Federal Reserve Bulletin, 1963-05
FEDERAL RESERVE May 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 Instalment Credit Expansion 581 New Foreign Bond Issues in the U. S. Market 586 Member Bank Income, 1962 599 Statements on Bill to Establish A Federal Banking Commission 604 Statement on Proposed Currency Legislation 624 Statement on Proposed Changes in Federal Deposit Insurance 626 Law Department 628 Announcements 644 National Summary of Business Conditions 645 Guide to Tabular Presentation 648 Financial and Business Statistics, U. S. (Contents on p. 649) 650 International Financial Statistics (Contents on p. 725) 726 Board of Governors and Staff 742 Open Market Committee and Staff; Federal Advisory Council 743 Federal Reserve Banks and Branches 744 Federal Reserve Board Publications 745 Index to Statistical Tables 747 Map of Federal Reserve System Inside back cover Volume 49 Number 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
Instalment Credit Expansion short- and intermediate-term instalment debt CONSUMER INSTALMENT CREDIT outstanding continued to rise in the first quarter has increased slightly in recent months. The of 1963. The seasonally adjusted annual rate repayment-income ratio, which has fluctuof increase was somewhat lower than in the ated within a relatively narrow range around fourth quarter of 1962 but substantially above the rate for 1962 as a whole. INCREASE in instalment credit continues The volume of new-car sales has been an large in first quarter of 1963 Net change important factor in the recent increase in Billions of dollars 3 instalment credit. Sales of new domestic and imported automobiles were at a seasonally adjusted annual rate of about 7.7 million units in the first quarter of this year, while automobile credit outstanding increased at a rate of $2.8 billion. Both of these rates are higher than those for the year 1962. The expanding volume of automobile credit has been accompanied by increasing competition among lenders. There has been downward pressure in some areas on the J [.._ J 1 1 interest rates charged car buyers and moder- 1954 1956 1958 1960 1962 ate liberalization in the terms on which some NOTE.—Seasonally adjusted figures for net changes in outfinancial institutions are buying automobile standing credit. Latest figures shown, first quarter 1963. paper from dealers. 13 per cent since 1956, reached a new high Throughout the country most lenders con- of 13.4 per cent in the last 2 quarters of tinue to observe the 36-month maturity as a 1962 and then increased to 13.6 per cent in maximum on new-car contracts. However, the first quarter of 1963. Some delinquency the proportion of contracts written with this rates have risen this year, but most remain maturity has been rising gradually. below their levels in recent years. The increase in nonautomotive consumer goods paper in the first quarter of 1963, at CHANGES BY TYPE OF CREDIT an annual rate of about $1.1 billion, was less The increase in instalment credit outstanding than in the preceding quarter but was at a during 1962 was the third largest on record. slightly faster rate than during 1962 as a Only in 1955 and 1959 were the dollar inwhole. Personal loans expanded at about the creases larger. In percentage terms, the 1962 same rate, $1.5 billion, as during 1962. increase—11 per cent—was two-thirds as The proportion of disposable personal large as in 1959 and half as large as in 1955. income that consumers are using to repay During the 7 quarters of the current cy- 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
582 FEDERAL RESERVE BULLETIN • MAY 1963 clical expansion in instalment credit, auto- and continued up in 1962, as sales of new mobile credit has accounted for 42 per cent domestic and imported cars topped the 7 of the increase in the total. Credit for con- million mark. The 1962 increase totaled $2.2 sumer goods other than automobiles has billion, or 13 per cent. In the first quarter of accounted for 24 per cent, and personal loans 1963, with continued high rates of sales, for 3 3 per cent. auto credit rose at a seasonally adjusted annual rate of $2.8 billion. The proportion of new-car sales financed AUTO CREDIT contributes less in current on instalments has changed little, averaging expansion than in 1954-'55 about 60 per cent in each of the last 3 years. Per cent of total increase MODER R N EP IZ A A IR T IO A N N D LOANS 100 Most of the increase in automobile credit in 1962 and 1963 has been the result of higher unit sales, although there also has PERSONAL LOANS been a moderate increase in the average size of instalment contracts. Contracts on new cars in early 1963 were about 2 per cent larger than in early 1962 and 6 per cent larger than in early 1961. List prices of new cars continued to be little changed in the 1962 and 1963 model years, after allowance for differences in QII 54 OH 58 QK 61 through through through standard equipment. But during both model QH '55 QH '60 QI '63 years consumers favored more equipment and more expensive body styles. Downpay- NOTE.—Based on seasonally adjusted figures for net changes in instalment credit outstanding. ments may have been reduced slightly, also adding to the average contract size. The current period of credit expansion resembles that of 1954-55 in that both have In recent months competition among lendbeen marked by substantial increases in the ers for automobile paper has been keen in number of new cars sold. However, the con- many parts of the country. Some financial tribution of auto credit to the current rise institutions have moderately liberalized the is considerably smaller than it was in 1954- terms on which they purchase instalment 55. In the earlier period, unlike the present contracts from automobile dealers; they have one, maximum maturities on new-car con- lowered the discount rate on automobile tracts were generally lengthened and down- paper somewhat or reduced the dealers' liapayments were substantially reduced, with bility in case of default. And there have been consequent large increases in the average some reductions in interest rates charged car size of instalment notes. The 1954-55 period buyers, particularly in parts of the Middle was also marked by a rise in the proportion West and South. of new-car purchases financed on instalment The average maturity of new-car instalcredit. ment contracts has continued to rise slowly, Automobile paper. After declining during with an increasing proportion of contracts most of 1961, outstanding instalment credit being written at the prevailing maximum on automobiles rose in the fourth quarter maturity of 36 months. In the first quarter of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INSTALMENT CREDIT EXPANSION 583 and lenders. For a number of years there AUTO CREDIT rises in current model year have been some new-car contracts with Billions of doliars 2.5 longer maturities. But except for isolated AUTOMOBILE PAPER cases involving special circumstances, only - - 2.0 a few lenders appear to have offered these EXTENDED A^ - 1.5 longer maturities. And in instances where they have, downpayment requirements or ^~ REPAID - 1.0 other conditions have often been such that ^r\ i I i I i i i i I .5 relatively few buyers could qualify. In the UPTRENDS continue in other segments first quarter of 1963 the volume of these OTHER CONSUMER GOODS PAPER 2.0 longer-term contracts was on the order of 1 per cent or less of all new-car contracts—not - - 1.5 significantly different from earlier periods. - 1.0 On used car contracts, average maturities y^y-v 1 1 1 1 1 I 1 1 1 .5 have continued to lengthen. The proportion PERSONAL LOANS 2.0 with maturities of over 24 months has been rising for several years. Recently many con- - - 1.5 tracts on late-model used cars have carried - 1.0 36-month maturities. ^•\ 1 1 1! 1 1 1 1 1 .5 Other consumer goods paper. Instalment 1954 1956 1958 1960 1962 credit outstanding for the purchase of consumer goods other than autos rose by $1 NOTE.—Seasonally adjusted. Latest figures shown, Mar. 1963. billion, or about 8 per cent, in 1962 and 1963, for example, about 75 per cent of all at a slightly faster rate in early 1963. This contracts that commercial banks and sales type of credit began to increase in the third finance companies purchased from dealers quarter of 1961, somewhat before the upcarried maturities of 36 months, as did about turn in automobile credit. 55 per cent of all new-car loans that banks Such instalment credit originates in a wide made directly to buyers. The corresponding variety of purchases. Until a few years ago figures for 1961 were about 70 and 45 per it was used mainly to finance furniture and cent; for 1955, about 25 and 10 per cent. major appliances. But with the rapid growth Rather widespread publicity has been of revolving credit and similar retail credit given recently to instances in which auto- plans in the last 4 or 5 years, it is now widely mobile dealers and lenders have offered 42- used for other purchases also. Typically, month, and occasionally 48-month, matur- customers are permitted to finance purchases ities on new-car loans. It has sometimes been of all types of goods and services offered by implied that the maximum maturity of 36 the retailer, subject to a maximum line of months, which has prevailed generally since credit. Many retailers offer option plans, the 1954-55 breakthrough from the previous under which customers may pay for pur- 30-month maximum, has been breached. chases either at first billing with no service The available evidence suggests, however, charge, or in monthly instalments with a that the 36-month maximum is still being charge on the outstanding balance. observed by the great majority of dealers Longer-term credit—used to finance pur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
584 FEDERAL RESERVE BULLETIN • MAY 1963 chases of mobile homes, boats, and other commercial banks in early 1963 were little high-priced goods—also has become a more changed from 1962 rates and remained beimportant component of nonautomotive con- low 1960-61 rates. At major sales finance sumer goods paper. companies delinquency rates on auto loans In late 1962 several large retailers length- rose early this year, but repossession rates ened the maximum maturity on instalment continued at historically low levels. purchases of major household appliances, The ratio of aggregate repayments to disradios, and television sets from 24 to 36 posable personal income has received conmonths. Downpayment requirements on siderable attention in recent months as a these and other household goods had been possible indicator of the ability and willingreduced substantially or dropped altogether ness of consumers to incur additional debt. by these retailers about a year earlier. This ratio, which reflects changes both in Residential repair and modernization repayments and in disposable income, fell loans, which represent about 7 per cent of to a very low level during World War II. It total instalment credit, increased by $100 then rose steadily until 1956, when it million in 1962 after a similarly small rise reached 12.7 per cent. Since 1956 it has in 1961. This type of credit had increased varied within a narrow range around 13 per at an annual rate of about $300 million in cent, most recently moving upward. the 1956-60 period. The average maturity Recent changes in this ratio have led some of outstanding credit of this type continued observers to suggest that repayments may to lengthen gradually. have approached a limit in relation to in- Personal loans. Personal loans rose by $1.5 come beyond which consumers may not be billion, or 13 per cent, in 1962 and con- able or willing to add to their indebtedness, tinued to rise at about the same rate in the and that this may tend to dampen sales of first quarter of 1963. automobiles and other consumer goods in Personal loans are made for a wide variety the future. Analytical considerations, howof purposes—including consolidation of ever, do not suggest any special reason why debt; payment of medical, dental, and hos- a figure in the neighborhood of 13 per cent pital bills; and financing of vacation, educa- of disposable income should necessarily reption, and current living expenses. This cate- resent a limit on instalment debt repayments. gory also includes some credit that arises Much of the rise in the ratio of repayfrom purchases of consumer goods and from ments to disposable personal income in earresidential repair and modernization that lier postwar years may be explained by an cannot be separately identified. increase in the proportion of consumers using instalment credit. From 1952 to 1956, DEBT REPAYMENTS for example, while the ratio of aggregate Repayments of consumer instalment credit, repayments to aggregate income rose from which had totaled $50.7 billion in 1962, 10.6 per cent to 12.7 per cent, the proporwere at a record annual rate of $53 billion tion of spending units who reported owing in the first quarter of 1963. They were also some instalment debt rose from 38 to 45 at a record high—13.6 per cent—relative to per cent, according to data from the Survey disposable personal income. of Consumer Finances. But since 1956, both Delinquency rates on consumer loans at ratios have been relatively stable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INSTALMENT CREDIT EXPANSION 585 The changing composition of the popula- Thus, over the coming years both demotion over the next few years could cause a graphic and institutional factors may tend renewed rise in the proportion of consumers to raise further the share of aggregate inusing instalment credit and an associated come used to repay instalment debt. A conrise in the repayment-income ratio for the tinued upward drift in the repayment-income economy as a whole. According to Bureau of ratio would not necessarily restrict new conthe Census projections for 1965 and 1970, sumer purchases unless the ratio increased the most rapid rate of growth in number of because of a decline in incomes. Should inhouseholds will be in those whose heads are comes decline, the existence of heavy comunder 25 years of age. These are mainly the mitments to repay debt would accentuate families that will be formed as the young downward pressures on demand. people born during the 1940's reach marriage age. Such young families are likely to LENDERS' SHARES be frequent users of instalment credit be- Commercial banks and other major lenders cause their needs for household goods and have participated in the current credit expansion in about the same proportion as their holdings at the beginning of the upswing. REPAYMENT-INCOME RATIO atupper end of recent range But the distribution of types of paper has Per cent changed moderately. 16 The commercial bank share of automobile - 14 • f\_ credit has increased somewhat, to 50 per - r / 12 cent, while that of sales finance companies - 10 has declined to 38 per cent. The sales finance share has fallen each year since 1955, when 8 these companies acquired a relatively large 6 proportion of the then rapidly expanding 4 volume of automobile paper. - 2 The sales finance company shares of other l . l. i , 1 . ! , i 0 consumer goods paper and of personal loans 1940 42 '44 '46 '48 f50 '52 '54 '56 '58 '60 '62 have been rising irregularly over the same period, while the share of consumer goods NOTE.—Based on seasonally adjusted data for instalment credit repayments (F.R.) and disposable personal income paper at retail outlets has declined moder- (Dept. of Commerce). Latest figure shown, first quarter 1963. ately. This reflects both the growing imporautomobiles generally exceed their ability tance of sales finance subsidiaries of large to acquire these goods for cash. retail organizations and the trend among Also, in recent years consumers have been other companies toward diversification into making more use of revolving credit and nonautomotive types of credit. Credit unions similar instalment plans to finance purchases have increased their share of the personal of nondurable goods and services. It seems loan market to 20 per cent, but their relalikely that in the future they will make still tive gain in 1962 was smaller than in other greater use of such plans. recent years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
New Foreign Bond Issues in the U.S. Market by ROBERT F. GEMMILL DURING 1962 u.s. INVESTORS purchased factors that affect offerings of domestic nearly $1 billion of new foreign dollar bonds bonds in the United States. —the largest volume in any year since the Bond issues of other foreign countries 1920's. And they increased their rate of have a wide range of investment characterpurchases in early 1963. istics. Such issues have continued to offer The U.S. capital outflow on new foreign high yields. In view of this and of a spreadbond issues since the mid-1950's has re- ing investor awareness of the growing finanflected a continuing strong foreign demand cial strength of leading industrial countries, for external capital and a they have attracted an ingrowing supply of U.S. creasing volume of U.S. STAFF PAPERS—In addifunds available for invest- capital from a growing tion to its regular contents, ment in such issues. number of investors. the Federal Reserve Bulletin More broadly, this out- from time to time includes spe- Correlation studies do flow has reflected the posi- cial papers on economic and not reveal a close relationtion of the United States as financial subjects. These pa- ship between U.S. capital pers, prepared originally for the leading international market conditions and dolthe information of the Board capital market. This posi- lar bond issues by foreign of Governors by individuals on tion is based upon the its staff, are selected for pub- countries other than Canaccessibility of the U.S. lication because of their gen- ada. Nevertheless, some market to all borrowers, eral interest. The authors are evidence suggests that U.S. foreign and domestic, and responsible for the analyses investor interest in these and conclusions set forth. upon the large volume of bonds may be slightly savings, including foreign greater when capital marsavings, that flow into this market for in- ket conditions in the United States are easy vestment in dollar securities. and the yield advantage of foreign bonds Before 1958, issues of the International over domestic bonds is large. Yields on for- Bank for Reconstruction and Development eign dollar bond issues (excluding those of and Canadian issues accounted for almost Canada) have remained high in the face all of the outflow of capital on new securities. of increased investor interest, and yields and In the past 3 years a steady growth in non- costs of borrowing have fluctuated little in Canadian bond issues has increased their response to changing conditions in the U.S. relative importance in the outflow. capital market. Bond issues of the IBRD and of some Given the strong capital demands of bor- Canadian provinces, municipalities, and rowing countries, there is little indication private concerns are regarded in investment that potential borrowers are deterred to any circles as comparable to high-grade U.S. great extent by increases in borrowing costs corporate bonds. The volume of these for- in the U.S. market of the size that have eign issues has fluctuated, and the timing occurred in recent years. So long as there has been influenced by some of the same are restrictions—actual or potential—on 586 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW FOREIGN BOND ISSUES 587 borrowing by nonresidents in foreign capital Bank. As shown in Table 1, much of the markets, even relatively small-scale foreign variation in total capital outflows on forborrowers seeking external funds are likely eign bond issues between 1956 and 1961 to find it advantageous to maintain close reflected fluctuations in IBRD borrowing. relations with the U.S. capital market. And Individual offerings by international instifor large-scale borrowers the financing alter- tutions have been large—generally $75 milnatives available are quite limited. lion or more—and have carried offering Some borrowers, however, are clearly pre- yields very close to those on the highest pared to shift part of their capital require- grade U.S. corporate bonds. The high investments from the United States to markets in ment standing of such bonds is in part attrithird countries, when access to such markets butable, particularly during the early years is permitted. of operation of the respective Banks, to the In this article, the term "foreign issues" large capital subscriptions of the United includes privately placed as well as publicly States. These subscriptions are subject to offered securities. It also includes securities call by the Banks when required to meet oboffered to refund existing debt. An outflow of ligations created by borrowing. U.S. capital occurs when any of these issues The underwriting spreads on IBRD and are purchased by U.S. residents, but not IDB issues have been small. The costs to the when they are purchased by foreigners. Banks of borrowing on new issues in the U.S. market have generally exceeded the yield to the investor by less than 0.1 of 1 per cent INTERNATIONAL INSTITUTIONS per annum. Some IBRD issues have sinking Bond issues of international institutions in fund provisions, generally designed to retire the U.S. market consisted solely of IBRD about half of the issue by maturity. The issues until December 1962, when there was IDB issue provided for the retirement of an issue by the Inter-American Development almost the entire issue before maturity. TABLE 1 CAPITAL OUTFLOWS ON NEW FOREIGN ISSUES IN THE U.S. MARKET (In millions of dollars) Area or institution 1954 1955 1956 1957 1958 1959 1960 1961 1962 Total 309 128 453 597 885 624 573 510 978 International institutions 88 ... ... 187 366 14 97 12 159 Total foreign countries 221 128 453 410 519 610 476 498 819 Excluding Canada 54 89 78 86 152 173 249 274 376 Excluding Canada and Israel 14 47 25 38 105 121 198 216 316 Western Europe 29 ... 25 51 78 24 57 143 Latin America 4 ... ... 14 ... 107 18 20 Sterling area 14 14 25 13 40 21 52 76 70 Other ... ... ... ... 22 15 65 83 Canada 167 39 375 324 367 437 227 224 443 Israel 40 42 53 48 47 52 51 58 60 NOTE.—Based on U.S. Dept. of Commerce balance of payments $50 million European and $20 million Japanese issues in 1962 and data, except that the following amounts of stock issues are excluded: $70 million European issues in 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
588 FEDERAL RESERVE BULLETIN • MAY 1963 Bond issues by the IBRD were heavy in tics, as is the case with domestic issues. The 1957 and 1958 when the Bank was building variety of Canadian securities offered in the up its short-term investments to levels in ex- U.S. market reflects the close relationships cess of its commitments for disbursements. of the two capital markets, as well as the Since then the Bank has been able to obtain close financing relationships of private cora large share of its funds through sales from porations in the two countries. its loan portfolio and through bond issues Bond issues of Canadian provincial govoutside the United States, both in dollars ernments and large municipalities generally and in foreign currencies. But it has con- carry Aa or A investment ratings, and they tinued to issue bonds in the United States may range in size from $25 million to $75 occasionally—most recently in January million. They carry yields close to those on 1962—as a means of maintaining its rela- similarly rated U.S. corporate bonds and are tions with the U.S. market. floated at small underwriting spreads. The net outflow of U.S. capital through Other Canadian issues include bonds of IBRD issues is probably little affected over smaller local governments and bonds and a period of a few years by capital market stocks of private corporations, ranging from conditions in this country, but the timing of large established business concerns to newly the issues within this period is apparently formed companies. These issues are often influenced by variations in market condi- much smaller than those of the provincial tions, as is true for high-grade domestic cor- bonds, and yields on them—in general— porate bonds.1 The Bank has offered its are considerably higher and underwriting recent issues when capital market conditions spreads considerably wider than in the case here were easing. Similarly, the IDB bond of high-grade provincial and municipal issue, which was floated well in advance of issues. These same characteristics are found that Bank's requirements for funds, came in U.S. issues of lesser investment standings. when interest rates here appeared attractive. The Canadian Government had not borrowed in the U.S. market for a number of years until last year when it arranged for a CANADA $250 million loan from several U.S. insur- Capital outflows to Canada on new issues ance companies. This loan was drawn in two were particularly heavy in the 1956-59 pe- tranches, in late 1962 and early 1963. riod. Then, through mid-1962 they drop- Variation in the volume of Canadian ped off to about half the peak rate of 1959. bond issues in the U.S. market since the But Canadian offerings rose sharply last fall mid-1950's has reflected both exchange rate and remained large in early 1963. developments and expectations and interest New Canadian issues comprise a wide differentials. The influence of these factors range of securities of different characteris- can be seen in the Canadian data given in Table 2 and in the chart on page 590. 1 For results of a correlation study, see Philip Bell, The data cover all Canadian publicly is- "Private Capital Movements and the U.S. Balance-ofsued bonds and all known private place- Payments Position," Factors Affecting the United States Balance of Payments, Joint Economic Commit- ments in Canada and abroad, including some tee, Congress of the United States, U.S. Government that were not publicly announced. The data Printing Office, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW FOREIGN BOND ISSUES 589 on issues in foreign currencies represent pri- and companies. Canadian borrowings in formarily issues in the United States. Because eign currencies dropped substantially in midthe U.S. balance of payments data include 1960, following a marked depreciation of outflows resulting from stock issues, the Ca- the Canadian dollar earlier in the year and nadian data, which are limited to bond is- a warning by Finance Minister Fleming in sues, supply a useful indication of the fac- his spring budget message of the exchange tors affecting issues of Canadian bonds in risks to Canadians of borrowing in foreign the U.S. market. currencies. Such borrowings by provincial Role of exchange rates. Table 2 shows the and local governments fell off very sharply influence of exchange rate expectations on and remained at a very low level through the volume of foreign currency borrowing by mid-1962. Canadian provincial and local governments In the autumn of 1962, several months TABLE 2 BOND ISSUES OF CANADIAN PROVINCES, MUNICIPALITIES, AND CORPORATIONS (Amounts in millions of Canadian dollars) All issues Provinces and municipalities Corporations Interest Quarter In foreign currency sp r r a e t a e d 1 In foreign currency In foreign currency Total (basis Total Total amount Amount P o e f r t c o e t n a t l points) amount Amount P o e f r t c o e t n a t l amount Amount P o e f r t c o e t n a t l 1956— I 468 118 25 45 217 96 44 251 22 9 II 510 132 26 54 263 82 31 247 50 20 ni 461 164 36 65 228 98 43 233 66 28 IV 587 136 23 66 284 46 16 303 90 30 1957_ I 657 225 34 82 293 95 32 364 130 36 n 764 245 32 85 251 56 22 513 189 37 III 344 131 38 83 213 65 31 131 66 50 IV 567 69 12 31 380 40 10 187 29 16 1958 I 517 142 27 51 259 83 32 258 59 23 II 761 241 32 68 395 151 38 366 90 25 Ill 419 81 19 75 226 41 18 193 40 21 IV 545 53 10 90 374 40 11 171 13 8 1959 I 462 144 31 89 362 135 37 100 9 9 II 373 72 19 74 234 65 28 139 7 5 HI 513 172 34 74 408 145 36 105 27 26 IV 540 142 26 80 397 123 31 143 19 13 I960 I . 555 149 27 96 317 118 37 238 31 13 II 684 110 16 104 453 75 17 231 35 15 ni .. 486 21 4 99 340 12 4 146 9 6 IV 368 19 5 113 274 5 2 94 14 15 1961 I 560 62 11 130 403 20 5 157 42 27 II 594 111 19 127 323 26 g 271 85 31 Ill 624 66 11 99 432 3 1 192 63 33 IV 598 26 4 95 466 10 2 132 16 12 1962— I 484 4 1 87 356 128 4 3 II 716 143 20 103 414 2 302 141 47 in. . 382 49 13 142 256 36 14 126 13 10 IV 727 183 ;i 25 124 540 131 24 187 52 28 1 Spread between long-term bond rates in Canada and the NOTE.—Gross amounts as published by Bank of Canada. United States (Canada minus United States) as published in Internationa. Financial Statistics (International Monetary Fund). A basis point is 0.01 of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
590 FEDERAL RESERVE BULLETIN • MAY 1963 after the Canadian Government had adopted For the period from mid-1958 to mida fixed exchange rate, foreign currency bor- 1960, there was no discernible relationship rowing by provincial and local governments between interest differentials and the share in the U.S. market was resumed on a sub- of Canadian issues offered in foreign curstantial scale. This resurgence of borrowing rencies. Throughout most of this period longreflected the rapid spread of confidence in term interest rates were rising sharply in both the newly established par value for the Ca- the United States and Canada; in fact, they nadian dollar. It also reflected an indication reached their postwar peaks in early 1960. by the Canadian Government that it favored Rising rates were accompanied by a decline an increase in the volume of borrowing from in total Canadian corporate bond issues and abroad; this included the arrangement of the corporate issues in foreign currencies, while $250 million loan by the Government itself, issues by provinces and municipalities inmentioned above. creased. Foreign currency borrowing by Canadian This shift in the relative importance of corporations fluctuated after mid-1960. It different classes of borrowers may explain in was relatively high in the first 3 quarters of part the lack of any visible relation between 1961 and again in the second and fourth interest differentials and the proportion of quarters of 1962. The different foreign bor- Canadian issues in foreign currencies. The rowing practices of Canadian corporations adjustments made by Canadian borrowers and provincial and local governments may in their financing plans in response to high reflect different requirements for funds and and rising interest rates may also be part of different alternative sources of financing. the explanation. The proportion of total bor- Some corporations have close financial ties rowings in foreign currencies averaged a with the U.S. capital market. Some also have little lower in this period than in the precedsubstantial foreign exchange earnings, and ing one. they may be quite willing to assume obligations payable in foreign currencies. Moreover, Canadian provincial and local governments may be more susceptible to "moral CANADIAN BORROWING HERE sometimes varies with I9S6 TO MID-1958 suasion" by the Dominion Government. Interest rate differentials. The accompanying chart shows the extent to which foreign currency borrowings by Canadian provincial and local governments and companies have reflected interest rate differentials in three recent periods. From 1956 to mid-1958 the proportion of total Canadian issues in foreign currencies varied directly with the extent to which long-term interest rates in Canada exceeded those in the United States. The relationship was much closer for corporate borrowing than for borrowing by provincial and municipal governments. NOTE.—Data are those shown in Table 2. A basis point Is 0.01 of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW FOREIGN BOND ISSUES 591 Beginning in mid-1960 a relationship financial policies and official statements and somewhat resembling that of 1956-58 ap- through its own borrowing. pears to have been reestablished. However, There are several reasons why one should the proportion of foreign currency issues not expect an extremely close correlation was much smaller for each level of the rate between interest differentials and foreign differential during this period than was true currency borrowings. The distribution of earlier. This may be explained by borrow- bond issues by time periods is undoubtedly ers' recognition of an increased foreign ex- characterized by some lumpiness.2 Once a change risk after mid-1960. major borrower has sold a large new issue, he is unlikely to need to make another offer- The smaller proportion of foreign curing even if the interest differential widens rency borrowing and the relationship beshortly after his flotation. Furthermore, bond tween such borrowing and interest rate issues must be negotiated and scheduled well differentials can be seen more clearly if the in advance of offering dates, particularly data for the second and fourth quarters of when capital market demands are strength- 1962 are separated from the other data. ening. And finally, yield differentials on out- (These data are identified in the chart.) In standing issues are not likely to be an entirely the second quarter foreign currency issues suitable index of relative costs of new issues. were dominated by a single $100 million On the other hand, some of the apparent offering by a major Canadian corporation, shifting from Canadian to foreign currency and the upsurge in the fourth quarter ocborrowing observable in the chart may result curred after the Canadian Government had established a par value for the Canadian dollar and had directly encouraged Canadian 2 See; Gerald K. Helleiner, "Connections Between United States' and Canadian Capital Markets," Yale borrowing in the United States, both through Economic Essays, Vol. 2, p. 382. differentials between U.S. and Canadian interest rates MID-1958 TO MID-1940 MID-1960 THROUGH 1962 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
592 FEDERAL RESERVE BULLETIN • MAY 1963 from shifts in the proportion of total Ca- provided investors with yields that often nadian borrowing by particular Canadian range from 1 to 2 percentage points above borrowers. Some may rely more regularly those on new issues of U.S. corporate bonds than others on the U.S. market for funds. of the highest quality (see Table 3). Under- In general, the evidence indicates that writing costs on these issues are high—fre- Canadian bond issues in the United States quently 2Vi per cent of the amount of the are influenced by interest differentials be- issue, which is equivalent to a cost of VA to tween the two markets as well as by ex- % of 1 per cent per annum above the offerchange risks. These differentials probably ing yield. Other expenses of new foreign isreflect changes in Canadian financial poli- sues apparently absorb from 0.2 of a per cies and market conditions more than cent to more than 1 per cent of the amount changes in U.S. market interest rates. of the issue.3 But the total volume of these issues, as Virtually all issues have sinking fund well as their timing, is also influenced by provisions designed to retire most or all of other factors. In particular, the size and the issue by maturity. These provisions underwriting capability of the U.S. market shorten the average maturity and provide attracts some Canadian borrowers. More- substantial support for the market price of over, issues offered in the U.S. market may the issue throughout its life. attract funds from Canadian investors. One notes a striking difference between the development of foreign borrowing in OTHER FOREIGN COUNTRIES recent years and the findings of Use Mintz The gradually rising trend in capital outflow with respect to such borrowing in the on bond issues by other foreign countries 1920's.4 There is no evidence in recent new since 1957, illustrated in Table 1, reflects bond issues of the deterioration in quality of growth in the number of foreign borrowers foreign bond issues that she demonstrated to as well as more frequent appearances of have occurred then. Most countries that have some borrowers in the U.S. capital market. borrowed in the U.S. market recently have The most regular borrower in this group low external indebtedness, and many have has been the Government of Israel, for which experienced both rising reserves of gold and separate figures are shown in the table. foreign exchange and sustained economic The outflow of U.S. capital on these growth. Israeli issues has been stable, and because Foreign demands. Some foreign governthey have not been affected by changes in ments were initially encouraged to float capital market conditions or by other fac- issues in the U.S. market or other accessible tors that influence foreign bond issues gen- markets by the policy of the IBRD. The erally, these issues are excluded from all of Bank has made loans to some countries in the following discussion. conjunction with a bond issue in the private Bond issues of other foreign countries capital market by the borrowing country. have consisted almost entirely of obligations of central governments or semiofficial insti- 8 See E. Nevin, "Reflections on the New York New Issue Market," Oxford Economic Papers, Vol. 13, No. tutions. But a few large private companies in 1, Feb. 1961, p. 87. Europe and Japan have also been issuers. * Use Mintz, Deterioration in the Quality of Foreign Bonds Issued in the United States 1920-1930, National Bond issues by foreign governments have Bureau of Economic Research, 1951. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW FOREIGN BOND ISSUES 593 But more generally, the need to develop access to large-scale sources of funds has encouraged foreign governments and private TABLE 3 companies to offer bonds in the United SELECTED FOREIGN BOND ISSUES IN THE U.S. MARKET States. The absorptive capacity of the U.S. (Amounts in millions of dollars; yields and cost in per cent) market is several times that of any other Bond yields Month Cost financial center. and Amount to year Foreign New U.S. Differ- borrower Moreover, the U.S. market is open to all issue corporate ence borrowers, foreign or domestic. The practice Australia of some European countries of limiting or 6-'56 25 4.64 3.56 1.08 4.89 closing their markets to outsiders, often on 3-'57.. 20 5.00 4.18 .82 5.24 4-'58.. 25 4.85 3.67 1.18 5.09 an intermittent basis, tends to reduce the 10-'58.. 25 5.20 4.48 .72 5.41 9-'59.. 25 5.76 5.29 .47 5.98 incentives for those who borrow often to rely 4-'6O.. 25 5.46 4.78 .68 5.67 9—'60 25 5.42 4.45 .97 5.63 to any large extent on these markets for 6-'61.. 25 5.75 4.65 1.10 5.98 l-'62.. 30 5.65 4.45 1.20 5.87 6-'62.. 30 5.71 4.15 1.56 5.93 capital. 10—'62.. 25 5.58 4.23 1.35 5.80 4-'63.. 30 5.20 4.21 .99 5.40 Market conditions and foreign demands. One Belgium major question with respect to foreign bond issues is whether they respond to the forces 9-'57.... 30 5.75 4.68 1.07 6.03 11—'61 25 5.70 4.32 1.38 5.96 that influence the domestic bond market. 3-'62.... 30 5.40 4.23 1.17 5.65 In particular, do foreign demands reflect the Denmark influence of changes in long-term interest 2-'59.... 20 5.75 4.29 1.46 6.03 rates in the United States? 5—'62. 20 5.47 4.09 1.36 5.74 2-'63.... 30 5.37 4.15 1.22 5.64 Yields and costs. Yields on new bond European Coal and Steel Community issues of foreign governments and/or governmental agencies have consistently ex- 4-'57. 25 5.50 4.23 1.27 5.68 6-'58.... 35 5.24 3.61 1.63 5.48 ceeded those on new issues of highest grade 10—'60.... 25 5.63 4.60 1.03 5.84 5-'62.... 25 5.33 4.09 1.24 5.54 U.S. corporate bonds, and often by as much New Zealand as 1 to 2 percentage points, as Table 3 shows. In periods of relatively stringent capital ll-'58. 10 5.62 4.35 1.27 5.91 10—'61 20 6.01 4.26 1.75 6.27 market conditions, offering yields on foreign 5-'62.... 25 5.50 4.09 1.41 5.75 bond issues in the U.S. market have risen Norway much less than those on new U.S. corporate 9-'58.... 18 5.45 4.56 .89 5.70 issues. And in periods of relatively easy 5-'61.... 18 5.75 4.51 1.24 6.02 7-'62.... 20 5.85 4.33 1.52 6.12 capital market conditions, yields on foreign 4-'63 25 5.42 4.21 1.21 5.68 issues have fallen less. Thus, offering yields Oslo on foreign issues have changed less in re- 5-'58.... 8 5.75 3.66 2.09 6.06 sponse to changing market conditions than 6-'60.... 10 5.85 4.69 1.16 6.16 4-'62.... 10 5.70 4.17 1.53 6.00 yields on U.S. domestic issues. NOTE.—Yields on corporate bonds in the United States are aver- Another reason why the costs of foreign ages based on new offerings of issues for the month rated Aaa through A, adjusted to an Aaa basis by the First National City Bank. issues vary less is that the higher underwrit- Yields and costs for new foreign issues are from Moody's Investors Service. Cost to borrower differs from offering yield by the undering costs on these issues and other costs writing spread; does not include other costs of flotation. associated with such issues add a larger and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
594 FEDERAL RESERVE BULLETIN • MAY 1963 essentially unchanging element.5 Evidence willing to borrow $18 million in the U.S. of the relative stability of costs to foreign market at a cost of 6 per cent in 1961, alborrowers can be found in Table 3. Declines though reportedly it had borrowed the equivin costs and yields on several issues in early alent of $12 million in Switzerland at a cost 1963 resulted in part from large foreign par- of about 5 per cent in I960.6 Similarly, the ticipation, which reflected confidence in the Copenhagen Telephone and Telegraph Co. dollar. The countries listed are those whose (a company partly owned by the governgovernments have borrowed most often in ment) was willing to borrow $15 million recent years. in the United States in May 1962 at a cost But even if the costs that foreign countries of 6V4 per cent, on an issue not shown in the pay to borrow in the U.S. market are not table, although it had obtained the equivavery responsive to changing market condi- lent of $7 million on an issue with a 4% per tions, there is still a question whether the cent coupon floated in the Netherlands the range of variation that borrowers may ex- previous year. pect is large enough to influence the deci- Although these Scandinavian borrowers sions of these countries to borrow. The took advantage of lower (or at least apparanswer can be determined only on a case-by- ently lower) European rates when issues in case basis. Europe were possible, they were prepared to The evidence suggests that in many in- pay higher interest costs in New York when stances the changes in these costs that have necessary. occurred in recent years have not been large Aside from Canada, Australia is probably enough per se to affect foreign demands for the largest single borrower in foreign secu- U.S. funds to any great extent. The explana- rity markets. When possible, it has borrowed tion appears to lie in the fact that borrowing at a cost of 5Vi per cent or less both in the countries have not been able to meet their United States and abroad. But it has also large demands for external capital from any borrowed at 53A per cent through its recent other market than in the United States. The $100 million loan from the IBRD and at governments and other borrowers of these almost 6 per cent through issues here in countries in many instances have evidently 1961 and 1962. been willing to pay 6 per cent or more per The amount that Australia has borrowed year for U.S. capital. in particular foreign markets apparently de- Two examples. Recent offerings by some pends in large part on the availability of Scandinavian countries and by Australia funds in those markets. Since early 1958 it seem to substantiate this point. Norway was has borrowed more than $250 million through the U.S. market. It has borrowed an even larger amount in the United King- 5 Parenthetically, it may be noted that the underwritdom during this period, but most of these ing spreads are reported to be higher for foreign issues in the New York market than for foreign bond issues issues have been to refund maturing bonds. in London. In addition, new foreign issues in New Australia also borrowed the equivalent of York apparently involve additional costs to the borrower, among which are expenses incurred by the $60 million through several issues offered in underwriter in sounding out the potential market for the bonds and the legal expenses of arranging an issue. Nevin, op. cit., p. 85. Nevin concludes that "New York is an extremely 6 See International Financial News Service, Nov. expensive market in which to borrow." Op. cit. p. 105. 11, 1960. y Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW FOREIGN BOND ISSUES 595 Switzerland, in the Netherlands, and in try to an issuer at a given moment, New York has Canada. These issues, which were floated in proved a more convenient market than any other in which the issuer could raise these sums in sev- 1960 and 1961, carried yields to the investeral countries in one operation. ors ranging from 4.5 per cent in Switzerland to 5.9 per cent in Canada. The borrowing Purchases of foreign dollar bonds by forcost on the issue in Canada doubtless ex- eign investors do not, of course, represent a ceeded such costs on Australian issues in the capital outflow from the United States. But U.S. market. they have contributed to the continuing de- Australia's demonstrated requirements for velopment of the U.S. capital market as the foreign capital seem to indicate that modest principal center for international lending. increases in long-term interest rates affect no Foreign investors have found foreign dolmore than a small margin of its demand for lar bond issues attractive because they are U.S. capital. denominated in dollars and because yields Supplies of funds. Foreign issues in the on foreign governments' dollar issues are U.S. market attract funds from both U.S. often higher than those on bonds of the and foreign investors. In fact, the U.S. capital same governments issued in their domestic market has become a focal point for the in- markets and denominated in national curvestment of foreign capital. The managing rencies. In one notable instance, a foreign underwriter of a foreign issue offered in the government provided a special incentive to U.S. market often arranges a selling group ensure that an issue of dollar bonds was held comprising leading banks and dealers in the by U.S. investors.8 Furthermore, interest on major European countries. This group sup- foreign dollar bonds is not subject to the U.S. plements the distribution of bonds in this income tax when the bonds are held by aliens market by the U.S. underwriting syndicate. who are nonresidents. According to a prominent investment banker U.S. investors have been increasingly atexperienced in U.S. underwriting of foreign tracted by the yields on foreign bond issues. issues:7 In earlier years, investor interest was stimulated in part by IBRD studies of and loans to From the distribution standpoint, the functioncountries making public bond issues. More ing of a European selling group has often been more effective than the underwriting group .. . recently, and especially since currencies of By taking advantage of this New York invest- major European countries have been made ment banking mechanism, a foreign government or convertible, this factor has been less imporforeign private company is able to raise money in tant than the demonstrated financial strength the United States and in six or seven European of the industrial countries that are borrowers. countries simultaneously. The issuer thereby taps European markets which may not be open at the moment convenient to it, and also thereby raises 8 "One interesting example of an offering being tailarger sums than would be available to it in any lored to American buyers to increase their interest in one of these European markets. While only one or foreign bonds was the direct placement of $25 million Kingdom of Belgium 5lA per cent bonds in 1959. As two million dollars may be available in one counlong as these bonds are held by the original or other approved U.S. investors, they earn an extra 3A of 1 per cent or a total of 6 per cent per annum. If held by 7 Nathaniel Samuels, "The Investment Banking nonapproved investors only the regular coupon rate Background of Issuing and Marketing Foreign Securi- of 5V4 per cent is paid." Andrew N. Overbv, "Resurgties in the United States." Address delivered at a con- ence of Foreign Borrowing in the U.S.," Commercial ference on legal problems of international financing and Financial Chronicle, Vol. 192, No. 1006, Nov. 24, at the Yale Law School, Mar. 1-3, 1962, pp. 3, 4. 1960, p. 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
596 FEDERAL RESERVE BULLETIN • MAY 1963 While U.S. investor interest in foreign foreign bond issues if they influence the dollar bond issues has been growing, this extent to which U.S. investors purchase these development has been gradual. Again, ac- issues. One approach to testing this influence cording to Nathaniel Samuels:9 is to look at the proportions of U.S. participation relative to the volume of new Many major insurance companies remain well issues in different periods. Table 4 provides under their [legal] ceilings [for foreign bonds as prescribed in State laws], and those that have made data on new issues by European borrowers. a real effort as yet to reach for theirs are few. Pen- These data seem to corroborate the thesis sion funds, particularly those administered by comthat U.S. participation in foreign issues in mercial banks, have perhaps been the most conthe U.S. market may rise when markets are servative in buying foreign securities, although this relatively easy and yields on new issues of is rapidly changing. U.S. corporate bonds (and presumably on Effect of changing market conditions on other alternative investments) are declining supply. Changing capital market conditions or relatively low, and that they may fall when in this country affect capital outflows on markets are becoming tighter and yields on new issues of U.S. securities are near or at TABLE 4 peaks. U.S. PARTICIPATION IN EUROPEAN DOLLAR BOND Thus, when yields on new domestic issues ISSUES rose from the second to the third quarter of (Amounts in millions of dollars; yield in per cent) 1957, the relative share of U.S. participation U. S. participation yield on in European issues declined. And in the Onarter Total neW U' S> fourth quarter of 1958 it was lower than it quarter amount Percent corporate A™*1" oftola? issues had been earlier in the year when markets were easier. 1957—1 4.20 II 35 17 49 4.48 III 30 9 30 4.68 The capital outflow to Europe in the third IV 4.44 quarter of 1958 represented an offering by 1958—1 15 3 20 3.74 II I I I / \ 7711 2 17 5 1 / 5 « 9 .Q 4 3 .2 .6 7 5 the European Coal and Steel Community at IV 42 6 14 4.42 the beginning of the quarter. The U.S. yield 1959—1 39 15 38 4.32 II 52 34 65 4.72 figure to be compared with this particular III 22 18 82 4.94 IV 50 11 22 5.11 outflow is the June-July average (3.73 per 1960—1 3 3 100 4.86 cent) rather than the third-quarter average II 12 3 25 4.74 III 4.57 (4.27 per cent) shown in the table. IV 35 18 51 4.66 1961—1 15 14 93 4.31 Data for 1959 show relatively high U.S. II 32 23 72 4.53 III 4.53 participation in European bond issues in the IV 37 20 54 4.32 second and third quarters of the year, when 1962—1 50 35 70 4.40 II 138 89 64 4.10 markets were tightening and rates rising to III 20 15 75 4.25 IV 4 4 100 4.15 postwar peaks. However, this evidence does NOTE.—Total new issues include all public offerings and those not necessarily contradict the hypothesis private placements on which public information is available. U. S. participation is from balance of payments data published by the that less easy market conditions tend to deter Dept. of Commerce, adjusted as noted in Table 1. Offering yields are quarterly averages on new issues of high-grade corporate bonds; participation in foreign issues. Several major for source, see NOTE to Table 3. European issues in the first 3 quarters of 9 Op. cit., p. 9. More recently, several large insur- 1959 had special features that distinguished ance companies are reported to have come close to them from most foreign bonds and may have their ceilings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW FOREIGN BOND ISSUES 597 made them particularly attractive to U.S. given period, a supplementary indication investors.10 of variations in U.S. supply conditions is Finally, after U.S. market conditions desirable. eased following their late 1959 and early An alternative approach. Another way of 1960 stringency, and long-term interest judging the influence of changes in market rates receded from their highs of that period, conditions on the supply of U.S. capital for relative U.S. investor participation in Euro- foreign issues is to infer shifts in the supply pean issues increased in late 1960 and 1961. schedule from changes in the actual total Participation in individual issues. These amounts supplied by U.S. investors. Some illustrations seem to support the proposition foreign issues in the U.S. market are postthat U.S. participation in foreign issues ponable. If the supply of U.S. funds for varies with capital market conditions. But foreign issues is variable to a significant the evidence would be more convincing if degree, underwriters of foreign issues would it could be shown that the variation in U.S. doubtless adjust the flow of these issues in participation does not primarily reflect dif- response to changes in market conditions. ferent investor appraisals of, and preferences Thus, changes in the total, rather than in for, the issues of different foreign borrowers. the relative, participation of U.S. investors In general, however, such differences in in- in issues might provide an indication of vestor appraisals and preferences are a nor- changes in supply conditions in the U.S. mal attribute of a dynamic market process. market. For example, U.S. investor participation As shown in Table 1, the supply of U.S. in ECSC issues appears generally to have capital for foreign non-Canadian bond issues been higher than in Belgian issues, and cor- has risen in each year since 1958. The inrespondingly European participation in the creases were largest in 1960 and in 1962— latter appears to have been larger. It was both years in which U.S. capital markets noted earlier that the ratio of U.S. participa- were easing. tion in European issues declined from the The substantial increases in foreign nonsecond to the third quarter of 1957. This Canadian issues in these 2 years may have may simply have reflected the fact that a resulted in part from the responsiveness of $35 million ECSC issue accounted for Euro- supply to capital market conditions. pean borrowing in the second quarter and In neither of these instances is it feasible a $30 million Belgian issue for borrowing to make a quantitative estimate of the rein the third. sponsiveness of supply. But, after allowance Because the appraisals and preferences of for the long-term trend of growth of investor U.S. and foreign investors regarding bonds interest in foreign issues, the increases in of particular issuers may affect relative U.S. supply which could be attributable to shifts investor participation in foreign issues in a in capital market conditions appear modest. 10 Two corporate issues—one in the first quarter of CONCLUSION 1959 and one in the third quarter—both carried rights Different types of foreign bond issues in the for conversion into stock. They may have attracted investors not normally interested in foreign fixed- U.S. market are influenced in different ways interest securities. Likewise, the Belgian private place- by changes in capital market conditions. ment in the second quarter carried special incentives for U.S. investors (see footnote 8). Foreign issuers' demands for U.S. capital are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
598 FEDERAL RESERVE BULLETIN • MAY 1963 more likely to be affected by changes in Canada as well as the effects of changes in market conditions when the foreign bond exchange risks. These issues appear more has investment characteristics closely resem- affected by interest differentials, and thus by bling those of high-grade U.S. corporate Canadian financial policies, than by changes bonds. In that case, the cost to the foreign in U.S. market conditions. borrower may fluctuate with changes in U.S. Yields and borrowing costs on other forinterest rates. And if the foreign demand for eign bond issues have been well above those U.S. capital can readily be postponed, the on high-grade corporate bonds and have foreign issue may be withheld until capital fluctuated relatively little in response to market conditions are favorable. changes in capital market conditions in the The timing of bond issues of the IBRD United States. Thus, no more than a small and the IDB appears to have been influenced margin of the demands of these foreign isby capital market and interest rate condisuers is apparently affected by changes in tions. But over a number of years the total market conditions of the sort experienced in volume of U.S. borrowing by these Banks is recent years. probably determined by over-all capital requirements and the need to maintain rela- The supply of U.S. capital for these hightions with the U.S. market, if one assumes yielding foreign bonds may be influenced variation in market conditions of the sort by market conditions, increasing as the yield experienced in recent years. advantage on them rises. But this effect on Canadian bond issues in the United States the supply of capital is apparently not large have at times shown the influence of relative in relation to the total volume of new forcosts of borrowing in the United States and eign bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Member Bank Income, 1962 Member bank statements of income and FACTORS IN LOWER NET INCOME dividends for the year 1962 reflected these (In millions of dollars) developments: Change • Net income declined slightly from the Item from 1961 high level of the preceding year. Decrease in net income, total 17 • Current expenses rose more sharply Factors decreasing net income, total... 1,235 than operating revenues. Hence net earnings Increase in operating expense 968 Of interest paid on time deposits 638 on current operations were lower than in Of miscellaneous expense 330 1961. Nonoperating transactions 267 Decrease in profits on sale of securities 186 • The sharp increase in interest paid on Larger net increase in valuation reserves on loans. 51 Decrease in miscellaneous recoveries 17 time and savings deposits accounted for Increase in net losses on securities * 13 most of the rise in current expenses. Both Factors increasing net income, total. 1,218 Increase in operating revenue from earning assets. . . 937 deposits and the average rate of interest paid On loans 565 On U. S. Government securities 150 increased substantially. On other securities 116 On miscellaneous operating revenue 106 • Holdings of loans and securities and Decrease in provision for taxes on net income 141 rates of return on these assets increased. Nonoperating transactions 141 • Larger net losses on nonoperating Smaller net increase in valuation reserves on securities 97 transactions, primarily due to smaller profits D De e c c r r e e a a s s e e i i n n n m e i t s c lo e s ll s a e n s e o o n u s l o lo a s n s s e s ! 2 1 5 9 on sales of securities, contributed to the de- 1 Includes recoveries credited and losses charged to undivided cline in net income before taxes from year- profits or to valuation reserves. earlier levels. $13.7 billion higher than during 1961. This • Dividend payments were increased in increase—the largest for any recent year— proportion to the increase in total capital consisted of $8.1 billion in loans, $1.9 bilaccounts. lion in U.S. Government securities, and $3.7 • The ratio of net income to capital declined from 9.6 per cent in 1961 to 8.9 per billion in other securities. Holdings in Govcent because of the decline in net income ernment securities began to decline near the and the growth of capital accounts. end of the year and were lower in December • Ratios of capital to total assets, to 1962 than a year earlier. Member banks risk assets, and to deposits declined from continued to add to their holdings of loans year-earlier levels. and other securities, and year-end comparisons showed larger increases than the aver- EARNING ASSETS AND OPERATING REVENUES ages for the four consecutive call dates. Within broad categories of earning assets, Average holdings of earning assets of member banks during 1962 were $182 billion, member banks generally added to their holdings of those paying higher returns to NOTE.—This article was prepared by Seymour Gomeet increased interest costs of time and lodner of the Board's Division of Bank Operations. 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
600 FEDERAL RESERVE BULLETIN • MAY 1963 savings deposits. Although all classifications to risk assets—that is, total assets less U.S. of loans showed increases, the largest were Government securities and cash—declined in commercial and industrial, real estate, from 14.5 per cent to 14.0 per cent priand other loans to individuals (consumer marily owing to the increases in loans and loans). other securities. This represented a return Among holdings of U.S. Government se- to the downward trend of this ratio after a curities, increases in holdings of certificates small rise in 1961. and notes with longer maturities more than Total operating revenues of member offset declines in short-term Treasury bills banks rose to $10,154 million, $937 million, and notes maturing in 1 year or less. Hold- or 10 per cent, more than in 1961. ings of bonds in the 1- to 5-year maturity Higher rates of return accompanied the group were reduced sharply, and there was expansion in average holdings of loans and a corresponding increase in the 5- to 10- securities, and revenues from these sources year group. The increase in other securities increased substantially. Revenue on loans was almost entirely in issues of States and was $565 million more than in 1961, and local governments, which generally have the rate of return rose from 5.84 to 5.93 high after-tax yields. per cent. The ratio of average total capital accounts Revenue on U.S. Government securities MEMBER BANK INCOME, 1951-62 (Dollar amounts in millions) Item 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 Revenue $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 $8,075 $8,928 $9,217 $10,154 On U. S. Government securities 832 929 1,011 1,066 1,118 1,101 1,168 1,266 1,399 1,414 1,537 1,687 On other securities 211 235 252 273 296 308 339 411 445 467 513 629 On loans 2,003 2,306 2,632 2,711 3,083 3,725 4,208 4,326 5,021 5,730 5,870 6,435 Service charges on deposits accounts. 187 198 219 252 274 310 354 389 422 464 495 532 Other revenue 436 452 477 523 572 634 702 734 788 853 802 870 Expenses 1 2,232 2,501 2,782 2,999 3,265 3,680 4,222 4,617 5,140 5,655 6,074 7,041 Salaries and wages 1,125 1,244 1,371 1,463 1,571 1,735 1,877 1,981 2,118 2,289 2,363 2,501 Officer and employee benefits. 331 364 Interest on time deposits 306 365 425 494 543 650 927 1,123 1,280 1,434 1,720 2,358 Net occupancy expense 424 459 Other expenses " soi "893 "985" i',042 i295 ^512 i',742* i',932 1,236 1,360 Net current earnings before income taxes. 1,437 1,619 1,809 1,828 2,077 2,398 2,549 2,510 2,935 3,273 3,143 3,112 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 190 181 251 +73 401 654 485 +96 904 344 181 308 Profits and recoveries (+), losses and charge-offs: On securities 2 129 +315 189 326 211 + 535 792 +72 +351 + 152 On loans 2 , 43 30 39 81 59 47 37 179 157 132 Other 40 47 34 18 39 49 31 25 29 27 Net increase (or decrease,-}-) in valuation reserves: On securities 4 + 13 + 11 63 + 37 +32 + 10 189 + 140 64 123 26 On loans 124 81 51 102 176 261 187 153 184 148 224 275 Net income before related taxes. 1,247 1,437 1,558 1,900 1,676 1,744 2,063 2,606 2,032 2,929 2,962 2,805 Taxes on net income 491 608 692 804 691 718 895 1,148 775 1,241 1,250 1,110 Net income 756 829 865 1,096 985 1,027 1,169 1,457 1,257 1,689 1,712 1,695 Cash dividends declared 3 . 371 390 419 456 501 547 604 646 690 735 793 832 Ratio of net income to average total capital accounts (per cent) 7.6 7.9 7.9 9.4 7.9 7.8 8.4 9.7 7.9 10.1 9.6 8.9 Number of banks at end of year. 6,840 6,798 6,743 6,660 6,543 6,462 6,393 6,312 6,233 6,174 6,113 6,047 1 Expenses were reclassified in 1961 as described on pages 526-27 divided profits or to valuation reserves and excludes transfers to and of the May 1962 BULLETIN. from valuation reserves. 2 Includes recoveries credited and losses charged either to un- 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK INCOME, 1962 601 CHANGES IN MEMBER BANK AVERAGE LOANS AND rose $638 million and absorbed $2,358 mil- INVESTMENTS, 1962 lion, or 23 per cent, of total current operat- (Dollar amounts in millions) ing revenues in 1962. Interest costs now approach direct compensation of officers Change from Average average, 1961 Item amount, and employees in importance among ex- 1962 Amount Percentage pense items. Both the deposits and the average rate Total loans and investments. 182,221 13,700 8.1 paid on them have been rising sharply since Loans * 108,551 8,105 8.1 Commercial and industrial 41,303 2,293 5.9 1956 when the maximum rates banks were Agricultural 4,045 403 11.1 For purchasing and carrying securities 5,205 779 17.6 permitted to pay on time and savings de- To financial institutions 8,408 907 12.1 Real estate 24,995 2,036 8.9 posits were raised. Effective at the beginning Other loans to individuals 23,481 1,349 6.1 All other 3,424 553 19.3 of 1962, maximum permissible rates were U.S. Government securities 52,343 1,927 3.8 raised again. Treasury bills, notes, and certificates 30,609 5,124 20.1 Bonds 2 21,733 -3,197 -12.8 These successively higher rate ceilings Other securities 21,328 3,669 20.8 were adopted by most banks. The average State and local government 18,534 3,344 22.0 Other 2,795 325 13.2 rate of interest paid on these deposits jumped from 2.73 in 1961 to 3.23 per cent 1 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. in 1962. In 1956 the average had been 1.58 2 Includes small amount of guaranteed obligations. per cent. NOTE.—Figures are averages of amounts reported for four consecutive official call dates beginning with the end of the previous year and ending with the fall call of the current year. The volume of such deposits has also increased substantially. Average time and was $150 million, or 10 per cent, higher savings deposits held in member banks durthan in 1961, because of the larger average ing 1962 were 16 per cent above the 1961 holdings and a rate of return that rose to average. This compares with a 15 per cent 3.22 from 3.05 per cent. Larger average increase between 1960 and 1961, which had holdings and a higher rate of return also re- been the largest for a number of years. The sulted in an increase of $116 million in reve- average volume of time and savings deposits nue on other securities. Revenues from other also increased in relation to total deposits securities increased in relation to total reve- and now represents nearly 36 per cent of nue, while all other individual sources of all deposits at member banks. In 1956 time revenue did not change significantly as a and savings deposits had averaged 26 per proportion of the total. cent of total deposits. The increases in average rates of return Salaries and wages of officers and emoccurred despite a general downward move- ployees accounted for $138 million of the ment in yields on longer-term investments. increase in operating expenses during the year, as both the number and the average EXPENSES compensation continued to expand. Fringe Total expenses of member banks of $7,041 benefits for officers and employees, repremillion were $968 million, or 16 per cent, senting such expenses to the bank as hosmore than in 1961. pitalization and life insurance premiums, The rise in interest paid on time and unemployment and social security taxes, savings deposits accounted for nearly two- and current contributions to retirement thirds of the increase. This expense item funds, amounted to $364 million for those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
