.9 51.4 51.0 50.6 Business and professional. 34.8 36.8 36.2 36.4 36.6 36.8 36.8 36.9 37.0 37.0 37.1 37.3 37.4 37.61 37.6 Farm 13. 12.8 12.9 12.8 12.8 12.8 12.7 12.5 12.9 13.2 13.6 14.0 13.4 13.0 13.0 Rental income 12.3 12.6 12.7 12.7 12.8 12.8 12.8 12.9 12.9 12.9 12.9 12.9 13.0 13.0 12.8 Dividends 15.0 15.8 15.9 15.8 15.8 15.8 15.7 15.7 16.0 16.1 16.2 170 16.3 16.4 15.9 Personal interest income. 27.4 28.8 29.0 29.2 29.4 29.6 29.8 30.0 30.2 30.4 30 6 30 8 31.1 31.3 29.7 Transfer payments 33.4 33.8 34.5 34.2 34.2 34.1 34.2 34.5 34.5 35.5 35.8 35.5 '38.7 35.3 34.6 Less: Personal contributions for social insurance , 9.7 10.5 10.4 10.4 10.5 10.5 10.5 10.5 10.5 10.4 10.5 10 5 10.6 11.7 11.8 Nonagriculrural income. 399.1 423.2 414.8 418.0 421.2 422.6 423.5 424.8 425.9 426.4 428.2 430.4] 432 3 1434.6 433.5 Agricultural income 17.3 17.3 17.1 17.2 17.1 17.1 17.2 17.1 17.1 17.1 17.4 17.81 18.2 17.7 17.3 i 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

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR FOURTH QUARTER, 1962—SEASONALLY ADJUSTED K) (In billions of dollars) Consumer Nonfinancial business sectors Government sectors Financial sectors Sector an s p d e r c o n t f o i o t r n- Farm co N rp o o n r - ate Corporate G U o .S v . t. an S d t a lo te cal Co b m an m k e in rc g ial in S st a i v tu in ti g o s ns Insurance F n in .e a . n c c . e R s w e e s o c t t r - o l o d r f- se A ct l o l rs c a D r n e i c s p y - - s N a a v n a i d t n l g . I invest- Transaction ment category U S U s U g U S U S U S U S U S U S U S U S U S U A Gross saving 83.1 4.1 9.0 43.6 -5.5 -6.1 1.5 1.0 1.7 -.7 -1.4 139.3 3.4 130.7 A B Capital consumption 48.7 4.1 9.0 28.7 .3 90.9 B C Net saving (A-B) 34.4 13.9 -5^5 "-QA 1.2 "1.0 "-'.7 -1.4 38.4 C D Gross investment (E+J) 93.8 4.1 9.0 31.0 -7.1 -6.3 3.7 .9 3.0 -1.6 .9 131.4 134.9 D E Private capital expenditures (net of sales) 71.6 5.1 14.1 34.3 .4 .4 135.8 135.8 E F Consumer durable goods 49.6 49.6 49.6 F G Nonfarm resident, constr 18.2 "Y.8 "Y.8 23.8 23.8 G H Plant and equipment 3.7 5.0 11.1 30.5 "".4 "4 51.1 51.1 H I Change in inventories .1 .9 '"i.i 1.3 1.3 1 2 .3 J Net financial invest. (K—L). . .. 33.3 -1.0 -3.1 -7.1 -6.3 3.3 .9 3.6 -1.6 .9 5.6 -5.6 -.9 J -5.1 K Net acquis. of finan. assets 48.8 9.4 3.4 1.9 30.9 17.3 10.7 8.1 3.0 133.1 3.1 K L Net increase in liab 36.6 Yo 1.3 6^3 lY6 10^5 '"s.i "37^7 16.3 9^6 117.5 -5^6 3.0 L M Gold and U. S. official fgn. exchange •. -1.5 .1 -1.4 -1.4 -1.4 -1.5 M N Treasury currency .1 .1 .1 N O Dem. dep. and currency " Yo 3.6 -1.4 ' 12^8" Y6 "-'.2 " "4 '""5 10.8 12.8 2.0 -.5 O P Time and savings accounts... 26.7 2.3 .1 1.3 16.2 -.1 15.3 1.4 31.5 31.5 -1.4 P Q At commercial banks. ... 11 3 2 3 .1 1 3 16 2 _ 1 1.4 16.2 16.2 .7.1:4 § R At savings institutions .... 15.3 15 3 "8.1 15.3 15.3 S Life insurance reserves 3.0 3.0 3.0 3.1 S T Pension reserves 1.3 2.6 4.7 8.6 8.6 T V U Cr U ed . i S t . m G a o rk v e t. t s in ec st u r rities 8.6 25.3 2.6 1.1 3.7 z\ 16.0 4.5 9 6. . 9 1 1.8 5.5 2 4 8 . . 9 9 .1 16. A 0 1.0 11. . 7 7 2 6. . 0 6 3.4 .9 4.1 7 7 1 . . 2 0 7 6 0 . . 9 8 - 3 .5 .2 V U W State and local securities... c "4.6 3.5 2.2 4.6 4.6 W X Corp. and foreign bonds... -1.0 3 5 1*6 E 3.9 i.l L8 " Ys 7.1 7.1 1.8 X a Y Z C O 1- o t h t r o e p r o 4 r - m a fa t o e m r t i g s l t y a o g c m e k s ortgages.. —2 1'. 1 L 6 15 A " \A " Y 2.0 2 5 1. . 0 2 3. •2 2 1 .8 7 .1 1 2 2 . 6 1 2 2 1 . . . 1 3 1 -A .8 -.1 -.1 1 8 7^ .8 6 1 8 7 . . . 8 6 7 * Y Z a b Consumer credit 8*2 11 17 2 7 .9 "Y.8 8 2 c Bank loans n.e.c l.: 5.7 9 4 1 1.7 9.4 9.4 -.2 c d Other loans .6 •' 4.2 2.2 . { 3.8 .1 1.0 -.6 "l £ 2^6 7.3 7.3 2.1 d e Security credit 1.0 1.3 4.5 1.6 5.8 -.1 7.1 7.1 .1 e f Trade credit 2 2 -3.2 -.8 1.8 -3.0 '-4'.8 f g Proprietors' net invest, in g noncorp. business 1.6 -1.3 2.9 1.6 1.6 h Misc. financial trans "lA '"-.7 -1.0 1 1 "l .6 -2.0 -2^6 -.7 h i Sector discrepancies (A —D). . . -10.7 11.6 1.6 2 -2.2 -1.3 .9 -2.3 -2.2 -2.2 5.8 i NOTE.—Saving and investment concepts are described in notes to Table 2 and the Aug. 1959 BULL., pp. 831-43. Descriptions of sectors and of transaction categories are given in '-Technical Notes," Aug. 1959 BULL., pp. 846-59. Seasonal adjustment procedures are described in Nov. 1962 BULL., p. 1399ff. ON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 FLOW OF FUNDS/SAVING 543 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1960 1961 1962 Transaction category, or sector 1958 1959 1960 1961 1962 IV I II III IV I II III IV I. Saving and investment A Gross national saving 94.1 115.6 120.4 117.0 128.6 114.9 106.0 116.4 119.4 126.1 126.3 132.6 124.8 130.7 A B Consumer and nonprofit 68.0 73.9 72.4 76.8 82.6 72.1 71.4 76.0 78.1 81.8 82.3 82.1 82.9 83.1 B C Farm and noncorp business. . 11 9 12.4 12.7 12.7 13.1 12 7 12 6 12 7 12 8 13 0 12 9 13 1 13.1 13 1 C D Corporate nonfin. business 25.0 35.6 31.5 35.0 40.3 28.8 28.2 34.2 36.2 41.2 40.6 40.3 37.8 42.6 D E US Government . -7.9 -4.5 4.3 -5.2 -3.7 1.5 -5.1 -5.4 -5.1 -5.2 -5.9 1.0 -4.5 -5.5 E F State and local govt -5 0 -4.0 -3.4 -4.5 -5.3 -4 2 -4 3 -3 9 -4.2 -5 6 -4 8 -4.8 -5.7 -6 1 F G Financial sectors 2.1 2.1 2.9 2.1 1.7 4.0 3.1 2.8 1.7 .9 1.1 .9 1.3 3 5 G H Gross national investment 94.2 1146 117.9 114.7 125.0 112.7 104.4 111.2 118.8 124.4 125.5 125.9 123.9 124.9 H I Consumer durable goods 37.3 43.6 44.8 43.7 47.5 44.0 40.8 43.5 44.0 46.6 46.3 47.2 47.1 49.6 I J Business inventories -2 0 6.6 4.1 2.1 3.2 — 1 1 — 3 6 2 1 4 0 6 0 6 7 4.0 1.0 1 2 J K Gross pvt fixed investment . 58.5 66.2 68.3 67.0 73.0 67.6 63.7 65.5 68.4 70.6 69.2 72.6 75.3 74.9 K L Consumer and nonprofit.... 18 1 22.1 21.6 20.1 21.0 21.6 20 2 18.7 19.7 21.7 21.4 19.5 21.3 21.9 L M! Nonfin business 39.7 43.3 45.8 46.1 51.2 45.1 42.7 45.9 47.9 48.0 46.9 52.3 53.2 52.2 M N Financial sectors 7 .8 .8 .8 .8 8 8 8 8 8 8 .8 .8 8 N O Net financial investment . . 3 -1.7 .7 1.8 1.2 2 2 3 4 1 2 4 1 2 3 4 2.0 5 — 9 O P Discrepancy (A —H) * 1.0 2.5 2.3 3.6 2.2 1.6 5.2 .6 1.7 .8 6.7 1.0 5.8 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors.. . 42.8 52.8 36.2 46.3 57.7 33.9 30.1 44.6 55.7 54.8 59.2 63.1 42.3 66.3 A B Loans and short-term securities.... 3.3 19.2 7.8 19.3 21.2 2 26.9 17.3 4.2 28.9 33.2 19.6 -5.7 37.8 B C Long-term securities and mtgs 39.5 33.5 28.4 27.0 36.5 3.2 27.3 51.5 25.9 26.0 43.5 48.0 28.4 C By sector D U. S Government 8 6 8 7 -2.2 7.4 6.8 — 2 4 5 9 3 15 2 4.8 14 6 8.0 -4.3 9 1 D E Short-term securities -1.2 5.5 -5.1 11.3 5.6 -10.8 22.0 16.6 -4.6 11.4 22.1 4.1 -18.6 14.7 E F Other securities 9.5 3.8 2.4 -4.1 1.1 8.2 -22.1 -7.1 20.8 -8.1 -8.3 4.0 16.3 -7.8 F G Foreign borrowers 2 3 .8 2.0 2.7 2.3 3 1 2 8 - 1 3.1 4.8 3 8 1.6 — .4 4 1 G H Loans 1.1 .2 1.4 1.9 1.3 2.4 2.6 -1.0 2.4 3.7 3.4 .3 -.8 2.4 H I Securities .. 1 3 7 7 8 1 0 6 2 9 7 1 1 A 1.4 5 1 7 I J Pvt. domestic nonfin. sectors .. . 31 9 43.2 36.4 36.2 48.6 33 3 26 8 35 4 37 4 45.2 40.9 53.5 47.0 53.1 J K Loans 3.1 14.1 11.0 5.8 14.2 8.4 1.7 1.9 7.3 12.3 6.9 15.3 15.7 18.6 K L M B C a o n n k s u l m oa er n s c r n e .e d . i c t 1 .1 8 5 6 . . 6 2 4 2 . . 4 9 2 1 . . 3 4 5 4 . . 6 7 2 2 . 4 4 2 * 1 1 . 1 5 4 7 . . 3 2 3 2 . . 1 3 6 4 . . 7 0 4 4 . . 5 8 8 7 . . 2 8 M L N Other loans 1.1 2.4 3.7 2.2 3.8 3.6 1."04 2.0 4.7 .8 1.6 4.6 6.4 2.6 N O Securities and mortgages 28.8 29.1 25.3 30.4 34.5 24.9 25.1 33.5 30.1 32.9 33.9 38.2 31.3 34.5 O P State and local securities.... 5 5 4 7 3.7 5.1 5 4 3 7 4 3 3.9 5 7 6 7 7.7 6.1 3.2 4 6 P Q Corporate securities 8.0 5.4 5.4 7.0 4.7 5.9 5.0 12.3 6.0 4.7 4.7 7.0 3.8 3.5 Q R 1- to 4-family mortgages 10.1 13.2 10.4 12.1 15.7 10.0 10.2 11.8 12.4 14.2 13.5 16.0 15.6 17.6 R S Other mortgages 5 2 5 8 5 8 6.1 8 6 5 4 5 5 5.5 6 0 7.3 8.0 9.1 8.7 8 8 S T Net sources of credit (= A) 42.8 52.8 36.2 46.3 57.7 33.9 30.1 44.6 55.7 54.8 59.2 63.1 42.3 66.3 T U Chg. in U.S. Govt. cash bal .6 .8 .1 1.2 -1.5 -5.3 2.5 5.8 -2.7 3.9 6.5 -4.6 -1.2 U V US Govt lending 1.7 3.8 2.4 2.8 3.5 2.8 1.9 -.7 4.9 5.1 3.5 4.2 1.9 4.5 V W Foreign funds 3 2 3 6 3 2 2.5 2 4 5 9 2 9 -.7 3.8 4.1 2.6 2.2 1 7 2.9 W X Pvt. insur. and pension reserves. . 7.8 8.8 8.2 8.7 8.9 7.5 7.7 7.5 9.2 10.2 8.6 9.7 9.8 7.7 X Y Sources n.e.c 5 2 5 1 6 8 5 2 5 3 5 9 1 8 1 3 12 9 4.9 1 5 2.0 8 8 9 1 Y Z Pvt. Domestic nonfin. sectors 24.8 30.7 14.8 27.1 36.4 13.3 21.1 34.7 19.2 33.2 39.0 38.5 24.7 43.3 Z AA Deposits and U.S. Govt. secur.. . 17.5 24.0 7.8 23.1 31.2 9.3 15.7 26.8 19.1 30.8 26.1 32.2 25.9 40.7 AA AB Deposits 20.6 10.8 13.7 24.1 29.8 21.2 24.4 25.9 19.3 26.8 24.8 26.5 25.2 42.6 AB AC Demand dep. and curr.. . . 4 9 3 -1 3 4 0 1 2 1 0 1 2 3.7 2.2 8.8 -10.7 .6 2.4 12.5 AC AD Time and svgs. accounts.... 15.7 10.5 15.1 20.2 28.6 20.2 23.3 22.2 17.1 18.1 35.4 25.9 22.8 30.2 AD AE At commercial banks 7.0 2.2 5.5 8.8 15.3 9.4 12.1 10.9 6.5 5.7 23.0 13.7 9.8 14.9 AE AF At savings instit 8 7 8 4 9 6 11 4 13 2 10.8 11.2 11.3 10.6 12.4 12.4 12.2 13.0 15.3 AF AG U. S. Govt. securities. . . — 3 1 13 2 — 5 9 — 1 0 1 5— 11 9 — 8 8 9 - 2 4 0 1 4 5.7 1 — 1 9 AG AH Other securities and mtgs 8 2 6 9 6.8 5 2 4.9 3.7 5.6 11.0 .6 3.8 12.5 2.4 1.7 2.9 AH AI Less security debt .9 .2 -.3 1.3 -.3 -.3 .1 3.0 .6 1.4 -.4 -3.9 2.8 .3 AI III. Financial institutions A Net funds advanced—Total 37.6 30.2 34.5 44.1 51.0 42.4 32.5 40.2 54.9 48.8 42.7 48.4 44.1 68.7 A B U. S. Govt. securities 11 3 — 6 9 2 8 7 9 4 1 8 5 8 1 9 3 15.2 11 7 .1 -4.1 8 6 B C Other securities and mtgs 23 2 23.1 20 8 27 9 33.1 24.1 22.0 26.0 31.3 32.3 24.7 40.7 31.4 35.8 C D Loans 3 1 14 0 11 0 8 3 13 8 9 8 2 5 4 9 8 3 17 6 6 2 7.6 16 8 24.3 D By sector E Banking system 17 5 4 9 10 0 17 5 20 8 17 2 11 8 15 6 24 9 17.5 19.8 19.0 10.7 33.4 E 9 3 10 7 9 3 12 0 14 5 10 6 11 3 10 9 11.7 14.1 13.7 12.9 15.3 16.0 F G Insurance and pension funds 9.0 10.1 10.2 10.7 11.0 10.3 10.1 9.2 11.0 12.6 9.9 11.1 11.4 11.7 G H Finance n.e.c 1 9 4 5 5 0 3 9 4 7 4 3 — 8 4 5 7 3 4 6 — 8 5 4 6.7 7.6 H I Net sources of funds—Total 37.6 30.2 34.5 44.1 51.0 42.4 32.5 40.2 54.9 48.8 42.7 48.4 44.1 68.7 I J Gross saving 2 1 2 1 2 9 2 1 1 7 4 0 3 1 2 8 1 7 .9 1 .1 .9 1.3 3.5 J K Deposit claims 22.6 10.6 15.3 26.5 32.3 21.2 21.0 29.6 28.5 27.0 31.6 32.6 20.5 44.3 K L Demand deposits and curr 5.7 1.1 * 5.5 3.4 .6 -2.0 6.2 10.1 7.8 6.4 -2.1 12.8 L M Time dep. at comm. banks 8 0 1 2 5 8 9 4 15 6 9 7 11 8 11 9 7.8 6.3 22'.7 13.8 9.6 16.2 M N Other savings accounts 8.9 8.4 9.5 11.5 13.3 10.9 11.2 11.5 10.6 12.9 12.4 12.4 13.0 15.3 N O Life insurance reserves 3 3 3 6 3 5 3 7 4 3 3 4 3 7 3 3 4 0 3 9 4 7 4.9 4.8 3.0 O P Pension fund reserves 4 4 *> 2 4 7 4 9 4 6 4 2 4.0 4 2 5.2 6.3 4.0 4.9 4.9 4.7 P Q Credit market instruments .5 5.9 3.5 3.7 5.7 3.4 .1 2.6 6.0 6.2 4.2 7.2 6.9 4.5 Q R Investment co. shares ... . 16 1 8 1 5 2 0 1 9 1 3 1 6 1 5 2 0 2 7 3 3 2.1 1.3 .8 R S Corporate bonds .1 1.0 1.4 .8 .8 1.9 .9 1.3 .2 .9 1.2 .3 1.8 S T Loans — 1 2 3 0 4 8 ? 9 1 — 2 5 — 2 2 1 6 3 8 5 3 1 8 T U Security credit .6 .5 .9 1.1 1.2 -1.3 2.2 1.0 1.6 -1.9 -.7 1.1 5.8 U V Other sources, net 4.1 2.7 4.1 2.2 1.4 5.0 1.9 -4.5 8.4 3.0 -.9 -1.2 4.6 3.1 V NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see p. 545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FLOW OF FUNDS/SAVING APRIL 1963 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) I960 1961 1962 Transaction category, 1958 1959 1960 1961 1962 or sector IV I II III IV I II III IV I. Demand deposits and currency A Net incr. in banking system liability. . 5.7 1.1 * 5.5 3.4 .6 -2.0 6.2 10.1 7.8 -3.5 6.4 -2.1 12.8 A B U. S. Govt. deposits .1 .6 .8 1.2 -1.5 -5.3 2.5 5.8 -2.7 3.9 6.5 -4.6 -1.2 B C Other 5.6 .4 o 5^5 2.2 2.0 3.3 3.6 4.3 10.5 -7.4 -.2 2.5 13.9 C E D Ne U t . i n S c . r e G a o se v t in assets, by sector.... 6. . 3 1 . . 2 7 \l 4.8 3 1 . . 3 3 -1 . 5 6 - - 1 5. . 7 8 4 1 . 5 1 1 9 1 .6 0 — 4 3 .9 1 34 6 4 .3 0 -1 3 . 1 0 — 10 1 . 4 8 D E F Other domestic sectors. .. 6.1 -.5 -.6.9 4.1 1.9 1.3 2.9 4.3 2.2 7.0 -6.0 o 3.0 11.6 F G Consumer and nonprofit 2.5 1.0 .3 1.1 3.1 2.0 5.0 1.7 1.3 -3.4 2.1 2A .2 7.9 G H Nonfinancial business 2.7 -2.2 -1.7 1.2 -2.0 -1.6 -2.7 -.3 .9 6.8 -6.2 -4.8 -.6 3.6 H I State and local govts .2 .5 .2 .6 -.1 .7 -.7 1.9 -1.6 2.6 -3.2 1.7 2.1 -1.1 I J Financial sectors .7 .1 .5 1.2 1.0 .2 1.4 1.1 1.5 .9 1.2 .2 1.2 1.3 J K Rest of the world * .1 * .4 .1 .8 .9 -.9 .4 1.0 2.0 -.9 -1.1 .5 K L Discrepancy—U.S. Govt. cash.. -.1 -.1 3 -.1 .1 .4 1.5 -3.2 .3 .5 .5 -1.6 .2 L M Other -.5 .9 -.2 1.0 2 -.1 -.5 .2 1.8 2.5 -3.3 1.5 .6 1.8 M II. Time and savings accounts A Net increase—Total 16.9 9.6 15.3 21.0 28.9 20.6 22.9 23.4 18.4 19.2 35.1 26.2 22.6 31.5 A B At commercial banks—Total 8.0 1.2 5.8 9.4 15.6 9.7 11.8 11.9 7.8 6.3 22.7 13.8 9.6 16.2 B C Corporate business .9 -.4 .8 1.3 2.6 2.0 5.6 1.2 .8 -2.4 4.8 2.6 .6 2.3 C D State and local govts .8 -.4 1.4 .9 1.0 2.1 1.0 .9 .9 .9 2.1 .3 .4 1.3 D E Foreign depositors .9 -.9 .3 .6 .3 .3 -.3 .7 1.3 .6 c 2 - 1 1 4 E F Consumer and nonprofit 5.3 3.0 3.3 6.6 11.7 5.3 5.5 8.8 4.8 7.2 16.0 10.8 8.8 11.3 F G At savings institutions 8.9 8.4 9.5 11.5 13.3 10.9 11.2 11.5 10.6 12.9 12.4 12.4 13.0 15.3 G H Memo—Consumer and nonprofit organ — Total. . ... 14.0 11.3 12.9 18.0 25.0 16.1 16.7 20.1 15.4 19.6 28.5 23.0 21.8 26.7 H III. U.S. Govt. securities A Total net issues 8.3 9.3 -2.7 7.2 6.6 -2.7 -.1 9.5 16.1 3.3 13.8 8.1 -2.3 6.9 A B Short-term direct -1.2 5.5 -5.1 11.3 5.6 -10.8 22.0 16.6 -4.6 11.4 22.1 4.1 -18.6 14.7 B C Other 9.5 3.8 2.4 -4.1 1.1 8.2 -22.1 -7.1 20.8 -8.1 -8.3 4.0 16.3 -7.8 C D Net acquisitions, by sector 8.3 9.3 -2.6 7.2 6.7 -2.6 9.5 16.1 3.3 13.8 8.2 -2.3 7.2 D E Pvt. domestic nonfin. sectors -3.1 13.2 -5.9 -1.0 1.5 -11.9 -8^8 .9 -.2 4.0 1.4 5.7 .7 -1.9 E F Consumers and nonprofit -2.5 7.0 -3.1 -.4 .4 — 8.0| -7.9 -4.1 5.2 5.3 -3.8 3.3 3.1 -1.0 F G Svgs. bds. and postal svg d?p .. -.7 -2.0 — 4 .7 .3 .5 .3 .5 .8 1.2 - .1 ] 6 .6 G — 1.8 9.0 -2.7 — 1 0 J -8 6 — 8 I — 4 6 4 4 4 2 — 1 6 3.2 2.5 -1.6 H I Corp. nonfin. business -.2 4.4 -3.1 -.8 -A -3.3 -1.5 4.0 -5.0 -.8 1.5 .5 -3.2 -.5 I J State and local govts ... -.4 1.8 .2 .2 1.5 -.6 .6 1.0 -.4 c 3.7 1.9 .8 -.5 J K. Financial sectors 11.3 -6.9 2.8 7 9 4.1 8.5 8.1 9.3 15.2 -i!i 11 7 1 — 4 1 8 6 K L Banking system ... 10.4 -7.9 2.7 7.4 2.4 8.4 7.0 10.8 13.7 -2.0 9.3 1.2 -5.7 4.9 L M Monetary authorities 2.2 .3 .7 1.5 2.0 j 7 2 .2 1.5 2.1 5.9 * .2 1.7 M N Commercial banks 8.2 -8.2 2.0 5.9 .5 9.1 y.8 10.6 12.2 -4.1 3.4 1 2\ —59 3.2 N P O I S n a s v u in ra g n s c i e n s a t n it d u t p io en ns sion funds . A .3 . .2 6 - - . .4 4 — . 5 1 . .4 3 -.9 .3 1. . 2 7 - - 1 .2 .2 -.1 o 1. . 2 6 1. . 6 7i -1 0 * A 3 .4 7 O P Q Finance n.e.c .2 .1 1.0 * .9 .6 -.9 -.1 1.9 -.8 ill - 1 .9 2.6 Q R Rest of the world .1 3.0 .5 4 1.2 .8 .6 _ y 1.1 .4 7 2 3 1 l 5 R IV. Other securities A Total net issues, by sector 14.9 11.8 11.2 13.7 12.0 12.0 10.5 18.4 12.5 13.4 12.8 15.7 7.7 11.6 A B State and local govts 5.5 4.7 3.7 5.1 5.4 3.7 4.3 3.9 5.7 6.7 7.7 6.1 3.2 4.6 B C Nonfinancial corporations 8.0 5.4 5.4 7.0 4.7 5.9 5.0 12.3 6.0 4.7 4.7 7.0 3.8 3.5 C D Finance companies .1 1.0 1.4 .8 .8 1.9 .9 1.3 .2 .9 1.2 .3 1.8 D E Rest of the world 1.3 .7 .7 .8 1.0 .6 .2 .9 .7 1.1 .4 1 4 5 1 7 E F Net purchases 14.9 11.8 11.2 13.7 12.0 12.0 10.5 18.4 12.5 13.4 12.8 15.7 7.7 11.6 F G Consumers and nonprofit org 3.6 2.9 2.3 1.5 -.5 .4 .3 7.0 -2.8 1.6 4.6 -1.9 -2.6 -2.0 G H State and local govts 1.7 1.3 1.5 1.6 1.7 1.5 1.5 1.6 1.5 1.8 1.3 1.9 1.7 1.9 H I Corp. business .5 .7 .3 .4 .5 3 1.0 .9 .3 -.5 1.7 5 * -.4 I J Commercial banks 2.5 .3 .4 2 7 4.5 2.2 2 8 1.3 3.7 3 2 4 6 6 0 3 8 3 7 J K Insurance and pension funds 6.5 7.0 7.0 7.7 7.0 7.8 6.0 7.2 9.0 8.7 5.6 7.2 6.9 8.2 K L Finance n.e c .... -.5 c -.5 — .4 -.9 .2 -1.5 1.0 -.8 -4.2 2 6 — 2 5 6 L M Security brokers and dealers -.1 .1 * .2 -.1 .2 -.8 * 1.9 -.2 -2.3 2 1 -.6 .3 M N Investment cos.—Net -.4 -.7 -.5 -.6 -.8 -.5 -.4 -.1 -.8 -1.1 -1.3 .6 -1.6 -.6 N O Purchases 1.1 1.2 1.0 1.4 1.1 .8 1.2 1.5 1.2 1.6 2.0 2 7 — 4 2 O P Net issues 1.6 1.8 1.5 2.0 1.9 1.3 1.6 1.5 2.0 2.7 3.3 2.1 1.3 .8 P Q Rest of world . . .4 .3 .3 -.1 41 .4 .1 .3 — .4 * 1 — 1 0 V. Mortgages A Total ne* borrowing 153 19.0 16.2 18.2 24.3 15.4 15.7 17.3 18.4 21.5 21.5 25.1 24.2 26.4 A B 1- to 4-family. 10.1 13.2 10.4 12.1 15.7 10.0 10.2 11.8 12.4 14.2 13.5 16.0 15.6 17.6 B C Other 5.2 5.8 5.8 6.1 8.6 5.4 5.5 5.5 6.0 7.3 8.0 9.1 8.7 8.8 C D Net acquisitions 15.3 19.0 16.2 18.2 24.3 15.4 15.7 17.3 18.4 21.5 21.5 25.1 24.2 26.4 D E Consumer and nonprofit org 2.2 1.7 2.3 1.3 2.8 1.8 2.3 l.C .6 4.5 1.6 2.2 3.0 E F U.S. Govt ... .3 2.2 1.2 .6 .3 1.1 • i!o 1.7 1 0 — 2 1 3 F G Commercial banks 2.1 2.6 .7 1.6 3.9 .3 .9 1.8 1.8 1.9 2.1 5 1 4 0 4 5 G H Savings institutions 7.8 9.5 8.8 11.0 13.4 9.5 9.5 10.9 11.2 12.4 11.7 13.6 13.5 14.8 H J I I M ns o u r r tg an ag c e e s c e o c m to p r anies 2. . 0 5 2. . 4 2 2.8 2. . 7 6 3. . 0 4 - 2 .3 .6 2.7 * 2.7 « 2. . 0 8 3 1 . . 3 2 2.1 3 3 1 . . 2 2 3. . 2 8 3.4 * 1 J VI. Bank loans n.e.c. A Total net borrowing ... 1.2 7.4 2.8 3.1 6.2 2.4 -1.4 — .1 4.9 8.9 3.7 5.2 6.5 9.4 A 1.4 5.3 2.7 2.0 4.2 2.2 .4 1.3 6.5 2.0 3.9 4.2 7.0 B C Corporate .4 3.8 2.6 1.6 2.6 1.9 1.7 .1 .1 4.5 1.5 .4 2.9 5.7 C D Nonfarm noncorporate . . .5 .9 * .1 .9 .2 -2 0 9 1 7 2.9 .6 .2 D E Farm .6 .7 .2 .3 .1 .7 -.1 .4 .3 .5 .5 .6 1.1 E F Rest of the world .5 .2 .7 < .5 .3 .8 .1 1.3 2.1 .1 -.1 -.2 F G Financial sectors... -1.1 1.6 — !3 .1 i!o -.6 -2.1 -1.0 3 3 .4 -.5 1.0 1.7 1.8 G NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see p. 545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 FLOW OF FUNDS/SAVING 545 Notes to Tables 2 and 3. described in Aug. 1959, BULL., p. 852 ff. Foreign funds (line W) consists I. Saving and investment. Derived statistically from Commerce Dept. of lines H through L in Table 4(1). income and product accounts. Tables presenting the relation to those Sources n.e.c. (line Y) is mainly consumer credit advanced by nonaccounts are available on request. Gross national saving (line A) is the financial business and financial sector net sources of funds other than sum for domestic sectors of gross-saving entries in Table 4. It is before deposits and insurance and pension reserves. The series is net of financialdeduction of capital consumption allowances. Govt. saving is net of sector discrepancies shown in Table 4 (G) and (H). public outlays for capital goods as well as current operations. Gross Private domestic nonfinancial sectors (line Z) is the sum of lines AA national investment (line H) is gross private domestic investment in through AH-AI. Private sectors consist of consumer and nonprofit, income-and-product accounts plus consumer durables plus net foreign nonfinancial business, and State and local govts. Line AI is borrowing investment. Net foreign investment differs from corresponding income- by consumers to carry securities less net free credit balances with security and-product series by amount of errors and omissions in balance-of-pay- brokers; the borrowing is secured by U. S. Govt. as well as private ments statement. securities. Relation of saving-investment discrepancy to flow-of-funds matrix is III. Financial institutions. An unconsolidated grouping for all described in Aug. 1959 BULL., p. 859. financial sectors; e.g., bank loans to finance companies are included both II. Financial flows—summary. Structure of this table is described as assets and as liabilities. Line R includes bank stock issues not shown in Nov. 1962 BULL., p. 1405. Total net funds raised (line A) consists of separately. "Other sources, net" reflects mainly (with negative sign) borrowing through credit market instruments (line T of Matrix, Table 1) financial sector account discrepancies but also net gold purchases and by consumer and nonprofit, nonfinancial business, govt., and rest-of- plant and equipment spending. world sectors. Credit-market funds raised by all sectors consists of line A For descriptions of transactions included in accounts see Aug. 1959 plus financial-sector borrowing shown in line R of Sec. Ill below. BULL., p. 851 ff. Consumer-held savings bonds and Postal Savings Short-term securities included in line B are those shown on line E for System deposits are now included in U. S. Govt. securities rather than the U. S. Govt. U. S. Govt. "other" securities (line F) include savings former group, fixed-value redeemable claims. bonds. Total U. S. Govt. borrowing (line D) includes CCC-guaranteed Total shown for issues of "other securities" excludes open-end investbank loans not shown separately. ment co. shares; these are shown as a deduction on line P of Section IV, Demand deposits are included here on bank-record basis, for both the offsetting net purchases of such shares included in the other lines (mainly U. S. Govt. (line U) and private sectors (line AC), rather than as they consumer) under "net purchases". Net purchases includes small amounts appear on the books of depositors and in Table III, Part I. Difference is for mutual savings banks not shown separately. 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Billions of dollars) 1960 1961 1962 Category 1958 1959 1960 1961 1962 IV I II III IV I II III IV (A) Consumer and nonprofit organizations A Current receipts .. . . 339.4 362.7 379.8 934.8 419.2 382.5 383 9 392.9 397.2 405.2 411.6 418.1 420.9 426.3 A B Income receipts * 311.7 333.4 348.2 359.1 381.4 349.6 349.5 356.3 361.5 369.0 373.6 380.8 383.5 387.6 B C Transfer receipts 2 27.7 29.3 31.6 35.7 37.9 32.9 34.4 36.5 35.7 36.2 38.1 37.3 37.3 38.7 C D Income taxes and other deductions. 45.5 50.5 56.2 57.7 63.3 55.6 55.7 57.3 58.0 59.7 62.2 63.1 63.9 64.1 D E Taxes less tax refunds 3 38.5 42.5 46.8 47.8 52.6 46.2 46.1 47.5 48.1 49.6 51.6 52.4 53.2 53.3 E F Pension and OASI deductions * . 7.0 8.1 9.4 9.9 10.7 9.4 9.6 9.8 9 9 10.1 10.5 10.7 10.7 10.8 F G Cur. receipts after deduct. (A—D).. 293.9 312.2 323.7 337.1 356.0 326.8 328.2 335.6 339.2 345.4 349.5 355.1 357.0 362.3 G H Cur. expend, for goods and serv.3.. 233.2 246.6 259.3 269.2 282.6 261.7 264.7 266.9 270.9 274.2 276.1 282.1 284.7 287.3 H I Net life insurance premiums 6 2.9 3.3 3.3 3.0 3.3 3.4 2.6 3.3 2.7 3.2 3.4 3.4 3.1 3.2 I J Current surplus (G —H — I) . . 57.8 62.2 61.1 65.0 70.1 61.7 60.8 65.4 65.6 68.1 70.0 69.6 69.1 71.7 J K Insurance and retirement credits 7.. 10.3 11.7 11.3 11.9 12.5 10.4 10.6 10.6 12.5 13.7 12.2 12.5 13.8 11.4 K L Capital consumption 8 ... 41.6 43.5 45.5 46.9 48 2 46.0 46 3 46.7 47.1 47.5 47 8 48 1 48.3 48.7 L M Net savings (J-f-K —L) 26.5 30.4 26.9 29.9 34.3 26.1 25.1 29.3 31.0 34.3 34.4 34.0 34.6 34.4 M N Gr©ss savings (L-}-M) 68.0 73.9 72.4 76.8 82.6 72.1 71.4 76.0 78.1 81.8 82.3 82.1 82.9 83.1 N O Gross investment (P-f-T) 74.1 79.8 76.5 82.0 89.8 74.9 77.4 83.8 81.4 85.4 97.1 86.4 81.9 93.8 O P Capital expend, (net of sales).. 55.4 65.7 66.5 63.8 68.6 65.6 61.1 62.3 63.7 68.4 67.7 66.7 68.3 71.6 P Q Residential construction 3 1 7 5 . . 3 3 4 1 3 9 . . 6 2 4 1 4 8 . . 8 4 4 1 3 6 . . 7 7 4 1 7 7 . . 5 4 4 1 4 8 . . 0 2 4 1 0 7 . . 8 2 4 1 3 5 . . 5 6 4 1 4 6 . . 0 0 4 1 6 8 . .1 6 4 1 6 8 . . 3 2 4 1 7 6 . . 2 0 4 1 7 7 . . 1 3 4 1 9 8 . . 6 2 R Q S Plant and equipment (nonprofit). 2.7 2.9 3.2 3.4 3.6 3.5 3.1 3.1 3.7 3.6 3.3 3.5 4.0 3.7 S T Net finan. investment (XJ—AJ). 18.7 14.1 10.0 18.2 21.2 9.3 16.3 21.5 17.8 17.0 29.4 19.7 13.6 22.2 T U V Ne D t e a m cq a u n i d s. d o e ff p in o a si n t . s a a n s d se c ts u 9 rrency. 30 2 . . 7 5 34 1 . . 5 0 26 . . 3 2 33 1 . . 9 1 43 3 . . 1 1 2 2 2. . 9 0 29 5 . . 6 0 36 1 . . 5 7 31.7 - 3 3 7 . . 4 9 4 2 7. . 0 1 40 2 . . 2 1 36. . 5 2 4 7 8. . 8 9 V U W Savings accounts 14.0 It.3 12.9 18.0 25.0 16.1 16.7 20.1 15^4 19.6 28.5 23.0 21.8 26.7 W X At commercial banks 5.3 3.0 3.3 6.6 11 7 5.3 5 5 o O 4.8 7 2 16.0 10.8 8.8 11.3 X Y At savings institutions 8.7 8.4 9.6 11.4 13.2 10.8 11.2 11.3 10.6 12.4 12.4 12.2 13.0 15.3 Y A A Life insurance reserves 1 ° 3.4 3.7 3.6 3.8 4.4 3.5 3.8 3.4 4.1 4.0 4.8 5.0 4.9 3.0 AA AB Pension fund reserves * ° 7.1 7.9 7.7 8.2 8.1 7.2 7.1 7.4 8.5 9.7 7.5 7.6 9.0 8.6 AB AC Cr. and equity mkt. instr.11. . . 3.2 11.7 1.4 2.4 2.7 -5.9 -5.3 3.9 3.6 7.5 5.3 3.0 2.7 * AC AD U. S. Govt. securities -2.5 7.0 -3.1 -.4 .4 -8.0 -7.9 -4.1 5.2 5.3 -3.8 3.3 3.1 -1.0 AD AE State and local securities.... .9 1.7 1.1 .3 -1.2 * -1.6 .4 c 2.7 -.6 -1.3 -1.7 -1.0 AE AF Corporate and foreign bonds. .8 .2 .9 .5 1.2 1.3 .1 4.1 -2*.l .1 2.5 2.9 -1.0 .2 AF AG Corporate stock 1.9 1.0 .3 .7 -.5 -1 .0 1.8 2 5 -.2 -1.3 2.8 -3.6 .1 — 1.2 AG AH Mortgages 2 2 1.7 2 3 1.3 2 8 1 8 2 3 1 0 1 2 6 4.5 1 6 2.2 3.0 AH A f Net invest, in noncorp. bus.. . . -1.4 * .1 -.6 -.3 .7 .6 -1.3 .3 -1.2 -2.0 -.9 1.6 AI AJ Net increase i*t liabilities 12.0 20.3 16.3 15.8 21.9 13.6 13 3 15 0 14.0 20.9 17.6 20.5 22.9 26.6 AJ AK Consumers . . ... U.3 19.8 15.9 15.2 21.0 13.2 12.9 14.6 13.4 19.9 17.0 20.0 21.7 25.4 AK AL Credit market instruments... 10.2 19.7 16.0 13.9 21.2 13.3 11.4 12.4 13.1 18.7 17.9 22.6 20.1 24.1 AL AM 1- to 4-family mortgages... 9.6 13.1 10.8 11.9 15.0 10.4 10.4 11.8 11.6 14.0 14.2 15.3 15.0 15.4AM AN Consumer credit 6.2 4.4 1.4 5.6 2.4 .2 -.1 1.1 4.3 3.1 6.7 4.5 8.2 AN A A A O Q P No S n e p O c r u o t r h f i i e t t y r o l c o r r a e g n d a s i n t i 1 z 2 ations 13 1. ' 1 A -j . . 5 6 * .7 1 1. . . 3 5 6 -.1 . . 9 6 A .5 1 1. A . 5 8 2. . . 2 4 7 . . . 3 3 6 1. . . 2 9 4 -.8 . . 6 6 -2.6 . . 5 6 1 1 . . . 6 2 6 1 1 . . . 1 3 5 A A A O Q P '•4 AR Discrepancy (N —O) -6.0 -5.9 -4.1 -5 1 -7.2 -2.8 -5.9 -7.8 -3.3 -3.6 -14.8 -4.3 1.0 -10.7 AR For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FLOW OF FUNDS/SAYING APRIL 1963 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1960 1961 1962 Category 1958 1959 1960 1961 1962 IV I II III IV I II III IV (B) Farm business A Net income .. 10 6 8 6 9 3 10 4 10 4 10 0 10 1 10 0 10 4 10.9 10.3 10.1 10.2 11.0 A B Proprietors'—Income withdrawals * 4 10.6 8.6 9.3 10.4 10.4 10.0 10.1 10.0 10.4 10.9 10.3 10.1 10.2 11.0 B C Net saving (A-B) 15 C D Capital consumption E Current surp.— gross saving (C+D) 4 0 4 2 4 2 4 1 4 1 4 0 4.0 4.1 4.1 4.2 4.2 4.1 4.1 4.1 E G Capital expenditures. . 5.4 4.7 4 6 4.8 4 9 4.8 4.7 5.2 4.9 4.5 4.6 5.0 5.1 5.1 G H Construction and equipment 16.. 4.4 4.7 4.2 4.6 4.9 4.4 4.4 4.9 4.6 4.3 4.5 4.9 5.1 5.0 H I Change in inventories .9 .1 .3 .2 .1 .4 .3 .3 .2 .1 .1 .1 .1 I J Net financial investment (K—L) 1 4 4 8 — 7 — .7 — 1.1 — .3 — .4 -.8 -1.0 -1.0 J K. Net acquis. offinan assets *7 3 — 4 — 2 — 1 2 - J - ,1 -.7 -.7 K L Net increase in labilities.... ... 1 7 2 2 .7 8 .5 .6 1.1 .7 .3 .4 .9 1.0 1.0 L M Credit market instruments 1.5 1.8 1.2 1.7 2.3 1.0 1.8 1.3 1.8 1.7 1.9 2.5 2.2 2.6 M N O M Ba o n r k tg l a o g a e n s s nee 18 6 7 9 7 9 2 1 3 l 1 7 3 9 1 .8 7 — 1. 1 l 1.1 4 1.3 3 1. . 1 5 1.6 5 1. . 3 6 1 1 . . 4 1 N O P Other loans *9 2 2 1 2 3 * 3 .3 .3 .1 .4 A .3 * P Q Trade debt 2 2 1 1 2 _ 2 -.7 .7 .4 * .3 .5 .4 -.3 Q R Proprietors' net investment * -1.7 -1.1 -1.1 -1.7 -.3 -.5 -.9 -1.5 -1.4 -1.7 -2.1 -1.6 -1.3 R (C) Noncorporate nonfin<mcial business A Net income 20 38.1 40.5 39.8 40.5 42.8 39.3 39 2 40.2 40.8 41.8 42.1 42.8 43.0 43.3 A B Proprietors' income withdrawals 21. 38.1 40.5 39.8 40.5 42.8 39.3 39.2 40.2 40.8 41.8 42.1 42.8 43.0 43.3 B C Net saving (A B) 15 C D Capital consumption. . . 8.0 8 3 8 5 8.7 8.9 8.6 8 5 8.6 8.6 8.8 8.8 8.9 8.9 9.0 D E Curren t surp. = gro ss s aving (C+D). 8.0 8.3 8.5 8.6 8.9 8.6 8.5 8.6 8.6 8.8 8.8 8.9 8.9 9.0 E F Gross investment (G+J) 8 0 8 3 8 5 8.6 8 9 8.6 8 5 8.6 8.6 8.8 8.8 8.9 8.9 9.0 F G Capital expenditures 8.7 11.1 11.8 11.5 13.4 10.3 9.0 12.0 12.2 12.7 11.9 13.7 13.9 14.1 G H Plant and equipment 22 8.9 10.7 10.9 11.3 13.1 10.4 9.7 11.1 12.2 12.4 11.1 13.5 14.0 13.9 H I Change in inventories 20 2 4 9 3 1 7 9 # .3 .9 .3 -.1 .3 I J Net financial investment (K— N) -.7 -2.8 -3.2 -2.8 -4.5 -1.7 -.5 -3.6 -3.9 -3.2 -4.8 -4.9 -5.1 J K Net acquis offinan assets 7 0 4 * 4 6 * .5 .9 .6 .5 1.2 K L Demand deposits and currency. .9 -.8 -.3 .1 3 1 1 1 1 L M Consumer credit 1 1 1 1 5 2 — 4 .1 .2 .6 A A .1 1.1 M N Net increase in liabilities 1.7 2.4 3.2 3.2 5.7 1.7 .2 3.8 4.7 4.8 3.8 5.3 5.7 6.3 N O Credit market instruments 2.2 3.2 2.2 2.1 4.5 2.7 -.6 1.3 4.2 3.4 2.1 6.7 5.4 3.7 O P Mortgages 1 6 1 5 1 3 1 6 2 5 1 2 1 5 1.3 1.8 1.8 1.9 2.6 2.4 3.1 P Q Bank loans nee 5 9 * 1 9 2 2 0 - 2 9 1.7 2.9 .6 2 Q R Other loans 23 .1 .8 1.0 A 1.0 1.3 .2 1.5 -.1 .2 1.2 2.3 .4 R S Trade debt, net (debt less asset). -.5 -1.1 -.1 * -.4 -1.0 1.0 -.3 -.3 1.2 -1.5 -.9 -.3 S T Proprietors' net investment.... * .3 1.1 1.2 1.0 -.1 113 1.5 .2 1.7 .6 .1 2.9 T (D) Corporate nonfinancial business A Profits 20 31 4 40 8 38 5 38 6 44 2 36 0 32.7 38.1 39.3 44.2 43.2 43.5 43.7 46.7 A B Profits tax payments (net) 2 4 18.9 18.1 21.0 19.0 20.2 21.2 19.2 19.0 18.8 19.2 18.8 19.6 22.2 20.2 B C Net dividend pavments 25 9.4 10.4 11.0 11.2 11.9 11.2 11.0 11.3 11.1 11.3 11.5 11.6 11.8 12.6 C D Net saving (A — B — C) 3.1 12.3 6.6 8.4 12.2 3.6 2.6 7.9 9.3 13.8 12.9 12.2 9.7 13.9 D E Capital consumption 21.9 23.3 25.0 26.6 28.2 25.2 25.7 26.3 26.9 27.5 27.8 28.1 28.1 28.7 E F Current surp. = gross saving (D+E). 25.0 35.6 31.5 35.0 40.3 28.8 28.2 34.2 36.2 41.2 40.6 40.3 37.8 42.6 F G Gross investment (H+M) 20.0 30.9 26.6 28.9 31.4 23.2 22.6 30.1 29.3 33.8 36.8 29.5 28.1 31.0 G H Capital expenditures 23.7 34.0 33.6 32.0 36.0 28.9 25.4 30.8 34.8 36.8 37.1 37.7 35.2 34.2 H I Fixed investment 26.3 27.9 30.7 30.2 33.2 30.3 28.6 30.0 31.0 31.2 31.4 34.0 34.1 33.3 I J Plant and equipment.... ... 25.0 26.3 29.4 28.1 30.4 29.2 27.7 27.7 28.0 28.8 29.9 30.7 30.6 30.5 J K Residential construction 26.... 1.3 1.6 1.3 2.1 2.8 1.2 .9 2.3 3.0 2.4 1.5 3.3 3.5 2.8 K L Change in inventories 20 -2.6 6.1 2.8 1.8 2.8 -1.4 -3.2 .9 3.8 5.6 5.7 3.7 1.1 .9 L M Net financial investment (TV— V) -3.7 -3.1 -7.0 -3.0 -4.7 -5.8 -2.5 -.7 -5.5 -3.1 -.3 -8.2 -7.2 -3.1 M N Net acquis. offinan. assets 10.8 12.8 3.0 11.9 9.2 1.3 5.7 75.2 6.0 16.5 9.7 6.7 10.8 9.4 N O Liquid assets 2.2 3.0 -3.4 1.6 .2 -2.3 1.3 4.8 -3.3 3.6 .1 1 7 -3. 5.4 O P Demand dep. and curr 1.5 -1.0 -1.2 1.1 -2.0 -2.8 -.3 .9 6.8 -6.2 -4.8 -.6 3.6 P Time deposits .9 -.4 .8 1.3 2.6 2.0 5.6 .12 .8 -2.4 4.8 2.6 .6 2.3 Q U.S. Govt. securities -.2 4.4 -3.1 -.8 -.4 -3.3 -1.5 4.0 -5.0 -.8 1.5 .5 -3.2 -.5 Q State and local oblig 5 7 3 4 5 3 1 0 .9 .3 -.5 1.7 .5 * -.4 R Consumer credit 5 8 3 2 4 — 2.7 1.0 1.3 1.2 .2 1.5 1.1 1.7 R S Other loans (finance paper) 4 5 1 7 2 1 * 1 .1 .4 7 2.5 -.8 S T Trade credit. 6 0 6.0 3.2 7.6 5.2 1.3 6.6 8.1 5.4 10.2 6.3 3.7 8.5 2.2 T U Other financial assets 2 7 1.5 1.9 2.2 2.0 1.6 2.6 2.4 1.3 2.1 2.0 1.0 2.0 1.9 1.4 U V Net increase in liabilities 2 8. 14.5 16.0 10.0 14.9 13.9 7.0 11.5 16.9 77.5 19.6 10.0 14.9 18.0 12.6 V W Credit and equity market instr.. 11.8 13.0 12.5 12.7 13.9 12.2 9.3 15.6 12.1 13.7 10.4 14.3 14.9 16.0 W Y Z X C C M o o o r r r p p t o o g r r a a a g t t e e e s . s b t o o . n c . d k s . 5 2 3 . . 8 3 2 2 3 3 . . 1 3 4 3 3 1 . . 6 8 1 4 2 3 . . . 3 7 5 4 5 . . 2 5 3 4 2 1 . . . 9 0 8 2 2 3 . . . 8 2 0 7 5 2 . . . 1 2 9 2 3 3 . . . 8 2 8 4 4. . J 3 6 4 4 . . . 1 2 7 6 5 . . . 4 4 6 2 5 . . . 9 3 9 6 3. . 5 2 * X Z Y AA Bank loans n.e c .4 3.8 2.6 1.6 2.6 1.9 1.7 .1 .1 4.5 1.5 .4 2.9 5.7 AA AB Other loans 29 .1 .5 1.5 .6 1.2 1.7 -.4 .3 2.2 .2 -.1 1.6 2.8 .7 AB AC Trade debt. . . 2 7 2 9 -2 7 2.1 * -5.2 2.1 1.1 -.5 5.8 c .3 3.2 -3.2 AC AD Discrepancy (F — G) 5.0 4.7 4.9 6.0 9.0 5.6 5.6 4.1 6.9 7.5 3.8 10,8 9.7 11.6 AD AE Memo: Profits tax accruals 24 16.2 20.7 19.4 19.4 22.2 17.7 16.1 18.9 19.9 22.7 21.7 22.4 21.5 23.1 AE For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 FLOW OF FUNDS/SAYING 547 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (Billions of dollars) 1960 1961 1962 Category 1958 1959 1960 1961 1962 IV II III IV III IV (E) U. S. Government 3 0 A Tax receipts (net of refunds) 67.9 72.2 79.8 78.7 85.5 79.1 75.9 78.4 78.8 81.5 82.2 85.1 88.5 86.1 A B Individual income 34.9 38.5 41.8 42.5 46.3 41.1 40.8 42.2 42.7 44.3 45.0 46.2 46.9 47.0 B C Corporate profits 20.4 20.0 23.2 21.0 22.3 23.1 20.8 20.9 21.0 21.5 21.0 22.1 24.0 22.2 C D Other 31 12.6 13.7 14.9 15.1 16.9 14.9 14.3 15.4 15.1 15.8 16.2 16.8 17.6 16.9 D Social insurance programs 32 E Premiums received 9.8 12.3 14.9 15.6 17.6 14.8 15.1 15.5 15.7 16.0 17.4 17.6 17.6 17.7 E F Benefits paid 12.7 12.9 14.1 16.9 17.4 15.2 15.7 17.2 17.0 17.5 17.1 17.1 17.3 18.1 F Life insur. & retirement programs 3: G Premiums received , 1.8 1.9 1.9 2.0 2.0 1.9 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.1 G H Benefits paid 2.2 2.4 2.6 2.9 2.9 2.6 3.3 2.6 3.2 2.7 2.8 2.8 3.0 2.9 H I Net grants and donations paid34,,, 13.3 14.6 14.5 16.6 18.4 14.9 16.1 16.5 16.6 17.1 17.6 18.3 19.2 18.4 I J Net interest paid 3 5 5.4 6.3 7.0 6.5 6.6 6.9 6.8 6.5 6.5 6.4 6.5 6.5 6.7 7.0 J K Net purchases of goods & services 3 6, 52.8 53.5 53.1 57.4 62.5 53.6 55.2 57.4 57.2 59.9 62.1 62.5 61.8 63.6 K L Construction expenditures 3.4 3.7 3.7 3.8 3.8 4.0 4.2 3.9 3.5 3.6 3.7 4.0 3.7 4.0 L M Other 49.4 49 8 49.4 53.6 58.7 49.6 51.0 53 5 53 7 56 3 58.4 58.5 58.1 59.7 M N Current surplus (A, E, and G, less F and H through K) -6.9 -3.5 5.4 -4.2 -2.6 2.6 -4.1 -4.4 -4.1 -4.2 -4.8 1.3 -3.0 -4.1 N O Credits imputed to consumers 3 7.., 1.0 1.0 1.0 1.0 1.1 1.1 1.0 1.0 1.0 1.1 1.1 .3 1.6 1.4 O P Gross and net savings (N — O). . .. -7. -4.5 4.3 -5.2 -3.7 1.5 -5.1 -5.4 -5.1 -5.2 -5.9 1.0 -4.5 -5.5 P Q Net finan. investment (R-X) -8.2 -5.1 3.6 -5.7 -4.0 1.0 -6.9 -9.5 .1 -6.4 -11.1 3.5 -1.1 Q R Net acquis. of finan. assets 1.6 6.1 3.8 3.4 5.2 1.7 -3.5 .7 13.9 2.5 7.5 10.6 — 7 3.4 R S Demand deposits & currency. .1 .7 .9 .3 1.3 -1.5 -5.7 1.1 9.0 -3.1 3.4 6.0 -3.