602 FEDERAL RESERVE BULLETIN • MAY 1963 working on banking operations. This was with a reduction of $181 million in 1961. $33 million, or 10 per cent, more than in Member banks have shown a net gain from 1961 and represented 14.5 per cent of the these transactions in only three postwar amount of direct compensation paid in the years—1946, 1954, and 1958—when profform of wages, salaries, and bonuses. its on sales of securities more than offset After deduction of rents received, ex- other transactions on loans and securities penses related to the occupancy of bank that tend to reduce net income. premises amounted to $459 million and ac- In 1962, transactions in securities recounted for 6.5 per cent of total expenses. sulted in a $126 million increase in net in- Furniture and equipment expense amounted come compared with an increase of $229 to $218 million. million in 1961. Lower profits on sales of securities accounted for the difference; PROFITS, RECOVERIES, LOSSES, AND losses and charge-offs rose only slightly. TRANSFERS TO VALUATION RESERVES Transactions in loans, including transfers Nonoperating transactions reduced net in- to valuation reserves, reduced reported net come by $308 million in 1962 compared income by $406 million in 1962, compared MEMBER BANK INCOME, BY CLASS OF BANK, 1962 AND 1961 (Dollar amounts in millions) Reserve city banks Total Country bariks ...... NewYork Chicago Other 1962 1961 1962 1961 1962 1961 1962 1961 1962 1961 Revenue $10,154 $9,217 $1,644 $1,492 $406 $354 $3,902 $3,583 $4,202 $3,788 On u S Government securities . .. 1,687 1,537 228 215 65 60 595 551 798 711 On other securities 629 513 106 81 33 23 211 169 279 241 On loans .. . . 6,435 5,870 1,017 918 250 221 2 552 2 365 2,616 2 365 All other 1,403 1,297 293 277 57 50 545 498 509 471 Expenses * • 7,041 6,074 1,010 848 255 188 2,703 2,334 3,074 2 703 Salaries and wases 2,501 2,363 385 360 85 75 956 915 1,075 1,013 Officer and. employee benefits 364 331 83 73 18 16 130 120 132 122 Interest on time deposits 2,358 1,720 211 188 95 49 948 679 1,038 804 Net occupancy expense 459 424 90 81 14 13 163 149 192 181 All other . . .. 1,360 1,236 175 146 43 35 505 471 636 583 Net current earnings before income taxes 3,112 3,143 634 643 151 166 1,199 1,248 1,128 1,085 >Jet of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 308 181 59 50 18 11 126 47 105 72 Profits and recoveries (+), losses and charge-offs: On securities ^ .. .. + 152 + 351 +25 +65 + 10 +45 + 53 + 131 +64 + 109 On loans 2 132 157 15 26 4 51 66 63 61 Other 27 29 6 8 2 2 12 +2 7 21 Net increase (or decrease, +) in valuation reserves: On securities 26 123 + 1 7 +4 34 22 52 9 29 On loans 275 224 64 74 27 16 94 63 90 71 Net income before related taxes 2,805 2,962 575 593 133 155 1,073 1,201 1,024 1,013 Taxes on net income 1,110 1,250 242 257 49 76 454 533 364 384 Net income 1,695 1,712 333 336 83 79 619 668 660 629 Cash dividends declared 3 832 793 191 182 33 31 336 321 271 257 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts 16.3 17.5 16.7 17.8 16.4 19.8 17.2 18.9 15.3 15.9 Average total assets 1.34 1.46 1.50 1.66 1.43 1.82 1.37 1.51 1.24 1.29 Net income to— Average total capital accounts 8.9 9.6 8.8 9.3 9.1 9.4 8.9 10.1 8.9 9.2 Average total assets .73 .80 .79 .87 .79 .86 .71 .81 .72 .75 1 Expenses were reclassified in 1961 as described on pages 526-27 profits or to valuation reserves and excludes transfers to and from of the May 1962 BULLETIN. valuation reserves. 2 Includes recoveries credited and losses charged either to undivided 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK INCOME, 1962 603 with $381 million reported in 1961. This represented 40 per cent of income before represented the largest "net loss" reported on taxes, compared with 42 per cent in 1961. these transactions in recent years. Losses and charge-offs on all other bank assets re- CASH DIVIDENDS duced net income by $27 million, about the Cash dividends declared amounted to $832 same as in other recent years. million, $39 million more than in 1961. This represented 49 per cent of net income Member banks increased their valuation after taxes compared with 46 per cent the reserves on loans by $275 million. These previous year. The ratio of cash dividends reserves have expanded each year since to average total capital accounts remained 1948 when they were first reported; the inat 4.4 per cent, where it has been since 1959. crease in 1962 was the largest since then. Banks retained $863 million of their in- Valuation reserves on securities were income for addition to capital; this was $56 creased by $26 million. million less than in 1961. Retained income accounted for 71 per cent of the increase INCOME TAXES in total capital accounts during the year. As a result of the decrease in net income Revenues, expenses, and income by rebefore taxes and proportionately larger inserve classifications of member banks for come from tax exempt investments, pro- 1961 and 1962 are shown in the accomvisions for income taxes were $141 million panying table. Detailed figures on income, less in 1962 than in 1961. The total pro- expense, and related items appear on pages vided for this purpose, $1,110 million, 710-18. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements on Bill to Establish A Federal Banking Commission Statement of William McChesney Martin, "not urgent" is often taken to mean that we Jr., Chairman, Board of Governors of the can forget about it, and I hasten to add that Federal Reserve System, before the Sub- I am not using the words in that sense. This committee on Bank Supervision and Insur- is a matter which must be dealt with, but ance of the House Committee on Banking one which, fortunately, I think we can afford and Currency on H.R. 5874, May 8, 1963. to handle carefully and judiciously, rather than in haste. Full discussion of the pros and cons of various approaches to the problem I want to make clear at the outset that in appropriate public forums is one of the in this instance I am appearing in my inthings that is necessary if we are to obtain dividual capacity as Chairman and one the best judgments of the many groups that member of the Board of Governors of the would be affected directly and indirectly by Federal Reserve System, rather than as a a change in the bank supervisory structure. spokesman for the Board as a whole. The We are all indebted to the Commission Board's views on H.R. 729 have already on Money and Credit for stimulating such been provided to you in writing, and my discussion by its Report 2 years ago. Since statement today will relate only to H.R. then, understanding of the problem and one 5874, which would establish a Federal possible approach to its solution have been banking commission to administer all Fedfurthered on several occasions by addresses eral laws relating to the examination and by my colleague, Governor Robertson. supervision of banks. More recently the Advsory Committee on I am glad that you will hear from other Banking to the Comptroller of the Currency members of the Board today, so you will has contributed to the discussion, as has Mr. have an opportunity to observe for yourself Cocke, the Chairman of the Federal Deposit the points at which our views coincide and Insurance Corporation. Finally, we have diverge. had within the past few weeks some further Let me say that I feel that this procedure examination into the question by the Presiis especially appropriate in this case. As I dents' Committee on Financial Institutions, will develop later in my statement, I believe on which I was privileged to serve. All this that we are confronted with a real problem has been useful, but it is only through the in the field of bank supervision in the United introduction of a bill like H.R. 5874, and States. I do not agree with those who feel hearings like these, that we will get the that it will either disappear with the passage crystallization of views that is essential to of time or solve itself without legislative constructive legislation. action. On the other hand, I do not feel that Before turning to my own views on the it is an urgent problem. proposed legislation, it may be helpful if I Here in Washington to say something is review briefly the history of the present ar- 604 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 605 rangements and various alternatives that and, in addition, any other State bank can have been suggested. obtain deposit insurance by voluntarily ac- The fact that this is its centenary year cepting the requirements of the deposit inmakes us especially alert to the fact that the surance legislation and becoming subject to present banking structure began as far back supervision by the FDIC. as 1863, when Congress passed the statute Thus the two-way division of Federal that became known as the National Bank bank supervision that had existed since Act. This Act provided for the chartering 1913, became a three-way division in 1933, and supervision of national banks by the the Comptroller of the Currency having Office of the Comptroller of the Currency, principal responsibility for supervision of a bureau of the Treasury Department. As national banks, the Federal Reserve for the name of the office implies, a principal State member banks, and the FDIC for inreason for the legislation was to provide a sured State nonmember banks. new form of currency—national bank notes In two instances since 1933, Congress that national banks issued against the has placed responsibility for regulation of pledge of U.S. Government securities. Al- all banks in a single Federal agency. The though now discontinued, national bank Securities Exchange Act of 1934 placed notes for many years were this country's upon the Federal Reserve Board unified reprincipal form of currency. sponsibility for regulations regarding stock When the National Bank Act was passed, market credit, not only the margin requirethere were many thousands of State banks ments applicable to brokers and dealers, but in the United States. However, there was no also the similar regulations that apply to all Federal supervision of State banks until a banks, even noninsured banks. The Bank half century later, when Congress passed the Holding Company Act of 1956 established Federal Reserve Act. One of the purposes unified supervision of bank holding comstated in the preamble to the Federal Re- panies; it requires the Federal Reserve serve Act was "to establish a more effective Board to pass on applications of such a supervision of banking in the United States holding company to acquire the stock of . . . ." All national banks are required to any bank, even a noninsured bank. In genbe members of the Federal Reserve System eral, however, the three-way division of Fedcreated by the Act, and any State bank can eral bank supervision established in 1933 voluntarily became a member of the System has continued. For example, the bank by accepting the requirements of the Act merger legislation of 1960 divided responsiand becoming subject to supervision by the bility for bank mergers among the three Federal Reserve. supervisory agencies, depending on whether A third group of banks was brought un- the continuing bank would be a national der Federal supervision by the Banking Act bank, State member bank, or an insured of 1933, which established the Federal De- State nonmember bank. The Act provides posit Insurance Corporation and provided that the agency that must pass on a profor the insurance of bank deposits. All mem- posed merger must obtain from the other ber banks of the Federal Reserve System, two agencies and also from the Attorney both national and State, were required to General a report on the competitive factors have their deposits insured by the FDIC, involved. In 1962, following a recommenda- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
606 FEDERAL RESERVE BULLETIN • MAY 1963 tion the Federal Reserve Board had made in side by side or across the street from each 1957 and renewed in 1962, Congress trans- other. Accordingly, different rules applied ferred authority over trust powers of national by the different agencies can profoundly banks from the Federal Reserve to the affect competitive relations between different Comptroller of the Currency. banks. As of the end of 1962, about 98 per cent Over the years there has been a considerof all the commercial banks of the country able amount of cooperation among the were subject to one or another of the three agencies and with the State supervisors, with types of Federal bank supervision, and the a view to developing and maintaining debanks so subject had about 99 per cent of sirable and uniform standards of bank suthe deposits of all commercial banks. pervision. An outstanding example is the Roughly, 34 per cent of the banks in the agreement on bank examination and report- United States with 54 per cent of the de- ing procedure that was worked out by the posits are chartered as national banks, three agencies and the Executive Committee supervised by the Comptroller of the Cur- of the National Association of Supervisors rency, and as indicated are also members of State Banks in 1938, and revised in 1949. of the Federal Reserve System. An addi- The present three-way division of Fedtional 11 per cent of the banks, holding 29 eral bank supervision has been strongly per cent of the deposits, are chartered by supported and also strongly criticized. the States in which they are located but Those favoring the present structure offer maintain voluntary membership in the Sys- essentially two arguments. They say (1) tem. Finally, 53 per cent of the banks, hold- that it prevents an undue concentration of ing 16 per cent of the deposits, are insured powers, and (2) that it works reasonably nonmembers. well. Those opposing the present structure To speak of a three-way division of Fed- disagree with both those arguments. As to eral bank supervision, as I have been doing, the first, they point out that such divided really is something of a simplification of the supervisory responsibility is most unusual, actual situation. Banks under the principal in fact is virtually unique to the field of supervision of one agency are also subject banking; and they insist that there is no such to regulation by one or more of the others. difference between this industry and others For example, both national and State mem- as to justify such a widely different superber banks are subject to regulations of the visory structure. As to the second, they as- Board on several subjects, both national and sert that the divided responsibility leads to State members are subject to regulations of inefficiency, conflicting policies, and lowthe Comptroller of the Currency on the pur- ered standards; that necessary consistency chase of investment securities, and all three in policies can be achieved, if at all, only types of banks pay insurance assessments to by the expenditure of inordinate amounts of the FDIC. time and effort. The banks principally supervised by the Without attempting here to appraise the three different agencies are frequently in arguments pro or con, I can say from perdirect competition with each other for the sonal experience that the present structure same kinds of banking business. They are does require that considerable time be deoften located in the same communities, even voted to liaison, coordination, cooperation, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 607 and negotiation among the various parts from examination and supervision is exinto which the structure is divided. tremely helpful in the difficult and fluid task There have been various proposals for of adjusting monetary policies to constantly changing the present organizational setup. changing conditions. Monetary policy can- Some of the more recent plans illustrate the not be effectively conducted in isolation. range of possibilities. The present bill attempts to deal with the The Commission on Money and Credit problem by continuing the present authority recommended that responsibility for all Fed- of the Board to require reports from naeral supervision over commercial banks be tional and State member banks of the Fedtransferred to the Federal Reserve, thus uni- eral Reserve System and by providing that fying responsibility. Some have argued that the new Federal banking commission "may this might overburden the System and inter- furnish" reports of examination to the Fedfere with its responsibilities for monetary eral Reserve. There is some question policy. However, others assert that unifica- whether such provisions are an adequate tion of the structure would release much substitute for the intimate and often nonvaluable Board time now devoted to efforts statistical knowledge of banks, bankers, and at coordination; and that further economies banking conditions that is presently obcould be achieved, if necessary, by statu- tained through the exercise of supervisory tory provisions, like those applicable to responsibilities. other agencies, authorizing the Board to Chairman Cocke of the FDIC has sugdelegate some of its duties, thus enabling it gested another approach to changes in the to establish general policies without becom- present supervisory organization. He has ing weighted down with the details of im- suggested that the Federal Reserve be replementation. lieved of responsibility for bank supervision The present bill, H.R. 5874, is similar to and that the FDIC should examine all inthe proposal by Governor Robertson, which sured banks, alternating examinations of I mentioned earlier. It would transfer all national banks with the Comptroller of the Federal bank supervisory responsibilities to Currency and of State banks with the State a new 5-man Federal banking commission. authorities. The proposal apparently con- It would unify bank supervision and would templates that the Federal Reserve would relieve the Federal Reserve of all responsi- continue to receive reports and that it would bility for this function. have a small staff of qualified people to re- Some assert that elimination of the Fed- view these reports and on occasion to exeral Reserve from bank supervision would amine commercial banks. hinder rather help the formulation and exe- The Advisory Committee on Banking cution of monetary policy. The Federal Re- appointed by the Comptroller of the Curserve is vitally concerned with the sound- rency recommended that the Federal Reness, flexibility, and competitive structure serve be divested of all supervisory responof commercial banking, since these banking sibilities and that all supervisory, examinacharacteristics can greatly affect the trans- tion, and regulatory authority relating to mission of monetary policy actions to the national banks be transferred to the Compgeneral economy. Similarly, the intimate troller of the Currency. Under this proposal knowledge of banking conditions that comes all such authority over State chartered banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
608 FEDERAL RESERVE BULLETIN • MAY 1963 would be transferred to the FDIC, but In my position as Chairman of the Board authority to approve branches of State banks of Governors I have had an unusual opporwould be relinquished to the State super- tunity to discuss the substance of H.R. visory authorities. The FDIC would be re- 5874, and other proposals for reorganizaorganized under a single administrator and tion of bank supervision, informally with transferred to the Treasury Department. members of the Congress, Government offi- The report of the Advisory Committee does cials, bankers, businessmen, college profesnot discuss the question of how the Federal sors, and other citizens who cannot be Reserve would obtain adequate banking in- readily classified in any of these groups. I formation to enable it to discharge effecam convinced that many of those who have tively its monetary responsibilities. the broadest knowledge and experience in From this brief outline of the present or- this field have not resolved in their own ganizational structure of Federal bank su- minds the best way to proceed, if we are pervision, of how it developed, and of to foster the kind of development of our various proposals for changes, it can be seen banking system that will make the greatest that the subject is complex and that it incontribution to strength and growth of the volves a variety of different considerations. American economy. The present setup, and also various propos- The present arrangements are cumberals for changes, each have both advantages some and unwieldy, but they can, I think, and disadvantages. be made to work better, even within the As is perhaps already apparent, I would scope of the present law, as was pointed out not favor action on H.R. 5874 without exin the recent Report of the Committee on ploring further the other alternatives. It may Financial Institutions to the President. We be that after we have carefully considered should all do everything in our power to the other proposals that have already been make them do so. Simultaneously, we made, and additional alternatives that may should move ahead deliberately to examine be forthcoming, we will return to an apthe advantages and disadvantages of various proach along the lines of this bill. I would possibilities and develop a plan that will certainly not want to rule out that possiprovide for sound and constructive adminisbility. But I am not yet persuaded that this tration of Federal law in the field of bank bill provides the best solution that can be supervision in the years ahead. devised. Statement of J. L. Robertson, Member of this is a complicated bill. By far the greater the Board of Governors of the Federal Re- part comprises necessary transitional proserve System, before the Subcommittee on visions and technical changes such as the Bank Supervision and Insurance of the deletion of complex statutes that this bill House Committee on Banking and Currency would render obsolete, changes in nomenon H.R. 5874, May 8, 1963. clature, and so on. The significant provisions take up less than 10 pages; in fact, if I hope no one is misled by the 97 pages of H.R. 5874 into the erroneous notion that one reads the statement of policy and pages Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 609 4 through 11, he knows what the bill is twice normal volume; the second is reabout. quired to maintain uniform volume at all What is H.R. 5874 about? What would times; the third must reduce volume by 50 it do? Actually, Mr. Chairman, it is about per cent during commercials. One is pera situation so obviously and admittedly un- mitted to use 50,000 watts, even though this satisfactory, and would provide a solution interferes with reception of its competitors so obviously sound, reasonable, and effec- down the block. One is required to provide tive, that an intelligent visitor from another "equal time" for political candidates, while planet might be puzzled at its being a matter its rivals may grant or refuse time as they of controversy, to be argued about at length see fit. before busy committees of the Congress. Perhaps air transport would provide a This bill would put an end to the existing better illustration. Imagine two competing hodgepodge in Federal supervision of the lines on the Philadelphia-Chicago route. banking industry. It would do this in a very One is permitted to provide coach service simple and practical way—by unifying in a for $30, including a steak dinner; the other, single agency, concerned exclusively with with similar equipment, is required to the supervision of banking, functions that charge $32 and is restricted to an American are now, by unfortunate historical accident, cheese sandwich. scattered among three authorities: the Of course, these imaginary situations are bureau of the Comptroller of the Currency, ludicrous. Any such situation would be unthe Federal Reserve System, and the Fed- thinkable and intolerable, one would say; eral Deposit Insurance Corporation. and yet, Mr. Chairman, this is essentially I have been involved in Federal super- the way Federal supervision of banking is vision of banking for over 30 years—ever set up today. The illustrations I could prosince the beginning, in 1933, of this Triple vide from banking are more involved and Entente (which, regrettably, has not always less dramatic—that is the nature of bankbeen an Entente Cordiale). My memory is ing—but that is the only difference. so crowded with occurrences that demon- Suppose, in the imaginery instances I strated the defects of the present arrange- have mentioned, a bill was introduced to ment that I hardly know where to begin. correct the obvious difficulties by combining Imagine, Mr. Chairman, a city served by the three agencies into one. And suppose 3 television stations—all regulated by the further that the bill was opposed on the Federal government, as is actually the case. ground that perhaps the three might be able But in my supposititious situation, absurd to work out an endurable modus vivendi as it may seem, each station is supervised by constant consultation, solicitation of by a different agency: one by the Federal each other's views, and study of each other's Communications Commission, one by a rules and decisions. I sincerely hope that Federal Television Board, and one by a the congressional committee would ask: Federal TV Authority. Each of these agen- "Why should we continue to muddle along cies issues its own regulations and interprets with such an awkward, inefficient, expensive the laws as they apply to the stations within arrangement, rather than adopt a simple and its jurisdiction. Consequently, one station obvious solution that is better in every reis permitted to broadcast commercials at spect?" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
610 FEDERAL RESERVE BULLETIN • MAY 1963 I shall not weary the committee with a upon loses the account to Bank B, whose long catalogue of the built-in deficiencies supervisor, interpreting the same law and of the present structure of Federal bank su- regulation, rules to the contrary. pervision. A handful of instances should In 1960 the Congress passed the Bank suffice. Some of us can recall, for example, Merger Act, which "in the interests of unithe prolonged controversy over absorption form standards" required the three banking of exchange charges. Bank A may solicit an agencies to "report" to each other on every important account by offering to absorb all proposed merger. Ever since, streams of such charges for a prospective customer, documents have been flowing between us. but its competitor across the street, Bank B, Every single merger must be studied by all also subject to Federal supervision—but by three agencies. In the past 3 years the mema different supervisor!—is forbidden to do bers and staffs of the three agencies have so. This particular struggle "culminated" spent on this task innumerable hours that 20 years ago in extensive hearings before were urgently needed for something more this committee and its Senate counterpart, constructive than this duplication of effort. but no solution was developed. I should The worst of it is that the duplication has guess that banks and supervisors have seri- been fruitless; nothing resembling "uniform ously tried a half dozen suggested compro- standards" has evolved. mises, but the problem is as troublesome to- Particular instances like these are easy to day as it was 20 years ago. And this is a pinpoint. However, the most detrimental situation that would not exist if there were results of our divided responsibility are not one Federal bank supervisory authority the direct conflicts and inconsistencies, but rather than three. rather the delay it causes in the perform- There is hardly a sector of bank super- ance of our functions and—most fundavision of which a similar sad tale could not mental of all—the seemingly insurmountbe told. In the same town, and subject to able obstacles to adequate and correct perthe same Federal laws and regulations— formance. No Federal bank supervisory but different supervisors—one bank may agency has readily available all the basic acquire stock of corporations (even the information that is needed for sound decicontrolling stock of another bank), but its sions as to bank charters, branch permits, competitor may not; one is denied the privi- mergers, and all the rest. Much of the essenlege of establishing a drive-in branch, but tial information must be obtained secondthe other may do so on the ground that the hand from other agencies. facility is not a branch at all; one must It may reasonably be asked whether the apprise the public of its condition 4 times Federal bank supervisory structure can be a year, but the other (although subject to as indefensible, its operations as clumsy and the same law regarding the number of re- inequitable, and the solution to all this as ports) only twice a year. Bank A regret- simple and obvious, as I maintain. We have fully but truthfully informs a valued custo- had three bank supervisory authorities for mer, such as a hospitalization cooperative, almost 30 years. If this arrangement is so that it is forbidden by its Federal supervisor irrational and productive of so much fricto extend to it the privileges of an interest- tion, waste, and unfairness, why has it been bearing savings account. Bank A there- so long endured? The answers to these ques- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 611 tions not only may be illuminating histori- ductive effort—has gone into "consultation, cally, but may explain and dissipate some coordination, and cooperation" (to use the of the opposition to H.R. 5874. standard euphemisms) necessitated by the Federal bank supervision began just a diffusion of supervisory responsibility. If century ago, with the establishment of the these efforts had succeeded, we probably National Banking System. The Federal Re- would try to make do with the present serve Act of 1913 added a second supervi- arrangement, despite its defects, for another sory body, and 20 years later the Federal decade or two. But as the President's Com- Deposit Insurance Act created the third. mittee on Financial Institutions pointed out Both of these additions stemmed from eco- in last month's Report, our "cooperation nomic crises—the Federal Reserve System and coordination" have not been successful; from the panic of 1907, and the Federal the Report notes that exchange of full infor- Deposit Insurance Corporation from the mation and joint efforts recently have great depression. The need for each was ur- broken down. It is no accident that numergent and its benefits patent; for this reason ous officials, committees, and commissions, "details" of structure and administration in and out of Government, have suggested were matters of little concern, and perhaps all manner of expedients during the past 2 that was warranted. However, after these years. fundamental improvements were achieved, May I repeat, Mr. Chairman: The bill beand the structural deficiencies revealed fore your Committee is designed to do, and themselves, no correction was made, not- would do, just one thing—it would unify withstanding the introduction in Congress Federal supervision of banking. But simply of several specific bills and some strong calls by doing this, it would accomplish much for action by the Brookings Institution, the more. It would end much friction and con- Hoover Commission, the Committee for flict among banks and bank supervisors. It Economic Development's Commission on would eliminate wasteful duplication and Money and Credit, and even—at one stage overlapping among agencies. It would abol- —the Board of Governors of the Federal ish the existing "triple standard" and enable Reserve System. the banking industry to operate under a How can this inaction be accounted for single, consistent set of rules, as far as Fedif a satisfactory solution is so readily avail- eral supervision is concerned. It would do able? I should like to answer in the words away with a dangerous tendency toward a of the Declaration of Independence: "... all "race of laxity" in bank supervision that will experience hath shown, that mankind are lead, at an accelerating rate, to deterioration more disposed to suffer, while evils are of the standards of sound banking which sufferable, than to right themselves by abol- it is a function of bank supervision to mainishing the forms to which they are accus- tain. And it would enable the Federal Retomed." And I might add, as did Thomas serve Board, of which I am a member, to Jefferson, "To prove this, let Facts be sub- devote its time and attention exclusively to mitted to a candid world." its most vital—and increasingly difficult— The American banking system—and its function: the formulation and execution of supervisors—has "suffered" a long time. It monetary policy for the leading industrial is painful to recall how much effort—unpro- nation of the world. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
612 FEDERAL RESERVE BULLETIN • MAY 1963 I do not wish to give the impression that, measure, he may be asked to explain its by escaping from the chamber of horrors provisions, but that burden is seldom imin which we find ourselves, we shall auto- posed on the "disinterested observer" or the matically emerge into a brave new world opponent. This is particularly true, it seems, when the pending bill is enacted. If one were if opposition is based on one of the accepted to say that, of course it would be a mislead- cliches. I should like to mention a few of ing oversimplification. H.R. 5874 would not these, and to comment on them: (1) "The solve all questions of banking, its laws and bill would create a Federal superagency in regulations, and its supervision. The bill the banking field." (2) "H.R. 5874 would does not purport to do anything of the sort. jeopardize the dual banking system." (3) It would not change the substantive laws "This proposal would result in a dangerous and regulations under which the American concentration of power over banking," or, banking system operates. It would not—it swinging around 180 degrees, (4) "A unicould not—solve the complex problems of fied Federal agency would soon become the accommodation that are inherent in a dual spokesman for the banking industry rather banking system. It would simply set in order than its supervisor." And finally, (5) "If the house of Federal bank supervision so there is one thing we don't need it's another that more fundamental problems could Federal commission!" thereafter be dealt with in an effective and As applied to H.R. 5874, all of these constructive way. cliches are superficial and erroneous. Some, In view of the foregoing, how are we to I regret to say, seem to be red herrings account for the absence of universal en- drawn across the trail by persons who are thusiasm for this bill? For lukewarm accept- opposed to improvement in Federal bank ance in some quarters, and downright oppo- supervision for reasons that are not in the sition in others? public interest. Neither this problem nor any In my opinion, it is due principally to other will be solved if we defer to well-worn lack of complete understanding of the bill catch phrases. Charges of the kind I have and its effects. Everyone has more jobs to described must be examined in the light of do than he can get done—immediate jobs, the facts, the realities, and when so exammore exigent than reading and analyzing a ined they prove to be without substance. document that looks as formidable as H.R. The pending bill simply does not "create 5874. And unless a proposal is compre- a Federal superagency." The proposed comhended, there is an understandable fear of mission would have no new powers over the the unknown, and an inclination to support banking industry, but only those that are now the status quo. But since last week, when exercised by one or more of the three agenthe excellent analysis prepared by the staff cies. This is not quite true; it would have of this committee became available, there is one new and important power—the power no longer any excuse for such lack of under- to administer the Federal banking laws in a standing and fear of the unknown. consistent, equitable, and efficient manner, I hope it is realistic, rather than unduly to establish uniform ground rules that would cynical, to say also that it is easier, espe- aid, rather than impede, the progress of the cially for one who has not read this bill, to entire banking industry and equalize comtake a negative stand. When one supports a petitive opportunities within it. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 613 What of the charge that H.R. 5874 would a relatively few years we would have a dual jeopardize the dual banking system? Again, banking system in which State banks ordiit is difficult to say more than "It simply narily would be examined only by the State isn't so." If the charge was made that, by authorities, and national banks by the holding these hearings, this committee was Federal. threatening freedom of the press or of reli- As I said before, it is not easy to grapple gion, you would find it difficult to formulate with the statements of those who oppose the a "refutation," other than by asking, "How pending bill. For example, how does one on earth are we doing that?" Equally deal with the charge that the proposed comgroundless is the charge that the pending mission would have too much power—or bill would jeopardize the dual banking sys- too little power? Is it unreasonable to place tem; it sounds less absurd only because we the burden on those who make these claims have grown accustomed to hearing that —to ask them to show, by chapter and charge leveled at many proposals. On the verse, by facts and reasoning rather than contrary, enactment of this bill would tend unsupported conclusions, how the plan emto strengthen the dual banking system. State bodied in this bill would produce any of the bank supervisors and their Association evils they describe? would find it possible, for the first time, to The last of the cliches I mentioned is that solve problems common to State and na- rarity—a fallacious argument that can be tional banks, member banks of the Federal refuted by arithmetic. The objection that Reserve System and nonmembers, by work- the bill would create "another" Federal ing with a single Federal agency. Again and agency simply has the facts backward; the again such problems have failed of solution bill actually would result in one less. because Federal authority was divided No doubt the members of this committee among three organizations, each with its have read the recent Report of the Presiown views. dent's Committee on Financial Institutions. Furthermore, H.R. 5874 provides that I read the chapter on "Supervision and Examthe costs of supervision of all insured banks ination" with particular interest. That —State and national—shall be met out of chapter took up some of the adverse argudeposit insurance assessments. In a number ments I have mentioned, and—it seemed of States, because of insufficient funds, bank to me—demonstrated their unsoundness in supervisors have been unable to maintain polite but pointed words. Regrettably, howa staff adequate to carry on the work of their ever, but perhaps understandably in view of departments and have had to rely on assist- its composition, the President's Committee, ance from Federal examiners. The arrange- when it reached the time for conclusion, ment provided by the pending bill, by reliev- backed most of the way down the hill it had ing this situation, would enable those States so successfully mounted. Although recogto raise the quality of their own supervision nizing the defects of the present Federal to a satisfactory level. As this is accom- supervisory arrangement and that these deplished, it is contemplated, Federal exami- fects could be corrected along the lines of nation of banks in those States would be- the bill now before you, the Report tempocome less necessary and gradually would rized by recommending that "Existing agenbe terminated. If this plans succeeds, within cies should strive to achieve greater coopera- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
614 FEDERAL RESERVE BULLETIN • MAY 1963 tion and coordination" and that only after ened, the sooner will the benefits be realized. the present unsatisfactory system is tried for This committee and the Congress have an a while longer should "... consideration .. . immediate opportunity, by enacting the be given" to "consolidation of bank super- pending bill, to make a fundamental imvision." I feel sure that this committee and provement—long overdue—in the superthe Congress are in a position to act more vision of the American banking system and, decisively. thereby, to aid in promoting our country's If we were now setting up, for the first economic welfare. time, a system of Federal bank supervision, I feel compelled to make one further no one would be so foolish, or dare to be comment. Of course, unification of the so disingenuous, as to suggest dividing the supervisory functions is more important authority among multiple agencies. By his- than the administrative locus of the comtorical accident, however, we find ourselves bined functions. Instead of a separate comsaddled with such a system, with defects mission such as is provided in this bill, the that no witness before your committee can consolidated functions could be vested, for successfully deny. Before you is a measure example, in the Federal Reserve System, as which can end the present confusion, dupli- was suggested by the Commission on Money cation, inconsistencies, inequities, and waste and Credit of the Committee for Economic by creating a unified system of Federal bank Development. In my judgment, however, supervision that could not fail to be more this would be a decidedly inferior solution. efficient, economical, fair, and constructive. In the first place, the Board of Governors The objections that have been advanced of the Federal Reserve System is fully burare found to be lacking in substance, when dened with functions relating to domestic they are scrutinized and analyzed realistic- and international monetary matters. It ally. Quite apart from opposition due to hardly has enough time, over and above that plain lack of understanding of the proposal, which is needed to deal effectively with this there may be some who oppose it for reasons principal responsibility, to carry on superother than concern for the public welfare— visory activities with respect to the 1,600 for example, fear of loss of jobs, power or state member banks alone. How it would prestige, or of opportunities to play off one find time to discharge, effectively, supervissupervisor against another by shifting (or ory functions covering over 13,000 insured threatening to shift) from the jurisdiction banks is beyond my imagination! of one Federal agency to another that may Some witnesses may tell you that bank be more lenient. Aside from these, we find supervision is a necessary adjunct to the that most of the alternatives that have been Federal Reserve's responsibilities in the field offered, in lieu of action along the lines of money and credit. In response, I would say embodied in this bill, are to struggle along that bank supervision is too important in the with the present setup, admittedly unsatis- public interest to be treated as an adjunct factory, for a while longer, or to adopt some to any other function. But, even more imhalfway measure that is only another patch, portant, the basic contention is fallacious. or a palliative. But there is no valid reason The Federal Reserve could function as a for delaying the needed change; the sooner central bank at least equally well—in my the structure of bank supervision is strength- judgment, better—if it were to devote its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 615 full time to the formulation and execution might become the captive of the industry. of monetary policy and were not engaged All I can say in rebuttal is that I have too in bank supervision at all. It could get better much faith in responsible Government offistatistical data concerning banks from the cials to think that risk should be given much unified Federal banking commission than weight; if the argument were sound, it would it can now get from the existing supervisory follow that the Interstate Commerce Comagencies, because the reporting system would mission, the Securities and Exchange Combe uniform for all insured banks and the mission, the Federal Communications Comlong and wearisome debates on whether to mission, and so on should each be split into call for this or that item of information two or three agencies. But if the risk does would be ended. If it needed to supplement exist, its eventuation would be far more that material, it would have power to make calamitous to the general welfare of the a direct call upon member banks. And, of nation if the captive agency also was recourse, it would be obliged, as it is now, to sponsible for the formulation of monetary get pertinent information concerning their policy, one of the most vital functions in a operations from all banks that borrow from free enterprise economy such as ours. Hence, the Federal Reserve. in my view, the plan of unification set forth In my judgment, the views of those men in H.R. 5874 is markedly preferable. who engage in the formulation of monetary I wish to assure the committee that as policy are not affected in the slightest by protagonist of the idea upon which this bill the fact that the man who examines a given is based, I would welcome a return engagebank happens to be on the payroll of the ment, if you should so desire, for the pur- Federal Reserve rather than some other pose of responding to any arguments which agency. may be advanced in opposition or to answer, Finally, the argument may be advanced as well as I can, questions that may occur that if unification takes place, the agency later to members of the committee. Statement of Abbot L. Mills, Jr., Member Eccles, and since February 21, 1958, under of the Board of Governors of the Federal reappointment by President Eisenhower to Reserve System, before the Subcommittee a full term of office. Prior to service on the on Bank Supervision and Insurance of the Board of Governors, I was engaged in com- House Committee on Banking and Currency mercial banking in Portland, Oregon, for on H.R. 5874, May 8, 1963. 32 years. At the time of my appointment to the Board of Governors, I was First Vice I am Abbot L. Mills, Jr., a member of the President and a director of The United States Board of Governors of the Federal Reserve National Bank of Portland. My experience System, on which I have served since Febru- in the field of banking has afforded me the ary 18, 1952; first, under appointment by opportunity to observe the workings of com- President Truman to complete the unexpired mercial bank supervision and regulation, term of office of the Honorable Marriner S. both from the point of view of the supervised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
616 FEDERAL RESERVE BULLETIN • MAY 1963 and of the supervisor. In the light of my Although the functions of the three Fedexperience, I have come to the conclusion eral bank supervisory agencies are allocated that enactment of H.R. 5874 would not be to different areas of commercial banking, in the public interest. their mutual responsibilities demand, and The purpose of this bill is to create a have generally produced, a close coordinasingle Federal banking commission that tion in the performance of their duties. The would absorb many of the powers now identification of the Federal Government vested in three existing agencies; namely, with these agencies is the link in their coorthe Board of Governors of the Federal Re- dinate responsibilities that brings about an serve System, the Federal Deposit Insurance informal and desirable unification of their Corporation, and the Office of the Comp- operations. This scheme of Federal commertroller of the Currency. The logic of the bill cial bank supervision and regulation has as regards unification and simplification of evolved satisfactorily over the years with the activities of these three Federal bank distinct advantages, the most important of supervisory and regulatory agencies has which is that States' rights in the field of merit. In practice, however, it is open to commercial banking have been shielded serious criticism and objections. Objections against the trend toward greater centralizato the proposed legislation center on funda- tion of banking authority in the Federal mental principles which should be main- Government. The principle of autonomous tained inviolate. spheres of Federal and State commercial Under the present scheme of Federal bank supervision must be safeguarded along bank supervision and examination, the lines implicit in the Federal Constitution, Board of Governors is primarily responsible where separations of power and checks and for the supervision and examination of balances were deliberately embedded by its State member banks of the Federal Reserve framers so that no branch of the Federal System. The Federal Deposit Insurance Cor- Government might assume an overwhelming poration is primarily responsible for the authority. supervision and examination of all State- Enactment of H.R. 5874 would do viochartered insured banks with regard to their lence to this principle because a single uniqualifications for insurance coverage; and fied Federal commercial bank supervisory the Comptroller of the Currency is primarily and regulatory agency would be empowered responsible for the supervision and examina- to consolidate the functions now vested in tion of all national banks. the three existing agencies. The record of It is agreed universally that commercial centralizing power in the Federal Governbanks are vested with a public interest. ment has been adverse to the preservation Therefore, the basic function of the three of autonomous administrative authority at Federal bank supervisory agencies is to the lower levels of government. The possible determine that the operations of the indivi- danger inherent in the subject bill is that a dual banks subject to their authority are single Federal commercial bank supervisory such as will protect the public interest and, and regulatory agency, having nationwide more particularly, their depositors through authority, would sooner or later develop an the medium of solvent loans and investments incontestable power against which resistance and sound banking practices. at the State level would tend to become Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 617 futile. In the light of history, this pattern of Deposit Insurance Corporaton to examine development would occur in spite of the all insured banks, which includes State fact that the proposed Federal banking com- member banks of the Federal Reserve Sysmission would be administered and staffed tem, are available means to prevent any by devoted and capable public servants. It laxness or abuse of the examining power is probable, however, that the very dedica- by any one of the three Federal bank supertion of the agency to the performance of its visory agencies. Similarly, the responsibiliduties would ultimately result in a gravita- ties shared between Federal and State comtion toward arbitrary administrative policies mercial bank supervisory authorities also and a well intentioned bureaucratic pater- serve to maintain a balance of power that nalism harmful to the existing broad- is essential to the preservation of the dual gauged and loosely joined arrangements for banking system and respect for the legiscommercial bank supervision and examina- lative positions of the various States as to tion that have proven to be an entirely feas- branch banking and bank holding comible mechanism for attaining the same objec- panies. A single, unified Federal bank supertives sought for in H.R. 5874. In my opinion, visory agency could become a wedge that enactment of this bill into law would disrupt would open up divergent Federal and State time-tested and generally satisfactory com- concepts of commercial bank supervision to mercial bank supervisory and examination a degree that would throw the existing sepaprocedures without producing any marked rations of power off balance and, in so doing, compensating advantages. encourage Federal aggrandizement of this Unquestionably, there have been differ- function. ences of opinion and varying approaches In relating the purposes of H.R. 5874 to to the discharge of their duties on the part the Federal Reserve System, it must be borne of the three Federal commercial bank super- in mind that the member banks are the visory agencies that have occurred from time vehicle through which monetary and credit to time, but never of such magnitude as policy is conducted. As that is the case, any could not be surmounted by frank and open- legislative action taken to divorce member minded interchanges of opinions, ending in banks from supervision and examination by agreements reached through a consensus of the Federal Reserve System would be inimijudgments and without compromise or sacri- cal to the effective handling of monetary and fice of principle by any agency of its own credit policy because arm's-length mechaniconcept of public duty. For that matter, cal contact with the member banks is not a recognition of the importance of commer- substitute for the kind of personal and incial bank supervision and consequent devo- timate banking relationships that are inhertion to the cause of fostering sound banking ent in existing examination procedures. practices are factors that have inevitably Under the proposed legislation, mere right forced and bound their policies into a loose of access to examination reports prepared but coherent uniformity. by the so-called Federal banking commission The authority of the Board of Governors and elimination of direct examination by of the Federal Reserve System to examine the Federal Reserve Banks would reduce national banks as well as State member the relationship between the member banks banks and the authority of the Federal and the Federal Reserve System to a shad- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
618 FEDERAL RESERVE BULLETIN • MAY 1963 owy posture, stripped of the opportunities updating to permit some form of branch for personal official contacts and exchanges banking could be undertaken and still be of opinions that play an important part in consistent with the preservation of existing the formulation of monetary and credit concepts of the place of independent bankpolicy by affording an insight into the status ing in their banking structures. of individual banks and the impact of their If the Congress in its wisdom should deoperations on the entire commercial bank- cide that Federal supervision and regulation ing system. Divorce of the examination func- over commercial banking should be unified tion from the Federal Reserve System would and centralized in a single agency, the also tend to draw the interest of member Federal Reserve System suggests itself as bank officials away from their Federal Re- the one most appropriate, in that its reserve Banks and toward the new Federal sponsibilities in the field of monetary and banking commission, with a further loss of credit policy already demand a close relathe contributions that their present contacts tionship with the nation's commercial banks. make in the development of System policies. Moreover, concentration of supervisory and Furthermore, the attraction of service on examination authority over Federally reguthe boards of directors of the Federal Re- lated commercial banks within the Federal serve Banks would be weakened and advan- Reserve System would serve to maintain the tages lost that have been gained over the present fruitful combination of public and years through the structural organization of private relationships at the administrative the Federal Reserve System with its judi- level that is characteristic of its official cious blend of public and private personages organizational structure. However, such a mutually engaged in advancing the public concentration of responsibilities in the Fedinterest. eral Reserve System is not recommended It is possible that Federal banking laws because, as has been stated, the present could be improved in some areas; for ex- three-agency scheme of decentralized Fedample, as regards the divisions of authority eral bank supervision and examination is contained in the Bank Merger Act of 1960. workable and well adapted to the thesis that Similarly, many of the States of the Union checks and balances and separation of power might do well to scrutinize their respective among these agencies of the Federal Government are decidedly in the public interest. banking laws and to decide whether their Statement of George W. Mitchell, Mem- lying problems in the area of bank superber of the Board of Governors of the Federal vision. These problems, relating to bank Reserve System, before the Subcommittee charters, branches, and mergers, on the one on Bank Supervision and Insurance of the hand, and to bank examination, on the House Committee on Banking and Currency other, have a bearing on the organization on H.R. 5874, May 8,1963. of bank supervisory functions in the Federal Government. My remarks today will be addressed not I should like to make it clear that I am not to the details of H.R. 5874 but to two under- appearing here today in opposition to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 619 proposals of my colleague, Governor Merger Act. There are, in consequence, Robertson, that much would be gained by many borderline cases, which may easily unifying the three arms of Federal bank fall one way or the other in terms of apsupervision. proval or denial. In such circumstances, it The essence of my position, however, is, is not clear that a single agency would profirst, that unification would still leave un- vide a more uniform pattern of decisions solved the problem of bank mergers and than do three agencies now. entry, and, second, a case can be made for These considerations do not argue against unifying bank supervision in the Federal the bill before you. They do, however, indi- Reserve rather than in a new independent cate that the proposal is far from a panacea commission. for the solution of difficult problems. As I see it, the consistency problem in the BANK STRUCTURE AND COMPETITION merger area, as of now, has its source more in the absence of clear guidelines than in Governmental regulation of the banking the existence of divided authority. What is business, by control over chartering, branchneeded is a considerable effort at fact gathering, and merging, is divided among three ing and analysis, as well as a re-thinking of agencies—each of which has responsibility goals, with a view to developing a clearer for decisions involving a segment of the set of criteria to guide decisions in individual banking industry. This arrangement is a cases. possible but not necessary source of inconsistent practices. Under the broad guidelines There is much to be done in the way of laid down in the Bank Merger Act, for ex- fact gathering and analysis of banking marample, it is conceivable that the agencies kets and price behavior in those markets. and individuals involved could accord differ- For some reason this area has been much ing weights to the statutory factors to be neglected in both academic and governconsidered. In particular, different views of mental studies of business organization and effects on competition could give rise to a behavior. Just recently, the Federal Reserve pattern of inconsistent decisions among the has taken steps to expand its research on the three agencies. subject of the market performance and market structure of commercial banking. This is possible. In fact, however, I believe there is nearly as much likelihood of It is also necessary to re-think the goals inconsistency among decisions of a single of policy in governmental regulation of agency as there is among those of different bank structure. It seems to me that we supervisory agencies. The reason for this is would be performing rather badly in our not hard to find. The seven factors which an task of regulation if our thinking were domiagency must consider before determining nated by uncritically-accepted guidelines that a merger would be in the public inter- appropriate to conditions long since gone. est are often exceedingly difficult to judge We need to recognize, for example, that in and to weigh one against the other. In par- many parts of the country the structure of ticular, reasonable and conscientious men independent unit banks has given way to may and do differ deeply on the interpreta- large branch and holding company systems. tion and weighting of the competitive as In each of 21 States, 4 banks or fewer (if against the banking criteria and convenience banks held by holding companies are needs of the community specified in the counted as a single bank) account for half Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
620 FEDERAL RESERVE BULLETIN • MAY 1963 of all insured commercial bank deposits, as I am suggesting is that changing the organishown in the table on page 623. zation of bank supervision does not change With the trend to larger banking units, the nature of the job to be done. we need to reappraise the notion of a fundamental conflict between safety and compe- BANK EXAMINATION tition in banking. Conditions have changed I should like to introduce my comments on greatly since the pre-Civil War wildcat the subject of bank examination with a quobanking and, indeed, since the bank failures tation from a speech by Chairman Cocke of the 1930's. I am certainly in favor of of the Federal Deposit Insurance Corporabank soundness, but I also believe that tion: severe restrictions on bank entry and merger Recent developments in banking call for both new decisions that emphasize safety at the ex- approaches and new methods in regard to the examination problem. For example, the size of banks and the pense of competition do not serve the public complexity of their operations have increased tremeninterest; they may be only a step away from dously over the past three decades. These changes in providing monopolistic sanctuaries. size and complexity impose a special obligation on the supervisory authorities to be vigilant for practices that The re-thinking that should, in my opinmay affect adversely the effectiveness of the traditional ion, occur here is to ask ourselves just how examination. The precise nature of the limitations on serious the conflict between safety and the value of the usual examination, and the consequences for bank supervision, are unknown. However, competition is. Are banks in our present it seems doubtful that examination techniques designed economic environment really in danger when for a banking system comprising many small units with other banks enter their market areas to few opportunities for specialization of work assignments are entirely suitable for giant banking organizacompete? Are depositors really endangered tions which can make effective use of highly skilled by "too much" competition? technicians. This is one of the many aspects of bank It is my conviction that policy is and examination work that deserves further serious consideration.1 should be shifting from an excessive concern with safety to a more pro-competitive ap- I believe that a reappraisal along the lines proach. Freer entry should be permitted. suggested by Chairman Cocke could result Finally, branches that promote competition in a streamlining of examination procedures. in areas that are now sheltered from it For one thing, in the case of large banks, should be authorized. including branch and holding company sys- These, it seems to me, are the major prob- tems, there is little if any need for accounting lems in the area of bank structure. What I verification by Government examiners. The wish to emphasize is that unifying bank private interest of owners and central mansupervision will not by itself solve these agers in safeguarding against mismanagedifficult problems. Once a clearer and more ment, defalcation, and incompetence coinreliable set of standards is developed to cides with the public interest. It is possible guide decisions on individual applications, to rely on this private interest and the a single agency might well be in a position licensed private accountants for these purposes. to apply them more consistently than would several agencies. Similarly, a single agency Where the public interest continues to might be more successful than three agencies in helping to develop a clearer and more 1 "Bank Supervision and Examination at the Federal up-to-date set of goals. I am not opposing Level: Issues and Policy Problems," at the annual convention of the National Association of Supervisors the objectives of the bill before you. What of State Banks, Bretton Woods, N.H., Sept. 18, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 621 require examination of banks is in the mat- This proposal may also be supported on ter of the adequacy of bank capital and of the grounds that the central bank has a the quality of security and loan portfolios. strong interest in the structure and opera- Even here, however, security holdings, and tion of the banking system, in part because to some extent capital adequacy, can be the nature of that structure and operation appraised at a distance from reports subaffects responses to monetary policy. Furmitted by individual banks. The major functhermore, monetary policy gains from the tion for on-the-spot examination is the intimate contact with banks that are inappraisal of loan portfolios. volved in examination and responsibility It is my contention that the judgments for structural changes. involved in examining bank loans are of a The major argument that has been adtype that fit naturally into the responsibilities vanced against centralizing these responsiof the central bank. They are a natural exbilities in the Federal Reserve is that they tension of the central bank's concern for would interfere with monetary policy forsound credit conditions. These considerations regarding bank exa- mation. It is my view that delegation of mination lend support to the proposal of responsibilities in accordance with estabthe Commission on Money and Credit that lished policies, if sanctioned by a revision bank supervisory functions be centralized in the law, could deal effectively with this in the Federal Reserve. problem. APPENDIX A useful descriptive measure of the struc- The charts on the following page make ture of an industry is the so-called curve of use of this device to show concentration of concentration. This curve is usually con- deposits in leading banks by State. The perstructed by placing some index, such as the centage on the vertical scale is total deposits percentage of total industry output, or total of a given State. Deposits constitute "capacindustry assets, or total industry employment ity" to make loans and investments just as on the vertical scale and the number of lead- the physical plant of a steel company coning firms in the industry on the horizontal stitutes its capacity to produce a group of scale. The height of the curve above a given steel products. These curves might then be point on the horizontal scale, say 4, will give interpreted as the concentration of loan and the percentage of the industry's total output, investment capacity in leading banks. A very or assets, or employment accounted for by steep curve, such as that for California, inthe largest 4 firms. Conversely, the distance dicates high concentration of loan capacity from some point on the vertical scale, say in few banks; a very gently rising curve, such 50 per cent, will give the number of firms as that for Iowa, indicates a low degree of necessary to account for 50 per cent of the concentration of loan capacity. A very industry's total output, assets, or employ- humped curve, such as that for Oregon, inment. dicates a significant disparity in the sizes of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
622 FEDERAL RESERVE BULLETIN • MAY 1963 the leading and remaining banks. The label Care must be taken in interpreting these for each curve gives the State, the remaining data. Concentration curves do not show number of banks, and the percentage of monopoly. They are meant to show potential total deposits (capacity) accounted for by market power, which may or may not be these remaining banks. exercised. More analysis is needed to say CONCENTRATION OF DEPOSITS, DECEMBER 1961JN STATES RANKED BY SIZE OF POPULATION Per cent of deposits Per cent of deposits 100 ! * FIVE LARGEST H C O A L L D IF . 8 - .8 O TH P E E R R C 1 E 0 N 6 T 100 STATES N. Y. - 350; 21.3 S. C. - OTHER 128 I P L A L. . - - 9 6 5 5 8 6 : , 4 5 9 0 . . 4 0 50 - HO O L K D L A 3 . 9 - .8 3 7 P 5 E , R 5 0 C . E 9 N1 OHIO - 543; 51.7 MISS. - 181; 61.9 W. VA. - 170; 68.0 KAN. - 577, 74.4 TEX. - 986, 60.8 I N. J. - 234, 64.8 FLA. - 297, 68.3 ioo r MINN. - OTHER 557 HOLD 33.4 PER CENT GA. - 3 3 5; 3 7.5 50 r TENN. - 274; 40.9 LA, - 181; 47.8 ALA. - '228; 48.9 WASH. - OTHER 74 HOLD 11.0 PER CENT CONN. - 48; 22.5 MD. - 121; 30.7 50 ^ KY. - 331; 56.9 IOWA - 624; 73.0 2 3 4 5 6 7 8 9 10 3 4 5 6 7 10 Number of banks Number of banks * No other banks in this State. NOTE.—Based on F.R. data for insured commercial banks. Banks in District of Columbia, which ranks number 40 in population, are included in group 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BANKING COMMISSION 623 whether the existence of market power coin- so that one must be very careful in drawing cides with its use; whether high concentra- them up. Here we have implicitly assumed tion is in general associated with monopoly that the State lines form the boundary of effects such as high and rigid interest rates "a market." This may not be a bad assumpand low "loan output." tion for some States but a rather poor one Concentration curves refer to a market, for others. DISTRIBUTION OF DEPOSITS HELD BY INSURED COMMERCIAL BANKS, DECEMBER 30, 1961 Percentage of total deposits Total State number Largest 2 3 4 5 All other of banks bank largest largest largest largest banks Alabama . . 17.9 24.9 30.2 35.5 39.6 60.4 238 Alaska . . 31.3 55 0 66.7 76.4 83.5 16.5 10 Arizona 46.5 82.6 94.5 96.8 97.6 2.4 10 Arkansas.. 7.0 13.1 17.3 20.8 23.7 76.3 233 California 40.8 54 2 64.2 74.1 81.3 18.7 116 Colorado 18.7 33 8 41.6 47.8 52.0 48.0 160 Connecticut 17.9 35.2 42.7 50.1 56.5 43.5 58 Delaware ... 43.3 62.8 78.4 90.2 92.1 7.9 19 District of Columbia 32.1 55 8 75.0 82.8 89.0 11.0 11 Florida 7.0 13.8 17.1 19.6 22.1 77.9 307 Georgia 20 6 36 0 48.0 54.2 56.3 43.7 345 Hawaii 42.7 81 6 87.2 91.9 95.8 4.2 7 Idaho 36.1 66.8 74.9 81.2 84.3 15.7 32 Illinois 17.4 33 9 39.5 43.9 46.4 53.6 968 Indiana 10.1 19.4 23.9 26.7 29.5 70.5 435 Iowa 6.8 11.3 14.7 17.7 20.4 79.6 634 Kansas 7.4 11.5 14.9 17.2 19.2 80.8 587 Kentucky 11.7 23.1 28.7 32.8 36.1 63.9 341 Louisiana 14.3 22.0 28.7 34.1 38.8 61.2 191 Maine 14.1 25.4 34.7 42.0 48.9 51.1 43 Maryland 20.9 34.8 45.1 53.7 61.5 38.5 131 Massachusetts . . 28 3 39 7 49.6 59 0 65.0 35 0 142 Michigan 21.3 31.3 40.5 46.0 49.9 50.1 371 Minnesota 30.5 56.4 59.0 61.5 64.0 36.0 567 Mississippi 12.6 23.1 26.2 28.4 30.3 69.7 191 Missouri 9.7 19.2 26.4 31.7 35.9 64.1 608 Montana 30 6 43 6 49.2 54.6 57.8 42.2 95 Nebraska . . 14.7 24.5 30.8 37.1 41.3 58.7 390 Nevada 72.9 85.6 93.1 97.1 98.6 1.4 7 New Hampshire . . 12.2 18.5 24.3 29.5 34.1 65.9 65 New Jersey 6.3 12.2 16.8 20.3 23.4 76.6 244 New Mexico.... 17 0 30 8 43.6 49 8 54.0 46.0 53 New York 16.8 31.6 42.6 51.2 59.1 40.9 360 North Carolina 24 4 40 5 48.7 56.0 59.6 40.4 170 North Dakota 18.9 36.6 46.4 50.3 53.8 46.2 122 Ohio . . .. 11.6 18.2 24.3 29.8 33.6 66.4 553 Oklahoma 12.0 23.4 33.1 39.9 42.6 57.4 385 Oregon. . 43.0 84.9 86.9 88.1 88.9 11.1 47 Pennsylvania n 4 21.4 28.2 34.2 39.0 61.0 666 Rhode Island ... 53.8 88.5 92.3 95.4 98.0 2.0 8 South Carolina.. 24 6 36 2 43.1 48.3 51.9 48 1 138 South Dakota . ... 24 3 32.9 37.3 41.5 43.3 56.7 165 Tennessee 11.2 20.5 29.0 36.2 41.5 58.5 284 Texas . . 8 2 15 4 21.0 24.6 28.1 71.9 996 Utah 32 4 53 0 65.6 73.0 77.5 22.5 44 Vermont . 9 5 18 6 27.5 35.7 39.8 60.2 52 Virginia . . . 7 3 14.0 19.6 23.8 27.6 72.4 298 Washington 35.9 55.4 63.3 69.5 75.6 24.4 84 West Virginia 6.2 11.8 17.1 20.0 22.6 77.4 180 Wisconsin 19 9 27 3 33.8 35.0 36.2 63.8 544 Wyoming 17.2 28.5 36.0 41.8 44.8 55.2 53 NOTE.—Holding companies consolidated within States. 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 in- to Federal Reserve notes would reduce the vitation to present the views of the Board Treasury's free gold stock by $500 million, of Governors of the Federal Reserve System because of the 25 per cent gold certificate with respect to H.R. 5389, which would reserve requirement on Federal Reserve repeal the silver purchase laws and provide notes. I am pleased, therefore, to note Secfor replacement of silver certificates with retary Dillon's estimate that the increase in Federal Reserve notes. the required gold certificate reserve resulting The Board believes that it is unnecessary from the retirement of silver certificates and to utilize silver as "backing" for our cur- their subsequent replacement with Federal rency, and that its use could appropriately Reserve notes should not exceed $35 million be confined to coinage. There is no need, a year. therefore, to retain the silver purchase pro- Although some concern has been exvisions that would be repealed by H.R. pressed that removing the silver "backing" 5389. As a practical matter, these provisions from part of our currency might lower its are inoperative today, because of the rise in value, I would not agree. The fact is that the market price of silver. the stability or instability of prices in our The Board favors the proposed amendeconomy does not depend on the amount of ment in Section 3 of the bill, which would silver in the Treasury. The relatively small authorize issuance of Federal Reserve notes part of our total money supply represented in $1 and $2 denominations in addition to by silver certificates does not derive its value the denominations now authorized. from the silver the Treasury must hold as Although the Board is not in a position "backing" for the certificates. Throughout to comment on the technicalities of the bill's the history of the silver purchase laws that tax provisions, we perceive no objection in this bill would repeal, the dollar has been principle to repealing the tax on transfers of worth more than the silver in it. This is still silver bullion. true today, even after the recent steady rise If this bill is enacted, it is important that in the market price of silver. So it would the resulting shift from silver certificates to seem that public acceptance of silver certifi- Federal Reserve notes take place gradually. cates must rest on their appraisal of factors Roughly $2 billion in silver certificates are apart from the silver "backing." This is furoutstanding. A complete shift of this amount ther demonstrated by the fact that the public NOTE.—Statement of William McChesney Martin, accepts Federal Reserve notes as readily as Jr., Chairman, Board of Governors of the Federal silver certificates. About $30 billion of Fed- Reserve System, before the Senate Committee on eral Reserve notes are in circulation—15 Banking and Currency, Apr. 29, 1963. Chairman Martin's statement on the same subject times the amount of silver certificates circubefore the House Committee on Banking and Curlating. rency, Mar. 12, 1963, appeared in the Apr. BULLETIN. 624 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENCY LEGISLATION 625 It is possible, of course, that the market Offhand, one might suppose it would bolster price of silver could rise above its monetary the value of our currency to keep a valuable value if the Treasury's supply of free silver commodity such as silver in the stockpile of should ever be exhausted. If this bill is not Government assets. But without this bill, enacted, the Treasury must continue to issue the Treasury sooner or later will be forced silver certificates to meet the public's need to buy more silver for silver certificates, in for $1 bills. Under those circumstances, if competition with other buyers who seek it the market price of silver went high enough for other uses. It can hardly be supposed to encourage the public to turn in silver cer- that the Government will find itself in a tificates for silver dollars, to be melted down sounder financial position for having been for metal, the Treasury would be faced with forced to acquire an asset by simultaneously the impossible task of trying to meet the adding an equal amount to its debt, as would public's need for $1 bills by issuing a cer- occur under these circumstances. Furthertificate that would be exchangeable for dollar more, Treasury purchases of silver would coins containing more than a dollar's worth aggravate our international payments deficit, of silver. Consequently, silver certificates inasmuch as domestic silver production falls would soon be returned from circulation. short of industrial consumption in the United This would not only add significantly to the States. operating costs of the mints and the Federal There is no point now in renewing the Reserve Banks, but would also thwart, rather historic controversy over the desirability of than serve, the public's need for a stable the silver purchase program as a means of medium of exchange. assuring a favorable price to producers of Unlike gold, the Treasury's stock of silver silver. Today, because our economy has cannot be used to maintain the role of the many other uses for this metal, its market dollar as a key international currency, be- price is well above that guaranteed by the cause silver is not a readily acceptable means silver purchase laws. The time seems ripe to of settling our accounts with other countries. take this step toward a free market in silver. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statement on Proposed Changes in Federal Deposit Insurance THE QUESTION is whether it is desirable to intermediaries. This is so because their liaraise the amount of insurance provided by bilities are usually more liquid than their the Federal Deposit Insurance Corporation assets. As financial intermediaries, they acand the Federal Savings and Loan Insurance quire and hold longer-term and less liquid Corporation to $25,000 per account. Judg- obligations than savers would be willing to ments concerning the bill should reflect the hold as individuals. At the same time, they general purposes of insuring deposits and supply to savers financial assets of greater shares. They also should reflect the impact liquidity than individual borrowers could of such insurance upon the supervision of furnish them directly. Such a system depends banks and savings and loan associations. importantly on public confidence that these Moreover, they should take into account the liabilities will be met. benefits and costs both to insured institutions Confidence in the soundness of financial and to the public. institutions is safeguarded not only by insurance but also by the entire system of govern- PURPOSES OF INSURANCE mental regulation. This includes limitations Federal insurance of deposits and shares has on new charters and branches, examination several purposes. It protects individuals from of portfolios, restrictions as to assets held, loss of savings in case financial institutions and regulation of capital adequacy. In addifail. Families of moderate means—those tion there is the Federal Reserve as lender of most in need of this protection—do not usu- last resort. How vital a role insurance plays ally have the requisite knowledge to distin- in protecting financial soundness is suggested guish institutions that are sound from those by the fact that, in periods of crisis before that are not. But this purpose of insurance Federal insurance was established, even is amply served under the present limit of those institutions with prudent management $10,000. It would be difficult to demonstrate and sound assets were not immune to "runs" that protection of small depositors and savers by depositors and shareholders. Nevertherequires an increase in insurance coverage less, there is no reason to believe that this to $25,000. purpose of insurance—to preserve confi- A second major purpose of Federal insur- dence—is not adequately served under the ance for deposits and shares is to maintain present coverage of $10,000. public confidence. The latter is essential to the successful functioning of banks, savings BENEFITS AND COSTS and loan associations, and other financial Insurance provides a direct benefit to depositors and shareholders by eliminating risk NOTE.—Statement of C. Canby Balderston, Vice of loss on the insured portion of deposits Chairman, Board of Governors of the Federal Reserve and shares. One of the results of any insur- System, before the House Banking and Currency Committee, Apr. 25, 1963, concerning H.R. 5130. able limit is that some depositors and share- 626 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN FEDERAL DEPOSIT INSURANCE 627 holders are led thereby to restrict the size of the smaller is the motivation for depositors their individual accounts in less well-known and shareholders to investigate institutional institutions. For business firms especially, soundness. This in turn weakens the incenthis is said to involve the inconvenience of tive to manage banks and savings and loan splitting deposits, and to require the frequent associations prudently, and thus places an transfer of funds in order to keep deposits additional burden on examining and other and shares below the insurance limit. It is supervisory authorities. argued that if this limit were raised, the vol- These observations suggest that, if inume of such transfers would be lessened, creases in insurance coverage become apthereby increasing efficiency. We are not propriate, there is much to be said for keepaware, however, of substantial evidence that ing such increases small and infrequent. business firms are seriously inconvenienced They also underscore the importance, as a by the present ceiling. prerequisite to insurance protection, of I turn now to the impact of the proposal effective supervision over the institutions upon banks and savings and loan associathat are covered. This point is stressed in tions. It would affect competitive relationthe recent report of the President's Commitships among institutions of different types tee on Financial Institutions. and sizes. Those that are less able to attract funds because they are located at a distance CONCLUSION or are lesser known would benefit most from the increase in coverage. Furthermore, a In view of these considerations, the Board higher insurance limit would tend to blur believes that an increase at this time in the distinctions between institutions with effec- maximum coverage of deposit and share tive management and those with inept man- insurance to $25,000 would not be in the agement. The greater the insurance coverage, public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Orders Under Bank Merger Act Dated at Washington, D.C., this 19th day of April, 1963. The Board of Governors of the Federal Reserve System has issued the following Orders and By order of the Board of Governors. Statements with respect to applications for ap- Voting for this action: Chairman Martin, and Goverproval of the consolidation or merger of certain nors Balderston, Mills, and Shepardson. Voting against banks: this action: Governors Robertson and Mitchell. Absent and not voting: Governor King. NORFOLK COUNTY TRUST COMPANY, (Signed) MERRITT SHERMAN, BROOKLINE, MASSACHUSETTS Secretary. In the matter of the application of Norfolk [SEAL] County Trust Company for approval of consoli- STATEMENT dation wtih Wellesley Trust Company. Norfolk County Trust Company, Brookline, Masachusetts ("Norfolk Trust"), a State member ORDER APPROVING CONSOLIDATION OF BANKS bank of the Federal Reserve System, with deposits There has come before the Board of Governors, of $118.5 million as of December 28, 1962, has pursuant to the Bank Merger Act of 1960 (12 applied, pursuant to the Bank Merger Act of 1960 U.S.C. 1828(c)), an application by Norfolk (12 U.S.C. 1828(c)), for the Board's prior ap- County Trust Company, Brookline, Massachusetts, proval of the consolidation of that bank and a State member bank of the Federal Reserve Sys- Wellesley Trust Company, Wellesley, Massachutem, for the Board's prior approval of the consoli- setts ("Wellesley Trust"), also a member bank, dation of that bank and Wellesley Trust Company, with deposits of $8.9 million as of the same date. Wellesley, Massachusetts, also a member of the The banks would consolidate under the charter and Federal Reserve System, under the charter and title of Norfolk Trust. As an incident to the contitle of the former. As an incident to the consolisolidation, the two offices of Wellesley Trust would dation, the two offices of Wellesley Trust Combecome branches of the resulting bank, increasing pany would be operated as branches of Norfolk the number of authorized offices of Norfolk Trust County Trust Company. Notice of the proposed from 25 to 27. consolidation, in form approved by the Board, has Under the Act, the Board is required to conbeen published pursuant to said Act. sider, as to each of the banks involved, (1) its Upon consideration of all relevant material in financial history and conditions, (2) the adequacy the light of the factors set forth in said Act, inof its capital structure, (3) its future earnings cluding reports furnished by the Comptroller of prospects, (4) the general character of its manthe Currency, the Federal Deposit Insurance Coragement, (5) whether its corporate powers are poration, and the Department of Justice on the consistent with the purposes of 12 U.S.C, Ch. 16 competitive factors involved in the proposed (the Federal Deposit Insurance Act), (6) the consolidation, convenience and needs of the community to be IT IS HEREBY ORDERED, for the reasons set forth served, and (7) the effect of the transaction on in the Board's Statement of this date, that said competition (including any tendency toward application be and hereby is approved, provided monopoly). The Board may not approve the that said consolidation shall not be consummated transaction unless, after considering all these (a) within seven calendar days after the date of factors, it finds the transaction to be in the public this Order or (b) later than three months after interest. said date. 628 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