*0 -1.4 S T Credit market instruments.... 1.7 3.8 2.4 2.8 3.5 2.8 1.9 -.7 4.9 5.1 3.5 4.2 1.9 4.5 T U Mortgages 3 8 .3 2.2 1.2 .6 .3 1.1 * — 2 1.0 1.7 1.0 -.2 .1 .3 U V Other loans 39 1.4 1.6 1.1 2.2 3.2 1.7 1.9 c 3.8 3.4 2.5 4.4 1.7 4.2 V W Other financial assets 40 -.2 1.6 .5 .3 .4 .5 .3 .4 .1 .4 .5 .4 .4 .3 W X Net increase in liabilities 11.2 .2 9.1 9.1 .7 5.5 10.2 13.8 8.8 18.5 7.1 .5 10.5 X AB Life insurance and retirement reserves 3 7 1.0 1.0 1.0 1.0 1.1 1.1 1.0 1.0 1.0 1.1 1.1 .3 1.6 1.4 AB AC U.S. Govt. securities 41 8.3 9.3 -2.7 7.2 6.6 -2.7 -.1 9.5 16.1 3.3 13.8 8.1 -2.3 6.9 AC AD Short-term direct 4* -1.2 5.5 -5.1 11.3 5.6 -10.8 22.0 16.6 -4.6 11.4 22.1 4.1 -18.6 14.7 AD AE Other securities 10.2 5.8 2.9 -4.8 .8 7.6 -22.4 -7.6 20.0 -9.3 -8.2 3.9 15.6 -8.4 AE AF Svgs. bonds 4 3 -.7 -2.0 -.4 .7 .3 .5 .3 .5 .8 1.2 -.1 .1 .6 .6 AF AG Other loans 44 3 -.6 .5 .3 .2 :? .7 -.2 -.9 1.5 .8 -.1 -2.0 2.2 AG AH Other liabilities 4 5 .2 1.5 1.3 .6 1.2 a 2.0 -.1 -2.4 3.0 2.8 -1.3 3.2 .1 AH AI Discrepancy (P — Q). .6 .7 .5 .2 .5 1.8 4.1 -5.2 1.1 5.2 -2.5 -3.4 1.6 AI (F) State and local government A Tax receipts 46 30.6 33.2 37.0 39.0 41.8 37.7 38.3 38.7 39.2 39.8 41.0 41.3 42.0 42.9 A B Net insurance and grants receipts 4 2.0 3.1 2.5 2.9 3.4 2.3 3.0 2.8 2.9 2.9 3.3 3.6 3.3 3.6 B C Net interest paid .6 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 .7 C D Net purchases of goods & services 3 6 35.4 37.7 40.1 43.4 47.3 41.3 42.7 42.5 43.3 45.2 45.9 46.4 47.7 49.3 D E Construction and land 13.4 13.9 13.9 14.8 15.5 14.5 15.1 14.3 14.5 15.4 15.4 14.9 15.4 16.3 E F Other by govt. enterprises.... -1.9 -2.1 -2.2 -2.4 -2.6 -2.3 -2.3 -2.4 -2.4 -2.4 -2.5 -2.5 -2.6 -2.6 F G Other by general government.... 23.8 25.9 28.5 31.0 34.4 29.1 29.9 30.6 31.2 32.2 33.0 34.0 34.9 35.6 G H Current surplus (A+B -C -D) -3.3 -2.1 -1.2 -2.2 -2.8 -2.1 -2.1 -1.7 -1.9 -3.2 -2.3 -2.2 -3.2 -3.5 H I J C G r r e o d s i s t s a n im d p n u e t t e d sa v to in g c o ( n H s u — m I e ) rs 4 8.. -5 1 . . 0 7 -4 1 . . 0 9 -3 2 . . 4 1 -4 2 . . 5 3 -5 2 . . 3 5 -4 2 . . 2 1 -4 2 . . 3 2 -3 2 . . 9 3 -4 2 . . 2 4 -5 2 . . 6 5 -4 2 . . 8 5 -4 2 . . 8 5 -5 2 . . 7 6 -6 2 . . 1 6 J I K Net financial investment (L —S) -5.0 -3.4 -2.4 -4.2 -4.2 -1.8 -4.1 -1.0 -7.5 -4.2 -6.4 -3,3 -.7 -6.3 K L Net acquis. of finan. assets 2.6 3.5 3.8 3.7 4.5 4.1 2.9 5.8 .8 5.2 4.4 6.2 5.4 1.9 L M Demand deposits and currency, .2 .5 .2 .6 -.1 .7 -.7 1.9 -1.61 2.6 -3.2 1.7 2.1 -1.1 M N Time deposits .8 -.4 1.4 .9 1.0 2.1 1.0 .9 .9 .9 2.1 .3 .4 1.3 N O Credit market instruments 1.6 3.4 2.2 2.2 3.6 1.3 2.6 3.0 1.5 1.6 5.4 4.2 2.9 1.8 O P U. S. Govt. securities -.4 1.8 2 .2 1.5 -.6 .6 1.0 -.4 -.5 3.7 1.9 .8 -.5 P Q State and local securities. .5 .4 !3 .2 .2 .2 .3 .2 .2 .2 2 .2 .2 .2 Q R Other 49 1.5 1.2 1.7 1.8 1.8 1.6 1.7 1.8 1.9 \'.5 2.0 1.9 2.0 R S Net increase in liabilities 7.6 7.0 6.2 7.9 8.6 5.9 6.9 6.8 9.4 10.7 9.5 6.1 8.2 S T State and local securities. .. 5.5 4.7 3.7 5.1 5.4 3.7 4.3 3.9 5.7 6.7 7.7 6.1 3.2 4.6 T U Short-term .4 .3 * .4 .4 .5 .7 -.8 .9 .9 .7 .2 -1.1 1.7 U V Other 5.1 4.4 3.7 4.7 5.0 3.2 3.6 4.7 4.8 5.8 7.0 5.9 4.3 2.9 V W Employee retirement reserves .. 1.7 1.9 2.1 2.3 2.5 2.1 2.2 2.3 2.4 2.5 2.5 2.5 2.6 2.6 w X Other liabilities 5 0 .4 .3 .4 4 • 7 .1 .4 .6 .3 .3 .6 .9 .4 1.0 X Y Discrepancy (J — K) * -.5 -.9 — .3 -1.2 -2.4 -.3 -2.9 3.3 -1.4 1.6 -1.4 -5.0 .2 Y For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FLOW OF FUNDS/SAVING APRIL 1963 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1960 1961 1962 Category 1958 1959 1960 1961 1962 IV II III IV III IV (G) Commercial banking and monetary authorities A Net operating surplus 3.5 4.0 4.5 4.1 4.3 4.5 4.3 4. 4.0 3.9 4.0 4.2 4.4 4.6 A B Profits tax and net div. pymts. 51.. 2.4 2.6 3.0 2.9 3.0 2.6 2.6 2.8 3.0 3.2 2.9 3.3 2.7 3.1 B C Current surp. = gross svg. (A—B) 5 2 1.1 1.4 1.5 1.2 1.3 1.9 1.7 1.3 1.0 .7 1.1 .9 1.6 1.5 C D Gross investment (E+F) 1.7 2.5 2.1 1.2 4.3 .9 -1.6 7.2 2.1 -.7 .2 1.7 3.7 E Capital expenditures A A .4 .4 .4 .4 .4 A .4 .4 .4 .4 .4 .4 F Net financial invest. (G - W)... 1.4 1.3 2.1 1.7 .8 3.8 .4 -2.0 6.7 1.6 -1.1 -.2 1.2 3.2 G Net acquis. offinan. assets 5 3 . . . 15.7 3.9 8.5 17.0 19.6 13.8 10.6 16.9 24.6 15.9 19.0 19.9 8.5 30.9 H Gold -2.3 -1.1 — 1.7 - .7 -3.7 -1.4 1.3 -1.1 -1.8 -.8 .8 -2.2 -1.5 I Credit market instruments 17.0 4.6 9.8 16.4 16.4 14.1 12.6 22.7 16.2 21.2 20.2 8.4 28.9 J U. S. Govt. securities 10.4 -7.9 2.7 7.4 2.4 8.4 7.0 10.8 13.7 -2.0 9.3 1.2 -5.7 4.9 K Monetary authorities 2.2 .3 .7 7.5 2.0, -.7 2.2 .2 7.5 2.1 5.9 .2 7.7 L Commercial banks 8.2 -8.2 2.0 5.9 .5 9.1 4.8 10.6 12.2 -4.1 3.4 1.2 -5.9 3.2 M Short-term direct 4 2... .9 -3.1 3.5 7. -1.0 10.2 13.5 20.4 6.0 -11.6 12.6 .2 -11.9 -5.0 N Other 7.3 -5.1 -1.5 -1.2 1.5 -1.1 -8.7 -9.9 6.2 7.5 -9.2 .9 5.9 8.3 P State and local securities. .. 2.6 .4 .6 2.8 4.5 2.3 2.8 1.2 3.8 3.3 4.6 6.0 3.8 3.3 Q Corp. and foreign bonds. . . t -.2 -.2 * .1 -.1 * .1 -.11 I * -.1 .3 R Mortgages 2.\ 2.6 .7 1.6 3.9 .3 .9 1.8 \'.9 2.1 5.1 4.0 4.5 S Consumer credit .2 2.8 1.7 .5 2.1 1.1 3.2 -1.1 .7 .8 3.1 1.6 2.7 T Bank loans n.e.c 1.2 7.4 2.8 3.1 6.2 2.4 -1.4 -.2 4.9 8.9 3.7 5.2 6.5 9.4 U Other loans 54 .5 « 1.5 1.1 .5 1.9 1.5 • -.7i 3.5 .5 -.3 -1.7 3.8 V Security loans .4 '.2 .3 1.1 1.1 -2.3 2.9 2.3 1.3 -1.4 -1.1 2.3 4.5 W Net increase in liabilities 13.7 2.6 6.4 15.3 18.8 10.0 70.2 18.9 17.8 14.3 20.1 20.1 7.3 27.7 W X Dem. dep. net & currency55.. 5.7 1.1 5.5 3.4 .6 -2.0 6.2 10.1 7.8 -3.5 6.4 -2.1 12.8 X Y Due to U. S. Govt. 5 6 .1 .6 .1 1.2 -1.5 -5.3 2.5 5.8 -2.7 3.9 6.5 -4.6 -1.2 Y Z Due to rest of world * .1 .4 .1 .8 .9 -.9 .4 1.0 2.0 Q -1.1 .5 Z AA Due to others 5 6 5.6 .4 5.1 2.1 1.2 2.4 4.5 4.0 9.5 -9.4 3.6 13.4 AA AB Demand deposits, net 5 5 .. 5.2 — .2 -.7 4.5 1.5 .2 1.4 3.6 3.2 9.5 -10.9 -1.6 3.6 74.9 AB AC Currency .4 '.6 t .7 .6 1.0 1.1 1.1 .5 .2 1.4 2.4 -.7 -1.2 AC AD Time deposits 8.0 1.2 5'.8 9.4 15.6 9.7 11.8 11.9 7.8 6.3 22.7 13.8 9.6 16.2 AD AE Due to consumers 5.3 3.0 3.3 6.6 11.7, 5.3 5.5 8.8 4.8 7.2 16.0 10.8 11.3 AE AF Due to others 2.7 -1.8 2.5 2.8 3.8 4.4 6.2 3.1 3.0 6.6 3.® 4.9 AF AG Other liabilities 5 7 .4 .5 .3 -.1 -.3 .3 .7 .1 .9 -.2 -1.0 AG AH Discrepancy (C—D) -.7 -.3 -1.0 -.9 .1 -2.4 .8 2.9 -6.2 -1.3 1.8 -2.2 AH (H) Nonbank financial institutions A Current surplus 5 8 8.5 9.5 9.5 9.5 9.2 9.4 8.9 8.8 9.9 10.4 8.6 9.6 9.3 9.4 A C B C G r r e o d s i s t s s a im vi p ng u s te ( d A t — o B co ) n 5 s 2 umers 59.., 7 1 . . 6 0 8. . 8 7 8 1 . . 1 4 8 1 . . 5 0 8. . 9 4 7 2. . 1 2 7 1 . . 5 4 7 1 . . 4 5 9. . 1 8 10 . . 2 2 8.6 9.7 - 9 .4 .6 7 1 . . 5 9 B C D Gross investment (E+F) 2.9 1.6 3.0 3.1 2.3 3.7 5.1 1.3 3.9 2.1 1.5 l.l 4.3 2.3 E Capital expend, (insur. sector), .3 .4 .4 .4 .4 .4 .4 A A A .4 A A A F Net financial invest. (G-Z) 2.6 1.2 2.6 2.7 1.9 3.3 4.7 .9 3.5 1.7 1.1 .7 3.9 1.9 G Net acquis. offinan. assets 21.4 25.5 25.6 28.5 31.3 26.7 23.0 26.7 31.6 32.6 24.1 30.5 34.5 36.0 By subsector: H Mutual savings banks 2.6 1.5 1.6 2.2 3.3 2.1 2.9 1.6 2.2 2.2 3.4 2.4 3.9 3.4 I S. & L. assns. & cr. unions. 7.5 8.8 8.3 10.9 12.0 9.8 9.7 10.5 10.6 12.6 10.5 11.1 12.3 13.9 J Life insurance companies..., 5.2 5.2 5.4 5.8 6.4 5.6 6.1 5.6 5.7 6.0 6.1 6.9 7.3 5.2 K Other insurance companies., 1.2 1.9 1.6 1.5 1.4 1.6 1.5 1.2 1.5 1.9 1.6 1.2 .8 2.1 L Noninsured pension funds.., 2.9 3.2 3.4 3.5 3.3 3.3 3.0 2.8 4.0 4.3 2.8 3.4 3.5 3.3 M Finance n.e.c 2.0 4.9 5.3 4.5 4.9 4.3 -.2 5.1 7.6 5.5 -.4 5.4 6.6 8.1 By type: N Demand dep. and currency. .7 ! .5 1.2 1.0 .2 1.4 1.1 1.5 .9 1.2 .2 1.2 1.3 O Cr. and equity mkt. instr... , 19.1 25^3 24.6 25.5 30.5 25.1 19.7 22.3 30.6 29.6 23.8 32.9 31.7 33.7 P U.S. Govt. securities .9 .9 .1 .5 1.6 * 1.0 -1.5 1.5 .9 2.4 -1.1 1.5 3.7 Q State and local securities., 1.1 1.6 1.5 1.4 1.4 1.4 1.8 1.1 1.8 1.0 1.7 .7 .8 2.5 R Corp. and foreign bonds. 4.8 3.5 3.6 3.7 3.3 4.9 1.9 3.6 4.9 4.4 .6 4.3 3.2 4.9 S Corporate stock 2.3 3.1 3.1 4.1 3.2 3.4 2.5 3.9 5.2 4.9 2.2 6.4 2.0 2.0 T 1- to 4-family mortgages., 8.0 9.7 8.8 11.3 12.9 9.0 9.6 11.4 11.3 13.1 9.8 13.9 13.7 14.3 U Other mortgages 2.2 2.4 2.8 3.0 3.9 2.8 2.6 2.9 2.7 3.8 3.7 4.2 3.8 3.9 V Consumer credit -.5 2.4 2.2 .5 2.0 .7 1 -.1 .4 1.8 1.6 1.8 1.7 2.8 W Other loans 60 .2 1.7 2.5 1.0 2.2 2.8 '.2 1.0 2.9 -.3 1.7 2.6 5.0 -.4 X Security credit 1.0 * * 1.1 -.3 . I 1.0 2.3 -.7 1.7 -.9 -3.5 1.6 1.6 Y Other financial assets 6l .6 • .6 .6 .1 l'.4 1.0 1.1 .2 .3 * .9 -.1 Z Net increase in liabilities 18.7 24.3 23.0 25.7 29.3 23.1 18.4 25.5 28.1 30.7 23.0 29.7 30.6 34.1 Z A A Dep. in mutual savings banks. 2.3 1.2 1.4 2.1 3.1 1.8 2.1 2.6 2.0 1.9 2.7 2.9 3.5 3.3 AA AB Savings shares 6.6 7.2 8.1 9.4 10.2 9.1 9.1 8.9 8.6 11.0 9.8 9.6 9.5 12.0 AB AC Saving through life insurance. 3.3 3.6 3.5 3.7 4.3 3.4 3.7 3.3 4.0 3.9 4.7 4.9 4.8 3.0 AC AD Saving through pension funds. 4.4 5.2 4.7 4.9 4.6 4.2 4.0 4.2 5.2 6.3 4.0 4.9 4.9 4.7 AD A E Credit & equity market instr.« * .4 5.8 3.4 3.6 5.6 3.3 * 2.6 6.0 5.7 3.9 7.2 6.8 4.4 AE AF Corporate bonds .1 1.0 1.4 .8 .S 1.9 .9 1.3 .2 .9 * if .3 1.8 AF AG Corporate stock 1.6 1.8 1.5 2.0 1.9 1.3 1.6 1.5 2.0 2.7 3.3 1.3 .8 AG AI Bank loans n.e.c 1.6 _ 2 .1 1.0 -.6 -2.1 -1.0 3.3 .4 -.5 1.0 1.7 1.8 AI AJ Finance Co. paper 6$ . i .5 '.9 * 1.0 .6 * * -.5 .4 1.7 1.1 2.3 -.9 AJ AK FHLB loans to S. & L. assns. 6 3. • .8 -.2 .7 .8 .1 -.4 .8 1.0 1.3 -.6 1.7 1.2 1.0 AK AL Security credit .6 * .5 .9 1.1 1.2 -1.3 2.2 1.0 1.6 -1.9 -.7 1.1 5.8 AL AM Miscellaneous 64 1.1 1.2 1.5 1.1 .5 .1 .8 1.7 1.4 .3 -.1 1.1 -.1 .9 AM AN Discrep. & unident. assets (C—D). -2.0 -.9 -1.6 -2.1 -1.9 -1.5 -3.7 .2 -3.1 -1.9 -1.5 -1.1 -4.7 -.4 AN For note3 see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 FLOW OF FUNDS/SAVING 549 SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) i 1960 1961 1962 Category 1958 1959 1960 1961 1962 IV II III IV II III IV (I) Rest-of-world sector A Net purch. of goods and serv. (B —C) 1.2 o 2.9 4.0 3.3 4.9 5.3 4.0 2.8 3.8 3.7 3.7 2.5 3.2 B Purch. of goods and services 6 5... 22.7 22^9 26.4 27.3 28.4 27.2 27.4 26.4 26.9 28.3 28.2 29.0 28.3 28.2 C Sales of goods and services 65.... 21.5 23.6 23.5 23.3 25.2 22.3 22.2 22.4 24.1 24.5 24.5 25.3 25.8 25.0 D Net unilateral receipts from Govt 6 5 1.3 1.5 1.6 1.6 1.7 1.6 1.6 1.5 1.5 1.6 1.7 1.7 1.8 1.8 E Current surplus (D —A) 6 6 .1 2.3 -1.3 -2.4 -1.5 -3.2 -3.7 -2.4 -1.3 -2.2 -2.0 -2.0 -.7 -1.4 F Net financial investment (G TV) -.3 1.7 -.7 -1.8 -1.2 -2.2 -3.4 _ 7 -2.4 -1.2 -3.4 -2.0 -.5 .9 F G Net acquis. offinan. assets 3.5 5.8 4.3 3.2 2.6 5.1 2.4 1.7 2.4 6.2 2.6 3.1 2.0 3.0 G H Gold 2.3 1.1 1.7 .9 .9 3.7 1.5 n .6 2.0 1.2 .5 1.8 .1 H J I T U i . m S. e d d e e m po . s d it e s p. and currency... .9 -.9 # 1 .3 • A .6 . . 1 3 -.3 .9 -.9 .7 1. . 3 4 2.0 5 -.9 .2 -1 -. .1 1; 1 . . 5 4 J I L K M O U M . t S i h s . e c r . G f c o i r n v e a d t n . i c t s i e a m c l u a a r r s i k t s e i e e t t s s i n 68 str.67. . . -.1 . .3 1 2 3 . . . 2 0 4 1. . . 0 5 8 . . . 4 4 6 1. . 2 3 • -.9 .3 . . 2 6 c - 2 .7 . . 4 8 -1 1 . . 4 . 1 4 2. • 0! - --. . .1 8 7 2 1 . . . 3 0 1 l.li . '. 5 5 1 M K L Net increase in liabilities 3.8 4.1 5.0 5.0 3.9 7.2 5.8 1.8 4.8 7.5 5.9 5.0 2.5 2.1 Official U.S. foreign exchange. .1 * .1 .6 -.5 .2 .5 1.3 -A -1.4 O Securities i'.i .1 .7 .8 1.0 "".6 .2 .9 .7 l.li .4 1.4 .5 1.7 P Loans 69 1.1 .2 1.4 1.9 1.3 2.4 2.6 -1.0 2.4 3.7i 3.4 .3 -.8 2.4 0 Miscellaneous 7 ° 1.5 3.3 3.0 2.2 1.7 4.2 2.9 1.1 2.2 2.4| 1.7 2.2 3.3 -.6 R Discrepancy (E-F) 71. .6 -.6 -.6 -.3 —1.1] -.3! --2.4 1.1 - .9; 1.4 * -.2! -2.3 1 Payrolls, interest, dividends, and income withdrawals from unincor- 3 5 Includes net accruals on savings bonds and Treasury bills. porated business. 36 Purchases less sales for general govt. and govt. enterprises, in- 2 Grant and donation receipts of consumers and nonprofit organiza- cluding outlays for tangible capital and (for U.S. Govt.) net disbursetions (net of transfers within the sector), social insurance benefits, and ments to farmers in form of CCC-direct and guaranteed loans. benefits from private pension and govt. retirement funds. 37 Govt. life ins., employee retirement, and railroad retirement pro- 3 U.S. Govt., State, and local income and estate and gift taxes. grams. Excludes social security, which is treated as nonfinancial operation. 4 Mainly employee contributions to OASI and to private pension and 38 Mainly on 1- to 4-family and farm properties. govt. retirement funds. 3 9 Mainly loans to business sectors, to foreign and State and local 5 Figures include net operating outlays of nonprofit organizations govts. and to savings and loan assns. (by FHLB). Excludes CCCand net transfer payments abroad. guaranteed loans other than those on tobacco. 6 Net of dividends on and benefits from private life insurance and 40 Treasury currency assets, time deposits, trade credit, and miscelindividual annuity policies and Govt. life insurance. laneous (mainly foreign cash and subscription to IMF). 7 In connection with consumer saving through life insurance, private 41 Includes U.S. Govt. agency debt and accrued interest on Treasury pension funds, railroad retirement, and govt. employee retirement. bills and savings bonds. Excludes debt held by U.S. Govt. agencies, 8 On consumer durables, owner-occupied houses, and nonprofit plant IMF notes and currency items in public debt. and equipment. 42 Direct marketable issues due within 1 year. 9 Includes net free credit balances with security brokers not shown 43 Consumer-held only. Other holdings in line AE. separately. 44 CCC-guaranteed bank loans and CCC certificates of interest. I ° Includes govt. as well as private. 45 Treasury currency liabilities, trade debt, & misc. liabilities (specia I1 Includes savings bonds and PSS deposits in line AD. IMF notes, misc. deposits, & private equity in Govt. enterprises). 12 Policy loans and hypothecated deposits. 46 Excludes employment taxes. 13 Consists of commercial mortgages, bank loans, loans from Govt., 47 Receipts of U.S. Govt. grants; payments of direct relief & other and trade debt. transfers; & receipts & payments in connection with govt. employee 14 Estimated as equal to seasonally adjusted net farm income. retirement, unemployment insurance, & cash sickness comp. programs. 15 Identically zero on seasonally adjusted basis. 4 8 Arising from employee pension programs. 1 6 Includes farm residential construction. 49 Corporate bonds and mortgages. 17 Mainly demand deposits and currency. 50 Trade debt and loans from U.S. Govt. 18 Excludes CCC-guaranteed. loans. See Aug. 1959 BULL., p. 840. 51 Includes payment to Treasury on F.R. notes outstanding. ! 9 Govt.; excludes CCC nonrecourse loans. 52 Net saving is less than line C by the amount of capital consumption 20 After inventory valuation adjustment. about $0.1 billion a year. 21 Estimated as equal to seasonally adjusted business net income. 5 3 Includes misc. and Treasury currency assets not shown separately. 22 Includes residential construction equal in amount to line K in 54 Open market paper, CCC-guaranteed loans, and CCC certificates of corporate business table. interest. 23 Mainly RE A & other loans from U.S. Govt. & loans from finance 55 Net of F.R. float and cash items in process of collection as reported cos. by commercial banks. 24 U.S. Govt., State, and local taxes on profits. 56 Bank-record basis, net of bank float; differs from sector demand 2 5 Includes profits paid by U.S. branches to foreign parent corps, less deposits and currency assets (shown in Table 3 and in nonbank sector acprofits paid by foreign branches to U. S. parent corps. counts in Table 4) principally because of mail float. 26 Includes change in work in place in 1-4 family construction. 5 7 Mainly stock issues and balances due to own foreign branches. 27 Direct investments abroad and foreign-currency holdings. State and 5 8 Includes premiums on life insurance and private pension plans, less local securities are included in line N but not shown separately. benefit payments and policy dividends. 28 Includes direct investments from abroad not shown separately. 59 In connection with consumer saving through life insurance and pen- 2 9 Mainly commercial paper and loans from finance cos. sion funds. 3 ° Lines A through P of Table 4E are derived mainly from national- 60 Mainly finance co. loans to business and insurance policy loans. income data .while lines Q through AH are based on data behind Treasury 61 Trade credit, time deposits, savings shares, & misc. assets. cash budget; discrepancy (line AI) reflects differences in treatment be- 62 Lines AF, AI, and AJ are finance co. liabilities; line AG is open-end tween these two sources of information. Since line C is profit-tax pay- investment co. shares. ments rather than accruals, line N is surplus in national-income accounts 63 Part of "other loans" category. plus excess of profit tax receipts over accruals. 64 Deposits at banks in U.S. possessions and agencies of foreign banks. Net cash borrowing in Treasury cash budget corresponds closely to 6 s Lines B, C, and D are exports, imports, and net transfers from Govt line AC less accrual interest on savings bonds and Treasury bills included in natl. income accounts. in that line. Cash surplus is closely indicated by line S less net cash 66 Net foreign investment in natl. income accounts with opposite borrowing. Lines T, W, AG, and AH are reflected in cash outgo in cash sign. budget except for small amounts included in receipts. Lines O and AB 6 7 Corporate securities and acceptances. are imputations reflected in neither national-income accounts or cash 6 8 Direct investments, unidentified assets, IMF holdings of special budget. U.S. notes and miscellaneous deposits. 3 * Mainly excise taxes and customs receipts; also includes estate and 69 Security credit, bank loans n.e.c, and other loans (consisting of gift taxes. loans from U.S. Govt. and acceptances). 32 OASI, disability insurance, and unemployment programs. Line E 70 Direct investments, foreign currency and deposits held by U.S. includes U. S. Govt. employment taxes; line F, U.S. Govt. benefit pay- domestic sectors, and other liabilities. ments to consumers. 71 "Errors and omissions" in U.S. balance-of-payments statement. 33 Veterans' life insurance and Govt. employee and RR retirement NOTE.—"Liabilities" covers equity as well as debt claims. funds. Line G excludes Govt. contributions to these funds. For descriptions of sectors, of capital expenditures, and of financial 3 4 Transfer payments (other than insurance benefits) to individuals, transaction categories, see "Technical Notes," Aug. 1959 BULL., pp. plus net cash unilateral transfers to foreign countries, grants-in-aid to 846-59; for discussion of saving and investment concepts, see p. 834. State and local govts. and subsidies to business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1962 O (Amounts outstanding in billions of dollars) Nonfinancial business sectors Government sectors Financial institutions sectors Sector Consumer Farm co N rp o o n ra - te Corporate G U o .S v . t. an S d t a lo te cal Co b m an m k e in rc g ial in S st a i v tu in ti g o s ns Insurance F n in .e a . n c c . e R w e o st r l o d f Total Transaction category A L A L A L A L A L A L A L A L A L A L A L A L K Total assets 1,068.5 7.0 21.4 210.6 59.6 61.1 289.1 .143.8 205.6 65.7 72.9 2,205.3 K L Total liabilities 246\5 27!i iO9 2 a 5 1,624.0 L M Gold and U S official fgn exchange 16 2 25.4 .1 41.6 .1 M * 2.8 5.4 5.4 2.8 N O Demand deposits and currency 69.1 5.5 12.5 30.7 8.2 12.3 161.9 3.9 3.7 4.3 4.7 154.9 161.9 O p Time and savings accounts 209.9 6.2 3 6 5 98.4 1.1 128.3 2.7 226.7 226.7 P O At commercial banks 82 6 6 2 3 6 5 98 4 1 2 7 98.4 98.4 Q R At savings institutions 127.4 9 128.3 128.3 128.3 R S Life insurance reserves . • 98 9 6.7 92.3 98.9 98.9 S T Pension reserves 104.6 16.0 24.5 64.1 104.6 104.6 T U Credit market instruments 578.2 237.8 24.0 5.5 47.9 37.2 174.0 40.7 256.4 42.4 82.0 259.8 136.5 3.6 199.9 56.1 23.1 24.8 26.4 1,381.1 875.2 U V U.S. Govt. securities 1 70.3 19.2 255.3 20.4 99.9 12.8 16.0 4.5 12.0 255.3 255.3 V W State and local govt. securities. . 27.2 3.8 7.7 79^6 24.8 .5 15.1 .5 79.6 79.6 W X Corporate and foreign bonds 8 4 83 2 10 7 8 3 5 74 5 2.4 11.2 .7 6.8 101.1 101.1 X Y Corporate stocks 2 436.1 n a n a 1.0 38.5 18.7 n.a. 11.0 n.a. 505.4 n.a. Y Z 1-4 family mortgages 12.3 161.3 5.5 1.9 7.2 i.8 21.9 94.2 28.5 2.7 168.7 168.7 Z a Other mortgages 23.9 1.4 15.5 20.7 43.5 4.9 1.8 12.3 17.5 20.5 .1 81.2 81.2 a b Consumer credit 63.5 5^5 io.7 23.6 6.5 17.2 63.5 63.5 b c Bank loans nee 3 4 6 0 12 2 38 0 71 1 2 7.3 4.1 71.1 71.2 c d Other loans. 8.2 2.5 9.4 3.5 7.5 28.5 1.1 2.4 5.2 .3 3.5 6.8 9.9 4.7 1.0 15.5 55.2 54.8 d e Security credit 1.3 6.6 7.3 5.3 7.3 .1 .1 14.0 14.0 e f Trade credit 2.1 3.2 3-3.7 94.3 50.5 2.0 3.6 2.6 ...... 2.0 98.3 58.3 f g IVIisc financial instruments. ... 6 4 3 4 4?. 3 7.5 8 3 6.2 .4 •"i'3 "4I5 44^9 79.9 81.3 g 1 Includes savings bonds and postal savings system deposits. NOTE.—For description of sectors and transaction categories, see Aug. 1959 BULL., pp. 846-57. 2 Assets shown at market value; no specific liability attributed to issuers of stocks for amounts out- Details may not add to totals because of rounding. standing. 3 Net of trade credit assets. 4 Prepaid premiums and benefits payable. Distributed as assets to consumer and business sectors. For description see Nov. 1962 BULL., p. 1406. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 BANKS AND BRANCHES 551 NUMBER IN OPERATION ON DECEMBER 31, 1962 Commercial and mutual savings banks Number milintaining branches or additional offices 1 Commercial Commerc,al Mutual Mutual State savings savings Member Nonmember Member Nonmember Total Total Total Total ti N on a- al State su In re - d s N u i o r n e n d - su In re - d s N u i o r n e n - d - ti N on a- al State su In re - d s N u i o r n e n - d - su In re - d s N u o re n d - United States 2 13,93813,427 4,503 31,544 7,072 308 331 180 2,840 2,619 1,036 425 1,139 19 154 67 Alabama 239 239 70 24 145 26 26 17 4 5 Alaska 13 12 5 4 3 1 7 7 4 2 1 Arizona . . > 11 11 3 1 6 1 9 9 3 i 4 Arkansas 241 241 57 21 159 4 45 45 16 6 23 California 129 129 45 17 61 6 66 66 21 14 29 2 Colorado 205 205 88 17 68 32 1 1 1 Connecticut . 137 66 22 7 29 8 71 63 33 13 6 14 30 D D e is la tr w ic a t r e of Columbia 2 1 1 2 1 1 9 2 4 5 2 4 1 3 3 2 1 1 0 1 1 8 1 4 1 2 4 5 3 2 Florida 343 343 130 10 200 3 Georgia . . . .. 419 419 53 15 296 55 39 39 18 6 15 Hawaii 12 12 2 5 5 8 8 2 5 1 Idaho 31 31 9 8 14 9 9 4 3 2 999 999 402 123 468 6 Indiana 443 439 125 100 209 5 4 143 143 52 24 67 Iowa .... 672 672 97 66 489 20 152 152 10 10 132 Kansas 593 593 168 44 378 3 35 35 21 3 11 Kentucky 351 351 85 14 243 9 85 85 33 7 45 Louisiana ... 196 196 43 11 141 1 76 76 25 8 43 Maine 79 47 22 6 13 6 26 6 40 34 14 4 12 4 6 Maryland. . . ... 127 121 48 7 65 1 6 55 51 22 5 23 1 4 Massachusetts 344 163 94 20 45 4 8 173 171 98 52 20 26 6 67 Michigan 371 371 83 131 155 2 149 149 40 49 59 1 Minnesota . . ... 695 694 180 27 479 8 1 2 2 2 Mississippi 192 192 27 7 156 2 79 79 19 3 57 627 627 78 92 445 12 42 42 11 13 18 NIontana 123 123 43 45 34 1 1 1 1 Nebraska 426 426 121 15 260 30 18 18 14 1 3 Nevada 7 7 3 2 2 5 5 2 2 1 New Hampshire 107 74 51 1 19 3 33 3 2 1 1 1 New Jersey 263 242 149 55 35 3 21 145 136 78 36 22 9 New Mexico 60 60 29 8 23 30 30 14 2 14 New York 499 372 224 94 37 YJ 127 249 170 91 59 17 3 79 North Carolina 162 162 29 4 128 1 81 81 20 3 57 1 North Dakota 157 157 38 2 113 4 23 23 2 1 20 Ohio 566 564 220 137 206 1 2 210 209 107 46 56 i Oklahoma 392 392 203 25 162 2 27 27 21 2 4 Oregon 50 49 10 3 34 2 1 21 21 3 1 17 Pennsylvania 645 638 423 59 146 10 7 219 214 138 28 46 2 5 Rhode Island 18 10 4 1 3 2 8 17 10 4 1 3 2 7 South Carolina 142 142 26 6 106 4 50 50 16 2 32 South Dakota 171 171 32 24 115 32 32 5 2 25 Tennessee 294 294 73 8 208 5 86 86 36 5 45 Texas 1,047 1,047 486 88 456 17 25 25 6 19 Utah 49 49 8 13 24 4 15 15 2 6 7 Vermont 57 51 29 21 1 6 15 14 6 8 ! Virginia 292 292 127 66 99 114 114 48 20 46 ^Vashington 96 92 25 9 57 1 4 32 29 13 5 11 3 West Virginia 182 182 76 33 72 Wisconsin 574 570 101 58 408 3 3 1 98 98 10 4 84 Wyoming 56 56 27 14 15 Virgin Islands 2 1 1 1 1 1 1 Excludes banks that have banking facilities only; banking facilities 5 Each bank is reported once only—according to the widest area in are shown separately; see note 4. which it operates branches or additional offices. 2 Includes 1 national bank in the Virgin Islands, with 2 branches, that became a member of the F. R. System in 1957. NOTE.—Each branch and additional office is located in the same 3 State member bank figures include 2 noninsured trust cos. without State as its parent bank except that 1 national bank in N. J. has a branch deposits. in Pa., 1 national bank in Calif, has 2 branches in Wash, and 1 in Ore., 4 Banking facilities (other than branches) that are provided at military 1 noninsured (unincorporated) bank in N. Y. has 1 branch in Mass, and and other Govt. establishments through arrangements made by the 1 in Pa.; 2 insured nonmember banks in Puerto Rico have 3 branches Treasury; they are operated by 192 banks, 64 of which have no other in N. Y. In the table these branches are shown according to their own type of branch or additional office. ocation rather than that of the parent bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 BANKS AND BRANCHES APRIL 1963 NUMBER ENI OPERATION ON DECEMBER 31, 1962—Continued Branches and additional offices l Class of bank Location Bank State Commercial banks Outside head office city Mutual fac^isavings In ties 4 Total Member Nonmember banks head In head In con- In non- Total office office tiguous contigti N on a- al State su In re - d in N su o r n e - d su In re - d in N su o r n e - d city county counties co u u o n u t s ies United States 12,655 12,068 6,423 2,981 2,614 50 466 121 4,947 3,911 1,755 2,042 111 100 100 82 6 12 47 39 5 9 8 Alaska 37 37 29 5 3 12 13 7 5 6 Arizona 205 205 144 14 39 8 67 44 62 32 6 Arkansas • 65 65 27 10 28 15 44 5 1 2 California. ... 1,923 1,923 1,437 338 143 5 322 258 314 1,029 46 Colorado 1 1 1 1 6 Connecticut 305 230 118 64 48 75 96 165 39 5 1 Delaware 61 55 2 26 27 6 10 29 18 4 1 District of Columbia.. 66 66 34 25 7 66 6 Florida 16 Georgia 133 133 89 28 16 92 1 6 34 8 Hawaii 100 100 36 63 1 36 26 38 6 Idaho 92 92 69 16 7 6 10 16 60 1 4 Indiana 362 362 197 48 117 194 168 4 Iowa 194 194 10 12 172 26 121 47 Kansas . 35 35 21 3 11 34 3 Kentucky 182 182 94 28 60 109 68 5 2 Louisiana 198 198 104 24 70 127 62 6 3 5 Maine 159 150 55 48 38 9 9 32 65 53 9 4 Maryland 321 287 134 44 104 5 34 118 63 100 40 14 Massachusetts 585 441 245 119 76 1 23 121 305 271 8 1 3 Michigan 669 669 268 276 123 2 331 226 102 10 3 Minnesota 6 6 6 6 Mississippi 158 158 32 16 110 61 64 27 6 4 ]Vfissouri . . 42 42 11 13 18 42 2 M^ontana 1 1 1 1 2 Nebraska 18 18 14 1 3 18 Nevada 43 43 25 12 6 10 8 8 17 2 New Hampshire 3 2 1 1 1 1 2 1 New Jersey 531 509 305 149 55 22 195 335 1 8 New Mexico 65 65 33 3 29 38 19 7 1 4 New York 1,766 1,570 587 901 78 4 196 1,001 471 229 65 13 North Carolina 605 605 174 86 342 3 120 83 137 265 4 North Dakota 31 31 2 1 28 1 18 12 2 Ohio 743 741 381 266 94 2 374 356 13 3 Oklahoma 27 27 21 2 4 27 5 213 213 175 9 29 40 27 25 121 Pennsylvania.., 994 940 557 221 159 3 54 344 390 259 1 7 Rhode Island 134 102 51 20 25 6 32 37 55 24 18 2 South Carolina 179 179 117 2 60 53 28 24 74 7 South Dakota 69 69 34 2 33 7 25 21 16 Xennessee 249 249 147 23 79 153 81 7 8 6 Texas ... 25 25 6 19 25 19 Utah 80 80 44 21 15 13 24 8 35 3 Vermont 41 40 19 21 1 3 16 15 7 Virginia . 346 346 187 66 93 193 65 61 27 21 Washington 329 318 281 22 15 11 108 66 56 99 5 West Virginia Wisconsin 162 162 22 9 131 30 106 26 Wyoming 1 Virgin Islands 2 2 2 2 Member banks Nonmember Mutual banks savings banks Location of branches with respect to head office 5 Total National State Insured in N s o ur n e - d Insured in N s o ur n e - d Banks with branches or 2,840 1,036 425 1,139 19 154 67 In head office city. 895 375 149 270 4 72 25 Outside head officecity: In head officecounty - - - - 1,432 505 193 641 5 52 36 In contiguouscounties. 388 103 53 192 7 27 6 In noncontiguous counties 2 125 53 30 36 3 3 Branches and additiona offices (except banking facililies) 12,655 6,423 2,981 2,614 50 466 121 In head office citv. 4,947 2,256 1,524 778 15 317 57 Outside head officecity: In head office 3,911 1,796 792 1,157 16 93 57 In contiguouscounties, 1,755 841 384 455 15 53 7 In noncontiguous counties 2 2,042 1,530 281 224 4 3 Banking facilities *... 277 217 28 32 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 MEMBER BANKS, 1962 553 OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS (Averages of individual ratios expressed as percentages) Size group—Total deposits Ratio of time deposits to (thousands of dollars) total deposits (per cent) All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 . , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 00 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 Un 2 d 5 er 25-50 o a 5 v n e 0 d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.. 13.7 9.5 11.2 12.7 14.1 14.9 15.4 15.8 17.3 14.9 14.3 12.0 Net income before related taxes 12.3 8.3 10.4 11.3 12.7 13.4 13.9 14.1 15.8 13.5 12.7 10.9 Net income 8.4 6.0 7.8 8.2 8.7 8.8 8.7 8.8 9.5 9.1 8.6 7.7 Cash dividends declared 3.1 2.6 2.8 2.9 3.1 3.3 3.6 3.7 4.4 3.5 3.2 2.9 Percentage of total assets: Total operating revenue 4.47 4.46 4.41 4.41 4.47 4.58 4.56 4.41 4.38 4.18 4.53 4.55 Net current earnings before income taxes.. 1.20 1.16 1.21 1.20 1.20 1.17 1.17 1.18 1.34 1.43 1.21 1.03 Net income .74 .74 .83 .77 .75 .69 .66 .67 .73 .88 .74 .67 Sources and disposition of income: Percentage of total operating revenue : Interest and dividends on: U S Govt securities 22.3 22.1 25.2 23.8 22.1 20.9 20.1 20.1 16.7 23.7 22.0 21.8 Other securities 6.8 4.0 5.6 6.8 7.4 7.1 6.7 6.7 5.8 6.7 6.7 6 9 Revenue on loans 61.2 65.4 60.9 61.0 61.1 60.7 61.1 61.1 63.9 58.9 60.6 63.6 Service charges on deposit accounts 6.1 5.2 5.1 5.4 6.3 7.4 7.0 6.3 5.3 6.6 6.8 4.7 All other revenue 3.6 3.3 3.2 3.0 3.1 3.9 5.1 5.8 8.3 4.1 3.9 3 0 Tofal revenue 100.0 100 0 100 0 100.0 100.0 100 0 100.0 100.0 100.0 100.0 100 0 100 0 Salaries and wages 27.3 36.9 31.5 28.2 26.0 25 7 25.6 25.0 25.2 33.0 27.9 22 7 Officer and employee benefits 2.5 1.9 1.9 2.2 2.5 2.9 3.1 3.4 3.6 2.7 2.6 2.3 Interest on time deposits 23.1 11.7 18.3 22.1 24.7 25.6 25.7 25.3 21.5 8.1 21.8 34.8 Net occupancy expense 4.3 5.5 4.2 4.0 4.3 4.6 4.7 4.6 4.4 4.7 4.5 3.6 Other current expenses 15.7 18.1 16.4 16.0 15.5 15.6 15.1 14.7 14.2 17.0 16.3 14.0 Total expenses 72.9 74.1 72.3 72.5 73.0 74.4 74.2 73.0 68.9 65.5 73.1 77.4 Net current earnings before income 27.1 25.9 27.7 27.5 27.0 25.6 25.8 27.0 31.1 34.5 26.9 22.6 Net losses (or recoveries and profits +)1. .9 2.4 1.7 1.5 .9 + .2 + .4 + .4 1.6 .8 .4 Net increase in valuation reserves 1.6 .2 .4 1.3 1.5 2.3 2.6 3.0 2.8 1.3 1.9 1.5 Taxes on net income 7.6 6.2 6 5 6.8 7.6 8.0 8.7 9.1 11 7 10.1 7.7 5 9 Net income after taxes 17.0 17.1 19.1 17.9 17.0 15.3 14.7 15.3 17.0 21.5 16.5 14.8 Rates of return on securities and loans: Return on securities: Interest on U S Govt. securities 3.30 3.23 3 38 3.35 3.31 3 25 3 20 3.23 3 23 3.34 3.30 3 28 Interest and dividends on other securities. 3.12 3.98 3.61 3.23 2.93 2.91 3.01 2.86 3.00 3.14 3.13 3.09 Net losses (or recoveries and profits +)*. + .13 + .04 + .04 + .07 + .13 + .23 + .22 + .27 + .24 + .12 + .15 + .12 Return on loans: Revenue on loans . . 6 53 7 26 6 75 6.60 6.57 6 50 6 32 6 06 5.87 6.58 6 63 6 36 Net lossesl .16 .29 .19 .17 .17 .14 .14 .17 .13 .21 .18 .12 Distribution of assets: Percentage of total assets: U.S. Govt. securities 28.9 28.3 31.5 30.1 28.8 28.4 27.8 26.6 22.0 28.3 29.0 29.3 Other securities 10.0 5.6 7.5 9.7 11.1 11.0 10.2 10.2 8.6 9.4 10.0 10.2 Loans 42.4 41.3 40.5 41.4 42.0 43.0 44.3 44.6 47.5 38.2 41.8 45 9 Cash assets 17 2 23.9 19.5 17.5 16.4 15.8 15.8 16.7 19.8 22.7 17.6 13.2 Real estate assets 1.3 .8 .9 1.2 1.4 1.6 1.6 1.5 1.4 1.2 1.4 1.3 Other ratios: Total capital accounts to: Total assets 9.1 13.2 11.1 9.7 8.7 8 1 7.8 7.6 7 9 10.0 8.9 8 9 Total assets less U.S. Govt. securities and cash assets 17.9 29.3 24.3 19.7 16.5 14.8 14.1 13.7 13.7 22.0 17.5 15.9 Total deposits 10.2 15.6 12.7 10.9 9.7 9.0 8.6 8.4 8.8 11.4 9.9 9.9 Time to total deposits 40.0 23.8 34.0 39.8 42.6 43.4 41.7 39.2 33.3 14.3 37.7 60.0 Interest on time deposits2 2.78 2.35 2.55 2.65 2.79 2.91 3.06 3.08 3.14 2.43 2.84 2.90 Trust department revenue to total revenue2. 