629 LAW DEPARTMENT Banking factors. The financial history and con- County. All of Wellesley Trust's service area, dition of Norfolk Trust are satisfactory. The which had a population increase of 26 per cent bank's capital structure is adequate, its manage- during the past decade, lies within the Boston ment is competent, and its earnings prospects are SMSA. favorable. These attributes would also characterize The proposed transaction would affect primarily the resulting bank. the banking convenience and needs of the Welles- Wellesley Trust's financial history and condition ley area. The only other commercial bank in Welare generally satisfactory, and it has an adequate lesley is Wellesley National Bank, which has four capital structure. Consummation of the proposed offices and deposits more than three times greater consolidation would solve the problems that have than those of Wellesley Trust. Wellesley National arisen at Wellesley Trust largely from its unsuc- Bank's deposits were $27.4 million as of Decemcessful efforts to correct the existing lack of depth ber 28, 1962. The proposed consolidation would in management and a persistent lag in the rate of result in a substantial increase in the present loan its deposit and loan growth, compared to its near- limit at the two offices of Wellesley Trust, and est competitor. If effectuated, the proposal also would be expected to make available at those would provide a basis for needed improvement offices broadened banking services, including trust in the earnings of the Wellesley Trust offices, facilities, automobile dealer financing, retail credit which have been substantially below the average services, the benefits of records mechanization, for banks of comparable size in the First Federal and various other specialized services. The result, Reserve District. therefore, would be to enhance the capability of There is no indication that the powers of the the offices of Wellesley Trust as convenient alterbanks involved are or would be inconsistent with native sources of bank credit and services in the 12 U.S.C., Ch. 16. area. Convenience and needs of the communities. Competition. The primary effect of the proposal Norfolk Trust has its main office and one branch on competition would occur in and around in Brookline (1960 population 54,000). Brook- Wellesley. line, in Norfolk County, is contiguous to Boston The shortest distance between Wellesley Trust in Suffolk County. The 20 other branches oper- and Norfolk Trust is the 2x/i miles that separate ated by the bank also are in Norfolk County, most the former's main office and one of the latter's of which lies within the Boston Standard Metro- three branches in Needham, which is contiguous politan Statistical Area ("SMSA"). The bank has to Wellesley. The record indicates, however, that authorizations for the establishment of three addi- the amount of business which each of the particitional branches in the County. The service area1 pating banks has secured from the area served prinof Norfolk Trust, which is primarily industrial cipally by the other has been relatively small. and residential, and which contains over one mil- Most of Wellesley Trust's business has originated lion people, includes all of Norfolk County and in Wellesley, while the major portion of Norfolk portions of Suffolk, Middlesex, and Plymouth Trust's business has come from the remainder of Counties. Norfolk County and from part of the city of Both offices of Wellesley Trust are in Wellesley Boston. (1960 population 26,000), which is situated in The rate of deposit growth at Wellesley Trust Norfolk County 13 miles southwest of Boston has been much slower over the past 12 years than and 9 miles west of Brookline. Wellesley is a rela- that of Wellesley National Bank, the closest and tively high income area which is chiefly residential. keenest competitor of Wellesley Trust. For ex- In addition to Wellesley, the service area of Wel- ample, during that period Wellesley Trust's deposlesley Trust (with over 181,000 inhabitants), in- its increased by only 26 per cent, while those of cludes Needham and a small part of Dover, both Wellesley National Bank increased by 152 per of which also are in Norfolk County, and Newton, cent. The expanded banking services and depth Weston, and Natick, which are parts of Middlesex of management which would result from effectuation of the proposed consolidation would pro- 1 That area from which a bank obtains 75 per cent vide a basis for improving the growth record at or more of its deposits of individuals, partnerships, and corporations. the Wellesley Trust offices. While Norfolk Trust Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
630 FEDERAL RESERVE BULLETIN • MAY 1963 would acquire by the proposal a significantly the banking services, and improve the earnings smaller percentage of the banking resources in and growth prospects for the offices of Wellesley the Wellesley Trust service area than is held by Trust. The benefits which would accrue from the Wellesley National Bank, the larger total resources transaction would more than offset the eliminaof Norfolk Trust would enable it to compete tion of the modest amount of competition between effectively with Wellesley National Bank, which the participating banks. Effective competition in has indicated that increased local competition the areas concerned from the several offices of would be welcome. noncommercial banking institutions with substan- Aside from the situation just related, consum- tial resources may be expected to continue. The mation of the proposed consolidation would be proposed consolidation should have no adverse expected to have little competitive effect upon effect upon these institutions or upon any of the either commercial or mutual savings banks in the commercial banks with offices in the areas inservice area of the resulting bank. The combined volved, and should provide more effective compeloans and deposits of individuals, partnerships, tition in the service area of Wellesley Trust. and corporations ("IPC deposits") of mutual sav- Accordingly, the Board finds the proposed transings banks in Norfolk County exceed those of the action to be in the public interest. commercial banking offices in the County. Mutual savings banks compete aggressively for savings DISSENTING STATEMENT OF GOVERNOR ROBERTSON deposits and mortgage loans and, to some extent, WITH WHICH GOVERNOR MITCHELL CONCURS for personal loans in the service area of Wellesley Trust. The office of one mutual savings bank in I believe that in approving this consolidation Wellesley has one-third of all IPC deposits held the majority of the Board has failed to give approby banking offices in Wellesley. priate weight to the heavy concentration of bank- Norfolk Trust is one of the nine subsidiary ing assets in the area concerned by the Baystate banks of Baystate Corporation, Boston, a regis- Corporation banks and to the close relationship tered bank holding company. Subsidiary banks between the Baystate group and The First Naof the holding company hold 40.9 per cent of tional Bank of Boston. the total commercial bank deposits in the service First, as a result of this consolidation, the Bayareas of the participating banks, 9.8 per cent of state Corporation banks' share of the commercial such deposits in the Boston SMS A, and 9.7 per bank deposits in the areas served by the participatcent of such deposits in the State. Effectuation of ing banks will step up to over 43 per cent. Whenthe proposed consolidation would increase these ever concentration in banking reaches this order percentages, respectively, by only 2.3 per cent, of magnitude, any increase therein, to be war- 0.2 per cent, and 0.1 per cent. Neither is it be- ranted, must be offset by greater benefits to the lieved to be of determinative significance with public than is true in this case. respect to this application that the First National Secondly, the fact that 13.4 per cent of the Bank of Boston, the largest commercial bank in stock of Baystate Corporation is owned directly Massachusetts, owns directly 13.4 per cent of by The First National Bank of Boston should not the stock of Baystate Corporation, and holds in a be dismissed as unimportant. In fact, the total fiduciary capacity, directly and indirectly, slightly shares of Baystate Corporation owned or conover 2 per cent of such stock. That The First trolled directly or indirectly by The First Na- National Bank of Boston, which is actively en- tional Bank of Boston amounts to over 15 per gaged in correspondent banking, would hold large cent, which clearly might be sufficient to give the balances of other banks is to be expected. It would bank effective control over the holding company not seem important in this regard, therefore, that in certain circumstances. Some of this stock ap- The First National Bank of Boston holds around parently was acquired as "salvage" for debts pre- 25 per cent of the total balances due to the holding viously contracted during a period of about ten company's subsidiary banks from all of their cor- years following the enactment of the Banking Act respondent banks. of 1933. Parenthetically, it is to be noted that the Summary and conclusion. Consummation of the Comptroller of the Currency has ruled that corproposal would strengthen management, expand porate stock acquired by a national bank in such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
631 LAW DEPARTMENT circumstances should not be held for any longer Currency, the Federal Deposit Insurance Corporaperiod of time than proves to be necessary for its tion, and the Department of Justice on the comdisposition for an amount equal to or reasonably petitive factors involved in the proposed merger, near the amount of the indebtedness for which it IT IS HEREBY ORDERED, for the reasons set forth was acquired (Digest of Opinions of the Office of in the Board's Statement of this date, that said apthe Comptroller of the Currency, par. 350). plication be and hereby is denied. Thirdly, The First National Bank of Boston, Dated at Washington, D. C, this 26th day of with deposits of around $1,700 million, and 33 April, 1963. banking offices, as the majority point out, is ac- By order of the Board of Governors. tively engaged in correspondent banking, so that Voting for this action: Chairman Martin, and Goverthe very substantial balances held by that bank nors Balderston, Mills, Robertson, Shepardson, and for banks in the Baystate group might well be ex- King. Absent and not voting: Governor Mitchell. pected. This, however, does not negative the im- (Signed) MERRITT SHERMAN, portance of these correspondent relationships, Secretary. especially where, as previously indicated, the [SEAL] large correspondent bank, through stock owner- STATEMENT ship, also has an obvious position of influence with the holding company, itself. State Bank of Albany, Albany, New York In these circumstances, it is my view that the ("State Bank"), with deposits of $492.6 million potential, if not the actual, adverse competitive as of September 28, 1962, has applied pursuant to effects flowing from the proposal far outweigh the the Bank Merger Act of 1960 (12 U.S.C. benefits that may be expected to result therefrom. 1828(c)), for the Board's prior approval of the On the basis of these considerations I would merger of that bank and The Unadilla National disapprove the application. Bank, Unadilla, New York ("Unadilla National"), with deposits of $4.7 million as of the same date. STATE BANK OF ALBANY, ALBANY, The banks would merge under the charter and title NEW YORK of State Bank, which is a member bank of the Federal Reserve System; and, as an incident to the In the matter of the application of State Bank of merger, the only office of Unadilla National would Albany for approval of merger with the Unadilla become a branch of State Bank, increasing the National Bank. number of its authorized offices from 24 to 25. Under the Act, the Board is required to consider, as to each of the banks involved, (1) its ORDER DENYING APPLICATION FOR APPROVAL financial history and condition, (2) the adequacy OF MERGER OF BANKS of its capital structure, (3) its future earnings There has come before the Board of Governors, prospects, (4) the general character of its managepursuant to the Bank Merger Act of 1960 (12 ment, (5) whether its corporate powers are con- U.S.C. 1828(c)), an application by State Bank of sistent with the purposes of 12 U.S.C, Ch. 16 (the Albany, Albany, New York, a member bank of the Federal Deposit Insurance Act), (6) the conven- Federal Reserve System, for the Board's prior ap- ience and needs of the community to be served, proval of the merger of that bank and The Una- and (7) the effect of the transaction on competidilla National Bank, Unadilla, New York, under tion (including any tendency toward monopoly). the charter and title of the former. As an incident The Board may not approve the transaction unless, to the merger, the single office of The Unadilla after considering all these factors, it finds the National Bank would be operated as a branch of transaction to be in the public interest. State Bank of Albany. Notice of the proposed Banking factors. State Bank, with a satisfactory merger, in form approved by the Board, has been financial condition, acquired 14 of its banking ofpublished pursuant to said Act. fices through mergers with 9 other banks during Upon consideration of all relevant material in the past 10 years. More than one-half of the inthe light of the factors set forth in said Act, includ- crease of over 200 per cent in the bank's deposits ing reports furnished by the Comptroller of the of individuals, partnerships, and corporations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
632 FEDERAL RESERVE BULLETIN • MAY 1963 ("IPC deposits") during the past decade resulted entirely to the service area x of Unadilla National. from this series of mergers. State Bank's capital In addition to the village of Unadilla, the bank's structure is adequate, its future prospects are service area, which contains about 13,000 people, favorable, and its management is satisfactory. encompasses Sidney and Franklin in Delaware Unadilla National, which has had a modest de- County. Both Sidney and Franklin (which is about posit growth since 1952, has a generally satisfac- 12 miles east of Unadilla) have banking offices, tory financial condition, and its capital structure and the bank in Sidney offers trust facilities. is adequate. While the net current operating earn- Unadilla National offers the usual services proings and the retained earnings of the bank during vided by most rural banks of comparable size. recent years have been somewhat below the aver- While it is expected that State Bank would make ages for banks of comparable size in the Second available a number of additional services at the Federal Reserve District, they are, nevertheless, office of Unadilla National if the application were fairly satisfactory and showed improvement for approved, including trust facilities, there is virtu- 1962. The management of Unadilla National is ally no indication in the record of need for these satisfactory. expanded services or evidence that they would ma- The resulting bank, which would be under the terially contribute to the convenience of the area. management of State Bank, would have a satis- Unadilla National appears to be serving its comfactory financial condition and an adequate capital munity and service area satisfactorily. structure, and its future prospects would be favor- Competition. The branch of State Bank nearest able. Unadilla National is at Richfield Springs (1960 There is no evidence that the powers of the population 1,600), also in Otsego County and 50 banks involved are or would be inconsistent with road miles north of Unadilla. The service areas of the purposes of 12 U.S.C., Ch. 16. this branch of State Bank and of Unadilla Na- Convenience and needs of the communities. The tional do not overlap and there are a number of head office and one branch of State Bank are in intervening banking offices. There appears to be Albany (1960 population 130,000; trade area pop- very little competition between the two banks. ulation 700,000), the State capital. As of Decem- Unadilla National's chief competitor is the First ber 31, 1962, State Bank operated a total of 23 National Bank in Sidney, with deposits of $7.2 offices in 10 of the 15 counties in the Fourth Bank- million as of September 28, 1962. Expansion by ing District of New York, which covers a large State Bank into the Unadilla area would expose area in the eastern and northeastern part of the the bank in Sidney, and also the other six bank- State. The bank has authorization for still another ing offices located from 10 to 16 miles from Unabranch. dilla, to the strong competitive capabilities of a The sole office of Unadilla National is the only significantly larger bank. banking office in the village of Unadilla (1960 As of June 30, 1962, there were 50 commercial population 1,600), which lies in the southwest cor- banks in the Fourth Banking District of New ner of Otsego County 100 miles southwest of York. State Bank was the largest, holding over 30 Albany and about 45 miles northeast of Bing- per cent of the total commercial bank deposits in hamton. Unadilla serves a good agricultural area the District. National Commercial Bank and Trust and is growing steadily. In addition to the usual Company of Albany was the second largest, holdsmall business and retail stores found in such com- ing 23 per cent of the commercial bank deposits munities, the village has three small industrial in the District. Combined, these two banks held plants. A number of Unadilla residents are em- 53 per cent of the total commercial bank deposits ployed in Sidney (1960 population 5,200) in in the District. On the basis of IPC deposits alone, Delaware County, about five miles southwest of State Bank held 21 per cent and National Com- Unadilla. mercial Bank and Trust Company of Albany held Any effect of the proposed transaction on bank- 20 per cent of the District total, and together ing convenience and needs would be limited almost they held about 41 per cent. In the 10 counties in which State Bank mainxThat area from which a bank obtains 5 per cent tains offices, it held 28.5 per cent of the total IPC or more of its deposits of individuals, partnerships, and corporations. deposits of all banks as of June 30. 1962. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 633 proposed merger would increase State Bank's braska, for permission to become a bank holding holdings to about 30 per cent of the total IPC company by acquiring over 50 per cent of the deposits of these counties. outstanding common stock of The Martell State Summary and conclusion. If approved, this Bank, Martell, Nebraska, The Sioux National merger would replace the only bank in Unadilla Bank of Harrison, Harrison, Nebraska, and with a branch of one of the two largest banks in Crawford State Bank, Crawford, Nebraska. the Fourth Banking District of New York having As required by Section 3(b) of the said Act, its main office 100 miles away, and would con- the Board gave notice of receipt of the application stitute one more step in a significant series of bank to the Comptroller of the Currency and to the absorptions by State Bank. There is no substantial Director of Banking of the State of Nebraska, evidence that the banking needs or convenience soliciting their views. The Comptroller submitted of the Unadilla area are not being served ade- a recommendation, dated July 3, 1962, that the quately, or that Unadilla National cannot continue application be approved. The State Director of its operations profitably. Any benefits that might Banking also recommended, by letter of June 11, accrue to the public as a consequence of the mer- 1962, that the application be approved; however, ger would be more than offset in the circumstances by letter of September 26, 1962, he informed the of this case by the increase in the size of the largest Board that a poll of bankers in the State by the bank in the Fourth Banking District of New Nebraska Bankers Association indicated sub- York, by the increase in the already high concen- stantial opposition to bank holding companies and tration of banking resources in that District, and that, had he known this at the time of his letter of by the adverse potential effect on banking com- June 11, he would not have recommended appetition in Unadilla and the surrounding area. proval of the application. Accordingly, the Board is unable to find that Notice of receipt of the application was pubthe proposed merger would be in the public in- lished in the Federal Register on May 18, 1962 terest. (27 F. R. 4748), affording opportunity for submission of comments and views regarding the pro- Order Under Section 3 of posed transaction. Thereafter, a public hearing, Bank Holding Company Act ordered by the Board pursuant to Section 222.7(a) The Board of Governors of the Federal Re- of the Board's Regulation Y (12 CFR 222.7(a)), serve System has issued the following Order, was held before a duly selected Hearing Ex- Statement, and Report and Recommended De- aminer; proposed findings of fact and conclusions cision of the Hearing Examiner with respect to of law were submitted by the parties; and the an application for approval of the acquisition of Hearing Examiner filed a Report and Recomvoting shares of a bank by a company requesting mended Decision wherein denial of the applicapermission to become a bank holding company: tion was recommended. Applicant submitted exceptions, with supporting brief, to the said Report TRANS-NEBRASKA CO., LINCOLN, and Recommended Decision, and Protestants filed NEBRASKA a reply to the exceptions. In the matter of the application of Trans-Ne- Having considered all matters properly before braska Co., Lincoln, Nebraska, for permission to the Board in this proceeding, become a bank holding company. DOCKET NO. IT IS HEREBY ORDERED, for the reasons set forth BHC-66 in the Board's Statement of this date, that the said application be and hereby is denied. ORDER DENYING APPLICATION UNDER BANK Dated at Washington, D. C, this 6th day of HOLDING COMPANY ACT May, 1963. By order of the Board of Governors. There has come before the Board of Governors, pursuant to Section 3(a)(l) of the Bank Voting for this action: Chairman Martin, and Gover- Holding Company Act of 1956 (12 U.S.C. 1842) nors Balderston, Mills, Robertson, Shepardson, and Mitchell. Absent and not voting: Governor King. and Section 222.4(a)(l) of Federal Reserve Reg- (Signed) MERRITT SHERMAN, ulation Y (12 CFR 222.4(a)(l)), an application Secretary. on behalf of Trans-Nebraska Co., Lincoln, Ne- [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
634 FEDERAL RESERVE BULLETIN • MAY 1963 STATEMENT presented evidence and had opportunity for examination and cross-examination of persons ap- Trans-Nebraska Co. ("Applicant"), Lincoln, pearing as witnesses. In addition, the Secretary Nebraska, filed an application, pursuant to Sec- of the Nebraska Bankers Association was given tion 3(a)(l) of the Bank Holding Company Act leave to testify as an independent witness. of 1956 ("the Act"), for permission to become a Subsequent to the hearing, parties were afforded bank holding company by acquiring more than 50 the opportunity to file, and did file, proposed per cent of the outstanding common stock of The findings of fact and conclusions of law, with sup- Martell State Bank, Martell, Nebraska, The Sioux porting briefs. On January 8, 1963, the Report and National Bank of Harrison, Harrison, Nebraska, Recommended Decision of the Hearing Examiner and Crawford State Bank, Crawford, Nebraska. was filed with the Board, wherein it was recom- Background. Following the filing of the applica- mended that the application be denied. Exceptions tion and pursuant to requirement of the Act, views to the said Report and Recommended Decision on the application were requested of the Comptrol- were filed by Applicant, together with a supporting ler of the Currency and the Director of Banking brief, and a reply to these exceptions was subfor the State of Nebraska. Notice of receipt of the mitted by Protestants. application was also transmitted to the United On the basis of the factual record made at the States Department of Justice and was published in hearing, including the Hearing Examiner's report the Federal Register on May 18, 1962 (27 F.R. and the pleadings described above presenting argu- 4748). By letter dated July 3, 1962, the Comptrol- ment based upon the hearing record, the Board has ler recommended that the application be approved. reached the decision hereinafter indicated. The State Director of Banking, by letter of June Statutory factors. Section 3(c) of the Act re- 11, 1962, also recommended approval; however, quires the Board to take into consideration the folon September 26, 1962, he advised the Board that lowing five factors: (1) the financial history and the results of a poll of bankers in the State by condition of the holding company and bank conthe Nebraska Bankers Association indicated sub- cerned; (2) their prospects; (3) the character of stantial opposition to bank holding companies, and their management; (4) the convenience, needs, stated that— and welfare of the communities and the area con- "Had I had this information before me at the time cerned; and (5) whether the effect of the acquisithat I was considering the . . . application, I would, tion would be to expand the size or extent of the of course, not have recommended that your Board act favorably upon the application, as I feel that this bank holding company system involved beyond is a problem for the bankers to decide and not for limits consistent with adequate and sound bankthe Director of Banking." ing, the public interest, and the preservation of A number of requests were received by the competition in the field of banking. Board from bankers in Nebraska for a public Discussion. Before turning to consideration of hearing on the application, and because of the the facts of this case as they relate to the statutory interest manifested in the proposal the Board factors enumerated above, a brief introductory concluded that, although not required by law, the statement is in order. public interest would be served by scheduling such All three banks involved in the pending proposal a proceeding. The hearing, notice of which was are small rural institutions; as of June 30, 1962, published in the Federal Register of August 17, total deposits of The Martell State Bank ("Mar- 1962 (27 F.R. 8233), was held in Omaha, Ne- tell"), The Sioux National Bank of Harrison braska, on October 2-5, 1962, before Hearing ("Sioux National"), and the Crawford State Bank Examiner David London, who was selected for ("Crawford") were $1.2 million, $1.6 million, and such purpose by the United States Civil Service $1.7 million, respectively. The principal organizer Commission pursuant to Section 11 of the Admin- of the proposed holding company presently owns istrative Procedure Act (5 U.S.C. 1010). about 92 per cent, 89 per cent, and 90 per cent, By ruling of the Hearing Examiner, five of the respectively, of the stock of these banks. He purbanks ("Protestants") that had expressed opposi- chased the shares of Martell in 1959; the shares of tion to Applicant's proposal were admitted and Crawford and Sioux National were purchased in participated as parties. Applicant and Protestants December 1961 and January 1962, respectively, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
635 LAW DEPARTMENT with the filing of the subject application in mind. "The record . . . establishes that the future prospects of the three banks involved are, by and large, inti- The purchase price of the latter two banks (apmately related to the economy of the regions in which proximately $485 thousand) was borrowed from they are located. The economies of Crawford and the First National Bank & Trust Company of Harrison, while by no means dynamic, appear to be stable, and the economy of the Martell area, being Lincoln, Nebraska, which now holds the principal located near the State Capital, gives indications of organizer's stock in all three proposed subsidiary growth, albeit not aggressive. Accordingly, it is concluded, and Protestants concede, that the future prosbanks as collateral, together with the subscription pects of the three banks involved are not unfavorable, agreements of the other organizers to purchase and this would be true whether or not they were to shares of the holding company. become affiliated with the proposed holding company system." The organizational plan set forth in the application contemplates that the holding company would The Board concurs. acquire all of the principal organizer's stock (ex- The Hearing Examiner found, and the Board cept his director's qualifying shares) in the three concurs, that since Applicant's assets would consist banks involved; the shares of Martell in exchange principally of the stock of the three proposed subfor holding company stock, and the shares of sidiary banks, its propects, from the standpoint Crawford and Sioux National by purchase at a of profitable operations, may reasonably be reprice equal to the outstanding indebtedness apgarded as paralleling those of the banks in quesplicable to the shares to be acquired, plus accrued tion and, therefore, also may be adjudged as not interest with respect thereto. In order to finance unfavorable. the purchase aspect of the transaction, it is proposed to use, in addition to the $142,500 subscrip- The Board notes, however, that the growth prostion commitments of the other organizers, the pects of the three proposed subsidiary banks, and proceeds of a public offering of holding company hence their potential for more profitable operastock. tions in the future, are limited because of the economies of the geographical areas in which they With these comments as a point of departure, are located. This fact is recognized by Applicant it is now appropriate to discuss the statutory facboth in the application and in the testimony of its tors which the Board must consider. witnesses at the public hearing. Accordingly, it In this connection, the Report and Recomwould appear that Applicant's prospects for enmended Decision of the Hearing Examiner, aphancing the profitability of its operations would be pended hereto as Appendix A, embodies a cogent contingent largely upon the addition of additional discussion of the proposed transaction within the banks to the holding company system. In this framework of the statutory factors, and his analysis regard however, the Board also notes that on and findings, except as hereinafter modified or March 12, 1963, the Governor of the State of amplified, are hereby adopted as those of the Nebraska signed into law a bill which, completely Board. apart from the question of its effect on Applicant's Financial history and condition. Since Appliproposed organization, would in any event appear cant is a proposed new corporate structure, the to prohibit further acquisition of banks by holding formal organization of which has been held in companies in the State. The Board is of the abeyance pending the Board's decision on the inopinion that this development would further limit stant application, it has no financial history. The Applicant's prospects. holding company's financial condition following Apart from the matter of profitable operations, organization would be satisfactory, assuming efthe Hearing Examiner implied concern over the fectuation of the organizational plan as set forth in the application. capital structure of the proposed holding company So far as concerns the banks involved, the by reporting that, in his view, the underwriting Hearing Examiner found their financial history features of the proposal were uncertain and stating and condition to be satisfactory. The Board con- that "I am unable to find, or report to the Board, curs. with any degree of certainty, the manner or means by which Applicant proposes to lift the lien which Prospects. With respect to the proposed subsidiary banks, the Hearing Examiner found as fol- First National [First National Bank & Trust Co., lows: Lincoln, Nebraska] presently holds on the stock of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
636 FEDERAL RESERVE BULLETIN • MAY 1963 all three of the proposed subsidiary banks, and to the board as a whole would consist of men of apacquire title thereto." Certainly a substantial un- parent maturity, judgment, and stature. Accordliquidated indebtedness from the outset could un- ingly, the Board is of the opinion that they probduly burden and adversely affect the prospects of ably could give effective direction to the affairs of Applicant and, possibly, those of the banks in- the proposed holding company. Finally, although volved. However, the Board does not regard the not necessarily approving of an arrangement absence of an anticipatory firm underwriting com- whereby the principal management and direction mitment as necessarily calling for an adverse find- of a holding company would be handled by key ing with respect to the statutory factor of "pros- personnel who are actively pursuing careers in pects"; were other considerations in this case fields other than banking and who reside a subfavorable to a decision approving the application, stantial distance from the majority of the proposed the approval could be made contingent upon Ap- subsidiary banks, it is not believed that in this plicant's receipt of the requisite funds through sale case these considerations would require disapof its shares, or obtaining a firm underwriting proval, taking into account the size and number commitment for such funds, within a stipulated of the banks involved. period of time.1 The Hearing Examiner found that the proposed Management. The Hearing Examiner expressed subsidiary banks are now being "well managed," reservations concerning the adequacy of manageand the Board, on the basis of the evidence of ment and direction of the proposed bank holding record, concurs. It may be stated that this conclucompany, predicated upon (1) the opinion that sion concerning the satisfactory character of manthe principal organizer, who would be principal agement in the proposed subsidiary banks reinexecutive officer, has not had sufficient banking forces the Board's conclusions above with respect experience, (2) the fact that the proposed board to the marginal significance in this case of such of directors would be composed largely of men limitations as may exist in the considerations of without banking experience, and those few direcexperience, availability, or proximity of the printors who have had such experience are "semirecipal officers and directors of the proposed holding tired," and (3) the management and direction of company. the holding company would be provided by direc- Convenience, needs, and welfare. The Hearing tors and officers who (with one exception) reside, Examiner concluded that— and are otherwise engaged, in Lincoln, Nebraska, "Consideration of the entire record compels the conapproximately 450 miles away from two of the clusion that establishment of the proposed holding three proposed subsidiary banks. company would not have a significantly favorable effect upon the convenience, needs, or welfare of the However, upon review and analysis of all the communities or areas concerned." facts pertaining to the statutory factor of "man- The Board concurs. agement," the Board is of the opinion that the Effect of proposed acquisition on adequate and management and direction of the proposed holdsound banking, public interest, and banking coming company would be satisfactory. Notwithstandpetition. The Hearing Examiner found that, so far ing the limited banking experience of the principal as the size or extent of the proposed holding comorganizer, the successful operations of Martell pany system is concerned, its formation would not during the four years since he acquired control of be inconsistent with adequate and sound banking, that bank suggest that he has developed a sufficient the public interest, and the preservation of comdegree of competence in dealing with the problems petition of the field of banking. The Hearing of running banks the size of those here involved Eaxminer went on to state, however, that— to discharge his duties as principal executive of- ". . . it is manifest from the legislative history of the ficer of the proposed holding company in a satis- Act that the thread of public interest runs throughout factory manner. By the same token, three of the the various statutory criteria which must be considproposed directors of the holding company have ered, and I have serious reservations regarding the compatibility of my findings regarding the managehad varying degrees of banking experience, and ment and capital structure of the proposed holding company with the public interest." [Footnote omitted] 1 See, for example, In the Matter of Montana Shares, The Board does not share the Hearing Examiner's Incorporated, 1962 Federal Reserve BULLETIN 1285 (Oct.). reservations regarding the management of the pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 637 posed holding company nor his concern about the pany's interest in the net assets of its subsidiaries. lack of an anticipatory firm underwriting com- On that basis, after acquisition of the proposed mitment insofar as concerns the company's pro- subsidiaries but before the sale of holding comgram for financing its acquisition of the Crawford pany stock to the public, the net asset value of and Sioux National banks. However, as pointed Applicant's shares held by the organizers would out by the Hearing Examiner, the legislative his- be approximately $120,000,2 whereas after sale tory of the Act shows a pervading concern on the of Applicant's shares to the public, the equity of part of the Congress that the "public interest" be the organizers would be about $233,000, an ingiven a prominent position in the Board's evalua- crease of $113,000, while that of the public intion of applications under the Act, and the Board vestors would be approximately $287,000, a deis of the opinion that there are features of the crease of $153,000 from the $440,000 purchase proposed method of financing which would be price of the shares (the $40,000 difference becontrary to the public interest. tween the increase in the organizers' equity and To date, all proposals for the formation of a the decrease in the public investors' equity is acholding company presented to the Board under the counted for by the difference between the cost of Bank Holding Company Act have involved the the shares to the public and the net proceeds of exchange of holding company stock for shares of the sale of such shares to be realized by Applithe proposed subsidiary banks, and the Board's cant). consideration of the "Public interest" has included The Board recognizes, of course, that certain an evaluation of the equity of the terms of the additions to net asset value are reasonable and exchange. Here, for the first time in a proposal proper in determining purchase and exchange to form a bank holding company, there is also values of controlling interests in banks. In arriving involved the public marketing of holding com- at the purchase price of the shares of Crawford pany stock, and in the judgment of the Board it and Sioux National and in computing the exwould be remiss in its statutory duty were it not change value of shares of Martell, adjustments to apply the same critical analysis to the interests were made to give effect to items not included in of potential purchasers of this stock. capital accounts (among which were reserves and Applicant's proposed organizational plan is as accrued interest on loans and securities, appreciafollows: The principal organizer would transfer tion or depreciation on securities, and appreciation to Applicant 450 shares (90 per cent) of Martell on buildings and furniture and fixtures), and a in exchange for common stock of Applicant; the premium of 20 per cent of capital accounts plus other organizers would pay in total subscription adjustments was added in each case. However, commitments of $142,500 for shares of Appli- even allowing for reasonable adjustments in comcant's stock; Applicant would borrow approxi- puting the value of Applicant's stock, the "admately $352,500 which, together with funds ob- justed" equity which the public would have in tained from the subscription commitments men- this stock would still be substantially less than its tioned above, would be used for the most part to cost. Thus, even under the most favorable view purchase 84 per cent of the outstanding shares of the public investors will hold stock representing Sioux National and 88 per cent of the outstand- a tangible underlying value considerably less than ing shares of Crawford from the principal organ- the amount they have invested. izer at the price he paid for such stock plus ac- This latter circumstance might not be objectioncrued interest; Applicant would then make a pub- able were the holding company to have dynamic lic offering of its common stock from which it prospects for growth and expansion, either through expects to realize $400,000, thereby permitting growth of the subsidiary banks or through possible retirement of the indebtedness incurred with reacquisition of additional banks, since such prosspect to the purchase of the Sioux National and pects might reasonably be expected to present a Crawford stock. favorable climate for enhanced earning potential It is the Board's view that the investments of a and capital appreciation of the public's investbank holding company in subsidiaries should be carried in financial statements issued to share- 2 Based on the net asset values of the banks as of holders and the public at no more than the com- June 30, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
638 FEDERAL RESERVE BULLETIN • MAY 1963 ment in the holding company stock. However, Hearing Examiner in accordance with the Board's Rules of Practice for Formal Hearings (12 C.F.R. such is not the case here. The proposed subsidiary Part 263). That order was duly published in the Fedbanks are all small and their growth pattern has eral Register on August 17, 1962 (27 F.R. 8233). been slow and sporadic, with the possibility of a On September 5, 1962, the undersigned Hearing Examiner was duly designated by the Board to conduct more favorable trend in the future conceded by the instant hearing. Applicant to be quite limited. Furthermore, in all On or about September 13, 1962, counsel for the likelihood legislation recently enacted by the nine Nebraska banks next named, filed their appearance herein and moved that they be admitted as full State of Nebraska would prevent further expanparties to the proceeding. On October 2, 1962, the sion of Applicant's system through acquisition of motion was granted with respect to First National additional banks (if, indeed, it would permit Ap- Bank, Chadron, Nebraska; Hallam Bank, Hallam, Nebraska; Farmers & Merchants Bank, Milford, Neplicant to consummate even its initial plans). braska; City National Bank, Crete, Nebraska; and Accordingly, the Board is faced with a situa- Crete State Bank, Crete Nebraska. These parties are hereafter referred to as Protestants. The motion was tion where, for all practical purposes, the holddenied with respect to First National Bank, Hay ing company involved apparently would be frozen Springs, Nebraska; Northwestern State Bank, Hay in its present posture with the chances of any sig- Springs, Nebraska; and Stockmen's National Bank, Rushville, Nebraska. The application of Alliance Nanificant enhancement of earnings on, or capital aptional Bank, Alliance, Nebraska, was withdrawn durpreciation of, its stock speculative at best. This ing the course of the hearing. being the case, the Board does not feel that the Pursuant to the notice of hearing and designation described above, a public hearing, in accordance with proposal embodied in the application would be in applicable provisions of law and the Board's Rules the public interest in terms of what the public in- and Regulations, was held in Omaha, Nebraska, bevestors could expect to receive, either initially or fore the undersigned Hearing Examiner on October 2, 3, 4, and 5, 1962. The Applicant, the Protestants, in the future, in return for their investment. and the Board, the latter in a nonadversary capacity, It should be emphasized that the Board is not appeared, were represented by counsel, and participated in the hearing. All persons were afforded opquestioning the integrity, character, or good faith portunity to present competent and relevant evidence, of the organizers of the proposed holding com- and oral argument was waived by all the parties. pany. However, for the reasons stated it is believed Proposed findings and briefs were filed by the Apthat consummation of the proposed arrangement plicant and Protestants on or about October 29, 1962. On or about November 8, 1962, the Applicant and would be adverse to the interests of the potential Protestants filed reply or rebuttal briefs. investors, and consequently adverse to the public Upon the entire record in the case and consideration of the briefs and reply briefs of the parties, I make the interest. following further findings of fact and recommenda- Accordingly, under the circumstances presented tion: in this case, it is the judgment of the Board that STATEMENT the application should be denied. The Applicant has applied, pursuant to Section Appendix A 3(a)(l) of the Bank Holding Company Act of 1956 ("the Act"), for the Board's prior approval of action REPORT AND RECOMMENDED DECISION OF that would result in Applicant becoming a bank hold- HEARING EXAMINER ing company through acquisition of 90 per cent of the voting shares of Martell State Bank, Martell, Nebraska Trans-Nebraska Co. ("Applicant"), a corporation ("Martell"); 84 per cent of the voting shares of Sioux to be organized under the laws of Nebraska, has ap- National Bank of Harrison, Harrison, Nebraska plied to the Board for its prior approval to become ("Harrison"); and 88 per cent of the voting shares of a bank holding company through acquisition of more Crawford State Bank, Crawford, Nebraska ("Crawthan 50 per cent of the voting shares of the Martell ford"). All these shares are presently owned by State Bank, Martell, Nebraska; The Sioux National Howard E. Hall of Lincoln, Nebraska, one of Ap- Bank of Harrison, Harrison, Nebraska; and Crawford plicant's organizers and designated to become its State Bank, Crawford, Nebraska. Notice of the filing president. of the application was duly published in the Federal Register on May 18, 1962 (27 F.R. 4748), including Martell, Nebraska, is approximately 15 miles distant a statement that comments and views regarding the from Lincoln, Nebraska, at the eastern end of the proposed acquisition could be filed with the Board State, and has a population of less than 100. The within 30 days. towns of Harrison and Crawford, Nebraska, are On August 13, 1962, the Board ordered that, pur- located at the extreme northwestern corner of the suant to Section 222.7(a) of the Board's Regulation State, Harrison being approximately 450 road miles Y (12 C.F.R. Part 222.7(a)), a public hearing be west from Lincoln. Crawford is about 20 miles east of held, commencing October 2, 1962, at 10 a.m., in the Harrison. Harrison, the seat of Sioux County, has a Omaha branch of the Federal Reserve Bank of Kan- population of approximately 450, and Crawford about sas City, Omaha, Nebraska, before a duly designated 1,600. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 639 THE VIEWS AND RECOMMENDATIONS OF FINANCIAL HISTORY, CONDITION AND SUPERVISORY AUTHORITIES PROSPECTS OF BANKS AND APPLICANT As required by the provisions of Section 3(b) of the Act, the Board, by letter dated May 11, 1962, gave The Three Banks notice to the Comptroller of the Currency, and to the Director of Banking for the State of Nebraska, of the The Martell State Bank, predecessor of Martell, was filing of the instant application. On or about July 3, organized in 1905. W. H. Moore, who owned a major- 1962, the Comptroller of the Currencv recommenced ity of its stock, died in 1954, and, because of the "that the Board approve the proposed application." On bank's excessive capitalization, no market could be or about June li, 1962, the Director of Banking for found for the sale of his stock. In January 1959, the the State of Nebraska also notified the Board that his assets of that bank were sold for $90,000 to Mr. Hall office recommended "that this application be ap- who then organized a new banking corporation, Marproved." However, on September 28, 1962, the Board tell, which has operated that bank since that time. received the following letter from said Director of Martell has 500 shares of capital stock outstanding, of Banking: which 460 shares are presently owned by Mr. Hall. Martell is situated in a mixed farming area, "some September 26, 1962 livestock, some grade A dairies, and the balance, grain Board of Governors farming." Six and one-half miles away is the site of an Federal Reserve System atomic energy plant which, though tested, has not yet Washington, D. C. been used to generate power. The United States Corps Re: Application of Trans Nebraska, Inc., of Army Engineers is now in the process of completing to become a Bank Holding Company a 320-acre lake which, with additional land purchased under Section-3 of the Bank Holding by the State of Nebraska, will be converted into a Company Act of 1956. State park and recreational area. When completed, it Dear Sirs: should attract additional tourist trade. On June 11, 1962, I directed a letter to you in regard Harrison commenced operations in 1888 and conto the above application. In that letter I recommended tinued to do so until February 1924, when it was that the application be approved. At that time, no feel- closed. It was reorganized in June 1924, and has conings either for or against Bank Holding Companies tinued its operations since that time. In January 1962, were expressed by the Bankers of the State of Ne- Mr. Hall purchased 430 of its 500 shares of common braska. Since that time, however, a poll of the Ne- stock then outstanding. Crawford was organized in braska Bankers was taken by the Nebraska Bankers' 1927. In October 1931, it suspended operations and Association as to whether or not they approved or was reorganized in January 1932. In December 1961, disapproved of Bank Holding Companies. The find- Mr. Hall purchased 450 of the 500 shares of common ings of this poll, as of September 24, 1962, were that stock then outstanding in said bank. Harrison and Nebraska Bankers overwhelmingly object to or disap- Crawford are located in an area that is devoted largely prove of Bank Holding Companies. to ranching, with some grain raising. Not much change Had I had this information before me at the time that is expected in the economy of that area. I was considering the above application, I would, of As of June 30, 1962, Martell had deposits of $1,course, not have recommended that your Board act 181,000, and loans and discounts aggregating $553,favorably upon the application, as 1 feel that this is a 000. On the same date, Harrison had total deposits of problem from the bankers to decide and not for the $1,636,000 and loans and discounts of $1,160,000, Director of Banking. (Emphasis supplied) while Crawford had total deposits of $1,687,000 and I pass this information on to you for you to consider loans and discounts of $835,000. The aggregate deat the time you review this application for your ap- posits of all three banks on June 30, 1962, was, thereproval or disapproval. fore, $4,504,000. Respectfully yours, Though the deposit growth of the three proposed /s/Ralph E. Misko subsidiary banks in the period 1945-1961 was very Ralph E. Misko substantially less, percentage wise, than the average Director of Banking deposit growth of all banks in Nebraska,1 the testi- Consideration of both communications warrants the mony otherwise establishes, and Protestants do not conclusion that it is only because of the action of the deny or challenge, that the financial history and condi- Nebraska Bankers Association that the State Director tion of the three proposed subsidiary banks is satisfacof Banking now deems it inadvisable to make any tory. The record also establishes that the future prosrecommendation herein. pects of the three banks involved are, by and large, intimately related to the economy of the regions in STATUTORY FACTORS which they are located. The economies of Crawford Section 3(c) of the Bank Holding Company Act re- and Harrison, while by no means dynamic, appear to quires the Board to take into consideration the follow- be stable, and the economy of the Martell area, being ing five factors in determining whether or not to ap- located near the State Capital, gives indications of prove any acquisition under the Act: (1) The financial growth, albeit not aggressive. Accordingly, it is conhistory and condition of the holding company and the cluded, and Protestants concede, that the future prosbanks concerned; (2) their prospects; (3) the charac- pects of the three banks involved are not unfavorable, ter of their management; (4) the convenience, needs, and this would be true whether or not they were to and welfare of the community and the area concerned; become affiliated with the proposed holding company and (5) whether the effect of the proposed acquisition system. would be to expand the size or extent of the bank holding system involved beyond limits consistent with 1 The deposit growth of all banks in the State during that peadequate and sound banking, the public interest, and riod was 38.28 per cent. MarteU's growth was 5.18 per cent; Harrison, 13.27 per cent; Crawford 2.45 per cent; all three of the preservation of competition in the field of banking. the proposed subsidiaries averaged 7.24 per cent. 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640 FEDERAL RESERVE BULLETIN • MAY 1963 The Applicant shares of the same par value, and granting to each shareholder in both banks a stock dividend of one Since Applicant's assets will consist principally of share for each two shares then owned. While this the stock of three proposed subsidiary banks, its pros- change of capital structures may change the number pects, from the standpoint of profitable operations, of shares of Harrison and Crawford to be sold to, and may reasonably be regarded as paralleling those of its be acquired by, Applicant, it will not affect their total subsidiary banks and may, therefore, also be adjudged value, or the total principal purchase price of $474,as not unfavorable. 385.40, which will remain the same. The Application to acquire the three banks, and be- As indicated above, Mr. Hall purchased the shares come a holding company under the Act, was filed by of Harrison and Crawford in January 1962 and De- Trans-Nebraska Co., "a corporation to be organized cember 1961, respectively. To make that purchase, he under the laws of Nebraska," and has been executed provided no funds of his own. Instead, he borrowed only "by each of its proposed organizers." Its articles the full purchase price thereof, approximately $475,of incorporation, insofar as the record discloses, have 000, from First Continental National Bank & Trust not yet been filed. Applicant, therefore, has no finan- Company, now known as First Natitonal Bank & Trust cial history. Co., of Lincoln, Nebraska ("First National").6 As The Application contemplates that Applicant, when security for the loan, he posted as collateral, 450 shares completely organized, will have an authorized capital of the common stock of Martell, and all the shares of of $1,000,000, divided into 150,000 shares of common Harrison and Crawford to be acquired by Applicant stock with a par value of $2 per share, and 7,000 as aforementioned. As additional security, First Nashares of preferred shares with a par value of $100 tional also holds, by assignment, the subscriptions of per share. the organizers of Applicant, other than Mr. Hall, to It further contemplates that Mr. Hall will exchange purchase 13,850 shares of the common stock of Ap- 450 shares of Martell for shares of common stock of plicant at $10 per share, aggregating $138,500.7 At the the Applicant. The exact exchange price or ratio is to time of the hearing, the promissory note of Mr. Hall be determined at the time the incorporation of Ap- evidencing his debt to First National matured on Deplicant is completed and the exchange of stock con- cember 6, 1962. summated. It will be based on a value of $10 per share Insofar as the record discloses, no part of the subof common stock of Applicant,2 and a per share value scriptions of the other organizers last above mentioned of Martell computed on the basis of book value, ad- has yet been paid. However, it has been agreed, and it justed to remove doubtful assets or losses, plus 20 per is anticipated, that when the instant Application is apcent. Under the above formula, it is calculated that proved, these subscriptions will be paid to First Na- Mr. Hall will receive for his 450 shares of Martell, tional, applied in reduction of Mr. Hall's indebtedness approximately 18,378 shares of common stock of Ap- above mentioned, and that First National will then acplicant having a value of approximately $183,780. cept the promissory note of Applicant for the balance With respect to Harrison, the Application contem- thereof, approximately $336,500, secured by the same plates that Mr. Hall will sell to Applicant, for cash, common stock of Martell, Harrison, and Crawford, 420 shares3 of its common stock for a price of $596.67 which it presently holds. per share, aggregating $250,601.40, the price he paid To liquidate its proposed remaining debt of apfor said stock, plus interest at the rate of 3Vi per cent proximately $336,500 to First National, and to proper annum from and after January 4, 1962, the date vide it with a small amount of additional capital, it is he purchased the stock, which price, per share, is stated in the Application that Applicant proposes to based on the assumption that the total shares of Har- sell 40,000 shares of its common stock for $400,000 to rison outstanding at the time the sale is consummated Ellis, Holyoke & Co., investment brokers or bankers is 500. of Lincoln, Nebraska, who in turn propose to sell Concerning the acquisition of Crawford, the Ap- these shares to the public at $11 per share. Though plicant proposes that Mr. Hall sell to Applicant, for Applicant, in its brief, contends that "Ellis, Holyoke cash, 440 shares4 of its common stock for a price of & Co. has agreed to purchase [these shares] for a total $508.60 per share, aggregating $223,784, the price he price of $400,000," the record does not sustain that paid for said stock, plus interest at the rate of 3Vi contention. Not only is the sale of these securities adper cent per annum from and after December 6, 1961, mittedly subject to grant of the Application herein by the date he purchased the stock. This price, per share, the Board, and the usual conditions imposed by underis also based on the assumption that the total shares of writers that these securities be first registered under Crawford outstanding at the time the scale is consum- the Securities Act of 1933, as amended, and qualified mated is 500.5 for sale under the securities or Blue Sky laws of such After the Application herein was filed, the capital States as may be designated by them, no probative structure of Harrison and Crawford were both evidence was offered that Ellis, Holyoke & Co., or any changed by increasing the capital stock of each of said other responsible underwriter, has given any firm banks from $50,000, represented by 500 shares of the commitment to thereafter purchase the securities in par value of $100 each, to $75,000 represented by 750 question. Indeed, Ellis, Holyoke & Co.'s letter of October 4, 2 As hereafter found, Applicant contemplates that 40,000 ad- 1962, to Mr. Hall indicates that it merely purports to ditional shares of its common stock will be sold to the public by underwriters at $11 per share. be acting "as representative of the underwriters" 3 Or the equivalent number of shares equal to 84 per cent of whose identity, if presently existing, has not been disthe outstanding stock of said bank. 4 Or the equivalent number of share equal to 88 per cent of 6 In this connection, see caveat pertaining to the use of bank the outstanding stock of said bank. credit to cover the entire purchase price of acquired banks con- 5 It is not expected that any of the other shareholders of tained in the dissenting Statement of Governor Mitchell in Martell, Harrison, and Crawford, who each own 20 shares or Montana Shares, Incorporated, October 3, 1962, 48 F. R. BULless, "will be interested in disposing of his [or her] stock in said LETIN 1285, 1288. bank." 7 See Second Supplement to Application, Exhibit A-6(a). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 641 closed, and leaves in doubt whether the underwriting proximately 450 miles away. agreement, when actually undertaken by the principal Though I entertain no doubts concerning the morals or principals, will be a firm commitment to buy, or or personal character of Mr. Hall, I am not peronly an agreement to use its or their best efforts to suaded that he, as the proposed principal executive sell these securities. In that state of the record, I am officer, has had sufficient or broad enough banking unable to find, or report to the Board, with any degree experience, or that the holding company will, upon of certainty, the manner or means by which Applicant organization as presently proposed, be adequately diproposes to lift the lien which First National presently rected and managed, so as to warrant a favorable holds on the stock of all three of the proposed sub- finding with respect to this extremely important statusidiary banks, and to acquire title thereto. tory factor. My responsibility in appraising and evaluating the evidence pertaining to this factor is heightened by the fact that substantially more than half MANAGEMENT OF APPLICANT AND THE BANKS the capital required to launch the holding company, As previously indicated, Mr. Hall will become pres- $400,000, is to be provided by the general public. ident and chief executive officer of the proposed hold- Though responsibility in evaluating this factor also ing company. He is 58 years old. Since 1936, he has rests with other regulatory bodies, it cannot be igbeen employed by the Woodmen Accident & Life In- nored by me.9 surance Co. of Lincoln, Nebraska, progressively as Mr. Hall testified, and I find, that the three prorepresentative, assistant sales manager, sales manager posed subsidiary banks are now being "well manand, since 1949, as agency manager for eastern Ne- aged," and the Application declares that it is not braska. He impressed me favorably as being a com- contemplated that there will be any "changes in the petent sales executive. Board of Directors or officers of the . . . subsidiary In January 1959, he purchased the assets of Martell's banks." However, Applicant strongly urges, as one of predecessor, took over its deposits and loans, or- the grounds for granting the Application, that it can ganized the present corporate structure of Martell, and thereby obtain better qualified personnel for managehas participated in its management since that time. ment succession in the three banks. Nevertheless, Mr. In December 1961, and January 1962, he purchased Hall testified, and I find, that "with the present three the stock in Harrison and Crawford presently owned banks there would be not too much to be offered" to by him. In acquiring the three banks, "the biggest applicants for employment, and that "the opportunity factor" that prompted him to make the purchases was for younger management personnel in the [three the opportunity it presented to make an "investment." banks] to move to positions of greater responsibility within the holding company structure would probably Mr. Hall devotes only about 25 per cent of his time not be any different than the opportunities which now to his banking interests, with the remainder preexist under [his] common control of those three sumably being devoted to his insurance business bebanks."10 cause, as he testified, he has "too much at stake . . . in the insurance business" to which he has devoted In connection with this phase of the proceeding, as almost all of his adult life. While he expects, and well as the other factors herein considered, note should may receive, occasional advice from the other pro- be taken of the declaration in the Application that posed directors of the holding company, the record "[t]he present Application is [only] the first step in the before me is clear that the effective management and plan of the organizers of the Applicant to establish a direction necessary for its operation will rest upon, bank holding company in Nebraska to own and opand be exercised by, him. erate a system of banks throughout the State of Ne- None of the seven proposed directors and officers of braska, . . . [and that] applications will be submitted the holding company, other than Mr. Hall, testified at [to the Board] for the acquisition of additional banks." the hearing before me. The Application, however, dis- Mr. Hall's testimony strongly and unequivocally afcloses that there are only two of the proposed direc- firmed this declaration of proposed policy and intent. tors and officers who have had substantial banking However, he testified, it is only if this desire and experience, and they have been retired from the bank- hope for additional future acquisitions is achieved, or ing connections they formerly enjoyed. They are now that the aggregate deposits of the three banks are indescribed as being in "semi-retired" status, and their creased by $4,000,000 or more, that the substantial total investment in Applicant will be $4,000.8 contemplated improvements and plans for widening It also appears that, with one exception, C. A. the scope of the services now rendered by the three Owen, who lives in Broken Bow, the approximate banks could be achieved. Thus, Mr. Hall testified that center of the State, all of the proposed directors and not until deposits were increased by $4,000,000, officers are residents of Lincoln, at the eastern end of neither the Applicant, nor he as individual owner, the State where Applicant proposes to establish its could afford to hire the necessary full-time general headquarters. None reside at the northwestern ex- manager to supervise the day-to-day operations of tremity of Nebraska, where Harrison and Crawford either the holding company or the three banks under are located, though these two banks, on June 30, 1962, individual ownership. The general manager he enhad approximately 74 per cent of the total deposits of visioned for this task would be a man capable enough all three proposed subsidiaries. The holding company's management and direction of the affairs of 9 ". . . the public interest, as reflected in the regulatory and supervisory authority established by Congress, calls for optimim these two banks will thus be provided by directors and Fsicl standards applied in advance of difficulty. . . ." The First officers who reside, and are otherwise engaged, ap- Virginia Corporation, 48 F. R. BULLETIN 1163, 1167 (September 1962). 8 Since the close of the hearing, I have received notice, as 10 Theodore King, who is presently providing competent manhave the parties to this proceeding, that El wood N. Thompson, agement to Harrison, testified that one of the principal factors designated in the Application as a proposed director of Appli- that prompted him to accept employment in that bank in the can, and the only banker so proposed with extensive experience spring of 1962 was that he had been advised of the plan to in a bank of substantial size, has informed Applicant that cir- organize the proposed holding company. But he further testified cumstances have made it undesirable for him to act as a direc- that if the Application herein is not approved, he would, nevertor of the proposed holding company. theless, remain with Harrison. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