2.9 2.2 1.7 1.6 2.3 3.3 4.0 5.9 4.3 2.9 2.1 5,947 138 583 1,859 1,382 1,115 393 205 272 1,185 2,914 1,848 For notes see second following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 MEMBER BANKS, 1962 APRIL 1963 OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS AND BY SIZE OF BANK (Averages of individual ratios expressed as percentages) Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—Total deposits (thousands of dollars) 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 2 , 5 0 , 0 0 0 0 - 0 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.7 12.1 14.1 16.6 18.0 10.7 12.9 15.3 16.3 9.3 11.5 12.4 14.0 Net income before related taxes 12.3 11.6 12.5 14.8 16.4 9.5 11.3 13.7 14.7 8.4 10.3 11.4 12.5 Net income 8.4 8.7 8.9 9.8 9.2 7.1 8.3 9.0 9.0 6.3 7.6 7.9 8.5 Cash dividends declared 3.1 3.4 3.4 3.2 4.1 2.5 2.9 3.3 3.9 2.1 2.6 3.0 3.6 Percentage of total assets: Total operating revenue 4.47 4.22 4.11 4.28 4.12 4.56 4.47 4.57 4.50 4.51 4.54 4.52 4.69 Net current earnings before income taxes 1.20 1.38 1.42 1.44 1.50 1.15 1.19 1.24 1.22 1.00 1.07 1.02 1.01 Net income .74 .97 .90 .85 .78 .76 .77 .73 .68 .68 .71 .65 .61 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U. S. Govt. securities 22.3 25.9 25.0 23.1 18.3 23.7 23.9 21.3 19.4 24.0 22.9 21.4 19.0 Other securities 6.8 5.0 8.1 7.0 5.3 5.4 6.6 7.3 6.3 5.6 6.1 7.4 7.6 Revenue on loans 61.2 60.2 57.8 57.7 62.1 62.0 60.3 60.1 61.6 64.2 64.3 63.4 62.7 Service charges on deposit accounts 6.1 5.7 6.2 8.3 5.4 5.4 6.0 7.6 6.7 3.5 4.1 5.0 6.1 All other revenue 3.6 3.2 2.9 3.9 8.9 3.5 3.2 3.7 6.0 2.7 2.6 2.8 4.6 Total revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.3 38.0 34.0 31.0 26.8 31.5 29.2 27.0 25.9 25.0 22.9 22.1 22.9 Officer and employee benefits 2.5 2.0 2.4 3.0 3.8 1.9 2.2 2.8 3.3 1.8 2.0 2.4 2.9 Interest on time deposits 23.1 5.2 6.7 9.7 12.3 19.1 21.0 22.2 23.6 32.9 34.1 35.4 35.4 Net occupancy expense 4.3 5.0 4.4 5.3 4.6 4.7 4.3 4.6 4.7 3.2 3.3 3.8 4.3 Other current expenses 15.7 17.0 17.4 17.2 15.7 17.6 16.6 16.2 15.2 14.8 14.2 13.9 13.0 Total expenses 72.9 67.2 64.9 66.2 63.2 74.8 73.3 72.8 72.7 77.7 76.5 77.6 78.5 Net current earnings before income taxes. . 27.1 32.8 35.1 33.8 36.8 25.2 26.7 27.2 27.3 22.3 23.5 22.4 21.5 Net losses for recoveries and profits +) * .9 1.9 2.0 1.5 .3 1.9 1.6 .5 + .6 1.7 .9 .1 + •3 Net increase in valuation reserves (or decrease +). 1.6 + .2 1.6 1.6 2.7 .8 1.2 2.1 2.9 .4 1.3 1.6 2.5 Taxes on net income 7.6 8.0 9.3 10.3 14.7 5.8 6.5 8.3 9.6 5.0 5.7 6.2 6.2 Net income after taxes 17.0 23.1 22.2 20.4 19.1 16.7 17.4 16.3 15.4 15.2 15.6 14.5 13.1 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 3.30 3.40 3.35 3.36 3.21 3.35 3.38 3.28 3.20 3.26 3.30 3.26 3.27 I N n e te t r l e o s s t s e a s n d (o d r iv re id co en v d er s i e o s n a o n t d h e p r r o s f e i c ts u r + iti ) e s * + 3 . .1 12 3 + 3 . .0 73 5 + 3 . . 0 0 8 6 + 2 . . 8 1 6 8 + 2 . . 9 2 2 5 + 3 . . 7 0 2 3 +3 ..32 + 2 . . 9 1 4 8 + 2 . . 9 2 2 8 + 3 . . 5 0 1 1 + 3 . . 1 0 9 7 + 2 . . 9 1 2 6 + 3 . . 1 1 4 4 Return on loans: Revenue on loans 6.53 7.00 6.63 6.59 5.83 6.92 6.73 6.65 6.20 6.44 6.41 6.35 6.17 Net losses i .16 .23 .19 .25 .15 .22 .20 .16 .16 .12 .11 .11 Distribution of assets: Percentage of total assets: U. S. Govt. securities 28.9 30.7 29.0 28.3 22.7 30.5 30.4 28.6 26.4 31.8 30.4 28.8 26.5 Other securities 10.0 6.7 11.1 10.4 7.7 7.4 9.5 11.1 9.5 7.6 8.9 11.3 11.7 Loans 42.4 37.2 36.5 38.1 44.0 41.3 40.6 41.6 44.7 45.4 45.9 45.5 47.8 Cash assets 17.2 24.7 22.2 21.6 23.4 19.7 18.1 16.9 17.3 14.2 13.6 12.9 12.2 Real estate assets 1.3 .7 1.1 1.5 1.5 1.0 1.3 1.6 1.6 1.0 1.2 1.3 1.4 Other ratios: Total capital accounts to: Total assets 9.1 11.9 10.4 8.9 8.5 11.4 9.5 8.3 7.7 11.1 9.5 8.4 7.3 Total assets less U. S. Govt. securities and cash assets 17.9 28.7 22.8 18.8 16.2 24.2 19.8 15.7 13.9 21.4 17.6 14.7 12.0 Total deposits 10.2 13.7 11.8 9.9 9.6 13.2 10.7 9.2 8.5 12.7 10.6 9.3 8.0 Time to total deposits 40.0 10.4 12.7 17.1 18.7 36.1 37.8 38.3 37.1 61.3 60.8 59.8 57.4 Interest on time deposits 2 2.78 2.16 2.25 2.55 2.95 2.67 2.71 2.86 3.12 2.73 2.80 2.93 3.14 Trust department revenue to total revenue 2 2.9 .7 2.0 2.4 6.4 3.5 2.0 2.2 4.0 3 1.0 1.6 3.2 Number of banks 4 5,947 263 419 327 176 305 823 1,310 476 153 617 860 218 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 MEMBER BANKS, 1962 555 OPERATING RATIOS BY FEDERAL RESERVE DISTRICTS (Averages of individual ratios expressed as percentages) Federal Reserve district All Item tr d i i c s- ts B to os n - Y N o e r w k P p d h h e i l l i - a a- 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 n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.7 14.3 12.1 11.3 12.1 14.0 14.2 13.3 13.7 15.1 15.3 14.2 16.1 Net income before related taxes 12.3 12.7 10.6 10.3 11.3 12.9 12.3 12.4 12.5 14.1 13.7 11.6 14.4 Net income 8.4 8.0 7.4 7.6 7.8 8.2 8.4 8.7 8.7 9.3 9.4 8.3 8.8 Cash dividends declared . 3.1 3.5 3.1 2.9 3.0 3.2 3.0 2.9 3.0 3.7 3.3 3.3 3.2 Percentage of total assets: Total operating revenue 4.47 4.85 4.61 4.43 4.29 4.56 4.64 4 2(* 4.09 4.68 4.49 4.41 5.09 Net current earnings before income taxes 1.20 1.35 1.00 1.10 1.12 1.27 1.20 1.10 1.23 1.24 1.38 1.27 1.22 Net income . .74 .77 .61 .74 .72 .75 .71 .72 .78 .77 .85 .76 .67 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: 22.3 16.7 18.9 20.0 22.8 21.0 20.7 26.8 27.0 23.1 21.9 20.1 18.6 Other securities 6.8 4.4 7.8 7.4 6.4 5.7 7.2 6.3 7.2 7.5 6.6 7.8 4.8 Revenue on loans 61.2 63.6 62.8 65.9 63.0 65.2 60.2 57.5 58.6 57.5 61 2 62 3 62 8 Service charges on deposit accounts 6.1 9.9 6.8 3.4 4.9 4.7 8.0 5.7 4.0 6.6 7.1 6.6 8.7 All other revenue 3.6 5.4 3.7 3.3 2.9 3.4 3.9 3.7 3.2 5.3 3.2 3.2 5.1 Total revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.3 29.3 24.7 22.1 23.7 24.7 27.8 27.3 27.5 27.4 31.3 31.6 27.7 Officer and employee benefits 2.5 3.5 2.9 2.4 2.4 2.4 2.7 2.5 2.3 3.0 2.4 2.0 2.7 Interest on time deposits 23.1 16.4 32.6 31.8 27.8 25.8 22.4 24.9 19.3 24.3 15.4 14.3 27.5 Net occupancy expense 4.3 5.4 4.5 3.8 3.9 3.8 4.6 4.2 4.5 3.7 4.0 5.5 4.1 Other current expenses 15.7 17.5 13.7 15.2 16.1 15.2 16.6 15.2 16.2 15.1 15.9 17.5 13.8 Total expenses 72.9 72.1 78.4 75.3 73.9 71.9 74.1 74.1 69.8 73.5 69.0 70.9 75.8 Net current earnings before income taxes... 27.1 27.9 21.6 24.7 26.1 28.1 25.9 25.9 30.2 26.5 31.0 29.1 24.2 Net losses (or recoveries and profits +)* .9 1.5 .6 .7 .4 .4 .6 + .2 1.0 .3 1.7 2.6 .7 Net increase in valuation reserves 1 6 1.3 2.0 1 5 1.1 1 7 2 4 1 7 1 4 1.2 1 2 2 0 1 9 Taxes on net income 7 6 9.2 5.6 5.8 7.4 9.2 7.3 7.3 8.4 8.4 8.9 6 9 8 1 Net income after taxes . . .. 17.0 15.9 13.4 16.7 17.0 16.8 15.6 17.1 19.4 16.6 19.2 17.6 13.5 Rates of return on securities and loans: Return on securities: Interest on U S Govt securities 3 30 3.19 3.25 3.16 3.19 3.30 3.33 3 25 3.34 3.43 3 35 3 49 3 22 Interest and dividends on other securities 3.12 2.94 2.96 3.20 3.16 2.98 3.08 3.28 3.13 3.07 3.13 3.04 3.25 Net losses (or recoveries and profits +) 1 + .13 + .13 + .09 + .10 + .12 + .14 + .17 + .20 + .14 + .15 + .11 + .09 + .18 Return on loans: Revenue on loans 6.53 6.46 6.22 6.15 6.11 6.68 6.93 6.25 6.37 6.51 6.78 7.23 7.01 Net losses * .16 .18 .15 .12 .11 .13 .20 13 .14 .13 .21 30 .16 Distribution of assets: Percentage of total assets: U S Govt securities 28 9 24.5 26.0 27'. 3 30.0 27.8 27 7 34 0 32.0 30.6 28 2 24 2 28 0 Other securities 10.0 7.9 12.1 10.5 8.9 9.0 10.8 9.1 9.7 11.2 9.6 11.6 7.8 Loans 42.4 48.2 46.9 47.7 44.6 45.0 40.5 39.9 38.0 41.7 41.3 38.7 45.9 Cash assets . . .. 17 2 17.3 13.4 13.1 15.1 16.6 18.9 15 8 19.0 15.0 20.0 23.8 16.4 Real estate assets 1.3 1.8 1.4 1.3 1.3 1.5 1.9 1.1 1.2 1.3 .9 1.6 1.6 Other ratios: Total capital accounts to: Total assets 9.1 9.9 8.5 10.1 9.5 9.5 8.7 8.5 9.2 8.6 9.4 9.4 8.1 Total assets less U. S. Govt. securities and cash assets 17.9 17.8 14.7 17.3 18.0 17.8 16.9 18.1 20.6 16.4 19.1 19.2 15.1 Total deposits 10.2 11.5 9.6 11.4 10.7 10.7 9.7 9.5 10.2 9.5 10.5 10.6 9.0 Time to total deposits 40.0 30.8 52.3 57.4 49.5 44.4 36.8 43.0 32.9 46.3 27.5 22.9 45.9 Interest on time deposits2 2 78 2 65 3.14 2.74 2.63 2.89 3 04 2 68 2.55 2.71 2 64 2 92 3.30 Trust department revenue to total revenue2 2.9 4.6 3.2 3.1 3.5 2.8 2.8 2.7 2.1 2.8 2.4 2.0 3.2 Number of banks ^ • 5,947 251 446 454 511 414 416 990 472 468 755 616 154 1 Net losses is the excess of (1) actual losses charged against net income computed from aggregate dollar amounts that will be shown in a subplus losses cnarged against valuation reserves over (2) actual recoveries sequent issue of the BULL. Such differences result from the fact that each and profits credited to net income plus recoveries credited to valuation bank's figures have an equal weight in calculation of the averages whereas reserves; net recoveries and profits is the reverse. Transfers to and from the figures of the many small and medium-sized banks have but little reserves are excluded. influence on the aggregate dollar amounts. Averages of individual ratios 2 Banks reporting no interest paid on time deposits or trust depart- are useful primarily to those interested in studying the financial results of ment revenue, as the case may be, were excluded in computing this operations of individual banks, while ratios based on aggregates show average. combined results for the banking system as a whole and, broadly speaking, 3 No ratios are shown for groups of less than 3 banks. are the more significant for general analyses of credit and monetary 4 The ratios for 100 member banks in operation at the end of 1962 problems. were excluded from the compilations because of unavailability of data Figures of revenue, expenses, etc., used in the calculations were taken covering the complete year's operations, certain accounting adjustments, from the annual income and dividends reports for 1962. Balancelack of comparability, etc. sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for NOTE.—These ratios, being arithmetic averages of the operating ratios of Dec. 30, 1961, June 30, and Sept. 28, 1962. Savings deposits are included individual member banks, differ in many cases from corresponding ratios in the time deposit figures used in these tables. 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 558 Gold production 559 Net gold purchases and gold stock of the United States 560 Estimated foreign gold reserves and dollar holdings 561 International capital transactions of the United States 562 U. S. balance of payments 1 Money rates in foreign countries 1 Foreign exchange rates ^3 Guide to tabular presentation 482 Index to statistical tables 579 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- 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 GOLD RESERVES APRIL 1963 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f w m t o o a r t t l a e d l d 1 M F t u a o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t 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 O1S 324 1,100 40 62 81 1958 39,490 1,332 20,582 17,575 60 162 194 1,270 325 1,078 40 72 83 1959 40,185 2,407 19,507 18,270 56 154 292 1,134 327 960 43 71 42 I960 40,520 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—Feb 2,096 16,795 165 164 304 1,291 285 962 47 89 Mar 41,285 2,098 16,643 22,545 164 167 344 I 297 285 964 46 91 Apr . 2,099 16,519 114 170 363 1,315 285 963 46 91 May 2,106 16,458 114 174 363 1,318 286 913 45 92 June 41 280 2 110 16 527 22 645 102 177 363 I 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 1,341 286 689 43 83 Oct 2,179 16,026 68 186 429 1,341 286 695 43 84 Nov . ... 2,190 16,014 64 187 439 1,340 286 702 43 64 Dec Ml, 455 2,195 16,057 ^23,205 61 190 454 1,365 708 43 1963—Jan 2,199 15,974 192 454 1,362 714 43 Feb 2,225 15,891 195 469 .364 725 42 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 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 Feb 31 3 19 18 46 2,144 3 664 87 24 247 43 130 Mar 31 3 19 18 61 2,171 3 666 91 24 247 43 129 Apr 31 3 19 18 62 2 207 3 666 86 24 247 129 May 31 3 19 18 62 2,235 3,667 89 24 247 129 June 31 3 19 18 62 2 270 3 667 96 24 247 129 July 31 3 19 18 62 2^417 3,667 92 24 247 129 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 24 247 129 Dec 31 3 19 18 61 2,587 3,679 247 129 1963—Jan 31 3 19 18 61 2 626 3 694 247 129 Feb 31 3 19 18 61 2,673 3,727 247 129 E pe n r d i o o d f Iraq R l e I a r p 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 ,050 33 43 49 19 10 493 211 1959. 84 18 1,749 102 142 ,132 34 30 50 28 9 548 238 I960 98 18 2,203 119 137 ,451 35 30 52 42 15 552 178 1961 84 18 2,225 140 112 ,581 30 53 47 27 443 298 1962—Feb 98 18 2,228 140 110 ,581 1 30 53 47 28 444 361 Mar 98 18 2,229 140 109 ,581 1 30 53 47 30 446 379 Apr 98 18 2 234 140 109 581 1 30 53 47 31 446 386 May 98 18 2 240 140 107 ,581 1 30 53 47 33 447 407 June 98 18 2,242 151 106 ,581 1 30 53 47 34 454 432 July 98 18 2,244 172 106 ,581 1 30 53 47 35 455 446 Aug 98 18 2,244 172 98 ,581 1 30 53 47 36 467 468 Sept 98 18 2,241 172 97 .581 1 30 53 47 37 469 488 Oct 98 18 2,239 172 95 l',581 1 30 53 47 38 469 501 Nov .. 18 2,237 172 95 1 581 30 53 47 471 509 Dec 18 2,243 95 1,581 1 30 53 47 471 499 1963 Jan 18 2 254 1 581 1 30 53 47 471 486 Feb 18 1,581 30 47 505 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 GOLD RESERVES AND PRODUCTION 559 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 n o in i m t g e 2 - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l l e . - E E P F U « ments 3 1956 132 266 1,664 19 112 144 188 2,133 186 603 18 59 268 1957 101 219 1,706 24 112 144 188 2,273 180 719 14 24 254 1958 57 204 1,925 24 112 144 174 3,069 180 719 17 -42 126 1959 68 191 1,934 19 104 133 174 2,736 180 652 10 -134 40 I960 178 170 2,185 19 104 134 174 3,231 180 401 4 -19 55 1961 316 180 2,560 19 104 139 174 3,318 180 401 6 115 56 1962 Feb 341 181 2 481 19 104 140 174 3,424 180 401 6 176 Mar 351 181 2,444 19 104 140 174 3,452 180 401 6 171 61 Apr 376 181 2,424 19 104 140 174 3,472 180 401 6 162 May 400 181 2 409 19 104 140 174 3,525 180 401 6 165 409 182 2,409 19 104 140 174 3,433 180 401 6 203 46 July 429 182 2,459 19 104 140 174 2,915 180 401 3 209 A us 429 181 2 459 19 104 140 174 2,848 180 401 3 210 Sept 428 181 2,453 19 104 140 174 2,792 180 401 3 200 62 Oct 438 181 2,452 19 104 140 174 2,822 180 401 3 172 Nov 437 181 2 421 19 104 140 174 2,884 180 401 4 151 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 Feb 495 181 2,460 174 2,797 401 88 i 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 p t r i o o d n u 1 c- A So fr u ic th a R de h s o i - a Ghana C o R o f n e t p g h . o e , U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India ot A he ll r > 1955 940.0 510.7 18.4 24.1 13.0 65.7 159.1 13 4 8 1 3 9 13 3 36 7 7 4 66 2 1956 975.0 556.2 18.8 22.3 13.1 65.3 153.4 12.3 7.6 4 3 15 3 36 1 7 3 63 0 1957 1,015.0 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 11.4 37.9 6.3 62.'2 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11 6 7 2 3 9 13 0 38 6 6 0 69 8 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 3 8 13 9 38 1 5 8 64 8 I960 1,175.0 748.4 19.6 31.3 11.1 58.8 161 1 10 5 7 0 4 1 15 2 38 0 5 7 64 2 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 155.5 9.4 7.7 4.4 14.0 37.5 5.7 65.5 1962 Jan 70 6 1 6 2 3 3 5 12 6 7 4 1 3 2 9 5 Feb 67.4 1.6 2.4 3 2 11 4 9 4 1 4 2 9 5 Mar 72.9 1.7 2.5 32.1 3.5 12.8 1.1 4 1 2 3 1 5 * Apr 72.3 1.6 2.4 3.0 12.4 9 3 1 2 2 6 4 May 74.0 1.5 2.6 3.4 12.3 .6 4 1 2 3 0 5 June 75.2 1.6 3 1.8 3.1 11.8 .8 4 9 3 3 5 July . 76.3 1.6 4 0 11 9 6 4 1 2 3 3 5 Aug 76.6 1.6 4.6 12.0 .8 4 1 2 3 4 5 Sept 76.1 1.7 3 1.8 4 8 11 7 .7 3 1 i 3 4 5 Oct 78.1 1.6 4 3 12 5 5 4 1 2 3 2 4 Nov 78.5 1.6 3.8 12.1 .3 .4 3.0 Dec 74.7 3 7 11 7 3 1963—Jan 78.0 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 Americao Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 U. S. GOLD APRIL 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 rv I II III IV Western Europe: -84 -83 — 143 — 39 — 17 —56 30 3 3 -329 — 39 — 141 -144 —63 —81 —28 — 35 France -68 -34 -266 -173 '-456 -45 '-96 -214 ••-101 Germany, Fed. Rep. of. 10 34 23 Italy — 349 100 Portugal —5 25 -2 — 6 2 1 0 - - 3 1 0 0 —249 -25 31 32 -114 -156 146 —40 —47 —59 —20 — 20 -8 -215 20 -324 -125 102 _5 62 35 -45 50 United Kincdom 100 —900 -350 —550 — 306 — 387 — 326 — 181 — 150 —64 Bank for Intl. Settlements -178 —32 — 36 -23 Other 4 18 8 -21 -38 -96 -53 -12 -14 -11 -15 * 15 Total -78 80 68 -2,326 -827 -1,718 -754 r-l,105 -466 -290 r-337 -399 r_79 15 5 190 190 Latin American republics: 115 75 67 -50 -90 85 25 60 Brazil . -1 -11 9 -2 57 -1 -1 -1 59 28 -6 38 10 27 -30 -20 -200 65 Other 14 29 6 2 g -22 -17 -5 -3 -1 A 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 « * 18 -34 -186 -113 -101 -93 -20 -24 -16 -41 -11 All other 1 14 -3 -5 -38 -6 r J -4 -1 r2 -2 n -68 80 172 -2,294 -998 -1,969 -970 -833 -494 -291 -102 -434 -6 Intl. Monetary Fund 3 200 600 4-44 3 300 150 -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 (sec 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 as 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 as i ury h c F o u o l r d r r e e in 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—Mar.... 16,873 16,643 16,608 230 -75 -152 1952 23,252 23,252 23,187 379 379 Apr.... 16,762 16,519 16,495 243 -111 -124 1953 22,091 22,091 22,030 -1,161 -1,161 May... 16,718 16,458 16,434 260 -44 -61 1954 21,793 21,793 21,713 -298 -298 June... 17,081 16,527 16,435 554 363 69 July... 16,678 16,182 16,147 496 -403 -345 1955 21,753 21,753 21,690 -40 -40 Aug.... 16,562 16,139 16,098 423 -116 -43 1956 22,058 22,058 21,949 305 305 Sept.... 16,531 16,081 16,067 450 -31 -58 1957 22,857 22,857 22,781 799 799 Oct... 16,364 16,026 15,978 338 -167 -55 1958 20,582 20,582 20,534 -2,275 -2,275 Nov.... 16,216 16,014 15,977 202 -148 -12 1959 19,507 19,507 19,456 -1,075 4-1,075 Dec.... 16,156 16,057 15,971 99 -60 43 1960 17,804 17,804 17,767 -1,703 -1,703 1963—Jan 16,102 15,974 15,928 128 -54 -83 1961 17,063 16,947 16,889 116 -741 -857 Feb... 16,023 15,891 15,878 132 -79 -83 1962 16,156 16,057 15,978 99 -907 -890 Mar. P. 16,078 15,946 15,878 132 55 55 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 Mar. 31, 1963. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 8 on page 569 for gold held under earmark at 3 For holdings of F. R. Banks only see pp. 490 and 492. 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

APRIL 1963 GOLD RESERVES AND DOLLAR HOLDINGS 561 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3I, 1960 Dec. 31, 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 * Western Europe: Austria 536 3 558 3 594 * 640 744 783 * Belgium 1,312 2 1,574 8 1,616 8 1,593 2 1,511 * 1,539 * Denmark 85 31 83 30 80 29 83 29 78 30 98 16 Finland 87 * 138 2 138 2 133 2 135 2 134 2 2,160 5 3,110 4 3,360 3 3,664 3 3,643 3 3,741 3 Germany Fed Rep of 6,447 3 6,506 3 6,200 3 6,289 3 6,467 3 6,409 3 139 * 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 1 623 1 397 82 586 93 584 92 607 123 639 102 671 93 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 * United Kingdom2 4,467 420 4,527 435 4,941 388 4,864 440 4,402 418 4,217 370 Other 3 529 44 676 48 728 46 667 46 661 47 533 48 Total 25,108 838 27,914 840 28,280 751 28,869 820 28,649 786 28,927 708 Canada 3,324 446 3,704 459 3,454 423 3,566 253 4,169 266 4 057 389 Latin American republics: Argentina... . 419 1 425 407 1 310 1 301 1 269 1 Brazil 481 2 513 492 1 511 1 499 1 430 1 Chile 180 153 160 * 176 147 * 176 • Colombia 236 235 228 1 252 1 228 204 1 Cuba 78 44 i 40 38 37 16 * Guatemala 68 70 82 76 * 58 * 65 Mexico 534 607 615 6 609 6 528 6 626 4 P P e a r n u ama, Republic of 1 11 2 4 3 1 8 3 7 1 ' 1 8 3 2 7 * 1 1 8 3 7 7 1 1 8 5 5 4 1 1 9 5 8 2 * 1 Uruguay 231 237 255 1 259 1 272 281 1 799 819 801 1 765 1 780 1 806 1 Other 255 223 270 329 296 272 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 6 Indonesia 236 1 119 1 137 1 125 76 71 152 * 161 * 165 155 * 157 * 148 * 2,166 3 41,976 3 2.152 3 2,210 3 2,344 3 2,481 3 Philippines 218 2 212 1 195 1 213 1 198 1 212 * 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: 235 260 * 268 * 281 315 * 337 * 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 40 674 39 Total 1,231 35 1,413 39 1,503 42 1,583 39 1,698 40 1,737 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 43,049 1,199 International and regional6. 6,451 900 5,822 1,432 6,451 1,275 6,617 1,165 7,122 993 7,351 911 Grand total5 43,986 2,326 446,726 2,832 47,848 2,555 48,818 2,341 49,784 2,149 50,400 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 American 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 Internitially 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

562 INT'L CAPITAL TRANSACTIONS OF THE U. S. APRIL 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) te I r n n - a- Foreign Europe Latin Grand tional Amer- End of period total io r a n e n a g d l - 1 Total c O ia ff l i - 2 Other 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 ( r n e e t x a h g c l e ) - l r . 3 io T ( r n e o e x a g t l c a ) - l l . 3 Canada i ( o r e i e n x c g a a c - l l ) . Asia O A th ll er 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 1960 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 57,842 2,842 2,227 5,249 10,318 2,758 2,341 5 2,974 386 1962—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 2,434 212 419 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 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 Nov 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 24,999 5,147 19,852 11,956 7,896 2,730 1,617 5,816 10,163 3,349 2,445 3,426 469 1963—Jan.? 24,957 5,100 19,857 11,541 8,316 2,495 1,954 5,587 10,036 3,295 2,557 3,505 464 24,991 5,050 19,941 11,479 8,462 2,414 2,058 5,649 10,121 3,261 2,580 3,512 467 la. Other Europe End of period re T g (i i o n o t c n a l a l . l)3 A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - P tu o g r- al Spain S d w en e- S l z a w e n r i d - t- Other3 i R o e n g a - l6 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 1960 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 1,234 216 105 99 153 406 875 381 1962—Feb... 5,218 262 328 55 90 1,097 85 1,100 263 103 91 152 394 819 379 Mar.. 5,356 250 319 49 77 1,189 98 1,187 241 112 86 165 403 818 362 Apr... 5,378 229 293 49 74 ,261 104 1,185 247 141 98 160 391 808 338 May.. 5,561 238 293 60 70 ,445 103 1,147 259 123 108 153 415 830 317 June.. 5,709 277 258 52 71 ,394 110 1,187 307 101 130 159 425 951 287 July.. 5,220 291 204 44 68 ,046 100 1,095 339 103 132 176 425 913 255 29 Aug.., 5,288 316 184 52 70 ,080 98 1,244 258 117 137 144 463 832 260 33 Sept.. 5,459 325 170 47 74 ,162 101 1,292 276 112 141 160 458 837 269 35 Oct... 5,592 319 190 55 73 ,205 103 1,310 259 109 156 151 458 885 285 34 Nov.. 5,661 305 195 69 72 1,271 113 1,296 243 115 154 165 483 837 309 34 Dec... 5,850 329 174 67 73 1,154 119 1,384 248 125 161 177 490 908 407 34 1963—Jan.*. 5,617 320 177 56 75 1,270 140 1,182 232 120 167 182 476 861 329 30 Feb.*. 5,675 317 189 44 75 ,357 162 1,126 216 134 161 209 507 815 337 26 lb. Latin America Neth., End of period i T ( o r i o e n n g t c a a - l l l . ) A t r i g n e a n- Brazil Chile l C o b m i o a - - Cuba m R i D c e i a o n p n - - . v S a E a d l l o - r G m u a a l t a e- M ic e o x- t S n A a il u a n l n m r e d i - s - l a p P i R c m u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - Other l 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 1960 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—Feb 2,360 217 241 95 139 40 28 29 54 474 88 83 80 80 381 211 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 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 Feb.? 2,748 234 173 116 177 14 39 45 61 589 95 102 103 95 413 324 168 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 INT'L CAPITAL TRANSACTIONS OF THE U. S. 563 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lc. Asia and All Other Asia All other Ko- Con- 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 £ ub : - 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 R g o e o f p , . S A o f u ri t c h a ( U E . g A y . p R t) .Other lic the of 1958 2,205 62 77 108 43 56 93S 145 176 99 133 371 279 79 30 30 16 125 1959 2,780 60 114 139 47 87 1,285 148 172 94 141 494 373 110 31 49 20 162 I960 3,115 57 54 178 22 75 1,887 152 203 84 186 217 353 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—Feb 3,085 57 74 100 35 87 7?3 187 171 103 293 255 380 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 U855 174 184 85 323 283 436 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 1,942 155 169 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 3,426 65 41 28 19 81 2,177 136 174 75 333 297 469 147 35 39 14 234 1963 Jan v 3,505 62 46 30 37 87 2,190 129 174 79 348 323 464 142 36 40 13 233 Feb.* 3,512 61 45 30 22 93 2,179 120 181 81 361 339 467 137 36 41 16 237 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 1.1 Ceylon 34.4 6.9 6.5 4.9 Hungary 1.3 1.0 1.0 1.1 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 Ryukyu Islands (incl. 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 1 * 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 Guiana, .5 .4 .5 1.0 Libya 17.6 5.6 5.4 5.5 Haiti 10.5 10.7 9.9 10.5 Morocco (incl. Tangier) 57.8 64.3 93.0 67.9 Honduras 12.8 15.0 14.8 13.8 Mozambique 2.0 2.2 1.6 2.5 Jamaica (10) (10) 1.8 n.a. New Zealand , 6.8 35.1 4.0 4.7 Nicaragua , 12.5 11.9 17.3 14.8 Nigeria .8 21.8 n.a. Paraguay 6.7 4.6 4.9 5.7 Rhodesia and Nyasaland, Federation of. .3 3.9 6.5 6.8 Trinidad and Tobago , (10) (10) (10) 3.1 Somali Republic .8 3.5 1.7 .6 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 1 o Included with British West Indies. European regional organizations, except Bank for International Settle- 1! 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 $S\ 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 reclassiflcation of deposits for changes "International Finance" Section 15, Supplement to Banking and Monetary n 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

564 INT'L CAPITAL TRANSACTIONS OF THE U. S. APRIL 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 Total in foreign and country currencies U.S. U.S. Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates certificates Tota amounts outstanding 1958 16,159 13,669 6,772 5,823 1,075 2,430 J.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 .977 149 232 150 1962—Feb 22,783 20,199 9,182 9,500 1.517 2,432 1,975 166 291 152 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 1,583 2,477 2,040 140 297 181 M!ay 23,527 20,864 8,843 10,409 1,612 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 1,494 2,553 2,087 112 354 180 Aus • . 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 24,999 22,288 8,525 12,226 1,537 2,568 2,091 116 361 143 1963—Jan P 24,957 22,204 8 856 11,760 I 588 2,566 2,071 123 372 187 Feb.p 24,991 22,175 8,954 11,599 .622 2,656 2,102 144 410 160 Area and country detail, Dec. 31, 1962 Europe: Austria 329 327 247 75 5 2 2 * Belgium 174 144 87 50 7 30 28 * Denmark 67 60 31 27 1 8 7 * Finland 73 70 46 18 6 3 3 * France 1,154 1,102 233 776 93 50 44 4 2 2 Germany, Fed. Rep. of 2,730 2,691 290 2,064 338 33 28 1 4 5 Greece 119 103 73 20 10 16 16 * Italy 1,384 1 354 271 950 133 29 27 2 * * Netherlands 248 207 100 96 11 38 28 1 10 3 Norway 125 96 64 9 23 29 27 * * Portusal 161 115 111 4 45 45 * * Spain .... 177 144 126 16 3 33 31 * 2 Sweden 490 474 124 339 11 17 16 * Switzerland 908 750 326 243 181 100 70 12 18 57 25 24 24 2 2 * United Kingdom 1,617 1,118 855 225 38 449 151 51 247 5 Yugoslavia . 11 10 8 2 1 1 Other 371 360 59 209 92 11 10 * i Regional 34 34 28 6 Total 10,197 9,181 3,102 5,115 964 896 535 73 288 120 Canada 3,349 3,104 1,580 1,511 12 236 195 29 12 9 Latin America: Argentina 208 100 83 16 1 108 103 5 Bolivia 23 6 6 * 18 17 * Brazil . .. 204 115 104 * 11 89 88 X 1 Chile 133 50 49 1 83 82 1 Colombia 148 61 58 2 2 87 85 2 Cuba 15 2 1 * 13 13 i * 42 24 22 2 18 18 * * El Salvador 22 7 6 * 1 15 14 1 41 26 17 6 3 15 15 * * M^exico 531 334 211 38 84 197 193 1 3 1 Neth. Antilles and Suri- 97 44 25 14 5 53 31 4 19 Panama Reo of 98 21 20 1 77 66 1 10 Peru 105 44 44 61 60 * * Uruguay 101 47 41 7 54 48 1 4 * Venezuela 405 172 172 233 231 * 1 * Other 270 148 130 4 14 117 103 5 9 4 Regional 176 176 24 18 134 Total 2,621 1,377 1,013 98 266 1,238 1,169 13 56 6 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 INTL CAPITAL TRANSACTIONS OF THE U. S. 565 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 To banks and official institutions To all other foreigners Payable Total in foreign country currencies U.S. U.S. Total Deposits T bi r l e ls a s a u n ry d Other 2 Total Deposits T bi r l e ls a s a u n ry d Others certificates certificates Area and country detaiI, Dec. 31, 1962—Cont. Asia: 65 35 28 7 30 29 * * 41 34 24 4 6 6 6 * 1 Indonesia 28 26 15 12 • 2 2 19 11 11 * 7 7 * 81 75 52 7 16 7 5 * i 2,177 2,155 1,245 737 172 22 21 * Korea Rep of ..... .. 136 135 132 3 1 1 174 150 140 1 10 24 24 * T T a h i a w il a a n nd 3 7 3 5 3 3 6 3 7 0 9 5 1 8 23 * 2 8 7 8 3 8 3 * * Other 296 249 191 25 34 46 45 * I * Total 3,426 3,267 1,988 1,018 262 157 153 4 2 All other: Australia 147 140 49 81 11 4 4 3 Congo Rep of the 35 34 34 2 2 • South Africa 39 37 36 • 2 2 * 1 U A R. (Egypt) 14 13 10 2 1 1 1 * * Other 234 198 149 35 14 33 32 1 3 Total 469 422 278 118 26 41 39 * 1 7 Total foreign countries. 20,062 17,351 7,961 7,860 1,530 2,568 2,090 116 361 143 International • 4,937 4,937 564 4 4,366 7 24,999 22,288 8,525 4 12,226 1,537 2,568 2,091 116 361 143 1 Includes nonnegotiable, non-interest-bearing special U. S. notes held 2 Principally bankers' acceptances and commercial paper. by the International Monetary Fund, which amounted to $2,980 million 3 These figures reflect the inclusion of data for banks initially included on Feb. 28, 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 $3,012 million of nonnegotiable, non-interest-bearing special amounted to $276 million on Feb. 28. U. S. notes held by the International Monetary Fund. 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Europe End of period Total France 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 ed - Other Total C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1958 2,542 102 77 36 42 124 315 696 243 J.099 435 69 1959 2,623 57 54 30 38 121 234 534 272 1,175 586 56 I960 3,614 32 82 34 60 245 264 717 421 1,356 1,052 69 1961 14,804 42 165 35 105 181 239 767 539 1,522 11,891 85 1962 Feb 4.788 44 155 39 71 160 214 683 498 1,472 2,045 90 Mar . .. 4,970 52 144 37 76 159 222 690 542 ,513 2,131 94 4,957 47 161 41 68 142 208 667 519 1,538 2,132 101 M^y • 4,941 55 139 37 68 159 228 686 457 1,583 2,112 103 June . . . 4,878 55 129 36 68 151 254 693 436 1,546 2,087 116 July 4,876 51 137 43 67 161 244 703 451 1,540 2,058 124 4,832 42 139 39 69 166 254 709 430 1,522 2,044 127 Sept 4,809 43 135 41 68 163 276 726 443 1,521 1,981 138 Oct .. 4,952 47 143 45 75 201 252 763 547 1,524 1,983 135 Nov 4,864 62 139 43 64 211 222 741 489 1,563 1,939 132 Dec 5,099 68 186 53 75 224 271 877 446 1,618 2,012 146 1963 Jan P 4,904 56 134 51 72 206 256 775 449 1,584 1,965 131 Feb p 4,987 56 149 68 67 178 266 784 473 1 616 1,974 140 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

566 INTL CAPITAL TRANSACTIONS OF THE U. S. APRIL 1963 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3a. Other Europe End of period Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - Other 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 IS 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—Feb 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 4 62 23 5 16 19 13 5 22 254 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 271 7 31 14 30 6 27 35 9 19 18 42 6 27 1963—Jan.» 256 7 19 9 35 6 26 34 9 20 16 42 6 27 Feb P. . . . 266 8 28 13 39 6 36 35 11 23 19 18 6 24 3b. Latin America Ncth., End of period Total A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m R D ic e i a o n p n - - . v S a E a d l l o - r G m u a a l t a e- M ic e o x- t S A a i u l n l n r e d - i s - a p P R m u a e b n a - - - , Peru U gu r a u y - V zu e e n l e a - Other nam lic of 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 1,522 192 6 186 127 125 19 13 17 20 425 13 32 74 55 144 74 1962—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 [,583 204 5 173 139 163 17 14 10 17 428 9 59 80 61 131 73 June ^46 189 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 ,5?? 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 ,524 169 4 188 174 151 17 13 12 17 376 10 32 87 99 94 81 Nov 563 182 5 180 174 138 17 19 12 18 400 7 32 84 107 104 84 Dec ,618 181 6 171 188 131 17 25 16 19 418 9 30 85 122 102 98 1963—Jan * ,584 156 4 187 170 129 17 24 18 20 427 10 33 89 114 100 86 Feb » I 616 160 4 175 162 149 17 25 21 20 434 10 38 84 123 104 90 3c. Asia and All Other Asia All other End of period Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f n e t p g h . o e , A So fr u ic th a ( U E . g A y . p R t) . Other 1958 435 6 4 27 23 179 67 6 13 111 69 13 4 21 3 29 1959 586 10 6 29 14 324 24 9 15 155 56 18 3 12 2 21 1960 1,052 9 9 33 24 806 19 7 24 121 69 28 3 11 3 24 1961 i1,891 9 8 31 36 1 1,528 114 10 34 121 85 29 6 10 13 27 1962—Feb 2,045 9 10 28 37 1.685 118 11 33 114 90 31 3 11 13 32 Mar 2,131 10 11 28 41 1,777 114 9 33 108 94 32 3 11 16 32 2,132 12 13 30 39 ,773 108 9 33 115 101 33 4 11 21 32 May!!!!!!'. 2,112 11 12 32 43 ,761 107 7 30 109 103 33 4 11 22 33 2,087 11 14 24 39 ,757 91 7 30 114 116 35 4 11 24 42 July 2 058 11 14 24 38 I 764 76 6 30 95 124 34 2 12 26 50 Aug 2,044 11 14 25 37 1,766 69 6 33 83 127 40 4 12 23 48 Sept 1,981 13 18 23 36 1,710 69 8 30 74 138 46 4 12 25 51 Oct 1,983 13 18 21 37 1,709 70 9 32 74 135 45 2 11 23 54 Nov 1,939 13 18 23 34 1,660 77 8 33 73 132 44 2 12 25 49 Dec 2,012 13 20 25 37 1.733 70 9 41 64 146 41 2 10 26 67 1963—Jan.* 1,965 14 17 23 35 1,690 75 11 43 57 131 38 2 9 21 61 Feb.