642 FEDERAL RESERVE BULLETIN • MAY 1963 to justify, and who would be paid, a salary of $15,- munities and area in which Harrison and Crawford 000-$ 18,000 per year. are located. In Harrison's primary service area, the The prospects of the three banks achieving $4,- total deposits on March 2b, 1962 were $3,711,000, 000,000 additional deposits in the foreseeable future divided about evenly between Harrison and Crawford. are, in the light of past experience, practically nil. Other banks serving Harrison's area had deposits of Martell's deposits on December 31, 1961, were only $30,503,000. On the same date, Crawford's total de- $51,000 greater than on December 31, 1945. During posits were $1,798,000. Within Crawford's primary the same period, Harrison increased its deposits $247,- service area, the Bank of Chadron, approximately 20 000 while Crawford's increase was only $47,000. Thus, miles away, had total deposits of $3,956,000, and the aggregate increase of deposits of all three banks First National Bank of Chadron, $4,674,000. Other over the span of 16 years was only $345,000. It can, banks serving Crawford's area had total deposits of therefore, not be expected that the deposits of the $26,376,000. All banks serving the combined area of three banks will be increased by $4,000,000 within the Harrison and Crawford had total deposits of $42,early future. The hire of a general manager, and the 844,000, of which the combined percentage of these other improvements dependent upon that contingency two banks was 8.66 per cent. cannot, therefore, be urged or relied upon in support Mr. Hall conceded, and the record otherwise esof the Application. tablishes, that the three banks involved herein have The contemplated employment of a general man- adequate capital, and are neither under- nor overager, as well as the introduction of additional and capitalized. The testimony also establishes that Nebetter services, may also not be relied upon insofar braska has a well-functioning and competitive coras they are dependent upon a hope or expectation respondent banking system used by its smaller country that the proposed holding company will be expanded banks, including the three proposed subsidiaries. The by future acquisitions of other banks with, or without, principal services rendered by the correspondent banks additional deposits of $4,000,000. Not only is it con- are participation in excess loans, advice on the bond jectural whether, or when, such banks will be acquired, market, trust services, the training of personnel, etc. or even available for purchase, but the realm of spec- No probative evidence was offered that any of the ulation must be expanded to include favorable action three banks have not been able, with the assistance of by this Board on future applications to acquire such correspondent banks, to adequately satisfy the banking banks. Not only am I precluded from indulging in needs and demands of the areas they serve. such conjecture, but, were I permitted to do so, I Consideration of the entire record compels the conwould, because of the many imponderables involved, clusion that establishment of the proposed holding decline such request. company would not have a significantly favorable ef- In the existing state of the record, I can only con- fect upon the convenience, needs, or welfare of the clude that the substantial improvements and benefits communities or areas concerned. envisaged by the present application are for future consideration only, and may not be considered by me as a favorable factor for recommending approval of THE EFFECT OF THE PROPOSED ACQUISITIONS the present application. The last factor for consideration is whether the proposed acquisitions would expand the size or extent of CONVENIENCE, NEEDS, AND WELFARE the bank holding company system involved beyond OF THE COMMUNITIES AND AREAS INVOLVED limits consistent with adequate and sound banking, The population of the State of Nebraska, at the the public interests, and the preservation of competitime of the 1960 census, was 1,411,330. On December tion in the field of banking. 31, 1961, the people of that State were served by 441 The only bank holding company presently operating banking offices having total deposits of $1,783,879,000. in Nebraska, Northwest Bancorporation, Minneapolis, Though the village in which Martell is located has a Minnesota, owns or controls three banks in Om^ha or population of less than 100, the primary service area South Omaha, one bank in Norfolk, and another in of that bank, including Lincoln, Nebraska, about 15 Hastings. On December 31, 1961, the deposits in these miles distant, has a population of approximately 150,- five banks aggregated $172,000,000, equivalent to 9.6 000. On March 26, 1962, there were 12 banking offices per cent of the deposits in all commercial banks in the in that primary service area which total deposits of State on that date.11 $205,329,000, of which amount only $1,131,000, or .55 If the Application herein is granted, Applicant per cent, was deposited in Martell. Crete, Nebraska, would have, based on data of the same date, three out about 10 miles distant from Martell, is the location of of 441 banking offices in the State, and aggregate de- City National Bank which, on the same date, had total posits of $5,100,000, constituting less than three-tenths deposits of $2,989,000, and the Crete State Bank of one per cent of the deposits in all Nebraska banks. with total deposits of $3,157,000. On the same date, In the areas served by the three proposed subsidiaries, First State Bank of Hickman, about 10 miles from in none of which Northwest Bancorporation has any Martell, had total deposits of $1,338,000. Lincoln, subsidiary banks, Applicant's aggregate deposits, based Nebraska, is the site of First National and National on March 26, 1962 data, would constitute only 2.15 Bank of Commerce Trust and Savings Association. per cent of the total deposits of all banks in the area On March 26, 1962, the former had total deposits of served by Martell, 14.1 per cent of the total deposits $114,672,000, and the latter $70,322,000. I find that of all banks in the area served by Harrison, and 13.15 the community and area in which Martell is located per cent of the total deposits of all banks in the area are now being adequately served by that bank and the served by Crawford. others located in that area. Based on the foregoing data, it must be concluded The same favorable conclusion must be reached that grant of the present application would not exwith respect to the adequate banking services and facilities available to the ranching and farming com- 11 48 F. R. BULLETIN 1075. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 643 pand the size or extent of the bank holding company CONCLUDING FINDINGS system involved beyond limits consistent with adequate and sound banking. The entire record herein, viewed in the light of the Nor would the competition presently existing be general purposes of the Act and the factors prescribed unfavorably affected. Insofar as Harrison and Craw- by Section 3(c) thereof, have brought me to the conford are concerned, they now being owned or con- clusion that grant of the Application would not be trolled by one individual, their competitive status consistent with the statutory objectives and the public would remain unchanged. Martell, over 400 miles interest, and that the Application should, therefore, away at the other end of the State, is not in competi- be denied. tion with either Craword or Harrison and, considering The favorable factors, and those found to be not its small size with approximate deposits of $1,100,000 unfavorable, are not of sufficient weight to counteras compared to that of its competitors in the same balance those affirmatively found to be unfavorable. primary service area with deposits in excess of $200,- Among the latter is the factor pertaining to the or- 000,000, there appears to be no prospect or danger ganization, direction, and management of the proposed that competition would be seriously affected by grant holding company, which, if all other factors were of the Application herein. found favorable, would, nevertheless, require denial Accordingly, viewed solely from the standpoint of of the Application. Consideration of the public inthe considerations bearing on the fifth statutory factor, terest can bring me to no other conclusion. When, in it does not appear that the proposal now before me addition to the foregoing, the record also establishes would be inconsistent with the public interest insofar that the convenience, needs, and welfare of the comas concerns the effect of the size and extent of the munities and areas involved are now being adequately bank holding company system involved upon adequate served, and that the proposed holding company could and sound banking and preservation of competition not substantially improve thereon, the effect thereof in the field of banking. is only to confirm the ultimate conclusion announced However, it is manifest from the legislative history above. of the Act that the thread of public interest runs throughout the various statutory criteria which must RECOMMENDATION be considered, and I have serious reservations regard- For the reasons heretofore stated, it is recoming the compatibility of my findings regarding the manmended that the Application of Trans-Nebraska Co., agement and capital structure of the proposed holding company with the public interest.12 Lincoln, Nebraska, for the Board's prior approval of action to become a bank holding company through acquisition of more than 50 per cent of the voting 13 During the hearing, Protestants offered into evidence the written statements of Ben DuBois, Dr. Robert F. Lanzillotti, shares of Martell, Harrison, and Crawford, be denied. and Fred Carstens. All parties to the proceeding stipulated that Dated at Washington, D. C. this 8th day of Janthese statements, and the exhibits referred to therein, might be uary, 1963. incorporated into the record on condition that the objections of counsel for Applicant and the Board, noted in the record, be DAVID LONDON, preserved, and that the ruling thereon be announced in this Hearing Examiner. Report. The objections of counsel aforementioned are sustained with respect to those portions of the three statements and ex- are inherently not in the public interest. That argument should, hibits aforementioned which relate to the generalized conten- in my opinion, be addressed to the appropriate legislative tion that bank holding companies in Nebraska, or elsewhere, bodies, not to me. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements CHANGE IN PRESIDENT AT FEDERAL RESERVE BANK sity of Richmond and a Ph.D. from Johns Hop- OF CLEVELAND kins University. Mr. Wilbur D. Fulton, President of the Federal Reserve Bank of Cleveland, retired on April 30, DEATH OF DIRECTOR 1963. Mr. Fulton became associated with the Mr. J. E. Brinton, President, The First National Bank as an Examiner on May 1, 1933. He served Bank of Ely, Nevada, who had served as a direcsuccessively as Chief Examiner, Assistant Vice tor of the Salt Lake City Branch of the Federal President, Vice President in charge of the Cin- Reserve Bank of San Francisco since January 1, cinnati Branch, and was First Vice President at 1961, died on April 20. the time of his appointment to the Presidency, May 14, 1953. ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Mr. W. Braddock Hickman was appointed The following banks were admitted to member- President to succeed Mr. Fulton. Mr. Hickman ship in the Federal Reserve System during the has been a Senior Vice President of the Bank period April 16, to May 15, 1963: since February 1960. Previously, he had served with American Airlines, New York Life Insur- South Dakota ance Company, and the National Bureau of Aberdeen. Farmers & Merchants Bank Economic Research, and had been a member of Virginia the faculty at Princeton and Rutgers Universities and of the Institute for Advanced Study. Mr. New Castle. . . The Farmers & Merchants Hickman holds an A.B. degree from the Univer- Bank of Craig County 644 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication May 16 Production and employment continued to ex- liquidation to accumulation of inventories to hedge pand in April while construction activity was against a possible work stoppage. Output of conunchanged and retail sales declined. Commercial struction materials and of parts for consumer bank credit declined following rapid expansion goods and business equipment also continued to earlier this year. The money supply increased, increase. Among nondurable materials, newsprint and time and savings deposits at commercial banks consumption rose considerably following terminarose, although less rapidly than earlier. Between tion of newspaper strikes in two major cities. mid-April and mid-May bond yields changed little. Production of coal, crude oil, and chemicals also Common stock prices advanced further. advanced. CONSTRUCTION ACTIVITY INDUSTRIAL PRODUCTION Seasonally adjusted new construction put in Industrial production in April was 122 per cent place was unchanged in April. Private construction of the 1957-59 average, nearly 2 points above the increased, reflecting a 4 per cent rise in residential March level. Production of materials rose sub- activity. Public construction, which was revised stantially further in April and output of final prod- upward by 3Vi per cent for March, showed a ucts increased slightly. decline of 6 per cent in April. Auto assemblies remained at the high rate prevailing since mid-1962. Production of television EMPLOYMENT sets and some other home goods increased, and output of apparel and consumer staples was main- Seasonally adjusted employment in nonfarm tained. Production of commercial machinery in- establishments increased substantially further in creased somewhat while output of other types of April, reflecting mainly a sizable gain in manubusiness equipment changed little. facturing employment, which has now recovered Iron and steel production rose sharply further all of the decline that occurred in the latter half and was more than one-fourth above the Novem- of 1962. The average factory workweek changed ber-January level, reflecting in part a shift from about seasonally. The labor force as well as employment increased, and the seasonally adjusted unemployment rate was 5.7 per cent in April INDUSTRIAL PRODUCTION compared with 5.6 per cent in March. 1957-59 = 100 DISTRIBUTION FINAL PRODUCTS. Retail sales, after rising 1 per cent through the first quarter of this year, declined 1 per cent in April. Sales were down at department stores and most other groups of retail outlets. Dealer deliveries of new cars increased, however, and were nearly one-tenth above a year earlier and equal to the record seasonally adjusted rates of the sum- CONSUMER GOODS . mer of 1955. Dealers' inventories of new cars remained stable and were slightly below a year earlier. COMMODITY PRICES Federal Reserve indexes, seasonally adjusted. Latest figures shown are for April. Prices of some steel products were increased 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
646 FEDERAL RESERVE BULLETIN • MAY 1963 7>Vi per cent in April, raising the price index for from March to April after showing little net all steel mill products 1 per cent. Some aluminum change over the previous two months, while time products also were increased. Prices of most sensi- and savings deposits at commercial banks rose tive industrial materials changed little in April and less rapidly than earlier. U. S. Government deearly May, however, and average prices of indus- posits declined by more than the usual amount. trial products remained stable. Required and total reserves of member banks Sugar prices rose sharply further; the domestic increased somewhat in April. Excess reserves wholesale price was about 50 per cent higher than changed little while member bank borrowings last autumn. Livestock and meat prices changed from the Federal Reserve declined slightly. Relittle at a level about 5 per cent below a year serves were absorbed principally through an outearlier. Production of both beef and pork re- flow of currency and supplied through an inmained substantially higher than in the spring of crease of $285 million in System holdings of U. S. last year. Government securities. BANK CREDIT, MONEY SUPPLY, AND RESERVES SECURITY MARKETS Following rapid expansion earlier this year, Yields on State and local government bonds seasonally adjusted commercial bank credit de- rose somewhat between mid-April and mid-May clined $2.4 billion in April as bank holdings of while yields on corporate bonds and Treasury U. S. Government securities and loans to security issues changed little. The rate on 3-month Treasury dealers declined. Other loans, on balance, in- bills fluctuated narrowly around 2.90 per cent. creased moderately and holdings of non-Govern- Common stock prices rose moderately further ment securities continued to rise rapidly. The in active trading. In mid-May average prices were average money supply increased $500 million about 3 per cent below the December 1961 peak. RETAIL TRADE INTEREST RATES 1957-59=100 RETAIL SALES DEPARTMENT STORES TREASURY BILLS - TOTAL LESS ^^ — _SJOCKS^.'' „.-. I 1 1 1 ~~- 1 1 1 1 ... 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 March, for other series April. figures shown are for week ending May 10. 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
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 ID liabilities I, H, U Financial uses of funds: net acquisitions of in, iv Quarters assets n.a. Not available n.e.c. Not elsewhere classified Amounts insignificant in terms of the par- S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is millions) N.S.A. Monthly (or quarterly) figures not adjusted (1) Zero, (2) no figure to be expected, or (3) for seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—cont. Issue Page Flow of funds. Apr. 1963 542-550 (Feb. 1963 268-75 Banking and monetary statistics, 1962 < Mar. 1963 394-95 /May 1963 720-23 Semiannually Banks and branches, number of, by class and Banking offices: State Apr. 1963 551-52 Analysis of changes in number of Feb. 1963 266 On, and not on, Federal Reserve Par List number of. Feb. 1963 267 Income and expenses: Federal Reserve Banks Feb. 1963 264-65 Member banks: Calendar year May 1963 710-18 Annually Operating ratios Apr. 1963 553-55 Insured commercial banks May 1963 719 Bank holding companies: Listof,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 648 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 650 Reserve Bank discount rates; margin requirements; reserve requirements 654 Federal Reserve Banks 656 Bank debits; currency in circulation 658 Money supply; banks and the monetary system. . 660 Commercial and mutual savings banks, by classes. 662 Commercial banks, by classes.... 666 Weekly reporting member banks. 668 Business loans 671 Interest rates 672 Security prices; stock market credit; open market paper. 673 Savings institutions 674 Federal finance; Federally sponsored credit agencies. 676 Security issues. 681 Business finance 685 Real estate credit. 687 Consumer credit 690 Industrial production 694 Business activity 698 Construction 698 Employment and earnings 700 Department stores 702 Foreign trade 703 Wholesale and consumer prices 704 National product and income series. . . 706 Flow of funds, saving and investment. . 708 Member bank income, 1962. 710 Banking and monetary statistics. 720 Guide to tabular presentation. 648 Index to statistical tables. . 747 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). 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
650 BANK RESERVES AND RELATED ITEMS MAY 1963 MEMBER BANE RESERVES, FEDERAL RESERVE BANE CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank P d e o a r r i t o e d T U o . t S a . l G B o o r v o u i t u g . g t h h - s t e t cu R c r a e h i g t p a r ie u e s s e e r - - c v D o a a a i u n n d s n c d - - t e s s Float i t T a o l - s s G to o c ld k s r o c t e u i a u n u n r n r g t c y - d - y - r c C t c e u i i n i u o n l r a c r n - y - - T h c i r u n o a e r l g s a d y h s s - - Tr u e w r a y i s t - h r e F F s e . e i R o g r r v . n - e B s, a O n t k h s er i c O F o a t u . c h R n - e . t r s B W F a . n R it k h . s reserves 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 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec... 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1, ,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, ,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec... 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,633 27,15621,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 ,443 26,18622,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,41220,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 ,921 3"1 ,2"17~ 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Apr 29,143 29,015 128 134 317 30,.634 16,564 5,588 33,235 428 485 220 350 985 17,083 2,640 19,723 May.... 29,503 29,457 46 128 ,326 30,991 16,456 5,594 33,327 419 551 221 351 1,048 17,122 2,701 19,823 June.... 29,568 29.510 58 154 508 31,265 16,434 5,601 33,626 402 514 269 322 971 17,196 2,728 19,924 July.... 29,581 29,540 41 109 ,736 31,475 16,310 5,602 33,989 398 490 273 312 654 17,272 2,771 20,043 Aug 30,088 30,074 14 143 ,330 31,600 16,136 5,598 33,962 405 524 200 335 764 17,144 2,780 19,924 Sept 29,921 29,865 56 91 760 31,807 16,079 5,548 34,004 398 500 211 296 799 17,227 2,807 20,034 Oct 30,241 30,178 63 76 70532,057 16,050 5,552 34,111 404 517 216 320 710 17,382 2,823 20,205 Nov 30,195 30,064 131 129 ,6. 9432,053 15,978 5,552 34,584 401 472 202 293 925 16,706 2,898 19,604 Dec 30,546 30,474 72 305 298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Jan.... 30 19830,148 50 101 278 32,663 15,950 5,568 34,574 422 777 226 299 976 16,909 3,126 20,035 Feb 30,541 30,355 186 181 1503 32,287 15,922 5,567 34,230 437 832 208 305 1,041 16,724 2,857 19,581 Mar 30,613 10.507 106 185 626 32,477 15.878 5,576 '34,431 r446 878 188 185 1,095 16,707 2,809 19,516 30,897 30,833 64 151 596 32,692 15,878 5,578 34,719 437 917 183 199 1,022 16,671 2r~ 19559 Apr Week ending- 1962 28,433 28,419 14 156 ,339 29,974 16,772 5,587 32,908 440 401 214 283 ,100 16,987 2,497 19,484 Mar. 7 28,502 28.463 39 118 ,252 29,917 16,724 5,590 33,066 441 461 224 234 ,053 16,751 2,597 19,348 14 28,487 28,415 72 198 ,446 30,176 16,709 5,586 33,048 446 460 219 224 ,027 17,048 2,617 19,665 21 28,679 28,651 28 151 ,248 30,121 16,666 5,587 32,951 433 481 197 318 ,028 16,966 2,682 19,648 Apr- 2 , 8 f::::::: 29,150 28,996 154 140 ,029 30,361 16,609 5,591 33,050 433 400 220 351 ,025 17,080 2,583 19,663 29,281 29,134 147 125 ,156 30,603 16,609 5,589 33,274 432 458 252 327 ,030 17,027 2,477 19,504 18 29,030 28,957 73 140 ,412 30,622 16,585 5,584 33,356 425 480 204 364 960 17,002 2,684 19,686 25 29,033 28,882 151 150 ,500 30,722 16,523 5,586 33,244 428 518 209 354 963 17,115 2,763 19,878 May 2 29,188 29,093 95 128 351 30,704 16,494 5,590 33,133 419 607 213 366 958 17,091 2,777 19,868 9 29,634 29,467 167 112 245 31,025 16,490 5,594 33,267 419 502 224 372 956 17,369 2,483 19,852 16 29,532 29,511 21 129 276 30,970 16,456 5,595 33,406 423 537 219 342 996 17,098 2,717 19,815 23 29,341 29,341 112 ,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 ,19130,935 16,434 5,594 33,331 418 524 344 1,130 17,007 2,802 19,809 June 6 29,837 29,837 117 ,21131,198 16,434 5,597 33,534 413 474 209 367 1,077 17,155 2,646 19,801 13 29,672 29,672 107 304 31,115 16,435 5,602 33,663 402 503 211 339 1,056 16,976 2,662 19,638 20 29,433 29,356 180 779 31,423 16,434 5,604 33,654 400 509 274 337 996 17,291 2,747 20,038 27 29,320 29,233 216 668 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 31,597 16,435 5,600 33,863 391 533 330 290 699 17,527 2,713 20.240 29,962 29,870 92 81 31,729 16,412 5,602 34,155 394 452 294 301 700 17,447 2,694 20,141 is!;;;;;] 29,304 29,304 178 039 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 ,968 31,31516,269 5,603 33,901 404 551 221 317 641 17,152 2,850 20,002 Aug. 1 29,592 29,592 85 ,346 31,06616,168 5,604 33,813 414 428 234 343 643 16,962 2,876 19,838 8 30,194 30,194 171 ,150 31,55916,148 5,603 33,938 417 488 217 331 692 17,226 2,589 19,815 15 30,177 30,160 145 ,279 31,64216,148 5,596 34,059 402 598 198 375 703 17,050 2,763 19,813 22 29,902 29,890 171 ,684 31,79516,147 5,597 34,003 397 553 189 325 827 17,247 2,763 20,010 29 30,019 30,019 92 ,287 31,433 16,112 5,601 33,870 404 502 192 314 820 17,044 2,870 19,914 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 BANK RESERVES AND RELATED ITEMS 651 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 than member bank Member bank P d e o r a i r t o e d T U o .S ta . l G B o r o v o i u t g u . g h t- h s t e t cu R m c r a e e i h g p t n r a i u e e s t r s e e s - -v c D a o a a i n u d n s c - n - d e t s s Float t T a o l - 2 s G to o c ld k T s r o c r e t u i e a n u n u r a n g r y c t s - - d y - - r c C t e c u i i n i u o n l r c a n r - - y - T h c i r u o n e a r l g s a y d h s s - - Tr u e w r a i y s t - h r e F s F e . o e i R r r g - . v n e B s a ' O n t k h s er c O F o t a . u c h R n - e . t r s B W F a . n i R t k h . s re c r C s e o a e n n i u n r c d r v y - 3 es Total Averages of daily figures Week ending— 1962 30,412 30,264 148 105 134 31,685 16,098 5,556 33,977 404 459 175 315 866 17,143 2,696 19,839 :: 30,396 30,269 127 89 M00(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,/ "_j 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 74 747 31,816 16,067 5,552 33,914 400 476 217 323 754 17,352 2,822 20,174 10 30,682 30,546 136 56 1,645; 32,41616,067 5,555 34,102 410 513 243 314 751 17,706 2,627 20,333 17 30,480 30,385 95 82 1,63332,229 16,067 5,551 34,256 397 480 214 336 71 17,445 2,861 20,306 24 29,931 29,931 67 2,08332,116 16,052 5,551 34,115 398 519 211 315 684 17,476 2,882 20,358 31 29,888 29,853 **35 91 1,47531,491 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,: 15,978 5,550 34,684 394 464 193 289 ,020 16,783 2,902 19,685 28. 30,01" 29,994 18 103 2\ 159 32^259 15,978 5,551 34,803 400 488 214 262 ,023 16,597 3,033 19,630 Dec. 5 30,411 30,223 188 93 1,83232,373 15,977 5,556 34,860 390 500 207 315 ,068 16,565 2,964 19,529 12 30,698 30,603 95 109 1,75532,629 15,977 5,559 35,226 402 478 207 268 ,068 16,517 3,010 19,527 19 30,493 30,493 "ii 164 2,.4 4333,163 15,978 5,560 35,366 399 669 208 277 ,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 ,026 17,2ir 3,113 20,325 1963 Jan. 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 30,404 30,404 65 " 728 33,286 15,978 5,572 35,022 423 711 226 306 991 17,157 3,139 20,296 30,227 30,227 80 392 32,784 15,963 5,563 34,694 412 767 232 298 980 16,927 3,173 20,100 29,898 29,898 172 307 32,464 15,928 5,567 34,361 429 823 225 281 960 16,881 3,034 19,915 30,123 29,975 148 101 615 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 ,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 ,125 16,550 2,927 19,477 Mar. 6 30,552 30,402 150 172 ,665 32,444 15,878 5,573 34,282 448 856 188 213 ,135 16,772 2,745 19,517 13 30,651 30,528 123 168 ,527 32,402 15,877 5,576 34,454 450 783 191 181 ,114 16,682 2,740 19,422 20 30,430 30,430 87 ,872 3322,441 15,878 5,577 34,511 448 845 180 191 ,073 16,648 2,857 19,505 27 30,635 30,519 *ii6 271 ,598 3'"2,555 15,878 5,576 34,415 451 1,014 186 174 ,078 16,690 2,908 19,598 Apr. 3. 30,997 30,855 14: 204 1,34532,596 15,878 5,577 34,535 428 895 189 191 1,074 16,740 2,868 19,608 10. 31,188 31,106 82 117 1,42532,779 15,878 5,578 34,745 441 897 184 194 1,076 16,696 2,675 19,371 17. 30,988 30,946 42 187 ,630 32,853 15,878 5,574 34,915 427 826 190 216 1,001 16,730 2,960 19,690 24. 30,589 30,589 188 1,919 32,743 15,877 5,578 34,685 437 996 191 192 987 16,710*>3,018 19,728 End of month 1963 Feb 30,586 30,391 195 209 1,759 32,608 15,878 5,573 34,286 428 841 192 322 1,140 16,850 3,242 20,092 30,963 30,805 158 201 1,369 32,585 15,878 5,575 34,513 409 909 201 188 1,069 16,748 2,602 19,350 Mar 31,182 30,691 491 153 1,446 32,825 '15,878 5,580 34,630 *>434 952 160 206 997 16,904 3,129 20,033 Apr Wednesday Mar. 16963 30,552 30,468 84 212 1,435 32,253 15,878 5,574 34,381 462 857 184 198 1,129 16,494 2,853 19,347 13 30,564 30,533 31 99 1,518 32,233 15,878 5,577 34,513 453 737 184 184 1,067 16,550 3,094 19,644 20 30,554 30,554 159 1,556644 3322,327 15,878 5,575 34,484 460 896 171 191 1,074 16,505 3,138 19,643 27 30,637 30,513 *i24 224 1,223 32,133 15,878 5,578 34,440 440 851 184 189 1,075 16,410 3,187 19,597 Apr. 3. 31,118 31,071 47 137 1,,225 32,529 15,878 5,579 34,624 449 964 170 196 1,081 16,501 2,978 19,479 10. 31,072 31,046 26 329 1,155 32,604 15,878 5,573 34,910 441 985 193 213 1,079 16,233 2,999 19,232 17. 30,695 30,655 40 96 1,654 32,493 15,878 5,576 34,846 436 914 239 200 985 16,327 3,303 19,630 24. 30,537 30,537 859 1,350 32,792 15,878 5,580 34,614 445 1,065 185 198 993 16,750 3,292^20,042 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
652 BANK RESERVES AND RELATED ITEMS MAY 1963 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- :Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e re - d Excess B r F i a o n a . n w g R t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e re - d Excess B r F i a o n a . n w g R t k s - . s s F e r r r e v e - e e s T h o e t ld al qu R i e re - d Excess B r F i o a n a . n w g R t k s - . s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933_june 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 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1.191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957_Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 7 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 .038 104 -104 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 —50 987 987 22 -22 1962—Apr 19,723 19,213 510 69 441 3,752 3,692 60 10 50 940 953 -13 7 -20 May 19,823 19,320 503 63 440 3,724 3,713 11 1 10 990 983 7 4 3 June . . .. 19,924 19,433 491 100 391 3,781 3,774 7 19 -12 976 977 -1 2 -3 July 20,043 19,514 529 89 440 3,766 3,732 34 16 18 ,000 989 10 4 6 Aug 19,924 19,358 566 127 439 3,709 3,684 24 17 7 ,017 1,013 4 18 -14 Sept 20,034 19,579 455 80 375 3,718 3,723 -4 15 -19 ,021 1,022 -1 9 -10 Oct 20,205 19,721 484 65 419 3,774 3,736 38 4 34 ,036 1,032 5 6 Nov 19,604 19,012 592 119 473 3,627 3,601 27 14 13 ,007 1,001 6 13 -7 Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 ,042 1,035 7 18 -11 1963—Jan ... 20,035 19,552 483 99 384 3,857 3,840 18 5 13 ,038 1,037 7 -6 Feb 19,581 19,109 472 172 300 3,721 3,704 17 42 -25 .016 1,012 4 15 -11 Mar . 19,516 19,090 426 155 271 3,752 3 734 19 27 -8 1,009 1,008 1 38 -37 Apr ^19,559^19,143 121 ^295 ^3,716 12 14 P-9 Week ending— 1962—Apr. 4 19,663 19,146 517 75 442 3,728 3,709 19 9 10 939 938 1 4 11 19,504 19,060 444 60 384 3,629 3,620 9 9 938 936 2 8 18 19,686 19,194 492 75 417 3,667 3,664 3 23 -19 947 949 -3 10 -13 25 19,878 19,328 550 85 465 3,753 3,732 21 9 12 972 966 6 5 1 Nov. 7 19,559 19,010 549 158 391 3,667 3,655 12 18 -6 1,017 1,012 4 40 -35 14 19,417 18,846 571 144 427 3,561 3,541 20 9 11 977 974 3 16 -13 21.... 19,685 19,078 607 93 514 3,598 3,593 5 32 -27 1,014 1,008 5 5 28 19,630 19,080 550 95 455 3,658 3,598 60 60 J.014 1,008 6 6 Dec. 5 19,529 19,149 380 92 288 3,658 3,678 -20 11 -31 1,011 1,011 2 -2 12 19,527 19,081 446 107 339 3,708 3,669 39 5 34 998 991 7 4 3 19 19,953 19,438 515 163 352 3,840 3,826 14 39 -25 1,032 1,034 -2 3 -4 26 20,325 19,764 561 307 254 3,971 3,922 49 126 -77 ,074 1,065 9 4 5 1963—Jan. 2 21,079 20,045 1,034 714 320 4,180 4,030 149 299 -150 ,102 1,092 10 65 -55 9 20,296 19,858 438 63 375 3,973 3,934 39 39 063 1,056 7 2 6 16.... 20,100 19,579 521 79 442 3,816 3,818 -2 6 -8 1,028 1,029 -1 12 -12 23 19,915 19,429 486 170 316 3,811 3,793 18 13 5 1,030 1,025 6 9 -3 30 19,611 19,180 431 99 332 3,757 3,746 11 1 11 1,019 1,017 2 7 -5 Feb. 6 19,684 19,227 457 223 234 3,785 3,777 8 54 -46 1,030 1,024 6 15 -9 13 19,624 19,121 503 165 338 3,707 3,683 24 14 10 1,011 1,008 3 44 -41 20.... 19,512 19,087 425 157 268 3,699 3,682 17 51 -34 1,011 1,006 5 1 4 27 19,477 19,010 467 129 338 3,691 3,682 10 34 -24 1,004 1,009 -5 -5 Mar. 6 19,517 19,121 396 142 254 3,746 3,740 6 36 -30 ,03? 1,022 9 9 13 19,422 18,933 489 137 352 3,696 3,667 29 20 8 990 994 -4 26 -30 20.... 19,505 19,129 376 57 319 3,775 3,773 2 6 — 3 1,023 1,011 12 1 11 27 19,598 19,135 463 241 222 3,752 3,730 21 40 -19 1,016 1,012 4 112 -108 Apr. 3 19,608 19,154 454 174 280 3,787 3,767 20 31 -11 1,003 994 8 29 -21 10 19,371 18,997 374 87 287 3,668 3,669 -1 -8 982 981 6 -5 17 19,690 19,157 533 157 376 3,736 3,701 36 2A 995 994 1 36 -35 24.... 2>19,728 157 3,719 3,715 18 f i 1,006 1,003 4 15 -11 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 BANK RESERVES AND RELATED ITEMS 653 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 ld al Required Excess B F a . n R k . s 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 I960—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—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 -3 7,106 6,668 438 30 408 Oct 8,203 8,175 29 24 5 7,192 6,779 413 31 382 Nov 7,995 7,951 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 Feh 7,945 7,919 25 80 -55 6,899 6,474 425 35 390 Mar 7,936 7,916 20 50 -30 6,818 6,432 386 40 346 Apr . . 'J7,993 ^7,966 P21 54 P_27 ^6,836 ^6,463 ^373 41 ?>332 Week ending— 1962—Apr. 4 8,199 8,143 56 17 40 6,796 6,356 440 45 395 11 8,165 8,118 47 26 21 6,773 6,387 386 17 369 18 8,205 8,171 34 19 15 6,867 6,409 458 23 435 25 8,223 8,182 41 53 -12 6,929 6,448 481 18 463 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 6,861 6,441 420 39 381 Apr. 3 8,007 7,969 38 49 -11 6,810 6,423 387 65 322 10 7,947 7,921 26 47 -21 6,774 6,427 347 27 320 17 8,045 7,993 51 37 14 6,914 6,469 445 60 385 24 8,012 7,992 20 101 -81 ^6,990 ^6,505 P485 23 M62 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
654 DISCOUNT RATES MAY 1963 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per ani^um) 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 Apr. 30 date rate Apr. 30 date rate Apr. 30 date rate Boston Aug. 23,1960 Aug. 23,1960 Aug. 23, 1960 New York... Aug. 12,1960 Aug. 12,1960 June 10,1960 Philadelphia.. Aug. 19,1960 Aug. 19,1960 Aug. 19,1960 Cleveland.... Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 Richmond... Aug. 12, 1960 Aug. 12,1960 f Aug. 12,1960 Atlanta Aug. 16, 1960 Aug. 16,1960 Aug. 16,1960 Chicago Aug. 19,1960 Aug. 19,1960 June 10,1960 St. Louis Aug. 19, 1960 Aug. 19,1960 Aug. 19,1960 Minneapolis.. Aug. 15, 1960 Aug. 15,1960 k Aug. 15,1960 Kansas City.. Aug. 12, 1960 Aug. 12,1960 Aug. 12,1960 Dallas Sept. 9,1960 Sept. 9,1960 Sept. 9,1960 San Francisco Sept. 2,1960 Sept. 2,1960 June 3,1960 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F. R. Bank. Maximum secured by securities of Federal 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 Au8ik: 1 : 9 : 5 : 0 "Hi* Nov. 1 1 9 5 5 7—Cont. , 1933 Dec. 2 Mar. 3 4 1953 1958 O M c ^ t y . 2 2 0 6!!;;;!!;;;;;;;; Jan. 2 1 3 6 J M an a . r . 2 2 7 2 4 , 3 2} 1954 13 , 3 1934 Feb. 5 21 Feb. 2 15 Apr. 18 I MM. 16 Apr. 14 May 9 16 Aug. 15 1935 May 21 Sept. 12 Jan. 11 23 May 14 Apr-£:: 19 : 5 : 5 Oct. 24 Nov. 7 A Se u p g t . . 2 4 7 1937 1 1 - - 1 2 % A M u a g y . 4 2 Mar. 6 1959 2 2% 1942 12;;;.*; May 2 1 9 6 , 3 3-4 'f O Ap ct r . . 1 1 1 5 Sept ,!::::: J S u e n p e t 1 1 1 2 30 Nov. 18 18 23 1946 •v 1956 1960 Apr. 25 June 3 May 10 Apr&:::: 10 , f Aug-£::::: 14 , 1948 Aug. 12 Jan. 12 Sept. 9 , 19 1957 Aug. 13 1963 23 In effect Apr. 30. 1 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 rate 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
MAY 1963 RESERVE REQUIREMENTS 655 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 Jan. 1, Jan. 1, Jan. 1, Effective date * Central Reserve Coun- reserve Coun- 1936 1957 1962 reserve city try and try ba c n i k ty s 3 banks banks re c s i e t r y ve banks Savings deposits held for: banks 1 year or more } 2* 3 { k Less than 1 year In effect Dec. 31, 1948.. 26 22 16 11A 7% Postal savings deposits held for: L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 2Vi 3 { k 1949— J M un ay e 30 1 , , 5 July 1.. 24 2 2 1 0 1 1 5 4 1 6 7 6 Aug. 1,11 191/2 13 5 Other time deposits payable in: l Aug. 16, 18 19 12 5 1 year or more i* 3 Aug. 25 i* ii* 6 months-1 year Sept. 1 90 days-6 months 1951—Jan. 11, 16 13 6 6 Less than 90 days Jan. 25, Feb. 1. 23 19 14 1953—July 1,9 24 20 13 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1954_ J j u u l n y e 1 2 6 9 , , 2 A 4 u g , . 1. 2 2 2 2 1 0 1 1 9 8 12 5 5 BULL., p. 1279. 1958—Feb. 27, Mar. 1. 191/2 .7* ii* NOTE.—Maximum rates that may be paid by member banks as estab- Mar. 20, Apr. 1. 19 lished by the Board of Governors under provisions of Regulation Q. Apr. 17 I8I/2 Under this Regulation the rate payable by a member bank may not in Apr. 24 18 16% any event exceed the maximum rate payable by State banks or trust com- 1960—Sept. 1 17% panies on like deposits under the laws of the State in which the member Nov 24 12 bank is located. Effective Feb. 1, 1936, maximum rates that may be Dec. 1 I6I/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. 4 4 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^i In effect May 1, 1963... I61/2 12 4 4 per cent. MARGIN REQUIREMENTS Present legal requirement: Minimum 10 7 3 3 (Per cent of market value) M^aximum , , <22 14 6 6 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 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 tr s y 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 tr s y City Chicago City Chicago Four weeks ending Mar. 6, 1963 Four weeks ending Apr. 3, 1963 Gross demand: Gross demand: A Total 129,038 25,047 6,297 49,259 48,434 Total 128,441 25,270 6,190 49,199 47,782 Interbank 13,955 4,265 1,210 6,817 1,663 Interbank 13,890 4,204 1,286 6,785 1,615 U.S. Govt 5,354 1,098 304 2,117 1,836 U.S. Govt 5,273 1,090 323 2,077 1,783 Other 109,729 19,685 4,783 40,325 44,935 Other 109,278 19,976 4,582 40,337 44,383 Net demand * 106,995 20,023 5,352 40,237 41,384 Net demand 1 106,521 20,170 5,293 40,191 40,867 Time 82,323 9,823 3,207 31,702 37,592 Time 83,786 10,158 3,237 32,291 38,100 Demand balances due Demand balances due from domestic banks.. 7,036 133 98 1,967 4,838 from domestic banks. 7,120 207 88 2,055 4,770 Currency and coin 2,849 234 40 872 1,702 Currency and coin 2,842 231 39 874 1,698 Balances with F.R. Balances with F.R. Banks 16,684 3,477 975 7,060 5,173 Banks 16,690 3,521 969 7,078 5,122 Total reserves held 19,533 3,711 1,015 7,932 6,875 Total reserves held 19,532 3,752 1,008 7,952 6,820 Required 19,085 3,697 1,011 7,907 6,470 Required 19,088 3,734 1,003 7,923 6,428 Excess 448 14 4 25 405 Excess 444 18 5 29 392 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
656 FEDERAL RESERVE BANKS MAY 1963 CONSOLIDATED STATEMENT OF CONDITION (In millions of dollars) Wednesday End of month Item 1963 1963 1962 Apr. 24 Apr. 17 Apr. 10 Apr. 3 Mar. 27 Apr. Mar. Apr. Assets Gold certificate account 14,326 14,326 14,328 14,338 14,338 14,326 14,338 15,067 Redemption fund for F.R. notes 1,274 1,274 1,272 1,265 1,268 1,269 1,268 1,155 Total gold certificate reserves 15,600 15,600 15,600 15,603 15,606 15,595 15,606 16,222 Cash 366 346 348 378 394 374 407 392 Discounts and advances: Member bank borrowings 824 66 299 107 194 123 171 55 Other 35 30 30 30 30 30 30 65 Acceptances—Bought outright 46 48 48 49 49 44 52 36 Held under repurchase agreement U.S. Govt. securities: Bought outright: Bills 2,148 2,266 2,643 2.668 2,252 2,302 2,466 3,086 Certificates Snecial Other . 13,571 13,571 13,580 13,580 13,580 i3,57i 13,580 4,977 Notes 10,524 10,524 10,524 10,524 10,410 10,524 10,475 16,954 Bonds 4,294 4,294 4,299 4,299 4,271 4,294 4,284 4,091 Total bought outright 30,537 30,655 31,046 31,071 30,513 30,691 30.805 29,108 Held under repurchase agreement 40 26 47 124 491 '158 74 Total U S Govt securities 30,537 30,695 31,072 31,118 30,637 31,182 30,963 29,182 Total loans and securities 31,442 30,839 31,449 31,304 30,910 31,379 31,216 29,338 Cash items in process of collection 5,492 6.248 4,835 4,991 4,902 5.226 4,548 4,610 Bank premises 103 103 103 103 103 103 103 107 Other assets: Denominated in foreign currencies . .... 99 107 89 89 94 99 94 84 All other . . . 373 355 331 313 291 388 310 359 Total assets 53,475 53,598 52,755 52,781 52,300 53,164 52,284 51,112 Liabilities F R notes 29,567 29,774 29,849 29.598 29,424 29,575 29.483 28,093 Deposits: Member bank reserves 16,750 16.327 16,233 16,501 16,410 16,904 16,748 17,035 U § Treasurer General account 1,065 914 985 964 851 952 909 569 Foreign 185 239 193 170 184 160 201 230 Other 198 200 213 196 189 206 188 373 Total deposits 18,198 17,680 17,624 17,831 17,634 18,222 18,046 18,207 Deferred availability cash items 4,142 4,594 3,680 3,766 3.679 3,780 3,179 3.307 Other liabilities and accrued dividends 75 76 71 74 69 80 71 73 Total liabilities - • ... 51 982 52 124 51,224 51,269 50,806 51,657 50,779 49 680 Capital Accounts 479 479 478 478 478 479 478 454 Surplus 934 934 934 934 934 934 934 888 Other capital accounts 80 61 119 100 82 94 93 90 Total liabilities and capital accounts 53,475 53,598 52,755 52,781 52,300 53,164 52,284 51,112 Contingent liability on acceptances purchased for foreign correspondents 83 83 83 84 83 83 83 94 U.S. Govt. securities held in custody for foreign account 7,581 7,470 7,384 7,292 7,341 7,478 7,277 5,581 Federal Reserve Notes—Federal Reserve Agents' Accounts F R. notes outstanding (issued to Bank) 31,464 31,431 31,362 31,221 31,246 31,429 31,207 29,844 Collateral held against notes outstanding: Gold certificate account 7,253 7.253 7,253 7,253 7,283 7,253 7,283 7,955 117 13 69 9 26 38 7 8 25,390 25,390 25,360 25,360 25,360 25,470 25,360 23,225 Total collateral 32,760 32,656 32,682 32,622 32,669 32,761 32,650 31,188 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 FEDERAL RESERVE BANKS 657 STATEMENT OF CONDITION OF EACH BANK ON APRIL 30, 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 14,326 811 3,507 720 1,114 931 766 2,508 569 294 567 564 1 975 Redemption fund for F.R. notes 1,269 71 301 74 112 106 73 227 52 28 51 39 135 Total gold certificate reserves 15,595 882 3,808 794 1,226 1,037 839 2,735 621 322 618 603 2,110 F.R. notes of other Banks 435 26 98 37 35 29 51 35 16 29 10 24 45 Other cash . 374 26 64 19 32 30 35 64 17 8 13 12 54 Discounts and advances: Secured by U.S. Govt. securities... 114 4 8 2 4 22 2 19 2 3 34 8 f, Other 39 1 8 2 3 1 11 4 1 1 1 2 4 Acceptances : Bought outright 44 44 Held under repurchase agreement.. U S Govt securities* . . Bought outright 30,691 1,578 7,670 1,689 2,532 2,064 1,656 5,129 1,237 648 1,316 1,180 3,992 Held under repurchase agreement.. 491 491 31,379 1,583 8,221 1,693 2,539 2,087 1,669 5,152 1,240 652 1,351 1,190 4,002 Cash items in process of collection... 6,239 429 1,257 386 550 436 515 1,011 257 160 305 258 675 Bank premises 103 3 8 3 7 5 14 23 6 4 7 12 11 Other assets: Denominated in foreign currencies. 99 5 126 6 9 5 6 14 3 2 4 6 13 All other 388 19 98 20 32 26 21 65 16 8 17 15 51 Total assets 54,612 2,973 13,580 2,958 4,430 3,655 3,150 9,099 2,176 1,185 2,325 2,120 6,961 Liabilities F R notes 30,010 1,776 7,193 1,809 2,603 2,419 1,695 5,428 1,255 571 1,197 886 3,178 Deposits: Member bank reserves 16 904 682 4 727 709 1,211 720 863 2,534 569 399 757 835 2 898 U.S. Treasurer—General account.. 952 59 130 45 45 88 67 125 83 48 83 123 Foreign 160 8 2 40 9 15 8 9 23 6 4 9 Other 206 * 149 1 1 4 1 2 * 1 1 46 Total deposits 18,222 749 5,046 764 1,272 820 940 2,684 658 451 821 928 3,089 Deferred availability cash items . . 4,793 373 913 295 412 338 427 760 209 127 240 218 481 Other liabilities and accrued dividends. 80 4 22 4 6 5 4 13 3 1 3 3 12 53,105 2,902 13,174 2,872 4,293 3,582 3,066 8,885 2,125 1,150 2,261 2,035 6,760 Capital Accounts Capital paid in 479 23 129 44 23 27 67 16 11 20 28 64 Surplus 934 44 251 54 87 44 51 132 32 22 40 53 124 Other capital accounts 94 4 26 5 6 6 6 15 3 2 4 4 13 Total liabilities and capital accounts.. 54,612 2,973 13,580 2,958 4,430 3,655 3,150 9,099 2,176 1,185 2,325 2,120 6,961 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Apr. 30, 1963 . . 32.3 34.9 31.1 30.9 31.6 32.0 31.8 33.7 32.5 31.5 30.6 33.2 33.7 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 Apr. 30, 1962 34.7 34.6 34.2 35.4 35.5 35.9 32.8 33.0 32.0 37.3 33.6 30.9 39.5 Contingent liability on acceptances purchased for foreign correspondents 83 4 3 22 8 4 12 3 2 3 5 1! Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 31,429 1,839 7,524 1,881 2,782 2,555 1,760 5,571 1,316 654 1,229 955 3,363 Collateral held against notes outstanding: Gold certificate account 7,253 443 1,600 465 580 620 400 ,400 310 130 290 215 800 Eligible paper . 3fl 2 34 U.S. Govt. securities 25,470 1,434 6,100 1,500 2,250 1,986 1,450 4,500 1,100 550 1,000 800 2,800 Total collateral 32,761 1,877 7,700 1,967 2,830 2,606 1,850 5,900 1,412 680 1,324 1,015 3,600 1 After deducting $73 million participations of other F.R. Banks. 3 After deducting $61 million participations of other F.R. Banks. 2 After deducting $120 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
658 FEDERAL RESERVE BANKS; BANK DEBITS MAY 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 Apr. 24 Apr. 17 Apr. 10 Apr. 3 Mar. 27 Apr. Mar. Apr. Discounts and advances—Total. 859 96 329 137 224 153 201 120 Within 15 days 827 64 297 105 191 122 169 54 16 days to 90 days 32 32 32 32 33 31 32 28 91 days to 1 year 38 Acceptances—Total.. 46 48 48 49 49 44 52 36 Within 15 days.... 13 18 15 14 13 11 14 10 16 days to 90 days. 33 30 33 35 36 33 38 26 U.S. Government securities—Total. 30,537 30,695 31,072 31,118 30,637 31,182 30,963 29,182 Within 15 days* 319 275 591 610 520 3,982 517 2,310 16 days to 90 days 4,457 4,614 4,663 4,687 4,603 1,431 4,717 2,123 91 days to 1 year 12,433 12.478 12,490 12,493 12,328 12,441 12,464 11,749 Over 1 year to 5 years 10.980 10,980 10,980 10,980 10,838 10,980 10,917 10,487 Over 5 years to 10 years 2;i83 2,183 2,183 2,183 2,183 2,183 2,183 2,247 Over 10 years 165 165 165 165 165 165 165 266 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalents) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d a i r a s n F fr r a e n n c c s h G m e a rm rk a s n 1962 Julv . . 418 50 50 250 50 Aug 317 40 250 Sept 350 50 251 Oct 214 40 127 Nov 154 30 77 Dec 81 36 2 1963—Jan 110 20 45 2 1 NSNS^ Italian Nether- Swiss lire lands francs guilders 1 1 1 1 5 5 1 15 31 1 10 5 31 1 11 4 27 1 11 4 27 1 11 4 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts * Annual rate of turnover (billions of dollars) of demand deposits * All Leading centers 337 other Leading centers 337 other 343 Period reporting reporting reporting centers4 centers New York 6 others 2 centers3 New York 6 others 2 centers 3 N.S.A. S.A. N.S.A. S.A. NSA. S.A. N.S.A. S.A N.S.A. S.A. N.S.A. S.A N.S.A. S.A N.S.A. 1955. 2,043.5 766.9 431.7 845.0 42 7 27.3 20.4 22.3 1956. 2,200.6 815.9 462.9 921.9 45 8 28.8 21.8 23.7 1957. 2,356.8 888.5 489.3 979.0 49 s 30 4 23 0 25 1958. 2,439.8 958.7 487.4 993.6 53 6 30 0 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 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—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 I 39 9 28.3 27.9 31.8 31.0 Sept 263.3 120.9 109.7 58.1 53.4 107.6 100.1 82.2 81 1 41 8 41 2 27.3 27.3 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 '306.7 128.9 133.0 61.6 62.5 M12.9 mi 2 85.8 88.4 43 1 45 6 28.2 28.3 32.0 32.7 Apr 308.0 125.0 126.9 63.9 64.2 119.6 117 0 82.2 80.6 P44.2 P45 2 7 P28.8 4 .0 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 4 Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 U.S. CURRENCY 659 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation x Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11 160 8 120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1.039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32 193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 L,533 oo 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—Mar . 33 018 23,651 2 580 1,484 91 2,188 6,686 10,622 9,367 2,795 6,032 238 294 3 5 Apr 33,159 23,742 2,612 1,497 92 2,190 6,680 10,670 9,418 2,812 6,066 238 294 3 5 May 33,518 24,057 2,637 1,515 93 2,225 6,789 10,798 9,461 2,831 6,089 238 295 3 5 June 33,770 24,267 2,652 1,516 93 2,231 6,837 10,937 9,503 2,850 6,111 239 295 3 5 July 33,869 24,327 2,671 .512 94 2,214 6,814 11,021 9,542 2,868 6,134 239 294 3 5 Aug 33,932 24,364 2,687 1,502 93 2,210 6,832 11,040 9,568 2,870 6,163 237 291 3 5 Sept 33 893 24 305 2 701 1,518 93 2 211 6,801 10,980 9,588 2 864 6 188 237 291 3 5 Oct 34,109 24,440 2,727 1,542 94 2,228 6,819 11,031 9,669 2,882 6,254 237 289 3 5 Nov 34,782 24,991 2,756 1,570 94 2,294 7,009 11,268 9,791 2,924 6,333 237 289 3 4 Dec 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10" 1953—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 1,519 95 2,219 6.788 10,991 9,902 2,939 6,427 239 289 3 4 Mar . 34,513 24,548 2,795 1,523 95 2,230 6,838 11,067 9,965 2,954 6,471 241 292 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 ! Total out- Held by Kind of currency standing As security For F.R. Mar. 31, against F.R. Banks 1963 gold and Treasury Banks and Mar. 31, Feb. 28, Mar. 31 silver cash and Agents 1963 1963 1962 certificates Agents Gold 15,878 (15,606) 2 271 Gold certificates (15,606) 312,790 2,816 F R notes 31,209 76 1 726 29 408 29 200 27 905 Treasury currency—Total 5,575 (2,143) 62 407 5,106 5,086 5,114 Standard silver dollars 486 31 51 10 395 391 349 Silver bullion 2,112 2,112 Silver certificates (2.143) 316 1,827 1 833 1 983 Subsidiary silver coin 1,787 5 43 1,739 1,724 1,615 M^inor coin 673 2 9 662 658 616 United States notes 347 4 29 313 310 314 In process of retirement 4 171 * * 170 170 236 Total Mar. 31 1963 5 52,662 (17,749) 409 12,790 4,950 34 513 Feb 28 1963 5 52,775 (17 745) 428 12 779 5 282 34 286 Mar 31 1962 551,856 (18,651) 425 13,520 4,893 33,018 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. 651. 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
660 MONEY SUPPLY MAY 1963 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p r o en n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - 1 Total c C om ur p r o en n c e y nt c D o d m e e m p p o o a s n n i e t d nt ju a st d e - d1 d d e e p m o a s n it d s1 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 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 7.0 145.6 30.1 115.4 90.7 144.0 300 113.9 91.1 7.2 July 145.7 30.2 115.5 91.8 144.3 30.3 114.0 92.2 7.1 145.1 30.2 114.9 92*5 143.8 30.3 113.5 93.0 6.8 Sept 145.3 30.2 115.1 93.4 145.0 30.3 114.6 93.8 7.2 Oct 146.1 30.3 115.8 94.6 146.5 30,4 116.1 94.9 7.3 Nov 146.9 30.5 116.4 96.0 148.2 30.8 117.5 95.4 6.0 Dec 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5,6 1963 Jan 148.7 30.7 118.1 99.1 151.8 30.5 121.3 98.4 4.1 Feb 148.6 30.9 117.7 100.3 148.3 30.5 117.8 99.9 5.6 Mar 148.9 31.1 117.8 101.8 147.4 30 7 116.7 101.7 5.9 Apr p 149.4 31.2 118.2 102.6 149.5 30.9 118.6 102.9 4.2 Half month 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 2 148.8 31.1 117.6 102.2 146.9 30.7 116.2 102.1 6.6 Apr 1 149.5 31.3 118.3 102.4 148.9 31.1 117.7 102.7 4.5 149.3 31.1 118.1 102.8 150.2 30.7 119.5 103.0 3.9 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 re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju ep s a t o d e s - d i t 1 s d d e G e p m o o v a s n i t t . d s1 ending— Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju e s p a t o d e s - d i t l s d d e G e p m o o a s v n i t t d s1 1962—Jan. 3 152.1 30.0 122.2 82.3 6.0 1963—Jan. 2 153.4 30.9 122.6 97.5 6.8 10 149.7 29.9 119.7 82.8 4.6 9 152.4 31.0 121.5 97.8 6.0 17 149.5 29.6 119.9 83.5 3.1 16 152.7 30.6 122.1 98.3 4.2 24 148.1 29.3 118.8 83.9 2.9 23 151.5 30.4 121.1 98.7 4.2 31 147.4 29.0 118.3 84.3 3.8 30 150.1 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 Apr- .f::::: 143.7 29.6 114.0 88.4 6.1 Apr. 3 146.8 30.8 116.1 102.5 6.9 145.5 30.0 115.5 88.8 3.7 10 148.3 31.2 117.1 102.8 4.5 18 1 1 4 4 7 7 . . 2 4 2 2 9 9. . 8 6 1 1 1 1 7 7 . . 6 6 8 8 8 9 . . 9 0 2 3 . . 5 5 2 1 4 7 1 1 5 51 0 . . 1 2 3 3 1 0 . . 1 8 1 1 2 1 0 9 . . 0 5 1 10 0 2 2 . . 9 8 3 3. . 6 2 25 May 2 145.9 29.5 116.4 89.2 4.8 May I 9 145 1 30.0 115.2 89.5 6.3 8 16 144.6 29.8 114.7 89.7 6.5 15 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 aU 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
MAY 1963 BANKS AND THE MONETARY SYSTEM 661 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capita] Total Bank credit assets, Date Gold T s r t o c e u r i a u n n e u r n a g r y c t d - - s y - - Total Lo n a e n t s, Tota U l .S. G m C o e a v o r n e c m d r ia n - l men R F t e e s d s e e e c r r v u a e r l ities Other O s ri e t t c h ie u e s - r c l n T a i i a n e a p t o n i t b e i e t — t d t i a s a l l - l, c d u e T r a p o r n o e t d s n a i l c ts y C c m o a a n a u p i n c e s n i d - t c t t a . s l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1959—Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—Dec. 31. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30. 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—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 5,600 300,800 164,200 102,300 71,700 30,000 700 34,300 322,400 292,000 30,300 Nov. 28. 16,000 5,600 301,900 164,900 102,400 71,700 30,100 700 34,500 323,400 293,000 30,400 Dec. 28. 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Jan. 30. 15,900 5,600 305,500 167,000 103,300 72,400 30,300 600 35,200 327,000 297,100 29,800 Feb. 27. 15,900 5,600 307,100 168,900 102,600 71,500 30,500 600 35,600 328,500 298,500 30,100 Mar. 27. 15,900 5,600 309,100 170,300 102,500 71,300 30,600 600 36,300 330,500 300,600 29,900 Apr. 24? 15,900 5,600 309,600 171,100 101,500 70,300 30,500 700 37,000 331,000 301,100 29,900 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time 3 U.S. Government Date At 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 d ju m e s D p a t a d o e 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 * 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 u r o n a e r l g s a y d h s s - - sa c m a c v o n i e i m a n d 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 2,141 2,287 24,608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1959—Dec. 31.... 140,200 28,200 112,000 144,824 29,422 115,402 101,779 65,884 34,947 948 3,203 391 5,319 504 I960—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—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 29,700 117,100 136,500 95,100 40,800 600 1,200 400 6,600 500 Nov. 28.... 145,800 29,600 116,200 147,600 30,100 117,600 136,800 95,300 41,000 500 1,200 400 6,300 600 Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—Jan. 30.... 146,800 30,100 116,700 148,900 29,700 119,200 141,200 99,000 41,700 500 1,300 400 4,600 800 Feb. 27.... 147,100 30,200 116,900 146,400 29,800 116,500 142,900 100,500 41,900 500 1,200 500 6,700 800 Mar. 27.... 147,700 30,400 117,300 145,500 30,100 115,400 145,100 102,200 42,400 500 1,200 400 7,600 900 Apr. 24*\.. 148,300 30,500 117,800 148,400 30,200 118,200 146,000 103,000 42,500 500 1,200 400 4,000 1,100 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 4 Before June 30, 1947, includes a small amount of demand deposits. and in capital and misc. accounts, net, and balances of the PSS and the Beginning with June 1961 includes amounts reported by insured mutual ESF with the Treasury are netted against capital and misc. accounts, net. savings banks as demand deposits, previously reported as time deposits Except on call dates, figures are partly estimated and are rounded toor 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
662 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 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 Securities a C ss a e s t h s i c b T a i a l l o p i n i a t t i d i - a t e a l s l Total i Interbank Dema O nd ther r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f 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. Other Time3 Govt. All banks: 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31.. 40,227 30,362101,288 8,57735,415177,332165,612 14,065 105,935 45,613 22710,54214,553 1947_Dec. 31 4. 34,924 43,002 81,19910,72338,388175,091161,865 2,793 240 1,346 94,381 53,105 6611,948 4,714 1961—Dec. 30. . 156,700 54,318 72,715 29",66757,368 321,394287,176 7,914 482 5,952 141,979120,848 48226,22713,946 1962—Apr. 25 . . 159,680 56,920 70,950 31.810 46 190 312,940276,440 13,730 520 3,920130180128,090 2,36026,56013,920 June 30.. 163,542 60,123 70,722 32!697 49 612 320i,638285,18614,400 526 9!559 ,845131,855 79627,03613,934 July 25. . 163,570 59,920 70,460 33!190 45440 316i,200279,68013,830 520 5!530 ,510132,290 1,93026,88013,931 Aug. 29. . 165,700 61,980 70,160 33!560 45480 318,280280,31013,840 510 7.450 ,960133,550 2,75027,10013,932 Sept. 26. . 169,080 64,640 70,560 33!880 47480 323,770286,17014,530 510 8; 090 ,160134,880 2,61027,25013,928 Oct. 31.. 172,480 66,480 71,700 34!300 50 560 330,380292,350'5,260 520 6,380 030136,160 2,78027,45013,925 Nov. 28. . 173,510 67,240 71,730 34!540 48280 329,070 290,700 5,190 520 6,090 340136,560 2,50027,63013,938 Dec. 28. . 180,397 .72,822 72,56335012 54939 343 ,20'1 303,653 6,008 535 6,839 ,084139,188 3,63528,04613,940 1963—Jan. 30. . 176,950 69,410 72,350 35190 46780 331,500 293,030 4,100 520 4,320 110140,980 2,67027,79013,951 Feb. 27. . 178,850 71,800 71,450 35 600 48 335,030295,45014,140 520 6,440131; 670 142,680 3,07028,00013,954 Mar. 27. . 180,650 73,090 71,280 36280 46 010 295,46013,800 520 7,330 144,860 3,10028,09013,962 Apr. 24°. 180,730 173,470 70,250 37010 47 960 296,040 3,910 560 3,760 145,750 3,27028,14013,967 Commercial banks: 1941—Dec. 31. . 50,746 21,714 21,808 7,22526.551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31 .. 24,019 26,083 90,606 7,33134,806160,312150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31 4. 16,284 38,057 69,221 9,006 37,502155,377144,103 2,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30. . 115,441124,925 66,57823,937 56,432278,561248,689 7,914 481 5,946 141,920 82,429 47122,45913,432 1962—Apr. 25 . . 217,390 126,610 6.4.,.6 502-6,,130 45,,390269,180 237,20013,730 520 ,920 ,120 88,910 2,360 22,75013,407 June 30.. 220,670 129,193 64,443 27,034 48,728 276,220245,29814,400 525 ,554 ,785 92,034 78623,18313,422 July 25. . 220,410 128,730 64,180 27,500 44,600 271,520239,640 13,830 520 ,530 ,450 92,310 1,93023,02013,419 Aug. 29. . 222,140130,430 63,850 860 44 ,67-0 230 240050 13,840 510 450 124,900 93,350 2,75023,20013,421 Sept. 26. . 225,270132,840 64,250 ,180 46.630 400 245 48014,530 510 090 128,100 94,250 2,61023,33013,417 Oct. 31.. 228,560134,400 65,550 ,610 49,690 890 251,470 15,260 520 380 133,970 95,340 2,78023,56013,414 Nov. 28. . 229,260134,840 65,60028,820 47,450 283 310 249,680 15,190 520 090 132,280 95,600 2,50023,68013,427 Dec. 28. . 235,839140,106 66,434 29 29854,'049 297 116262,122 16,008 535 6,829 ,041 97,709 3,627 24,09413,429 1963—Jan. 30. . 232,040136,340 66,200 29 500 45970285,050251,27014,100 520 4,320 ,050 99,280 2,67023,840 13,440 Feb. 27.. 233,620138,410 65,270 29 940 47!540288,210253,470 14,140 520 6,440 131,610100,760 3,070 24,01013,443 Mar. 27. . 234,860139,360 64,840 30 660 45.640287,590252960 13,800 520 330128,890102,420 3,10024,07013,451 Apr. 24P. 234,890139,440 64,010 31 440 46.460288,550253,490 13,910 560 760 132,000103,260 3,27024; 150 13,456 Member banks: 1941_Dec. 31 .. 43,521 18,021 19,539 5,96123,123 68,121 61,717 10.385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 .. 07,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 .. 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30. . 79,599 10"6,232 54,05819,308 49,579 235,112 209,630 17,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Apr. 25 . . 180,872107,424 52,10321,34539,662226,233198,67413,178 340 3.506109,048 72,602 2,319 18,877 6,074 June 30.. 183,497109,212 52,065 22,219 42 ,359 206! 13,796 351 734108,014 75,162 73519,179 6,070 July 25. . 183,008108,767 51,612 22,629 39 ,806 200. 13,241 347 ,952106,611 75,331 1,870 1199,060 6,062 Aug. 29. . 184,398110,331 " ""22,918 39107 229,231200,66713,232 338 ,695104,280 76,122 2,682 19,212 6,060 Sept. 26. . 186,641112,240 130 40.877233,279204,99513,878 337 ,284106,702 76,794 2,585 19,281 6,053 Oct. 31 . . 189,420113,711 52',238 23!4714.3_,,6.8 6239,009 210,32814,577 339 700112,045 77,667 2,722 19,466 6,054 Nov. 28. . 189.61 113,865 52,097 23!657 41,564 237,050 208,25914,502 343 ,301110,181 77,932 2,423 19,546 6,056 Dec. 28. . 195,698118,637 52,968 24!092 47,427 249,488 219,46815,309 358 ,086117,999 79,716 3,55019,854 6,049 1963—Jan. 30. . 192,301115,289 52,749 24!263 40,024 238,565 209,58913,449 341 ,785110,954 81,060 2,614 19,697 6,046 Feb. 27. . 193,694 117,075 51,984 24.635 41,471 241,407 211,52513,501 347 ,667109,730 82,280 3,03319,819 6,042 Mar. 27. . 194,884 117,883 51,719 25!282 39,685 240,835 211,14613,186 345 ,523107,402 83,690 3,04219,851 6,039 Apr. 24D. 194,589117,677 50,95025962 40,434 241,409 211,27513,290 380 ,301109,920 84,384 3,23519,925 6,041 Mutual savings banks 1941—Dec. 31.. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 .. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,59." 542 1947—Dec. 31 4. 18,641 4,944 11,978 1,718 886 19,714 17,763 3 17,745 1,88' 533 1961—Dec. 30. . 41,259 29,393 6,136 5,730 936 42,833 38,487 7 38,420 3,768 514 1962—Apr. 25 . , 42.290 30,310 6,300 5,680 800 43,760 39,240 39,180 3,810 513 June 30., 42,872 30,930 6,278 5,663 88 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. 28. 44,558 32,716 6,129 5,714 890 46,086 41,531 10 41,478 3.951 511 1963—Jan. 30. 44,910 33,070 6,150 5,690 81 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. 45,790 33,730 6,440 5,620 890 47,420 42,500 42,440 4,020 511 Apr. 24*\ 45,840 34,030 6,240 5,570 830 47,410 42,550 42,490 3,990 511 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 663 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loan* and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S . v e S c t . . urit O ie t s her Cash c c b T o a i a l a l u o p i i n c a t n t i - d i - t a e t a l s s l 2 Total i m I D n a e t n - e d rba T nk im 3 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r ks - 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 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—Apr. 25 29,855 19,380 6,948 3,527 8,063 39,851 32,214 3,859 208 860 19,667 7,620 1,065 3,714 13 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 3,881199 10,491 43,634 35,766 4,350 205 1,287 21,501 8,423 1,333 3,853 16 Nov. 28 30,371 20,119 6,346 3,906 8,863 41,204 33,746 4,298 211 910 19,606 8,721 935 3 849 16 Dec. 28 32,989 21,954 7,017 4,01711,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 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 Apr. 24* 31,829 20,258 6,805 4,766 8,296 42,343 34,091 3,919 227 669 19,303 9,973 1,352 3,927 16 City of Chicago: 5 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec 31 5,931 1,333 4,213 385 ,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947_Dec 31 5,088 1,801 2,890 397 ,739 6,866 6,402 ,217 72 4,201 913 426 14 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—Apr. 25 7,504 4,557 1,067 ,912 9,592 8,421 ,177 158 4,676 2,392 73 877 9 June 30 7,937 4,672 1,936 1,329 ,893 10,009 8,810 ,128 546 4,520 2,598 34 894 9 July 25 7,765 4,510 1,907 1,348 ,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 ,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 ,870 10,247 8,934 ,201 384 4,554 2,778 122 925 12 Sept 26 8,293 4,879 2,028 1,386 ,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 ,326 270 4 879 2 951 66 941 12 Dec. 28 8,957 5,418 2,129 1,409 2,280 11,432 9,993 ,277 410 5,264 3,025 262 948 13 1963— A F M Ja e p a n b r . r . . . 2 2 2 3 7 4 7 0 * 9 8 8 8 , , , , 1 9 8 6 3 0 1 8 8 1 3 2 5 5 5 5 , , , , 1 2 3 3 0 9 7 4 1 1 6 8 2 2 2 2 , , , , 2 2 4 1 3 1 4 6 2 7 0 8 1 1 1 1 , , , , 3 3 3 3 2 2 6 5 1 2 4 4 , , , , 8 9 9 9 9 4 8 6 9 9 2 9 1 1 1 1 1 1 0 0, , , , 9 0 2 8 8 9 6 6 3 2 0 0 9 9 9 9 , , , , 4 5 4 4 8 9 1 6 1 4 0 9 , , , , 1 1 1 1 5 8 4 9 5 2 0 4 2 4 3 1 1 2 0 6 8 7 9 1 4 4 4 4 , , , , 6 8 9 7 1 7 5 5 9 2 6 7 3 3 3 3 , , , , 1 2 1 3 9 5 5 0 8 2 7 4 2 5 3 1 3 9 1 3 5 6 3 2 9 9 9 9 5 6 5 5 5 3 7 6 1 1 1 1 3 3 3 2 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 2,042 111,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2,566 359 1947—Dec 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,990 1'1 ,423 1 2,844 353 1961—Dec 30 68,565 42,379 19.748 6,438 "2,0216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—Apr. 25 69,238 42,984 18,891 7,363 16,641 87,944 78,04: 6,675 77 1,280 41,,266 28,744 1,013 7,106 206 June 30 70,145 43,824 18,627 7,69417,602 89,885 80,631 6,622 75 3,670 40,60129,663 240 7,201 206 July 25 70,305 43,969 18,482 7,854 16,409 88,886 78,686 6,633 79 1,927 40,367 "2\9680 1,159 7,181 207 Aug. 29 (old basis; 70,333 44,540 17,987 7,806 16,180 88,626 78,317 6,662 74 2,639 39,126 29,816 1,058 7,214 200 Aug. 29 (new basis] 69,597 44,049 17,819 7,729 1166!,027 87,722 77,524 6,646 74 2,599 38,620 29,585 1,036 7,142 194 Sept. 26 69,932 44,389 17,809 7,734 16,897 88,950 78,946 7,010 66 2,839 39,,225599 29,772 938 7,148 193 Oct. 31 71,007 45,155 17,947 7,905 17,046 90,244 80,2r 7,235 71 2,063 40.78130,067 892 7,190 193 Nov. 28 71,264 45,211 18,088 7,965 16,881 90,307 79. 7,139 6O 1 .918 40.61130,040 1,216 7,201 195 Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,60930,743 1,388 7,263 191 1963—Jan. 30 72,053 45,692 18,143 8,218 16,172 90,467 80,101 6,555 6^ 1,400 40.76531,316 1 1787,263 189 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 7 72 2 , , 9 8 2 5 1 0 4 4 6 6 , , 8 7 2 9 1 1 1 1 7 7 , ,3 4 2 2 9 0 8 8, , 8 6 0 0 1 91 1 6 6 , , 6 9 0 4 3 0 9 9 1 2 , , 6 0 2 8 2 6 8 8 1 1 , , 3 3 2 4 0 9 6 6 , , 5 6 6 1 1 6 7 9 2 0 2 1 . , 6 21 0 8 5 4 3 0 9 ', . , 6 8 9 2 8 2 3 3 2 2 . , 3 6 8 0 4 3 1 1 , , 0 42 8 9 2 7 7 , , 3 3 1 3 5 0 1 1 9 8 1 9 Apr. 24* Country member banks:6 1941—Dec 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 79: 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 ,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 ,056 432 28,378 1144,560 23 2,934 6,519 1961—Dec 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 ,925 1,641 46,21131,832 40 7,088 5,885 1962—Apr. 25 74,275 40,503 24,384 9,38813,046 88,846 79,997 ,467 1,208 43,439 33,846 168 7,180 5,846 June 30 75,019 41,49* 23,843 9,68513,806 90,555 81,577 ,529 2,601 42,596 34,803 80 7,323 5,842 July 25 75,467 41,436 24,228 9,80313,154 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 42,554 35,483 282 7,339 5,838 Sept. 26 77,919 42,738 25,01310,16813,495 92,992 83,929 ,635 2,546 43,820 35,880 100 7,394 5,832 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 79.528 43.50* 25 61810.38413 71894,801 85.286 .739 2.194 45,08536.220 206 7,555 5,833 Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 ,773 1,931 46,89536,69: 172 7,744 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 25,06310,67113,480 95,372 85,864 1,600 2,014 44,56037,642 159 7,662 5,824 Mar. 27 8 8 0 1 , , 3 0 6 2 3 6 4 4 4 5 , , 7 3 3 3 6 7 2 2 4 4 , , 7 6 6 4 3 8 1 11 0 , , 0 8 4 6 1 41 1 3 3 , , 1 2 9 4 6 9 9 9 5 5 , , 3 9 0 9 1 7 8 8 5 6 , ,3 6 6 2 6 2 1 1 , ,5 5 7 5 3 7 2 1 , , 1 25 0 3 6 4 4 3 5 , , 7 0 6 3 5 83 3 8 8 , , 4 1 5 4 1 6 2 1 4 4 7 1 7 7 , , 6 7 7 0 5 5 5 5, , 8 8 2 2 1 2 Apr. 24* For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
664 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . c t. urit O ie t s her as C s a e s ts h 1 c c b o T a i a u l a l o p i n i n c a t t i d - i t t a - e s a l s l 2 Total m I D n a e t n - e d rba T nk im 1 e U. D S. ema O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b o u n e f m r ks - 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 23,740 801,,227766 2-9,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,975 34,882 61 9,73413,398 1959—Dec. 31.. 188,790110,299 58,348 20,143 49,158 242,828 218,47415,500 1,358 5,037130,720 65,858 60219,206 13,107 1960—Dec. 31.. 198,011117,092 60,468 20,451 51,836 255,669 228,40116,921 1,667 5,932132,533 71,348 149 20,62813,119 1961—Dec. 30.. 213,904124,348 66,026 23,531 56,086 276,600 247,176 J1"7,737 333 5,934 '1 '4 1,050 82,122 462 22,08913,108 1962—June 30.. 219,163128,613 63,92126,630 48,415 274,318 243,856 14,235 388 9,529 127,990 91,714 773 22;810 13,104 Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815 1'4 0',"169 97,380 3,584 23,712 13,119 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 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 ;4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1959_Dec. 31.. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,015 36,421 340 10,302 4,542 I960—Dec. 31.. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 39,546 11111,098 4,530 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,292 45,441 22511,875 4,513 1962—June 30.. 119,241 69,771 34,50814,962 26,860 149,559 133,728 8,154 123 5,424 69,256 50,770 37912,243 4,500 Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 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 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1959—Dec. 31.. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,10f 825 1,763 39,97416,406 240 5,962 1,691 1960—Dec. 31.. 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,733 17,727 20 6,299 1,644 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 2211,716 213 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 38,75824,392 355 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 2"5,983 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 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 4511 20 533 19,73213,059 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 4841 27 645 20,14014,095 3,23f 6,948 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,45614,979 3,45: 6,997 1962—June 30.. 35,681 19,409 11,860 4,412 5,563 41,975 37,814 440 38 795 19,97616,565 3,633 7,036 Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,17017,664 3,870 7,072 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,87: 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 314. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1959—Dec. 31.. 1,480 534 589 358 309 1,858 1,429 150 83 13 873 311 350 366 1960—Dec. 31.. 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 358 352 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 370 323 1962—June 30.. «l,506 580 523 404 313 cl,901 1,442 165 137 24 795 320 372 C317 Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 371 308 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31 f 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1959—Dec. 31.. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 1960—Dec. 31.. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 3,590 7,300 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 3,822 7,320 1962—June 30.. 37,188 19,989 12,383 4,816 5,876 43,877 39,256 605 174 819 20,77116,886 4,005 7,353 Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,04217,994 4,240 7,380 Insured mutual •arings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,78! 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,03. 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 12,19: 1,252 194 1959—Dec. 31.. 30,580 20,942 5,016 4,622 686 31,743 28,577 28 28,,544 2,654 268 I960—Dec. 31.. 33,794 23,852 4,787 5,155 766 35,092 31,502 29 31,468 2,998 325 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37,065 33,400 25633,137 11 3,191 330 1962—June 30.. 36,989 27,179 4,708 5,102 779 38,366 34,581 27534,300 3,259 331 Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 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
MAY 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 665 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s * b 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 1 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 N ba b u o n e m f r ks - G TT o v ^1 t. Other cou ac n - ts2 mand Time U.S. Other Time Govt. Noninsured mutual savings banks: 1941 Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945 Dec 31 5 361 1 198 3 522 641 180 5 596 5 022 2 5 020 6 558 350 1947 Dec 31 * 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1959 Dec 31 6 981 4 184 1 848 949 143 7 200 6,405 1 6,404 1 705 249 I960—Dec 31 5,320 3,270 1,453 597 107 5,481 4,850 4,850 555 189 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 1 4 5,083 577 184 1962—June 30 5,882 3,751 1,570 561 104 6,052 5,306 1 15 5,291 594 181 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 in the of deposits of foreign central banks in May 1961 reduced interbank United States (including Alaska and Hawaii, beginning with 1959). deposits by a total of $1,900 million ($1,500 million time to other time Commercial banks include all nonmember and member commercial and $400 million demand to other demand). banks; stock savings banks and nondeposit trust cos. are included with 2 Includes other assets and liabilities not shown separately. commercial banks. Member banks include 1 national bank in the 3 See note 4 on page 661. 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 wer and investments of $34 million were transferred from noninsured mutual excluded from commercial banks. savings to nonmember commercial banks. Comparability of figures for classes of banks is affected somewhat 5 These data reflect the reclassification of New York City and city of by changes in F.R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962. For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962 BULL., p. 993. Figures are partly estimated except on call dates. 6 See note 6, Oct. 1962 BULL., p. 1315. For revisions in series before June 30, 1947, see July 1947 BULL., pp. 870-71. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total 1 Loans* Total 1 Loans1 G U o .S v . t. Other G U o .S v . t. Other 1956 161.6 88.0 57.3 16.3 164.5 89.7 58.6 16.3 1957 166.4 91.4 57.0 17.9 169.3 93 2 58 2 17 9 1958 181.0 95.6 64.9 20.5 184.4 97.5 66.4 20.6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20.5 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 2 228.1 134.7 64.3 29.1 233.6 137 9 66 4 29 3 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 26.1 220.3 126.6 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 27.5 220.3 127.3 65.0 28.0 219.0 127 3 63 9 27 9 Sept 222.0 129.7 64.3 28.0 223.1 130.6 64.3 28.2 Oct 224.4 131.6 64.2 28.6 225.7 131.5 65.6 28.6 N De o c v 2 2 22 2 8 5 . . 1 9 1 13 3 4 2 . . 7 2 6 6 4 4. . 3 4 2 2 9 9 . . 1 1 2 2 2 3 6 3 . . 8 6 1 1 3 3 7 2 . . 9 3 6 6 5 6 . . 6 4 2 2 8 9 . . 8 3 1963 Jan 228.9 134.7 64.6 29.6 229.1 133.4 66.2 29.5 Feb 232.3 136.8 65.4 30 1 230 4 135 2 65 3 29 9 M^ax 235.0 137.8 66.7 30.5 231.9 136.4 64.8 30.7 Aprv 232.6 137.4 64.0 31.2 232.4 136.9 64.0 31.4 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
666 COMMERCIAL BANKS MAY 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans Investments For purchasing To U.S. Government b c C a a l n l a l k s d s a a o n t t e d l i m o T n a a v o e n n e n t d s a s t t l s 1 - Total» C m d a c i o u i n n e a m s r - d l - - - A t c u a u g r l l r - - i- o b T s r r e o o c c - a u r r r it y i i e n s g in f s in ti a tu n t c i i o a n l s R t e a e s t a - e l O v i d t t i n h o d i - - e - r Other sec C u e r r i - ties S g l a o o t n c a v a d t t e l . O s r e i t t c h i u e e s - r trial k a e n r d s ot T he o rs ba T n o ks ot T h o ers uals Total Bills c t a i t fi e - s Notes Bonds riu'es dealers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 276 31,729 1960—Dec. 31.. 199,509117,642 43,125 5,676 3,284 1,833 966 7,106 28,713 26,396 2,90161,003 8,072 2,92019,013 30,998 570 31,294 1961—Dec. 30.. 215,441124,925 45,172 6,248 4,056 2,134 1,033 7,311 30320 27,847 3, 41"2 66,57811,488 2,114 26,336 26,641 _.,345 31,592 1962—June 30.. 220,670129,193 45,909 6,801 3,254 2,005 1,474 7,2_2.1. 32,03629,4443,713 64,443 8,320 3,629 266,04126,453 23,165 31.869 Dec. 28.. 235,839140,106 48,673 7,097 5,144 2,131 2,578 8, 4•'5"9 34,259 30,553 3,909 66,434 11,674 3,932 233,84126,98724,755 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 3,15916,899 3,6513,333 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 19,07116,0 45" 51,342 3,—873 3,258 1947—Dec. 31. 114,274 37,58318,0121,610 823 1,190 114 9,266 5,654 914 67,941 2,124 7,552 5,!918 52,347 5,129 3,621 1960-Dec. 31. 198,011117,092 42,957 5,628 3,247 1,811 965 7,090 28,602 26,263 2,883 60,468 7,994 2,884 18,868 30,722 17,300 3,150 1961—Dec. 30. 213,904124,348 44,965 6,211 4,030 2,107" 1,027 7,296 30,211 27,708 3,396 66,026 11,356 2,098 26,145 26,426 20J068 3,462 1962—June 30. 219,163128,613 45,717 6I J"6"6 3,234 1,981 1,469 7,200 31,915 29,299 3,692 63,921 8,226 3,577 25,886 26,23122.8833,747 Dec. 28.234,243139,449 48,458 7',060 5,119 2,103 2,551 8,434 34,123 30,402 3,890 65,891 11,514 3,916 23,71526,746 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 ,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 2,275 16,98514,27144,$07 254 2,815 1947—Dec. 31. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,81545,295 199 3,105 1960—Dec. 31. 165,619 99,933 39,288 .3.,.5.0. 9 3,124 1,564 947 6,726 22,518 21,622 2,694 49,106 6,402 2,296 15072 25,33514,1412,439 1961—Dec. 30. 179,599106,232 40,9313,934 3,877 1,827 1,014 6,893 23,987 22,852 3,198 54,058 9,229 1,842 21,390 21,59816,6912,617 1962—June 30. 183,497109,212 41,435 4J220 3,088 1,.699 1,453 6,789 25,362 24,006 3,480 52,065 6,467 2,984 21,3"6"7" 2211.24719,3212,8*9 Dec. 28. 195,698118,637 43,843 4419 4,954 1,777 2,445 7,936 27,162 24,799 3,657 52,968 8,862 3,24919,44321,414 2•"0,7733,319 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 72* 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,002 640 558 9,772 638 604 1960—Dec. 31.. 27,726 18,46510,876 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 19,53511,278 231,956 467 376 1,711 934 2,072 ,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—June 30.. 30,396 19,224 1100,980 10 11,512 409 568 1,774 1,084 2,0751,321 7,659 1,989 492 2,931 2,247 3,158 355 Dec. 28.. 32,989 21,95411,943 17 2,766 425 572 2,087 1,329 2,1431,196 7,017 1,998 508 2,488 2,023 3,585 432 City of Chicago: 3 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—-Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1960-Dec. 31.. 7,050 4,485 2,690 322 134 67 564 196 421 197 1,882 132 37 663 1,050 «07 76 1961—Dec. 30.. 7,606 4,626 2,609 354 137 53 669 221 476 229 2,041 478 92 728 743 816 124 1962—June 30.. 7,937 4,672 2,659 265 147 89 611 278 456 298 1,936 200 151 844 741 1,150 179 Dec. 28.. 8,957 5,418 2,941 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 Other reserve city:* 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 4271,503 17 1,459 855 33817 2•99,552 1,034 6,982 5,653 155,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1.342 1,053 1960-Dec. 31.. 62,953 40,002 16,223 887 719 739 351 3,216 9,005 8,721 90917,396 2,031 794 5,461 9,111 4,817 738 1961—Dec. 30.. 68,565 42,379 16,879 1,076 976 784 470 3,261 9,590 9,.1_7.2_ 998 19,748 3,020 741 8,605 7,382 5.710 727 1962—June 30.. 70,145 43,824 17,077 1,184 888 727 556 3,148 10,272 9,,668822 1.,129 18,627 1,611 1,267 8,186 7.563 6,867 827 Dec. 28.. 73,130 46,567 17,6601,179 1,053 752 1,020 3,583 11,030 9,860 1,26618,398 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 1528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 359 26,999 630 5,102 544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 108 17,687 2,006 1,262 1960-Dec. 31.. 67,890 36,981 9,499 2,589 508 293 29 1,147 12,44910,550 647 222,848 2,817 888 7,240 11,903 6,752 1,308 1961—Dec. 30.. 73,131 39,693 10,165 2,811 591 438 116 1,251 13,242 1111,132 75. 124,407 3,614 566 9,560 10,667 7,530 1,500 1962—June 30.. 75,019 41,492 10J19 3,007 424 416 240 1,"256 1133,72811,792 732 23,843 2,667 1,075 9,405 10',696 8,146 1,539 Dec. 28..80,623 44,698 11,299 3,187 728 447 764 1,563 14,44112,273 826 255,425 4,144 1,223 8,849 11,209 81,,694 1,807 NonmeMber: * 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 ,167 161 269 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 4,241 2,314 179 306 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 5,754 252 13,466 2,812 683 4,398 5,573 3,982 1,224 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 (Le., before deduction of valuation reserves); they do not preceding table. add to the total and are not entirely comparable with prior figures. Total 3 New York City and City of Chicago were central reserve city banks loans continue to be shown net. before July 28,1962; reserve city banks thereafter. 2 Breakdowns of loan, investment, and deposit classifications are not For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 COMMERCIAL BANKS 667 RESERVES AND LIABILITIES BY CLASS OF BANK (Tn millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i e n v R t - h k e . s s r C c e a o n n u i c d r n - y b m a w a B d n e n a o i c s t l k - e t - h i s s c 4 j m p u D o s d a a t e s d e n e - i - - t d d s 5 m D e I o s n t - t i e c r 4 ba e F n i k o g r n - 6 G U o .S v . t. S g l a o o t n c a v d a t t e l . c C h c o f a e e e i f n e c r f r i d t d s k - i ' - s, IPC I b n a t n er k - P G U S i a o n o a n . s g S v v t d s a . - t. l S g l a o o t n c a v d a t t e l . IPC B r i o n o w g r s - - c C o a t a u a c p l - n i t - s etc. Total: 2 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1960—Dec. 31.... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 16320,986 1961—Dec. 30.... 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—June 30.... 16,839 3,185 11,799114,043 13,185 1,215 9,554 11,814 4,437 112,534 525 300 6,341 85,393 78623,183 Dec. 28.... 17,680 4,252 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1960—Dec. 31.... 16,720 3,326 13,409114,292 15,339 1,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 14920,628 1961—Dec. 30.... 16,918 3,670 13,871 121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—June 30.... 16,839 3,168 11,524113,136 13,053 1,182 9,529 11,727 4,390 111,874 388 300 6,290 85,124 77322,810 Dec. 28.... 17,680 4,232 12,795 123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 Member, total: 1941_Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945__Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1960—Dec. 31.... 16,720 2,518 8,582 94,594 14,875 1,561 5,287 9,016 4,244 99,134 1,639 237 3,559 53,477 13017,398 1961—Dec. 30.... 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—June 30.... 16,839 2,399 7,182 93,555 12,633 1,163 8,734 9,107 4,080 94,826 351 274 5,096 69,793 73519,179 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 74,3163,55019,854 New York City: 3 1941_Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "l95 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1960—Dec. 31.... 3,398 199 147 15,352 4,105 1,184 1,217 305 2,476 19,051 1,216 27 203 3,976 3,554 1961—Dec. 30.... 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 38 162 6,735 283 3,683 1962—June 30.... 3,495 165 106 15,796 3,643 874 1,918 327 2,390 17,580 210 53 221 7,824 381 3,761 Dec. 28.... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 53 266 8,9371,728 3,898 City of Chicago:* 1941_Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945_Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947 Dec 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1960—Dec. 31.... 899 33 171 3,968 1,327 53 327 298 102 4,499 61 2 7 1,521 35 822 1961—Dec. 30.... 889 37 158 3,809 1,578 45 369 315 124 4,830 14 5 8 1,996 35 870 1962—June 30.... 916 31 94 3,728 1,083 44 546 330 109 4,082 18 7 10 2,581 34 894 Dec. 28.... 1,071 44 99 4,262 1,235 41 410 351 109 4,804 18 7 16 3,001 262 948 Other reserve city: 3 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 ""2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1960—Dec. 31.... 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 85 1,787 20,652 73 6,423 1961—Dec. 30.... 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—June 30.... 7,406 764 2,111 33,710 6,394 228 3,670 3,191 907 36,504 75 110 2,706 26,847 240 7,201 Dec. 28.... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,027 1,388 7,263 Country: 1941_Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 [,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1960—Dec. 31.... 5,070 1,534 5,655 40,917 [,755 23 1,783 5,083 713 37,598 37 122 1,562 27,327 23 6,599 1961—Dec. 30.... 5,210 1,678 5,881 43,575 1,910 15 1,641 5,320 796 40,095 37 108 1,891 29,834 40 7,088 1962—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 5,389 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 2,802 428 19,813 176 26 1,292 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
668 WEEKLY REPORTING MEMBER BANKS MAY 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 a n n e n d t s s s t- 1 j i m u n a a v s e n d t e n e d - s t d t s - 2 j L u a o s d t a e n - d s 2 i C n m t a c r o d n i e i a u m a d r l s l - - - A t c u g u r r l a - i l - G U c a T t s u o i n . e o e r S v d - s i - . t b . d ro e 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 o i . e e r S v o - s i- t . . oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - an c k m m D c o t i i e e m o a c s r - l - - - f P s C i a e a n e O N n t l a r c e S d s n o . . s , . . nb O an t k her e R s e ta a t l e o A th l e l r V s t e a r i r o e l v u - n e a s - Total— Leading Cities 1962 Apr-.I:::::::::: 120,912 119,202 73,874 33,064 1,329 581 2,250 109 1,383 700 1,710 3,309 2,257 13,624 16,989 1,721 120,992 119,628 74,054 32,970 1,350 687 2,276 132 1,396 718 1,364 3,194 2,280 13,703 17,068 1,720 18 122,684 121,069 74,671 32,987 1,354 1,025 2,319 118 1,413 696 1,615 3,250 2,316 13,757 17,159 1,723 25 122,089 120,482 74,483 32,778 1,364 866 2,308 117 1,412 700 1,607 3,266 2,324 13,840 17,231 1,723 1963 Mar. 6 129,858 128,158 80,991 34,639 1,510 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 Apr. 3 130,729 128,815 81,130 35,256 1,512 521 2,632 92 1,432 674 1,914 3,944 2,693 15,944 18,367 1,937 10 130,209 128,555 81,230 35,274 1,527 535 2,637 92 1,435 694 1,654 3,810 2,704 16,026 18,431 1,935 17 131,583 129,787 81,522 35,258 1,538 622 2,655 103 1,443 680 1,796 3,769 2,734 16,093 18,559 1,932 130,612 129,154 81,219 35,036 1,548 564 2,630 99 1,452 681 1,458 3,671 2,760 16,185 18,528 1,935 24 New York City 1962 29,080 28,385 18,552 11,042 293 1,235 445 334 695 ,086 466 893 3,222 495 Apr. 4 29,206 28,936 18,751 10,975 428 1,324 446 357 270 ,004 497 913 3,242 495 11 29,978 29,462 18,980 10,937 639 1,349 451 336 516 ,062 503 927 3,226 495 18 29,646 29,109 18,690 10,787 501 1,327 445 343 537 ,075 496 927 3,240 495 25 1963 Mar. 6 31,242 30,826 19,914 11,376 956 1,321 398 316 416 ,155 504 ,304 3,109 560 13 31,684 31,057 20,009 11,391 963 1,315 397 299 627 ,252 505 ,323 3,089 560 20 31,679 31,012 20,111 11,658 481 1,388 397 299 667 ,498 502 ,336 3,080 560 27 31,812 31,138 19,878 11,620 353 1,372 398 293 674 ,433 510 ,341 3,082 560 Apr. 3 31,485 30,60: 19,690 11,643 239 1,379 404 317 883 ,309 529 ,354 3,047 562 10 31,164 30,672 19,759 11,606 295 1,427 408 329 492 ,250 521 ,401 3,053 562 17 31,685 31,065 19,735 11,563 317 1,416 407 319 620 ,219 523 ,441 3,059 562 24 31,091 30,688 19,448 11,400 262 1,370 408 320 403 ,171 516 ,488 3,042 562 Outside New York City 1962 Apr. 4 91,832 90,817 55,322 22,022 319 288 1,015 938 366 1,015 2,223 1,791 12,731 13,767 1,226 11 91,786 90,692 55,303 21,995 340 259 952 950 361 1,094 2,190 1,783 12,790 13,826 1,225 18 92,706 91,607 55,691 22,050 ,344 386 970 962 360 1,099 2,188 1,813 12,830 13,933 1,228 25 92,443 91,373 55,793 21,991 354 365 981 967 357 1,070 2,191 1,828 12,913 13,991 1,228 1963 Mar. 6 98,616 97,332 61,077 23,263 ,497 610 1,263 ,006 347 1,284 2,545 2,181 14,480 15,177 1,372 13 98,820 97,434 61,133 23,355 ,489 595 1,217 ,008 345 1,386 2,510 2,199 14,504 15,201 1,372 20 99,482 98,094 61,480 23,631 ,491 421 1,249 ,028 340 1,388 2,619 2,222 14,536 15,232 1,369 27 99,745 98,418 61,528 23,588 ,498 406 1,245 ,025 344 1,327 2,617 2,230 14,580 15,290 1,371 Apr. 3 99,244 98,213 61,440 23,613 ,500 282 1,253 ,028 357 1,031 2,635 2,164 14,590 15,320 1,375 10 99,045 97,883 61,471 23,668 ,515 240 1,210 ,027 365 1,162 2,560 2,183 14,625 15,378 1,373 17 99,898 98,722 61,787 23,695 ,526 305 1,239 ,036 361 1,176 2,550 2,211 14,652 15,500 1,370 24 99,521 98,466 61,771 23,636 ,536 302 1,260 ,044 361 1,055 2,500 2,244 14,697 15,486 1,373 For notes see p. 670. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 WEEKLY REPORTING MEMBER BANKS 669 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U. S. Government securities assets— Wednesday Cer- No m te a s tu an ri d n g b — onds O se t c h u e - r Total d a o B w n m a c it l e e h - s s- a w B f n o a i c r t l e h - - s Cu a rr n e d ncy s w e R r i v e th - es a o s A t s h e l e l t r s l T i a a t o i n b e t d i s a li l - Total Bills c t a if t i e - s With- 1 to After rities ba ti n c ks b e a i n g k n s B F a . n R k . s a c c a c p o i u ta n l ts 1 i y n ear 5 years 5 years Total— Leading Cities 1962 31,923 4,248 2,364 6,317 14,881 4,113 13,405 17,363 2,899 172 1,361 12,931 4,602 155,342 *•*•.*::::::::: 31,851 4,266 2,348 6,296 14,836 4,105 13,723 17,096 2,772 153 1,515 12,656 4,555 155,576 18 32,441 4,381 2,351 6,341 14,834 4,534 13,957 17,248 2,871 154 1,531 12,692 4,544 158,148 32,097 4,037 2,365 6,339 14£" 4,548 13,902 17,295 2,774 152 1,571 12,798 4,541 155,779 25 1963 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 Mar. 6 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 2 1 0 3 3 31 0 , , 3 9 9 1 9 2 4 4, , 9 5 8 0 8 8 , , 7 77 5 1 3 2 2 , , 5 5 7 9 8 3 1 1 4 4, , 3 3 4 4 3 0 7 7 , , 7 7 1 2 5 2 1 16 6 , , 7 6 5 0 1 3 1 1 7 7, , 1 3 2 4 9 2 2 3, , 1 9 5 4 2 0 1 1 7 7 1 4 1 1 , , 6 6 1 6 5 3 1 1 2 2 , , 4 3 0 5 4 2 4 4 , ,9 8 1 4 2 5 1 1 6 6 6 5 , , 7 6 7 8 3 0 Apr. 2 1 1 3 7 7 0 3 3 3 3 0 0 0 0 , , , , 5 9 8 3 9 4 5 4 7 6 7 8 4 4 4 4 , , , , 7 2 7 4 7 0 2 0 3 0 4 9 , , , , 8 7 8 7 0 0 9 5 8 7 4 0 2 2 2 2 , , , , 4 5 4 4 0 9 8 5 7 9 5 6 1 1 1 14 4 4 4 , , , , 2 2 2 2 1 2 3 2 6 6 0 2 7 7 7 7 , , , , 6 7 6 6 2 0 5 5 9 9 4 0 1 1 1 1 7 6 7 6 , , , , 3 8 3 9 1 2 3 7 9 8 8 7 1 1 1 1 7 6 7 7 , , , , 2 8 4 2 8 9 7 0 1 5 3 7 2 2 3 3 , , , , 1 9 9 2 0 5 0 0 3 2 6 9 1 1 1 1 7 9 9 8 1 3 0 4 1 1 1 1 , , , , 6 5 6 6 9 3 7 1 1 3 9 8 1 1 1 1 2 2 2 2 , , , , 3 1 1 7 8 8 0 5 1 8 4 4 4 4 5 5 , , , , 9 0 0 r 1 5 2 9 ~ 8 8 1 1 1 1 6 6 6 6 5 8 5 4 . , , , 4 2 9 9 2 6 8 0 3 9 8 2 24 New York City 1962 6,480 ,233 570 1,424 2,426 827 3,353 4,026 210 3,636 1,976 39,378 Apr. 4 6,727 ,489 579 1,449 2,373 837 3,458 3,913 227 3,545 1,928 39,582 11 6 6, , 8 9 9 2 f 3 , , 5 5 6 1 0 7 5 5 9 8 2 7 1 1, , 4 4 4 4 7 6 2 2 , , 3 3 8 7 8 5 9 9 5 4 5 8 3 3 , , 5 5 5 2^ 9 4 3 , , 1 8 0 2 6 0 2 2 1 2 5 0 3 3 , ,7 4 3 4 9 0 1 1, , 9 9 0 0 1 8 4 3 0 9, , 5 5 8 3 1 4 18 25 1963 Mar. 6 6,707 ,680 634 780 2,170 1,443 4,205 4,026 145 239 3,562 2,140 41,863 13 6,639 ,631 640 780 2,171 1,417 4,409 4,013 110 246 3,579 2,079 42,558 20 6,544 ,648 212 477 2,520 1,687 4,357 3,867 88 239 3,475 2,012 42,423 27 6,861 ,937 199 499 2,520 1,706 4,399 3,780 80 246 3,384 2,081 41,765 Apr. 3 6,527 ,713 211 500 2,442 1,661 4,385 3,673 113 238 3,238 2,068 41,433 10 6,417 ,607 219 500 2,437 1,654 4,496 3,676 105 252 3,252 2,037 41,212 17 6,614 ,813 226 507 2,419 1,649 4,716 3,479 92 243 3,064 2,161 41,739 24 6,565 ,754 223 515 2,407 1,666 4,675 4,205 87 246 3,801 2,167 41,439 Outside New York City 1962 Apr. 4 25,443 3,015 1,794 4,893 12,455 3,286 10,05: 13,337 2,805 1,151 9,295 2,626 115,964 11 25,124 2,777 1,769 4,847 12,463 3,268 10,265 13,183 2,709 1,288 9,111 2,627 115,994 18 25,518 2,821 1,764 4,895 12,459 3,579 10,398 13,428 2,782 1,316 9,252 2,636 117,614 25 25,205 2,520 1,773 4,892 12,420 3,600 10,375 13,189 2,703 1,351 9,059 2,640 116,198 1963 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 ,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 ,554 2,094 11,823 6,016 12,35" 13,349 2,860 104 1,417 8,968 2,831 123,915 Apr. 3 24,330 3,011 ,539 2,007 11,780 5,993 12,443 13,534 2,990 106 1,295 9,143 2,851 124,555 10 23,931 2,593 ,575 1,995 11,793 5,975 12,481 13,219 2,847 104 1,366 8,902 2,849 123,690 17 24,332 2,960 ,582 1,982 11,807 6,001 12,603 13,802 3,117 113 1,448 9,124 2,867 126,530 24 24,032 2,655 ,584 1,941 11,809 6,043 12,663 13,268 2,819 113 1,433 8,903 2,891 123,984 For notes see p. 670. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
670 WEEKLY REPORTING MEMBER BANKS MAY 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings DemandI Time Cap- De- Other ital Wednesday ju u T s n o t a e ta d d l - 4 j p m u o a d s a t s d e n e i - - t d d s 5 Total* IPC S l a o t n a c t d a e l s e F i o g r n - 7 G U o . v S t . . c m m D o ti e e o m c s r - - - - Totals S in a g v s - Oth S a e ta r n t d t e 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 a u c n - ts Govt. cial IPC local eign7 banks Govt. Total- Leading Cities 1962 Apr 4 134,932 62,012 89,636 64,447 4,885 1,6493,09212 067 45,296 r31 741 r7,704 3 238 2,248 67 2 075 5 115 13 153 p' ii.::.:. 135,109 63,723 89,711 66,536 4,770 ,6501,489 11,566 45,398 '31,765 '7,746 3,287 2,231 247 1,847 5,202 13,171 2 1 5 8 1 13 3 5 7 , , 0 2 7 4 7 1 6 6 4 4 , , 3 32 4 1 5 9 8 1 9 , , 7 5 9 6 6 4 6 6 6 7 , , 2 6 7 9 4 1 4 5 , , 9 14 3 6 3 1 1 , , 6 71 5 5 2 2 1 , ,9 5 9 9 4 3 1 10 1 ,7 7 8 9 5 6 4 4 5 5 , , 4 5 4 1 5 3 r ' 3 3 1 1 , , 7 6 4 9 0 5 r ' 7 7 , , 8 8 0 2 4 3 3 3 , , 3 38 5 1 1 2 2 , , 2 2 1 2 3 3 2 2 2 6 4 6 2 1 , , 1 97 6 6 9 5 5, , 3 3 1 7 8 3 1 1 3 3 , 1 1 4 4 1 2 1963 Mar 6 142,644 61,701 90,082 64,477 5,238 1,6393,36311 988 52,562 35,562 10,159 3,704 2,773 130 2,597 5,886 13,748 13 144,119 63,232 91,181 67,074 4,737 ,6332,523 11,582 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 ,7534,275 11,700 52,971 35,751 10,328 3,797 2,712 96 3,020 5,637 13,713 27 143,446 62,312 90,259 64,608 4,916 ,7125,03410 831 53,187 35,874 10,372 3,824 2,744 165 2,770 5,562 13 737 Apr 3 . . 144,118 61,811 90,700 65,005 4,772 ,6763,68412,072 53,418 35,95610,447 3,839 2,790 48 2,563 5,462 13,797 10 142,962 63,139 89,439 65,970 4,652 ,6741,843 11 54553,523 35 92910,529 3,856 2,814 269 2,409 5,442 13 820 17 146,256 64,393 92,831 68,586 5,056 ,676 1,991 12,070 53,425 35,785 10,470 3,961 2,812 33 2,559 5,636 13,785 24 . . 142,722 63,529 89,072 65,806 5,050 ,7582,389 10,874 53,650 35,801 10,601 4,006 2,843 798 2,359 5,759 13,785 New York City 1962 ADr 4 .... 31,950 15,967 24,319 16,620 338 ,239 900 3 156 7,631 3 307 2 349 200 1,604 912 2,799 3,717 l?:::... 31,928 16,496 24,313 17,196 349 ,253 402 2 880 7,615 3 330 2,328 200 1,581 47 1,036 2,848 3,723 18 32,778 16,677 25,153 17,759 282 ,229 603 3,045 7,625 3,330 2,357 197 1,569 71 1,134 2,833 3,718 25 31,976 16,772 24,345 17 366 285 ,303 860 2 785 7,631 3 345 2 342 193 1,579 61 1,008 2,826 3,710 1963 Mar 6 33,662 15,469 24 040 16,326 318 ,224 907 3 209 9,622 4 142 3,059 222 2,010 36 J.327 2,995 3,843 13 34 374 16 075 24 619 17 052 274 I 221 669 3 093 9 755 4 161 3 137 274 1 992 I 422 2 919 3 843 20 34,436 15,403 24,738 16,392 260 1,325 1,170 3,300 9,698 4,175 3,110 270 1,949 39 ,373 2,742 3,833 27 34,016 15,882 24,264 16,595 216 1,274 1,372 2 918 9,752 4 182 3,140 269 1,969 6 ,112 2,797 3,834 Apr 3 33,889 15,647 24 123 16 334 298 1,218 1,037 3 232 9,766 4 189 3 110 269 2,004 894 2 792 3,858 10 33,528 15,966 23,738 16,484 278 1,236 493 2 944 9,790 4 188 3,108 268 2,027 49 ,037 2,740 3,858 17 33,938 16,167 24,243 17,161 287 1,245 498 3,164 9,695 4,165 3,053 266 2,015 ,096 2,849 3,856 24 33,295 15,988 23 518 16,575 274 1,309 662 2 892 9,777 4 169 3,113 265 2,034 120 L.232 2,935 3,857 r Outside New York City 1962 Apr 4 102 982 46 045 65 317 47,827 4 547 4102,192 8 911 37 665r28 434 r5 355 3,038 644 67 1,163 2,316 9,436 11 103,181 47,227 65,398 49,340 4,421 397 1,087 8,686 37,783 r28,435 r5,418 3,087 650 200 811 2,354 9,448 18 104,463 47,668 66,643 49,932 4,651 423 1,391 8 740 37,820 r28 365 r5,466 3,154 644 153 1,035 2,540 9,423 25 103,101 47,549 65,219 48,908 4,861 4121,733 8,011 37,882 '28,395 '5,462 3,188 644 205 968 2,492 9,432 1963 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 4,463 412 1,854 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 Apr 3 ... 110,229 46,164 66,577 48,671 4,474 4582,647 8 840 43,652 31,767 7,337 3,570 786 48 1,669 2,670 9,939 10 109,434 47,173 65,701 49,486 4,374 438 1,350 8,601 43,733 31,741 7,421 3,588 787 220 1,372 2,702 9,962 17 112,318 48,226 68,588 51,425 4,769 4311,493 8,906 43,730 31,620 7,417 3,695 797 33 1,463 2,787 9,929 24 109,427 47,541 65,554 49,231 4,776 4491,727 7,982 43,873 31,632 7,488 3,741 809 678 1,127 2,824 9,928 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
MAY 1963 BUSINESS LOANS OF BANKS 671 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 A 2 p 4 r. Apr. A 1 p 0 r. Ap, M 2 a 7 r. Apr. Mar. Feb. I IV III 2nd 1st Durable goods manufacturing: Primary metals -2 -3 -2 -54 8 -61 16 -1 12 -25 -49 -74 -131 M achiner v -30 o 25 -13 -12 107 84 135 -13 31 19 89 Transportation equipment -17 -49 -36 -3 -58 -105 23 25 -11 62 -15 47 96 Other fabricated metal products.. . -10 6 6 8 -24 9 2 33 22 -44 -48 -91 126 Other durable goods -3 1 7 4 7 9 46 35 33 -158 140 -18 128 Nondurable goods manufacturing: Food, liquor, and tobacco -86 14 -57 -6 -17 -136 -67 -99 -371 416 111 528 -497 Textiles, apparel, and leather -19 -1 17 12 24 9 125 121 207 -275 96 -179 289 Petroleum refining -1 6 1 6 __3 12 13 -21 -32 31 12 43 -67 Chemicals and rubber -7 12 11 1 16 17 105 13 90 25 -154 -129 76 Other nondurable goods 1 2 2 -12 5 -7 34 27 46 -112 7 -105 174 Mining, including crude petroleum and natural gas . • -1 2 -1 -29 5 -30 78 -13 296 91 -25 66 178 Trade: Commodity dealers -32 -25 -24 4 -20 -78 -82 -5 -69 133 87 220 -237 Other wholesale -23 56 -11 27 -16 50 2 32 -77 60 63 123 34 Transpo R rt e a t t a i i o l n, communication, and -1 14 _2 11 -4 22 102 59 *i 117 36 154 61 other public utilities -21 -53 9 -5 -64 16 -67 -233 346 309 655 -510 Construction . 15 13 16 9 -2 53 23 2 -42 -46 29 -17 182 All other types of business, mainly services -11 -1 44 35 9 67 60 18 21 283 8 290 20 Net change in classified loans -249 -5 -29 39 -90 -244 598 244 21 893 640 1533 196 Commercial and industrial change— all weekly reporting banks -222 -16 18 48 -81 -172 644 269 42 1103 709 1812 434 NOTE.—Data for sample of about 200 banks reporting changes in then- 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 A an re d a All (thousands of dollars) A an re d a All (thousands of dollars) period loans 1— 10— 100— 200 period loans 1_ 10— 100— 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: 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 4.3 5.5 5.0 4.6 4.1 1959 5.0 5.8 5.5 5.2 4.9 7 northern and eastern cities: 1960 5.2 6.0 5.7 5.4 5.0 1962—Mar 4.97 5.85 5.53 5.17 4.83 1961 5.0 5.9 5.5 5.2 4.8 June 5.00 5.83 5.52 5.21 4.86 1962 5.0 5.9 5.5 5.2 4.8 Sept 5.00 5.87 5.51 5.20 4.87 Dec 5.05 5.85 5.55 5.23 4.92 1963—Mar 4.98 5.85 5.53 5.18 4.84 Quarter: l 19 large cities: 11 southern and western cities: 1962—Mar 4.98 5.89 5.54 5.21 4.81 1962—Mar 5.28 6.01 5.66 5.35 5.03 June 5.01 5.88 5.53 5.25 4.84 June 5.33 6.01 5.65 5.39 5.12 Sept 4.99 5.86 5.53 5.21 4.82 Sept 5.32 5.98 5.65 5.28 5.12 Dec 5.02 5.88 5.55 5.28 4.85 Dec 5.33 6.01 5.68 5.41 5.10 1963—Mar 5.00 5.89 5.55 5.21 4.83 1963—Mar 5.30 6.02 5.66 5.33 5.07 i Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown, in per cent): 1954—Mar. 17, 3; 1955—Aug. 4, 3*4; Oct. 14, 3^; 1956— NOTE.—Weighted averages. For description see Mar. 1949 BULL., Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4^; 1958—Jan. 22, 4; Apr. 21, pp. 228-37. Bank prime rate was 3V4 per cent Jan. 1,1954-Mar. 16, 1954. 3i£; Sept. 11,4; 1959—May 18, 4*4; Sept. 1, 5; and 1960—Aug. 23, 4VS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
672 INTEREST RATES MAY 1963 MONEY MARKET RATES (Per cent per annum) 1U.S. Government securities (taxable)3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period paper placed accept- 4-to 6- directly, ances, 3- to 5months i m 3 o - n to th 6 s - 2 90 days * on R is s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l d k s ) et Other * iss y u e e a s r 3 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— 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 3.30 3.12 3.11 2.837 2.82 3.005 2.99 3.10 3.13 3.57 Sept. 3.34 3.13 3.09 2.792 2.78 2.947 2.93 2.99 3.00 3.56 Oct 3.27 3.04 3.03 2.751 2.74 2.859 2.84 2.90 2.90 3.46 Nov 3.23 3.08 3.00 2.803 2.83 2.875 2.89 2.94 2.92 3.46 Dec 3.29 3.16 3.00 2.856 2.87 2.908 2.91 2.94 2.95 3.44 1963—Jan 3.34 3.18 3.07 2.914 2.91 2.962 2.96 3.00 2.97 3.47 Feb 3.25 3.13 3.13 2.916 2.92 2.970 2.98 3.00 2.89 3.48 Mar 3.34 3 15 3 13 2.897 2.89 2.950 2 95 2 97 2 99 3 50 Apr 3.32 3.17 3.13 2.909 2.90 2.988 2.98 3.03 3.02 3.56 Week ending— 1963 Mar 30 3.38 3.23 3.13 2.919 2.91 2.977 2.98 2.99 3.01 3.53 Aor 6 3.38 3.25 3.13 2.922 2.91 2.982 2.98 2.99 3.02 3.53 13......::::::. 3.38 3 19 3 13 2.913 2.90 2.978 2.98 3.00 3.01 3.54 20 3.30 3.13 3.13 2.917 2.90 3.010 3.00 3.07 3.04 3.59 27 . .. 3.25 3.13 3.13 2.884 2.89 2.982 2.98 3.05 3.00 3.59 1 Averages of daily offering rates of dealers. • Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturi- 3 Selected note and bond issues. ties in the 90-179 day range. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio ( S lo ta n te g s - Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P 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 5.88 1961 ,. 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2.97 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 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 17 3 10 3 72 4 63 4.34 5.05 4.52 4.90 4 48 4 59 3 68 A.U2 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 Apr 3.97 3.21 2.97 3.55 4.47 4.21 4.87 4.40 4.63 4.39 4.31 3.15 Week ending— 1963 Mar 30 3 95 3 19 2.93 3.55 4.46 4.19 4.88 C4.38 4.64 4 37 4 24 3 24 Anr 6 3.95 3.20 2.94 3.55 4.47 4.20 4.87 4.38 4.64 4.38 4.28 3.20 13::::.:..::.:.... 3.96 3.20 2.95 3.55 4.47 4.20 4.87 4.39 4.63 4.38 4.29 3.16 20 3.99 3.21 2.99 3.55 4.47 4.21 4.87 4.40 4.63 4.39 4.34 3.13 27 . 3.98 3.23 3.00 3.56 4.48 4.22 4.87 4.41 4.64 4.39 4.34 3.10 Number of issues 4-12 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
MAY 1963 SECURITY MARKETS 673 SECURITY PRICES Bonds Common stocks Vol- Standard Standard and Poor'sindex Securities and Exchange Commission index ume and Poor's (1941-43= 10) (1957-59= 100) of trad- Period U.S. ing Govt. Ma nufacturing Trade, (thou- ( t l e o r n m g ) - S l a o t n c a d a te l A C r p a A o o t r - e A - Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Tota1 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 y c b 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 ) I960 86.22 1039 94.7 55 8S 59 43 30 31 46 86 113.9 1109 117 3 1049 95 8 129.3 127.4 73 8 3,042 1961 87.55 107 8 95.2 66 ?7 69 99 3? 83 87 134 7 1?44 1057 168.4 160.2 9? 5 4,085 1962 86.94 11?0 95.6 6? 38 65 54 30 56 59 16 1180 116 5 1194 97 8 167.2 155.0 98 0 3,820 1962— Apr 87.69 1137 95.4 68.05 71 64 32 31 63 86 138.0 1282 1280 128.5 103.1 180.3 172.0 1039 3,263 May. 87.87 113 95.9 6? 99 66 3? 30 71 58 84 128.3 1190 117 5 1?0 6 98.5 167.1 161.6 97 5 5,045 June. 87.61 111 95.7 55 63 58 3? ?8 05 53 3? 114.3 1057 103 108 1 90 151.1 141.3 88 4,770 July 86.07 1102 95.4 56.97 59 61 28 29 55 51 116.0 1069 1044 109.2 90.0 156.7 139.4 90 9 3,532 Aug. 86.64 1101 95.3 58 5? 61 ?9 78 09 56 96 119.5 1104 109 1 Ill 7 90 6 160.7 143.6 99 7 3,368 Sept. 87.02 1 95.8 58 00 60 67 ?7 68 56 96 117.9 1089 106 111 5 88 5 158.2 141.6 9? 3 3,310 Oct.. 87.73 1144 96.6 56 17 58 66 77 40 55 63 114 3 1056 10? 5 1084 86 6 154.3 135.9 91 3 3,423 Nov. 87.96 114 5 96.6 60 04 6? 90 30 47 57 69 1?,?,,8 1140 1107 117 3 97 2 162.0 145.4 97 7 4,803 Dec . 87.96 1130 96.6 6? 64 65 59 3? ?4 60 ?4 0 119 1 1140 1?3 8 102 3 167.9 151.8 101 5 4,048 1963—Jan.. 87.81 1130 97.4 65 06 68 00 34 06 63 35 132.6 6 119 1777 107,3 173.0 155.8 106 8 4,574 Feb.. 87.33 11? 1 97.8 65 9? 68 91 34 64 07 1350 125 0 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 1187 1?9 9 109 3 174.5 158.6 111 3,565 Apr 86.63 113.2 97.4 68.76 72 17 36 25 64 64 140.7 132.0 126.9 1369 116 3 179.2 164.8 120.1 5,072 Week ending— 1963 Mar 30 86.95 1137 97.7 49 69 63 34 77 63 69 1356 P6 6 190 8 139 1 1110 175 9 159 2 114 3,870 Apr. 6 87.00 113.7 97.5 67 44 70.70 35.10 64.14 1392 130 125.5 1350 1137 178.8 162.7 116.9 4,722 13 86.79 113.2 97.4 68 51 71.91 35.64 64.53 140 3 131 126.4 1368 114 8 178.2 165.1 119 3 5,544 2 2 0 7 8 8 6 6 . . 5 5 0 5 1 1 1 1 2 2.9 Q 9 9 7 7 .2 3 6 6 9 9 O 6 S 0 7 73 9 .0 5 9 1 3 3 7 6 .4 1 7 7 6 6 4 4.9 7 0 8 1 1 4 4 1 20 9 1 1 3 3 9 3.3 1 1 9 27 7 .9 6 1 1 3 3 7 8.3 1 1 1 19 7 1 1 7 8 9 0 .7 0 1 1 6 6 4 6 .6 6 1 1 9 2 9 1*.1R 5,173 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 2,362 906 1960 Dec 4,415 95 3,222 138 1,193 142 2,133 ,135 1961 Dec 5,602 35 4,259 125 1,343 48 2,954 1,219 1962—Apr 5,491 36 4,079 117 1,412 57 3,015 ,110 5,408 35 4,000 91 1,408 44 2,845 1,205 June • ..... 4,938 32 3,605 92 1,333 46 2,194 1,374 July 4,876 29 3,562 83 1,314 32 2,091 I 252 A.ug . 5,073 23 3,773 80 1,300 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 1,423 63 3,192 1,175 Apr 5,978 27 4,526 99 1,452 33 3,272 1 901 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 n the other cols., for last Wed. reporting member banks. Before July 1959, loans for purchasing or Net debit balances and broker and dealer credit; ledger balances of carrying U.S. Govt. securities were reported separately only by N. Y. member firms of the N. Y. Stock Exchange carrying margin accounts, as and Chicago banks. Accordingly, for that period the fifth col. includes reported to the Exchange. Customers' debit and free credit balances any loans for purchasing or carrying such securities at other reporting exclude balances maintained with the reporting firm by other member banks. Composition of series also changed beginning with July 1959; firms of national securities exchanges and balances of the reporting firm revised data for the new reporting series (but not for the breakdown of and of general partners of the reporting firm. Balances are net for each loans by purpose) are available back through July 1958 and have been customer—i.e., all accounts of one customer are consolidated. Money incorporated. borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
674 OPEN MARKET PAPER; SAVINGS INSTITUTIONS MAY 1963 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Banks Im- Ex- shipped between Placed Placed ports ports Dollar points in— Total through direct- into from exdealers 1 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 i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 32,751 840 31,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 1960 4,497 1,358 3,139 2,027 662 490 173 74 230 [,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962—Mar '5 715 1,876 '3 839 2,498 1,072 774 298 42 100 1,284 474 889 86 182 867 Apr '5,641 1,883 '3,758 2,392 981 763 218 36 94 1,281 479 826 74 158 855 May '5,919 1,869 '4,050 2,345 949 733 216 33 112 1,251 462 787 96 145 855 '5 865 1,878 '3 987 2,342 965 731 234 60 85 1,232 473 751 145 117 857 July '6,170 2,002 '4,168 2,306 1,009 736 273 43 80 1,175 485 705 143 93 881 '6,576 2,119 '4,457 2,277 937 721 216 35 71 1,234 488 667 138 72 912 Sept '6 577 2,228 '4 349 2,281 952 748 204 36 68 ,225 520 674 144 73 870 Oct '6,986 2,417 '4,569 2,367 1,025 824 201 34 69 ,239 502 679 160 110 917 Nov '7,091 2,501 '4,590 2,476 1,086 841 245 38 88 ,264 525 719 173 145 914 Dec '6,000 2,088 '3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963—Jan '6 790 2,091 '4,699 2,593 1,153 849 304 72 84 1.284 538 730 149 180 996 Feb . . . '6 996 2 193 '4 803 2,565 1,141 840 301 54 84 1,285 542 703 159 148 1,013 Mar 7,076 2,260 4,816 2,589 1,167 886 280 52 83 1,288 554 730 142 122 1,041 1 A* reported by dealers; includes finance co. paper as well as other 5 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; place directly, $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total End of period M ga o g r e t- Other G U o .S v . t. S g l a o o t n c a v d a t t e l . C ot o r a h a n r e t p d r e o - i a C s a se sh ts O as t s h e e ts r a s l s a T u i s a a t c r o e i b n p c e t t i d t l s s a l s u — i l . - s D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s N c M u o m m or b m t e g i r a tm ge A e n m lo ts o a n u 3 nt 1941 4 787 89 3 592 1 * 829 689 11 772 10 503 38 1 231 1945 4 202 62 10,650 1,257 606 185 16 962 15,332 48 1,582 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 1956 19 559 248 7 982 675 3,549 920 448 33 381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 i,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 . 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1962—Feb 29,333 461 6,322 651 5,065 884 661 43,378 38,611 944 3,823 65,839 1,644 Mar 29,563 508 6,531 633 5,090 896 676 43,897 39,083 973 3,840 69,223 1,698 Apr 29,833 468 6,315 607 5,055 817 671 43,766 39,032 923 3,811 73,401 1,817 May 30,087 537 6,331 587 5,057 829 670 44,100 39,216 1,016 3,868 78,707 1,897 30,398 519 6,296 582 5,069 883 675 44,421 39,642 921 3,859 79,248 1,940 July 30,688 506 6,285 577 5,135 837 678 44,706 39,814 1,021 3,871 84,357 1,994 Aug 31,000 560 6,311 568 5,149 808 677 45,073 40,029 1,127 3,917 83,803 2,088 Sept 31,243 563 6,314 563 5,151 852 702 45,388 40,458 996 3,934 88,882 2,122 Oct 31,548 536 6,152 548 5,154 867 697 45,502 40,644 955 3,904 93,526 2,229 Nov 31 820 586 6 133 542 5,181 832 683 45 776 40,791 1,025 3 960 99 616 2 323 Dec 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 Feb 32,812 582 6,177 503 5,160 870 722 46,825 41,779 1,052 3,994 108,060 2,398 i 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 * See note 4, p. 661. are based on reports filed with U.S. Govt. and State bank supervisory' » 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. * 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
MAY 1963 SAVINGS INSTITUTIONS 675 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total United State andForeign * Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r States local Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2 038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 195S 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 I960 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,O53 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—Feb.r 127,995 12,218 6,383 3,934 1,901 54,535 49,653 4,882 44,513 4,032 5,808 6,889 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 Feb 134,500 12,877 6,243 4,080 2,554 57,059 51,784 5,275 47,348 4,171 6,279 6,766 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 Otheri a li s a T s b e o i t l t s i a t 2 i — l es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e s d L p o ro an 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 t36 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35 729 2 782 2,119 2 199 42 875 37 148 2 950 1 347 1430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3 '363 1,379 1,484 862 1958 45,627 3 819 2,585 3 108 55,139 47,976 3,845 1 444 1 161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4^393 2,387 1,293 874 1,285 1960 60,070 4,595 2,680 4 131 71,476 62 142 4 983 2 197 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—Feb.'" 69,964 5,492 3,054 4,700 83,210 71,954 5,735 2,378 1,542 1,601 2,150 Mar. 70,766 5,528 3,187 4,790 84,271 72,888 5,738 2,296 1,656 1,693 2,335 Apr.r. . . . 71,608 5,482 3,109 4,884 85,083 73,274 5,737 2,422 1,792 1,858 2,474 Mayr. . . . 72,585 5,468 3,116 5,297 86,466 74,056 5,741 2,520 1,910 2,239 2,616 June r.... 73,631 5,402 3,381 5,237 87,651 75,487 6,025 2,885 1,983 1,271 2,557 July 74,511 5,448 2,987 5,054 88,000 75,501 6,029 2,972 2,010 1,488 2,551 Aug.r. ... 75,527 5,437 2,949 5,158 89,071 76,149 6,032 3,065 1,998 1,827 2,518 Sept.r 76,371 5,479 3,036 5,236 90,122 77,019 6,047 3,160 2,006 1,890 2,472 Oct.- 77,333 5,509 3,135 5,276 91,253 77,854 6,067 3,196 1,993 2,143 2,438 Nov 78,137 5,556 3,234 5,448 92,375 78,728 6,081 3,173 1,941 2,452 r2,436 Dec 78,973 5,549 3,946 5,348 93,816 80,422 6,539 3,633 2,010 1,212 2,230 1963—Jan.r 79,648 5,739 3,612 5,234 94,233 81,407 6,572 2,896 1,939 1,419 2,343 Feb 80,338 5,905 3,718 5,238 95,199 82,291 6,578 2,701 1,957 1,672 2,447 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
676 FEDERAL FINANCE MAY 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 q e o c u t a t s a l . l s 2 : Budget T f 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 d h i a i e a r n g b n e e t c g n t e .) a I t L g n r e e v b u y s n e s s t s . : s & t * . L N c d e a e o s s b n s h t : - Eq N u e a t ls: Cal. year—1960.., 79,518 21,773 2,946 98,287 77,565 21,285 4,156 94,694 3,593 -549 1,629 491 -2,669 1961.., 78,157 24,260 4,425 97,929 84,463 24,689 4,414 104,738 -6,809 6,791 -434 470 6,755 1962.., 84,709 25,508 3,942 106,230 91,908 24,456 4,414 111,949 -5,721 9,053 1,056 1,386 6,612 Fiscal year—1959. 67,915 16,950 3,161 81,660 80,342 18,462 4,002 94,804 -13,144 9,656 -1,181 2,160 8,678 1960. 77,763 20,534 3,167 95,078 76,539 20,891 3,129 94,301 111 3,371 953 597 1,821 1961. 77,659 23,583 3,946 97,242 81,515 23,016 5,003 99,528 -2,286 2,102 870 536 698 1962. 81,409 24,325 3,789 101,887 87,787 24,109 4,185 107,711 -5,824 11,010 465 923 9,621 Half year: 1961—Jan .-June 42,330 13,442 2,497 53,249 41,298 12,533 2,990 50,840 2,408 -1,307 1,052 68 -2,426 July-Dec. 35,826 10,673 1,782 44,680 43,165 12,010 1,278 53,898 -9,217 8,098 -1,484 402 9,180 1962—Jan.-Junc 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—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 6 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 Mar 9,663 2,121 239 11,548 7,806 2,232 1,041 2,552 --1,949 49 -4 -1,996 Effects of operations on Treasurer's account Change in Treasurer's account Net operating transactions Net financing transactions cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r g c lu i e t s t f T u r n u d s s t a C c l c e o a u ri n n t g s i M ss s a u e o c r a f k . n * e c t e i I n G n v o U e v . s t S t . , . p d g d u i r e r i b o n e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance b F a . n R k . s a l T a c o n c a a d t x n s. O as n t s h e e t e 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 1960... 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 1961... -3,856 565 285 -733 -435 2,640 -222 -1,311 6,694 408 5,453 833 1962 -6,378 213 566 658 -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—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 6 3,323 -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 3,678 986 Feb 542 873 -133 -17 -452 1,221 73 1,961 7,446 841 5,580 1,025 Mar 1,857 -104 619 -209 43 -1,645 -245 806 8,252 909 6,466 877 1 Primarily interest payments by Treasury to trust accounts and accumu- 5 Primarily military defense, military assistance, and atomic energy. lations to U.S. employees trust funds. 6 Includes $1,412 million of 2% per cent Treasury bonds of 1960-65 2 Includes small adjustments not shown separately. acquired by Treasury for retirement on Dec. 15, 1962, in exchange for 3 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing various issues on Nov. 15, 1962. accounts, and (4) Govt. sponsored enterprises. 4 Excludes net transactions of Govt. sponsored enterprises. NOTE.—Treasury Dept. & Bureau of the Budget. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 FEDERAL FINANCE 677 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Selected excise taxes Budget receipts (IRS data) Transfers to trusts Indiv. taxes Period Net* O ag ld e - H w ig ay h- 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- t c a E i x x s e e - s p m t E a l x o m en e 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 83,90429,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 I960.. 77,763 10,122 2,539 607 5,237 96,96231,675 13,271 22,179 11,865 11,159 6,813 3,194 1,932 5,114 1961.. 77,659 11,490 2,798 571 5,976 99,491 32,978 13,175 21,765 12,064 12,502 7,007 3,213 1,991 5,294 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 56,421 16,362 9,990 12,927 5,826 7,439 3,877 1,528 984 2,570 July-Dec.. 35,826 4,741 1,533 278 885 43,575 17,652 3,189 8,259 6,394 5,024 3,057 1,754 1,035 2,656 1962—Jan.-June. 45,583 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—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 ,157 2,266 524 305 169 1,356 June 11,615 1,001 233 51 233 13,346 3,024 1,985 5.377 ,126 1,054 780 311 192 July 3,566 436 281 12 165 4,540 1,199 299 525 ,106 450 961 257 148 Aug 7,089 1,699 332 86 193 9,445 5,298 169 431 ,188 1,786 573 289 197 1,509 Sept 10,053 911 287 50 111 11,414 2,980 2,092 3,533 ,103 962 744 290 171 Oct 3,030 536 276 14 200 4,068 1,156 235 460 ,150 551 516 363 190 Nov 7,027 1,129 218 77 73 8,533 5,195 117 412 ,125 1,208 478 339 182 •1,367 Dec 8,360 600 277 51 64 9,553 3,131 407 3,450 ,136 652 780 267 152 J 196 V—Jan 5,533 178 261 12 109 6,285 1,269 2,367 517 ,099 429 605 243 166 1 Feb 7.W5 1 ,761 234 78 838 10,997 5,422 783 422 ,038 2,5% 736 216 163 Mar 9,663 I 1,308 279 48 1,720 13,093 3,182 745 6,081 ,081 1,428 576 ! Budget expenditures Period Total 2 f t e i N d o n e n a s - - a e l 5 a I f n fa t i l r . s s S e p a a r c c e h c A ul g tu ri r - e so N u u r r e a r a - c t l - es t m C r a a o e n n r m d s c p e - . & H de i c o n v o u g e m s l - . . l r A a ? i V C b C o 1 t f t * r i 3 . i T & n *C , 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 I960.. 76,539 45,691 1,832 401 4,882 1,714 1,963 122 3,690 866 5,266 9,266 1,542 1961.. 81,515 47,494 2,500 744 5,173 2,006 2,573 320 4,244 943 5,414 9.050 1,709 1962.. 87,787 51,103 2,817 1,257 5,895 2,147 2,774 349 4,524 1,076 5,403 9,198 1,875 Half year: 1961—Jan.-June. 41,298 24,269 1,334 412 2.310 948 1,359 112 2,289 535 2.755 4.463 856 July-Dec.. 43,165 23,980 1,634 482 3,567 1,179 1,262 346 2,397 462 2; 725 4,502 938 1962—Jan.-June. 44,622 27,123 1,183 775 2,328 968 1,512 3 2,127 614 2.678 4,696 937 July-Dec.. 47,286 25,953 1,317 1,024 4,590 1,331 1,339 364 2,556 578 2,663 4,936 979 Month: 1962—Mar 7,749 4,598 233 140 504 134 311 19 367 102 449 733 161 Apr 7,289 4,314 273 141 363 143 214 -10 381 84 438 780 175 May 7,229 4,786 -110 155 300 I 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 4,448 276 187 126 247 300 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 4,102 194 253 156 310 -125 150 125 445 R20 149 Mar 7,806 4,523 210 250 473 143 212 116 379 110 405 832 157 1961 1962 1963 1961 1962 1963 Item III IV III IV III IV III IV Seasonally adjusted ; Not seasonally adjusted Cash budget: Receipts 24.5 24.6 25.2 25.3 26.5 27.3 27 1 27.4 28.5 23.4 21.3 26.2 31.0 26.0 23.0 28.2 Payments 26.7 26.3 26.9 27.6 27.0 28.1 29 2 27.4 26.7 27.2 26.0 27.9 28.5 29.6 26.6 Net -2.1 -1. 7 "I .7 -2.2 -.5 - -2 1 1.1 -3. 3 -5 .9 3 3.1 _2 .5 -6 .6 1.6 •7 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
678 U.S. GOVERNMENT SECURITIES MAY 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 b o t e t s a c s 2 l t Total Marketable C ve o r n t - - Nonmarketable i S ss p u e e ci s a 6 l Total Bills Certifi- Notes Bonds 4 b i o b n l d e s Totals S in a g v s cates bonds 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 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—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. 7 305.9 305.4 257.2 204.2 47.8 22.7 53.7 80.0 4.0 49.0 47.7 44.2 Dec . . . 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 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 Apr . . . 303.7 303.2 257.6 204.3 49.4 21.8 53.0 80.1 3.5 49.7 48.1 41.6 1 Includes some debt not subject to statutory debt limitation (amounting leave bonds, adjusted service bonds, Foreign currency series, Foreign to $369 million on Apr. 30, 1963), and fully guaranteed securities, not series, 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 2^4 per cent partially tax-exempt bonds, totaled $12,929 million on Mar. 31, 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 p n er d io o d f T g d r o e o t b a s t s l ag G t U a e r o n n u .S v c s d . t i t e . s b F a . n R k . s Total b m C a e n o r k m c s i - a 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie r e - s - r c O a o t r t i h p o e n o r - s g S l a o o t n c v a a t d t s e l . Savi I n n g d s ividu O a t l h s er n F a i o t n a i r t n o e e n d i r g a - n l3 t i O m o n r t v i h s 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 I960—Dec. 290.4 55.1 27.4 207.9 62.1 6.3 11.9 19.7 18.7 45.7 19.3 13.0 11.2 1961—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—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 12.0 297.4 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 11.8 298.6 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 '19.7 19.6 46.8 '19.0 15.4 12.3 Nov 305.9 57.9 30.5 217.5 65.4 6.1 11.5 '21.5 19.3 46.9 '19.1 15.4 12.2 Dec 304.0 55.6 30.8 217.6 66.5 6.1 11.5 '19.8 19.5 46.9 '19.3 15.3 12.7 1963—Jan 303.9 54.5 30.3 219.1 66.0 6.1 11.5 '20.8 19.9 47.1 '19.6 15.4 12.8 Feb 305.2 55 1 30.6 219.5 65.1 6.1 11.4 '21.4 19.8 47.2 '19.6 15.3 13.7 Mar 303.5 55.1 31.0 217.4 63.9 6.3 11.2 20.5 20.1 47.3 20.1 15.4 12.7 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 in the United States. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 U.S. GOVERNMENT SECURITIES 679 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 ea -5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 r 0 s 20 O y v e e a r rs Total Bills Other All holders: 1960—Dec. 31 189,015 73,830 39,446 34,384 72,298 18,684 13,224 10,979 1961—Dec. 31 195,965 84,428 43,444 40,984 66,360 19,782 11,976 13,419 1962—Dec. 31 203,011 87 284 48,250 39,034 61,640 33,983 4,565 15,539 1963—Feb. 28 204,751 88,951 49,941 39.010 59,003 36,458 4,565 15,774 Mar. 31 203,472 81,647 48,530 33,117 61,328 37,962 6,770 15,764 U. S. Govt. agencies and trust funds: 1960—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—Feb 28 10,074 1 887 1.167 720 1.429 2,846 1,323 2,590 Mar. 31 10,459 1,900 1,229 671 1,173 2,948 1,808 2,630 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—Feb. 28 30,586 17 624 2.542 IS 082 10 691 2,114 69 88 Mar. 31 30,963 17,691 2,583 15,108 10,924 2,183 69 96 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—Feb 28 . 164,091 69.440 46,232 23.208 46,883 31,498 3,173 13,096 Mar. 31 162,050 62,056 44,718 17,338 49,231 32,831 4,893 13,038 Commercial banks: 1960—Dec. 31 54,260 14,697 6,976 7,721 31,596 5,654 1,775 538 1961—Dec 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962—Dec. 31 58,004 19 885 9 838 10,047 26,348 11,163 191 417 1963—Feb. 28 56,863 19.337 9.096 10,241 24,299 12,630 179 419 Mar. 31 55,686 15,179 8,039 7,140 26,045 13,390 652 420 Mutual savings banks: 1960—Dec. 31 5,944 480 144 336 1.544 1,849 897 1,174 1961—Dec 31 5,867 686 181 505 1,514 1,708 662 1,298 1962—Dec. 31 5,793 635 252 383 1,337 2,210 306 1,305 1963—Feb. 28 5,842 797 419 378 1,282 2,175 293 1,295 Mar. 31 6,053 875 568 307 1.304 2,196 392 1,285 Insurance companies: 1960—Dec. 31 9,001 940 341 599 2,508 2,076 1,433 2,044 1961—Dec. 31 9,020 1,228 442 786 2,222 1,625 1,274 2,671 1962—Dec 31 9,265 1,259 552 707 2,175 2,223 718 2,890 1963—Feb. 28 9.240 1,239 659 580 2.054 2,300 715 2,932 Mar 31 . 9,153 926 521 405 2,138 2,360 810 2,919 Nonfinancial corporations: I960—Dec. 31 10,741 8,340 5,599 2,741 2,269 58 39 33 1961—Dec. 31 10,547 8,697 5,466 3,231 1,747 72 22 8 1962—Dec 31 10,750 9,063 6,551 2,512 1,524 149 5 9 1963—Feb. 28 11,834 9,708 7.736 1 972 1,755 356 5 11 Mar. 31 10,762 8,319 6,597 1,722 2,006 415 13 9 Savings and loan associations: I960—Dec. 31 2,454 322 163 159 858 473 396 406 1961—Dec. 31 2,760 446 155 291 895 617 371 431 1962—Dec. 31 2,862 437 254 183 817 1,030 105 473 1963—Feb 28 3.074 538 279 259 745 1,184 133 474 Mar. 31 3,173 427 260 167 771 1,246 256 473 State and local governments: I960—Dec. 31 10,957 3 933 2,643 1 290 J.7R5 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 L ,059 1,505 688 4,017 1963—Feb. 28 11 937 4 617 3.684 933 081 1.464 691 4 084 Mar 31 . . 11,835 4,374 3,506 868 044 1,420 937 4,060 All 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—Feb 28 65,300 33,204 24,359 8,845 15,668 11,389 1.158 3,881 Mar. 31 65,387 31,955 25,227 6,728 15,924 11,805 1,832 3,871 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 govfs. 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. 6,138 commercial banks, 508 mutual savings banks, and 809 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
680 U.S. GOVERNMENT SECURITIES MAY 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 r 0 s 10 O y v e e a r rs G U o .S v . t. Other m b e a r n c k ia s l o A th l e l r securities 1962—Mar J.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 1,603 1,318 158 94 33 542 27 600 435 78 Sept 1,913 1,432 293 147 40 571 42 766 534 105 Oct I 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 88 1963__jan 1,872 1,485 226 124 36 621 37 730 484 81 Feb 2 3^0 1 646 400 2^0 75 733 44 952 622 73 Mar 1,694 1,241 224 149 79 544 39 657 454 91 Week ending— 1963—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 Apr. 3 1,944 1,589 208 106 42 547 24 781 593 93 10. 1,491 1,181 170 87 53 466 27 618 380 62 17 2 107 1 787 163 110 47 561 41 942 564 54 24 1,499 1,205 163 96 35 483 29 604 384 124 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N. Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 5 r* 5 O y v e e a r rs se a G c g u e o r n v i c t t i . y es Period so A ur U ces Y N o e r w k w E h ls e e r - e C t o io rp n o s r * a- o A th l e l r City 1962—Mar... 3,056 2,721 228 106 168 Apr ..:;: 3,771 3,388 252 131 193 1962—Mar....... 3,025 855 637 ,299 235 May.. 3,642 2,985 403 255 196 Apr 3,621 976 835 ,354 456 June.. 3,777 3,398 261 118 293 May 3,738 978 769 ,612 379 July... 2,881 2,818 94 -32 232 June 3,900 1,092 720 ,798 290 Aug... 2,647 2,484 72 91 165 July 3,053 636 521 ,631 266 Sept... 3,177 2,643 323 211 190 Aug 2,597 460 405 ,438 294 Oct.... 3,569 2,991 383 194 248 Sept 3,332 943 660 ,307 421 Nov... 4,013 3,309 447 256 204 Oct 3,528 1,074 707 ,301 445 Dec... 4,268 3,829 365 74 215 Nov 4,100 1,170 716 .666 548 Dec 4,378 1,563 839 [,566 411 1963—Jan....... 4,021 3,623 368 30 206 Feb 3,410 2,863 473 74 129 1963—Jan 4,062 1,388 895 1,396 383 Mar 3,547 2,440 563 544 209 Feb 3,553 1,070 897 ,083 502 Mar 4,027 1,436 1,009 1,129 453 Week ending— Week ending— 1963—Feb. 6.. 3,777 3,556 342 -121 128 13.. 3,190 2,465 491 -272 115 1963—Feb. 6... 3,767 1,215 818 1,147 587 20.. 3,198 2,587 412 199 120 13... 3,620 1,066 784 1,111 659 27.. 3,578 3,188 605 -215 148 20... 3,193 841 896 1,074 381 27... 3,500 1,083 1,045 1,014 358 Mar. 6. . 3,279 1,937 622 718 185 13.. 3,368 2,111 620 638 208 Mar. 6... 4,531 1,800 1,147 1,031 552 20.. 4,061 2,940 596 526 207 13... 4,493 1,754 977 1,219 543 27.. 3,567 2,661 493 414 219 20... 3,908 1,553 975 1,065 315 27... 3,547 998 1,052 1,051 447 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent inyentments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Averages of daily fi gures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 OUTSTANDING SECURITIES 681 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE, APRIL 30, 1963 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. May 2,1963 2,001 Oct. 15, 1963 2,500 Nov. 15, 1965 31/2 2,954 Nov. 15, 1967 3Y& 3,604 M M a a y y 1 9 6 , , 1 1 9 9 6 6 3 3 2 2, ,0 0 0 05 3 O O c c t t . . 2 1 4 7 , , 1 1 9 9 6 6 3 3 8 80 0 1 0 A Fe p b r . . 15 1 , . 1 1 9 9 6 6 6 6 1 3 1 y /2 8 2, 6 3 7 8 5 0 D M e a c y . 1 1 5 5 , , 1 19 9 6 6 8 7 -72... 2 3 1 % /2 2 2 , , 4 7 6 8 0 5 M M a a y y 2 3 3 1 , , 1 1 9 9 6 6 3 3 2 2 , , 1 1 0 0 1 0 J A a p n r . . 1 1 5 5 , , 1 1 9 9 6 6 4 4 2 2, ,4 50 9 1 6 O A c u t g . . 15 1 , , 1 1 9 9 6 6 6 6 PA 4 4,4 35 5 7 4 A Fe u b g . . 1 1 5 5 , , 1 1 9 9 6 6 9 8 2>Y 4 4 3 1 , ,8 7 4 4 4 7 J J J J J J u u u u u u n l n n n n y e e e e e 2 2 2 1 0 7 6 4 5 3 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 3 3 3 3 3 3 2 2 2 2 2 2 , , , , , , 1 1 1 1 5 1 0 0 0 0 0 0 1 1 2 1 3 2 Ce A N M F rt e u o i a b f g v y i . c . , a 1 1 1 1 te 5 5 5 5 s , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 3 4 3 3 3 V 3 3 1 * * & / 4 4 2 4 5 6 5 , , , , 1 7 5 2 8 4 5 8 1 1 4 4 A A O F A e u c p p b t g r r . . . . . 1 1 1 5 5 1 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 7 7 8 7 7 1 3 3 l l 1 V i 3 % / / 4 2 2 i 5 4 , , 2 4 2 2 7 5 8 8 0 7 3 2 7 N O A A N Fe u o c u o b t g g v v . . . . . . 1 1 1 1 1 5 5 5 1 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 7 7 7 7 7 9 1 4 2 1 2 3 3 % % 4 4 4 4 2 2 2 2 2 2 , . , , , , 5 5 8 3 7 2 3 7 0 4 6 4 8 9 6 4 0 4 July 11, 1963 2,102 Treasury notes Treasury bonds May 15, 1975-85.. AVA 470 July 15, 1963 2,004 May 15, 1963 4 1,183 June 15, 1962-67. 21/2 1,462 June 15, 1978-83... 314 1,591 July 18, 1963 2,101 May 15, 1963 3*4 3,027 Aug. 15, 1963 2V2 1,461 Feb. 15, 1980 4 2,611 J A A A u u u u ly g g g . . . 2 1 8 5 1 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 3 3 3 2,1 8 7 8 0 9 0 0 1 9 0 0 O N A M c p o a t r v y . . . 1 1 5 1 5 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 4 4 3 4 1 4 l 7 1 V % / / g 2 i 4 3, , 0 4 9 5 1 5 0 3 7 6 1 3 D D F Ju e e e n b c c . e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 3 4 4 - - - 6 6 6 8 9 9 . . . . . . . 2 2 2 1 V V /2 3 2 2 2 1 1 , , , , 6 5 8 6 1 3 4 3 5 2 3 4 A N F M e u o a b g v y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 9 8 8 8 0 0 5 7 -92... 3 3 3 4 1 V % / ^ 2 i 4 1 1 , , , 9 9 1 3 1 3 1 6 5 0 3 5 Aug. 22, 1963 800 May 15, 1964 3% 3,893 Feb. 15, 1965 4,682 Feb. 15, 1988-93 4 250 A Se u p g t . . 29 5 , , 1 1 9 9 6 6 3 3 8 8 0 0 1 0 A A u u g g . . 1 15 5 , , 1 1 9 9 6 6 4 4 33 5 4 2 5, , 0 3 1 1 9 6 M Ma a y r. 1 1 5 5 , , 1 19 9 6 6 6 5-70. 2 3 , , 4 5 2 9 1 7 F M eb a . y 1 1 5 5 , , 1 1 9 9 9 8 5 9 -94.. .4i/8 3 2,5 3 7 0 5 0 S S S O O e e e c c p p p t t . t . t t . . . 2 1 1 1 6 9 3 0 2 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 3 3 3 3 8 8 8 8 8 0 0 0 0 0 0 1 0 0 1 O A N M O c p c o a t t r v y . . . . 1 1 5 1 5 1 1 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 4 5 5 4 5 I 4 l 4 i V i y % y / 2 2 2 8 4 2 , , 1 1 4 4 3 9 1 9 6 1 5 3 0 6 5 A J N M S u e u o n a p g v r e t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 6 6 6 7 7 - - - 7 7 7 1 2 2 . . . . . . . . . 2 2 2 3 i 1 1 / / / / 2 8 2 2 1 1 1 1 1 , , , , , 4 9 0 8 3 1 5 2 5 1 0 2 4 2 7 Co N I A n n v o p v e v r e . r s . t t i m 1 b 5 l 1 e e , , n 1 b t 1 9 o 9 S 9 n 7 e 8 d 5 r s i - e 8 s 0 B ... 3 2 V % 2 4 3 , , 4 5 5 3 9 1 1 Tax anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, MARCH 31, 1963 Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity ( A m m il o li u o n n t s Agency a , n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity ( A m m il o li u o n n t s of dollars) of dollars) Federal home loan banks Federal intermediate credit banks Notes: Debentures: Aug. 15, 1962 3.40 Apr. 15, 1963 116 June 4,1962 3.10 Mar. 4, 1963 213 July 20, 1962 3.40 May 15, 1963 312 July 2,1962 3.15 Apr. 1, 1963 186 Sept. 17, 1962 3.30 Aue. 15, 1963 110 Aug. 1, 1962 3.45 May 1, 1963 197 Oct. 15, 1962 3.30 Sept. 16, 1963 450 Sept. 4, 1962 3.35 June 3, 1963 145 Mar. 15, 1963 3.20 Jan. 15, 1964 320 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 198 Apr. 15, 1958 3i/8 Apr. 15, 1963 241 Jan. 2,1963 3.15 Oct. 1, 1963 225 Apr. 16, 1962 314 July 16, 1963 280 Feb. 4, 1963 3.15 Nov. 4, 1963 272 Sept. 17, 1962 3% Sept. 15, 1965 175 Mar. 4, 1963 3.15 Dec. 2,1963 261 Federal landbanks Federal National Mortgage Association Bonds: secondary market operations May 1,,1958 May 1, 1963 122 Discount notes Aug. 20,, 1962 Aug.20, 1963 144 Oct. 22,, 1962 Oct. 22, 1963 136 Debentures: Apr. 20,, 1963 Apr. 20, 1964 147 Mar. 10, 1958 3V4 Mar. 11, 1963 150 Dec. 20,, 1960 Oct. 20, 1964 90 Nov. 10, 1958 4y8 Nov. 12, 1963 100 Oct. 20, 1960 Oct. 20, 1965 160 May 10, 1961 3% May 11, 1964 100 June 20,1961 Dec. 20, 1965 115 Sept. 11, 1961 4 Sept. 10, 1964 150 Apr. 3, 1961 Feb. 21, 1966 150 Dec. 11, 1961 3% Dec. 11, 1964 125 May 1,1958 May 2, 1966 108 Dec. 10, 1957 4% June 10, 1965 100 Sept. 20, 1961 July 20, 1966 193 Sept. 10, 1962 334 Mar. 10, 1966 150 Feb. 15, 1957 Feb. 15, 1967-72 72 D M e a c r . . 1 1 2 0 , , 1 1 9 9 6 5 0 8 4 3 y % 8 D M e a c r . . 1 12 1 , , 1 1 9 9 6 6 6 8 1 1 0 0 0 0 O M c a t y . 1 19 9 5 6 7 2 O M c a t y . 22 1 , , 1 9 1 6 9 7 67-70 1 7 8 5 0 A Ap p r r . . 1 10 1 , , 1 1 9 9 6 5 0 9 4 4 3 % /8 A Ap p r r . . 1 1 0 0 , , 1 1 9 9 6 7 9 0 1 9 5 0 0 F A e p b r . . 1 19 9 5 5 9 9 M M a a r r . .2 2 0 0 , , 1 1 9 9 6 6 8 9 1 8 0 6 0 Sept. 12, 1960 4Vs Sept. 10, 1970 125 July 1957 July 15, 1969 60 Aug. 23, 1960 4i/s Aug. 10, 1971 75 Feb. 1 1960 Feb. 20, 1970 82 Sept. 11, 1961 41/2 Sept. 10, 1971 100 Feb. 14 1958 Apr. 1, 1970 83 Feb. 10, 1960 5Vs Feb. 10, 1972 100 Jan. 5 1960 July 20, 1970 85 D Ju e n c e . 1 12 1 , , 1 1 9 9 6 6 1 1 4 4 * y 4 8 J J u u n n e e 1 12 2 , , 1 1 9 9 7 7 2 3 1 1 0 5 0 0 M Se a p y t. 1 1 4,, 1 1 9 9 5 5 6 6 M Se a p y t.15 1 , , 1 1 9 9 7 7 2 1 1 6 0 0 9 Feb. 13, 1962 4y2 Feb. 10, 1977 200 F F e e b b . . 2 2 0 0, 1 1 9 9 6 6 2 3 F F e e b b . . 2 2 0 0 , ,1 9 1 7 9 3 7 - 4 78 1 1 5 4 5 8 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 D Fe e b c . . 4 3 , , 1 1 9 9 6 6 3 2 3 3 . . 1 0 5 5 J A u u n g e . 3 1 , , 1 1 9 9 6 6 3 3 1 1 5 6 9 0 J F u e l b y . 1 1 , , 1 1 9 9 6 6 1 2 4 4 y y 8 2 J F u e l b y . 1 1 , , 1 1 9 9 8 8 7 6 4 5 5 0 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
682 CREDIT AGENCIES; SECURITY ISSUES MAY 1963 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k ie s s and capital (s F M e e c d o o o e r n p t r d e g a r a l a a r g t y N e i o a m A n ti s a s o ) r s n k n a e . l t coo B pe a fo r n a r k t s ives i c n r t e F e d r e i m t d e e b r d a a i n l a k te s F b e l a a d n n e k d ra s l period v m a b A t n e e o d m c rs - e - s I m nv e e n s t t s - p C a o d a n e s s d - i h ts B n a o o n n t d e d s s M po b d e e s e m - i r ts - C s a to p c it k al M l g o ( a A o a g n r ) e t s - D n t e a u ( o b n L r t e e d e ) s n s - c L a o t ( o o i t A v o a p e n ) e s s r- D t e u ( b L re e ) s n- c L o a d ( o u A n i a s n d - n ) t s s D t e u ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - B ( o L n ) ds 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 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 912 886 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 I960 1,981 1.23.1 90 1.266 938 989 2,788 2,523 649 407 1,501 J.454 2,564 2,210 1961 2,662 ,153 159 ,571 1,180 1,107 2,770 2,453 697 435 ,650 ,585 2,828 2,431 1962—Mar.. 2,151 1,691 59 1,567 1,109 1,112 2,919 2,658 728 452 1,765 [,644 2,899 2,495 Apr... 2,323 1,435 61 1,498 1,096 1,113 2,853 2,612 719 441 1,843 1,718 2,922 2,495 May.. 2,429 1,407 60 1,564 1,107 1,114 2,817 2,566 694 441 1,923 1,781 2,948 2,550 June.. 2,767 1,335 114 [,797 1,192 1,116 2,774 2,557 692 430 1,998 1,855 2,968 2,550 July.. 2,860 1,384 67 2,108 976 1,117 2,743 2,435 704 430 2,047 1,926 2,986 2,550 Aug.. 2,948 1,420 58 2,233 954 1,118 2,750 2,458 680 482 1,049 1,952 3,003 2,596 Sept.. 3,046 1,363 75 2,257 984 1,118 2,752 2,481 690 475 1,007 1,930 3,021 2,596 Oct... 3,091 1,800 79 2,707 1,016 1,120 2,765 2,492 738 480 1,896 ,842 3,031 2,628 Nov.. 3,068 1,848 75 2,707 1,028 1,121 2,768 2,479 746 480 1,822 ,774 3,037 2,628 Dec... 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 ,727 3,052 2,628 1963—Jan... 2,802 ,876 87 2,348 1,155 1,128 2,708 2,370 111 505 1,858 ,729 3,069 2,628 Feb... 2,611 ,883 81 2,096 1,213 1,129 2,599 2,343 775 480 1,926 1,787 3,089 2,661 Mar.. 2,514 ,974 62 2,003 1,283 1,130 2,446 2,126 761 480 1,892 1,842 3,118 2,661 NOTE.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the Mortgage Assn., and Farm Credit Admin. Among the omitted balance U.S. Govt.; for a listing of these securities, see preceding page. Loans sheet items are capital accounts of all agencies, except for stock of home are gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They include principal for other agencies. only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) Al issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period Total G o e b a n l l e i- r- R n e u v e e- PHA i G U lo o . a S v n . t s . State S di p s a s t e n t a c r d t i i . c a t l Other 2 a e d m r e e o l d i u v n - 3 t Total c E a d ti u o - n b R r a o i n d a d g d e s s i U tie ti s l - 4 H in o g u s 5 - V a a e n i t s d e ' r- O p p o t u h s r e e - s r gations auth. 1957 . . .. 6,926 4,795 1,965 66 99 1,489 1,272 4,164 6,568 6,875 2,524 1.016 1.517 113 333 1,352 1958 7,526 5,447 1,778 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 412 251 339 1,657 1959 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 I960 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 1961 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 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 [.114 1.668 521 125 2,177 1962—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 1,131 628 221 137 146 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 Julv 650 404 237 9 34 179 437 839 612 190 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 85 7 128 Oct 666 378 273 15 150 236 280 416 650 211 14 136 290 Nov 610 403 194 12 121 200 289 650 578 213 97 150 2 116 Dec 572 277 173 117 6 54 242 276 544 550 163 14 93 117 163 1963—Jan 931 520 398 13 141 230 561 645 694 288 99 176 2 129 Feb us 406 352 20 99 321 358 825 681 216 112 77 91 185 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 NOTE.—The figures in the first column differ from those shown on the to the local authority. following page, which are based on Bond Buyer data. The principal 2 Municipalities, counties, townships, school districts. difference is in the treatment of U.S. Govt. loans. 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser Investment Bankers Assn. data; par amounts of long-term issues. and payment to issuer), which occurs after date of sale. 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
MAY 1963 SECURITY ISSUES 683 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Prop a o l s l e c d o u rp se o r o a f t e n i e s t s u p e r s o c 5 eeds, Noncorporate Corporate New capital n - Period Bonds Stock tire- Total G U o . v S t . . 2 G a U c g o y . e S v n 3 . t - . U S l a o t n . c a S d a t . e l Other 4 Total Total P li u c b ly - v P at r e i- ly Pre- Com- Total Total m N on ew ey6 O p p o t u h s r e e - s r m s ri e t o e c i f e n u s t offered placed ferred mon 1955 . 26,772 9,628 746 5,977 182 10,240 ,470 4,119 3,301 635 2,185 10,049 8 821 7,957 864 1 227 1956 . 22,405 5,517 169 5,446 334 10,939 n,00? 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 . 30,571 9 601 572 76,958 557 12.884 q,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 q,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 I960 . 27,541 > 1,672 7,230 579 10,154 flj081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961 . 35,494 12,253 1,448 8,345 302 13,147 q 475 4,706 4,720 449 3,273 12,874 11,979 10,829 1,150 895 1962 . 29,975 8,59C 1,188 8,558 869 10,770 q 016 4,487 4,529 436 1,318 10,572 9,814 8,323 1,491 757 1962—Feb . 2,537 361 156 1,123 13 884 728 497 232 9 146 866 859 792 67 7 Mar 1,877 372 621 38 847 638 386 253 5 204 823 807 709 97 16 Apr . 4,075 1,506 461 877 14 1,217 881 654 227 120 216 1,185 1,113 1,033 80 72 May.... . 2,149 352 897 99 801 667 247 420 14 120 785 760 621 139 25 June.... . 2,422 363 760 67 1,232 l,063 488 575 46 124 1,214 1,132 953 180 82 July.... . 1,663 358 641 34 630 565 200 366 32 32 621 582 504 78 39 Aug.... . 4,056 2,408 150 559 17 922 840 477 363 24 58 907 749 620 129 159 Sept.... . 1,568 30C 175 426 34 632 472 176 295 51 110 618 579 441 138 39 Oct . 2,150 359 646 169 976 853 539 314 49 74 961 835 727 108 126 Nov.... . 1,821 327 595 115 784 732 286 446 24 28 776 703 494 209 73 Dec . 2,149 295 547 111 1,197 l,072 264 808 59 65 1,184 1,103 923 180 81 1963—Jan . . 2 692 774 999 238 681 587 350 238 30 63 671 584 541 43 87 Feb 2,162 425 148 810 136 643 549 259 290 18 76 633 602 447 155 31 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportaiion Publicutility Communication a R nd e a f l i n e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1955 2,397 533 769 51 544 338 ?,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 70 ,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 ,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 ,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 I960 1,997 79 794 30 672 39 ,754 51 1,036 1 2,401 71 1961 3,708 306 1,095 46 680 26 ,892 104 1,427 378 2,176 36 1962 3,020 204 832 29 551 30 ,357 445 1,281 10 1,773 39 1962 Feb 131 2 52 * 45 148 4 362 122 Mar 318 2 75 2 74 * 193 1 21 126 10 Apr 384 67 103 3 28 377 88 * 134 1 May 270 5 100 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 71 110 142 120 2 183 3 Sept 166 21 56 1 54 148 14 67 2 88 Oct 153 10 40 6 20 141 108 260 222 2 Nov . . 271 3 40 1 35 15 175 50 4 * 178 4 Dec 345 31 104 4 90 n 252 25 54 3 257 5 1963 Jan 133 6 41 1 99 118 79 125 69 Feb 216 12 58 32 ... 115 15 68 * 114 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. * Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
684 SECURITY ISSUES MAY 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 ve s. 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 I960 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 II 4,097 1,633 2,463 2,606 793 1,813 811 680 c320 c520 Ill 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 I960 399 451 261 -91 173 -42 1,689 635 901 356 1,572 1,749 1961 1,938 318 505 -431 63 1 1,655 700 148 1,472 805 2,604 1962 1,479 -403 313 -173 -61 -34 1,301 487 1,178 363 819 1,972 1961—IV 377 64 259 -500 12 -2 628 152 119 150 186 903 1962—1 193 28 79 -122 -56 -1 201 51 434 82 86 844 II 605 -189 147 -25 — 18 -9 698 233 191 85 191 558 Ill 291 -159 8 11 —27 — 12 87 134 244 100 132 302 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 3 E R x a t i r l a ro c a ti d v e a n a d n d o t c h o e m r m tr e a r n c s i p al o r a t n a d ti o m n i s c c o . s c . os. o a o n f f d s b e o a c n l u s d r o i s t i n e i e n s w t h o e s s l t d o to c b c k y k s i a s . f s f R u il e e i s a t t i e r a e d n m d c e o c n s a t . s s h o i r n p R c ro l F u c d C e e e , d s t s p h e e c c o i s a n a l n m o e e c f f t e t e y r d i p n e g w s s i t o h to f c i e o s m s n u p v e l e s o r , y s i e a o n e n s d s , * Includes investment companies. 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. 683. actions only. As contrasted with data shown on p. 683, 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 1 po C si a t s i h on 2 Other Sales Re ti d o e n m s p- s N al e e t s Total ! po C si a ti s o h n 2 Other 1952 783 196 587 3,931 n.a. n.a. 1962—Mar.. 289 99 190 23,048 ,284 21,764 1953 672 239 433 4,146 n.a. n.a. 260 91 169 21,811 ,207 20,604 1954 863 400 463 6,110 309 5,801 M^yi! 292 122 171 19,947 ,106 18,841 June.. 219 107 112 18,436 ,019 17,417 1955 1,207 443 765 7,838 438 7,400 July... 207 74 133 19,384 ,205 18,179 1956 1,347 433 914 9,046 492 8,554 Aug... 155 79 76 20,124 ,382 18,742 1957 1,391 406 984 8,714 523 8,191 Sept.. 134 83 51 19,088 ,334 17,754 1958 1,620 511 1,109 13,242 634 12,608 Oct... 157 92 65 19,215 ,298 17,917 1959 2,280 786 1,494 15,818 860 14,958 Nov.. 163 89 74 21,088 1,324 19,764 Dec... 191 105 87 21,271 1,315 19,956 1960 2,097 842 1,255 17,026 973 16,053 1961 2,951 1,160 1,791 22,789 980 21,809 1963—Jan... 235 116 118 22,447 ,336 21,111 1962 2,699 1,123 1,576 21,271 1,315 19,956 Feb... 166 115 51 22,015 1,401 20,614 Mar.. 200 117 84 22,639 1,350 21,289 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