* 1,974 14 20 21 36 1,677 80 13 43 70 140 39 1 12 21 67 For notes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 INT'L CAPITAL TRANSACTIONS OF THE U. S. 567 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (In millions of dollars) Short-term Payable in dollars Payable m foreign currencies Long- End o a f n d p e c r o io u d n , tr o y r area term— Loans to— total i Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Total amounts outstanding 1958 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 1,545 2,623 2,406 848 460 516 582 217 203 15 1960 1,698 3,614 3,135 815 482 605 1,233 480 242 238 1961 2,034 4,746 4,160 1,028 618 694 1,821 586 385 200 19612 2,034 4,804 4,217 1,038 622 700 1,857 586 386 200 1962 Feb 2,096 4,788 4,344 1,111 627 721 1,886 443 289 154 Mar 2,153 4,970 4,497 1,237 648 736 1,877 473 307 166 Apr . 2,100 4,957 4,496 1,261 683 730 1,822 462 278 184 May 2,094 4,941 4,429 1,327 574 717 1,811 513 296 217 June. 2,189 4,878 4,397 1,338 543 703 1,813 481 316 165 July 2,209 4,876 4,386 1,304 559 701 1,822 490 311 179 Aug 2,200 4,832 4,369 1,274 604 698 1,793 463 304 159 Sept . 2,184 4,809 4,317 1,277 592 690 1,759 493 312 181 Oct 2,131 4,952 4,327 1,243 631 706 1,747 625 419 207 Nov . .... 2,144 4,864 4,292 1,195 643 718 1,736 572 364 208 Dec 2,151 5,099 4,555 1,312 651 739 1,853 544 371 173 1963—Jan v 2,139 4,904 4,370 1,167 660 691 1,852 534 375 159 2,110 4,987 4,443 1,119 676 745 1,903 544 373 171 Area and country detail, Dec. 31, 1962 Europe: Austria 65 7 7 4 * 2 1 * • Belgium 12 31 25 9 1 12 2 6 6 * Denmark ... 10 14 12 2 2 2 6 2 2 Finland . 13 30 30 2 1 2 26 * France 24 68 60 16 7 16 21 9 9 * Germany, Fed. Rep. of 80 186 175 94 28 23 30 11 7 3 Greece .. 13 6 6 * 6 * Italy 32 53 50 4 10 15 21 3 3 * Netherlands 1 27 23 5 1 16 4 4 * Norway 202 35 34 5 2 2 25 1 1 Portugal 27 9 9 3 * 2 4 * Spain 10 19 19 4 9 3 3 1 1 Sweden .. 39 18 14 1 * 6 7 4 4 * Switzerland 18 75 39 10 8 9 37 29 8 Turkey * 42 42 38 1 3 # United Kingdom 25 224 66 27 8 13 18 157 122 36 O Y t u h g e o r slavia . .... 6 1 27 6 27 6 2 3 11 4 * 1 2 1 * 1 # * * Total. . 578 877 642 229 92 136 185 235 187 47 Canada 304 446 267 16 165 8 78 179 72 107 Latin America: Argentina 62 181 156 35 24 32 65 25 25 Bolivia * 6 6 * * 4 1 Brazil 253 171 134 43 53 23 15 38 37 Chile 19 188 188 41 26 28 93 * * Colombia 64 131 131 16 49 25 42 * * Cuba 1 17 17 1 16 * * * Dominican Republic * 25 25 4 * 11 9 El Salvador * 16 16 * 1 6 8 * * Guatemala 9 19 19 1 7 8 * • Mexico 195 418 411 150 101 36 124 7 1 6 Netherlands Antilles and Surinam . 8 9 9 * 4 4 * * 21 30 30 11 7 6 6 * * Peru 13 85 85 7 12 30 36 * * Uruguay 2 122 122 12 7 99 * * Venezuela . . . 167 102 100 17 10 56 17 2 1 1 Other . 72 98 98 20 20 34 24 * * * Total 886 1,618 1,545 360 313 325 547 74 66 8 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 INT'L CAPITAL TRANSACTIONS OF THE U. S. APRIL 1963 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—CoMtinued (In millions of dollars) Short-term Payable in dollars Payable in foreign currencies Long- Area and term"" Loans to— country total1 Total Collec- Total Ba i o n n f s f k i t c s it i a a u l n - d Others sta t o i n o u d n t i - s ng Other Total f D or e w e p i i g o t n h si e t r s s Other tions Area and country detail, Dec. 31, 1962—Cont. Asia : Hong Kong 3 13 13 5 4 4 1 * * India 15 20 20 6 8 5 * * * Indonesia * * • * * * Iran 9 25 25 1 18 2 * Israel 28 37 37 5 2 4 26 Japan 74 1,733 1,690 560 32 153 945 43 43 * Korea Rep of 5 5 * 4 Philipp ines 70 70 70 52 7 5 6 * * Taiwan t 9 9 3 2 4 Thailand 4 41 41 13 1 5 23 Other 18 57 57 25 3 21 8 • * * Total 222 2 012 1 968 673 50 224 1 020 43 43 * AH other: Australia . .. 44 41 30 2 4 14 10 11 1 10 Congo, Rep. of the 35 2 2 * 2 South Africa 24 10 10 * * 9 * * * * U A.R (Egypt) 2 26 25 14 10 * * Other 56 67 66 16 27 20 3 1 # 1 Total 161 146 133 33 31 46 23 13 2 Total foreign countries. 2,151 5,099 4,555 1,312 651 739 1,853 544 371 173 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 & notesi 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 I o n r t l s . a a le n s d Foreign 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 h s a e a s t l e e p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r regional countries 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 1,780 2,508 -728 -521 -207 2,568 2,509 60 1,093 2,027 -933 702 802 -100 1962 Feb . .... 144 269 -125 -64 -61 '266 208 '58 106 160 -53 51 r88 r-37 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 r68 -10 May 142 299 -156 -93 -63 286 260 26 125 301 -176 79 79 115 136 -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 Aue 135 347 -211 -198 -13 160 156 4 50 r65 r-15 48 r64 r-16 Sept 327 334 -8 32 -40 125 140 -15 44 100 -57 44 39 4 Oct 77 110 -34 14 -48 155 160 -5 251 408 -158 58 40 18 Nov 251 319 -67 —74 7 210 198 12 70 201 -131 69 48 22 Dec 167 105 62 -23 85 196 212 -16 60 216 -157 61 61 1963—Jan.? 218 90 127 21 106 213 202 11 53 284 -231 58 59 _t Feb.p 123 176 -53 -7 -47 183 190 -7 61 214 -153 50 60 -10 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

APRIL 1963 INT'L CAPITAL TRANSACTIONS OF THE U. S. 569 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- AU 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 21 20 166 — 17 38 232 — 112 44 58 1962 60 111 —51 4 4 6 129 -33 21 124 -43 -21 * 1962 Feb r58 r64 -6 5 -1 34 -2 '29 '65 -9 — 1 3 Mar 34 20 14 2 1 16 -1 -1 16 17 -1 3 Apr 22 21 1 i • * IS 15 • 34 -6 2 —8 May 26 28 2 4 21 13 2 43 1 — 10 -8 June.... ..... -64 —65 1 —2 2 —6 —29 1 —36 — 14 —4 —9 July -32 — 18 -13 1 — 1 6 -28 — 1 -23 — 13 * 4 4 4 * —2 -2 13 -13 2 —2 1 -2 8 Seot — 15 —9 -6 — 1 • • —5 —3 — 10 —4 1 — 1 Oct —4 -2 * • -15 9 -2 -7 2 • • Nov 12 21 -8 -1 j 8 — 1 2 6 • —3 10 Dec -16 —4 -12 -3 6 -10 — 3 —4 — 15 2 -6 2 1963 Janp 11 3 8 -2 -2 4 6 4 * 1 7 Feb P -7 -9 2 i -10 3 10 -2 -7 * 1 1 Includes transactions of international organizations. NOTE.—Statistics include small amounts of State and local govt. securities. 7. NET PURCHASES OR SALES BY FOREIGNERS 8. DEPOSITS, U. S. GOVT. SECURITIES, AND GOLD HELD AT OF LONG-TERM FOREIGN SECURITIES, BY AREA F. R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period I a n r n e t d - l. f c T o o r o e u t i n a g l - n Europe C a a d n a - A L m ati e n r- Asia o A th l e l r End of period Deposits Assets in custody gional tries ica U. S. Govt. Earmarked securities * gold 1959,, — 157 -593 -50 -443 11 -97 -15 I960 — 147 -498 -117 -196 -107 -41 -36 1958 272 3,695 8,538 1961 1 -832 -262 —318 -58 -121 —73 1959 345 4,477 9,861 1962 -235 -798 -184 -359 -30 -175 -50 1960 217 5,726 11.843 1961 279 6,006 11,905 1962—Feb.... -96 6 -22 2 4 -11 33 Mar.. -28 -54 -57 8 « -5 1 1962—Mar. 221 5,762 12,148 Apr.. -21 -24 -23 '1 1 -3 1 Apr.. 230 5,551 12.230 May. -11 -165 -22 -91 -3 -26 -23 May, 223 5,754 12,308 June. • -117 -66 -31 -18 -5 3 June. 334 6,228 12,368 July.. 1 -15 4 8 * -1 -26 July. 248 6,026 12,678 Aug.. 4 -35 -32 2 • j 1 Aug. 168 6,407 12,689 Sept.. 9 -61 8 -14 2 -57 * Sept. 229 6,767 12,687 Oct... -4 -135 29 -125 -9 -6 -24 Oct.. 182 7,137 12,706 Nov.. -10 -99 4 -95 0 -10 2 Nov. 202 7,132 12,680 Dec. -78 -78 2 -44 -7 -36 7 Dec, 247 6,990 12,700 1963—Jan.p... -35 -197 o -170 -12 -12 * 1963—Jan.. 197 7,033 12,789 Feb.?7. . 6 -168 -34 -97 2 -34 * Feb.. 192 7,079 12,836 Mar. 201 7,277 12,789 1 U. S. Treasury bills, certificates of indebtedness, notes, and bonds; 9. NONMARKETABLE U. S. TREASURY BONDS AND NOTES includes securities payable in foreign currencies. HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES NOTE.—Excludes deposits and U. S. Govt. securities held for inter- (In millions of dollars) national organizations. Earmarked gold is gold held for foreign and 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 Oct 48 25 23 No v 201 150 51 Dec 251 200 51 1963 Jan . 381 100 200 81 183 125 58 Feb 481 200 200 81 183 125 58 Mar 481 200 200 81 183 125 58 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 INT'L CAPITAL TRANSACTIONS OF THE U. S. APRIL 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: 2 25 3 1 41 Germany, Fed. Rep. of 40 Italy 30 Netherlands . 49 9 1 5 Sweden 6 Switzerland 39 Turkey Yugoslavia Other Canada Latin America: Brazil Chile Cuba Dominican Republic El Salvador Guatemala Other Total Asia: Israel Philippines Taiwan Thailand Total All other: South Africa U.A R (Egypt) Other Total nternational >4 oot ot Liabilities to foreigners Claims on foreigners 5th revised ser.1 1962 1961 1962 IV I II II I III IV 2 2 2 2 31 27 23 24 ?4 17 25 5 5 4 5 5 6 7 1 1 1 2 2 3? 33 28 30 34 37 46 34 30 32 34 38 76 78 'y r\ -i 31 24 22 25 77 34 47 44 43 41 41 27 23 28 10 8 8 8 9 8 10 1 1 1 1 6 5 8 10 8 8 11 9 12 6 8 7 7 7 19 19 39 25 15 18 25 16 18 5 6 111 120 117 122 115 188 198 3 5 6 6 4 2 2 1 2 2 3 2 5 6 371 366 350 323 341 341 460 516 45 49 45 47 58 67 655 607 7 6 6 8 9 9 32 36 1 1 1 1 1 ? 3 3 24 27 25 26 73 91 64 5 5 4 4 5 17 19 5 2 2 3 3 3 14 13 2 2 2 2 1 7 5 1 1 1 1 1 3 3 5 5 6 8 4 6 6 49 5 8 12 8 8 5 2 13 12 27 15 15 18 6 2 6 6 4 5 3 18 4 1 3 2 5 4 22 19 19 71 19 58 10 12 8 8 9 16 45 109 105 126 105 112 117 356 3 3 3 2 2 7 3 6 8 6 4 8 10 13 7 6 6 2 2 ? 3 5 5 6 5 7 6 7 3 3 1 1 8 71 62 68 57 59 66 63 * * * * * 1 1 7 8 9 4 5 5 7 3 3 3 5 5 3 3 15 11 11 16 17 15 19 122 114 115 98 107 111 129 12 11 13 13 13 14 22 * * * 2 4 13 11 12 14 1? 10 2 2 1 1 11 13 18 15 16 18 17 19 30 44 42 43 46 45 63 * * 1 1 676 680 677 616 665 681 1,664 en en 1962 I II 26 22 6 7 2 2 46 37 101 118 -5 51 60 35 43 10 12 7 7 12 14 21 22 28 24 5 4 194 165 2 2 8 5 560 552 687 679 36 34 3 3 60 59 21 21 13 14 5 6 3 4 3 3 5 5 5 41 42 41 2 2 3 9 9 10 16 14 12 5 4 4 46 46 38 24 28 31 295 295 289 4 4 3 12 15 24 2 3 2 8 8 6 10 11 10 80 100 96 2 8 5 3 3 20 22 155 176 25 25 2 3 10 8 10 15 18 14 64 64 # 1,638 1,783 en ON ^ 5th revised ser.1 1962 II IIi. 4 25 V 8 6 3 4 43 49 130 106 6 67 6^ 47 37 12 13 7 6 16 is 23 25 27 34 5 b 178 245 2 2 7 6 609 654 723 36 37 4 68 90 24 75 16 17 7 7 4 4 3 6 6 52 50 3 2 11 10 14 ^3 5 S 44 38 39 43 337 359 3 4 40 79 3 3 7 14 P 101 111 3 3 11 9 3 3 4 31 33 30 192 223 713 23 25 74 2 3 3 9 10 11 15 17 P 17 22 32 66 77 87 * 1,778 1,970 2 132 i Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through June 30, 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

APRIL 1963 U. S. BALANCE OF PAYMENTS 571 U. S. BALANCE OF PAYMENTS (In millions of dollars) 1959 1960 1961 1962 Item IV III IV III IV III Exports of goods and services, total 1.. 6,448 6,280 6,882 6,581 7,270 6,820 6,952 6,656 7,638 6,995 7,881 7,143 7,795 Merchandise 4,343 4,615 5,008 4,691 5,145 5,012 4,922 4,673 5,308 5,015 5,497 4,895 5,159 Services 2 2,105 1,665 1,874 1,890 2,125 1,808 2,030 1,983 2,330 1,980 2,384 2,248 2,636 Imports of goods and services, total... 5,944 5,740 6,045 6,018 5,385 5,276 5,595 6,078 5,974 5,882 6,318 6,494 6,305 Merchandise 3,974 3,830 3,858 3,551 3,484 3,400 3,458 3,682 3,974 3,946 4,077 3,974 4,196 Services 1,216 1,139 1,429 1,670 1,179 1,106 1,381 1,697 1,278 1,184 1,495 1,790 1,331 Military expenditures 754 771 758 797 722 770 756 699 722 752 746 730 778 Balance on goods and services i 504 540 837 563 1,885 1,544 1,357 578 1,664 1,113 1,563 649 1,490 Unilateral transfers (net) -675 -582 -620 -624 -680 -694 -706 -633 -696 -748 -686 -648 -714 Private remittances and pensions... -206 -201 -202 -207 -232 -216 -218 -213 -231 -228 -221 -223 -252 Government nonmilitary grants -469 -381 -418 -417 -448 -478 -488 -420 -465 -520 -465 -425 -462 U.S. long- and short-term capital (net). -595 -883 -1,131 -1,088 -1,885 -1,372 -540 -1,104 -1,863 -1,263 -1,168 -493 -1,251 Private, total -838 -653 -741 -943 -1,545 -989 -955 -637 -1,372 -861 -722 -518 -950 Direct investment -419 -303 -331 -327 -733 -441 -324 -341 -369 -196 -496 -314 -371 Portfolio and short-term investment -419 -350 -410 -616 -812 -548 -631 -296 -1,003 -665 -226 -204 -579 Government 243 -230 -390 -145 -340 -383 415 -467 -491 -402 -446 25 -301 Foreign capital and gold (net) 620 851 1,014 1,239 1,156 506 185 916 a, 469 763 365 848 1,180 Increase in foreign short-term assets and Government securities. . 425 586 740 548 254 38 314 626 '890 414 487 319 783 Increase in other foreign assets.... 123 215 180 54 -19 122 201 20 123 160 85 -21 22 Gold sales by United States 3 72 50 94 637 921 346 -330 270 456 189 -207 550 375 Errors and omissions 146 74 -100 -90 -476 16 -296 243 '574 135 -74 -356 -705 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 r s y * m D o a d n y a e - y t y o - 2 3 B a a a m c n n c c o k e e n p e s t t r , h - s' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e m D o a d y n a - e y t y o - 3 T d r 6 b e a 0 i a y l - s l s 9 s u 0 , 4 ry m D o a d y n 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 i c a v o t a e u t n e t 1960—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 ].32 1.11 2.00 1962—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 L81 L.59 2.00 Apr 3.08 3.12 4.50 4.26 3.70 2.93 3.93 2.13 2.75 1.13 L.75 2.00 May 3.36 3.00 4.14 3.94 3.24 2.50 3.98 2.13 2.56 1.46 1.75 2.00 June 4.48 3.55 3.98 3.80 3.30 2.50 3.59 2.25 3.31 1.32 1.69 2.00 July 5.47 4.89 4.09 3.90 3.33 2.50 3.66 2.38 2.94 1.21 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 L57 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 Feb 3.68 3.52 3.63 3.45 2.82 2.00 2.63 2.94 1.67 1.00 2.00 1 Based on average yield of weekly tenders during month. NOTE.—For description of rates and back data, see "International 2 Based on weekly averages of daily closing rates. Finance," Section 15 of Supplement to Banking and Monetary Statistics. 3 Rate shown is on private securities. 1962. 4 Rate in effect at end of month. 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 MONEY RATES APRIL 1963 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Mar. 31, 1926 Rate Country 1962 1963 as of Mar. 31, Per Month 1963 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Argentina. ••••»••»•••• 6.0 Dec. 1957 6.0 5.0 Mar. 1960 5.0 Belsium 4.0 Mar. 1962 3 75 3 5 3.5 Brazil 10.0 Apr. 1958 10.0 4.0 Feb. 1962 4.0 Canada ^ • 3.37 Mar. 1962 3.32 3.77 16.0 5 5 5 0 4 0 4.0 Ceylon •• •••• .... .. 4.0 Aug. 1960 4.0 Chile 2 15.27 Jan. 1962 14.62 14 2 14.2 Colombia 5.0 Aug. 1959 5.0 Costa Rica 3.0 Apr. 1939 3.0 Cuba ..... 6.0 Jan. 1960 6.0 Denmark 6.5 May 1961 6.5 5.0 Nov. 1956 5.0 3 0 Nov 1952 5.0 5.0 6.0 June 1961 6.0 Finland 8.0 Mar. 1962 7.0 7.0 France 3.5 Oct. 1960 3.5 Gennanv 3.0 May 1961 3.0 6 0 Nov 1960 5 5 5.5 3.0 Jan. 1962 3.0 Iceland .. 9.0 Dec. 1960 9.0 India 4 4.0 May 1957 4 5 4.5 Indonesia 3.0 Apr. 1946 3.0 6 0 Nov 1960 6.0 4.70 Mar. 1962 4.31 4.09 4.0 3.94 4.06 3.86 3.69 3.62 3.62 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan 7.3 Sept. 1961 6.94 6.57 6.21 6.21 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 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 4.6 3.5 3.5 Spain 4.0 June 1961 4.0 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 5.0 Mar. 1962 4.5 4 0 4.0 Venezuela 4.5 Dec. 1960 4.5 * On June 24, 1962, the bank rate on advances to chartered banks the largest proportion of its credit operations. Other rates for some o f was fixed at 6 per cent. Rates on loans to money market dealers will these countries follow: continue to be .25 of 1 per cent above latest weekly Treasury bill tender Argentina—3 and 5 per cent for certain rural and industrial paper, deaverage rate but will not be more than the bank rate. pending on type of transaction; 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at Brazil—8 per cent for secured paper and 4 per cent for certain agricultural the average rate charged by banks in the previous half year. Old redis- paper; counts remain subject to old rates provided their amount is reduced by Colombia—3.5 per cent for agricultural and industrial development one-eighth each month beginning with May 1, 1959, but the rates are paper of up to 150 days, 3 per cent for economic development paper raised by 1.5 per cent for each month in which the reduction does not of up to 5 years, and 2 per cent for specific small business, cooperative occur. and employee paper; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions 4 Rate applies to advances against commercial paper as well as against (rate shown is for agricultural and industrial paper); govt. securities and other eligible paper. Cuba—5.5 per cent or sugar loans and 5 per cent for loans secured by 5 Beginning with June 1, 1962, the rediscount rate for commercial national public securities; bank loans financing the purchase of surplus agricultural commodities Ecuador--6 per cent for bank acceptances for commerical purposes; under U. S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com- 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 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. shown is the one at which it is understood the central bank transacts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1963 FOREIGN EXCHANGE RATES 573 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 lg a i n u c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) D ( e k n r m on a e r ) k (m Fi a n r la k n 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 2.207 223.88 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 I960 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 2 93.561 21.034 14.490 .3107 20.405 1962—Mar 31.2081 224.32 3.8659 2.0086 95.277 21.058 14.534 .3107 20.405 Apr * 1.0444 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 .