MAY 1963 BUSINESS FINANCE 685 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 105,134118,423123,126122,632135,579 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 1,453 1,589 Profits after taxes 2,574 3,210 3,210 3,246 3,416 772 796 921 816 815 827 959 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 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 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 Dividends 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 1,160 267 260 306 279 297 283 301 717 799 795 843 876 189 191 270 198 196 199 283 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 3,714 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 1,389 706 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 9,440 2,289 2,355 2,414 2,296 2,408 2,332 2,405 843 845 648 625 728 137 184 278 133 186 172 237 Profits after taxes 602 578 445 382 571 74 122 200 66 105 125 275 Dividends . 419 406 385 356 363 91 67 112 84 91 67 121 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 1,519 1,655 1,793 1,894 2,053 447 447 477 585 472 488 508 Dividends ...» • . • • 1,134 1,219 1,307 1,375 1,459 344 335 353 366 371 356 366 Telephone: 6 939 7,572 8,111 8.615 9,196 2,139 2,156 2,230 2,245 2,296 2,300 2,355 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 Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operatof the investment tax credit. ing 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
686 BUSINESS FINANCE MAY 1963 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s d - co c a n a l t l i s p o o u i w n t m a - l p- Quarter P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s d - co c a n a t l s l i p o o u i w n t m a - l pances i ances * 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 A 25.6 15.8 9.9 28.7 I960 45.4 22.4 23.0 14.4 8.6 25.9 II 50.9 24.9 26.1 15.8 10.3 29.1 1961 45.6 22.3 23.3 15.0 8.3 27.5 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 . . i 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 .8 103.1 13.5 38.6 1961 III 136.0 294.9 36.0 18.6 3.2 131.5 93.5 12.1 159.0 .8 104.5 12.4 40.3 IV 137.4 303.0 39.0 19.4 3.4 134.5 95.2 11.5 165.6 1.8 109.5 14.1 40.3 1962—1. 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 8 109.5 13.6 41.8 II 141.1 310.5 36.1 19.3 3.3 140.0 98.7 13.1 169.4 .8 111.6 13.6 42.4 m 142.1 317.5 36.3 18.8 3.4 145.4 100.3 13.3 175.4 1.9 115.7 14.6 43.2 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 amounts NOTE.—Securities and Exchange Commission estimates; excludes 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 ti u l b it l i i e c s n C i o c m ati m on u s - Other i a ( n r S a n . t u e A 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 1.85 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 1.37 .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 37.95 112 9.89 1.86 2 04 .27 .30 .51 1.42 3.49 38.65 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
687 MAY 1963 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties ^onfarm 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 ly o p a e n rt d ies 3 End of period h e o A r l 1 d s 1 - t F u i t i n c i n i s o a a t n i l n - s - 1 a U ge .S n . - v I id n u d a i- ls h e o A r l 1 d s 1 - 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 ho e A r l 1 d s 1 - tu F i t n i c i n i s o a a t n i l n - s - 1 ho O ld th e e rs r '* cies o a th n e d rs tutions 1 ers tutions 1 ers 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 c43.0 28 8 14.2 11.3 4.2 7 1 1959 190.9 145.5 10.0 35.4 178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4.5 7.7 I960 207.1 157.6 11.2 38.3 194.0 141.3 117.9 23.4 52.7 35.0 17.7 13.1 4.7 8.4 1961* 225.5 172.6 11.8 41.1 211.3 153.0 128.7 24.3 58.3 38.9 19.4 14.2 5.0 9.2 1962* 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—I* 210.3 160.2 11.3 38.9 197.0 143.2 119.7 23.5 53.7 35.7 18.0 13.3 4.7 8.6 II* 215.2 164.4 11.2 39.6 201.5 146.3 122.8 23.5 55.1 36.7 18.4 13.7 4.8 8.9 Ill* 220 1 168 4 11 4 40 3 206.1 149.6 125.8 23.8 56.5 37.7 18.9 14.0 4.9 9 1 ' IV* 225.5 172.6 11.8 41.1 211.3 153.0 128.7 24.3 58.3 38.9 19.4 14.2 5.0 9.2 1962—1* 230.0 176.0 12.1 41.9 215.6 155.7 130.9 24.8 59.9 40.0 19.8 14.5 5.1 9.4 II* .. 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 ' Ill* 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 1 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- Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculistration, and Federal land banks, and in earlier years, RFC HOLC, ture and Commerce. Federal National Mortgage Assn., Federal Housing and FFMC. Other U. S. agencies (amounts small or current separate Administration, Public Housing Administration, Veterans Administrada 3 t a D n e o ri t v r e e d a d fi i g ly u r a e v s a ; i i l n a c b l l u e d ) e i s n c s l m ud a e .l d a m wi o t u h n i t n s d o iv f i f d a u r a m ls lo an an d s o h t e h l e d r s b . y savings tio F n i , g a u n re d s C fo o r m f p ir t s ro t l t l h e r r e o e f q t u h a e r t C er u s r r o e f n c e y ac . h year are F.R. estimates. and loan assns. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other Total FHA- VA- Con- f n a o r n m - Farm Total FHA- VA- Con- f n a o rm n- Farm Total in- guar- ven- Total in- guar- vensured 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 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 . .. 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 . . . 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 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 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 I 28,864 20,281 5,793 2,776 11,712 6,906 1,677 27,447 24,800 7,353 9,111 8,336 2,597 50 II 29,383 20,595 5,820 2,726 12,049 7,072 1,716 28,015 25,318 7,634 9,192 8,492 2,645 51 Ill 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 IV 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 I 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 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 1,978 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
688 REAL ESTATE CREDIT MAY 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 e a e r - - d Other 1 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 1960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962P 7,476 6,854 1,397 458 4,999 622 46,980 43,582 10,257 6,394 26,931 3,398 1962—Feb 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 3,263 576 532 103 33 396 44 45,142 41,856 9,884 6,444 25,528 3,286 July 625 580 129 36 415 45 45,340 42,030 9,970 6,431 25,629 3,310 Aug 637 597 118 38 441 40 45,576 42,247 10,005 6,412 25,830 3,329 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 differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total i By type of lender (N.S.A.) Period New Home FHA- VA- Con- Period Sav- Insur- Com- Mutual Total * s c tr o u n c - - c p h u a r s - e Total 2 su in re - d a g n u t a ee r d - ti v o e n n a - l 2 S.A.2 N.S.A. in lo gs a n & c a o n m ce - m ci e a r l - s in a g v s tion assns. panies banks banks 1941 1,379 437 581 4,578 1941 4,732 1,490 404 1,165 218 1945 181 1,358 5,376 1945 5,650 2,017 250 1,097 217 1956 1(),325 3,699 4,620 35,729 1,486 6,643 27,600 1956 27,088 9,532 1.799 5,458 J.R24 1957 1()J60 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 2.182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 I960 14.304 4,678 6,132 60,070 3,524 7,222 49,324 I960 29,341 12,158 1,318 4,520 1,557 1961 r7,364 5,081 7,207 68,834 4,167 7,152 57,515 1961 31,157 13,662 ,160 4,997 ,741 1962 ),754 5,979 8,524 78,973 4,480 7,022 67,471 1962 34,187 15,144 215 5,851 Q57 2( 1962 1962 Mar 1,611 464 633 70,766 4,276 7,169 59,321 Feb 2,682 2,238 971 79 374 114 Apr ,661 512 635 71,608 4,311 7,120 60,177 Mar 2,670 2,627 1,172 90 442 120 May ,857 584 739 72,585 4,333 7,133 61,119 Apr 2,745 2,704 1710 89 482 131 June . . ,936 572 823 73,631 4,355 7,120 62,156 May 2,836 2,983 1,350 100 534 154 July 1,839 515 796 74,511 4,378 7,105 63,028 2,891 3,075 1,391 107 542 177 Aug 1,036 540 920 75,527 4,399 7,097 64,031 July 2,973 3,134 1,382 107 549 201 SeDt . ,731 495 746 76,371 4,414 7,086 64,871 Aug 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 ,168 103 444 168 1963 1963 Jan 1,573 434 616 79,648 4.507 7,026 68,115 Feb 1,503 429 576 80,341 4,529 7,057 68,755 Jan 2,876 2,658 1,143 100 457 141 1,815 569 661 81,200 4,542 7,046 69,612 Feb 2,424 1,086 88 408 123 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
MAY 1963 REAL ESTATE CREDIT 689 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES (In millions of dollars) an billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total N M ew ortgag E e x s - e P c r t o s j - * p P r e i r o m r o t v y p - e - - Total 3 N M ew ortgag E e x s - E pe n r d i o o d f Total Total F i H n- A- g V u A ar - - t C i v o e o n 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 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1961* 153.0 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1962P 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—Mar. 541 157 261 70 53 205 115 90 Apr.. 515 132 240 88 56 182 99 83 1961—1 143.2 57.1 27.4 29.7 86.1 May. 560 140 263 87 70 184 96 88 II 146.3 57.8 28.0 29.8 88.6 June. 643 137 267 143 96 207 108 99 Ill 149.6 58.7 28.8 29.9 90.9 July. 678 144 289 164 81 219 109 110 IV* 153.0 59.1 29.5 29.6 93.9 Aug. 670 157 308 130 75 247 120 127 Sept. 576 144 287 62 83 231 114 117 1962—IP 155.7 59.9 30.3 29.6 95.8 Oct.. 673 193 353 54 72 285 136 149 IIP 159.9 60.4 30.9 29.5 99.4 Nov. 649 172 321 86 70 254 124 129 Ill* 164.2 61.0 31.5 29.5 103.2 Dec. 589 145 284 95 65 236 115 121 IVP 168.4 62.0 32.3 29.7 106.4 1963—Jan.. 618 179 324 60 54 254 123 131 Feb.. 536 141 259 82 54 202 100 101 NOTE.—For total debt outstanding, figures are Mar. 546 137 279 73 57 219 106 113 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 1 r. millions of dollars) (In millions of dollars) Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts ii t o an d d ) ing (during mit- Ad- Repay- Members End of period) ments vances ments deposits period Total F su H in re A - d - a g n V u t A e a e r - - d Pur- Sales bu d u r i n s s- - ed Total 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 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1 096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1.192 942 589 I960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 899 <ns 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 180 1962 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 2,005 1,474 ,213 1962—Mar 6,231 3,653 2,578 97 80 613 1962—Apr 382 209 2,323 1,244 1,079 ,096 6,151 3,616 2,535 60 106 562 May .... 295 189 2,429 1,319 1,110 1,107 May 6,120 3,627 2,493 82 76 527 503 165 2,767 1,569 1,198 1 192 6,035 3,571 2,464 52 101 504 July ... . 480 387 2,860 1,708 1,151 976 July 5,989 3,557 2,432 34 47 485 Aug 312 225 2.948 1,787 1,161 954 Aug 5,969 3,556 2,413 35 19 442 Sept 279 180 3,046 ,835 ,211 984 Sept 5.951 3,552 2,399 32 12 429 Oct .... 383 338 3 091 ,876 215 ,016 Oct 5,944 3,555 2,389 39 11 431 Nov 252 275 3,068 ,82! 1,246 028 Nov 5,949 3,575 2,374 57 19 366 Dec 611 200 3,479 >,005 1,474 ,213 Dec 5,923 3,571 2,353 26 18 355 1963—Jan 249 926 2,802 ,669 1,134 ,155 1963—Jan 5,853 3,552 2,300 34 66 336 Feb 178 370 2,611 .534 1,077 ,213 Feb 5,697 3,469 2,227 17 129 323 Mar ?50 348 2 514 1,399 1,115 282 Mar 5,501 3,375 2,126 28 191 289 Apr 451 329 2,635 1,516 1,119 250 NOTE.—Federal National Mortgage Association data excluding con- 1 Secured or unsecured loans maturing in 1 year or less. ventional mortgage loans acquired by FNMA from the RFC Mortgage 2 Secured loans, amortized quarterly, having maturities of more than Company, the Defense Homes Corporation, the Public Housing Admin- 1 year but not more than 10 years istration and Community Facilities Administration. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
690 CONSUMER CREDIT MAY 1963 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b t e i o l r - e co g O 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 l d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 . 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63,458 48,243 19,384 12,855 3,290 12,714 15,215 5,579 5,642 3,994 1962—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 Aus 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 14,610 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 Mar 62,276 48,190 19,720 12,396 3,210 12,864 14,086 5,593 4,340 4,153 l 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 m c k ia s - l fi S n c a a o l n s e . c s e u C n r i e o d n i s t fin s C u an o m c n e e - r i 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 i r o l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 J.129 4,743 1,408 1,187 377 502 j.269 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 J 110 361 478 1,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 ,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 ,225 310 481 1,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 [,481 5,615 2,414 ,107 333 359 c1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 ,058 293 342 1,481 1962 48,243 41,807 18,909 12,194 4,973 4,131 1,600 6,436 3,013 rrn 279 284 1,787 1962 Mar 43,211 37,995 17,062 11,283 4,333 3,795 1,522 5,216 2,227 998 278 330 1,383 Apr 43,837 38,497 17,366 11,359 4,426 3,826 1,520 5,340 2,339 991 275 320 1,415 Mav 44,495 39,032 17,686 11,440 4,520 3,836 1,550 5,463 2,430 991 274 310 1,458 June 45,208 39,639 18,024 11,570 4,616 3,876 1,553 5,569 2,522 988 276 302 1,481 Julv. 45,650 40,062 18,235 11,682 4,681 3,907 1,557 5,588 2,545 989 275 298 1,481 46,204 40,537 18,427 11,796 4,783 3,948 1,583 5,667 2,609 999 275 296 1 488 Sept 46,310 40,597 18,443 11,787 4,814 3,969 1,584 5,713 2,675 QQR 273 299 1,468 Oct 46,722 40,896 18,613 11,860 4,874 3,974 1,575 5,826 2,737 1,002 273 298 1,516 Nov 47,274 41,285 18,765 11,986 4,928 4,009 1,597 5,989 2,835 1,019 274 292 1,569 Dec 48,243 41,807 18,909 12,194 4,973 4,131 1,600 6,436 3,013 1,073 279 284 1.787 1963—Jan 48,130 42,317 18,981 12,681 4,939 4,134 1,582 5,813 2,478 1,049 275 272 1,739 Feb 48.025 42,280 19,057 12,550 4,952 4,138 1,583 5,745 2,506 1,027 273 259 1,680 Mar 48,190 42,421 19,203 12,483 5,007 4,139 1,589 5,769 2,581 1,002 264 211 1,645 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
MAY 1963 CONSUMER CREDIT 691 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h m d e e e - r r s r R e l m r t o a e n i a o n p o i n z d d n a a s - ir - l s P o o a e n n r a - s l End of period Total m A p o a u p b t e o il r - e s g p O c u o a o t m p o h n e d e e - r s r r m i R l z o o a e a a d n p ti n d e a o s r i n r n- l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 I960 11,472 7,528 2,739 139 1.066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962 18,909 6,181 3,393 2,811 2,238 4,286 1962—Mar 11,283 6,772 3,134 163 1,214 1962—Mar 17,062 5,457 2,965 2,656 2,132 3,852 Apr 11,359 6,864 3,093 165 1,237 Apr 17,366 5,569 3,056 2,653 2,143 3,945 May .. 11,440 6,991 3,027 167 1,255 May 17,686 5,692 3,144 2,682 2,165 4,003 June 11,570 7,122 2,997 168 1,283 June 18,024 5,823 3,229 2,716 2,188 4,068 July 11,682 7,228 2,981 171 1,302 July 18,235 5,922 3,270 2,734 2,206 4,103 Aug • .. 11,796 7,327 2,969 171 1,329 Aug 18,427 6,008 3,295 2,726 2,224 4,174 Sect 11,787 7,296 2,957 172 1,362 Sept 18,443 6,009 3,259 2,732 2,235 4,208 Oct 11,860 7,350 2,952 172 1,386 Oct 18,613 6,091 3,305 2,746 2,246 4,225 Nov .. 11,986 7,440 2,967 171 1,408 Nov 18,765 6,160 3,357 2,762 2,250 4,236 Dec 12,194 7,449 3,123 170 1,452 Dec 18,909 6,181 3,393 2,811 2,238 4,286 1963—Jan 12,681 7,471 3,580 167 1,463 1963—Jan 18,981 6,194 3,427 2,832 2,213 4,315 Feb 12 550 7,477 3.440 165 1,468 Feb 19,057 6,240 3,458 2,822 2,191 4,346 Mar 12,483 7,514 3,330 164 1,475 Mar 19,203 6,327 3,513 2,809 2,178 4,376 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 93 4 9 1 9 7 5 8 7 9 pap 1 e 8 2 r 1 2 g p o a o p d e 2 3 r s 4 6 i l z o a a ti n 1 1 o s 4 5 n 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 t n 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 i 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 1 370 597 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 3 156 471 907 3 808 345 2 800 1962 10,704 2,077 769 882 6,976 1959 12,297 3,582 547 958 3 753 393 3,064 1962—Mar. 9,650 1,824 731 818 6,277 1960 .. 13 196 3 884 623 941 3 952 436 3 360 Apr. 9,772 1,862 732 820 6,358 1961 14,151 4,413 723 948 3 907 469 3,691 May 9,906 1,895 736 837 6,438 1962 15 215 4 704 875 927 4 203 512 3 994 June 10,045 1,934 746 844 6,521 July. 10,145 1,962 749 849 6,585 1962—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 Mar. 10,735 2,089 765 7,013 Dec. 15,215 4,704 875 927 4,203 512 3,994 1963—Jan.. 14,610 4,680 831 775 3,759 524 4,041 NOTE.—Institutions represented are consumer finance cos., credit Feb. 14,194 4,704 841 646 3,324 526 4,153 unions, industrial loan cos., mutual savings banks, savings and loan Mar. 14,086 4,713 880 587 3,251 502 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
692 CONSUMER CREDIT MAY 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 su p m er er mode R r e n p iz a a ir t io 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.1 N.S.A. Extensions 1956 39 868 15 515 11 721 1 582 11 051 1957 . 42 016 16,465 11,807 1,674 12,069 1958 40,119 14 226 11,747 1 871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962 55,395 19,515 16,129 2,113 17,638 1962—Mar 4,499 4,392 1 582 ] 616 1,328 1 1Q6 174 160 1,415 1,420 Apr 4,659 4,737 ,675 ,732 1,345 ,319 182 181 1,457 1,505 May 4,650 4,950 1,655 ,837 1,338 ,383 183 216 1,474 1,514 June. 4,623 4,923 1,621 ,810 1,344 ,384 187 201 J 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 L345 179 209 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 1,685 ,816 1,335 1,432 169 191 1,493 1,474 Nov 4,961 4,932 1,797 ,701 1,425 ,499 168 177 1,571 1,555 Dec 4,829 C5,379 ,684 ,539 1,469 1,937 172 151 1,504 1,752 1963—Jan 4,878 4,368 ,743 .570 1,421 1,230 176 130 538 1,438 Feb 4,885 4,033 1.734 1,477 1,406 ,054 165 125 1,580 1,377 Mar 4,940 4,675 1,782 1,754 1,408 1,247 178 159 ,572 1,515 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—Mar 4,121 4,255 1,415 1,459 ,231 1,285 168 170 1,307 ,341 Apr 4,166 4,111 1.435 1,409 ,247 1.228 168 166 1,316 ,308 May 4,211 4,292 M47 1,476 1,260 1,283 173 175 1,331 ,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 [,401 Nov 4,380 4,380 1,490 1 All 1,302 1,299 163 164 1,425 ,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 Mar 4,540 4,510 1,550 1.537 1.355 1.362 173 170 1,462 .441 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 2 268 602 463 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—Mar 378 137 167 157 97 -89 6 -10 108 79 Apr 493 626 240 323 98 91 14 15 141 197 May 439 658 208 361 78 100 10 41 143 156 June 421 713 188 378 84 128 17 31 132 176 July 386 442 175 270 72 28 19 26 120 118 Aug.. 358 554 156 253 44 70 7 34 151 197 Sept 202 106 65 -52 10 37 1 17 126 104 Oct .. 384 412 194 202 74 125 4 12 112 73 Nov 581 552 307 224 123 200 5 13 146 115 Dec 458 969 171 77 176 669 -12 110 235 1963—Jan 502 -113 239 42 127 -136 7 -40 129 21 Feb 436 -105 217 77 99 -208 -2 -29 122 55 Mar 400 165 232 217 53 -115 5 -11 110 74 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
MAY 1963 CONSUMER CREDIT 693 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.1 N.S.A. S.A.1 N.S.A. S.A.I N.S.A. S.A.i N.S.A. Extensions 51 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—Mar 4,499 4,392 1.637 J.64R 955 917 1.112 t 116 795 691 Apr 4,659 4,737 ,726 1,816 1,010 1,008 ,149 1,154 774 759 May 4,650 4,950 ,710 1,881 1,007 1,059 ,150 1,205 783 805 4,623 4,923 ,720 1,862 992 1,081 ,139 1,194 772 786 July 4,669 4,720 ,708 1,789 984 1,069 ,146 1,152 831 710 4,619 4,862 ,679 1,773 971 I 068 ,177 1,233 792 788 Sect 4,491 4,098 ,643 1,486 944 863 ,138 1,015 766 734 Oct 4,682 4,913 ,722 1,806 1,021 1,108 ,144 1,136 795 863 Nov 4,961 4,932 ,813 ,701 1,104 1.070 ,208 ,231 836 930 Dec 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 1,050 831 636 Feb 4,885 4,033 794 [ 552 1 020 844 186 025 885 612 Mar 4,940 4,675 ,829 1,774 1,042 983 ,199 1,162 870 756 Repayments 1956 37,054 13,362 8,949 8,415 6,328 1957 39,868 14,360 9,759 9,250 6,499 1958 40,344 14,647 9,842 9,365 6,490 1959 42,603 15,560 9,742 10,020 7,281 1960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50.679 18,450 11,434 12,570 8,225 1962—Mar 4,121 4,255 J.520 1.553 966 1,015 J 018 1.042 617 645 Apr 4,166 4,111 1,514 1,503 952 941 1,042 1,032 658 635 May 4 211 4 292 I 526 1 561 965 978 I 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 [,546 1,578 956 957 1,055 1,052 726 691 4 261 4 308 [ 555 1 581 932 954 I 054 1 MA 720 709 Sept 4,289 3,992 U562 1,470 936 872 1,062 "962 729 688 Oct 4,298 4,501 1,546 1,636 949 1,035 I 071 1,080 732 750 Nov 4,380 4,380 1,579 1,549 937 944 1,105 1,120 759 767 Dec , 4,371 4,410 1,594 1,538 978 981 1,060 1,162 739 729 1963—Jan 4,376 4,481 [,586 I 626 970 959 I 090 1 099 730 797 Feb . 4,449 4,138 ,564 1,476 1,068 975 1,113 1,007 704 680 Mar 4,540 4,510 1,657 1,628 1.041 1,050 1,113 ,100 729 732 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—Mar 378 137 117 95 -11 -78 94 74 178 46 Apr 493 626 203 304 67 76 107 122 116 124 May 439 658 184 320 42 81 103 134 110 123 421 713 194 338 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 77 163 Dec 458 969 178 144 211 208 83 170 -14 447 1963 Jan 502 -113 196 72 583 487 84 -49 -361 -623 Feb 436 -105 230 76 — 48 -131 73 18 181 — 68 Mar 400 165 172 146 1 -67 86 62 141 24 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
694 INDUSTRIAL PRODUCTION: S.A. MAY 1963 MARKET GROUPINGS (1957-59= 100) 1957-59 1962 1962 1963 Grouping p p ti o r o o r n - - a a v g e e r ^ - Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.' Mar. Total index 100.00 118.2 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.6 119.1 118.9 119.5 120.6 Final products, total 47.35 119.7 118.2 118.5 120.2 120.6 121.7 121.6 122.0 121.5 121.4 121.4 722.0 122.5 722.5 Consumer goods 32.31 119.7 118.8 119.1 121.1 120.9 121.7 120.9 121.8 120.8 120.7 120.5 121.8 122.7 123.1 Equipment, including defense.... 15.04 119.8 116.1 117.0 118.5 120.1 121.8 123.2 123.2 123.6 123.1 123.2 121.2 121.6 121.1 Materials 52.65 116.8 116.9 117.1 117.0 117.1 117.0 117.7 118.1 117.2 117.8 117.1 116.5 117.5 119.1 Consumer goods Automotive products 3.21 131.1 122.6 129.4 132.8 126.8 135.2 134.1 135.3 755.5 135.4 757.2 136.5 757.7 755.5 Autos 1.82 135.9 123.8 133.9 140.8 129.3 142.4 140.0 141.2 142 A 141.1 142.0 141.3 142.0 141.8 Auto parts and allied products 1.39 124.9 121.0 123.5 122.3 123.6 125.7 126.3 127.5 127.5 128.0 130.8 130.2 132.1 129.8 10.00 118.0 119.0 120.1 121.2 121.7 120.1 118.7 119.8 119.3 118.9 120.2 720.7 727.5 121.3 Home goods . . 4.59 122.2 122.6 124.4 126.0 126.2 122.7 121.2 122.2 121A 122 A 124.8 126.5 126.8 127.0 Appliances, TV, and radios 1.81 118.0 120.3 123.8 124.2 123.3 118.5 115.2 115.8 116.7 118.1 121.1 119.3 122.3 124.0 1.33 121.1 117.7 120.1 120.7 122.9 120.9 119.3 120.7 124.0 127.3 130.9 125.7 127.1 126.5 .47 109.2 127.5 134.2 133.9 124.7 112.0 103.7 102.1 96.1 92.3 93.3 101.2 108.8 117.2 Furniture and rugs 1.26 123.9 121.5 123.8 124.5 126.5 124.3 125.4 127.9 125.8 125.8 125.4 130.0 126.0 126.5 1.52 125.7 126.3 125.6 129.5 129.3 126.2 123.4 125.2 122.3 123.9 128.8 132.3 132.9 131.0 Apparel, knit goods, and shoes 5.41 114.6 113.8 114.2 114.8 115.6 115.4 114.9 116.1 116.1 116.2 116.3 115.7 116.6 116.4 19.10 118.6 118.0 117.1 118.8 119.2 120.3 119.7 120.6 779.7 779.7 779.7 720.0 720.9 727.5 Processed foods 8.43 113.7 113.2 113.6 114.3 112.8 115.9 115.6 115.7 114.0 114.3 114.4 113.8 114.5 115.3 Beverages and tobacco 2.43 109.9 113.7 106.9 109.1 109.0 110.9 108.0 111.9 109.5 112.1 111.7 113.5 112.4 Drugs soap and toiletries . 2.97 129.5 127.5 125.8 129.9 131.9 131.5 131.0 132.0 131.6 130.8 132.9 134.2 135.2 Newspapers, magazines, and books. 1.47 116.8 116.6 115.7 117.4 117.7 117.7 117.0 117.0 116.4 116.4 115.8 113.9 115.0 115.7 Consumer fuel and lighting 3.67 127.3 124.8 125.1 126.9 130.7 128.3 127.0 128.9 128.0 129.0 127.9 129.3 1.20 111.8 111.3 110.4 112.3 115.0 111.7 108.4 114.0 112.8 112.0 113.7 113.2 "\\Y.9U7.6 Residential utilities 2.46 134.8 131.5 132.3 134.0 138.4 136.4 136.0 136.2 135.5 137.4 134.9 137.2 Electricity 1.72 136.5 131.3 131.6 133.6 139.5 141.4 140.4 139.3 137.6 139.9 139.5 142.0 Gas .74 125.6 Equipment Business eauipment 11.63 122.1 118.0 119.3 121.2 123.1 124.4 125.6 126.2 126.6 125.9 725.0 725.9 125.0 125.1 Industrial equipment 6.85 117.2 114.2 115.1 116.7 118.5 119.0 119.2 118.9 120.4 120.5 119.9 118.8 119.3 119.3 2.42 143.1 141.7 144.0 144.4 144.8 145.6 144.7 144.9 143.8 144.4 144.2 145.3 144.5 144.0 Freight and passenger equipment... 1.76 117.2 111.6 109.7 111.2 114.9 121.0 124.2 125.2 125.6 124.5 126.7 126.2 125.6 128.1 .61 107.7 99.9 102.6 105.6 110.4 110.4 110.8 116.6 117.3 117.6 123.3 118.8 123.2 119.9 3 41 Materials Durable goods materials 26.73 114.1 115.1 116.2 114.6 113.7 113.8 114.8 114.9 774.0 114.1 775.2 775.7 114.2 777.0 Consumer durable 3.43 127.5 124.1 134.7 134.5 127.0 134.2 130.6 129.7 127.6 126.9 128.5 127.5 127.2 132.6 7.84 118.9 116.9 120.3 119.5 120.8 119.3 119.2 121.3 121.0 120.4 120.3 121.4 121.2 122.2 Construction 9.17 110.4 109.9 110.7 111.4 111.8 112.1 112.6 113.3 111.2 111.3 108.6 108.0 108.5 110.4 6.29 106.0 118.1 114.6 104.5 99.4 96.4 98.5 98.5 99.1 102.3 103.5 105.9 109.5 114.3 Nondurable materials 25.92 119.7 118.6 117.9 119.3 120.5 120.3 120.7 121.5 720.5 122.3 727.0 720.7 720.9 727.5 Business supplies 9.11 116.1 115.8 114.1 116.1 116.9 116.1 116.5 118.1 116.2 118.2 117.1 115.1 115.5 116.4 Containers 3.03 117.0 119.7 113.1 115.9 117.5 117.2 116.4 118.6 115.9 120.5 117.9 118.5 118.2 120.1 General business supplies 6.07 115.7 113.9 114.6 116.2 116.6 115.5 116.6 117.9 116.3 117.1 116.7 113.4 114.1 114.6 Nondurable materials n.e.c 7.40 134.2 132.5 131.3 133.9 135.9 135.3 135.5 136.7 135.2 137.9 137.8 137.0 136.5 138.0 Business fuel and power . 9.41 111.6 110.2 110.9 110.9 111.8 112.6 112.0 112.7 113.1 114.1 111.7 111.6 113.8 112.8 Mineral fuels 6.07 104.7 103.2 104.6 103.6 104.5 106.1 105.5 106.6 106.5 107.2 103.8 102.9 105.6 104.1 Nonresidential utilities 2.86 130.1 128.0 127.7 130.2 131.4 130.9 129.1 130.2 131.9 133.1 132.9 134.1 Electricity 2.32 130.6 128.2 127.6 130.4 131.9 132.4 130.1 130.4 132.3 133.6 133.6 134.9 General industrial 1.03 122.6 121.3 122.7 121.6 122.6 124.1 122.0 122.7 124.3 123.5 123.2 124.6 Commercial and other 1.21 140.0 136.4 134.1 140.5 142.4 142.0 139.5 139.5 141.7 144.9 145.1 146.5 Gas 54 126 4 Supplementary groups of consumer goods Automotive and home goods 7.80 126.0 122.7 126.5 128.9 126.5 127.9 126.3 127.6 127.1 127.6 129.9 130.6 131.3 131.0 Apparel and staples 24.51 117.8 117.1 116.5 117.9 118.4 119.2 118.6 119.6 118.4 118.9 119.0 119.0 120.0 120.6 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 INDUSTRIAL PRODUCTION: S.A, 695 INDUSTRY GROUPINGS (1957-59- 100) Grouping 9 p p t 5 i r o o 7 o r n - - - 59 a a 1 v g 9 e e 6 r ^ 2 - Mar. Apr. May June July 1 962 Aug. Sept. Oct. Nov. Dec. Jan.' F 1 e 9 b 6 .* 3 1 Mar. Total index. 100.00 118.2 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.6 119.1 118.9 119.51 120.6 Manufacturing, total., 86.45 118.6*- 117.4 118.1 118.8 118.9 119.7 120.3 120.4 119.7 120.0 119.7 119.4 119.8 121.1 Durable 48.07 117.9 116.5 118.5 118.2 117.7 118.7 119.8 119.5 118.6 119.1 118.9 118.5 119.4 120.8 Nondurable 38.38 119.4! 118.6 117.5 119.6 120.3 121.0 120.8 121.5 120.9 121.11 120.6 120.4 120.4! 121.5 Mining 8.23 104.9 104.8 105.5 104.8 104.6 106.1 105.5 105.9 105.5 106.2 103.0 103.0 105.1| 104.5 Utilities 5.32 132.3 128.8 128.1 129.8 132.4 133.5 132.3 133.0 133.5 135.1 135.5 135.5 137.21 137.0 Durable manufactures Primary and fabricated metals 12.32 110.0 115.3 114.1 108.3 106.3 106.3 108.2 108.2 107.1 70S. 5 107.3 109.9 112.5 115.7 Primary metals 6.95 104.5 116.6 112.4 101.3 96.8 96.6 99.1 99.6 98.9 100.7 99.7 99.5! 105.2; 111.4 Iron and steel 5.45 100.6 118.5 112.6 96.5 89.5 87.8 92.1 92.8 91.0 95.3 95.8 96.0 102.21 111.0 Nonferrous metals and products. 1.50 118.9 120.6 118.6 120.8 118.2 117.9 112.9 118.4 120.1 121.2 120.6 121.6 121.0 123.1 Fabricated metal products 5.37 117.1 113.6 116.3 117.4 118.5 118.8 119.9 119.3 117.8 118.5 117.2 118.4| 118.5 119.3 Structural metal parts 2.86 113.2 110.2 113.7 115.7 116.4 115.6 115.2 115.1 114.2 112.8 112.5 113.5 113.9 114.3 Machinery and related products.... 27.98 122.1 118.2 121.2 122.9 122.9 124.8 125.6 124.9 124.6 124.5 125.0 124.9 125.4 725.3 Machinery 14.80 123.4 120.2 122.9 124.5 125.9 125.4 126.5 126.4 125.6 125.3 125.9 125.9 127. 126.8 Nonelectrical machinery 8.43 119.7 115.2 117.8 120.0 121.8 121.9 124.6 123.9 123.0 122.8 121.4 121.0 121.9 121.7 Electrical machinery 6.37 128.4 126.8 129.7 130.4 131.3 130.1 129.0 129.6 129.0 128.6 131.8 130.0 131.5 131.2 Transportation equipment 10.19 118.3 113.4 116.8 119.4 116.8 122.1 122.0 121.5 121.8 121.5 121.9 122.1 121.8 122.3 Motor vehicles and parts 4.68 134.1 126.3 134.4 139.1 132.0 141.3 138.1 137.8 138.1 137.3 138.2 137.3 138.1 140.3 Aircraft and other equipment... 5.26 103.9 101.4 100.7 101.6 103.0 104.7 107.3 106.7 107.2 107.2 107.0 107.9 106.8 105.9 Instruments and related products.. 1.71 122.9 119.0 122.3 122.6 124.7 124.9 125.8 124.3 124.2 125.0 125.4 125.1 127.0 126.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7, 109.1 105.9 108.9 110.1 110.7 109.9 112.1 112.5 108.9 110.7 109.8 109.5 707.5 777.2 Clay, glass, and stone products. 2.99 111.0 104.8 110.3 111.9 112.5 113.7 114.9 114.9 113.2 113.3 110.5 112.0 107.7 110.3 Lumber and products 1.73 106.0 107.9 106.4 107. 107.5 103.4 107.4 108.3 101.5 106.1 108.7 105.2 107.3 112.7 Furniture and miscellaneous.. 3.05 124.6 121.5 126.1 127.3 127.4 127.3 125.8 126.% 125.3 125.5 124.6 124.7 723.0 724.6 Furniture and fixtures 1.54 126.8 124.0 126.6 129.3 129.2 127.7 128.3 129. 128.2 129.3 128.6 129.2 126.6 128.0 Miscellaneous manufactures. 1.51 122.3 119.0 125.5 125. 125.5 126.9 123.3 124.4 122.3 121.7 120.5 120.1 119.3 121.2 Nondurable manufactures Textiles, apparel, and leather 7.60 114.9 114.8 114.8 115. 115.8 115.5 115. 116. 115.7 115.5 115. 115.2 775.5 115.8 Textile mill products 2.90 114.7 116.8 115.0 116.1 117.1 116.6 117.1 115.9 114.5 112.9 112.7 113.4 112.5 113.7 Apparel products 3.59 118.9 116.5 117.6 118.3 118.4 119. 118.1 120.5 121.4 122.3 122.2 122.5 123.2 122.5 Leather and products 1.11 102.4 104.0 105.5 102.9 103.8 100.5 100.6 106.6 100.8 100.7 99.4 96.4 98.7 Paper and printing 8.17 116.7 116.9 115. 117.0 116.7 118.0 118.1 118.2 117. 117.9 115.4 114.5 775.2 115.4 Paper and products 3.43 119.7 120.7 117.5 119.9 119.6 121.1 120.5 120.9 120.8 122.1 119.6 120.3 121.7 122.9 Printing and publishing 4.7- 114.6 114.1 114.4 114.9 114. 115. 116.3 116.2 114.6 114.8 112.3 110.2 110.5 110.0 Newspapers 1.53 108.5 108.6 107.5 107.9 108.6 110.3 111.8 111.3 108.2 109.7 100.5 94.0 93.9 90.8 Chemicals, petroleum, and rubber.. 11.54 130.6 126.7 126.6 130.8 132.6 133.2 133.2 133.7 134. 133.7 133.9 753.5 733.6 735.5 Chemicals and products 7.58 135.6 131.8 131.6 135.7 137.1 137.6 138.3 139.0 139.5 139.1 138.6 139.9 139.8 140.7 Industrial chemicals 3.84 146.9 141.0 142.2 145.8 147. 149.7 150.7 151.0 153.1 152.7 150.5 152.0 151.0 Petroleum products 1.97 112.8 114.0 109.6 112.6 115.1 113. 112.1 113.6 113.6 113.0 114. 114.3 114.3 Rubber and plastics products 1.99 129.0 119.9 124.0 130.2 132.8 136.1 134.8 133.4 134.1 133.4 135.5 128. 129. Foods, beverages, and tobacco 11.07 113.0 113.5 112.1 112.8 112.5 114.2 113.8 114.7 113.5 114.1 114. 114. 114.0 115.4 Foods and beverages 10.25 113.0 113.2 112.3 112.9 112.9 114.3 114.0 114.6 113.9 114.0 114.6 114.8 113.9 115.5 Food manufactures 8.64 113.8 113. 113.6 113.9 113.5 115.1 115.5 115.5 114.6 114. 115.1 115.0 114.4 116.1 Beverages 1.6 108. 112.2 105.2 107.3 109. 109.7 105.9 109.8 109.9 110.5 111.9 113.7 111.3 Tobacco products .8: 112.3 116.8 110.3 112.5 108.2 113. 112.0 116.0 108.6 115.2 111.4 113.0 114.6 Mining Coal, oil, and gas 6.80 103.6 102.9 104.0 102.6 103.0 104.7 104.1 105.2 105.3 105.5 102.3 707.3 703. 703.0 Coal 1. 94.3 96.3 97.6 92.2 91.8 91.8 93. 93.8 94.0 96.3 93.2 95.1 96. 93.3 Crude oil and natural gas 5.64 105.5 104.2 105.3 104.7 105.3 107. 106.2 107.5 107.6 107. 104.2 102.6 105.3 104.8 Oil and gas extraction 4.9 107. 104.8 106.2 106.3 107. 109.5 108.3 109. 109. 109.8 106.3 104.8 107.9 106.5 Crude oil 4.25 105.1 102.4 104.1 104.1 105.6 107. 106. 107. 107.2 107.5 103.8 101.6 104.8 103.6 Gas and gas liquids .66 120.7 120. 119. 120.5 119.2 I Oil and gas drilling .73 94.2 100.2 99.2 93.7 91. '92^8 95! 91.5 *93 .'5 Metal, stone, and earth minerals... 1.43 110.9 113.9 112.5 115.7 112.0 112. 112.0 109.5 106.7 109.3 106.2 777.3 112.0 111.8 Metal mining .6 112.5 128.9 120.0 116.6 109.5 110. 104. 97.8 96.8 106.2 114. 122.3 127.5 121.9 Stone and earth minerals 109.6 102. 106. 115.1 113.8 114.5 117. 118.2 114.0 111.6 99. 103.2 100.5 104.3 Utilities Electric 4.04 133.2 129.5 129.3 131. 135. 136.2 134.5 134.2 134.5 136.3 136. 137.9 Gas 1.28 129.8 126.5 124.2 123.6 123.8 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
696 INDUSTRIAL PRODUCTION: N.S.A. MAY 1963 MARKET GROUPINGS (1957-59- 100) 1957-59 1962 1962 1963 Grouping p pr o o r - - avertion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. r Feb.r Mar. Total index. 100.00 118.2 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.7 120.1 122.0 Final products, total 47.35 119.7 118.6 118.6 118.5 121.3 117.5 119.4 125.0 125.3 122.2 119.4 119.9 122.3 723.5 Consumer goods 32.31 119.7 118.7 118.5 118 2 121.3 116.5 118 8 126.5 126.7 122.2 117.6 118.9 122 A 123.9 Equipment, including defense... 15.04 119.8 118.3 118.6 119.1 121.1 119.6 120.6 122.0 122.5 122.0 123.4 122.2 122.8 123.4 Materials 52.65 116.8 117.6 118.2 118.0 118.7 110.7 116.1 119.7 119.9 119.2 115.1 115.7 118.1 120.4 Consumer goods Automotive products 3.21 131.1 131.3 138.6 138.5 133.1 129.8 79.4 124.9 148.1 145.1 143.7 142.4 144.0 145.0 Autos , 1.82 135.9 139.9 150 0 149.3 137 1136.7 43.4 120.0 160.6 159.4 157.6 152.6 153.4 157.4 Auto parts and allied products.... 1.39 124.9 120.1 123.6 124.2 127.9 120.7 126.8 131.3 131.6 126.3 125.5 129.0 131.5 128.7 Home goods and apparel 10.00 118.0 122.9 120.5 117.6 120.8 107.7 119.6 124.0 123.9 120.1 111.2 113.6 723.7 126.1 Home goods 4.59 122.2 124.2 122.4 121.0 125.5 110,7 117.8 130.6 131.1 128.3 123.2 118.0 126.6 127.9 Appliances, TV, and radios , 1.81 118.0 127.2 121.3 117.2 124 3 99,6 103.6 127.5 128.1 124.8 115.6 108.3 127.3 129.3 Appliances 1.33 121. 132.5 125.8 120.8 129.9 107.1 101.7 127.1 127.5 128.1 124.8 112.6 133.5 137.8 TV and home radios .47 109.2 112.2 108.7 107 1 108.5 78.4 108.9 128.6 129.7 115.4 89.6 96. 109.9 105.5 Furniture and rugs 1.26 123.9 121.3 121.9 120.1 123.5 116.8 126.7 131.4 131.6 129.6 130.4 126. 126.0 126.2 Miscellaneous home goods 1.52 125.7 123.0 124.1 126.3 128.5 119.0 127.3 133.6 134.2 131.3 126.5 122.8 126.3 127.6 Apparel, knit goods, and shoes 5.41 114.6 121.8 118.8 114.8 116.8 105.0 121.2 118.4 117.8 113.2 100.9 109.9 120.1 124.5 Consumer staples 19.10 118.6 114.4 114.1 115.1 119.7 118.9 125.0 128.0 124.5 119.5 116.6 777.7 777.5 779.3 Processed foods 8.43 113.7 104 7 106.3 107 4 112.0 116.1 124 2 131.0 126.0 117.5 110.7 107.5 106.7 109.0 Beverages and tobacco 2.43 109.9 109 3 109.7 116 6 125 0 113.6 117.8 116.4 113.9 105.9 96.7 99.9 102.5 Drugs, soap, and toiletries 2.97 129.5 126.2 127.7 128 7 133 2 125.3 133.9 132.4 134.2 131.2 131.6 133.1 134.8 136.2 Newspapers, magazines, and books., 1.47 116.8 117.8 115.7 116 2 115.9 114.8 117.6 119.9 118.1 116.4 115.8 113.9 114.4 116.9 Consumer fuel and lighting , 3.67 127.3 128.7 122.8 120 0 124.3 125.7 127.6 128.9 122.7 124.3 131.5 141.5 Fuel oil and gasoline 1.20 111.8 109.5 105.1 108.6 113.4 114.2 112.3 113.5 110.1 111.5 116.6 117.9 115.7 Residential utilities , 2.46 134.8 Electricity 1.72 136.5 140.8 130.3 121.6 126.9 134.0 139.1 139.7 128.1 130.1 145.1 164.7 Gas , .74 125.6 Equipment Business equipment 11.63 122.1 120.2 121.3 122.0 124.6 122.0 122.6 124.9 125.3 124.3 126.1 725.7 126.3 727.5 Industrial equipment 6.85 117.2 114.3 115.7 116.8 119.6 117.8 118.8 120.0 119.7 118.8 120.6 119.0 118.7 119.4 Commercial equipment 2.42 143.1 140.4 141.3 142.7 145 2 142.7 145.0 147.1 146.2 146.1 146.7 145.4 143.5 142.7 Freight and passenger equipment. 1.76 117.2 117.3 116.2 116.1 119.5 117.6 116.6 118.2 124.3 122.0 122.6 123.7 128.4 134.6 Farm equipment .61 107.7 114.0 120.2 114.9 113.7 99.6 94.1 111.4 108.0 106.6 116.3 117.3 137.4 Defense equipment 3.41 Materials Durable goods materials. 26.73 114.1 115.3 116.9 116.5 116.1 108.7 111.3 116.8 116.6 775.5 772.3 772.3 114.4 117.8 Consumer durable 3.43 127.5 128.4 128 4 130.6 123 6 117.4 107.5 130.5 134.1 136.0 138.8 135.5 135.5 137.2 Equipment 7.84 118.9 119 0 120 9 119 7 119 8 115.4 116 1119.4 120.2 121.7 122.7 123.5 123.5 124.4 Construction 9.17 110.4 103.4 109.6 114.7 118 8 113,8 119.4 119.9 116.7 111.1 102.5 100.2 101.3 105.5 Metal materials n.e.c.... 6.29 106.0 120.9 116.3 107.1 103.6 88.4 95.7 101.5 102.5 103.1 98.9 103. 110.5 117.0 Nondurable materials 25.92 779.7 720.0 119.4 779.7 121.3 772.7 727.7 722.7 725.4 722.9 775.7 779.3 722.0 723.2 Business supplies 9.11 116.1 116.6 117.2 117.3 118 2 108 7 118.5 121.9 121.6 119.2 111.2 111.4 113.9 117.2 Containers 3.03 117.0 119.7 116.5 117.1 123.4 112.5 128.0 126.3 121.7 113.9 102.6 111.4 115.8 120.1 General business supplies. 6.07 115.7 115.0 117.5 117 4 115.6 106 8 113.7 119.7 121.5 121.8 115.5 111.4 113.0 115.7 Nondurable materials n.e.c.. 7.40 134.2 135.1 133.9 135.9 136.6 124.9 134.8 135.3 137.9 139.3 133.7 137.0 140.6 142.1 Business fuel and power 9.41 111.6 111.4 110.2 109 2 112.3 107.0 112.8 113.6 113.6 113.7 112.5 113.0 115.2 114.0 Mineral fuels 6.07 104.7 106.2 105.4 102.5 104.8 96.4 103.7 104.8 106.7 107.8 106.1 105.8 109.6 107.3 Nonresidential utilities 2.86 130.1 Electricity 2.32 130.6 124.6 122.3 126.6 133.6 136.1 140.3 139.3 134.2 130.7 130.4 132.4 General industrial 1.03 122.6 122.0 120.1 121.6 123.7 120.6 125.4 125.2 127.0 123.9 122.0 124.0 Commercial and other., 1.21 140.0 129.0 126.2 133.1 144.7 152.2 156.1 154.3 143.1 139.0 140.0 142.3 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods. 7.80 126.0 127.4 129.3 128.4 128.8 118.8 102.2 128.3 138.1 135.2 131.7 128.0 133.8 134.9 Apparel and staples 24.51 117.8 116.1 115.3 115.1 119.1 116.0 124.3 125.9 123.0 118.1 113.1 116.0 118.3 120.4 See NOTB on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 INDUSTRIAL PRODUCTION: N.S.A. 697 INDUSTRY GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 1962 1962 1963 Grouping por- avertion age^ Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.' Mar. 100.00 118.2 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.7 120.1 122.0 86.45 118.6 118.6 119.1 119.0 120.4 114.0 117.6 122.8 123.4 121.3 117.5 117.7 120.3 122.8 Durable 48.07 117.9 118.6 119.6 118.8 119.2 113.6 112.8 120.4 121.7 121.0 119.4 118.3 120.7 123.0 38.38 119.4 118.6 118.4 119.1 121.8 114.5 123.6 125.8 125.5 121.7 115.0 116.9 119.8 122.4 8.23 104.9 103.5 104.9 105.5 107.5 101.0 106.4 106.5 107.1 106.3 103.1 102.5 104.9 103.5 Utilities 5.32 132.3 Durable manufactures 12.32 110.0 119.0 116.5 109.8 108.4 97.6 104.5 110.2 109.2 109.0 106.2 108.4 112.6 117.8 6.95 104.5 123.8 117.7 103.9 98.7 82.9 92.0 98.5 99.9 101.7 97.3 102.5 110.1 118.3 5.45 100.6 124.4 116.0 97.5 91.3 76.8 86.6 92.8 93.7 96.3 93.4 97.9 106.6 116.5 Nonferrous metals and products.. 1.50 118.9 121.9 123.8 127.2 125.5 104.9 111.8 119.2 122.4 121.2 111.4 119.5 122.8 124.5 5.37 117.1 112.7 115.1 117.4 120.9 116.7 120.7 125.3 121.3 118.6 117.8 116.0 115.8 117.2 2.86 113.2 108.2 110.7 113.4 116.4 113.9 115.8 118.6 117.9 116.0 114.8 112.4 111.5 112.2 Machinery and related products 27.98 122.1 121.4 122.7 123.2 123.4 119.8 113.4 123.8 127.0 127.1 127.7 126.0 127.6 128.4 Machinery • 14.80 123.4 122.9 123.7 123.9 126.7 119.3 121.1 127.6 127.0 126.2 127.0 124.9 128.1 128.6 8.43 119.7 119.6 121.5 121.9 123.6 119.1 118.0 121.2 120.7 120.5 122.5 122.2 125.3 126.3 Electrical machinery 6.37 128.4 127.2 126.7 126.5 130.8 119.6 125.2 136.1 135.3 133.7 132.9 128.5 132.0 131 .7 Transportation equipment 10.19 118.3 117.9 119.8 120.9 117.0 118.0 97.1 116.6 126.3 127.2 127.6 126.2 126.0 127.5 4.68 134.1 133.4 139.7 141.9 133.6 135.0 87.0 128.9 148.3 149.1 149.1 145.6 145.9 148.4 Aircraft and other equipment.... 5.26 103.9 103.6 101.2 101.2 101.6 102.7 104.8 105.4 106.7 107.8 108.6 109.0 108.1 108.5 Instruments and related products... 1.71 122.9 119.4 121.0 121.4 124.1 122.2 125.0 125.2 125.6 127.2 127.0 125.2 126.2 126.9 1.28 Clay glass and lumber. . .... 4.72 109.1 100.4 108.3 113.9 118.3 112.6 120.1 119.4 116.3 110.3 99.8 97.1 100.1 104.7 Clay, glass, and stone products 2.99 111.0 100.6 109.7 116.4 118.7 117.7 121.8 119.5 118.9 113.9 102.8 99.7 99.1 104.8 1.73 106.0 100.0 105.8 109.6 117.6 103.9 117.2 119.3 111.7 104.1 94.6 92.6 101.9 104.5 3.05 124.6 120.1 121.8 123.3 126.4 122.5 129.1 131.9 132.1 129.6 126.5 120.9 121.8 123.1 Furniture and fixtures .... 1.54 126.8 122.5 123.6 124.3 127.9 124.8 132.1 133.1 133.3 131.4 131.2 126.9 126.3 126.5 1.51 122.3 117.5 120.0 122.2 124.9 120.2 126.0 130.6 130.9 127.9 121.7 114.8 117.2 119.6 Nondurable manufactures Textiles apparel and leather .. • 7.60 114.9 122.0 118.0 116.6 117.9 102.4 119.5 117.4 116.9 114.6 104.7 112.1 120.8 124.5 Textile mill products 2.90 114.7 119.1 115.0 119.6 121.2 100.9 118.3 115 9 115.6 115.2 108.2 112.3 115 9 119 4 3.59 118.9 128.1 124.3 119.5 119.6 107.0 124.0 122 3 122.6 119.2 105.7 116.4 129.4 134.7 Leather and products 1.11 102.4 109.7 105.5 99.1 104.2 91.9 107.9 105.2 102.3 98.2 92.2 97.8 105.5 Paper and printing . . . ... 8.17 116.7 118.9 118.4 117.7 117.5 108.7 117.2 119.6 122.4 120.8 111.4 112.1 115.2 117.4 Paper and products 3.43 119.7 123.7 122.0 120.0 122.0 107.8 123.5 122.0 127.3 123.0 108.6 118.6 124.3 126.0 4.74 114.6 115.5 115.8 116.0 114.3 109.5 112.7 117.9 118.9 119.2 113.4 107.5 108 7 111.2 1.53 108.5 110.8 114.1 115.0 108.6 96.0 101.7 112.1 117.7 120.7 100.0 86.6 90.3 92.6 Chemicals, petroleum, and rubber.... 11.54 130.6 128.4 129.4 131.0 134.2 125.8 132.1 134.2 135.4 133.2 131.2 133.5 135.4 137.1 Chemicals and products 7.58 135.6 133.8 135.8 137.1 138.7 131.2 137.9 138.1 139.4 138.5 136.6 138.7 141.0 142.9 3.84 146.9 144.8 145.2 146.8 147.7 142.5 148.0 149 2 151.6 153.6 150.5 152.0 154 3 Petroleum products 1.97 112.8 110.0 106.3 110.9 117.4 117.9 116.6 118.1 114.2 111.3 112.5 112.6 112.6 111.6 Rubber and plastics products 1.99 129.0 126.1 127.8 127.6 133.5 113.0 125.4 135.1 141.6 134.2 129.4 134.6 136.7 11.07 113.0 106.0 107.3 109.5 114.7 115.2 122.4 127.4 123.5 115.4 107.9 106.3 106.3 109.5 Foods and beverages . . 10.25 113.0 105.3 107.0 108.9 114.5 116.4 122.5 128.1 123.9 115.3 109.3 105.9 105.7 109.2 Food manufactures 8.64 113.8 105.0 106.6 107.5 111.8 115.7 123.7 130.5 126.1 118.1 111.1 108.1 107.4 109.5 Beverages 1.61 108.7 106.5 109.4 116.5 129.1 120.3 116.0 114.8 111.7 100.3 99.8 93.8 96.7 .82 112.3 115.0 110.1 116.6 116.9 100.4 121.2 119.4 118.3 117.0 90.7 111.8 114.0 Mining Coal oil and gas 6.80 103.6 104.6 104.0 101.4 103.5 96.2 102.8 103.8 105.5 106.2 104.7 104.3 107.0 104.9 Coal 1.16 94.3 96.1 94 9 93.1 103.8 60.7 98.6 99.2 102.5 100.2 92.3 93.2 97 3 94 7 Crude oil and natural gas 5.64 105.5 106.3 105 9 103.0 103.4 103.6 103.7 104.7 106.1 107.5 107.3 106.6 109.0 107.0 4.91 107.2 108.6 107.9 104.7 105.1 104.8 104.9 106.1 107.6 109.6 109.3 108.7 112 5 110 2 4.25 105.1 105.7 105 9 103.1 104.0 103.6 103.7 104.9 105.6 106.7 105.8 104.7 108.7 106.9 Gas and gas liquids •. • •. • < .66 120 7 126 7 120 5 114 8 111 9 Oil and gas drilling .73 94.2 91.2 92.4 91.9 92.0 95.2 95.7 95. i 95.9 93.3 93.2 92.0 85.4 85.1 Metal, stone, and earth minerals 1.43 110.9 98.5 10S 8 125.0 126.5 123.9 123.5 119.7 114.6 106.5 95.6 93.9 94.7 96.9 Metal mining .61 112.5 105.3 112.9 133.7 134.8 126.6 119.5 113.2 105.6 96.2 94.7 96.0 102.9 99.6 Stone and earth minerals .82 109.6 93.5 105.8 118.6 120.3 121.8 126.4 124.5 121.2 114.2 96.2 92.4 88.6 94.9 Utilities Electric 4.04 133.2 131.6 125.7 124.5 130.8 135.3 139.8 139.5 131.6 130.4 136.7 146.2 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
698 BUSINESS ACTIVITY MAY 1963 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g - Prices 3 Nonag- Major market groupings Con- ricul- Major industry stru- tural Freight Depart- Period groupings tion em- car- ment Total Tot F a i l na g l s C o u p o m o r d n o e s d r u E c m t q s e u n ip t - M ria a l t s e- Mfg. M in in g - U it t ie il s - t c r o a n c - ts m T p o e l t n o a t y l — - i p m E l m o en y - t - P ro a l y ls - lo in a g d s - s s t a o l r e e s s C u o m n e - r W m c s h o o a m d o le l i - t e y - 1949 64.7 64.5 68.8 52.0 64.8 65.1 74.5 43.4 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 1960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.7 106.6 95.3 106 103.1 100.7 1961 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 102.9 95.6 105.2 91.2 109 104.2 100.3 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—Mar 117.0 118.2 118.8 116.1 116.9 117.4 104.8 128.8 131 104.4 98.4 113.4 96.6 117 105.0 100.7 117.7 118.5 119.1 117.0 117.1 118.1 105.5 128.1 121 105.1 99.6 114.8 96.1 113 105.2 100.4 M*ay;;;;;; 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 118.9 122.0 121.8 121.2 116.5 r119.4 103.0 '135.5 121 105.6 97.3 114.5 88.2 '114 106.0 100.5 Feb 119.5 '122.5 122.7 121.6 117.5 '119.8 r105.1 '137.2 130 106.0 97.5 115.2 94.5 114 106.1 100.2 Mar 120.6 122.6 123.1 121.1 119.1 121.1 104.5 137.0 118 106.4 98.3 115.8 94.7 2*119 106.2 99.9 Apr *>122.4^123.0H23.6^121.7nil.9 ^122.9 P106.6 P138.O *>99.4 >115.8 96.6 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 37,135 41,303 3,986 3,860 4,009 3,900 3,747 3,631 3,273 3,425 3,188 3,198 2,779 2,917 3,583 By P t u y b p l e ic of ownership: 1? n 1i47S 1 711 1,777 1,331 1t n\ 1 1OW 1 003 1,099 1,190 1,092 Private 24,588 27,705 2,511 2,650 2,782 2,569 2,516 2,591 2,174 2,422 2,089 2,009 1,847 1,825 By type of construction: 16,17,3 18,039 1,5*>7 1,816 1,819 1,656 1,673 1,651 1,519 1,610 1,361 1,166 1,750 1,215 64? 1?,115 13,010 1 1,102 1,275 1,242 1,197 1,177 1,019 1,075 1,066 9?,1 1,016 1,005 1 146 8,897 10,255 1,108 943 915 1,002 926 802 735 740 761 1,111 514 698 796 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
MAY 1963 CONSTRUCTION 699 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f r e a e n o r s n t m i i - - al Total Indu B s u - sine C ss om- Public O n d r t e 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 9R2 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11.608 3,084 3,631 4,893 3,782 12,748 1^360 4,431 1,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6,494 1958 48.950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7.123 1959 i 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 (,488 5,870 1,467 7,386 I960 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 1,487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 1,368 5,818 1,581 8,267 1962 61,084 43,378 24,833 13,286 2,814 4,964 5,508 5,259 17,706 1,267 6,254 1,754 8,431 1962—Apr 58,279 41,747 23,484 12,973 2,792 4,793 5,388 5,290 16,532 1,381 5,057 1,775 8,319 May 60,764 43,472 25,018 13,119 2,886 4,752 5,481 5,335 17,292 1,354 5,830 [,805 8,303 62,678 44,842 26,118 13,354 2,950 4,865 5,539 5,370 17,836 1,549 5,98* 1,807 8,491 July 62,084 44,908 25,987 13,516 2,962 5,110 5,444 5,405 17,176 1,170 5,876 1,802 8,328 62,829 45,244 25,957 13,835 2,936 5,273 5,626 5,452 17,585 1,244 6,195 1,771 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 IJ64 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 [,753 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 ,787 7,483 ,758 8,455 Feb 60,353 42,313 23,878 13,303 2,716 4,999 5,588 5,132 18,040 fiR4 6,181 1,768 8,407 Mar P 61 138 42,309 23,830 13,297 2,742 4,982 5,573 5,182 18,829 * 6,948 1,804 Apr p 61,014 43,280 24,788 13,222 2,815 4,846 5,561 5,270 17,734 S?0 * 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 1 By type of ownership Government- Period T ( o p t r a iv l ate o N f n a o l r y n m ) - Total p M o e li t t r a o n - p m N o e l o i t n t r a o - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public Total unde F r H w A ritten VA 1954 1,22§ 897 324 [,202 1,077 34 90 19 583 276 307 1955 J.329 976 353 1,310 1,190 33 87 19 670 277 393 1956 ,118 780 338 1,094 981 31 82 24 465 195 271 1957 ,042 700 342 993 840 33 120 49 322 193 128 1958 ,209 827 382 1,142 933 39 170 68 439 337 102 1959 ,379 946 432 :1,343 1,079 49 215 36 458 349 109 1959 ,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960 ,296 889 407 1,252 995 44 214 44 336 261 75 1961 ,365 948 417 1,313 975 44 295 52 328 244 83 1962 .482 1,043 439 1.453 989 48 415 29 339 261 78 1962 Mar 1,431 ,407 117 83 34 115 80 5 31 2 27 21 6 Apr 1,542 ,521 152 111 41 147 101 5 41 5 33 25 8 May 1,579 ,566 157 112 45 154 107 5 42 2 34 26 June 1,425 ,399 140 96 43 136 96 4 36 3 31 24 7 July 1,466 ,447 139 98 42 136 95 4 36 4 33 25 7 1,529 ,500 148 99 49 146 101 4 41 2 36 28 Sept 1,289 ,261 116 84 33 114 16 4 34 3 26 20 6 Oct 1,550 ,504 136 93 43 134 91 4 39 3 30 23 7 Nov 1,586 ,571 122 83 39 120 78 4 38 2 25 19 6 Dec 1,472 ,453 95 68 27 94 56 4 34 1 20 16 5 1963 Jan 1 242 ,220 83 62 22 81 47 3 31 3 18 14 4 Feb V1,278 \P ,253 65 23 ^86 53 4 30 n 17 13 4 Mar VI 494 v\ All .124 88 37 22 17 5 1 Beginning with 1959, based on revised definition of metropolitan areas. Statistics, for which annual totals are given including overlap for 1959. Data from Federal Housing Administration and Veterans Administration NOTE.—Beginning with 1959, Census Bureau series includes both represent units started, based on field office reports of first compliance farm and nonfarm series developed initially by the Bureau of Labor inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
700 EMPLOYMENT MAY 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 Employed1 Not in the 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 in c d u u lt s u t r r a ie l s 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—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 AUK . 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 Dec 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 Miar 131 590 74 382 71,650 67,148 62,812 4,337 4,501 57 208 5 6 Apr 131,740 74,897 72,161 68,097 63,424 4,673 4,063 56,843 5.7 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 i l 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 I960 54,347 16,762 709 2,882 4,017 11,412 2,684 7,361 8,520 1961 54,077 16,267 666 2,760 3,923 11,368 2,748 7,516 8 828 1962 55,325 16,752 647 2,695 3,925 11,572 2,794 7,757 9,184 SEASONALLY ADJUSTED 1962 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 Aue 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 55,730 16,665 625 2,646 3,913 11,679 2,836 7 917 9 449 Marv . . .. 55,953 16,762 625 2,635 3,914 11,756 2,845 7,935 9,481 Aprp 56,229 16,928 630 2,719 3,918 11,767 2,847 7,922 9,498 NOT SEASONALLY ADJUSTED 1962—Apr 54,849 16,636 647 2,589 3,904 11,470 2,770 7,690 9 143 May 55,209 16,682 657 2,749 3,924 11,476 2,780 7 769 9 172 55,777 16,870 661 2,839 3,965 11,582 2,808 7,881 9 171 JUly 55,493 16,782 648 2,982 3,948 11,540 2 839 7 884 8 870 Aug 55,709 16,931 658 3,031 3,963 11,558 2,841 7 867 8 860 Sept 56,252 17,127 651 2,978 3,959 11,627 2,813 7,856 9 241 Oct 56,333 17,028 645 2,936 3,959 11,682 2,807 7,870 9 406 Nov 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 54.780 16,546 614 2,241 3,862 11,415 2,810 7,782 9,510 Marv . . .. 55;063 16,607 612 2,316 3,867 11,469 2,822 7,824 9,546 Apr P 55,862 16,711 622 2,575 3,887 11,733 2,838 7,938 9,558 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
MAY 1963 EMPLOYMENT AND EARNINGS 701 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1962 1963 1962 1963 Apr. Feb. Apr. Feb. Total 12,541 12,284 12,384 12,518 12,338 12,173 12,237 12,319 Durable goods 7,000 6,874 6,928 7,035 6,931 6,848 6,881 6,967 Ordnance and accessories 98 99 98 97 98 99 98 97 Lumber and wood products 547 549 552 551 527 514 514 531 Furniture and fixtures 318 314 316 318 313 313 313 313 Stone, clay, and glass products 460 447 451 465 455 428 436 460 Primary metal industries 995 914 928 950 991 915 930 946 Fabricated metal products 864 846 851 866 851 844 845 853 Machinery except electrical 1,012 1,011 1,014 1,025 1,025 1,024 1,030 1,038 Electrical machinery 1,040 1,032 1,038 1,045 1,019 1,032 1,027 1,024 Transportation equipment 1,122 1,127 1,141 1,175 1,118 1,159 1,159 1,170 Instruments and related products 227 229 230 232 226 229 230 231 Miscellaneous manufacturing industries., 317 306 309 311 308 293 299 303 Nondurable goods 5,541 5,410 5,456 5,483 5,407 5,325 5,356 5,352 Food and kindred products 1,193 1,169 1,184 1177 1,111 1,077 1,088 1,096 Tobacco manufactures 77 75 76 75 66 73 68 65 Textile-mill products 802 771 774 774 796 766 769 769 Apparel and other finished textiles 1,121 1,090 1,111 130 1,096 1,112 1,125 1,105 Paper and allied products 479 476 478 477 475 471 473 473 Printing, publishing and allied industries 598 579 582 590 596 576 581 588 Chemicals and allied products 518 519 520 522 527 517 523 531 Products of petroleum and coal 129 120 118 121 128 118 117 120 Rubber products 297 302 305 306 294 302 303 303 Leather and leather products. 327 309 308 311 318 313 310 302 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 Apr. Feb. Apr.p Apr. Feb. Mar.?5 Apr.*' Apr. Feb. Apr.?' Total 40.8 40.3 40.4 40.3 96.56 97.20 98.09 97.76 2.39 2.43 2.44 2.45 Durable goods 41.3 41.0 41.0 40.9 105.22 106.23 106.49 106.63 2.56 2.61 2.61 2.62 Ordnance and accessories 41.8 41.5 41.0 41.2 118.43 120.35 119.19 119.19 2.84 2.90 2.90 2.90 Lumber and wood products. 39.7 40.1 39.5 39.5 77.82 77.03 76.25 77.03 1.97 1.96 1.95 1.96 Furniture and fixtures 41.5 40.6 40.4 40.7 78.76 78.79 79.00 78.01 1.94 1.96 1.97 1.96 Stone, clay, and glass products 41.1 40.7 41.2 41.1 98.16 97.36 99.23 100.61 2.40 2.44 2.45 2.46 Primary metal industries 40.9 40.7 40.6 41.1 123.11 122.21 122.91 126.18 3.01 3.01 3.02 3.07 Fabricated metal products 41.5 41.3 41.2 41.3 104.39 105.26 105.67 105.93 2.54 2.58 2.59 2.59 Machinery except electrical 42.0 41.7 41.5 41.3 113.67 114.82 115.51 114.26 2.70 2.76 2.77 2.76 Electrical machinery 41.1 40.5 40.3 40.2 97.44 1.33 97.84 97.11 2.40 2.44 2.44 2.44 Transportation equipment 42.1 41.9 41.7 41.5 119.97 123.55 123.85 121.95 2.87 2.97 2.97 2.96 Instruments and related products 41.2 41.0 40.9 40.8 100.04 101.59 101.59 100.69 2.44 2.49 2.49 2.48 Miscellaneous manufacturing industries. 40.3 39.7 39.6 39.5 78.80 80.19 80.39 79.18 1.97 2.03 2.03 2.02 Nondurable goods 40.2 39.5 39.8 39.6 85.54 86.24 87.07 86.19 2.16 2.20 2.21 2.21 Food and kindred products 41.2 40.9 41.1 40.8 91.13 92.86 93.73 93.03 2.25 2.31 2.32 2.32 Tobacco manufactures 39.6 37.5 39.1 38.2 74.10 69.70 72.91 72.67 1.95 1.92 1.96 1.98 Textile-mill products , 41.5 40.1 40.4 40.8 68.38 68.00 68.51 67.60 1.68 1.70 1.70 1.69 Apparel and other finished textiles 37.1 36.1 36.6 36.2 60.96 60.82 61.69 59.45 1.67 1.68 1.69 1.67 Paper and allied products 42.7 42.7 42.7 42.4 101.10 103.21 104.13 102.48 2.39 2.44 2.45 2.^4 Printing, publishing and allied industries 38.6 38.3 38.4 38.3 107.90 108.20 110.21 108.97 2.81 2.84 2.87 2.86 Chemicals and allied products 41.7 41.4 41.4 42.0 108.84 110.83 111.10 113.40 2.61 2.69 2.69 2.70 Products of petroleum and coal 41.3 41.0 40.9 41.4 125.55 126.36 129.02 131.65 3.04 3.12 3.17 3.18 Rubber products , 41.8 41.0 41.1 41.0 99.63 100.69 101.34 99.29 2.43 2.48 2.49 2.47 Leather and leather products , 38.6 36.8 36.8 36.4 63.81 65.08 64.58 61.42 1.72 1.74 1.75 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
702 DEPARTMENT STORES MAY 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 v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M a i p n o n li e s - Ka C n i s ty as Dallas F c S i r s a 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 1960. 106 106 108 104 108 105 107 104 103 106 108 100 110 1961. 109 112 112 107 110 108 110 105 104 108 111 102 115 1962. 114 114 116 110 113 113 118 110 109 109 114 108 123 SEASONALLY ADJUSTED 1962—Mar.. 117 122 119 110 '119 115 '123 112 111 111 118 106 123 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 June. 111 112 108 107 110 110 115 108 105 108 111 107 123 July.. 114 115 113 109 114 112 118 111 112 111 116 112 123 Aug.. 115 117 117 112 109 116 118 113 108 111 113 107 124 Sept.. 117 116 120 113 116 118 121 115 113 110 118 113 122 Oct... 110 110 112 106 108 107 112 107 104 116 108 100 121 Nov.. 118 120 121 111 116 119 125 113 111 111 117 109 128 Dec. 117 116 118 112 114 113 122 114 115 110 117 111 127 1963—Jan... '114 115 113 103 '113 116 123 107 104 110 108 107 127 Feb.. 114 111 '115 108 109 112 119 108 108 114 117 109 128 Mar., 2119 121 119 112 118 2124 134 116 2115 117 2122 113 NOT SEASONALLY ADJUSTED 1962—Mar.. 96 94 99 95 '94 93 105 93 90 87 '96 91 '100 Apr.. 112 115 113 112 114 113 115 108 105 112 111 103 116 May. 110 108 109 110 111 110 111 111 113 103 113 104 110 June. 105 108 105 102 102 102 104 103 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... 113 115 120 112 109 115 113 111 110 111 111 102 117 Nov.. 141 147 152 145 141 142 139 136 133 130 133 126 145 Dec. 212 225 216 202 211 '211 219 201 201 197 203 193 232 1963—Jan... '85 87 90 75 83 82 94 79 79 76 82 83 97 Feb.. 85 79 88 78 79 79 '92 79 78 80 84 80 101 Mar.. 95 101 99 97 2102 116 97 298 96 *101 98 2105 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 1 1 9 9 5 5 7 8 . . 9 9 9 8 9 9 7 9 9 9 7 9 9 9 9 8 1 9 0 7 2 1 9 0 6 0 1 9 0 7 2 1 9 0 7 0 1 9 0 8 3 1 9 0 7 2 1 9 0 8 0 9 9 9 8 9 9 6 7 1959. 103 104 104 103 101 104 101 103 99 101 103 104 107 1960. 109 108 110 105 113 108 107 108 103 108 109 106 114 1961. 110 111 109 105 112 110 108 109 111 108 111 103 115 1962. 117 116 115 112 116 118 118 119 117 112 113 112 125 SEASONALLY ADJUSTED 1962—Mar.. 116 117 113 112 114 118 '113 116 115 112 '115 114 '123 Apr.. 115 116 112 111 115 118 114 113 117 113 114 111 124 May. 117 115 113 112 '117 116 114 116 121 113 115 114 127 June. 118 115 113 112 117 120 115 121 117 114 114 115 128 July.. 119 118 113 113 '117 119 120 122 117 113 115 114 127 Aug.. 118 115 116 113 '116 117 116 123 116 115 115 112 126 Sept.. 118 114 116 112 '117 117 119 122 115 115 111 110 127 Oct... 120 116 118 114 118 119 125 124 117 115 111 113 129 Nov.. 118 116 119 112 '117 121 123 122 119 113 108 112 118 Dec. 117 118 120 112 118 123 130 121 121 111 111 111 108 1963—Jan... 120 119 '116 113 125 121 129 120 117 111 111 113 128 Feb.. 119 119 116 109 '121 119 '126 119 120 112 114 113 127 Mar.. 10 119 115 110 119 120 123 121 118 113 J>117 3*116 2129 NOT SEASONALLY ADJUSTED 1962—Mar.. 117 115 114 112 114 119 '115 116 116 111 '115 115 '124 Apr.. 118 117 116 116 116 121 117 118 121 112 116 115 125 May. 117 116 115 114 '118 118 113 119 120 111 114 112 125 June. 112 109 106 106 111 113 107 117 111 104 109 108 123 July.. 112 108 102 103 112 112 110 119 112 107 110 109 123 Aug.. 117 114 113 109 115 119 116 122 117 111 112 115 126 Sept.. 125 123 121 119 125 126 126 129 123 120 116 117 132 Oct... 135 134 134 131 135 135 140 135 133 128 123 127 143 Nov.. 135 137 138 132 138 138 144 136 135 131 126 128 129 Dec. 110 110 112 102 109 112 115 108 108 104 103 103 118 1963—Jan... 107 104 '105 99 106 106 116 108 104 99 101 99 115 Feb.. 112 109 109 '102 '112 109 '123 110 111 106 108 106 120 Mar.. 2120 118 117 111 119 121 126 121 119 112 *>117 pin 2130 NOTE.—Based on retail value figures; sales are average per trading day; For description of series and for back data beginning with 1947, see stocks are as of end of month or averages of monthly data. July 1962 BULL., p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 DEPARTMENT STORES; FOREIGN TRADE 703 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 4.1 L.O 1954 409 1,140 388 410 412 3.0 .0 4.0 L.O 1955 437 1,195 446 444 449 2.9 L.I 4.0 o 1956 . 454 1,286 470 459 458 3.0 L.I 4.1 t.O 1957 , 459 1,338 461 461 458 3.1 l.l 4.1 L.O 1958 462 1,323 437 462 464 3.0 1.0 4.1 0 1959 . 488 1,391 510 495 498 3.0 LI 4.1 LI I960 494 1,474 518 496 493 3.1 L.I 4.3 0 1961 506 :1.485 529 512 517 3.1 LI 4.2 1.0 1962 526 1,593 571 535 533 3.2 L2 4.4 0 1962—Mar r469 r1,581 r497 r595 r564 r3.4 LI 4.4 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 L4 4.6 9 July 406 1,490 724 387 432 3.7 L8 5.5 1.0 Aug 482 1,571 675 563 514 3.3 1.4 4.7 1 ? 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 4.5 1.3 Nov 657 1,892 549 704 587 2.9 .8 3.7 I 1 Dec 998 1,505 385 611 447 1.5 .4 1.9 .6 1963 Jan 407 1,466 498 368 481 3.6 1.2 4.8 .9 F M eb arv .. 4 3 6 6 7 6 1 1 , 5 6 0 1 8 6 5 50 5 7 5 4 5 0 75 8 4 5 6 27 5 4 3 . .5 1 1 1 . .1 5 4 5 . . 5 6 1 1 . 1 2 NOTE.—Sales\ stocks, and outstanding orders: actual dollar amounts Receipts and new orders: monthly totals derived from reported figures reported by a selected group of department stores whose 1961 sales on sales, stocks, and outstanding orders. were about 45 per cent of estimated total department store sales. Sales For further description see Oct. 1952 BULL., pp. 1098-1102. Back are total for month, stocks and outstanding orders are as of end of month. figures may be obtained upon request. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1960 1961 1962 1963 1960 1961 1962 1963 1960 1961 1962 1963 Month: 1.561 1.623 1.655 3 982 1.213 1,161 1,327 3 1,093 348 462 328 3 -in Feb 1,566 1,712 1,812 32,131 1,307 1,150 1,315 3 1,493 259 562 497 3 637 Mar 1,518 1,751 1,674 1,991 1,261 1,163 1,339 1,484 257 588 335 507 Apr I 622 1,662 L 803 1,315 1,152 1,364 308 510 439 May 1,659 1,585 1,782 1,242 1,153 1,386 417 432 396 June 1,634 *1,582 1,838 1,252 3 1,174 1,342 382 3 408 496 JUly 1,707 i 1,689 1,729 1,235 3 1,379 1,362 471 3 310 367 Aug 1,625 1,689 1.687 1,227 1,254 1,364 398 435 323 Sept L 647 I 678 3 1^943 1.188 1 262 3 1 476 459 416 3 467 Oct 668 I 780 3 1 493 1178 1 300 3 1 319 490 480 3 174 Nov 1,681 1,733 1,695 1,126 1,309 1,432 555 424 263 Dec 1 64S 715 3 1 839 1 109 1 315 3 1 372 537 410 3 467 Quarter: 4,645 5,086 5,141 3 5,104 3,781 3,474 3,981 3 4,070 864 1,612 1,160 31,033 II 4,915 3 4,829 5,423 3,809 3 3,479 4,092 1,107 3 1,350 1 331 Ill 4 979 3 5 056 3 5 359 3 650 3 3,895 3 4 202 1 328 3 1 161 3 1 157 IV 4,994 5,238 3 5,027 3,413 3,924 3 4,123 1,582 1,314 3 904 Year 4 19,609 20,152 20,901 14,654 14,713 16,397 4,955 5,439 4,504 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
704 PRICES MAY 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 d c s t - y p S l f a e e u o n u t e l r d m l i o s d - H n i f o n u i u g s 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 r o i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 1929 59 7 55.6 85.4 56.6 56.2 1933 45.1 35.3 60.8 42.7 42.8 1941 51.3 44.2 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 99.8 102.4 100.7 103.8 104.4 102.4 102.4 101.8 I960 , 103.1 101.4 103.1 103.1 107.0 99.5 100.1 104.8 102.1 103.8 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 107.9 101.6 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—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 Aus; 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 11^.6 107.3 110 0 105 7 Mar 106.2 104.6 105.7 106.4 108.0 104.8 98.6 109.7 103.6 107.0 115.8 107.3 110.1 105.7 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 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 I960 100.7 96.9 r100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99 3 1961 100.3 96.0 r100.7 100.8 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 Mar . . .. 100.7 98.4 rlOl 6 100.8 100.5 107.4 98.9 98.0 r93.6 96.2 101.0 100.4 102.3 99 0 102 2 104 0 105 6 Apr 100.4 96.9 r100.2 100.9 100.5 106.9 100.2 97.9 92.9 96.8 101.3 100.3 102.3 98.9 102.4 104.0 106 0 100.2 96.2 r99.6 100.9 100.7 107.2 99.7 97.7 ''93.2 97.1 100.8 100.2 102.3 99.0 102.1 r104.1 106 0 June .... 100.0 95.3 99.8 100.7 100.8 108.0 99.6 97.6 93.0 97.3 100.5 99.8 M02.4 98.9 101 9 104 1 105 4 July 100.4 96.5 100.8 100.8 100.9 107.5 100.0 97.2 92.7 97.5 100.0 99.7 102.3 98.8 101.6 104.0 107.6 100.5 97.6 101.5 100.6 100.8 107.0 99.5 97.0 92.7 97.4 99.7 99.8 102.3 98.7 101.6 104.2 107.2 Sept . . .. 101.2 100.6 103.3 100.8 100.6 107.5 100.8 96.9 92.8 97.0 99.5 99.7 102.3 98.6 101 5 104 2 109 1 Oct 100.6 98.7 101.5 100.7 100.5 107.4 100.8 97.1 93.1 96.6 99.3 99.4 102.2 98.5 101.6 104 5 108 7 Nov 100 7 99 3 101 3 100 7 100.5 107.3 r100.7 97.0 93 7 96.3 99.1 99.3 102 2 98 6 101 6 104 5 109 8 Dec 100.4 97.3 100.9 100.7 100.6 106.9 100.8 96.8 94.4 95.8 99.0 99.3 102.3 98.4 101.5 104.3 110.2 1963—Jan 100.5 98.5 100.8 100.7 100.4 106.0 100.4 96.9 94.3 95.9 99.0 99.5 102.3 98.3 101.4 104.3 111.6 Feb 100.2 r96.5 100.5 r100.6 100.3 105.1 100.3 r96.7 94.2 96.1 99.1 99.4 r102.2 98.2 101.5 104 3 111 5 Mar 99.9 95.4 99.1 100.6 100.1 105.2 100.8 96.8 94.1 96.4 99.1 99.4 102.0 98.2 101.5 104.3 110.9 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 PRICES 705 WHOLESALE PRICES: DETAIL (1957-59= 100) 1962 1963 1962 1963 Group Group Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulpt Paper, and Allied Products: Fresh and dried produce 106.0 104.0 '96.5 99.0 Woodpulp 95.0 89.4 89.4 89.4 Grains 97.4 102.0 103.0 103.7 Wastepaper 103.2 94.7 96.1 96.6 Livestock and poultry 95.7 94.1 89.5 85.6 Paper 102.7 102.2 102.2 102.2 Plant and animal fibers 98.5 99.3 100.8 101.8 Paperboard 92.8 94.1 94.1 94.1 Fluid milk 102.7 101.3 101.1 99.7 Converted paper and paperboard.... 102.5 99.6 '99.9 99.9 Eggs 90.8 100.1 99.1 99.8 Building paper and board 98.2 95.6 95.5 93.9 Hay and seeds 105.5 111.9 113.5 113.8 Other farm products 93.6 87.4 89.1 89.0 Metals and Metal Products: Processed Foods: Iron and steel 99.8 98.6 98.5 C C D M a e a e r n i a e r n y t a , e l d p p a r o n o a u d d n l t u d b r c y a t f , k s r o e a a r z n y n e d d n p f i i r s c f o h r e d u u i c t c s r t , s e a a n m d .. v . e . g .. - . 1 1 9 0 0 8 7 8 . . . 4 4 0 1 1 9 0 0 7 7 7 . . . 9 8 4 1 1 0 9 0 8 5 8 . . . 6 6 0 1 1 9 0 0 1 7 8 . . . 8 0 2 N H P M l o a u e r n m t d a f w l e b r i c a r n o o r g e n u t s e a q i m n u e i e p r t s m als ent 1 1 1 1 0 0 0 0 3 0 3 4 . . . . 7 1 9 4 1 1 9 9 0 0 7 8 3 4 . . . . 5 0 8 5 1 1 1 9 0 0 0 8 1 4 4 . . . . 0 1 5 0 1 1 1 9 0 0 0 8 4 1 4 . . . . 1 5 3 0 Su e g t a a r b l a e n s d confectionery 1 9 0 9 1 . . 3 7 1 1 0 0 0 5 . . 0 0 1 10 0 5 0 . . 1 0 1 10 0 6 1 . . 1 4 H Fa e b a r t i i c n a g t e e d q u s i t p ru m c e t n u t ral metal products. 9 9 8 3 . . 1 7 9 9 2 8 . . 5 1 '9 9 2 8 . . 4 0 9 9 2 8 . . 7 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 9 2 . . 1 4 8 82 0 . . 8 2 8 86 0 . . 0 2 7 8 9 0 . . 8 2 Fa u b c ri ts cated nonstructural metal prod- 104.1 103.7 103.7 103.7 Crude vegetable oils 92.9 81.0 82.5 83.4 Refined vegetable oils 104.5 88.4 89.2 90.0 Machinery and Motive Products: Vegetable oil and products 102.5 91.9 91.9 90.5 Miscellaneous processed foods 102.7 100.2 101.5 101.5 Agricultural machinery and equip.... 109.4 110.8 110.8 Construction machinery and equip... 107.6 108.3 108.5 108 Textile Products and Apparel: Metalworking machinery and equip... 109.2 109.2 109.1 109 General purpose machinery and Cotton products 102.4 100.6 100.5 100.2 equipment 103.2 103.9 103.6 103, Wool products 98.3 100.7 100.7 100.8 Miscellaneous machinery 103.2 103.4 103.4 103 Man-made fiber textile products 93.5 93.7 '93.7 93.7 Special industry machinery and equip- Silk products 116.3 149.8 151.1 150.9 ment (Jan. 1961= 100) 101.5 102.9 103.1 103.1 Apparel 101.3 101.3 101.4 101.4 Electrical machinery and equip 98.7 98.0 '97.8 97.0 Other textile products 122.3 123.3 118.2 114.9 Motor vehicles 100.1 100.4 100.4 100.3 Transportation equip., RR. rolling Hides, Skins, Leather, and Products: stock (Jan. 1961= 100) 100.5 100.5 | 100.5 100.5 Hides and skins 103.8 95.2 '85.9 88.4 Leather 109.6 105.2 104.7 103.7 Furniture and Other Household Dura- Footwear 108.7 108.5 108.4 108.5 bles: Other leather products 104.5 104.9 104.8 104.7 Household furniture 103.4 104.5 104.5 104.5 Fuels and Related Products, and Power: C Fl o o m or m c e o rc v i e a r l i n f g u s rniture 1 9 0 7 2 . . 0 2 1 9 0 6 2 . . 2 3 1 9 0 5 2 . . 9 3 1 9 0 6 2 . . 0 3 C C G o o a a k s l e fuels (Jan. 1958= 100) 1 1 9 1 0 8 9 3 . . . 7 4 6 1 1 9 0 2 8 3 0 . . . 3 8 6 1 1 ' 2 9 0 7 8 3 . . . 8 4 6 1 1 9 0 2 8 3 7 . . . 1 6 5 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 h a p d o p i l l d o ia s d n , u c a e n ra s d b l p e h g o o n o o d g s raphs.. 1 9 9 0 4 1 3 . . . 9 4 2 1 9 9 0 0 2 2 . . . 1 3 8 1 9 9 0 2 0 2 . . . 3 1 8 1 9 8 0 2 9 2 . . . 3 4 8 Electric power (Jan. 1958= 100) 103.1 102.5 102.5 102.4 Petroleum products, refined 95.3 98.2 97.1 98.2 Nonmetallic Mineral Products: I Chemicals and Allied Products: Flat glass 96.2 96.6 96.6 96.6 Concrete ingredients 103.1 102.7 103.0 103.0 Industrial chemicals 96.6 96.0 '95.2 95.4 Concrete products 102.6 102.5 102.2 102.2 Prepared paint 103.7 103.8 103.8 103.7 Structural clay products 103.6 103.7 103.6 103.6 Paint materials 96.5 93.0 93.0 93.0 Gypsum products 105.0 105.0 105.0 105.0 Drugs and Pharmaceuticals 97.1 95.2 95.1 95.2 Prepared asphalt roofing 101.4 89.4 '94.1 94.1 Fats and oils, inedible 81.3 71.7 72.7 74.0 Other nonmetallic minerals 102.8 102.2 101.5 101.5 Mixed fertilizers 104.3 103.0 103.6 103.7 Fertilizer materials 103.7 100.8 102.3 102.3 Tobacco Products and Bottled Bev- Other chemicals and products 99.3 99.6 99.5 99.6 erages: Rubber and Products: Tobacco products 102.0 102.2 102.2 102.2 Alcoholic beverages 100.8 101.1 101.1 101.1 Crude rubber 94.3 94.1 93.7 92.7 Nonalcoholic beverages 116.7 117.4 117.4 117.4 Tires and tubes 87.6 89.0 89.0 89.0 Miscellaneous rubber products 99.5 99.7 99.7 99.8 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms.... 100.5 101.3 101.1 101 . I Manufactured animal feeds 107.5 118.3 118.2 117.1 Lumber 95.8 95.9 96.2 96.5 Notions and accessories 98.7 98.7 98.7 98.7 Millwork 101.1 102.3 102.3 102.5 Jewelry, watches, photo equipment... 103.7 104.0 104.0 103.8 Plywood 94.2 90.5 90.5 91.1 Other miscellaneous products 101.6 101.8 101.7 101.7 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
706 NATIONAL PRODUCT AND INCOME MAY 1963 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 n I UI IV I 104.4 56.0 125.8 284.6 444.5 482.7 503.4 518.7 553.9 545.0 552.0 555.3 563.5 571.8 79.0 46.4 81.9 195.0 293.2 313.5 328.5 338.1 356.7 350.2 354.9 358.2 363.5 367.8 9.2 3.5 9.7 30.4 37.3 43.6 44.8 43.7 47.5 46.3 47.2 47.1 49.6 50 0 37.7 22.3 43.2 99.8 141.6 147.1 151.8 155.2 162.0 159.9 161.3 163.0 163.9 165.5 Services 32.1 20.7 29.0 64.9 114.3 122.8 131.9 139.1 147.1 144.1 146.3 148.1 150.1 152.3 Gross private domestic investment . 16.2 1.4 18.1 50.0 56.6 72.7 72.4 69.3 76.6 75.9 77.4 76.3 76.2 76.8 8.7 1.4 6.6 24.2 35.5 40.2 40.7 41.6 44.5 41.6 44.5 46.1 45.0 43 6 3.6 .5 3.5 14.1 18.0 22.3 21.1 21.0 23.3 21.2 23.3 24.3 23.8 22.6 Other 5.1 1.0 3.1 10.1 17.4 17.9 19.7 20.5 21.2 20.5 21.2 21.8 21.3 21 0 5.9 1.6 6.9 18.9 23.1 25.9 27.6 25.5 28.9 27.6 28.9 29.2 29.9 30.1 Change in business inventories 1.7 -1.6 4.5 6.8 -2.0 6.6 4.1 2.1 3.2 6.7 4.0 1.0 1.2 3.0 1.8 — 1.4 4.0 6.0 —2.9 6.5 3.7 1.9 3.2 6.6 3.9 1.0 1.1 2 7 -5 >y Exports .. •••••• 7.0 2.4 6.0 13.1 22.7 22.9 26.4 27.3 28.4 28.2 29.0 28.3 28.2 21.9 6.3 2.3 4.8 12.5 21.5 23.6 23.5 23.3 25.2 24.5 25.3 25.8 25.0 24.7 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 93.5 97.2 99.7 107.4 117.3 115.2 116.0 118.2 120.7 124.0 Federal 1.3 2.0 16.9 19.3 52.6 53.6 53.2 57.0 62.4 61.9 62 A 62.7 63.4 65.9 O N t a h t e io r nal defense } ••> 2.0 / ( 1 3 3. . 8 2 1 5 4 . . 2 3 4 8 4 . . 3 8 4 7 6 . . 9 2 4 8 5 . . 1 7 4 8 9 . . 7 0 5 9 3 . . 7 4 5 9 3 . . 6 0 5 9 3 . . 5 2 5 9 4 . . 6 0 5 1 4 0 . . 2 1 5 1 6 0 . . 6 2 Less * Government sales ... ... . .1 .5 5 .6 .6 .8 9 9 State and local 7.2 6.0 7.8 19.7 40.8 43.6 46.5 50.4 55.0 53.3 54.0 55.5 57.3 58.1 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 401.3 428.6 440.2 447.9 471.9 467.4 470.8 471.6 477.7 482.7 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) 1962 1963 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 I II in rv I National income 87.8 40.2 104.7 241.9 367.4 400.5 415.5 427.8 458.0 448.9 456.7 459.8 466.6 Compensation of employees 51.1 29.5 64.8 154.2 257.1 278.5 293.7 302.2 321.6 315.2 321.7 323.8 325.8 330.8 VPages and salaries 50.4 29.0 62.1 146.4 239.8 258.5 271.3 278.8 295.8 289.9 295.9 297.8 299.7 303.3 Private 45.5 23.9 51.9 124.1 196.6 213.1 222.9 227.0 239.7 235.0 240.1 241.4 242.2 244.5 .3 1.9 5.0 9.8 9.9 9.9 10.2 11.0 11.2 11.2 10 9 10.6 10 8 4.6 4.9 8.3 17.3 33.5 35.4 38.5 41.6 45.2 43.7 44.6 45.5 46.9 48.0 Supplements to wages and salaries .7 .5 2.7 7.8 17.3 20.1 22.4 23.4 25.8 25.2 25.8 25.9 26.1 27.5 Employer contributions for social in- .1 2.0 4.0 8.0 9.7 11.4 12.0 13.5 13.3 13.4 13.5 13.6 14.8 .6 .4 .7 3.8 9.4 10.4 11.0 11.4 12.3 12.0 12.3 12.4 12.5 12.6 ProDrietors* income .. . . 14.8 5.6 17.4 37.5 46.1 46.5 46.2 47.8 49.8 49.1 49.5 49.7 50.9 50.7 8.8 3.2 10.9 23.5 32.5 35.1 34.2 34.8 36.8 36.2 36.8 37.0 37.3 37.7 6.0 2.4 6.5 14.0 13.5 11.4 12.0 13.1 13.0 12.9 12.8 12.8 13.6 13 0 5.4 2.0 3.5 9.0 12.2 11.9 11.9 12.3 12.8 12.6 12.8 12.9 12.9 13.0 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.2 47.2 45.6 45.5 51.5 50.4 50.7 51.0 54.0 Profits before tax 9.6 .2 77.0 40.6 37.4 47.7 45.4 45.6 51.3 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 2AA 24.9 24.9 26.0 Profits after tax 8.3 -.4 9.4 22.8 18.8 24.5 23.0 23.3 26.3 25.6 26.1 26.1 27.3 5.8 2.1 4.5 9.2 12.4 13.7 14.4 15.0 15.9 15.8 15.8 15 8 16.4 \6 4 Undistributed profits 2.4 -2.4 4.9 13.6 6.4 10.8 8.6 8.3 10.3 9.8 10.3 10.3 10.9 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 5 .2 .2 .3 -.2 -.1 .8 6.4 5.0 4.5 5.5 14.8 16.4 18.1 20.0 22.2 21.5 22.0 22.5 23.0 23.5 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 NATIONAL PRODUCT AND INCOME 707 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 I II in rv I 104.4 56.0 125.8 284.6 444.5 482.7 503.4 518.7 553.9 545.6 552.0 555.3 563.5 571.8 8.6 7.2 9.0 19.1 38.6 41.0 43.2 45.3 47.6 47.0 47.5 47.5 48.3 48.8 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 39.3 42.6 46.5 48.2 51.6 50.2 51.4 51.8 52.9 53.9 Business transfer payments .. .. .6 .7 .5 .8 1.8 2 1 2 1 2.1 2.1 2 1 2 1 2 1 2 1 2 1 Statistical discrepancy .3 .9 .4 — .7 -1.5 -3.0 -3.4 — 3.1 -3.6 — 1.4 -4 0 —4 3 —4 8 Plus: Subsidies less current surplus of gov- — .1 .1 .2 1.1 .4 .5 1.7 1.7 1.8 1.8 1.8 1.6 1 2 87.8 40.2 104.7 241.9 367.4 400.5 415.5 427.8 458.0 448.9 456.7 459.8 466 6 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.2 47.2 45.6 45.5 51.5 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 23.9 23.6 23.9 24.0 24.2 "ie. 6 Plus: Government transfer payments .9 1.5 2.6 14.3 24.5 25.4 27.3 31.3 32.4 31.9 32.0 32.3 33.5 34.3 i n i i Dividends ... . 5.8 2.1 4.5 9.2 12.4 13.7 14.4 15.0 15.9 15.8 15.8 15.8 16.4 16.4 .6 .7 .5 .8 1.8 2.1 2.1 2.1 2.1 2 1 2 1 2 1 2.1 2 1 EQuals* Personal income 85.8 47.2 96.3 228.5 360.3 383.9 400.8 416.4 440.5 432 0 439 5 442 6 448 0 452 1 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 42.3 46.8 51.4 52.8 57.6 56.4 57.7 58.5 58.7 59.5 Federal . 1.3 .5 2.0 18.2 36.6 40.4 44.0 45.0 49.1 48.0 49.2 49.9 50.1 50.5 1.4 1.0 1.3 2.6 5.7 6.4 7.4 7.8 8.5 8 4 8 5 8 6 8.7 9 0 83.1 45.7 93.0 207.7 317.9 337 1 349 4 363 6 382.9 375 6 381 8 384 1 389 3 392 6 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 293.2 313.5 328.5 338.1 356.7 350.2 354.9 358.2 363.5 367.8 Equals: Personal saving 4.2 -.6 11.1 12.6 24.7 23.6 20.9 25.6 26.2 25.4 26.9 26.0 25.8 24.8 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 296.3 310.7 317.3 327.3 341.6 336.6 340.9 342.1 345.8 347.1 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1962 1963 Item 1961 1962 Mar. Apr, May June July Aug. Sept. Oct Nov. Dec, Jan. Feb. Mar.p Total personal income. 416.4 440.5 435.2 438.3 439.7 440.7 441.9 443.0 443.5 445.6 448.2 450.41452.4 451.1 452.7 Wage and salary disbursements 278.8 295.8 292.2 295.3 296.0 296.9 297.8 298.1 298.0 298.5 299.8 301.0 301.5 303.6 304.8 Commodity-producing industries. 110.8 117.2 116.1 118.2 118.2 118. 118.4 118.1 117.9 117.8 117.8 117.8 117.6 118.3 119.0 Manufacturing only 87.5 93.6 92.8 94.4 94.5 94.5 94.5 94.1 94.0 93.9 94.0 94.2 93.8 94.7 95.4 Distributive industries 72.9 76.2 75.4 75.8 76.1 76.2 76.4 76.6 76.7 76.9 77.1 77.6 77.6 78.3 78.5 Service industries 43.4 46.3 45.3 45.6 45.9 46.5 46.7 47.0 47.0 47.1 47.2 47.5 47.8 48.1 48.2 Government 51.8 56.2 55.4 55.6 55.8 56.0 56.3 56.5 56.4 56.7 57.7 58.0 58.5 58.8 59.1 Other labor income. 11.4 12.3 12.1 12.2 12.3 12.4 12.4 12.4 12.4 12.5 12.5 12.5 12.6 12.7 12.7 Proprietors' income 47.8 49.8 49.3 49.4 49.6 49.6 49.6 49.8 49.9 50.3 50.9 51.4 51.0 50.6 50.5 Business and professional. 34.8 36.8 36.4 36.6 36.8 36.8 36.9 37. 37.0 37.1 37.3 37.4 37.6 31.1 37.8 Farm 13.1 13.0 12.9 12.8 12.8 12.8 12.7 12.9 13.2 13.6 14.0 13.4 12.9 12.7 12.5 Rental income 12.3 12.8 12.7 12.7 12.8 12.8 12.8 12.9 12.9 12.9 12.9 13.0 13.0 13.0 12.9 Dividends 15.0 15.9 15.9 15.8 15.8 15.8 15.7 16.0 16.1 16.2 17.0 16.3 16.4 16.4 15.7 Personal interest income. 27.4 29.7 29.0 29.2 29.4 29.6 29.8 30.2 30.4 30.6 30.8 31.1 31.3 31.6 30.0 Transfer payments 33.4 34.6 34.5 34.2 34.2 34.1 34.2 34.5 35.5 35.8 35.5 138.7 35.3 35.4 34.5 Less: Personal contributions for social insurance 9.7 10.5 10.4 10.5 10.5 10.5 10.5 10.5 10.4 10.5 10.5 10.6 11.7 11.8 11.8 Nonagricultural income. 399.1 423.2 418.0 421.2 422.6 423.5 424.8 425.9 426.4 428.2 430.4 432.3 1434.6 434.0 435.7 Agricultural income 17.3 17.3 17.2 17.1 17.1 17.2 17.1 17.1 17.1 17.4 17.8 18.2 17.7 17.2 17.0 1 Includes stepped-up rate of Govt. life insurance payments to veterans NOTE.—Dept. of Commerce estimates. Monthly data are seasonally and a special dividend to all W.W. II veterans holding NSLI policies; adjusted totals at annual rates. See also NOTE to table at top of previous disbursements amounted to $3.6 billion. page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
708 FLOW OF FUNDS/SAVING MAY 1963 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1960 1961 1962 Transaction category, or sector 1958 1959 1960 1961 1962 IV II III IV II III IV I. Saving and investment 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 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 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 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 U.S. Government -7.9 -4.5 4.3 -5.2 -3.7 1.5 -5.1 -5.4 -5. -5.2 -5.9 1.0 -4.5 -5.5 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 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 H Gross national investment 94.2 114.6 117.9 114.7 125.0 112.7 104.4 111.2 118.8 124.4 125.5 125.9 123.9 124.9 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. 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 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 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 Financial sectors .7 8 8 .8 .8 O Net financial investment. .3 -1.7 .7 1. 1.2 2.2 3.4 .1 2.4 1.2 3.4 2.0 .5 — .9 P Discrepancy (A—H) 1.0 2.5 2.3 3.6 2.2 1.6 5.2 .6 1.7 6.7 1.0 5.8 II. Financial flows—Summary 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 Loans and short-term securities. .. 3.3 19.2 7.8 19.3 21.2 .2 26.9 1. 7...3. 4.2 28.9 33.2 19.6 -5.7 37.8 B Long-term securities and mtgs 39.5 33.5 28.4 27.0 36.5 33.7 3.2| 27.3 51.5 25.9 26.0 43.5 48.0 28.4 C By sector I D U. S. Government 8.6 8 -2.2 7.4 6.8 -2.4 •5| 9.3 15.2 4.8 14.6 8.0 -4.3 9.1 E Short-term securities -1.2 5.5 -5.1 11.3 5.6 -10. 22.0| -4.6 11.4 22.1 4. -18.6 14.7 F Other securities 9 3.8 2.4 -4.1 1. 8.2 -22.1 20.8 -8.1 -8.3 4.0 16.3 -7.8 Foreign borrowers 2.3 .8 2.0 2.7 2.3 3.1 2.8 3.1 4.8 3.8 1.6 -.4 4.1 H Loans 1.1 .2 1.4 1.9 1.3 2.4 2.6 2.4 3.7 3.4 .3 -.8 2.4 I Securities 1.3 .7 .7 .8 1.0 .6 .2 .9 .7 1.1 .4 1.4 .5 1.7 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 K Loans 3. 14. 11.0 5.8 14.2 8.4 1.7 1.9 7.3 12.3 6.9 15.3 15.7 18.6 L Consumer credit .1 6.2 4.4 1.4 5.6 2.4 .2 - .] 1.1 4.3 3.1 6.7 4.5 8.2 M Bank loans n.e.c 1.8 5.6 2.9 2.3 4.7 2.4 .4 1.5 7.2 2.3 4.0 4.8 7.8 N Other loans 1.1 2.4 3.7 2.2 3.8 3.6 1.0 2.0 4.7 .8 1.6 4.6 6.4 2.6 O Securities and mortgages 28.8 29 A 25.3 30.4 34.5 24.9 25.1 33.5 30. 32.9 33.9 38.2 31.3 34.5 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 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 R 1 O - t h to e r 4 - m fa o m rt i g ly a g m e o s rtgages 1 5 0 . .1 1 5 3 . . 8 2 1 5 0 . . 8 4 1 6 2 . . 1 1 1 8 5 . . 6 7 1 5 0 . . 4 0 1 5 0 . . 5 2 1 5 1 . . 5 8 1 6 2 . . 0 4 1 7 4 . . 3 2 1 8 3 . . 0 5 1 9 6 . . 1 0 1 8 5 . . 7 6 1 8 7 . . 8 6 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 U Chg. in U.S. Govt. cash bal .6 .8 1.2 -1.5 -5.3 2.5 5.8 -2.7 3.9 6.5 -4.6 -1.2 V U.S. Govt. lending 1.7 3.8 2.4 3.5 2.8 1.9 -.7 4.9 5.1 3.5 4.2 1.9 4.5 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 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 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 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 Depposits and U.S. Govt. secur.. 17.5 24.0 7.8 23. 31.2 9.3 15.7 26.8 19.1 30.8 26 A 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. 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. 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 .9 -.2 4.0 1.4 5.1 .7 -1.9 AG AH Other securities and mtgs.. 8.: 6.9 6.8 5.: 4.9 3.7 5.6 11.0 .6 3.8 12.5 2.4 1.7 2.9 AH AI Less security debt .2 l.: -.3 2 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 41 8 8.1 9.3 15.2 -1. 11.7 .1 -4. 8.6 B C Other securities and mtgs... 23. 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. 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. 11.8 15.6 24.9 17.5 19.8 19.0 10.7 33.4 E F Savings institutions 9 10 9 12 14 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. 11.0 10.3 10.1 9.2 11.0 12.6 9.9 11. 11.4 11.7 G H Finance n.e.c 1 4 5 3.' 4 4 o 4.5 7.3 4.6 8 5.4 6.7 7.6 H 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 D G e ro p s o s s i s t a c v l i a n i g ms 222..16 1 2 0.6 1 2 5 . . 9 3 2 2 6.5 3 1 2. 7 3 2 4 1. 21.0 2 2 9 . . 8 6 28. . 5 7 27 . .0 9 3 1 1 . .6 1 32 . . 9 6 20 1 .5 4 3 4 . . 5 3 Demand deposits and curr.. 5.7 1.1 5.5 3.4 .6 -2.0 6.2 10. 7.8 -3.5 6.4 -2.1 12.8 Time dep. at comm. banks. 8.0 1. 5.8 9.4 15.6 9.7 11.8 11.9 7.8 6.3 22.7 13.8 9.6 16.2 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 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 P C e r n ed si i o t n m f a u r n k d e t re in s s e t r r v u e m s ents 4.4 < 5 5 . .9 4 3 . .5 4 3 . . 9 7 4 5 . . 6 7 4 3 . .4 4. . 0 1 4 2 . . 2 6 6 5. .0 6 6. .3 4 4 . . 0 2 7 4 . . 2 9 4 6. . 9 9 4 4 . . 7 5 Investment co. shares US 1.8 i t, 2.0 1.9 1 3 1.6 1.5 2.C 2.7 3.3 2.1 1.3 .8 Corporate bonds .1 1.0 I.A .8 .8 1.9 .9 1.3 9 * 1.2 1.8 Loans j ^ 3.0 .8 2.9 A -2.5 2 A .6 3.8 5^ 1.8 S O e t c h u e r r i t s y o u c r re c d es it , net 4. . 1 6 2.7 4.1 2%.2 9 1 1 . . 1 4 s'.o -1 1 . . 3 9 -4.5 8 1 . . 4 0 3 1. . 6 0 - - 1 . . 9 9 - - 1. .7 4 1 . . 6 1 5 3 . . 8 1 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Apr. 1963 BULL., p. 545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 FLOW OF FUNDS/SAVING 709 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1960 1961 1962 Transaction category, 1958 1959 1960 1961 1962 or sector IV I II in 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. 6.4 -2.1 12.8 A R U S Govt deposits .6 .8 .1 1.2 -1.5 -5. 3 2.5 5.8 -2. 7 3.9 6.5 -4.6 2 B c Other 5.6 .4 -.8 5.5 2.2 2.0 3.3 3.6 4.3 10.5 -7. 4 -.2 2.5 13.9 C D Net increase in assets, by sector.... 6.3 .2 .2 4.8 3.3 .6 -1. 8 4.5 11.6 4.9 7 4.3 -1.1 10.8 D F U S Govt .7 .9 .3 1. 3 -1.5 -5. 7 1.1 9.0 -3. 1 3!4 6.0 -3.0 i 4 F F Other domestic sectors. 6.1 -.5 -.6 4.1 1.9 1.3 2.9 4.3 2.2 7.0 -6.0 -.8 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 2.1 .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 .2 .5 .2 .6 1 .7 7 1.9 -1.6 2 6 -3. 1.7 2.1 -1 1 T j .7 .1 .5 1.2 1.0 .2 1.4 1. 1.5 9 1. .2 1 2 1 T K • .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 s 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 .9 -.4 .8 1.3 2.6 2.0 5.6 1.2 .8 -2. 4 4.8 2.6 .6 2.3 C .8 -A 1.4 .9 1.0 2.1 1.0 9 .9 9 2. 1 .3 .4 1 r> .9 -.9 .3 .6 3 .3 7 6 .2 -.1 1 4 F F Consumer and nonprofit . . 5.3 3.0 3.3 6.6 11.7 5.3 5 8.8 4.8 7.2 16.0 10.8 8.8 113 F G At savings institutions 8.9 8.4 9.5 11.5 133 10.9 112 11. 10.6 12.9 12.4 12.4 13.0 153 G H Memo—Consumer and nonprofit organ — Total 14.0 11.3 12.9 18.0 25 0 16.1 167 20. 15.4 19.6 28.5 23.0 21.8 26 7 H III. U.S. Govt. securities Total net issues 8.3 9.3 -2.7 7.2 6 6 -2.7 1 9. 16.1 3 3 13 8 8.1 -2.3 6.9 A R Short-term direct 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 Other 9.5 2A 2.4 -4.1 1 ] 8.2 22 1 -7. 1 20.8 -8 1 o 4.0 16.3 -7 8 c Net acquisitions by sector . 8.3 9.3 -2.6 7.2 6 7 -2.6 1 9 ^ 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 -11.9 -8 8 9 -.2 4 0 14 5.7 .7 -1 9 E H F I Q T C S C t o o a S n r t e p e s c u . u a m n n r o i d e t n i r e f s l i s o n a c . n a d l b u g n s o i o v n n t e s p s r s ofit - -1 2 — .8 .5 .4 7 2 9 4 1 . . . . . 0 0 0 8 4 - - - 2 3 — 3 .7 . . 1 1 .4 -1 - - . . . 0 8 4 1 4 4 1 - - - 8 8 3 . . . 6 0 3 * c . - - ~ 8 7 l 9 6 1 - - 4 4 4 0 0 6 1 -5 5 4 . . . 0 . 4 2 8 A — 5 4 1 2 3 8 c - -3 3 3 1 0 7 8 c 3 3 . . . . 2 5 3 / -3 2 3 . . . 2 5 . 1 8 - _ 1 / — 0 6 5 5 H G F J I K. 11 ' -6.S 2A 7 S 4 1 8.5 8 9 15.2 j 1 11 7 i — 4 1 8 6 T 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 T, N M O P I S n a s M C v u i o n r o a m g n n s e m c ta i e e n r r s a y c t n i i a t a d u l u t b p t i h o a e o n n n r k s s i i s t o ie n s funds 2 8 . . 2 2 -8.2 .6 — 2 .0 .A 7 5 1. . 5 9 « 2 0 — 9. 1 # c 7 . 2 4 1 .7 2 8 1 -1 10 2 6 1 1 2 . . 5 2 j -4 2 1 6 1 / 5 3 16 9 7 -1 1 .0 .2 * -5.9 .4 3 j 2 4 7 7 M N O P o Finance n.e c i!c - J c .9 1 US 8 1 -.1 *9 2 6 O R Rest of the world .] 3.( .5 1 2 A 6 — 7 1.1 A 2.3 1.1 5 R IV. Other securities Total net issues, by sector 14.9 11.8 11.2 13.7 12 0 12.0 10 18 i 12.5 13 4 12 8 15.7 7.7 11 6 A B State and local govts 5.5 4.7 3.7 5J 5.< 3.7 4 3 9 5.7 6 7 6.1 3.2 4 6 B C r> N Fi o n n a f n in ce a n c c o ia m l p c a o n r i p e o s rations 8.0 5 1 . . 4 0 5 1 . . 4 4 7. .8 0 4'I 5 1 . . 9 9 5.0 9 1 1 2 6.0 4 9 4 * 7 1 . . 0 2 3.? 3 18 5 D C E 1 ' .8 1 f .6 < 7 1 1 1 A c 1.7 E F Net purchases 14.9 11.8 11.2 13.7 12.0 12.0 10.5 18 i 12.5 13 i 12 8 15.7 7.7 116 F G Consumers and nonprofit org 3.6 2.9 2.3 1.5 < 7 0 -2.8 16 4 6 -1.9 -2.6 -2 .0 G H T State and local govts 1.7 1.6 1 1 1'o c 16 9 1.5 18 c 1 1 1.9 e 1.7 1.9 4 H T J 2.5 t 2.: 4 2.2 1 ' 3.7 3 4 6 6.0 3.8 3 7 T K 6.5 7.0 IS 7.: 7 c 7.8 6 7 9.( 8 7 5 6 7.2 6.9 8 2 K T Finance n.e.c ( -1 t 1.0 .8 -4 2.6 -2.5 .6 L N M n Security brokers and dealers.... — l. . i : 1. ' 2 . 1.0 * — 1 .4 .6 — 1 *8 _-| .8 — 1 A 1 * 1 1 . . 9 2 -1 1 " .6 ?- - 2 1 2 . . . 3 3 0 2 2. . . 7 1 6 — — 1 .6 6 .3 2 M N O p I .< 1.1 1.5 2 ( 1 t l.: 1 b 1 2.0 2 7 3 2.1 1.3 8 p 0 Rest of world 3 5 .3 .4 - .1 Q V. Mortgages A Total net borrowing 15.3 19.0 16.2 18.2 24.; 15.4 15.7 17 18.4 21 i 21 25.1 24.2 26.4 A R 1_ to 4-family 10.1 13.2 10.4 12.1 15 10.0 10 11 12.4 14 13 16.0 15.6 17.6 B C Other 5.2 5.8 5.8 6.1 8 5.4 5 5 6.0 7 8.0 9.1 8.7 8.8 C o Net acquisitions 15.3 19.0 16.2 18.2 24 15.4 15 17 18.4 21 ; 21.5 25.1 24.2 26.4 D 2.2 1." 2.: l.: 2 < 1.1 1i i.: 6 4 1.6 0 F F US Govt 2.2 1.2 .( 1. * i.( 17 1( .3 F 2. 2 i * 1.6 3 ( j \A 1 c 2 ; 5.1 4.0 4 S G j r H S I M n a s o v u r in r tg a g n a s g c i e e n s s c t e o i c t m u to t p i r a o n n i s es 7 2 . . 8 0 9 2 . . 5 4 2 8. . 8 8 * 1 2 1 . . # 7 0 < 1 3 3 ; . ( 4 — 9 2 . . 5 6 .3 9 2 * 1 2 0 *; 1 2 1 . . . 0 8 2 1 3 1 2. • \ 2 1 — 2 1; • ] 3 1 3 3 1. . . 2 6 2 1 3 3 . . . 2 5 i 1 3 4. . 8 4 * H J I VI. Bank loans n.e.c. Total net borrowing. 1.2 7.4 2.8 3.1 6 2.4 -1 4.9 8 3.7 5.2 6.5 .4 A R Nonfinancial business 1.4 5. 2.7 2.0 4 2.2 i.: 6 2.0 3.9 4.2 7.0 B r Corporate 3.8 2.6 1.6 2fi 1 ,i 1 4 1 2.9 5.7 C D p N Fa o r n m fa rm non . c . o rp . orate "7 * -2 —- '\ 1 2.9 J 1 . . 2 1 D F G F Financial sectors. -1. t.6 7 1 •G — .6 -2 3i: 1 2 1/ 1 . . 2 8 G F NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Apr. 1963 BULL., p. 545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
710 MEMBER BANKS MAY 1963 INCOME, EXPENSES, AND DIVIDENDS BY CLASS OF BANK (Income in thousands, assets and liability items in millions of dollars) Reserve city All member banks ] Country New York City of City Chicago Other 1958 1959 1960 1961 1962 1962 Revenue 7,126,594 8,074,868 8,927,868 9,216,795 10,153,594 1,643,741 405,919 3,901,904 4,202,030 Interest and dividends on securities: U.S. Govt 1,266,176 1,398,835 1,414,361 1,537,142 1,686,765 228,202 65,282 595,168 798,113 Other 411,403 444,652 467,351 513,410 629,130 106,080 33,294 210,582 279,174 Interest and discount on loans 4,245,404 4,925,848 5,640,438 5,773,423 6,319,741 1,003,720 247,629 2,491,736 2,576,656 Other charges on loans 80,902 95,397 89,469 96,221 115,200 13,182 2,618 59,901 39,499 Service charges on deposits 388,500 421,689 463,666 494,535 532,409 36,210 3,494 210,522 282,183 Other charges, fees, etc 139,686 149,399 162,140 164,256 175,259 28,928 7,752 67,620 70,959 Trust department 364,360 408,503 442,083 483,580 529,701 156,520 42,836 212,212 118,133 Other current revenue 230,163 230,545 248,360 154,228 165,389 70,899 3,014 54,163 37,313 Expenses 4,616,925 5,139,614 5,654,675 6,073,550 7,041,375 1,009,941 255,332 2,702,570 3,073,532 Salaries—Officers. . 632,081 680,090 731,508 778,428 830,300 90,327 24,101 281,127 434,745 Salaries and wages—Others . . 1,349,170 1,438,261 1,557,204 1,585,010 1,671,111 294,968 60,920 674,672 640,551 Officer and employee benefits. 330,584 363,561 82,792 18,287 130,421 132,061 Directors' fees, etc 32,485 34,586 36,884 38,844 40,692 1,641 341 6,201 32,509 Interest on time deposits 1,123,415 1,279,719 1,434,259 1,720,414 2,358,132 277,155 94,621 948,039 1,038,317 Interest on borrowed money.. 23.183 75,r~ 84,220 36,402 62,542 28,747 3,989 24,229 5,577 Net occupancy expense 423,592 458,634 89,970 14,006 162,994 191,664 Furniture and equipment 179,876 217,703 21,931 5,373 85,731 104,668 Other current expenses 1,456,591 1,631,060 1,810,600 980,400 1,038,700 122,410 33,694 389,156 493,440 Net current earnings before income taxes. 2,509,669 2,935,254 3,273,193 3,143,245 3,112,219 633,800 150,587 1,199,334 1,128,498 Recoveries, transfers from reserves, and profits 777,390 296,179 503,710 627,393 396,291 68,693 26,415 132,752 168,431 On securities: Profits 611,514 41,693 283,991 402,424 216,336 40,306 12,563 69,670 93,797 Recoveries 8,157 25,448 10,336 7,133 4,377 416 1,215 686 2,060 Transfers from reserves 54,261 106,235 51,287 79,598 50,147 8,229 9,969 15,181 16,768 On loans: Recoveries 15,848 13,892 19,883 10,230 10,035 235 368 923 8,509 Transfers from reserves 39,679 53,173 66,545 47,237 51,859 16,947 1,817 19,368 13,727 All other 47,931 55,738 71,668 80,771 63,537 2,560 483 26,924 33,570 Losses, charge-offs, and transfers to re- 681,456 1,199,926 847,465 808,173 703,795 127,449 44,262 258,922 273,162 On securities: Sold 74,869 666,514 195,526\ 32,174 51,169 15,721 2,230 10,416 22,802 Charge-offs prior to sale. > 18,200 9,230 1,125 3,012 5,093 Transfers to reserves 253,282 157,997 142,435 210,042 84,632 6,956 6,514 41,077 30,085 On loans: Losses and charge-offs... 15,109 15,382 22,813 21,051 16,825 68 530 800 15,427 Transfers to reserves 240,813 273,068 389,856 417,095 451,526 96,315 31,323 164,733 159,155 All other 97,383 96,835 109,611 90,413 8,389 2,540 38,884 40,600 86,965 Net income before related taxes . 2,605,603 2,929,438 2,962,465 2,804,715 575,044 132,740 1,073,164 1,023,767 2,031,507 Taxes on net income. 1,148,409 1,240,662 1,250,492 1,109,798 242,224 49,481 453,856 364,237 Federal 1,081,498 774,622 1,165,534 1.170,215 1,021,782 216,090 49,481 411,536 344,675 State 66,911 728,418 75,128 80,277 88,016 42,320 19,562 26,134 Net income 1,457,194 46,204 1,688,776 1,711,973 1,694,917 83,259 619,308 659,530 332,820 Cash dividends declared. 646,178 1,256,885 734,830 792,635 831,955 33,469 335,818 271,465 On preferred stock 2.. 1,566 1,173 1,113 1,064 191,203 282 782 On common stock 644,612 689,721 733,657 791,522 830,891 '33',469 335,536 270,683 1,461 '19i *203 Memoranda items: Recoveries credited to reserves 3— 688,260 On securities 8,919 2,848 16,476 10,510 3,541 726 1,593 1,222 On loans 61,132 66,050 58,052 67,224 71,942 10,144 * * 2,i 67 25,058 34,573 Losses charged to reserves 4— On securities 18,823 195,044 43,652 18,350 11,950 869 447 5,354 5,280 On loans 109,169 101,989 233,782 212,941 196,822 25,442 4,818 76,265 90,297 Assets, deposits, and capital accounts: Loans 80,920 87,260 96,823 100,446 108,551 19,941 4,865 42,582 41,162 U.S. Govt. securities 50,349 51,070 44,978 50,415 52,343 7,326 2,133 18,387 24,498 Other securities 15,530 16,626 16,068 17,660 21,328 3,429 1,199 7,077 9,623 Cash assets 38,741 39,468 41,891 41,068 43,548 9,530 2,128 17,594 14,296 Other assets 3,904 4,055 4,645 5,508 5,977 1,996 185 2,069 1,727 Total assets. 189,444 198,479 204,406 215,097 231,746 42,221 10,511 87,710 91,304 Time deposits 50,115 54,124 55.012 63,099 73,097 8,054 2,553 28,313 34,177 Total deposits 169,692 177,160 180,804 189,983 205,029 35,156 9,210 78,469 82,193 Total capital accounts. 14,976 15,821 16,710 17,917 19,066 3,788 918 6,988 7,372 Number of officers 65,694 68,702 71,698 74,734 78,406 5,689 1,386 25,097 46,234 Number of employees. 381,086 399,285 418,339 410,080 420,886 60,271 13,169 163,864 183,582 Number of banks 6,312 6,233 6,174 6,113 6,047 17 13 191 5,826 NOTE.—The schedule for reporting current operating expenses was with data for previous years. For detailed summary of these changes see revised beginning with 1961 and certain items are not directly comparable May 1962 BULL., pp. 526-27. For other notes see following 2 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 MEMBER BANKS, 1962 711 INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item New Phila- Cleve- Rich- St. Minne- Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Revenue 475,7112,510,282 525,376 775,697 411,969 564,663 1,447,207 319,896 267,939 437,228 516,727 1,834,899 Interest and dividends on securities: U.S. Govt 63,858 367,149 84,161154,036 83,158 103,936 297,369 64,712 49,914 82,331 93,743 242,398 Other 20,489 173,298 30,804 60,771 23,789 33,955 107,512 19,511 16,006 24,705 29,387 88,903 Interest and discount on loans 292,4081,545,925 334,889 459,323 301,010 344,653 860,216 200,667 163,228 273,903 3400,0331,203,486 Other charges on loans 3,953 22,896 4,025 6,156 6,502 6,951 11,360 1,695 2,391 2,973 3,682 42,616 Service charges on deposits... 29,824 91,872 20,737 35,788 30,790 40,000 61,273 13,872 16,828 27,792 24,642 138,991 Other charges, fees, etc 12,677 40,058 7,983 8,988 10,431 11,611 23,748 4,908 8,951 6,808 7,148 31,948 Trust department 45,294 190,145 37,171 42,313 18,631 18,137 74,298 10,461 8,514 15,130 12,650 56,957 Other current revenue 7,208 78,939 5,606 8,322 3,658 5,420 11,431 4,070 2,107 3,586 5,442 29,600 Expenses 306,513 ,673,991 361,770 539,187 324,270 400,141 ,038,531 213,289 187,919 289,629 344023 1,362,112 Salaries—Officers 42,847 160,202 42,585 57,957 46,555 54,056 115,764 32,077 29,486 51,805 554 142,412 Salaries and wages—Others.. 90,537 434,560 87,296 11177,720 79,888 96,161 225,879 46,451 39,127 64,764 359 319,369 Officer and employee benefits 20,463 113,136 18,210 23,389 14,493 17,962 51,960 10,752 9,980 12,431 816 56,969 Directors' fees, etc 2,330 6,188 4,344 3,416 3,108 3,050 5,811 2,472 1,703 3,124 112 2,034 Interest on time deposits.... 59,280 535,268 111,695 20111,084 90,506 112,945 396,928 61,208 58,672 77,882 065 552,599 Interest on borrowed money. 1,805 30,385 1,755 3,367 1,575 1,718 6,454 1,120 419 1,757 329 8,858 Net occupancy expense 23,633 131,702 24,760 27,976 21,408 25,030 60,149 14,403 11,440 17,313 776 80,044 Furniture and equipment.... 11,829 41,887 13,869 14,581 11,165 15,593 26,901 6,927 6,199 9,848 684 47,220 Other current expenses 53,789 220,663 57,256 89,697 55,572 73,626 148,685 37,879 30,893 50,705 328 152,607 Net current earnings before income taxes 169,198 836,291 163,606 236,510 153,699 164,522 408,676 106,607 80,020 147,599 172,704 472,787 Recoveries, transfers from reserves, and profits 20,405 124,096 18,002 30,916 14,990 25,057 71,013 14,117 7,870 14,859 13,765 41,201 On securities: Profits 7,895 58,933 7,450 15,960 10,367 15,663 40,813 10,087 4,258 9,794 8,898 26,218 Recoveries 237 656 162 142 84 83 1,576 161 277 314 99 586 Transfers from reserves... 5,023 16,340 846 5,940 1,178 1,940 12,685 869 1,361 498 920 2,547 On loans: Recoveries 509 785 508 615 412 651 1,051 598 905 1,656 1,755 590 Transfers from reserves... 1,095 26,176 4,040 5,780 1,776 473 5,339 586 83 920 195 5,396 All other 5,646 21,206 4,996 2,479 1,173 6,247 9,549 1,816 986 1,677 1,898 5,864 Losses, charge-offs, and transfers to reserves 35,286 205,922 38,492 49,509 24,213 38,215 110,013 20,262 13,095 24,941 38,872 104,975 On securities: Sold 3,695 23,340 4,290 3,470 676 2,169 5,036 931 770 1,577 797 4,418 Charge-offs prior to sale 261 300 1,158 802 543 285 1,753 832 302 958 874 1,162 Transfers to reserves 4,195 21,465 1,992 10,644 2,190 3,989 17,420 4,649 1,023 1,841 1,418 13,806 On loans: Losses and charge-offs 406 948 645 738 1,432 2,130 962 1,340 3,100 2,982 1,254 Transfers to reserves.... 16,286 144,131 24,588 28,383 15,656 23,873 70,712 9,778 8,085 13,289 24,575 72,170 All other 10,443 15,738 5,819 5,322 4,410 6,467 12,962 3,110 1,575 4,176 8,226 12,165 Net income before related taxes.. 154,317 754,465 143,116 217,917 144,476 151,364 369,676 100,462 74,795 137,517147,597 409,013 Taxes on net income 70,507 293,313 53,981 78,836 62,125 57,155 127,705 40,980 30,702 56,740 57,794 179,960 Federal 60,356 260,560 53,598 78,836 60,822 56,052 126,774 40,155 26,788 53,696 57,715 146,430 State 10,151 32,753 383 1,303 1,103 931 825 3,914 3,044 33,530 79 Net income 83,810 461,152 89,135139,081 82,351 94,209 241,971 59,482 44,093 80,777 229,053 89,803 Cash dividends declared 44,534 249,183 48,502 61,405 37,076 36,757 96,795 24,998 19,114 30,078 139,346 On preferred stock 2 51 717 2 1 10 228 17 15 44,167 23 On common stock 44,483 248,466 48,500 61,405 37,075 36,747 96,567 24,981 19,099 30,078 44,167 139,323 Memoranda items: Recoveries credited to reserves 3—• On securities 36 107 95 143 24 58 799 51 256 876 191 On loans 3,462 2,812 4,918 2,039 4,226 11,479 2,150 1,619 4,519 7,377 11,207 Losses charged to reserves 4— On securities 1,279 102 3,642 487 134 1,024 606 6 235 62 421 On loans 11,327 9,569 11,973 6,374 13,861 26,432 5,894 4,469 10,070 18,402 35,462 Assets, deposits, and capital accounts: Loans 4,899 28,703 5,724 8,160 4,920 5,455 15,083 3,539 2,652 4,539 5,698 19,178 U.S. Govt. securities 1,963 11,431 2,606 4,676 2,584 3,241 9,188 2,025 1,474 2,559 2,842 7,753 Other securities 796 5,729 1,024 1,926 828 1,088 3,695 652 525 845 1,057 3,162 Cash assets 1,771 11,863 2,041 2,915 1,997 2,738 6,027 1,654 1,071 2,280 3,091 6,101 Other assets 224 2,335 239 285 213 291 569 118 122 167 326 1,086 Total assets 9,654 60,062 11,634 17,963 10,543 12,814 34,561 7,9 5,844 10,389 13,014 37,280 Time deposits 2,035 15,917 3,944 6,609 3,013 3,465 12,262 2,090 2,000 2,422 3,192 16,149 Total deposits 8,346 51,233 10,306 15,945 9,378 11,536 31,063 7,187 5,286 9,361 11,742 33,648 Total capital accounts 910 5,114 1,072 1,667 875 1,035 2,704 696 466 892 1,076 2,559 Number of officers , 4,051 12,143 4,456 5,297 4,758 5,308 9,859 3,505 3,152 5,390 5,799 14,688 Number of employees 24,855 97,381 23,226 29,465 23,440 27,812 57,381 13,845 11,117 18,344 19,012 75,008 Number of banks 254 451 456 527 421 430 1,005 474 470 765 632 162 i Includes figures for all banks that were members of the FRS at the 2 Includes interest on capital notes and debentures. end of the year (including those becoming members during the year 3 Not included in recoveries shown above. whose returns may cover operations for only part of the year); and in 4 Not included in losses shown above. addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Asset and For other notes see following page. ability data may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
712 MEMBER BANKS, 1962 MAY 1963 INCOME RATIOS OF RESERVE CITY MEMBER BANKS BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - 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 Lo S u 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 a s a c n n o - - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.. 20.1 16.5 18.3 14.5 19.7 16.5 14.4 16.3 17.8 16.8 16.9 18.4 19.4 13.2 14.4 13.4 18.5 16.1 12.8 15.5 16.3 15.9 15.2 15.7 Net income 9.6 10.5 8.1 8.6 10.3 9.6 8.7 8.3 8.7 8.6 8.7 8.7 5.3 6.6 5.4 3.9 5.0 3.9 4.4 4.0 4.3 3.3 4.8 5.7 Percentage of total assets: Total operating revenue 4.93 5.50 4.62 4.29 4.44 4.17 4.07 3.77 4.24 3.98 3.61 4.86 Net current earnings before income taxes.. 2.16 1.22 1.68 1.40 1.52 1.34 1.08 1.45 1.47 1.47 1.40 1.25 Net income 1.03 .78 .74 .83 .79 .78 .65 .74 .72 .75 .73 .59 Sources and disposition of income: Percentage of total operating revenue Interest and dividends on: U.S Govt. securities 12.5 13.5 12.9 18.8 16.7 16.4 19.8 16.4 13.7 15.7 18.0 13.1 Other securities 2.4 6.3 3.9 8.8 4.5 5.0 7.9 5.1 4.6 4.7 4.1 4.9 Revenue on loans 60.3 69.4 65.2 58.4 63.2 65.6 60.7 66.0 65.9 67.7 70.0 68.1 Service charges on deposit accounts 2.6 5.5 3.8 4.0 6.7 5.4 4.6 3.5 3.6 3.7 1.8 7.3 All other revenue 22.2 5.3 14.2 10.0 8.9 7.6 7.0 9.0 12.2 8.2 6.1 6.6 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 Salaries and wages 27.7 24.4 26.9 22.1 27.3 25.9 24.4 22.9 26.0 24.4 19.0 24.8 Officer and employee benefits . 4.2 3.9 4.2 3.2 3.2 3.4 3.7 4.1 4.2 3.2 2.7 3.1 Interest on time deposits 6.8 32.9 12.9 25.3 15.9 17.6 27.6 15.5 16.8 18.1 21.3 31.0 N Ot e h t e o r c c c u u r p r a e n n c t y e x e p x e p n e s n e s s e • 1 1 4 3 . . 5 0 12.1 1 5 4 . . 2 5 13.4 14.5 16.7 13.0 14.5 13.6 13.9 15.7 11.1 Total expenses 77.9 67.4 65.9 67.8 73.4 61.5 65.2 63.1 61.1 74.3 56.2 63.7 Net current earnings before income 22.1 32.6 34.1 32.2 26.6 38.5 34.8 36.9 38.9 25.7 43 8 36.3 Net losses including transfers (or recoveries and profits+) *• 1.3 4.4 7.7 2.6 2.1 .9 2.9 1.7 3.0 2.1 3.9 3.7 Taxes on net income 21.6 3.6 12.5 10.8 14.2 12.6 7.6 17.1 14.8 16.0 14.9 9.8 Net income after taxes 20.9 14.1 16.1 19.2 17.8 18.7 16.1 19.7 17.0 18.8 20.1 12.2 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities 3.32 3.62 3.50 3.38 3.24 3.14 3.37 3.05 3.39 3.21 3.28 3.11 Interest and dividends on other securities.. 2.45 3.20 3.26 3.21 2.92 3.27 3.10 3.11 3.08 3.23 2.87 2.76 Net losses (or recoveries and profits+)l.. + .41 + .25 .15 + .14 + .30 + .44 + .22 + .47 + .08 + .27 + .28 + .16 Return on loans: Revenue on loans 5 69 7 43 5 82 5.50 5.97 6.13 5.69 5.17 5.72 5.72 5.44 6.43 Net losses (or recoveries+)1 .18 .22 .12 .07 .08 .16 .11 .09 .11 .14 .12 Distribution of assets: Percentage of total assets: U S Govt securities 18.5 20.5 17.0 23.8 22.8 21.8 24.0 20.2 17.1 19.5 19.8 20.4 Other securities 4 9 10 9 5.5 11.7 6.9 6.3 10.4 6.1 6.3 5.9 5.2 8.5 Loans 52.3 51.4 51.8 45.6 47.0 44.6 43.4 48.1 48.8 47.1 46.4 51.5 Cash assets 21 5 15 2 23.4 17.4 21.1 25.0 20.5 24.2 25.6 25.6 25.8 16.6 Other assets 2.8 2.0 2.3 1.5 2.2 2.3 1.7 1.4 2.2 1.9 2.8 3.0 Other ratios: Total capital accounts to: Total assets 10.8 7.4 9.2 9.6 7.7 8.1 7.5 8.9 8.3 8.8 8.3 6.8 Total assets less U.S. Govt. securities and cash assets 17.9 11.4 15.4 16.4 13.7 15.2 13.6 16.1 14.4 15.9 15.2 10.8 Total deposits 12.6 8.1 10.4 10.9 8.7 9.0 8.3 10.0 9.2 9.8 9.3 7.5 Time to total deposits . 14.0 53.4 21.4 37.7 25.8 24.5 37.5 21.5 24.4 22.1 26.9 48.6 Interest on time deposits to time deposits.. 2.79 3.75 3.14 3.25 3.08 3.34 3.32 3.05 3.25 3.64 3.18 3.43 5 3 6 21 17 24 15 17 10 28 20 25 1 Net losses is the excess of (I) actual losses charged against net profits NOTE.—Figures do not include reserve city banks in the cities of New plus losses charged against valuation reserves over (2) actual recoveries York and Chicago. and profits credited to net profits plus recoveries credited to valuation reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 MEMBER BANKS, 1962 713 INCOME RATIOS OF COUNTRY MEMBER BANKS BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Boston Y N o e r w k Phila- 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 r i a s a n c n o - - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 17.6 15.1 13.3 13.6 15.7 15.5 14.5 14.4 16.8 16.3 15.1 18.8 Net income before related taxes 15.3 13.5 12.7 12.5 14.8 13.6 13.5 13.3 15.9 15.1 12.1 17.3 Net income 9.0 9.6 8.4 7.9 8.7 8.7 9.0 9.9 9.4 7.9 10.1 Cash dividends declared 4.7 4.2 3.9 3.3 3.6 3.3 3.1 3.2 4.0 3.4 3.4 4.4 Percentage of total assets: Total operating revenue 4.93 4.80 4.45 4.36 4.63 4.58 4.46 4.23 4.77 4.37 4.34 5.28 Net current earnings before income taxes. 1.54 1.13 1.23 1.19 1.40 1.24 1.07 1.22 1.32 1.38 1.25 1.38 Net income .78 .71 .78 .70 .77 .70 .66 .75 .77 .80 .65 .73 Sources and disposition of income: Percentage of total operating revenue : Interest and dividends on: U.S. Govt. securities 13.9 16.3 18.2 21.6 18.1 19.7 23.4 23.5 20.9 20.9 18.3 13.9 Other securities 5.3 7.9 7.2 6.4 5.4 6.7 6.8 7.0 6.6 6.3 7.0 4.8 Revenue on loans 63.3 63.1 64.0 62.4 65.5 60.1 59.2 60.9 59.9 60.4 63.5 67.0 Service charges on deposit accounts 8.2 6.5 4.0 5.5 6.1 8.2 6.0 5.0 7.5 8.1 7.4 8.9 All other revenue 9.3 6.2 6.6 4.1 4.9 5.3 4.6 3.6 5.1 4.3 3.8 5.4 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 Salaries and wages 28.2 24.2 23.2 23.4 25.7 27.0 24.7 25.9 25.4 28.2 28.3 26.8 Officer and employee benefits 4.4 3.5 3.0 2.7 2.9 3.1 3.0 2.8 3.5 2.6 2.6 3.2 Interest on time deposits 15.4 29.4 27.1 26.9 21.9 21.6 29.7 22.2 24.3 17.6 17.7 25.6 Net occupancy expense 5.2 4.8 4.3 4.0 3.9 4.6 4.3 4.5 4.1 4.2 5.5 4.8 Other current expenses 15.5 14.6 14.8 15.7 15.4 16.6 14.3 15.7 15.1 15.7 17.2 13.6 Total expenses 68.7 76.5 72.4 72.7 69.8 72.9 76.0 71.1 72.4 68.3 71.3 74.0 Net current earnings before income taxes 31.3 23.5 27.6 27.3 30.2 27.1 24.0 28.9 27.6 31.7 28.7 26.0 Net losses including transfers (or recoveries and profits-f)J 4.1 2.5 1.2 2.2 1.8 3.2 1.6 2.1 1.5 2.5 5.7 2.1 Taxes on net income 11.3 6.1 8.8 9.2 11.7 8.5 7.5 9.1 9.9 10.9 8.0 10.0 15.9 14.9 17.6 15.9 16.7 15.4 14.9 17.7 16.2 18.3 15.0 13.9 Net income after taxes Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities 3.22 3.36 3.11 3.18 3.20 3.25 3.26 3.29 3.39 3.22 3.32 3.22 Interest and dividends on other securities. 2.60 2.90 2.93 3.05 2.84 3.05 2.91 2.92 3.04 2.79 2.73 3.10 Net losses (or recoveries and profits+)1 • • .01 + .12 + .14 + .12 + .22 + .23 + .27 + .23 + .20 + .20 + .15 + .39 Return on loans: Revenue on loans 6.25 6.19 5.99 6.02 6.55 6.70 6.28 6.34 6.55 6.41 6.72 6.90 Net losses (or recoveries+)1 .15 .13 .12 .11 .11 .22 .14 .14 .11 .19 .30 .16 Distribution of assets: Percentage of total assets: U.S. Govt. securities 21.3 23.3 26.0 29.5 26.3 27.8 32.0 30.2 29.5 24.0 22.9 Other securities 10.0 13.1 11.0 9.2 8.8 10.1 10.4 10.1 10.4 11.2 8.1 Loans 49.9 48.9 47.5 45.2 46.3 41.1 42.0 40.7 43.6 41.0 51.3 Cash assets 16.7 12.9 13.7 14.4 16.8 18.7 14.1 17.4 14.5 21.7 14.9 Other assets 2.1 1.8 1.8 1.7 1.8 2.3 1.5 1.6 2.0 2.1 2.8 Other ratios: Total capital accounts to: Total assets 8.7 7.4 9.2 8.9 8.0 7.4 8.5 7.8 8.5 8.3 7.3 Total assets less U.S. Govt. securities and cash assets 14.1 11.7 15.3 15.6 15.6 15.1 13.7 16.3 14.0 16.2 15.2 11.7 Total deposits 10.1 8.3 10.4 9.8 10.0 8.9 8.1 9.4 8.6 9.4 9.1 8.1 Time to total deposits 29.7 48.5 49.5 47.1 38.7 34.0 47.8 36.3 44.8 28.6 27.5 44.4 Interest on time deposits to time deposits.. 2.94 3.23 2.74 2.79 2.95 3.22 3.04 2.86 2.84 2.98 3.08 3.36 Number of banks 249 431 450 506 404 406 977 45' 460 73' 137 i Net losses is the excess of (1) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries, credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
714 MEMBER BANKS, 1962 MAY 1963 INCOME, EXPENSES, AND DIVIDENDS BY SIZE OF BANK (Amounts in thousands of dollars) Size group—total deposits (in thousands of dollars) Item Total Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 Revenue 10,094,010 41,723 281,220 480,389 858,740 702,396 700,426 2,201,593 4,827,523 Interest and dividends on securities: U.S. Govt 1,675,485 10,085 64,165 101,383 173,063 137,204 133,052 371,303 685,230 Other 626,496 2,248 18,606 34,139 59,760 44,686 45,382 127,634 294,041 Interest and discount on loans 6,288,705 25,662 172,602 295,296 518,048 425,937 419,396 1,377,950 3,053,814 Other charges on loans 114,876 174 1,128 2,843 6,498 7,839 7,103 25,706 63,585 Service charges on deposits 528,856 2,162 16,171 31,976 64,938 50,432 44,171 120,250 198,756 Other charges, fees, etc 174,621 992 5,662 8,780 16,109 12,073 10,387 32,076 88,542 Trust department 520,559 49 476 1,846 12,302 17,566 34,982 124,629 328,709 Other current revenue 164,412 351 2,410 4,126 8,022 6,659 5,953 22,045 114,846 Expenses 6,996,617 30,197 204,499 352,269 637,802 522,191 513,040 1,518,986 3,217,633 Salaries—Officers 823,659 9,401 47,257 63,656 93,925 69,580 63,078 174,068 302,694 Salaries and wages—Others 1,661,722 3,864 32,074 62,263 126,945 111,851 112,297 380,948 831,480 Officer and employee benefits 361,523 801 6,290 12,191 25,325 22,114 23,911 77,855 193,036 Directors' fees, etc 40,346 879 5,279 6,494 8,251 4,433 3,249 6,861 4,900 Interest on time deposits 2,345,167 7,389 61,867 117,629 216,780 178,940 170,568 471,975 1,120,019 Interest on borrowed money 62,470 21 171 242 642 886 1,317 9,358 49,833 Net occupancy expense 455,764 1,826 11,463 20,970 39,881 32,716 31,964 95,981 220,963 Furniture and equipment 216,532 831 6,784 11,815 21,647 16,771 16,373 50,571 91,740 Other current expenses 1,029,434 5,185 33,314 57,009 104,406 84,900 90,283 251,369 402,968 Net current earnings before income taxes 3,097,393 11,526 76,721 128,120 220,938 180,205 187,386 682,607 1,609,890 Recoveries, transfers from reserves, and profits 392,617 1,353 7,689 13,664 30,039 26,801 31,138 100,156 181,777 On securities: Profits on securities 213,524 274 3,241 8,153 20,986 17,239 20,841 49,155 93,635 Recoveries 4,359 45 139 512 690 171 388 236 2,178 Transfers from reserves 49,980 12 337 734 2,039 1,974 2,788 19,695 22,401 On loans: Recoveries 9,760 682 2,626 1,935 1,575 877 311 625 1,129 Transfers from reserves 51,832 188 388 548 1,614 2,059 1,704 10,877 34,454 All other 63,16f 152 958 1,782 3,135 4,481 5,106 19,568 27,980 Losses, charge-offs, and transfers to reserves 699,471 2,248 15,724 26,954 50,227 43,155 47,734 147,458 365,971 On securities: Sold 50,903 86 917 1,678 3,102 3,813 2,731 13,859 24,717 Charge-offs prior to sale 9,185 105 676 1,456 1,436 575 673 1,082 3,182 Transfers to reserves 83,569 14 348 713 4,506 3,430 4,962 25,985 43,611 On loans: Losses and charge-offs 16,251 1,259 4,497 3,530 2,652 1,784 551 1,250 728 Transfers to reserves 449,516 516 6,640 14,378 30,334 26,947 32,973 83,994 253,734 All other 90,047 268 2,646 5,199 8,197 6,606 5,844 21,288 39,999 Net income before related taxes 2,790,539 10,631 68,686 114,830 200,750 163,851 170,790 635,305 1,425,696 Taxes on net income 1,101,800 2,716 19,226 36,165 69,694 61,987 63,333 258,308 590,371 Federal 1,014,126 2,590 18,216 34,510 66,761 59,567 60,749 245,508 526,225 State 87,674 126 1,010 1,655 2,933 2,420 2,584 12,800 64,146 Net income 1,688,739 7,915 49,460 78,665 131,056 101,864 107,457 376,997 835,325 Cash dividends declared 827,665 2,936 17,493 28,901 49,610 42,068 45,264 172,021 469,372 On preferred stock 2 1,064 9 11 68 143 10 629 194 On common stock 826,601 2,936 17,484 28,890 49,542 41,925 45,254 171,392 469,178 Memoranda items: Recoveries credited to reserves 3— On securities 3,541 51 103 178 308 310 2,088 503 On loans 71,875 266 2,639 5,032 7,994 5,671 5,108 14,630 30,535 Losses charged to reserves 4— On securities 11,943 35 108 440 297 443 4,771 5,849 On loans 196,431 441 5,383 11,092 18,848 14,733 16,190 44,255 85,489 Assets, deposits, and capital accounts: Loans 118,203,133 407,681 2,815,903 4,839,553 8,663,485 7,488,576 7,621,042 25,940,448 60,426,445 U.S. Govt. securities 52,673,860 327,216 2,090,689 3,314,924 5,637,845 4,405,455 4,129,67711,614,878 21,153,176 Other securities 24,048,761 74,039 657,565 1,271,691 2,233,580 1,700,987 1,786,303 4,792,308 11,532,288 Cash assets 47,244,956 191,343 1,149,36: 1,831,197 2,997,505 2,478,637 2,591,92810,417,985 25,586,999 Other assets 6,339,064 9,981 92,49: 181,338 360,778 324,351 331,694 1,102,162 3,936,268 Total assets 248,509,774 1,010,260 6,806,01111,438,70319,893,19316,398,00616,460,644 53,867,781122,635,176 Time deposits 79,793,351 301,184 2,445,867 4,436,818 7,930,773 6,271,934 5,923,74316,223,559 36,259,473 Total deposits 218,623,956 891,036 6,103,59710,334,09717,978,22914,794,15614,847,33648,097,568105,577,937 Total capital accounts 19,734,900 114,469 657,573 989,974 1,609,538 1,268,253 1,259,255 4,148,292 9,687,546 Number of officers 77,898 1,775 6,70: 7,747 9,973 6,641 5,516 15,005 24,539 Number of employees 418,801 1,563 10,578 19,648 37,936 32,381 31,439 100,193 185,063 Number of banks 5,966 633 1,783 1,461 1,176 420 207 223 63 1 Total is for banks operating during the entire year, except that 4 Not included in losses above. trust companies having no deposits are also excluded. NOTE.—The figures for assets, deposits, capital accounts, number of 2 Includes interest on capital notes and debentures. officers and employees, and number of banks are as of the end of the 3 Not included in recoveries above. year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 MEMBER BANKS, 1962 715 INCOME RATIOS BY CLASS OF BANK (Computed from aggregate dollar amounts; ratios expressed as percentages) All member banks Reserve city Country New City York of Other 1958 1959 1960 1961 1962 City Chicago 1962 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 16.8 18.6 19.6 17.5 16.3 16.7 16.4 17.2 15.3 Net income before related taxes........ 17.4 12 8 17 5 16 5 14.7 15 2 14 5 15.4 13.9 Net income . .. 9.7 7.9 10.1 9.6 8.9 8.8 9.1 8.9 8.9 Cash dividends declared. 4.3 4.4 4.4 4.4 4.4 5.0 3.6 4.8 3.7 Percentage of total assets: Total operating revenue....... .... 3.76 4.07 4.37 4.28 4.38 3.89 3.86 4.45 4.60 Net current earnings before income taxes 1.32 1.48 1.60 1.46 1.34 1.50 1.43 1.37 1.24 Net income .77 .63 .83 .80 .73 .79 .79 .71 .72 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities. 17.8 17.3 15.8 16.7 16.6 13.9 16.1 15.3 19.0 Other securities 5.8 5 5 5 2 5 6 6.2 6.4 8.2 5.4 6.6 Revenue on loans 60.7 62.2 64.2 63.7 63.4 61.9 61.6 65.4 62.3 Service charges on deposit accounts 5.4 5.2 5.2 5.3 5.2 2.2 .9 5.4 6.7 All other revenue 10.3 9.8 9.6 8.7 8.6 15.6 13.2 8.5 5.4 Total revenue ... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.8 26.2 25 6 25 6 24 6 23 4 20.9 24.5 25.6 Officer and employee benefits 3 6 3.6 5.0 4.5 3.3 3.1 Interest on time deposits..... . 15.8 15.8 16. i 18.7 23.2 16.9 23.3 24.3 24.7 Net occupancy expense 4.6 4.5 5.5 3.5 4.2 4.6 Other current expenses 21.2 21.6 21.6 13.4 13.4 10.6 10.7 13.0 15.1 Total expenses 64.8 63.6 63.3 65.9 69.3 61.4 62.9 69.3 73.1 Net current earnings before income taxes 35.2 36.4 36.7 34.1 30.7 38.6 37.1 30.7 26.9 Net losses including transfers (or recoveries and profits +)* + 1.3 11.2 3.9 2.0 3.0 3.6 4.4 3.2 2.5 Taxes on net income 16.1 9.6 13.9 13.5 11.0 14.7 12.2 11.6 8.7 Net income after taxes 20.4 15.6 18.9 18.6 16.7 20.3 20.5 15.9 15.7 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities. . . 2.51 2.74 3.14 3.05 3.22 3.11 3.06 3.24 3.26 Interest and dividends on other securities...... 2.65 2.67 2.91 2.91 2.95 3.09 2.78 2.98 2.90 Net losses (or recoveries and profits +) *.. + .81 1.71 + .12 + .52 + .21 + .23 + .30 + .21 + .19 Return on loans: Revenue on loans . . 5.35 5.75 5.92 5.84 5.93 5.10 5.14 5.99 6.36 Net losses (or recoveries +) * .06 .04 .18 .16 .12 .08 .06 .12 .15 Distribution of assets: Percentage of total assets: U.S. Govt. securities . 26.6 25 7 22 0 23 4 22.6 17.4 20.3 21.0 26.8 Other securities 8.2 8.4 7.9 8.2 9.2 8.1 11.4 8.1 10.5 Loans 42.7 44.0 47.4 46.7 46.8 47.2 46.3 48.5 45.1 Cash assets 20.4 19.9 20.5 19.1 18.8 22.6 20.2 20.1 15.7 Other assets 2.1 2.0 2.2 2.6 2.6 4.7 1.8 2.3 1.9 Other ratios: Total capital accounts to: Total assets. . . 7.9 8.0 8.2 8.3 8.2 9.0 8.7 8.0 8.1 Total assets less U.S. Govt. securities and cash assets 14.9 14.7 14.2 14.5 14.0 14.9 14.7 13.5 14.0 Total deposits . 8.8 8.9 9.2 9.4 9.3 10.8 10.0 8.9 9.0 Time to total deposits 29 S 30.6 30.4 33.2 35.7 22.9 27.7 36.1 41.6 Interest on time deposits to time deposits 2.24 2.36 2.61 2.73 3.23 3.44 3.71 3.35 3.04 Number of banks •-. 6,312 6,233 6,174 6,113 6,047 17 13 191 5,826 —regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. Ratios based on aggregates show combined results for the banking system as a whole, and, broadly speak- NOTE.—The ratios in this and the following 3 tables were computed ing, are the more significant for purposes of general analyses of credit from the dollar aggregates shown in preceding tables. Many of these and monetary problems, while averages of individual ratios are useful ratios vary substantially from the average of individual bank ratios, primarily to those interested in studying the financial results of operations which were shown in the April BULL., in which each bank's figures of individual banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
716 MEMBER BANKS, 1962 MAY 1963 INCOME RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o ew rk 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 - 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. 18.6 16.4 15.3 14.2 17.6 15.9 15.1 15.3 17.2 16.5 16.1 18.5 Net income before related taxes 17.0 14.8 13.4 13.1 16.5 14.6 13.7 14.4 16.1 15.4 13.7 16.0 Net income 9.2 9.0 8.3 8.3 9.4 9.1 8.9 8.5 9.5 9.1 8.3 9.0 Cash dividends declared 4.9 4.9 4.5 3.7 4.2 3.6 3.6 3.6 4.1 3.4 4.1 5.4 Percentage of total assets: Total operating revenue , 4.93 4.181 4.52 4.32 4.53 4.41 4.19 4.00 4.58 4.21 3.97 4.92 Net current earnings before income taxes 1.75 1.391 1.41 1.32 1.46 1.28 1.18 1.33 1.37 1.42 1.33 1.27 Net income .87 .77! .77 .77 .78 .74 .70 .74 .75 .781 .69 .61 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 13.4 14.6 16.0 19.9 17.4 18.4 20.6 20.2 18.6 18.8 18.1 13.2 Other securities 4.3 6.9 5.9 7.8 5.0 6.0 7.4 6.1 6.0 5.7 5.7 4.8 Revenue on loans 62.3 62.5 64.5 60.0 64.3 62.3 60.2 63.3 61.8 63.3 66.5 67.9 Service charges on deposit accounts 6.3 3.7 3.9 4.6 6.4 7.1 4.2 4.3 6.3 6.4 4.8 7.6 All other revenue 13.7 12.3 9.7 7.7 6.9 6.2 7.6 6.1 7.3 5.8 4.9 6.5 Total revenue 100.0 100.0 100.0 I 100.0 100.0 100.0 100.0 100.0 100.0 100.0 I 100.0 I 100.0 Salaries and wages 28.0 23.7 24.7 22.7 26.5 26.6 23.6 24.6 25.6 26.7 24.0 25.2 Officer and employee benefits 4.3 4.5 3.5 3.0 3.0 3.2 3.6 3.4 3.7 2.8 2.7 3.1 Interest on time deposits 12.5 21.3 21.3 25.9 18.9 20.0 27.4 19.1 21.9 17.8 19.4 30.1 Net occupancy expense 5.0 5.3 4.7 3.6 4.5 4.4 4.2 4.5 4.3 3.9 4.0 4.3 Other current expenses 14.6 11.9 14.7 14.3 14.9 16.7 13.0 15.1 14.6 15.0 16.5 11.5 Total expenses 64.4 66.7 68.9 ! 69.5 67.8 70.9 71.8 66.7 70.1 66.2 66.6 74.2 Net current earnings before income taxes 35.6 33.3 31.1 | 30.5 ! 32.2 29.1 28.2 33.3 29.9 33.8 33.4 ! 25.8 Net losses including transfers (or recoveries and profits+) * 3.2 3.3 3.9 2.4 2.0 2.3 2.7 1.9 1.9 2.3 4.8 3.5 Taxes on net income 14.8 11.6 10.3 10.2 13.0 10.1 8.8 12.8 11.5 13.0 11.2 9.8 17.6 18.4 16.9 17.9 17.2 16.7 16.7 18.6 16.5 18.5 17.4 12.5 Net income after taxes Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities 3.25 3.21 3.23 3.29 3.22 3.21 3.24 3.20 3.39 3.22 3. 3.13 Interest and dividends on other securities 2.57 3.02 3.01 3.16 2.87 3. 2.91 2.99 3.05 2.92 2.78J 2.81 Net losses (or recoveries and profits-)-)1. + .11 + .19 + .06 + .13 + .26 + .30 + .27 + .32 + .18 +.22 + .21 + .19 Return on loans: Revenue on loans 6.05 5.47| 5.92 5.70 6.25 6.45 5.78 5.72 6.25; 6.10j 6.03 6.50 Net losses (or recoveries-}-)1 .16 .091 .12 .09 .09 .19 .11 .12 • 121 .15 .22 .13 Distribution of assets: Percentage of total assets: U.S. Govt. securities 20.3 19.0 22.4 26.1 24.5 25.3 26.6 25.3 25.2 24.6 21.8 20.8 Other securities 8.3 9.5 8.8 10.7 7.9 8.5 10.7 8.2 9.0 8.1 8.1 8.5 Loans 50.8 47.8 49.2 45.4 46.7 42.6 43.6 44.3 45.4 43.7 43.8 51.4 Cash assets 18.3 19.8 17.5 16.2 18.9 21.3 17.4 20.7 18.3 22.0 23.8 16.4 Other assets 2.3 3.9 2.1 1.6 2.0 2.3 1.7 1.5 2.1 1.6 2.5 2.9 Other ratios: Total capital accounts to: Total assets 9.4 8.5 9.3 8.3 8.1 7.8 8.7 8.0 8 6 8 3 6.9 Total assets less U.S. Govt. securities and cash assets 15.4 13.9 15.3 16.1 14.7 15.1 14.0 16.2 14.1 16 1 15.2 10.9 Total deposits 10.9 10.0 10.4 10.5 9.3 9.0 8.7 9.7 9 5 9.2 7.6 Time to total deposits 24.4 31.1 j 38.3 i 41.4 32.1 30.0 39.5 29.1 37.8 25.9 27 2 48.0 Interest on time deposits to time deposits.. 2.91 3.36; 2.83j 3.04 3.00 3.26 3.24 2.93 2.93 3.22 3 13 3.42 Number of banks 254 451 456 j 527 421 430 1,005 474 470 765 632 162 1 Net losses is the excess of (1) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 MEMBER BANKS, 1962 717 INCOME, EXPENSES, AND DIVIDENDS, OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 163,003 85,180 214,728 467,368 237,351 224,705 324,374 146,909 85,084 173,965 239,389 1,539,848 Interest and dividends on securities: U.S. Govt 20,361 11,509 27,607 87,609 39,545 36,858 64,307 24,077 11,650 27,347 43,044 201,254 Other 3,966 5,369 8,337 41,017 10,746 11,127 25,697 7,439 3,914 8,225 9,871 74,874 Interest and discount on loans 96,123 57,651 138,228 268,716 146,326 143,939 194,441 96,192 55,405 116,457 165,1911,013,067 Other charges on loans 2,233 1,458 1,857 4,331 3,707 3,524 2,364 760 682 1,329 2,394 35,262 Service charges on deposits.. 4,156 4,645 8,265 18,780 16,016 12,082 14,820 5,169 3,086 6,453 4,268 112,782 Other charges, fees, etc 7,994 1,454 4,547 5,252 5,794 4,923 4,446 2,098 2,882 1,453 2,753 24,024 Trust department 24,130 2,112 23,030 35,820 13,272 9,960 16,099 8,685 6,917 11,651 9,316 51,220 Other current revenue 4,040 982 2,857 5,843 1,945 2,292 2,200 2,489 548 1,050 2,552 27,365 Expenses 91,598 66,346 136,822 315,089 156,389 152,448 238,028 90,352 55,517 109,729 146,335 1,143,917 Salaries—Officers 12,347 6,233 14,937 28,557 20,824 18,095 18,271 10,779 6,314 14,072 16,808 113,890 Salaries and wages—Others. 32,878 14,542 42,898 74,912 43,873 40,186 60,967 22,920 15,779 28,384 28,574 268,759 Officer and employee benefits 6,804 3,286 8,952 15,019 7,517 7,599 11,846 6,006 3.608 5,511 6,567 47,706 Directors' fees, etc 233 251 476 681 872 571 465 355 236 446 393 1,222 Interest on time deposits. . . 11,020 28,033 27,622 118,031 37,814 39,586 89,468 22,818 14,308 31,449 50,905 476,985 Interest on borrowed money 968 240 1,468 3,108 1,257 1,164 1,852 1,039 316 1,364 3,079 8,374 Net occupancy expense.... 7,323 3,901 11,294 15,679 11,973 9,381 15,164 6,555 3,895 6,156 5,685 65,988 Furniture and equipment... 3,437 1,718 6,020 7,909 5,337 5,101 5,592 2,964 1,936 3,282 4,271 38,164 Other current expenses 16,588 8,142 23,155 51,193 26,922 30,765 34,403 16,916 9.125 19,065 30,053 122,829 Net current earnings before income taxes 71,405 18,834 77,906 152,279 80,962 72,257 86,346 56,557 29,567i 64,236 93,054 395,931 Recoveries, transfers from reserves, and profits 10,366 11,762 3,928 21,537 8,346 13,202 14,116 7,184 1,647 4,717 5,562 30,385 On securities: Profits 3,693 1,409 1,383 10,329 5,522 7,093 6,729 5,336 796 3,961 4,285 19,134 Recoveries 11 15 67 56 31 5 3 494 Transfers from reserves... 3,943 1,243 287 4,409 768 972 618 400 "MO! 190 639 1,202 On loans: Recoveries 43 98 15 42 215 7 77 i 76 23 325 Transfers from reserves .. 500 4,764 633 5,301 1.576 g 1,785 376 62 37 4,325 All other 2,187 4,34! 1,525 1,472 423 4,846 4,921 1,041 202 485 575 4,905 Losses, charge-offs, and transfers to reserves 12,533 15,511 20,525 33,478 13,238 15,279 23,493 9,674 4,145| 8,323 14,864 87,859 On securities: Sold 415 10 2,27 1,111 106 454 390 443 395! 774 110 3,936 Charge-offs prior to sale.. 63 526 266 48 7 280 1 2 172 1,073 Transfers to reserves 2,249 1,936 964 8,716 1,244 2,595 7,345 3,206 281 1,012 695 10,834 On loans: Losses and charge-offs . .. 45 4 422 32 156 47 94 Transfers to reserves 5,040 12,645 13,306 20,268 8,715 8,127 11,475 5,095 3.186 5,475 10,080 61,321 All other 4,829 920 3,346 2,81" 2,903 3,633 4,276 650 250 904 3,760 10,601 Net income before related taxes. 69,238 15,085 61,309 140,338 76,070 70,180 76,969 54,067 27,069 60,630 83,752 338,457 Taxes on net income. 35,103 3,06: 26,758 50,373 33,804 28,205 24,855 25,119 12,582 27,913 35,671 150,411 Federal 29,927 2,106 26,758 50,373 32,885| 27,722 24,312 24,592 10,834 26,297 35,671 120,059 State 5,176 956 919| 483 543 527 1,748 1,616 30,352 j Net income 34,135 12,023 34,551 89,965 42,266 41,975 52,114 28,948 14,487J 32,717 48,081 188,046 Cash dividends declared 18,696 7,548 23,051 40,871 20,439 16,913 26,387 13,96' 12,790 26,395 121,559 On preferred stock2 142 140 7,202 On common stock 18,696 7,406 23,051 40,871 20,439 26,247 13,967 7,202 12,790 '26^395 'i 2^559 Memoranda items: Recoveries credited lo re serves3— On securities 46 28 794 16 707 On loans 1,485 1,025 2,390 912 1,208 3,083 1,041 1,177 2,506 9,190 Losses charged to reserves4— On securities 10 176 3,241 392 366 571 166 1 340 On loans 4,644 2,778 3,740 6,037 3,009 4,827 6,890 2,782 1,814 3,367 6,745 29,632 Assets, deposits, and capital accounts: Loans 1,728 796 2,407 4,966 2,514! 2,406 3,459 1,876 980 2,058 3,078 16,312 U.S. Govt. securities 613 318 788 2,589 1,175 1,910 789 344 853 1,313 6,475 Other securities 162 168 256 1,278 *368| 340 830 239 127 255 344 2,710 Cash assets 710 235 1,087 1,900 1,348 1,635 944 515 1,11 1,708 5,270 Other assets 31 108 165 'll7| 122 136 53 44 188 930 Total assets. 3,307 1,550 4,647 10,898 5,343S i 5,391 7,970 3,901 2,009 4,366 6,631 31,697 Time deposits 395 747 879 3,630 1,228J 1.186 2,697 749 440 863 1,599 13,900 Total deposits 2,827 1,400 4,110 9,624 4.761! 4,831 7,197 3,488 1.801 3,908 5,943 28,581 Total capital accounts 356 114 426 1,048 412: 437 600 348 166 38f 550 2,151 Number of officers 967 528 1,140] 1,998 1,789| 1,530 1,236 89: 503 1,147 1,574! 11,793 Number of employees. 8,344 3,862 10,188 16,930 12,590| 10,817 14,760 6,536! 3,826 7,370 6,922! 61,719 Number of banks 21 17i 24 15 17 10 28 20 25 NOTE.—Does not include reserve city banks in the cities of New York with other banks (including reserve balances), and cash items in process and Chicago. The figures of assets, deposits, and capital accounts are of collection. Total capital accounts are comprised of the aggregate averages of the amounts reported for 4 consecutive official call dates book value of capital stock, capital notes and debentures, surplus, unbeginning with the end of the previous year and ending with the fall call divided profits, reserves for contingencies, and other capital reserves. of the current year. The number of officers, employees, and banks are For other notes see preceding page. as of the end of the year. Cash assets are comprised of cash, balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
718 MEMBER BANKS, 1962 MAY 1963 INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas Fra S nc a i n sco Revenue 312,708 781,361 310,648 308,329 240,618 339,958 716,914 172,987 182,855 263,263 277,338 295,051 Interest and dividends on securities: U.S. Govt 43,497 127,438 56,554 66,427 43,613 67,078 167,780 40,635 38,264 54,984 50,699 41,144 Other 16,523 61,849 22,467 19,754 13,043 22,828 48,521 12,072 12,092 16,480 19,516 14,029 Interest and discount on loans 196,285 484,554 196,661 190,607 154,684 200,714 418,146 104,475 107,823 157,446 174,842 190,419 Other charges on loans 1,720 8,256 2,168 1,825 2,795 3,427 6,378 935 1,709 1,644 1,288 7,354 Service charges on deposits.. 25,668 51,017 12,472 17,008 14,774 27,918 42,959 8,703 13,742 21,339 20,374 26,209 Other charges, fees, etc 4,683 9,676 3,436 3,736 4,637 6,688 11,550 2,810 6,069 5,355 4,395 7,924 Trust department 21,164 31,513 14,141 6.493 5,359 8,177 15,363 1,776 1,597 3,479 3,334 5,737 Other current revenue 3,168 7,058 2,749 2,479 1,713 3,128 6,217 1,581 1,559 2,536 2,890 2,235 Expenses 214,915 597,704 224,948 224,098 167,881 247,693 545,171 122,937 132,402 179,900 197,688 218,195 Salaries—Officers 30,500 63,642 27,648 29,400 25,731 35,961 73,392 21,298 23,172 37,733 37,746 28,522 Salaries and wages—Others., 57,659 125,050 44,398 42,808 36,015 55,975 103,992 23,531 23,348 36,380 40,785 50,610 Officer and employee benefits, 13,659 27,058 9,258 8,370 6,976 10,363 21,827 4,746 6,372 6,920 7,249 9,263 Directors' fees, etc 2,097 4,296 3,868 2,735 2,236 2,479 5,005 2,117 1,467 2,678 2,719 812 Interest on time deposits.... 48,260 230,080 84,073 83,053 52,692 73,359 212,839 38,390 44,364 46,433 49,160 75,614 Interest on borrowed money, 837 1,398 287 259 318 554 613 81 103 393 250 484 Net occupancy expense , 16,310 37,831 13,466 12,297 9,435 15,649 30,979 7,848 7,545 11,157 15,091 14,056 Furniture and equipment.... 8,392 18,238 7,849 6,672 5,828 10,492 15,936 3,963 4,263 6,566 7,413 9,056 Other current expenses 37,201 90,111 34,101 38,504 28,650 42,861 80,588 20,963 21,768 31,640 37,275 29,778 Net current earnings before income taxes , 97,793 183,657 85,700 84,231 72,737 92,265 171,743 50,050 50,453 83,363 79,650 76,856 Recoveries, transfers from reserves, and profits , 10,039 43,641 14,074 9,379 6,644 11,855 30,482 6,933 6,223 10,142 8,203 10,816 On securities: Profits 4,202 17,218 6,067 5,631 4,845 8,570 21,521 4,751 3,462 5,833 4,613 7,084 Recoveries 237 238 160 131 69 16 305 130 277 309 96 92 Transfers from reserves... 1,080 6,868 559 1,531 410 968 2,098 469 851 308 281 1,345 On loans: Recoveries 466 548 410 600 370 436 676 598 828 1,580 1,732 265 Transfers from reserves... 595 4,465 3,407 479 200 464 1,737 210 21 920 158 1,071 All other 3,459 14,304 3,471 1,007 750 1,401 4,145 775 784 1,192 1,323 959 Losses, charge-offs, and transfers to reserves 22,753 62,962 17,967 16,031 10,975 22,936 42,258 10,588 8,950 16,618 24,008 17,116 On securities: Sold 3,280 7,609 2,018 2,359 570 1,715 2,416 488 375 803 687 482 Charge-offs prior to sale.. 261 300 521 276 277 237 621 552 301 956 702 89 Transfers to reserve 1,946 12,573 1,028 1,928 946 1,394 3,561 1,443 742 829 723 2,972 On loans: Losses and charge-offs... 406 645 843 734 1,010 1,600 962 1,308 2,944 2,935 1,160 Transfers to reserves 11,246 35,171 11,282 8,115 6,941 15,746 27,914 4,683 4,899 7,814 14,495 10,849 All other 5,614 6,429 2,473 2,510 1,507 2,834 6,146 2,460 1,325 4,466 1,564 3,272 Net income before related taxes 85,079 164,336 81,807 77,579 68,406 81,184 159,967 46,395 47,726 63,845 70,556 76,887 Taxes on net income 35,404 48,027 27,223 28,463 28,321 28,950 53,369 15,861 18,120 22,123 29,549 Federal 30,429 42,364 26,840 28,463 27,937 28,330 52,981 15,563 15,954 28,827 22,044 26,371 State 4,975 5,663 383 384 620 388 298 2,166 27,399 79 3,178 Net income 49,675 116,309 54,584 49,116 40,085 52,234 106,598 30,534 29,606 1,428 41,722 41,007 Cash dividends declared 25,838 50,432 25,451 20,534 16,637 19,844 36,939 11,031 11,912 48,060 17,772 17,787 On preferred stock 2 51 575 2 1 10 88 17 15 23 On common stock 25,787 49,857 25,449 20,534 16,636 19,834 36,851 11,014 11,897 1177,,228888 17,772 17,764 Memoranda items: Recoveries credited to reserves 3— On securities 36 177 107 49 115 24 58 5 51 240 169 191 On loans 1,977 4,965 2,038 2,528 1,127 3,018 6,229 1,109 1,352 3,342 4,871 2,017 Losses charged to reserves 4— On securities 1,178 2,907 401 95 134 211 35 6 69 61 81 On loans 6,683 14,769 5,829 5,936 3,365 9,034 14,724 3,112 2,655 6,703 11,657 5,830 Assets, deposits, and capital accounts: Loans 3,170 7,966 3,317 3,194 2,406 3,049 6,758 1,662 1,672 2,480 2,620 2,866 U.S. Govt. securities 1,350 3,788 1,818 2,087 1,365 2,066 5,145 1,236 1,130 1,705 1,529 1,278 Other securities 635 2,132 767 648 460 748 1,666 413 398 590 714 453 Cash assets 1,062 2,097 954 1,016 872 1,390 2,264 711 556 1,162 1,382 831 Other assets 130 308 131 120 96 169 247 66 79 86 138 156 Total assets 6,347 16,291 6,988 7,065 5,199 7,422 16,081 4,087 3,835 6,024 6,383 5,584 Time deposits 1,639 7,115 3,065 2,979 1,785 2,279 7,012 1,341 1,560 1,559 1,594 2,248 Total deposits 5,519 14,677 6,196 6,321 4,617 6,704 14,656 3,699 3,485 5,453 5,800 5,067 Total capital accounts 555 1,213 646 619 462 597 1,187 348 300 510 527 408 Number of officers 3,08' 5,926 3,316 3,299 2,969 3,778 7,237 2,613 2,649 4,243 4,225 2,895 Number of employees 16,511 33,248 13,038 12,535 10,850 16,995 29,452 7,309 7,291 10,974 12,090 13,289 Number of banks 249 431 450 506 404 406 977 457 460 737 612 137 For notes see preceding 2 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 INSURED COMMERCIAL BANKS 719 INCOME, EXPENSES, AND DIVIDENDS (Amounts in thousands of dollars) All insured Banks not members of FRS Item 1959 1960 1961 1962 1959 1960 1961 1962 Revenue 9,669,352 10,723,545 11,069,604 12,218,959 1,595,680 1,796,553 1,850,932 2,074,638 Interest and dividends on securities: U.S. Govt 1,732,174 1,790,341 1,901,732 2,093,207 333,645 376,205 363,426 406,759 Other 546,253 578,783 629,134 759,030 101,689 111,501 115,287 129,996 Interest and discount on loans 5,856,688 6,698,655 6,891,442 7,578,200 931,548 1,058,716 1,118,074 1,258,459 Other charges on loans 111,991 108,655 117,259 139,645 16,605 19,194 20,830 24,445 Service charges on deposits 531,916 589,954 630,458 681,243 110,227 126,288 135,632 148,834 Other charges, fees, etc 205,935 218,566 223,283 237,446 56,550 56,438 58,881 62,194 Trust department 426,016 460,251 502,871 543,916 17,574 18,223 19,385 23,041 Other current revenue. 258,381 278,340 173,425 186,272 27,844 29,988 19,417 20,910 Expenses 6,264,207 6,932,820 7,440,492 8,589,177 1,125,626 1,278,924 1,363,507 1,553,750 Salaries—Officers 892,657 966,643 1,028,869 1,098,146 212,689 235,234 249,831 268,992 Salaries and wages—Others 1,684,159 1,831,323 1,869,961 1,975.406 245,985 274,188 284,042 306,195 Officer and employee benefits 377,494 419!098 47,010 56,162 Directors' fees, etc 51,866 56,292 59,794 63:236 17,288 19,412 20,875 22,559 Interest on time deposits 1,580,250 1,785,086 2,106,645 2,845;283 301,185 351,346 385,372 487,151 Interest on borrowed money 78,350 87,385 37,997 64:325 2,452 3,165 1,589 1,765 Net occupancy expense 510,691 555i670 86,691 97,316 Furniture and equipment 224,852 267,885 43,991 50,244 Other current expenses 1,976,926 2,206,091 1,300,128 346,028 395,579 244,106 1,224,189 263,366 Net current earnings before income taxes 3,405,145 3,790,725 3,629,782 470,054 517,629 487,425 3,629,112 520,888 Recoveries, transfers from reserves, and profits.. 328,889 574,826 467,061 32,712 71,119 81,066 On securities: 708,171 70,947 Profits 47,277 329,322 256,987 5,585 45,334 49,922 40,818 Recoveries 27,946 12,927 453,730 6,241 2,498 2,590 2,794 1,864 Transfers from reserves 111,447 55,568 9,934 56,761 5,212 4,281 6,980 6,614 On loans: 86,574 Recoveries 20,551 25,684 16,825 16,902 6,660 5,802 6,504 6,867 Transfers from reserves 57,607 70,211 51,817 56,610 4,434 3,666 5,641 4,751 All other 64,062 81,114 89,291 73,560 8,324 9,446 9,225 10,033 Losses, charge-offs, and transfers to reserves. 1,361,515 978,422 935,461 836,665 161,615 130,971 124,400 132,939 On securities: C So h l a d rge-oflfs prior to sale. 745,081 219,767 f 4 2 4 1 , , 2 3 9 5 0 4 5 1 8 2 , , 9 6 3 0 9 3 78,590 24,254 1 3 1 , , 0 74 6 6 2 7 3 , , 8 37 2 3 0 Transfers to reserves....... 168,003 156,232 224,678 95,039 10,006 13,797 13,414 10,407 On loans: Losses and charge-offs ... 25,459 35,760 31,194 30,107 10,078 12,947 11,664 13,282 Transfers to reserves 318,965 451,667 481,200 528,710 45,897 61,811 64,076 77,184 All other 104,006 114,996 132,745 111,267 17,043 18,162 20,438 20,873 Net income before related taxes. . 2,372,519 3,387,129 3,401,822 3,260,178 341,151 457,777 444,091 458,896 Taxes on net income. 884,458 1,384,397 1,406,102 1,256,382 109,842 143,737 153,445 148,397 Federal 832,797 1,300,940 1,317,292 1,159,725 104,385 135,408 144,928 139,505 State 51,661 83,457 88,810 96,657 5,457 8,329 8,517 8,892 Net income 1,488,061 2,002,732 1,995,720 2,003,796 231,309 314,040 290,646 310,499 Cash dividends declared 776,386 831,546 895,053 941,189 86,686 96,736 101,903 110,701 On preferred stock 1 2,219 2,024 1,823 1,763 758 851 704 699 On common stock 774,167 829,522 893,230 939,426 85,928 95,885 101,199 110,002 Memoranda items: Recoveries credited to reserves2— On securities 5,585 18,294 9,911 4,714 2,737 1,818 699 1,173 On loans 73,790 68,232 73,844 84,863 7,740 10,180 11,623 12,921 Losses charged to reserves: 3— On securities 207,061 47,716 22,463 16,305 12,017 4,064 4,124 4,355 On loans 122,315 264,405 249,500 238,825 20,326 30,623 36,284 42,003 Assets, deposits, and capital accounts: Loans 103,872,351 114,275,450 117,969,985 127,789,110 14,795,537 16,601,341 17,532,857 19,244,426 U.S. Govt. securities 61,878,548 57,773,429 61,792,135 64,519,914 111,443,90711,300,088 11,382,348 12,183,097 Other securities 20,284,525 20,092,632 21,660,321 25,761,084 3,812,538 3,877,146 4.002,947 4,434,993 Cash assets 46,881,654 49,317,003 46,613,211 49,438,670 5,366,751 5,605,810 5,546,688 5,891,680 Other assets 4,660,311 5,318,208 6,162,547 6,712,000 519,632 593,275 654,205 735,619 Total assets 237,577,389 246,776,722 254,198,199 274,220,778 35,938,365 37,977,660 39,119,045 42,489,815 Time deposits 66,829,234 69,647,547 77,658,528 89,470,056 12,765,115 13,696,612 14,575,635 16,383,648 Total deposits 213,428,979 22200,099,002288 2•2255,214,703 2:4433,319,55032,678,118866 34,369,335522 35,247,356 3ni88,300,790 Total capital accounts. 18,738,160 19,965,172 21,288,987 22,703,808 2,859,940 3,137,209 3,374,058 3,642,459 30,249 Number of officers 98,934 103,211 107,060 112,200 31,527 32,355 33,895 Number of employees. - 481,666 506,596 496,040 512,739 82,404 88,276 86,339 92,419 Number of banks 13,114 13,126 13,115 13,124 6,885 6,955 7,004 7,079 1 Includes interest on capital notes and debentures. 1962); these are State member banks of the FRS and are included in 2 Not included in recoveries above. member bank figures. 3 Not included in losses above. The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each NOTE.—Includes all insured commercial banks in the United States year. The number of officers, employees, and banks are as of the end and possessions. Excludes 1 mutual savings bank in 1961, 2 in 1962, of each year. and 3 before 1960; and 2 noninsured nondeposit trust companies (1 before Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
720 BANKS AND THE MONETARY SYSTEM MAY 1963 CONSOLIDATED CONDITION STATEMENT (Amounts in millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Date Gold T r c e r u u n e r a r c y - s y - U.S. Govt. securities Other l T i i a a t o n i b e t d i a s l l - de T p o o t s a i l ts C m a a p i n s i d c ta . l st o a u n t d - - Total Lo n a e n t s, m C e o rc m ia - l Federal s ri e t c ie u s - ca n p e it t al, cur a r n e d ncy co a u c n - ts, ing Total and Reserve Other net savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30, 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31, 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31, 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31, 21,690 008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1957—Dec. 31, 22,781 146 229,470 115,157 91,370 65,792 24,238 1,340 22,943 257,397 236,372 21,023 1958—Dec. 31, 20,534 5,234 249,082 121.602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—Dec. 31, 19,456 311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—Dec. 31, 17,767 398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—June 30, 17,550 437 269,828 145,784 96,121 68,104 27,253 764 27,923 292,816 265,604 27,212 Dec. 30, 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Jan. 31 16,800 5,600 282,600 150,000 102,700 73,500 28,500 700 29,800 305,000 276,300 28,600 Feb. 28 16,800 5,600 283,000 151,500 101,400 72,300 28,400 700 30,200 305,400 276,400 29,000 Mar. 28 16,600 5,600 284,800 153,300 100,400 71,000 28,800 700 31,100 307,000 278,100 28,900 Apr. 25 16,500 5,600 287,400 154,900 100,600 71,000 29,000 700 31,800 309,400 280,700 28,700 May 30 16,400 5,600 288,900 156,200 100,900 70,700 29,600 700 31,800 310,900 281,600 29,300 June 30 16,435 5,598 293,212 159,463 101,052 70,722 29,663 667 32,697 315,245 286,968 28,275 July 25 16,200 5,600 291,700 158,200 100,300 70,500 29,200 700 33,200 313,500 284,800 28,600 Aug. 29 16,100 5,600 293,900 159,400 101,000 70,200 30,100 700 33,600 315,600 285,300 30,300 Sept. 26 16,100 5,600 297,100 162,800 100,300 70,600 29,100 700 33,900 318,700 289,200 29,500 Oct. 31 16,000 5,600 300,800 164,200 102,300 71,700 30,000 700 34,300 322,400 292,000 30,300 Nov. 28 16,000 5,600 301,900 164,900 102,400 71,700 30,100 700 34,500 323,400 293,000 30,400 Dec. 28 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonallv adjusted) Seasonally adjusted * Not secisonally adjusted Time 3 U. S Government Date For- At Cur- De- Cur- De- Postal eign Treas- comrency mand rency mand Com- Mutual Savings net 5 ury mer- At Total outside deposits Total outside deposits Total mercial savings Sys- cash ciaLI F.R. banks ad- banks ad- banks banks 4 tem hold- and Banks justed 2 justed 2 ings savings banks 1929—June 29 26, 179 3 639 22,540 28 611 19 557 8,905 149 365 204 381 36 1933—june 30 19 172 4 761 14 411 21 656 10 849 9 621 1 186 50 264 852 35 1939—Dec. 30 36, 194 6,401 29,793 27,059 15 258 10,523 1,278 1,217 2,409 846 634 1941—Dec. 31 48,607 9 615 38,992 27,729 15 884 10,532 1,313 • 498 2,215 1 895 867 1945 Dec. 31 102 341 26 490 75,851 48,452 30 135 15 385 2,932 2 141 2 287 24 608 977 1947—Dec. 31.... 110,500 26,100 84,400 113^597 26 476 87,121 56'411 35 249 17 746 3',416 1,682 1,336 1 452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25 398 92,272 59,247 36 314 20 009 2,923 2,518 1,293 2 989 668 1955—Dec. 31.... 133,500 27,400 106,100 138,199 28 285 109,914 78,378 48 359 28 129 1,890 3,167 767 4 038 394 1957—Dec. 31 133,600 27,800 105,800 138,555 28 301 110,254 89,126 56 139 31 662 1,325 3,270 761 4 179 481 1958—Dec. 31.... 138,800 28,100 110,700 144,247 28 740 115,507 98,306 63 166 34 006 1,134 3,870 683 4 558 358 1959—Dec. 31.... 140,200 28,200 112,000 144,824 29 422 115,402 101,779 65 884 34 947 948 3,203 391 5 319 504 1960—Dec. 31.... 139,200 28,200 111,000 144,458 29 356 115,102 108,468 71 380 36 318 770 3,184 377 6 193 485 1961—June 30.... 140,900 28,200 112,700 139,649 29 361 110,288 117,280 79,092 37 486 702 ,250 379 6 638 408 Dec. 30.... 144,800 28,700 116,100 150,578 30 053 120,525 121,216 82,145 38 420 651 ,497 422 6 219 465 1962—Jan. 31.... 143,700 29,100 114,600 145,600 28 700 117,000 123,400 84,200 38 600 600 ,300 500 5 200 400 Feb. 28.... 144,400 29,300 115,100 143,600 28 900 114,800 125,200 85,800 38 800 600 1,300 400 5 400 400 Mar.28.... 144,000 29,200 114,800 141,900 28 900 113,000 127,600 87,700 39 200 600 1,300 400 6 500 500 Apr. 25.... 145,800 29,200 116,600 145,800 28 900 116,900 128,400 88,600 39 200 600 1,300 400 4 200 600 May 30.... 143,500 29,200 114,300 141,900 29,300 112,600 130,000 90,100 39 300 600 1,300 400 7 500 600 June 30.... 143,300 29,300 114,000 142,522 30,433 112,089 132,106 91,734 39,791 581 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 1,300 400 800 600 Aug.29.... 142,900 29,300 113,600 141,600 29,500 112;i00 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 29,700 117,100 136,500 95,100 40,800 600 1,200 400 6,600 500 Nov.28.... 145,800 29,600 116,200 147 600 30,100 117,600 136,800 95,300 41,000 500 1,200 400 6,300 600 Dec. 28.... 147,600 29,600 118,000 153 162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1 Series began in 1946; data are available only for last Wed. of the NOTE.—Includes all commercial and mutual savings banks, F.R. Banks, month. Postal Savings System, and Treasury currency funds (the gold account, For description of series and back data see Feb. 1960 BULL., pp. 133-36. Treasury currency account, and Exchange Stabilization Fund). 2 Other than interbank and U.S. Govt., less cash items in process of For description of statement and back figures (except for seasonally collection. adjusted money supply), see Jan. 1948 BULL., pp. 24-43, except that 3 Other than interbank. Treasurer's open account, and those of Postal stock of F.R. Banks held by member banks is included in other securities Savings System in banks. and in capital and misc. accounts, net, and balances of the PSS and the 4 Before June 30, 1947, includes a small amount of demand deposits. ESF with the Treasury are netted against capital and misc. accounts, net. Beginning with June 1961 includes amounts reported by insured mutual Except on call dates, figures are partly estimated and are rounded to savings banks as demand deposits, previously reported as time deposits nearest $100 million. or other liabilities. 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
MAY 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 721 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . t c . urit O ie t s her a C ss a e s t h si c b c T o a i a l l a o u p i i n c a t t i n - d i a - t e t a l s s l 2 Total i m I D n a e t n - e d rba T nk im x e U.S D . ema O nd ther Time 3 r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r ks - Govt. Other All banks: 1939—Dec.30.. 50,884 22,165 19,417 9,30223. 068 68,242 9,874 32,516 25,852 26 8,19415,035 1941—Dec.31... 61,126 26,615 25,511 ;,999 27 908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec.31. ., 140,227 30,362101,288 ,577 35 177 332165,612 14,065 105,935 45,613 22710,54214,553 1947—Dec.31 4. 134,924 43,002 81,19910,72338,388175091161,865 2,793| 240 1,346 94,381 53,105 6611,94814,714 1950—Dec.30... 148,021 60,386 72,894 14!74141 086 191 317 175,296 3,577 462 2,809101,936 56,513 9013,83714,650 1955—Dec.31... 190,780 100,057 70,052 20;670 47 803 242,008220,441 5,059 1,587 3,712123,238 76,844 16318,11214,243 1957—Dec.31.. 203,849115,115 65,792 22!943 49,318 257,864233,020 5,636 1,386 3,903123,993 88,102 80 20,42814,090 1958_Dec.31.. 221,485121,571 73,64126,273 49,911276;430 250,05715,799 2,374 4,253130,132 97,498 8121,70514,020 1959—Dec.31.. 227,831135,958 65,80126,07150;296 283 254,88515,650 1,443 5,054131,622101,116 624 2291513,991 I960—Dec.31.. 238,623144,764 67,242 26;617 53022 298 126 266,19617,080 1,800 5,949133,408107,959 167 24;53913,986 1961—June30.. 242,192 146,164 68,104 27;,923 46457 295567 262,547'3,633 462 6,368125,219116,865 452 25;40513,977 Dec. 30.. 256,700154,318 72,715 2966757368 321 394287,176 7,914 482 5,952141,979120,848 482 26;22713,946 1962—Jan. 31. 255,320152,030 73,470 29,820 47.740 310.470 274• ,22014,190 480 910 131,560 123,080 2,200 26.,28013,943 Feb. 28. 256,100153,580 72,340 30;180 48;540 311;910 275,170 4,110 510 090 130,;570 124,890 2,310 26;390 13,941 Mar. 28. 257,520155,460 70,960 31 100 45;560 310;230 273,720 13,750 510 6;260 125^80 127,220 2,420 26;47013,930 Apr. 25. 259,680156,920 70,950 31 810 46;190 312;940 276.,440 13,730 520 3 ,180 128,090 2,360 26;56013,920 May 30. 260,500158,050 70,680 31 770 46.210 313;720 276; 970 13|200 520 170 126,370 129,710 2,070 26;78013,926 June 30. 263,542160,123 70,722 32697 49.612 320;638 285 ,1'"8"6 '4 ,"4 00'""526 9; 559 131,855 796 27;03613,934 July 25. 263,570159,920 70,460 33 190 45;440 316;200 279,680 3,830 520 ,530 132,290 1,930 26 88013,931 Aug. 29. 265,700161,980 70,160 33 560 45;480 318;280 280,31013,840 510 450 124,"960 133,550 2,750 27 10013,932 Sept. 26. 269,080164,640 70,560 33 880 47.480 323;770 286;17014,530 510 090 128,160 134,880 2,610 27 25013,928 Oct. 31. 272,480166,480 71,700 34300 so;560330380 292;35015,260 520 6,380134,030136,160 2,780 27,45013,925 Nov. 28. 273,510167,240 71,730 34540 48;280 329,070 290,70015,190 520 6;090 132^40 136,560 2,500 27,63013,938 Dec. 28. 280,397172,822 72,563 3501254;939 343,201303,65316,008 535 6,839141,084 139,188 3,635 2804613,940 Commercial banks: 1939—Dec. 30 668 17,238 16,316 114 22.474 65 57, 9,874 32,513 15,331 26 6,88514,484 1941—Dec. 31 746 21,714 21,808 225 26,551 79, 7i; 10,982 44,349 15,952 23 ,17314,278 1 1 9 9 4 4 7 5 — — D D e e c c . . 3 3 1 1 4 , 0 2 1 8 9 4 2 3 6 8 , , 0 0 8 5 3 7 9 6 0 9 , ,2 6 2 0 1 6 , 3 0 3 0 1 6 3 3 4 7 , 5 8 0 0 2 61 1 6 5 0 5 , , 3 3 1 7 2 7 1 1 5 4 0 4 ; ,103 ,7 1 9 4 2 ,065 240 1,34 10 3 5, 9 92 4 1 ,367 3 3 0 5 , , 2 3 4 6 1 0 21 6 9 5180,, 5 095590 1144,,108111 1950—Dec. 30 67: 52,249 62,02712,,:399 40289168,932155,265 ,577 462 2,806 101,917 36,503 9011,590 14,121 1955—Dec. 31 881 82,601 61; 592 16,688 46838 210i,734192,254 ,058 1,585 3,709 123,187 48,715 15915,30013,716 1957—Dec. 31 068 93,899 58,239 1"7",930 48,428 222,696 201,326 636 1,385 3,898 123,967 56,440 7717,36813,568 1958_Dec. 31 ,165 98.214 66,376 20;575 48,990 238,651216,01715,799 2,372 4,250 130,104 63,493 7318,48613,501 1959—Dec. 31 ,270110,832 58,937 2050149,.467 244,686 219 ,649 1,441 5,050131,593 66,169 61519,55613,474 1960—Dec. 31 ,509117,642 61,00320,864 52,150257552 229 ,079 1,799 5,945133,379 71,641 163 20,986 13,472 1961—June 30 ,848117,953 61,824 22,071 595 253,749 224,997 ,633 461 6,362 125,161 79,380 443 21,,7"4"5 "13 ,'4"63 Dec. 30 441124,925 66,57823,937 ; 432 278;561248,689 ,914 481 5,946141,920 82,429 47122,45913,432 1962—Jan. 31. 213,730122,420 67,240 24,070 46910 267,400 235,56014,190 480 4,910131,500 84,480 2,200 2250013,430 Feb. 28. 214,260123,780 66,030 24450 47 540 236,35014,110 510 5,090130,510 86,130 2,310 22 570 13,428 Mar. 28. 215,180125,380 64,440 25;360 44680 266,340 234,43013,750 510 6,260125,920 87,990 2,420 22 63013,417 Apr. 25. 217,390126,610 64,650 26 130 45390269,180 237,20013,730 520 3,920130,120 88,910 2,360 2275013,407 May 30. 217,960127,480 64,400 26 080 45390 269690237,58013,200 520 7,170 126,310 90,380 2,070 2293013,414 June 30. 220,670129,193 64,44327034 48 728 276 220 245,29814,400 525 9,554128,785 92,034 786 23J83 13,422 July 25. 220,410128,730 64,180 27 500 44600 271 520 239,64013,830 520 5,530 127450 92,310 1,930 23,02013,420 Aug. 29. 222,140130,430 63,850 27860 44 670 273230240,05013,840 510 7,450 124,900 93,350 2,750 23,20013,421 Sept. 26. 225,270132,840 64,250 28 180 46630 278 400 245,48014,530 510 8,090128,100 94,250 2,610 23,33013.417 Oct. 31. 228,560134,400 65,550 28 610 49 690 284890 251,47015,260 520 6,380 133,970 95,340 2,780 23,56013,414 Nov. 28. 229,260134,840 65,600 28,820 47 450 283 310249,68015,190 520 6,090132,280 95,600 2,500 23,68013,427 Dec. 28. 235,839140,106 66,434 29,29854049 297 116 262,12216,008 535 6,82r 141,041 97,709 3,62724,09413,429 Member banks: 1939—Dec. 30. 33,941 13,962 14,328 5,651 19. 49,340 9,257 154 743 27.489 11,699 5,52: 6,362 1941—Dec. 31. 43,521 18,021 19,539 5,96123; 61,71710,385 140 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31. 107,183 22,775 78,338 6,07029,845138,304129,67013,576 6422,179 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 1950—Dec. 30. 107,424 44,705 52,36510,35535,524144,660133,08913,106 341 2,523 87,783 29,336 79 9.695 6,873 1955—Dec. 31. 135,360 70,982 50,69713,68041,416179,414163,75' 14,512 1,353 3,327105,400 39,165 13' 12,783 6,543 1 1 9 9 5 5 7 8 _ — _ DDe e c c , . 3 3 1 1 . . 1 1 4 5 2 4 , , 3 8 5 6 3 5 8 8 4 0 , , 0 9 6 5 1 0 4 5 7 4 , , 0 2 7 9 9 9 1 1 4 6 , , 3 5 2 0 4 4 4 4 3 2, 1 7 8 4 8 6 2 1 0 8 2 8,828 1 17 8 0 2 , , 6 8 3 1 ' 6 1 15 5 , , 2 0 2 8 7 2 2 1 , , 1 2 8 4 7 6 3 3, , 8 4 2 7 2 21 1 0 1 5 0 , , 5 4 4 4 ' 8 4 51 5 , , 1 2 3 9 : 0 5 5 < '1 15 4 . , 4 5 6 5 0 4 6 6, , 3 3 1 9 2 3 1959—Dec. 31. 157,879 94,779 46,81316,287 509 205; 184,70615,048 1,338 4,504110.989 52,827 58116.264 6,233 I960—Dec. 31. 165,619 99,933 49,10616,579 756216; 193,02916,436 1,639 5,287112,393 57,27:" 13017,398 6,174 1961—June 30. 168,049 99,99:" 50,36117,696 40 084 213. 189,22613,077 276 5,731 105,568 64,574 38: 18,02'" 6,141 Dec. 30. 179,599106,23: 54,05819,308 49 579 235; 209,63017,195 303 5,381 119,595 67,15" 438 18,638 6,113 1962—Jan. 31. 177,966 ,983 54,573 410 40.971224,961197,48013,623 305 4,376110,287 68,889 2,138 18,683 6,107 Feb. 28. 178,389 ,144 53,46^ 778 41;894 226,210198,38013,560 33: 4,525109,671 70,292 2,26418,749 6,099 A J J M A M u u p u a a l n r g r y y e . . . 2 3 2 2 2 3 0 5 5 8 9 0 . . . . . . 1 1 1 1 1 8 8 8 7 8 3 4 3 1 9 0 ; , , , , , 3 4 0 1 2 8 9 0 9 8 5 7 8 8 0 7 4 2 109 , , , , , ,3 4 7 6 9 2 3 6 2 0 8 1 1 7 4 0 0 2 5 5 5 5 5 5 2 2 2 1 1 1 , , , , , , 1 0 0 1 9 6 0 6 1 4 3 1 3 5 3 9 6 2 20, 9 6 2 2 6 3 1 1 2 1 8 4 8 9 9 8 7 5 4 3 3 3 3 3 2 9 9 9 9 9 . . , ; . ; 0 6 1 9 6 0 2 7 1 2 2 2 2 2 2 2 2 3 2 2 2 9 6 2 6 7 4 , , , , , , 2 2 3 5 8 1 3 3 5 5 0 1 1 3 9 6 6 4 2 2 2 1 1 1 0 0 0 9 9 9 0 6 0 6 8 8 , , , . , . 4 5 0 9 6 6 8 9 7 5 6 7 : 5 8 7 7 4 1 1 1 1 1 1 3 2 3 3 3 3 , , , , , , 2 6 2 1 7 2 4 0 8 7 9 3 1 9 9 8 6 2 3 3 3 3 3 3 5 3 4 3 4 4 1 5 5 8 0 7 4 6 5 8 3 , , , , , . 6 4 9 5 7 6 3 6 5 0 3 9 1 3 2 6 5 4 1 1 1 1 1 1 0 0 0 0 0 0 5 9 5 6 8 4 , , , . , . 6 6 0 2 0 5 2 1 1 8 4 5 9 1 4 0 : 8 7 7 7 7 7 76 2 1 5 3 5 , , , , , , 1 3 6 8 8 1 2 3 0 6 5 6 : 1 : 8 2 2 2 2 2 2 1 , , , , , ' 3 7 0 8 3 " 1 7 3 0 8 " 9 0 5 2 0 " 1 1 1 1 1 1 8 8 9 9 9 9 . , , . . , 7 8 0 1 2 0 8 7 1 7 1 6 : ' 5 9 2 0 6 6 6 6 6 6 , , , , , , 0 0 0 0 0 0 8 7 7 7 6 6 5 3 4 0 2 0 Sept. 26. 186,641 ,240 51,271 130 40;877233,279204.99513,878 33' ,2841106.702 76,794 2,58519.281 6,053 Oct. 31. 189,420 ,711 52,238 23471 43.686 239 009 210.32814,577 339 ,700 112.045 77,66' 2,72219,466 6,054 Nov. 28. 189,619 865 52,097 23 657 41.564 237050 208.25914,502! 3431 5.301 110,181 77,93: 2,42319,546 6,056 Dec. 28. 195,698 637 52,968124092 47.427 249,488 219,46815,309 358| 6,086 117,999 79,716 3,55019,854 6,049 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
722 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, 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 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 i d a t - e a l s l Total i I D n e t - erbank 1 Dema O n t d her r B i o n o w g r s - - c T a o p t i a ta l l N ba b u o n e m f k r - s Govt. Other co a u c n - ts2 mand Time U.S. Time Other Govt. Mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 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 4 18,641 4,944 11,978 1,718 886 19,714 17,763 1417,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 5128,129 2,812 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 26 3311,662 3,059 522 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 2299 3344,006 3,219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 29 34,948 3,359 517 1960—Dec. 31 39,114 27,122 6,239 5,752 872 40,574 36,353 29 36',,318 3,553 514 1961—June 30 40,344 28,211 6,281 5,852 862 41,818 37,551 58 37,487 3,660 514 Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 60 38,420 3,768 514 1962—Jan. 31 41,590 29,610 6,230 5,750 830 43,070 38,660 60 38,600 3,780 513 Feb. 28 41,840 29,800 6,310 5,730 870 43,370 38,820 60 38,760 3,820 513 Mar. 28 42,340 30,080 6,520 5,740 880 43,890 39,290 60 39,230 3,840 513 Apr. 25 42,290 30,310 6,300 5,680 800 43,760 39,240 60 39,180 3,810 513 May 30 42,540 30,570 6,280 5,690 820 44,030 39,390 60 39,330 3,850 512 June 30 42,872 30,930 6,278 5,663 884 44,418 39,888 1 6 60 39,821 10 3,853 512 July 25 43,160 31,190 6,280 5,690 840 44,680 40,040 60 39,980 3,860 511 Aug. 29 43,560 31,550 6,310 5,700 810 45,050 40,260 1 60 40,200 3,900 511 Sept. 26 43,810 31,800 6,310 5,700 850 45,370 40,690 60 40,630 3,920 511 Oct. 31 43,920 32,080 6,150 5,690 870 45,490 40,880 60 40,820 3,890 511 Nov. 28 44,250 32,400 6,130 5,720 830 45,760 41,020 60 40,960 3,950 511 Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 10; 43 41,478 3,951 511 Reserve city member banks: 5 New York City: I 1 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 76 866 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 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1955—Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1,085 756 20,719 2,303 1 2,745 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 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—June 30 28,220 18,054 7,642 2,524 8,616 38,741 32,225 4,211 167 1,380 19,832 6,635 121 3,634! 15 Dec. 30 30,297 19,535 7,862 2,9'0"0 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683) 13 1962—Jan. 31 29,672 18,584 8,152 2,936 9,029 40,856 33,050 4,199 182 978 20,463 7,228 949 3,696 13 Feb. 28 29,895 19,067 7,716 3,112 9,878 41,965 33,944 4,241 202 862 21,163 7,476 1,094 3,706 13 Mar. 28 29,650 19,494 6,827 3,330 8,480 40,147 32,496 3,885 209 1,255 19,481 7,666 1,073 3,689 13 Apr. 25 29,855 19,380 6,948 3,527 8,063 39,851 32,214 3,859 208 860 19,667 7,620 1,065 3.714 13 May 30 29,534 19,223 7,167 3,144 8.292 39,746 32,586 3,902 211 1,373 19,178 7,922 606 3,741 13 June 30 30,396 19,224 7,659 3,513 9; 552 41,910 35,039 4,517 210 1,918 20,296 8,098 381 3,761 13 July 25 29,471 18,852 6,995 3,624 7,578 38,990 32,065 3,923 214 937 18,988 8,003 393 3.748J 13 Aug. 29 (old basis)29,672 19,319 6,619 3,734 7,942 39,576 31,775 3,836 210 1,315 18,247 8,167 1,225 3,764 13 Aug. 29 (new basis) 30,090 19,619 6,709 3,762 8,026 40,085 32,214 3,844 210 1,332 18,552 8,276 1,242 3,806! 16 Sept. 26 30,497 20,234 6,421 3,842 8,488 40,868 33,033 3,990 208 1,459 19,054 8,322 1,384 3,809 16 Oct. 31 31,196 20,693 6,684 3,81910,491 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. 28 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898! 17 City of Chicago: 5 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 J4 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1 552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,225 3 174 4,604 1,103 490 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 ,286 11 222 5,165 1,327 3 628 13 1957—Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 ,333 15 195 4,904 1,345 4 689 14 1958—Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 ,357 34 249 5,136 1,438 3 733 14 1959—Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 ,231 23 272 5,070 1,468 40 762 14 I960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,19" ,380 61 327 4,899 1,530 35 822 10 1961—June 30 7,020 4,249 2,058 714 1,899 9,068 8,03' ,125 10 380 4,602 1,920 10 848 10 Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 ,624 14 369 5,268 2,008 35 870 9 1962—Jan. 31 7,292 4,353 2,038 901 ,873 9,333 8,201 ,154 16 229 4,713 2,089 65 873 9 Feb. 28 7,508 4,509 2,078 921 ,896 9,576 8,285 ,183 17 222 4,673 2,190 209 874 9 Mar. 28 7,652 4,503 2,183 966 ,788 9,613 8,208 ,194 16 323 4,383 2,292 329 870 9 Apr. 25 7,504 4,557 1,880 ,06' ,912 9,592 8,421 ,177 18 158 4,676 2,392 73 877 9 May 30 7,631 4,592 1,926 ,113 ,928 9,720 8,524 ,118 19 356 4,548 2,483 75 884 9 June 30 7,937 4,672 1,936 ,329 ,893 10,009 8,810 ,128 18 546 4,520 2,598 34 894 9 July 25 7,765 4,510 1,907 ,348 ,860 9,795 8,584 ,203 17 256 4,489 2,619 75 890 9 Aug. 29 (old basis; 7,883 4,570 1,923 ,390 ,801 9,852 8,580 ,193 17 361 4,353 2,656 117 895 9 Aug. 29 (new basis] 8,201 4,761 2,001 ,439 ,870 10,247 8,934 ,201 17 384 4,554 2,778 122 925 12 Sept. 26 8,293 4,879 2,028 ,386 ,997 10,469 9,087 ,243 15 440 4,569 2,820 163 930 12 Oct. 31 8,552 4,961 2,175 ,416 2,073 10,815 9,380 ,281 15 366 4,826 2,892 267 944 12 Nov. 28 8,456 5,029 2,025 ,402 2,102 10,738 9,450 ,326 15 279 4,879 2,951 66 941 12 Dec. 28 8,957 5,418 2,129 ,409 2,280 ll,43f 9,993 ,277 18 410 5,264 3,025 262 948 13 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 723 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 Securities Cash b T i l l o i i a t t i - a e l s ! Interbank 1 Other r B o o w r- - c T a a o p c t i - a ta l l N b u o e m f r - Total Loans U.S. ca a p n i d tal Total i De- Demand ings counts banks Govt. Other co a u c n - ts2 mand Time U.S. Time 3 Govt. Other Other Reserve City:6 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1,828 346 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 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,391 57 976 32,36611,647 3 322 336 1955—Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,207 239 1,288 39,83516,164 82 4,641 292 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,91017,701 79,781 72,647 7,506 377 1,429 42:,,259 "2,1074 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,668 21,555 238 6,106 265 1960—Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42,267 22,525 73 6,423 217 June 30 63,670 39,747 18,053 5,870 16,529 82,141 73,557 6,335 62 2,241 39,721 25,199 131 6,684 205 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—Jan. 31 68,056 41,887 19,676 6,49316,479 86,635 76,866 6.745 71 1,621 41,295 27,134 885 7,024 206 Feb. 28 67,806 41,986 19,183 6,63716,884 86,764 76,989 6; 660 77 1,787 40,787 27,678 796 7,071 206 Mar. 28 68,635 42,713 18,840 7,08216,089 86,762 77,084 6,678 73 2,213 39,743 28,377 836 7,087 206 Apr. 25 69,238 42,984 18,891 7,36316,641 87,944 78,042 6,675 77 1,280 41,266 28,744 1,013 7,106 206 May 30 69,433 43,304 18,585 7,544 1166,523 88,089 77,911 6,314 78 2,r~ 39,61129,220 1,058 7,162 206 June 30 70,145 43,824 18,627 7,69417,602 89,885 80,631 6,622 75 3,670 40,60129,663 240 7,201 206 July 25 70,305 43,969 18,482 7,854 1166,409 88,886 78,686 6,633 79 1,927 40,3"6'"7 2"9,680 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 7,734 1166,897 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 40J81 30,067 892 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. 28 73,130 46,567 18,398 8,16519,539 94,914 84,248 7,477 82 2.337 43.609 "3,0743 1,388 7,263 191 Country member banks: 6 1939—Dec. 30 10,224 4,768 3,159 2,297 4, 15,666 13,762 572 154 7,158 5,852 3 1,851 5,966 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,'" 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,121 922 31,97714,865 9 3,532 6,501 1955—Dec. 31 52,775 24,379 22,570 5,82613,342 66,988 61,636 1,505 1,061 39,68119,372 52 4,769 6,220 1957—Dec. 31 56,820 28,191 21,815 6,814 1144,139 72,062 65,991 1,640 1,181 40,724 22,429 30 5,359 6,083 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 1,175 42.349 25,137 37 5,685 6,006 1959—Dec. 31 64,082 33,766 22,535 7,781 14,122 79,567 72,323 1,602 1,508 42; ,356 71 6,035 5,938 1960—Dec. 31 67,890 36,981 22,848 8,060 1144,740 84,126 76,004 1,778 1,783 43, ,011 23 6,599 5,932 1961—June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 1,406 1,730 41,413 30,820 121 6,861 5,911 Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1,925 1,641 46,21131,832 40 7,088 5,885 1962—Jan. 31 72,946 39,159 24,707 9,080 13,590 88,137 79,363 1,525 36 1,548 43,816 32,438 239 7.090 879 Feb. 28 73,180 39,582 24,490 9,10813,236 87,905 79,162 1,476 " 1,654 43,048 32,948 165 7,098 871 Mar. 28 73,317 39,890 24,187 9,240 12,734 87,592 78,807 1,452 1,840 41,945 33,533 142 7,139 857 Apr. 25 74,275 40,503 24,384 9,38813,046 88,846 79,997 1,467 1,208 43,439 33,846 168 7,180 846 May 30 74,582 40,861 24,235 9,48612,959 89,001 79,957 1,355 2,046 42, ,227 263 7,228 845 June 30 75,019 41,492 23,843 9,68513,806 90,555 81,577 1,529 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 1,482 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 1,541 2,380 42, ,483 282 7,339 5,838 Sept. 26 77,919 42,738 25,01310,16813,495 92,992 83,929 1,635 2,546 43, ,880 100 7,394 5,832 Oct. 31 78,665 42,902 25,43210,33114,076 94,316 84,965 1,711 1,984 44,937 36,285 230 7,479 5,833 Nov. 28 79,528 43,506 25,63810,38413,718 94,801 85,286 1,739 2,194 45,08536,220 206 7,555 5,833 Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 1,773 1,931 46,89536,692 172 7,744 5,828 1 Reciprocal balances excluded beginning with 1942. Reclassification NOTE.—Data are for all commercial and mutual savings banks in the of deposits of foreign central banks in May 1961 reduced interbank United States (including Alaska and Hawaii, beginning with 1959). deposits by a total of $1,900 million ($1,500 million time to other time Commercial banks include all nonmember and member commercial and $400 million demand to other demand). banks; stock savings banks and nondeposit trust cos., are included with 2 Includes other assets and liabilities not shown separately. commercial banks. Member banks include 1 national bank in the 3 See note 4 on page 661. Virgin Islands that became a member in May 1957, 2 noninsured non- 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 deposit trust cos. and, before July 1962, mutual savings banks that noninsured nonmember commercial banks with total loans and invest- became members of the Federal Reserve System during 1941 (3 before ments of about $110 million were added, and 8 banks with total loans Jan. 1960, 2 until June 1961, and 1 until July 1962). These banks were and investments of $34 million were transferred from noninsured mutual excluded from commercial banks. savings to nonmember commercial banks. Comparability of figures for classes of banks is affected somewhat 5 These data reflect the reclassification of New York City and city of by changes in F.R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962. For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962 BULL., p. 993. Figures are partly estimated except on call dates. 6 Beginning with Feb. 1960 reserve city banks with total loans and For revisions in series before June 30, 1947, see July 1947 BULL., investments of $950 million and total deposits of $1,070 million were pp. 870-71. reclassified as country banks. Beginning with Aug. 23, 1962 (Topeka and Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city banks with total loans and investments of $500 million and total deposits of $600 million were reclassified as country banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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Financial Statistics * International * Reported gold reserves of central banks and governments 726 Gold production. 727 Net gold purchases and gold stock of the United States. 728 Estimated foreign gold reserves and dollar holdings 729 International capital transactions of the United States. . 730 U. S. balance of payments 739 Money rates in foreign countries 739 Foreign exchange rates 741 Guide to tabular presentation 648 Index to statistical tables. 747 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- 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
726 GOLD RESERVES MAY 1963 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) E pe n r d i o o d f w m E t o o a s r t t l t a e d i- l d i M F I ta n u o r t n n y l d e . - U S n ta i t t e e s d r m w e E s a o s t t r t e l i o - d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t g p h . o e , 1956. 38,105 1,692 22,058 14,355 224 107 71 925 324 1,103 46 57 122 1957. 38,810 1,180 22,857 14,775 126 126 103 915 324 1,100 40 62 81 1958. 39,490 1,332 20,582 17,575 60 162 194 1,270 325 1,078 40 72 83 1959. 40,185 2,407 19,507 18,270 56 154 292 ',134 327 960 43 71 42 1960. 40,520 2,439 17,804 20,275 104 147 293 ,170 287 885 45 78 1961. 41,150 2,077 16,947 22,125 190 162 303 ,248 285 946 48 1962—Mar.. 41,285 2,098 16,643 22,545 164 167 344 ,297 285 964 46 91 Apr.. 2,099 16,519 114 170 363 ,315 285 963 46 91 May. 2,106 16,458 114 174 363 ,318 286 913 45 92 June. 41,280 2,110 16,527 22,645 102 177 363 ,335 286 669 45 93 July.. 2,136 16,182 78 180 419 ,335 286 674 44 93 Aug.. 2,155 16,139 74 182 419 ,342 286 683 44 94 Sept.. 41,350 2,175 16,081 23,095 71 184 419 ,341 286 689 43 83 Oct... 2,179 16,026 68 186 429 ,341 286 695 43 84 Nov.. 2,190 16,014 64 187 439 ,340 286 702 43 64 Dec. *4i*455" r2,194 16,057 23,205 61 190 454 ,365 708 43 57 1963—Jan... 2,199 15,974 58 192 454 ,362 714 43 58 Feb.. 2,225 15,891 195 469 ,364 725 42 58 Mar.. ^41,620 2,226 15,946 ^23,450 198 484 ,372 732 42 Domin- Ger- E pe n r d i o o d f Cuba m D a en rk - R i e c p a u n b- E d c o u r a- E v l a d S o a r l- l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d s o ia - Iran lic Rep. of 1956. 136 22 35 924 1,494 10 247 45 138 1957. 136 22 35 581 2,542 13 247 39 138 1958. 22 35 750 2,639 17 247 37 141 1959. 50 20 38 1,290 2,637 26 247 33 140 1960. 1 20 41 1,641 2,971 76 247 58 130 1961. 19 47 2,121 3,664 87 247 43 130 1962—Mar.. 19 61 2,171 3,666 91 247 43 129 Apr.. 19 62 2,207 3,666 86 247 43 129 May. 19 62 2,235 3,667 89 247 44 129 June. 19 62 2,270 3,667 96 247 44 129 July.. 19 62 2,417 3,667 92 247 44 129 Aug.. 19 62 2,450 3,667 86 247 44 129 Sept.. 19 61 2,481 3,668 86 247 44 129 Oct... 19 61 2,513 3,669 81 247 44 129 Nov.. 19 61 2,545 3,669 77 247 129 Dec. 19 61 2,587 3,679 247 129 1963—Jan... 19 61 2,626 3,694 247 129 Feb.. 19 61 2,673 3,727 247 129 Mar.. 19 61 2,709 3,749 247 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. 14 338 77 167 844 50 49 35 448 224 1957. 20 452 91 180 744 45 49 28 461 217 1958. 34 1,086 91 143 1,050 43 49 19 493 211 1959. 84 1,749 102 142 1,132 30 50 28 548 238 1960. 98 2,203 119 137 1,451 30 52 42 552 178 1961. 84 2,225 140 112 1,581 30 53 47 443 298 1962—Mar.. 98 2,229 140 109 1,581 30 53 47 446 379 Apr.. 98 2,234 140 109 1,581 30 53 47 446 386 May. 98 2,240 140 107 1,581 30 53 47 447 407 June. 98 2,242 151 106 1,581 30 53 47 454 432 July.. 98 2,244 172 106 1,581 30 53 47 455 446 Aug.. 98 2,244 172 98 1,581 30 53 47 467 468 Sept.. 98 2,241 172 97 1,581 30 53 47 469 488 Oct... 98 2,239 172 95 1,581 30 53 47 469 501 Nov.. 98 2,237 172 95 1,581 30 53 47 471 509 Dec. 98 2,243 95 1,581 30 53 47 471 499 1963—Jan... 2,254 95 1,581 30 53 47 471 486 Feb.. 2,284 1,581 30 53 47 476 505 Mar.. 2,286 1,581 30 53 47 551 For notes sec end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 GOLD RESERVES AND PRODUCTION 727 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey U (E . g A y . p R t . ) U d K o n i m i n 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 t o t 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—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 Aug 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 19 104 140 174 2,806 180 401 4 -50 56 1963 Jan 475 181 2,455 104 140 174 2,864 180 401 116 Feb 495 181 2,460 120 174 2,797 401 88 Mar 514 181 2,461 140 174 2,814 401 107 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 ^ c- A So fr u ic th a R de h s o ia - Ghana C o R o f n e t g p 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 ia - India ot A he ll r » 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 '156.6 9.4 7.7 4.4 14.0 37.5 5.7 r64.4 1962 892.7 19 4 145 5 8 3 4 5 13 7 37 4 1962 Feb . ... 67.4 1.6 2 4 3.2 11 4 .9 4 \ A 2 9 5 Mar 72.9 7 2.5 32.1 3.5 12.8 1.1 4 ? 3 1 5 Apr 72.3 1 6 2.4 3.0 12.4 .9 3 2 6 4 May 74 0 <j 2 6 3 4 12 3 6 4 2 3 0 5 June 75.2 6 31.8 3.1 11.8 .8 4 9 3*3 *5 July 76.3 1.6 4.0 11.9 .6 .4 .2 3.3 !5 A Se u p g t 7 76 6 . . 1 6 7 6 3'i.8 4 4 . .8 6 1 1 2 1 . . 0 7 . .7 8 .3 4 ? 1 3 3 .4 4 .5 5 Oct 78.1 6 4.3 12.5 .5 4 "> 3 2 4 Nov 78.5 1 6 3.8 12 1 .3 4 0 3 0 5 Dec 74.7 1.7 3.7 11.7 .4 .3 .8 3.3 1963—Jan 78.0 11.7 Feb 76.5 11.0 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. 2 Gold exports. 3 Quarterly data. American oureau oi lvietai oiausucs. ror me uniieu otales, annual ng are from the Bureau of the Mint and monthly figures are from Amer Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
728 U.S. GOLD MAY 1963 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1961 1962 Area and country 1955 1956 1957 1958 1959 1960 1961 1962 IV I II in IV Western Europe: —84 —83 — 1 — 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 10 34 23 Italy —349 100 25 —261 -30 -249 —25 —5 —20 — 10 31 32 -114 -156 -146 -40 -47 -59 -20 -20 -8 -215 20 -324 -125 102 62 35 —45 50 100 -900 -350 -550 -306 -387 -326 -181 -150 -64 3 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 -1,105 -466 -290 -337 -399 -79 15 5 190 190 Latin American republics: 115 75 67 — 50 —90 85 25 60 Brazil -1 -11 —2 —2 57 — 1 — 1 — 1 — 1 59 Colombia • ... 28 -6 38 10 27 -30 -20 -200 65 Other 14 29 6 2 -5 -22 -17 -5 -3 -1 — 4 Total 14 -28 81 69 19 -100 -109 175 -4 24 59 9 83 Asia: -30 -157 -15 Other -5 * 18 -4 -28 -97 1-101 2-93 -20 -24 -16 -41 -11 Total -5 18 -34 -186 -113 -101 -93 —20 -24 — 16 —41 -11 All other 1 14 -3 -5 -38 -6 -1 -4 -1 2 -2 1 -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 Grand total -68 280 772-2,294 -1,041 -1,669 -820 -833 -494 -291 -102 -434 -6 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 3 Proceeds from this sale invested by the IMF in U.S. Govt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. 4 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 3). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Total To G ta o l 2 ld s T to r c e k a s i ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total To G ta o l 2 ld s T to r c e k a s i ury h c F o u o l r d r r e i e n i n g g c n s y 3 Total T g o o t l a d l 1951 22,873 22,873 22,695 53 53 1962—Apr.... 16,762 16,519 16,495 243 -111 -124 1952 23,252 23,252 23,187 379 379 May... 16,718 16,458 16,434 260 -44 -61 1953 22,091 22,091 22,030 -1,161 -1,161 June... 17,081 16,527 16,435 554 363 69 1954 21,793 21,793 21,713 -298 -298 July. . . 16,678 16,182 16,147 496 -403 -345 Aug.... 16,562 16,139 16,098 423 -116 -43 1955 21,753 21,753 21,690 -40 -40 Sept.... 16,531 16,081 16,067 450 -31 -58 1956 22,058 22,058 21,949 305 305 Oct 16,364 16,026 15,978 338 -167 -55 1957 22,857 22,857 22,781 799 799 Nov.... 16,216 16,014 15,977 202 -148 -12 1958 20,582 20,582 20,534 -2,275 -2,275 Dec... 16,156 16,057 15,978 99 -60 43 1959 19,507 19,507 19,456 -1,075 4-1,075 1963—Jan 16,102 15,974 15,928 128 -54 -83 1960 17,804 17,804 17,767 -1,703 -1,703 Feb.... 16,023 15,891 15,878 132 -79 -83 1961 17,063 16,947 16,889 116 -741 -857 Mar.... 16,078 15,946 15,878 132 55 55 1962 16,156 16,057 15,978 99 -907 -890 Apr.P.. 16,046 15,914 15,878 132 -32 -32 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 Apr. 30, 1963. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 8 on page 737 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 656 and 658. Banks for foreign and international accounts. Gold under earmark its 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
MAY 1963 GOLD RESERVES AND DOLLAR HOLDINGS 729 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1960 Dec. 3I, 1961 Mar. 31, 1962 June 30, 1962 Sept. 30, 1962 Dec. 31, 1962* Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes 1 Western Europe: 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 * 85 31 83 30 80 29 83 29 78 30 98 16 87 * 138 138 2 133 2 135 2 134 2 France 2,160 5 3,110 4 3,360 3 3,664 3 3,643 3 3,741 3 6,447 3 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 * 1,779 4 1,797 3 1,822 2 1,888 2 1,857 2 1,829 1 Norway 112 148 135 126 142 93 131 85 142 91 155 87 636 1 542 1 532 1 584 1 610 1 632 1 Spain 327 1 469 1 516 1 568 1 588 1 623 1 Sweden 397 82 586 93 584 92 607 123 639 102 671 93 Switzerland 2,863 94 3,435 83 3,262 83 3,360 83 3,290 86 3,575 83 152 * 165 * 160 163 * 162 165 United Kingdom 2 4,467 420 4,527 435 4,941 388 4,864 440 4,402 418 4,217 370 Others 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 1 407 1 310 1 301 1 269 1 Brazil 481 2 513 1 492 1 511 1 499 430 1 Chile 180 153 * 160 176 * 147 176 Colombia 236 1 235 1 228 1 252 1 228 1 204 1 Cuba 78 1 44 40 * 38 * 37 16 Gu atemala 68 70 82 * 76 * 58 65 * Mexico 534 7 607 5 615 6 609 6 528 6 626 4 Panama, Republic of 123 1 87 1 82 1 87 1 85 1 98 1 Peru . .. 114 * 131 1 137 137 * 154 * 152 * Uruguay 231 1 237 1 255 1 259 1 272 j 281 1 799 1 819 801 I 765 1 780 j 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 6 236 1 119 1 137 1 125 1 76 J 71 1 Iran 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 2 212 195 1 213 r 198 212 * Thailand 290 * 368 410 431 430 * 437 * Other 991 45 1,168 45 1,211 41 1,204 41* 1,263 41 1,296 40 Total 4,354 92 44,329 56 4,591 52 4,634 52 4,761 52 4,933 50 All other: Australia 235 260 268 281 315 * 337 * South Africa 207 * 330 * 415 * 471 * 535 * 538 * U A R (Eevot) 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 regional 6. 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 2,838 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 Interinitially included as of Dec. 31, 1961, of which $81 million reported for American Development Bank and the International Development Japan. Association. U. S. Govt. bonds and notes are official and private holdings 5 Excludes gold reserves of the U. S. S. R., other Eastern European of U.S. Govt. securities with an original maturity of more than 1 year. countries, and China Mainland. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
730 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 - i Total c O i f a f 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 ^3,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 I960 21 272 4 012 17 260 10 212 7,048 3 476 1,667 3 903 9 046 2 439 2 307 3 115 353 1961 5'22,533 '3i752 5'18,781 '10,940 5'7,841 2,842 2,227 '5,253 '10,322 2,758 2,341 5 2,974 386 1962 Mar '23,214 '4,359 '18,855 '10,468 8,387 2,534 2,491 '5,361 '10,386 2,490 2,397 3,189 '393 Apr '23,408 '4,454 '18,954 '10,265 8,689 2,518 2,469 '5,382 '10,369 2,503 2,516 3,174 392 May '23,536 '4,534 '19,002 '10,458 8,544 2,509 2,399 '5,566 '10 474 2,514 2,385 3,194 '435 June '24,072 '4,510 19,562 '11,205 '8,357 2,622 2,264 '5,713 '10,599 2,897 2,434 3,212 '420 July '23,623 '4,836 '18,787 '10,715 '8,072 2,543 1,853 '5,195 '9,591 3,120 2,427 3,200 449 Aug '24,158 '5,015 '19,143 '11,031 8,112 2,592 1,846 '5 259 '9 697 3 416 2,338 3 233 459 Sept '24,524 '4,943 '19,581 '11,582 '7,999 2,799 1,802 '5 429 '10,030 3,480 2,329 3,280 '462 Oct '25,211 '5,005 '20,206 '11,979 '8,227 2,823 1,853 '5,563 ^10,239 3,894 2,262 3,345 '466 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 24,939 5,100 19,839 11,564 8,275 2,495 1,932 5 591 10 018 3,295 2,558 3,505 463 Feb.*' 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 Mar v 25,130 4,982 20,148 11,764 8,384 2,475 2,193 5,601 10,269 3,137 2,674 3,600 468 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 en rk - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l z a w e n r i d - t- 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 I960 3,903 243 142 54 46 519 63 877 328 82 84 149 227 678 411 1961 r5,253 255 326 52 91 989 67 1 234 216 105 99 153 406 875 '385 1962—Mar '5,361 250 319 49 77 1.189 98 1,187 241 112 86 165 403 818 '367 Apr r5,382 229 293 49 74 261 104 1 185 247 141 98 160 391 808 '342 May '5,566 238 293 60 70 ,445 103 1,147 259 123 108 153 415 830 '322 June '5,713 277 258 52 71 ,394 110 1,187 307 101 130 159 425 951 '291 July . ... '5,224 291 204 44 68 ,046 100 1,095 339 103 132 176 425 913 '259 29 Aug '5,292 316 184 52 70 1,080 98 1,244 258 117 137 144 463 832 '264 33 Sept '5,464 325 170 47 74 ,162 101 1,292 276 112 141 160 458 837 '274 35 Oct '5,597 319 190 55 73 ,205 103 1,310 259 109 156 151 458 885 '290 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 5,621 320 177 56 75 1,272 142 1,182 232 120 167 184 476 861 327 30 Feb.P 5,675 317 189 44 75 1,357 162 1,126 216 134 161 209 507 815 337 26 M^ar JP . 5,629 305 183 65 79 1,414 166 1,099 228 130 157 190 492 812 281 28 1b. Latin America 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- N t S n A a i e l u a n t l n m r h e d i - s . - , l a P p i R c m u a e b n 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 I960 2,422 315 194 135 158 77 37 24 44 397 72 123 72 51 398 210 115 1961 2,398 235 228 105 147 43 23 22 46 495 89 87 84 57 418 262 57 1962—Mar 2,457 243 207 114 137 39 34 28 58 506 92 82 90 75 400 292 60 2,576 221 255 110 140 38 42 29 57 517 97 90 92 75 447 306 60 M?y! '.'.'.'.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 2,732 210 188 129 183 14 35 35 47 558 97 96 105 90 455 315 175 Feb.* 2,748 234 173 116 177 14 39 45 61 589 95 102 103 95 413 324 168 Mar.p 2,831 265 192 123 167 15 41 47 70 596 95 97 108 96 436 325 158 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 731 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 AH Other Asia All other Ko- 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 r R l u e i e b a c - - , P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C R g o o e o f p n , . - S A o fr u i t c h a U (E . g A y . p R t) . Other of the 1958 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 30 16 124 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 Mar 3 189 ^8 74 94 36 71 1,848 183 165 92 306 262 r393 101 27 36 16 r2H Apr .,. 3,174 58 70 88 23 78 1,812 181 173 90 314 287 392 96 27 43 17 209 May. 3,194 62 54 80 18 76 1,855 174 184 85 323 283 '435 97 40 42 25 '231 3,212 56 49 82 26 76 1,906 164 179 85 327 262 '420 104 37 39 19 r221 July . ... 3,200 60 39 79 32 76 1,903 160 169 86 327 269 449 122 37 36 22 232 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 r462 131 35 47 12 r237 Oct 3,345 63 49 39 27 74 2,104 147 163 78 326 275 r466 155 31 42 13 '225 Nov 3,365 62 51 26 22 81 2,111 142 171 76 324 299 r484 158 38 43 17 '228 Dec . ..... 3,426 65 41 28 19 81 2,177 136 174 75 333 297 469 147 35 39 14 234 1963—Jan 3,505 62 46 30 37 87 2,190 129 174 79 348 323 463 142 36 40 13 232 Feb.P 3,512 61 45 30 22 93 2,179 120 181 81 361 339 467 137 36 41 16 237 Mar p 3,600 61 49 30 28 96 2,233 116 180 88 367 352 468 142 32 41 19 234 Id. Supplementary Data8 (end of year) Area or country 1959 1960 1961 1962 Area or country 1959 1960 1961 1962 Other Europe: Other Asia (Cont.): Bulgaria . . . • 1.2 .5 1.2 1.6 Cambodia 19.7 10.9 15.3 12 6 Czechoslovakia 9 .7 1.0 .9 1.1 34.4 6.9 6.5 4.9 Hungary ..... 1.0 1.0 1.1 China Mainland 9 35 8 34 8 34 6 35 7 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 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 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 u°l 47.2 77.5 81.7 Bermuda • 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 11.. . 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 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 M^orocco (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 1.8 n.a. 6.8 35.1 4.0 4.7 12 5 119 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 i 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 $81 million reported for Japan. back figures and further description of the data in this and the following <> Not shown separately until July 1962. tables on international capital transactions of the United States, see 7 Decline from Sept. reflects reclassification of deposits for changes "International Finance" Section 15, Supplement to Banking and Monetary in domicile over the past few years from Cuba to other countries. Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
732 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 o a f n d p e c ri o o u d n , tr o y r area Total U.S. U.S. c in u r f r o e r n e c i i g e n s Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1958 16,159 13,669 6,772 5,823 1.075 2,430 1,951 306 174 59 1959 19,389 16,913 6,341 9.245 ,328 2,398 1,833 295 270 77 I960 21,272 18,929 7.568 9.960 ,401 2,230 1,849 148 233 113 1961 '22,450 '19,944 '8,644 9,751 ,549 2,356 1,976 149 231 150 19613 '22,533 '20,025 '8,707 9,751 ,567 2,358 1,977 149 232 150 1962 Mar . '23,214 '20,573 '8,829 10,218 1,526 '2,457 2,006 156 '295 184 Apr . '23,408 '20,749 '9,155 10,011 1,583 '2,478 2,040 140 '298 181 May '23,536 '20,873 r8,852 10,409 1,612 2,496 2,052 100 344 167 June • . '24,072 '21,219 r8,696 10,973 L,55O 2,676 2,209 107 360 177 JUly ' ' 2 2 3 4 , , 6 1 2 5 3 8 ' ' 2 2 1 0 , , 3 8 7 9 1 0 r r 8 8, , 2 3 8 7 9 6 1 1 1 1 , , 0 6 2 4 0 5 1 1 , , 4 4 9 3 4 7 2 2, , 5 5 4 5 1 3 '2 2 , , 0 0 6 8 6 7 1 10 1 9 2 '3 3 6 54 6 2 1 4 8 6 0 Sept '24,524 '21,739 r8,206 12,082 1,451 2,531 2,057 100 254 Oct '25,211 '22,409 r8.495 12,463 1,451 '2,520 2.050 108 '362 282 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 24,939 22,209 8,858 11,760 1,591 2,566 2,071 123 372 164 Feb.*3 24,991 22,175 8,954 11,599 1,622 2,656 2,103 144 410 160 Marv 25,130 22,315 8,932 11,731 1,652 2,672 2,107 143 422 143 Area and country detail, Jan. 31, 1963 Europe : 320 318 235 75 8 2 Belgium 177 147 89 50 8 30 26 3 * 56 48 32 15 1 8 7 * * * Finland 75 72 48 18 7 2 2 * 1,272 1,224 238 895 92 46 41 3 2 Germany, Fed. Rep. of 2,495 2,453 287 1,841 325 38 33 4 3 142 126 77 20 29 16 16 * * Italy 1,182 1,154 224 800 131 27 24 2 * 1 Netherlands • • 232 204 100 93 10 25 21 1 3 120 92 57 13 22 27 27 1 * * 167 119 114 4 48 48 * * Spain 184 151 119 30 2 32 30 * 2 Sweden 476 458 102 343 13 18 17 1 861 699 279 225 194 104 69 11 24 58 30 28 28 * 2 2 * United Kinsdom . .. 1,932 1,406 1,158 196 52 458 150 51 257 68 14 13 11 2 1 1 Other 285 274 57 105 112 10 * 1 * Regional 30 30 26 5 Total 10,048 9,016 3,280 4,718 1,018 895 525 72 298 137 Canada 3,295 3,078 1,677 1,377 24 204 152 38 15 13 Latin America: 210 99 87 10 2 111 106 4 * Bolivia • 24 6 6 * 18 18 * * Brazil 188 102 89 * 13 86 86 1 * Chile 129 50 49 1 79 78 1 183 94 91 2 1 89 87 i * 14 1 1 13 13 * Dominican Republic 35 17 16 1 18 18 * * El Salvador 4 3 7 5 2 3 0 4 1 1 9 2 1 8 1 3 1 1 1 4 4 1 1 4 4 * * 1 * Mexico 558 353 201 77 75 205 200 1 4 * Neth. Antilles and Suri- 97 42 23 15 4 54 32 3 19 * P P a er n u ama Rep of 1 9 0 6 5 3 1 8 3 3 1 8 2 * 1 8 6 3 7 7 6 3 5 * 1 9 * Uruguay .* 90 33 27 6 57 52 1 4 * Venezuela 455 217 216 238 237 * 1 * Other 290 161 145 2 14 125 113 5 7 4 Regional 175 175 24 18 133 Total 2,732 1,455 1,056 143 257 1,272 1,204 12 55 5 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 733 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (In millions of dollars) Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n 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 Area and country detail, Jan. 31, 1963—Cont. Asia: HonsKonc 62 34 29 5 28 27 • * * India 46 38 27 8 4 7 7 * * Indonesia 30 28 16 12 * 2 2 Iran • ....... 37 30 13 16 * 7 7 * Israel 87 80 54 7 19 6 5 i * Japan ................ 2,190 2,169 1,205 796 168 21 21 * * FCorea Reo of 129 128 125 3 1 1 * Philippines. • 174 149 142 i 7 25 25 * * * 79 72 63 8 8 8 * Thailand 348 345 123 216* 7 3 3 * Other 322 274 213 25 35 47 47 * 1 Total 3,505 3,348 2,010 1,081 257 156 153 2 2 All other: Australia 142 134 49 74 11 4 4 * 4 Conco Reo of the 36 34 34 1 1 South Africa 40 37 35 2 * 2 2 * * U A R. flEeyot) 13 13 10 2 1 * Other 232 198 149 34 16 32 30 2 2 Total 463 416 276 112 28 39 37 * 2 8 Total foreign countries. 20,044 17,314 8,299 7,431 1,584 2,565 2,071 123 372 164 4,895 4,894 559 4 4,329 7 * Grand total 24,939 22,209 8,858 4 11,760 1,591 2,566 2,071 123 372 164 i Includes nonnegotiable, non-interest-bearing special U.S. notes held 2 Principally bankers* acceptances and commercial paper. by the International Monetary Fund, which amounted to $2,965 million 3 These figures reflect the inclusion of data for banks initially included on Mar. 31, 1963; excludes such notes held by the International Develop- as of Dec. 31, 1961. ment Association and the Inter-American Development Bank, which 4 Includes $2,995 million of nonnegotiable, non-interest-bearing special amounted to $276 million on Mar. 31. U.S. notes held by the International Monetary Fund. 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Europe End of period Total 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—Mar 4,970 52 144 37 76 159 222 690 542 1,513 2,131 94 Apr 4,957 47 161 41 68 142 208 667 519 1,538 2,132 101 4,941 55 139 37 68 159 228 686 457 1,583 2,112 103 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 Aug 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 r4,954 r48 r144 45 75 r202 r251 r765 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 4,886 56 134 51 72 184 255 752 449 1,587 1,967 131 Feb P 4 987 56 149 68 67 178 266 784 473 I 616 1 974 140 Mar * 5,050 58 161 61 71 200 279 830 455 1 583 2,040 142 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
734 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 18 I960 264 2 65 13 9 6 33 17 4 g 28 49 11 19 1961 239 20 11 23 6 54 27 5 11 35 16 9 17 1962—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 June 254 5 18 11 27 5 59 24 7 12 20 37 6 23 July 244 7 19 11 28 5 57 26 8 12 16 27 6 22 254 6 19 11 28 5 55 27 9 18 17 31 6 22 Sept 276 7 15 12 28 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 255 7 19 9 35 6 26 34 9 19 16 42 6 27 Feb P 266 8 28 13 39 6 36 35 11 23 19 18 6 24 Mar P 279 8 24 13 39 6 29 32 11 25 22 32 9 29 3b. Latin America Neth., End of period Total A t r i g n e a n- l B iv o ia - Brazil Chile l C o bi m 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 m c u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - Other 1958 J.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 1960 1 156 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961 1 j 5?,?192 6 186 127 125 19 13 17 20 425 13 32 74 55 144 74 1962—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 1,546 189 6 200 154 143 17 15 11 13 409 7 41 81 68 122 70 July ,540 177 6 199 164 147 18 15 12 14 393 7 37 83 63 125 80 Aug. 1,522 164 8 191 158 138 17 15 11 14 397 10 36 86 80 122 75 Sept 1,521 183 4 196 161 137 17 14 10 16 369 11 36 86 89 115 77 Oct 1,524 169 4 188 174 151 17 13 12 17 376 10 32 87 99 94 81 Nov 1,563 182 5 180 174 138 17 19 12 18 400 7 32 84 107 104 84 Dec . 1,618 181 6 171 188 131 17 25 16 19 418 9 30 85 122 102 98 1963 Jan 1,587 156 4 187 170 129 17 24 18 20 427 10 33 89 114 100 89 Feb P 1,616 160 4 175 162 149 17 25 21 20 434 10 38 84 123 104 90 Mar p I 583 161 4 178 153 146 17 26 19 18 423 9 40 87 113 98 91 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 I960 1,052 9 9 33 24 806 19 7 24 121 69 28 3 11 3 24 1961 11,891 9 8 31 36 l1,528 114 10 34 121 85 29 6 10 13 27 1962—Mar 2,131 10 11 28 41 1.777 114 9 33 108 94 32 3 11 16 32 Apr 2,132 12 13 30 39 ,773 108 9 33 115 101 33 4 11 21 32 May 2,112 11 12 32 43 1,761 107 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 ,764 76 6 30 95 124 34 2 12 26 50 AUR 2.044 11 14 25 37 ,766 69 6 33 83 127 40 4 12 23 48 Sept 1,981 13 18 23 36 ,710 69 8 30 74 138 46 4 12 25 51 Oct [,983 13 18 21 37 1,709 70 9 32 74 135 45 2 11 23 54 Nov [,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 1,967 14 17 23 35 1,693 75 11 43 56 131 38 2 9 21 61 Feb.* 1,974 14 20 21 36 1,682 80 13 43 65 140 39 1 12 21 67 Mar.p 2,040 14 24 19 37 1,744 81 14 40 67 143 44 2 18 14 65 For notes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 735 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (In millions of dollars) Short-term Payable in dollars Payable ia foreign currencies Long- End of period, or area term— Loans to— and country total i Total Collec- Total Banks and t o io u n t- s Other Total De w p i o t s h its 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 I960.... 1,698 3,614 3,135 815 482 605 1.233 480 242 238 1961 2,034 4,746 4,160 ,028 618 694 ,821 586 385 200 19612 2,034 4,804 4,217 ,038 622 700 ,857 586 386 200 196"> Mar 2,153 4,970 4,497 ,237 648 736 ,877 473 307 166 Apr 2,100 4,957 4,496 ,261 683 730 ,822 462 278 184 May. 2,094 4,941 4,429 ,327 574 717 ,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 ,822 490 311 179 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 '4,954 r4,329 1,243 631 706 r1,749 625 419 207 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 2,139 4,886 4,371 [,167 658 689 1,857 515 352 163 Feb.* 2,110 4,987 4,443 1,119 676 745 1,903 544 373 171 Marv . 2,116 5,050 4,488 1.108 672 775 1.933 562 375 187 Area and country detail, Jan. 3I, 1963 Europe: Austria 66 7 7 4 * 2 1 1 1 Belgium 12 19 14 4 1 8 1 % * Denmark 13 9 9 2 2 4 1 1 15 35 35 1 * 1 32 4c 4c France. 24 56 49 7 11 12 19 8 8 * Germany, Fed. Rep. of.... 78 134 116 32 28 26 30 18 15 3 Greece 13 6 6 * * 5 * Italy 44 51 49 6 8 13 22 2 2 Netherlands 1 26 20 3 14 1 6 6 Norway 200 34 34 5 2 2 25 1 I Portugal 27 9 9 4 * 2 4 * 4f Spain 10 19 18 5 9 3 1 1 1 39 16 13 1 * 5 7 3 3 18 72 48 17 12 11 9 24 18 Turkey * 42 42 39 * 3 * 4c U Y n u i g t o e s d l a K vi i a ngdom 25 1 18 6 4 6 6 5 2 4 8 8 * 1 * 2 1 2 7 118 98 4c 21 Other 5 26 26 2 11 3 10 * * 4= Total ... 589 752 564 164 92 123 185 187 157 Canada 291 449 280 15 154 7 104 169 112 Latin America: Argentina . . 60 156 131 27 25 35 44 25 25 * Bolivia 4 4 * * 3 1 Brazil 254 187 121 40 52 24 5 66 66 Chile 42 170 170 36 28 28 78 * * Colombia 69 129 129 12 38 23 55 * 4c Cuba 1 17 17 1 16 * 4c * Dominican Republic 24 24 5 * 10 9 El Salvador * 18 18 1 1 6 10 4c < 9 20 20 4 1 7 8 * M^exico . 218 427 420 145 110 34 130 7 1 6 Netherlands Antilles and Surinam 7 10 10 6 4 * Panama, Rep. of 22 33 33 11 9 5 7 * * Peru 14 89 89 8 11 26 43 4t 4c 4t Uruguay 2 114 114 12 4 7 91 * 4c 114 100 99 13 20 50 16 2 1 1 Other 70 87 87 15 21 29 22 * * # Total 881 1,587 1,486 328 330 306 522 101 93 8 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
736 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1963 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (In millions of dollars) Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to— country total1 Total Collec- Total Banks and t o io u n t- s Other Total De w p i o t s h its Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detai1, Jan. 31, 1963—Cont. Asia: Hong Kong 3 14 14 5 4 4 1 India 14 17 16 4 * 6 6 * * Indonesia * * * * Iran 9 23 23 4 1 16 2 Israel 28 35 35 5 2 4 25 Japan . . 74 1,693 1,650 525 33 149 943 43 43 * Korea ReD of 5 5 4 1 Philippines 70 75 75 57 7 4 6 * * Taiwan . . . . . 1 11 11 3 3 6 Thailand 3 43 43 14 • 5 24 Other 16 52 51 20 3 20 9 * * * Total 218 1,967 1,924 636 50 215 1,022 43 43 * All other: Australia 44 38 25 2 4 12 7 12 1 11 Congo, Rep. of the 34 2 2 * 1 South Africa 24 9 8 1 7 * U A R (ERVDO 2 21 20 7 1 12 * * Other 57 62 61 15 27 16 3 1 1 Total 160 131 117 24 32 38 23 14 2 12 Total foreign countries. 2,139 4,886 4,371 1,167 658 689 1,857 515 352 163 1 Mainly loans with an original maturity of more than 1 year. 2 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES* BY TYPE (In millions of dollars) U.S. Govt. bonds & notes1 U. s S e . c c u o ri r t p ie o s r 2 ate Foreign bonds Foreign stocks Net purchases Period c P ha u s r e - s Sales or sales c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - Total r I e n g tl i . o a n n a d l c F o o u r n e t i r g ie n s 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 r2,037 r_944 702 802 -100 1962—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 68 -10 May . ... 142 299 — 156 -93 -63 286 260 26 125 301 — 176 79 79 June 115 136 -21 -5 -16 245 309 -64 56 136 -80 70 108 -38 July 146 119 26 -7 33 168 200 -32 64 89 -24 48 37 11 AUK .. 135 347 -211 — 198 — 13 160 156 4 50 65 -15 48 64 -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 '419 r-168 58 40 18 251 319 -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 21 106 214 202 12 56 314 -258 58 59 -1 Feb.? 123 176 -53 -6 -47 183 190 -7 61 214 -153 50 60 -10 Mar.? 475 437 38 39 j 177 176 * 84 171 -87 60 72 -12 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
MAY 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 737 6. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total i Neth- Swit- United Latin Stocks Bonds Belgium France er- zer- King- Other Total Canada Amer- All lands land dom Europe Europe ica other * 1959. 435 363 73 5 40 31 254 15 35 379 —30 40 46 I960 252 202 50 5 38 171 -48 66 234 -45 36 28 1961 223 323 -99 4 21 20 166 — 17 38 232 — 112 44 58 1962 60 111 -51 —4 4 6 129 -33 21 124 -43 -21 1962 Mar 34 20 14 -1 2 1 16 — 1 -1 16 17 3 Apr 22 21 1 * * * 18 15 • 34 -6 2 -8 May 26 28 -2 1 2 4 21 13 2 43 1 -10 —8 June -64 -65 1 -2 -2 2 -6 -29 1 -36 -14 -4 -9 July -32 -18 -13 * 1 -1 6 -28 -1 -23 -13 * 4 Aug. • 4 4 * • 2 -2 13 -13 2 — 2 1 -2 8 O S N e c o p t v t -1 -5 1 5 2 - _ 2 9 4 1 - - 6 2o -1 « • -1 * -1 * • -15 8 * - -5 1 9 — -3 2 2 -1 -7 0 6 -4 2 * -3• 1 10 * Dec -16 -4 -12 — 1 -3 6 -10 -3 -4 -15 2 -6 2 1963—jan 12 3 9 i -1 -2 -2 4 6 4 ! 1 7 Feb P 7 -9 9 -1 -1 -1 -10 3 10 -2 7 Mar p . * * -2 -1 -3 -2 11 i 3 * 1 ~3 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) Intl. Total Assets in custody Period a r n e d - f c o o re u i n g - n Europe C a a d n a - Amer- Asia o A th l e l r End of period Deposits 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 r-809 -184 -3^9 r_4| -175 -50 1960 217 5,726 11,843 1961 279 6,006 11,905 1962—Mar.... -28 -54 -57 8 # -5 1 Apr.... -21 -24 -23 1 1 ~3 1 1962—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 * -5 1 Aug. 168 6,407 12,689 Sept.... 9 -61 8 -14 2 -57 * Sept. 229 6,767 12,687 Oct -4 r-146 29 -125 r-19 -6 -24 Oct.. 182 7,137 12,706 Nov.... -10 -99 4 -95 * -10 2 Nov. 202 7,132 12,680 Dec... -78 -78 2 -44 -7 -36 7 Dec. 247 6,990 12,700 1963—Jan -35 -224 -3 -197 -12 -12 * 1963—Jan.. 197 7,033 12,789 Feb. P.. 6 -168 -34 -97 -3 -34 * Feb. 192 7,079 12,836 Mar.?.. -29 -69 -42 -11 1 -19 2 Mar. 201 7,277 12,789 Apr. 160 7,478 12,815 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 Total A tr u i s a - m G a e n r- y Italy S l z a w e n r i d - t- Total C a a d n a - Italy 1962—Nov.. 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 Apr.. 551 25 200 200 126 183 125 58 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
738 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1963 10. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilitiesto foreigners Claims on foreigners 5th revised ser.i 6th revised 5th revised ser. i 6th revised ser.i ser.i Area and country 1962 1962 1962 1962 1962 1962 I II II III IV* IV* I II II III IV* IV* Europe: Austria. 2 2 2 3 2 2 3 4 5 4 6 6 Belgium 27 23 24 24 21 21 26 22 25 27 24 24 Denmark . . . 5 4 5 5 3 3 6 7 8 6 8 8 F F r in an la c n e d . . . . 33 1 28 30 1 34 1 32 1 32 1 4 2 6 3 2 7 43 3 49 4 53 51 3 Germanv Fed. Rep. of 30 32 34 38 33 33 101 118 130 106 116 117 Greece 2 2 2 3 1 3 4 4 6 5 5 Italy . .. 24 22 25 27 28 28 51 60 67 62 75 78 Netherlands 43 41 41 27 26 26 35 43 47 37 31 31 Norwav 8 8 8 9 10 10 10 12 12 13 15 Portugal 1 1 1 1 1 7 7 7 6 6 Spain 10 8 8 11 9 9 12 14 16 15 20 20 Sweden . 8 7 7 7 7 7 21 22 23 25 15 Switzerland. 25 15 18 25 24 24 28 24 27 34 24 Turkey 4 5 4 5 6 Y U u n g it o e s d l a K vi i a ngdom 12 5 0 11 6 7 12 6 2 11 4 5 9 4 3 9 4 4 19 2 4 16 2 5 17 2 8 24 2 5 227 3 238 3 Other . 2 2 3 2 2 2 8 5 7 6 7 7 Total... 350 323 341 341 301 302 560 552 609 654 645 661 Canada 45 47 58 67 80 81 687 679 723 824 732 753 Latin America: Argentina.... 6 8 9 9 9 9 36 34 36 32 33 34 Bolivia 1 1 2 2 2 3 3 4 4 4 4 Brazil 27 25 26 23 17 17 60 59 68 90 106 106 Chile 4 4 5 5 4 4 21 21 24 25 25 25 Colombia 2 3 3 3 4 4 13 14 16 17 15 15 Cuba 2 2 2 1 * * 5 6 '6 6 6 6 Dominican Repubilc 1 1 2 2 2 3 4 4 4 6 6 E G l u S at a e l m va a d la or. I * * 1 1 1 5 3 5 3 6 3 6 3 6 6 Mexico g 4 6 7 6 6 42 41 52 53 52 53 Neth Antilles and Surinam 12 8 8 5 5 5 2 3 3 2 6 6 Panama Rep of 27 15 15 18 25 25 9 10 11 10 13 13 Peru 6 4 5 3 8 8 14 12 14 23 20 20 Uruguay 3 2 2 5 1 1 4 4 5 5 6 6 19 19 21 19 23 24 46 38 44 38 33 33 Other 8 8 9 16 20 20 28 31 39 43 44 45 Total 126 105 112 118 126 127 295 '288 '336 362 379 383 Asia: Hong Kon" * . 3 2 2 2 2 2 4 3 3 4 4 4 India 6 4 8 10 11 11 15 24 40 29 34 35 Indonesia 6 2 2 2 2 2 3 2 3 3 3 3 6 5 7 6 6 6 8 6 7 6 7 7 Israel . - 3 1 1 2 2 11 10 14 12 10 10 Japan 68 57 59 66 48 52 100 96 101 112 119 123 P K T h a o i i r l w i e p a a p n i R ne e s p of .. ... 9 * 1 4 * 5 » 5 * 1 3 3 * 3 3 * 2 5 3 9 4 3 1 3 5 1 1 3 3 0 1 4 3 0 1 4 3 1 Thailand . . . . ... 3 • 5* 3 4 4 3 3 3 4 5 5 Other 11 16 17 15 12 12 22 31 33 30 26 26 Total 115 98 107 111 92 96 176 192 223 215 226 231 All other: Australia ... . . . 13 13 13 14 11 11 25 23 25 24 24 24 Congo Rep of the * * * * * 3 2 3 3 3 3 South Africa 11 14 8 9 10 10 10 10 UAR (EevDt) 2 121 1 12 112 112 15 15 17 13 10 10 Other 15 16 18 12 13 13 14 17 22 27 25 26 Total 42 43 46 40 37 37 64 66 77 76 73 73 International 1 * * * * * 1 1 Grand total 677 616 665 678 636 642 1,783 '1,777 '1,969 2,132 2,056 2,102 1 Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through June 30,1962 (5th revised series) and on Dec. 31,1962 (6th 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
MAY 1963 U.S. BALANCE OF PAYMENTS 739 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1959 1960 1961 1962 Item IV III IV III IV II III IV* Exports of goods and services, total *,. 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 Services2 2,105 1,665 1,874 1,890 2,125 ir~ 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 l 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 -2281 -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 1,469 763 365 848 1,180 Increase in foreign short-term assets and Government securities.. 425 586 740 548 254 38 314i 626 890 414 487 319 783 Increase in other foreign assets.... 123 215 180 54 -19 122 2011 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 -296j 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 s n ls u t , h ry s1 m D o a d n y a e - y t y o - 2 3 B a a a m c n n c c o k e e e n p s r t t s , h - * 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 n y a e - y t y o - 3 T d r 6 b e a 0 i a y l - s l s 9 s u 0 , 4 ry m D o a d n y a e - y t y o 5 - T 3 r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r c i 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 .13 2.00 1961—Dec........ 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 11.32 L.ll 2.00 1962—Mar... 3.10 2.81 5.13 4.86 4.32 3.46 3.65 2.00 3.13 1.81 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 2.46 1.75 2.00 June 4.48 3.55 3.98 3.80 3.30 2.50 3.59 2.25 3.31 2,32 1.69 2.00 July 5.47 4.89 4.09 3.90 3.33 2.50 3.66 2.38 2.94 2.21 1.78 2.00 Aug 5.15 5.03 4.02 3.79 3.32 2.50 3.46 2.50 2.50 i.53 1.03 2.00 Sept 5.03 4.99 3.93 3.69 3.36 2.50 3.48 2.50 3.06 L.57 1.10 2.00 Oct 4.46 4.64 3.92 3.71 3.16 2.50 3.51 2.63 2.50 1.96 L50 2.00 Nov 3.81 3.82 4.03 3.77 3.31 2.50 3.50 2.63 2.56 L.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 L.24 2.00 1963—Jan........ 3.82 3.68 3.69 3.51 2.85 2.04 3.39 2.63 2.50 1.93 1.66 2.00 Feb........ 3.68 3.52 3.63 3.45 2.82 2.00 3.45 2.63 2.94 1.67 .00 2.00 Mar. 3.63 3.55 3.70 3.55 2.82 2.00 2.63 3.50 1.88 1.79 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
740 MONEY RATES MAY 1963 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Apr. 30, 1962 Rate Country 1962 1963 A a p s r . o f 30, Per Month 1963 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. I 6.0 Dec. 1957 6.0 Austria. 5.0 Mar. 1960 i 5.0 Belgium 4.0 Mar. 1962 3 75 3 5 | 3.5 Brazil 10.0 Apr. 1958 * 10.0 Burma 4.0 Feb. 1962 4.0 Canada * • . .... 3.32 Apr. 1962 3 77 16 0 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 i 3.0 Cuba. 6.0 Jan. 1960 6 0 6.5 May 1961 j 6.5 Ecuador 5.0 Nov. 1956 j 5.0 Egypt 3.0 Nov. 1952 5.0 5.0 El Salvador 6.0 June 1961 6 0 | Finland 7.0 Apr. 1962 7 0 3.5 Oct. 1960 | j 3]5 Germany 3.0 May 1961 I 3.0 Greece 6.0 Nov. 1960 *? 5 5.5 Honduras 3 3.0 Jan. 1962 3.0 j Iceland 9.0 Dec. 1960 9 0 India 4 4.0 May 1957 4 5 4 5 Indonesia 3.0 Apr. 1946 3.0 Iran 6.0 Nov. 1960 6.0 4.70 Mar. 1962 4.31 4.09 ! 4 0 3 94 1 4 06 3 86 3 69 M 03 4.03 1 . . . Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 i i 3.5 Japan 7.3 Sept. 1961 6.94 6 57 6 21 5 84 5.84 M^exico 4.5 June 1942 4 5 Netherlands 4.0 Apr. 1962 3 5 3.5 New Zealand .. 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 i 3.5 Pakistan . ...... 4.0 Jan. 1959 4.0 Peru. 9.5 Nov. 1959 9 5 Philippine Republic 6 6.0 Jan. 1962 6.0 2.0 Jan. 1944 i i 1 2.0 South Africa 4.5 Dec. 1961 4.6 3 5 3.5 Spain 4.0 June 1961 4.0 Sweden 4.5 Apr. 1962 4.0 3 5 3.5 Switzerland 2.0 Feb. 1959 j 2.0 Thailand 7.0 Feb. 1945 ! 7.0 Turkey 7.5 May 1961 7.5 United Kingdom 4.5 Apr. 1962 | 4.0 4.0 Venezuela . 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some of continue to be .25 of 1 per cent above latest weekly Treasury bill tender these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—3.5 per cent for agricultural and industrial development raised by 1.5 per cent for each month in which the reduction does not paper of up to 150 days, 3 per cent for economic development paper occur. of up to 5 years, and 2 per cent for specific small business, cooperative 3 Rate shown is for advances only. and employee paper; 4 Rate applies to advances against commercial paper as well as against Costa Rica—5 per cent for paper related to commercial transactions govt. securities and other eligible paper. (rate shown is for agricultural and industrial paper); 5 Effective Mar. 29, 1963. On Mar. 5, 1963 the rate had been changed Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by to 3.62 per cent. national public securities; 6 Beginning with June 1, 1962, the rediscount rate for commercial Ecuador—6 per cent for bank acceptances for commercial purposes; bank loans financing the purchase of surplus agricultural commodities Indonesia—various rates depending on type of paper, collateral, comunder U. S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, modity involved, etc.; 1962, the rediscount rate for commercial bank financing of 9 categories Japan—penalty rates (exceeding the basic rate shown) for borrowings of development loans was reduced from 6 to 3 per cent. from the Central bank in excess of an individual bank's quota; Peru—8 per cent for agricultural, industrial and mining paper; and NOTE.—Rates shown are mainly those at which th Venezuela—4 per cent for rediscounts of certain agricultural paper and iscounts or makes advances against eligible com for advances against government bonds or gold and 5 per cent on advances against securities of Venezuelan companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1963 FOREIGN EXCHANGE RATES 741 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Period (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m in ar 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 1960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 I .9080 223.73 3.8685 2.0093 2 93.561 21.034 14.490 .3107 20.405 1962 Apr 3 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 June .8601 223.77 3.8700 2.0098 91.911 21.039 14.511 .3107 20.405 July . .8130 223.63 3.8700 2.0103 92.654 21.036 14 483 .3106 20 405 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 14.487 431.056 5 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 Apr .7252 223.16 3.8676 2.0058 92.851 21.014 14.491 31.055 20.405 Period G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a si l l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26 170 276 56 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277 98 1961 24.903 20.980 280,22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1962 Apr 25.006 21.075 281.40 .16107 .27623 32.766 8.0056 27.772 278 61 May 25.009 21.066 281.21 .16108 .27625 32.759 8.0056 27.821 278 43 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 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 Apr 25.045 20.964 280.07 .16100 .27716 32.594 8.0056 27.828 277.30 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 ) thAfr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z (f e S r r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1957 14 008 49.693 3.4900 278.28 19 331 23 330 279 32 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23 328 280 98 1959 14.028 49.721 3.4967 279.83 2 0S7Q 19 324 23 142 280 88 1960 14 018 49.770 3.4937 279.71 I 6635 19 349 23 152 280*76 1961 14.000 3.4909 279.48 139.57 I.6643 19 353 23 151 280 22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1962 Apr 14.033 3.5032 140.17 1.6651 19.424 23.011 281.40 May 14.022 3.5050 140.08 1.6651 19.428 23 098 281 21 June 14 013 3.5011 139 89 I 6651 19 436 23 172 280 83 July 14.005 3.5000 139.80 1.6651 19.428 23.162 280.66 Aug 13.994 3.4996 139.67 1.6651 19.432 23.136 280.38 Sept 13.982 3.5018 139.52 1.6659 19.410 23.129 280.09 Oct 13.983 ;;;;;;;;;; 3.4899 139.54 1.6661 19.409 23.139 280.13 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 H9 51 1 6661 19 264 23 102 280 06 Apr 13.999 3.4901 139.51 1 6663 19.251 23.099 280.07 1 Quotations not available Mar. 20-Apr. 3, 1962. 5 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 beginning with Apr. 4, 1962. NOTE.—Averages of certified noon buying rates in New York for 4 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, cable transfers. For description of rates and back data, see "International 1963. Finance," Section 15 of Supplement to Banking and Monetary Statistics. 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 742 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 743 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
744 FEDERAL RESERVE BULLETIN • MAY 1963 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Boston... Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York Philip D. Reed Alfred Hayes James DeCamp Wise William F. Treiber Buffalo Thomas E. LaMont Insley B. Smith Philadelphia Walter E. Hoadley Karl R. Bopp David C. Bevan Robert N. Hilkert Cleveland Joseph B. Hall W. Braddock Hickman Logan T. Johnston Donald S. Thompson Cincinnati Howard E. Whitaker Fred O. Kiel Pittsburgh William A. Steele Clyde E. Harrell Richmond Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore Harry B. Cummings Donald F. Hagner Charlotte George H. Aull Edmund F. MacDonald Atlanta Jack Tarver Malcolm Bryan Henry G. Chalkley, Jr. Harold T. Patterson Birmingham Selden Sheffield Edward C. Rainey Jacksonville Harry T. Vaughn Thomas A. Lanford Nashville W. N. Krauth Robert E. Moody, Jr. New Orleans Kenneth R. Giddens Morgan L. Shaw Chicago. .. Robert P. Briggs Charles J. Scanlon James H. Hilton Hugh J. Helmer Detroit James William Miller Russel A. Swaney St. Louis Ethan A. H. Shepley Harry A. Shuford J. H. Longwell Darryl R. Francis Little Rock Frederick P. Blanks Fred Burton Louisville Philip Davidson Donald L. Henry Memphis Edward B. LeMaster E. Francis DeVos Minneapolis Atherton Bean Frederick L. Deming Judson Bemis Albert W. Mills Helena John M. Otten Clement A. Van Nice Kansas City Homer A. Scott George H. Clay Dolph Simons Henry O. Koppang Denver Robert T. Person Cecil Puckett Oklahoma City James E. Allison Howard W. Pritz Omaha Clifford Morris Hardin Philip A. Debus Dallas Robert O. Anderson Watrous H. Irons Morgan J. Davis Philip E. Coldwell El Paso William R. Mathews Roy E. Bohne Houston Max Levine J. Lee Cook San Antonio G. C. Hagelstein Carl H. Moore San Francisco F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles Robert J. Cannon Clifford H. Watkins Portland Raymond R. Reter James A. Randall Salt Lake City Thomas B. Rowland Arthur L. Price Seattle Henry N. Anderson Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, £>. 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 RULES OF ORGANIZATION AND PROCEDURE—BOARD pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. OF GOVERNORS OF THE FEDERAL RESERVE SYS- Individual books $1.00 each; set of 3 books TEM. 1962. 40 pp. $2.50. INDUSTRIAL PRODUCTION—1959 REVISION. 1960. PUBLISHED INTERPRETATIONS of the Board, as of 229 pp. $.50. December 31, 1962. $2.50. 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
746 FEDERAL RESERVE BULLETIN • MAY 1963 REPRINTS REVISION OF MONEY SUPPLY SERIES. Aug. 1962. {From Federal Reserve BULLETIN unless preceded 11 pp. by an asterisk) REVISION OF WEEKLY DEPARTMENT STORE SALES THE MONETARY SYSTEM OF THE UNITED STATES. INDEX. Aug. 1962. 3 pp. Feb. 1953. 16 pp. THE BALANCE SHEET OF AGRICULTURE, 1962. Aug. 1962. 10 pp. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. Mar. 1953. 16 pp. INTEREST RATES IN THE CURRENT CYCLE. Sept. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1962. 9 pp. STABILITY. May 1953. 7 pp. INTEREST RATES AND MONETARY POLICY. Sept. OPEN MARKET OPERATIONS IN LONG-TERM SE- 1962. 28 pp. CURITIES. Nov. 1958. 15 pp. U. S. BALANCE OF PAYMENTS IN 1962. Oct. 1962. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- 8 pp. print of the U. S. Summary containing a de- INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. scription of revised statistics for all banks in 1962. 10 pp. the United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. THE GOVERNMENT SECURITIES MARKET. Aug. 1959. 22 pp. AUTOMATION AT COMMERCIAL BANKS. NOV. 1962. 13 pp. CONSUMER BUYING INTENTIONS AND QUARTERLY A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. SURVEY OF CONSUMER BUYING INTENTIONS. 14 pp. Combined reprint. Sept. 1960. 31 pp. A NEW LOOK AT THE FARM DEBT PICTURE. Dec. SMALL BUSINESS FINANCING: CORPORATE MANU- 1962. 18 pp. FACTURERS. Jan. 1961. 15 pp. MONEY AND BANK CREDIT IN 1962. Feb. 1963. STATISTICS ON THE GOVERNMENT SECURITIES 8 pp. MARKET. Apr. 1961. 8 pp. FARM DEBT AS RELATED TO VALUE OF SALES. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. Feb. 1963. 9 pp. 1961. 21 pp. (Also, similar reprint from Apr. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. 1957 BULL.) Mar. 1963. 10 pp. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- REVISION OF CONSUMER CREDIT STATISTICS. Dec. CHANGE OPERATIONS. Mar. 1963. 10 pp. 1961. 15 pp. FINANCING THE U. S. PAYMENTS DEFICIT, Apr. 1963. 8 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962. Apr. 1963. 29 pp. GROWTH IN INSTITUTIONAL SAVINGS. May 1962. 9 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. NEW FOREIGN BOND ISSUES IN THE U. S. MARKET. May 1963. 13 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- BANKING AND MONETARY STATISTICS, 1962. Se- DEXES. July 1962. 6 pp. lected series of banking and monetary statis- ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. tics for 1962 only. Feb., Mar., and May 1963. 5 pp. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 672, 674 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 666, 668 Adjusted, and currency, 661, 720 Assets and liabilities (See also Foreign liabilities and Banks, by classes, 655, 662, 667, 670, 674, 721 claims): Federal Reserve Banks, 656, 737 Banks and the monetary system, consoli- Postal savings, 655, 661, 720 dated, 661, 720 Discount rates, 654, 740 Corporate, current, 686 Discounts and advances by Federal Reserve Domestic banks, by classes, 662, 666, 668, Banks, 650, 656, 658 674, 721 Dividends, corporate, 685, 686 Federal Reserve Banks, 656 Dollar assets, foreign, 729, 737 Automobiles: Earnings and hours, manufacturing indus- Consumer instalment credit, 690, 691, 692 tries, 701 Production index, 694, 695 Employment, 698, 700, 701 Bankers' balances, 667, 669 Farm mortgage loans, 687, 688 (See also Foreign liabilities and claims) Federal finance: Banking and monetary statistics for 1962, 720 Cash transactions, 676 Banks and the monetary system, consolidated state- Receipts and expenditures, 677 ment, 661, 720 Treasurer's balance, 676 Banks for cooperatives, 681, 682 Federal home loan banks, 681, 682, 689 Bonds (See also U. S. Govt. securities): Federal Housing Administration, 681, 682, 687, New issues, 682, 683, 684 688, 689 Prices and yields, 672, 673 Federal intermediate credit banks, 681, 682 Brokers and dealers in securities, bank Federal land banks, 681, 682 loans to, 666, 668 Federal National Mortgage Association, 681. Business expenditures on new plant and equip- 682, 689 ment, 686 Federal Reserve Banks: Business indexes, 698 Condition statement, 656 Business loans (See Commercial and industrial U. S. Govt. securities held by, 650, 656, 658. loans) 678, 679 Federal Reserve credit, 650, 656, 658 Capital accounts: Federal Reserve notes, 656, 659 Banks, by classes, 662, 667, 670, 721 Federally sponsored credit agencies, 681. 682 Federal Reserve Banks, 656 Finance company paper, 672, 674 Carloadings, 698 Financial institutions, loans to, 666. 668 Central banks, foreign, 726, 740 Float, 650 Coins, circulation of, 659 Flow of funds/saving, 708 Foreign central banks, 726, 740 Commercial banks: Foreign currency operations, 656, 658, 728, 737 Assets and liabilities, 662, 665, 666, 721 Foreign deposits in U. S. banks, 650, 656, 661, 667, Consumer loans held, by type, 691 670, 720, 737 Number, by classes, 662, 721 Foreign exchange rates, 741 Real estate mortgages held, by type, 687 Foreign liabilities and claims: Commercial and industrial loans: Banks, 730, 732, 735, 737 Commercial banks, 666 Nonfinancial concerns, 738 Weekly reporting member banks, 668, 671 Foreign trade, 703 Commercial paper, 672, 674 Condition statements (See Assets and liabilities) Gold: Construction, 698, 699 Certificates, 656, 659 Consumer credit: Earmarked, 737 Instalment credit, 690, 691, 692, 693 Net purchases by U. S., 728 Noninstalment credit, by holder, 691 Production, 727 Consumer price indexes, 698, 704 Reserves of central banks and governments, 726 Consumption expenditures, 706, 707 Reserves of foreign countries and international Corporate sales, profits, taxes, and dividends, 685, 686 institutions, 729 Corporate security issues, 683, 684 Stock, 650, 661, 720, 728 Corporate security prices and yields, 672, 673 Govt. debt (See U. S. Govt. securities) Cost of living (See Consumer price indexes) Gross national product, 706, 707 Currency in circulation, 650, 659, 660 Customer credit, stock market, 673 Hours and earnings, manufacturing industries, 701 Debits to deposit accounts, 658 Housing starts, 699 Demand deposits: Adjusted, banks and the monetary Income and expenses: system, 661, 720 Insured commercial banks, 719 Adjusted, commercial banks, 658, 660, 667 Member banks, 710 Banks, by classes, 655, 662, 670, 721 Industrial production index, 694, 698 Turnover of, 658 Instalment loans, 690, 691, 692, 693 Type of holder, at commercial banks, 667 Insurance companies, 675, 678, 679, 688 Department stores, 698, 702, 703 Insured commercial banks, 664, 666, 719 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
748 FEDERAL RESERVE BULLETIN • MAY 1963 Interbank deposits, 655, 662, 667, 721 Reserves: Interest rates: Commercial banks, 667 Bond yields, 672 Federal Reserve Banks, 656 Business loans by banks, 671 Foreign central banks and governments, 726 Federal Reserve Bank discount rates, 654 Foreign countries and international institut- Foreign countries, 739, 740 tions, 729 Open market, 672, 739 Member banks, 650, 652, 655, 667, 669 Stock yields, 672 Residential mortgage loans, 687, 688, 689 Time deposits, maximum rates, 655 International capital transactions of the U. S., 730 Sales finance companies, consumer International institutions, 726, 728, 729 loans of, 690, 691, 693 Inventories, 706 Saving: Investment companies, new issues, 684 Flow-of-funds series, 708 Investments {See also specific types of investments): National income series, 707 Banks, by classes, 662, 666, 669, 674, 721 Savings deposits {See Time deposits) Commercial banks, 665 Savings institutions, principal assets, 674, 675 Federal Reserve Banks, 656, 658 Savings and loan associations, 675, 679, 688 Life insurance companies, 675 Securities {See also U. S. Govt. securities): Savings and loan associations, 675 Federally sponsored agencies, 681 International transactions, 736, 737 Labor force, 700 New issues, 682, 683, 684 Loans {See also specific types of loans): Silver coin and silver certificates, 659 Banks, by classes, 662, 666, 668, 674, 721 State member banks, 664 Commercial banks, 665 State and local govts.: Federal Reserve Banks, 650, 656, 658 Deposits of, 667, 670 Insurance companies, 675, 688 Holdings of U. S. Govt. securities, 678, 679 Savings and loan associations, 675, 688 New security issues, 682, 683 Loans insured or guaranteed by U. S., 687, 688, 689 Ownership of obligations of, 666, 674, 675 Prices and yields of securities, 672, 673 Manufactures, production index, 695, 698 Stock market credit, 673 Margin requirements, 655 Stocks: Member banks: New issues, 683, 684 Assets and liabilities, by classes, 662, 666, 721 Prices and yields, 672, 673 Borrowings at Federal Reserve Banks, 652, Tax receipts, Federal, 677 656, 670 Time deposits, 655, 660, 661, 662, 667, 670, 720, 721 Deposits, by classes, 655 Treasurer's account balance, 676 Income and expenses, 710 Treasury cash, 650, 659, 661, 720 Number, by classes, 663, 721 Treasury currency, 650, 659, 661, 720 Reserve requirements, 655 Treasury deposits, 650, 656, 676 Reserves and related items, 650 Weekly reporting series, 668 Unemployment, 700 Mining, production index, 695, 698 U. S. balance of payments, 739 Money rates {See Interest rates) U. S. Govt. balances: Money supply and related data, 660 Commercial bank holdings, by classes, 667, 670 Mortgages {See Real estate loans) Consolidated monetary statement, 661, 720 Mutual savings banks, 661, 662, 664, 674, 678, 679, Treasury deposits at Federal Reserve 687, 720, 722 Banks, 650, 656, 676 U. S. Govt. securities: National banks, 664 Bank holdings, 661, 662, 666, 669, 674, 678, 679, National income, 706, 707 720, 721 National security expenditures, 677, 706 Dealer transactions, positions, and financing, 680 Nonmember banks, 664, 666, 667, 719 Federal Reserve Bank holdings, 650, 656, 658, 678, 679 Payrolls, manufacturing, index, 698 Foreign and international holdings, 656, 729, 737 Personal income, 707 International transactions, 736 Postal Savings System, 655, 661, 720 New issues, gross proceeds, 683 Prices: Outstanding, by type of security, 678, 679, 681 Consumer, 698, 704 Ownership of, 678, 679 Prices and yields, 672, 673 Security, 673 United States notes, outstanding and in circula- Wholesale commodity, 698, 704 tion, 659 Production, 694, 698 Utilities, production index, 695, 698 Profits, corporate, 685, 686 Vault cash, 650, 655, 667 Real estate loans: Banks, by classes, 666, 674, 687 Veterans Administration, 687, 688, 689 Type of holder, 687, 688, 689 Type of property mortgaged, 687, 688, 689 Weekly reporting member banks, 668 Reserve requirements, member banks, 655 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1963, April 30). Federal Reserve Bulletin, 1963-05. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196305
@misc{wtfs_bulletin_196305,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1963-05},
year = {1963},
month = {Apr},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196305},
note = {Retrieved via When the Fed Speaks corpus}
}