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 Aug .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 «20.405 Feb .7422 223.38 3.8676 2.0073 92.777 21.011 14.480 31.057 20.405 Mar .7362 223.16 3.8681 2.0049 92.746 21.005 14.492 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 r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) ( M do s a l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t d n h e d - r s ) 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 1960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1962—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 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 Mar 25.023 20.963 280.06 .16102 .27886 32.633 8.0056 27.808 277.29 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 u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e S fr r w a la n it n c - d ) ( U p K d o n i o u i n t m n g e d - d ) 1957 14 008 49 693 3.4900 278.28 19 331 23 330 279 32 1958 .. 14.008 49.695 3.4900 279.93 2.3810 19.328 23 328 280 98 1959 14 028 49 721 3.4967 279.83 2 0579 19 324 23 142 280 88 I960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280 76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23 151 280 22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1962— Mar 14.037 3.5014 140.24 1.6651 19.408 23.042 281.53 Apr 14.033 3.5032 140.17 .6651 19.424 23.011 281.40 May 14.022 3.5050 140.08 .6651 19.428 23.098 281.21 June 14.013 3.5011 139.89 1.6651 19.436 23.172 280.83 July 14.005 3.5000 139.80 .6651 19.428 23.162 280.66 Aug 13.994 3.4996 139.67 .6651 19.432 23.136 280.38 Sept 13.982 3.5018 139.52 L.6659 19.410 23.129 280.09 Oct 13.983 3.4899 139.54 L.6661 19.409 23.139 280.13 Nov 13.989 3.4900 139.57 1.6662 19.363 23.170 280.19 Dec 14.000 3.4902 139.64 1.6664 19.278 23.167 280.33 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 Mar 13 995 3.4901 139.51 1.6661 19.264 23.102 280.06 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 * 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 574 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 575 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON WATROUS H. IRONS J. L. ROBERTSON KARL R. BOPP G. H. KING, JR. CHARLES J. SCANLON GEORGE H. CLAY A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL RALPH A. YOUNG, Secretary MERRITT SHERMAN, Assistant Secretary DAVID P. EASTBURN, Associate Economist KENNETH A. KENYON, Assistant Secretary J. HERBERT FURTH, Associate Economist HOWARD H. HACKLEY, General Counsel GEORGE GARVY, Associate Economist DAVID B. HEXTER, Assistant General Counsel RALPH T. GREEN, Associate Economist GUY E. NOYES, Economist ROBERT C. HOLLAND, Associate Economist ERNEST T. BAUGHMAN, Associate Economist ALBERT R. KOCH, Associate Economist DANIEL H. BRILL, Associate Economist CLARENCE W. TOW, 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

576 FEDERAL RESERVE BULLETIN • APRIL 1963 Presidents and Vice Presidents Federal Vice Presidents President Reserve (Vice Presidents in charge of branches are First Vice President Bank of listed in lower section of this page) Boston George H. Ellis D. Harry Angney Luther M. Hoyle, Jr. Charles E. Turner E. O. Latham Ansgar R. Berge O. A. Schlaikjer G. Gordon Watts New York Alfred Hayes Harold A. Bilby Alan R. Holmes H. L. Sanford William F. Treibcr Charles A. Coombs Herbert H. Kimball Robert W. Stone Howard D. Crosse Robert G. Rouse Todd G. Tiebout Marcus A. Harris Walter H. Rozell, Jr. Thomas O. Waage Philadelphia Karl R. Bopp Hugh Barrie Norman G. Dash Harry W. Roeder 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 Kansas City George H. Clay Wilbur T. Billington C. A. Cravens L. F. Mills Henry O. Koppang John T. Boysen Ray J. Doll Clarence W. Tow D. R. Cawthorne J. R. Euans J. T. White F. H. Larson Dallas Watrous H. Irons James L. Cauthen G. R. Murff Thomas W. Plant Philip E. Coldwcll 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 Aisigned 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 DcVos Seattle E. R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, 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 USE (rev. ed.). 1959. 144 pp. $1.00 per copy; mala, Haiti, Republic of Honduras, Mexico, in quantities of 10 or more for single shipment, Nicaragua, Panama, Paraguay, Peru, El Salva- $.85 each. dor, Uruguay, and Venezuela. (2) Elsewhere, $7.00 per annum or $.70 per copy. (3) In 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. 1955. 390 pp. $2.75. $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single 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. 1963. 24 pp. $.35. Sec. 15. Inter- (1) $.60 each in the United States and the counnational Finance. 1962. 92 pp. $.65. Sec. 11. tries listed above. (2) Elsewhere, $.70 each. (3) Currency. 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, 1962. $2.50. 577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN • APRIL 1963 REPRINTS ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. (From Federal Reserve BULLETIN unless preceded 5 pp. by an asterisk) REVISION OF MONEY SUPPLY SERIES. Aug. 1962. THE MONETARY SYSTEM OF THE UNITED STATES. 11 pp. Feb. 1953. 16 pp. REVISION OF WEEKLY DEPARTMENT STORE SALES INFLUENCE OF CREDIT AND MONETARY MEASURES INDEX. Aug. 1962. 3 pp. ON ECONOMIC STABILITY. Mar. 1953. 16 pp. THE BALANCE SHEET OF AGRICULTURE, 1962. FEDERAL FINANCIAL MEASURES FOR ECONOMIC Aug. 1962. 10 pp. STABILITY. May 1953. 7 pp. INTEREST RATES IN THE CURRENT CYCLE. Sept. OPEN MARKET OPERATIONS IN LONG-TERM SE- 1962. 9 pp. CURITIES. Nov. 1958. 15 pp. INTEREST RATES AND MONETARY POLICY. Sept. •PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a de- 1962. 28 pp. scription of revised statistics for all banks in U. S. BALANCE OF PAYMENTS IN 1962. Oct. 1962. the United States, by class of bank, together 8 pp. with revised statistics. Apr. 1959. 94 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct THE GOVERNMENT SECURITIES MARKET. Aug. 1962. 10 pp. 1959. 22 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. CONSUMER BUYING INTENTIONS AND QUARTERLY 1962. 15 pp. SURVEY OF CONSUMER BUYING INTENTIONS. Combined reprint. Sept. 1960. 31 pp. AUTOMATION AT COMMERCIAL BANKS. NOV. 1962. 13 pp. IMPLEMENTATION OF THE 1959 ACT ON RESERVE REQUIREMENTS. Dec. 1960. 6 pp. QUARTERLY SURVEY OF CONSUMER BUYING IN- TENTIONS. Nov. 1962. 6 pp. (Also, similar re- SMALL BUSINESS FINANCING: CORPORATE MANUprints from BULLS, for Dec. 1960, Mar., May, FACTURERS. Jan. 1961. 15 pp. Aug., and Nov. 1961, Mar., May, and Aug. STATISTICS ON THE GOVERNMENT SECURITIES 1962.) MARKET. Apr. 1961. 8 pp. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER 14 pp. TIME DEPOSITS. May 1961. 2 pp. (Also, similar reprint from July 1960 BULL.) A NEW LOOK AT THE FARM DEBT PICTURE. Dec. 1962. 18 pp. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. 1961. 21 pp. (Also, similar reprint from Apr. MONEY AND BANK CREDIT IN 1962. Feb. 1963. 1957 BULL.) 8 pp. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. FARM DEBT AS RELATED TO VALUE OF SALES. Feb. 1963. 9 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1961. 15 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. Mar. 1963. 10 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- INTEREST RATES ON TIME DEPOSITS, Mid-January CHANGE OPERATIONS. Mar. 1963. 10 pp. 1962. Feb. 1962. 5 pp. BANKING AND MONETARY STATISTICS, 1962. Se- GROWTH IN INSTITUTIONAL SAVINGS. May 1962. lected series of banking and monetary statis- 9 pp. tics for 1962 only. Feb. and Mar. 1963. 12 pp. SURVEY OF COMMON TRUST FUNDS, 1961. May FINANCING THE U. S. PAYMENTS DEFICIT. Apr. 1962. 7 pp. (Also, similar reprint from May 1963. 8 pp. 1961 BULL.) FEDERAL RESERVE OPEN MARKET OPERATIONS SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. IN 1962. Apr. 1963. 29 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. DEXES. July 1962. 6 pp. 1963. 11 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 506, 508 Discount rates, 488, 572 Agricultural loans of commercial banks, 500, 502 Discounts and advances by Federal Reserve Assets and liabilities (See also Foreign liabilities and Banks, 484, 490, 492 claims): Dividends, corporate, 519, 520 Banks and the monetary system, consolidated, 495 Dollar assets, foreign, 561, 569 Corporate, current, 520 Domestic banks, by classes, 496, 500, 502, 508 Earnings and hours, manufacturing Federal Reserve Banks, 490 industries, 532, 535 Automobiles: Employment, 532, 534, 535 Consumer instalment credit, 524, 525, 526 Production index, 528, 529 Farm mortgage loans, 521, 522 Federal finance: Bankers' balances, 501, 503 Cash transactions, 510 (See also Foreign liabilities and claims) Receipts and expenditures, 511 Banks and branches, number, by class and State, 551 Treasurer's balance, 510 Banks and the monetary system, consolidated Federal home loan banks, 515, 516, 523 statement, 495 Federal Housing Administration, 515, 516, Banks for cooperatives, 515, 516 521, 522, 523 Bonds (See also U. S. Govt. securities): Federal intermediate credit banks, 515, 516 New issues, 516, 517, 518 Federal land banks, 515, 516 Prices and yields, 506, 507 Federal National Mortgage Association, 515, 516, 523 Brokers and dealers in securities, Federal Reserve Banks: bank loans to, 500, 502 Condition statement, 490 Business expenditures on new plant U. S. Govt. securities held by, 484, 490, and equipment, 520 492, 512, 513 Business indexes, 532 Federal Reserve credit, 484, 490, 492 Business loans (See Commercial and industrial loans) Federal Reserve notes, 490, 493 Federally sponsored credit agencies, 515, 516 Capital accounts: Finance company paper, 506, 508 Banks, by classes, 496, 501, 504 Financial institutions, loans to, 500, 502 Federal Reserve Banks, 490 Float, 484 Carloadings, 532 Flow of funds: Central banks, foreign, 558, 572 Financial assets and liabilities, 550 Coins, circulation of, 493 Saving and financial flows, 542 Commercial banks: Foreign central banks, 558, 572 Assets and liabilities, 496, 499, 500 Foreign currency operations, 490, 492, 560, 569 Consumer loans held, by type, 525 Foreign deposits in U. S. banks, 484, 490, Number, by classes, 496, 551 495, 501, 504, 569 Real estate mortgages held, by type, 521 Foreign exchange rates, 573 Commercial and industrial loans: Foreign liabilities and claims: Commercial banks, 500 Banks, 562, 564, 567, 569 Weekly reporting member banks, 502, 505 Nonfinancial concerns, 570 Commercial paper, 506, 508 Foreign trade, 537 Condition statements (See Assets and liabilities) Construction, 532, 533 Gold: Consumer credit: Certificates, 490, 493 Instalment credit, 524, 525, 526, 527 Earmarked, 560 Noninstalment credit, by holder, 525 Net purchases by U. S., 560 Consumer price indexes, 532, 538 Production, 559 Consumption expenditures, 540, 541 Reserves of central banks and governments, 558 Corporate sales, profits, taxes, and dividends, 519, 520 Reserves of foreign countries and international Corporate security issues, 517, 518 institutions, 561 Corporate security prices and yields, 506, 507 1 Stock, 484, 495, 560 Cost of living (See Consumer price indexes) Govt. debt (See U. S. Govt. securities) Currency in circulation, 484, 493, 494 Gross national product, 540, 541 Customer credit, stock market, 507 Hours and earnings, manufacturing Debits to deposit accounts, 492 industries, 532, 535 Demand deposits: Housing starts, 533 Adjusted, banks and the monetary system, 495 Adjusted, commercial banks, 492, 494, 501 Industrial production index, 528, 532 Banks, by classes, 489, 496, 504 Instalment loans, 524, 525, 526, 527 Turnover of, 492 Insurance companies, 509, 512, 513, 522 Type of holder, at commercial banks, 501 Insured commercial banks, 498, 500, 551 Department stores, 532, 536, 537 Interbank deposits, 489, 496, 501 Deposits (See also specific types of deposits): Interest rates: Adjusted, and currency, 495 Bond yields, 506 Banks, by classes, 489, 496, 501, 504, 508 Business loans by banks, 505 Federal Reserve Banks, 490, 569 Federal Reserve Bank discount rates, 488 Postal savings, 489, 495 Foreign countries, 571, 572 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BULLETIN • APRIL 1963 Interest rates—Continued Reserves—Continued Open market, 506, 571 Foreign central banks and governments, 558 Stock yields, 506 Foreign countries and international Time deposits, maximum rates, 489 institutions, 561 International capital transactions of the U. S., 562 Member banks, 484, 486, 489, 501, 503 International institutions, 558, 560, 561 Residential mortgage loans, 521, 522, 523 Inventories, 540 Investment companies, new issues, 518 Sales finance companies, consumer Investments {See also specific types of investments): loans of, 524, 525, 527 Banks, by classes, 496, 500, 503, 508 Saving: Commercial banks, 499 Flow-of-funds series, 542 Federal Reserve Banks, 490, 492 National income series, 541 Life insurance companies, 509 Savings deposits {See Time deposits) Savings and loan associations, 509 Savings institutions, principal assets, 508, 509 Savings and loan associations, 509, 513, 522 Labor force, 534 Securities {See also U. S. Govt. securities): Loans {See also specific types of loans): Federally sponsored agencies, 515 Banks, by classes, 496, 500, 502, 508 International transactions, 568, 569 Commercial banks, 499 New issues, 516, 517, 518 Federal Reserve Banks, 484, 490, 492 Silver coin and silver certificates, 493 Insurance companies, 509, 522 State member banks, 498, 551 Savings and loan associations, 509, 522 State and municipal securities: Loans insured or guaranteed by U. S., 521, 522, 523 New issues, 516, 517 Prices and yields, 506, 507 Manufactures, production index, 529, 532 States and political subdivisions: Margin requirements, 489 Deposits of, 501, 504 Member banks: Holdings of U. S. Govt. securities, 512 Assets and liabilities, by classes, 496, 500 Ownership of obligations of, 500, 508, 509 Borrowings at Federal Reserve Stock market credit, 507 Banks, 486, 490, 504 Stocks: Deposits, by classes, 489 New issues, 517, 518 Number, by classes, 497, 551 Prices and yields, 506, 507 Operating ratios, 553 Reserve requirements, 489 Tax receipts, Federal, 511 Reserves and related items, 484 Time deposits, 489, 494, 495, 496, 501, 504 Weekly reporting series, 502 Treasurer's account balance, 510 Mining, production index, 529, 532 Treasury cash, 484, 493, 495 Money rates {See Interest rates) Treasury currency, 484, 493, 495 Money supply and related data, 494 Treasury deposits, 484, 490, 510 Mortgages {See Real estate loans) Unemployment, 534 Mutual savings banks, 495, 496, 498, 508, 512, 513, 521, 551 U. S. balance of payments, 571 U. S. Govt. balances: National banks, 498, 551 Commercial bank holdings, by classes, 501, 504 National income, 540, 541 Consolidated monetary statement, 495 National security expenditures, 511, 540 Treasury deposits at Federal Reserve Nonmember banks, 490, 498, 500, 501, 551 Banks, 484, 490, 510 U. S. Govt. securities: Operating ratios, member banks, 553 Bank holdings, 495, 496, 500, 503, 508, 512, 513 Dealer transactions, positions, and financing, 514 Payrolls, manufacturing, index, 532 Federal Reserve Bank holdings, 484, 490, Personal income, 541 492,512,513 Postal Savings System, 489, 495 Foreign and international holdings, 490, 561, 569 Prices: International transactions, 568 Consumer, 532, 538 New issues, gross proceeds, 517 Security, 507 Outstanding, by type of security, 512, 513, 515 Wholesale commodity, 532, 538 Ownership of, 512, 513 Production, 528, 532 Prices and yields, 506, 507 Profits, corporate, 519, 520 United States notes, outstanding and in circulation, 493 Real estate loans: Utilities, production index, 529, 532 Banks, by classes, 500, 502, 508, 521 Type of mortgage holder, 521, 522, 523 Vault cash, 484, 489, 501 Type of property mortgaged, 521, 522, 523 Reserve requirements, member banks, 489 Veterans Administration, 521, 522, 523 Reserves: Commercial banks, 501 Weekly reporting member banks, 502 Federal Reserve Banks, 490 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 (c~ THE FEDERAL RESERVE SYSTEM g) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis